CITY OF TAMARAC FIREFIGHTERS PENSION TRUST FUND BOARD OF TRUSTEES MEETING AGENDA February 19, 2025 - 9:00 a.m. I. II. CALL TO ORDER ROLL CALL Omar Jirau, Chairperson Ann Harris-Wynter, Trustee Brian Neff, Trustee Peter Prior, Trustee III. PUBLIC COMMENTS IV. MINUTES November 20, 2024 V. PLAN PRESENTATIONS a) Annual Valuation Report, Southern Actuarial Services b) Graystone Consulting: Quarterly Performance Report- QE 12/31/2024 VI. ADMINISTRATIVE MANAGER'S REPORT a) Consent Agenda - Authorization to Pay Invoices b) Consent Agenda-A Authorization to Pay Benefits C) Wire Transfers/Banking Report d) Miscellaneous Updates VII. OLD BUSINESS a). Audit Update b). Self-Directed DROP Account Discussion C). Alive and Well Update VIII. NEW BUSINESS a) Fiduciary Liability Policy IX. LEGAL COUNSEL'S REPORT NEXT MEETING February 19, 2025, at 9:00 a.m. X. XI. ADJOURNMENT lfyoud cannot attend this meeting, please notify the Administrative Manager's Office ats 954-597-3618. The Pension Boardn may consider and act upon such other business as mayo come beforeit. Int the event this agenda must ber revised, such copies willl bea available tot the public att the PensionE Board Meeting. Pursuant to Chapter 286.0105, Florida Statutes, ifa person decides tos appeala any decision made by the Pension Board with respect toa any matter considereda at such meetingo orh hearing, he/sher may need toe ensure thatt the verbatim record oft the proceedings Is made which record includes thet testimony ande evidence upon which the appeal isb based. The City of7 Tamarac complies with the provisions oft the Americans with Disabilities. Act. lfyoua area a disabled person requiring any accommodations. ora assistance, pleaser notifyt the City ofsuchr needa at least 72/ hours (30 days) ina advance. IV. MINUTES CityofTamarac Firefighters' Pension Trust Fund Regular Board Meeting, November 20,2024 CITY OFTAMARAC FIREFIGHTERS PENSIONTRUSTFUND BOARD OF TRUSTEES REGULAR MEETING NOVEMBER 20, 2024 The regular meeting oft the Board of Trustees of the City of Tamarac Firefighters' Pension Trust Fund was held on November 20, 2024, at 9:00 A.M. in Conference Room 105 at City Hall. Iteml. Callto Order Chairperson Korte called the meeting to order at9:00A.M.: and the business oft the Trust was transacted in thei following order. Item II. RollCall The roll call was completed. Those in attendance were as follows: Trustees: Omar. Jirau, Chairperson Steven Korte, Vice Chairperson Brian Neff, Trustee Peter Prior, Trustee (arrived late) Ann Harris-Wynter, Trustee Others Present: Pedro Herrera, from Sugarman, Susskind, Braswell, & Herrera Scott Owens, Graystone Consulting Danielle Durgan, City of Tamarac Christine Cajuste, Director of Finance Arlene Walsh, City of Tamarac Teresa Martin, City of Tamarac Stephanie Smith, CityofTamarac Public Comments Item III. No members of the public signed up to speak publicly at the meeting and the Board moved toi the next item on the agenda. 1Page City of Tamarac Firefighters' Pension TrustFund Regular Board Meeting, November: 20,2024 Item IV. Minutes meeting. The Board of Trustees reviewed the minutes of August 21,2024, regular Vice-Chairperson Korte made the MOTION, SECONDED by Chairperson Jirau to approve August 20, 2024, meeting minutesas presented. MOTION PASSED UNANIMOUSLY. Plan Presentations V. The Board welcomed Mr. Scott Owens from Grayston Consulting tot the meeting. Mr. Owens opened the meeting by sharing that the portfolio was up over 12 million fort the quarter and up over 22.5%for the year. He continued discussing how good Large Cap and Mid Cap werep performing over the last Mr. Owens stated that the portfolio is slightly. y-overweight in equities, which has been beneficial given their stronge equity performance. Mr. Owens indicated that mosti fund managers are performingwell, with ar notable outperformance in fixed income from Garcia Hamilton. He mentioned that the UBS real estate investment continues to bea achallenge due to illiquidity, but there is hope the real estate market is bottomingout. Mr. Owens continued with the discussion on Cambiar large cap value manager, which was up: 27% for the year and 7.8% for the quarter. He added that Kennedy mid-cap value manager, which was up 29% fori the year, and up 10.5% fori the quarter. MDT, he continued, was also up 39% forthe year and Mr. Owens continued by reviewing Clearbridge International, which was also up 26.6% fori the year, and that Graystone is doing research to see ifthe Board wants to make a change because of a negativealpha. Mr. Owens also noted that Renaissance was up: 23% forthe year and 7.35% fort the quarter, noting that they performed al littlel belowthe benchmark. He also stated that the fixed income with Garcia Hamilton was up 7.95% for the year, and 3.61%1 fort the quarter. Mr. Owens finalized the portfolio discussion, adding that real estate continues to struggle buts shouldi rebound int the next There was discussion about potentially: adjustingthe portfolio strategy, with some debate about concentrating on investments versus maintaining quarter. 7.91% fori the quarter. five years. 2IPage Cityof Tamarac Firefighters' Pension TrustFund Regular Board Meeting, November 20,2024 diversification. The Board is considering searching for a new international managert to replace Clearbridge. Overall, Mr. Owensf felt that the current asset allocation seems appropriate given market conditions, but the Board remains open to potential adjustments based on economicprojections: and Mr. Owens continued to suggest reducing internationalnoldings and increasing domestic equities to achieve ar more concentrated portfolio. He also stated that noerweghtingntematonat and overweightingdomestic Mr. Owens and the Board continued discussions on multiple strategies for future investments and said that the fund edstomaintainaminimum of Mr. Owens clarified at the end oft the discussiont that the Board wanted to move away from Clearbridge and place half of the funds in mid-cap value Trustee Neff made the MOTION. SECONDED by Chairperson Jirauto move funds from Clearbridge to mid-cap growthandmid-cap value. risk considerations. equities would provide risk mitigation. 5%i ini international growth as pert the current IPS. and halfi in mid-cap. growth. MOTION PASSED UNANIMOUSLY. Sel-DrectedAccounts Discussion Discussion was started ont the initial set-up of self-directed DROP accounts. Mr. Owens suggested working with the current 457 provider to set up a self- directed account to be cost effective. Finance DirectorChristine Cajuste emphasized the need for the Board to approve the mechanism1 for self- directed accounts before proceeding. Mr. Owens and Mr. Herrera stated that the discussion on self-directed DROP accounts will continue at the February 2025 meeting. Discussion on Plan Presentations Chairperson Jirau suggested inviting more managers to present their strategies and performance to the Board regularly. Mr. Owens agreed to facilitate manager presentations and emphasized theimportance of understanding their strategies. He continued explainingi their role ini tracking errors in manager performance and the need fordiferentationfrom benchmarks. 3IPage City of Tamarac Firefighters' Pension TrustFund Regular Board Meeting, November: 20,2024 Item' VI. Administrative Manager'sReport a). Consent Agenda-Authonization to Paylnvoices: Ms. Walsh presented the Board with the Authorization to Pay Invoices" and supporting documentation to ratifyrecurring expense invoices for the months of September ($38,816.63) and October $135,513.04), totaling $174,329.67 and summarized int the table below: September 2024 invoices totaling $38,816.63 Payee Type INVOICES INVOICES INVOICES INVOICES StartDate EndDate EffectiveDate Service Subsidy Supplement Amount Paymentl Type SUGARMAN, SUSSKIND.E BRASWEU INVOICES SOUTHERNACTUARAL: SERVICES INVOICES SOUTHERNA ACTUARIAL SERVICES INVOICES FIFTHT THIRDE BANK KSDTO CPA GARCIAH HAMILT TON&ASSO INVOICES GARCIAH HAMILTONAASSO INVOICES BOAFORF FPPTA,HILTON BOAFORHILTON, FPPTA 7/1/2024 7/31/2024 10/14/2024 9/17/2024 9/18/2024 10/142024 9/17/2024 9/17/2024 10/14/024 7/1/2024 9/30/2024 10/142024 9/1/2024 9/3012024 10/142024 7/1/2024 9/30/2024 10/142024 7//2024 9/30/2024 10/142024 9/4/2024 9/4/2024 10/142024 10/4/2024 10/4/2024 10/142024 $2,100.00 JULYRETAINERF FEE $350.00 CALCLOPEZ,ARIAS $425.00 ÇOLLBARGS STUDY $9,330.63 3RDQTRFEE $2,000.00 FINANCIALS STATEME $7,796.26 3RDQTRFEE $13,703.99 3RDQTRFEE $2,170.26 REG+HOTELCONF $940.50 HOTELFPPTACONF October 2024 invoices totaling $135,513.04 Payee GRAYSTONE CONSULTING INVOICES CLEARBRIDGEI INVESTMENTSLLC INVOICES POLANCAPITAL RENAISSANCEI INVESTMENTI MGMI INVOICES CAMBIARI INVESTORSLLC INVOICES SUGARMAN, SUSSKIND, BRASWELI INVOICES FPPTA Type INVOICES INVOICES StartD Date EndDate Effective Date Service Subsidy Supplement Amount Payment Type 7/1/2024 9/30/2024 11/52024 7/1/2024 9/30/2024 1182024 7//2024 9/5/2024 11152024 7/1/2024 9/30/2024 1112024 7/1/2024 9/30/2024 112024 8/1/2024 10/30/2024 1182024 1/1/2025 12/31/2025 1152024 $11,250.00 QUARTERLYFE! $20,018.85 QUARTERLYFEE $30,531.72 FINALO QTRBILLII $22,072.47 QUARTERLYFEE $44,590.00 QUARTERLYFE $6,300.00 AUG,SEPT.OCT $750.00 2025MEMBERS Trustee Neff made the MOTION. SECONDED by Chairperson/irauto ratifyinvoices as presented. MOTION PASSEDUNANANIMOUSLY. b). Consent. Agenda-Authonzation to Pay! Benefits: Ms. Walsh presented the Board with the "Authorization to Pay Benefits," and suportingdocumentation to ratifyt the following items for October ($31,415.05). October 2024 Benefits totaling $31,415.05 Payee SlennaN Megna Siennan Megna SiennaN Megna Type MONTLYBENEFTS StartDate EndDate Effectivel Date Service Subsidy Supplement Amount Payment Type OTHERADUSTMENT 2/1/2020 10/31/2024 10/152024 25 OTHERADJUSTMENT 2/1/2020 10/31/2024 10/152024 25 $23,179.20 Retroactivepaymei $1,350.21 COLAIncreases? 2c $6,603.07 disabilitytonormal 1/17/1995 7/21/2011 11/12024 25 $282.57 4IPage Cityof Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, November: 20,2024 Sienna Megna, disability retirement converted to normal retirement effective 2/1/2020 10 YLC $6,040.77 monthly, 1/1/2024 COLA increase in the amount of $562.30: monthly, 3/1/2024 subsidy stays the same in the amount of $282.57 monthly, totaling $6,885.64 per month. Retro paidf for conversion ofr monthly increase from disability retirement to normal retirementincluding COLA int the amount of$ $24,529.41 212V2V-10B12V24. c). DROP Entry Approval-Alex Arias DROP Date Payee Name Separation Description Pensionableye Benefit Monthly Form of Benefit Date arsofService Effective Amount DROP Entrywith 8/1/2023 Alexander Arias On or before 12-Month 24 8/1/2024 $9,003.20 100%JCPU 7/31/2028 BACDROP to Trustee Harris made the MOTION. SECONDEDby Chairperson.irauto ratify benefits as presented. MOTION PASSED UNANIMOUSLY. d). Wire Transfers/Banking Report: The Trustees were provided with the WireTransfers ofthe employees' pension contributions fori the months of August/5126,869.32, September ($94,362.74), and October ($103,743.13), totaling $324,975.19. Old Business No old Business Item VII. ItemVIII. New Business a). Alive and' Well Audit Ms. Walsh shared with the Board that theinitial notices were sent out to retirees in September, the second notices will be going outi in Decemberto non-responders. b). 2025 Meeting Schedule Ms. Walsh directed the Board to reviewi the proposed schedulei for 2025, which will maintain the same cycleasthe currentyear. The meeting datesi include the following: 5IPage City of Tamarac Firefighters' Pension TrustFund Regular Board Meeting, November: 20, 2024 February 19, 2025 May 21,2025 August 20, 2025 November 19, 2025 c). FPPTA' Winter Conference Ms. Walsh shared the next FPPTA conferencer is scheduled January 26-29, 2025, in Orlando, Florida. d). 2025 Proposed Budget Ms. Walsh shared the 2025 proposed Budget, which had ani increase Chairperson Jirau made the MOTION, SECONDED! BYVice- Chairperson Korte to approve the proposed2025 meeting schedule and 2025 Budget. MOTION PASSED UNANIMOUSLY. of 5% across all line items. IX. Legal Counsel's Report Mr. Pedro Herrera discussed two amendments thatwere passed int the Florida legislature. He indicated the first statute, chapterz 287.138, Foreign Country of concern, which consists of the following countries, Russia, China, Iran, North Korea, Cuba, Venezuela, and Syria. He stated that governmental agencies that are entering into an agreement with at foreign company have to attest and sign an affidavit that the company is notowned by one oft the countries of concern, nor have its principle place of business in at foreign country of concern, and the government of at foreign countryof concerndoes Mr. Herrera also spoke on Chapter 787,ah humantrafficking statute, which specifies that no governmental agency as of July1,2024, that is enteringi into an agreement with a counter party, must attest thati the counter party does not use coercion fori its labor or services, such as human trafficking and Mr. Herrera discussed with the Board that the law firm willo continue its tradition with donation to a charity in the name ofthefund. Mr. Herrera also indicated that under the duties as a fiduciary ands subject to ethical laws, trustees must be aware of their responsibiuties as they relate to gifts. He indicated that gifts under $25 may be accepted, gifts moret than $25 may be not have a controlling interesti ini the entity. related offenses. 6Page CityofTamarac Firefighters' Pension Trust Fund Regular Board Meeting, November 20, 2024 accepted but will require at form to be completed by the gift giver, and anything over $100 should not be accepted andrecommended that the trustee complete a disclosure advising of the gift andi its ultimate disposition Chairperson Jirau made the MOTION that he would like the law firm to make the donation to the Fire Benevolent Fund to assist local families in need within the CityofTamarac, Trustee wynterSECONDED the motion. as to whether it was donated or returned to the sender. MOTION PASSED UNANIMOUSLY. X. Next Meeting The next regular meeting of the Board of Trustees is scheduled for February 19,2025, at 9:00 A.M. Adjournment XI. There being no further business to come before thel Board of Trustees and the meetingadjourned at 11:13A.M. espectulysubmites, 7IPage V. PLAN PRESENTATIONS Annual Valuation Report- Southern Actuarial Services Due to the size of the document this has been provided in a separate attachment and will be provided to you hard copy at the meeting. Quarterly Performance Report QE 12/31/2024 Graystone Consulting Due to the size of the document this has been provided in a separate attachment and will be provided to you hard copy at the meeting. VI. ADMINISTRATIVE MANAGERS REPORT Consent Agenda: Authorization to Pay Invoices 4 SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A. 150 Alhambra Circle Suite 725 Coral Gables, Florida 33134 Telephone:30552)-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 November 12, 2024 Invoice # 192202 Hours Amount 0.00 $2,100.00 For professional services rendered Retainer for the month of November, 2024 Previous balance $8,400.00 ($2,100.00) ($2,100.00) $8,400.00 10/29/2024 Payment - Thank You. Check No. 31852 Total payments and adjustments Balance due KSDT CPA 93005. Dadeland Blvd. Suite 600 Miami FL 33156 (305)670-3370 Invoice #INV48500 Client ID: CITY Date: 11/30/2024 KSDT ADVISORY I TAX I ASSURANCE CPA BillTo Arlene) Walsh 7525 NW 88th Ave 33321 United States Account Balance Invoice. $3,000.00 $1,000.00 Due Date 12/30/2024 CityofTamarac Firefighters Pension Fund Amount * For total due on account, see aging atb bottom ofi invoice. Terms Net30 Item Due Date 12/30/2024 PeriodEnding 09/30/2024 Amount 1,000.00 Progress billing donei in connection tot the audited financial. statements as of Subtotal $1,000.00 Invoice' Total $1,000.00 Invoice. Amount Paid Invoice Amount Due $1,000.00 $0.00 Current $1,000.00 1-30 Days $2,000.00 31-60 Days $0.00 61-90 Days $0.00 Over90Days $0.00 Amount Due $3,000.00 Thank youf fory your business. Allinvoices are due upon recelpt. Invoices over 30 days old willi incur al latef fee ofs 5%p plusinterest of1 1%p per month, Please choosey your preferred payment method, ACHO or Credit Card. Pleaser note, thata3 3% processingt feev will bea applied toa allcredito card payments. Thereisno surcharge for ACH payments. We appreciatey your business. CLICK TO PAY NOW VISA ACH 1of1 INV48500 KSDT CPA 9300: S. Dadeland Blvd. Suite 600 Miami FL 33156 (305) 670-3370 Invoice #INV45864 Client ID: CITY Date: 10/31/2024 KSDT ADVISORYI I1 TAXI I ASSURANCE CPA BillTo Arlene Walsh 7525 NW 88th Ave 33321 United: States Account Balance Invoice A Amount $2,000.00 $2,000.00 Due Date 11/30/2024 CityofTamarac Firefighters Pension Fund *F For total due on account, see aging at bottom of invoice. Terms Net 30 Item Due Date 11/30/2024 Period Ending 09/30/2024 Amount 2,000.00 Progress billing done In connection tot the audited financial statements as of Subtotal $2,000.00 Invoice Total $2,000.00 Invoice Amount Paid Invoice Amount Due $2,000.00 $0,00 Current $2,000.00 1-30 Days $0.00 31-60 Days $0.00 61-90 Days $0.00 Over90Days $0.00 Amount Due $2,000.00 Thank) youf fory yourk business. Allinvoices are due upon receipt. Invoices over. 300 days oldv willl incura al latef fee of5 5%p plusinterest of1 1%p per month. Please choose your preferred paymentr method, ACH or Credit Card. Please note, thata a3 3% processingi fee will bea appliedt toa allcredit card payments." Therels Isn no. surcharge for ACH payments. Wea appreciate your business. CLICK TO PAY NOW VISA ISCOVIR ACH 1of1 INV45864 KennedyCapitall Management 108290 Ollvye Boulevard,Suite100 Saintl Louis, Missouric 63141 PHEONIE( (314)4 432-0 0400jExx( (314)4 432-8536 wwkeschyaphaicm October 24, 2024 Arlene Walsh clo Department of Human Resources &F Pension Administration, 7525 NW8 88th Ave., Suite 106 Tamarac, FL33321 Custodian: Fifth Third Bank Code: 20179 Management Fee: City of Tamarac Firefighters Pension Fund Average Portfolio Value: Per Annum: $9,254,282 $64,780 $9,254,282 @ 0.700% Per Annum $0 @ 0.650% Per Annum $0 @ 0.550 % Per Annum $64,780 $0 $0 Quarterly fee for the period 7/1/2024 through 9/30/2024 $16,195 The average portfolio valuei is based on the following: 7/31/2024 8/31/2024 9/30/2024 Average $9,227,195 $9,192,246 $9,343,404 $9,254,282 For questions regarding youri invoice, please contact: lientService@kennedycapta.com Please reference your account number when remitting payment. ACH/Wiring instructions: Enterprise Bank To credit: "Kennedy Capital Management LLC" Mailing address: Attn: Accounts Receivable Kennedy Capital Management LLC PO Box 790379 St. Louis, MO 63179 CC: Teresa Martin Federated Hermes Invoice: 6451 Invoice Date: October2 21,2024 Currency: USD City ofTamaracl Firefighters' Pension clol Dept. of Human Resources/Pension Administration 75251 N.W. 88th. Avenue, Suite 106 Tamarac, FL33321-2401 Management Fees for the Billing Period of: July 1,2024- September 30,2024 City ofTamarac Firefighters' Pension Trust Fund (MDT032) Account Name: Rate 0.9000% Days 90/360 Assets Under Management On balance: Total: Fee Amount 22,548.07 22,548.07 $22,548.07 $22,548.07 10,021,365.15 10,021,365.15 Total Management Fees: Total Amount Due: Please contact countsrecelvablegrede@teeratedhemes.com with billingconcerns & questions. Forj payment by ACH: Account Title: Federated. MDTLLC Account] No.: ABA No.: Bank/Address: PNCBank N.A. For payment by wire: Account Title: Federated. MDTLLC Account. No.: ABA No.: SWIFT Code: Bank/Address: PNCI Bank N.A. Forp payment by check: Mail to: Federated] MDTI LLC P.O. Box 641531 Pittsburgh, PA 15264-1531 5001 First Avenue Pittsburgh, PA 15219 5001 First Avenue Pittsburgh, PA 15219 Federated Hermes, Inc. - 1001 Liberty Avenue Pittsburgh, PA : 15222-3779 * fs CAMBIAR INVESTORS January 21, 2025 Joshua. Appelt Admin MANAGEMENT FEE: Cust: Acct: XXXXXXXXX City ofTamarac Firefighters' Pension' Trut] Fund clol Department of Human Resources/Pension 0061 City ofTamarac Firefighters' Pension Fund 12/31/2024 Average Portfolio Value: Quarterly Feel Based On: $10,000,000 @ 0.55%] per annum $25,653,045 @ 0.50%] per annum Quarterly Fee For the Period 10/1/2024 through 12/31/2024 $35,653,044.85 $13,750.00 $32,066.30 $45,816.30 The above market valuei is based on the average oft the following values: October November December $35,016,308.33 $36,628,097.69 $35,314,728.52 $35,653,044.85 Average: Itis the client's responsibility to calculate the accuracy oft the fee calculation. bes sent by email and postal service to various contacts*** ***To avoid a duplicate payment please make note that there is ap possibility that youri invoice may Please compare this accounts statement with the account: statement thaty your receive from your custodian. Ifyoud do not receive an account statement from your custodian. at least quarterly, please contact your custodian to obtain missing statements, anda alert us ifyou ceasei to receive account statements at/ least quarterly. ClearBrdge AI Franklin Templeton Company Date 12/11/2024 Billing Period 2024-Q4 Invoicel Number 6429123124 Custodian ID XXX3 City ofTamarac: Firefighters' Pension Tr 75251 NW 88th Avenue, Suite 106 Tamarac, FL33321-2401 Attn: Nora Carles CUSTOMER COPY-I PLEASE RETAIN FOR YOUR RECORDS. City ofTamarac Firefighters' Pension' Trust Fund Fee Schedule Detail- City ofTamarac Firefighters' Pension' Trust Fund AnnualRate 0.600% Valuation- -USD 12,814,467.97 13,234.61 Fee Otos 999999999999 Valuation Detail October November December Valuation- USD 12,875,161.59 12,793,389.37 12,774,852.95 12,814,467.97 Totall Fees Due 2024-Q4: Average 13,234.61 Wire] Instructions: Bank: Bank of America Mailing Address: Legg Mason FBO: ClearBridge Investments, LLC 13985 Collections Center] Drive Chicago, IL 60693-0139 Ref: 2024-Q4-6429 Paying Agent: CLEARBRIDGE INVESIMENISLLC Federated Hermes Invoice: 7128 Invoice Date: January 17,2025 Currency: USD City of Tamarac Firefighters' Pension clol Dept. ofHuman. Resources/Pension Administration 75251 N.W. 88th Avenue, Suite 106 Tamarac, FL 33321-2401 Management Fees for the Billing Period of: October 1, 2024. - December 31,2024 Account Name: Rate 0.9000% City ofTamarac Firefighters' Pension Trust Fund (MDT032) Days 90/360 Assets Under Management On balance: 16,077,522.80 Fee Amount 36,174.43 36,174.43 $36,174.43 $36,174.43 Total: 16,077,522.80 Total Management Fees: Total Amount Due: Please contact countsrecevaDegiede@reeratedhemes.com with billingconcerns & questions. For payment by ACH: Account Title: Federated MDTLLC Account No.: : ABAI No.: Bank/Address: PNCI Bank N.A. For payment by wire: Account' Title: Federated MDTLLC Account No.: ABAI No.: SWIFT Code: Bank/Address: PNCI Bank N.A. Forpayment by check: Mail to: Federated. MDTI LLC P.O. Box 641531 Pittsburgh, PA 15264-1531 5001 First Avenue Pittsburgh, PA 15219 5001 First Avenue Pittsburgh, PA 15219 Federated Hermes, Inc. : 1001 Liberty Avenue Pittsburgh, PA 15222-3779 FIFTH THIRD BANK 200 East Robinson! Street 9th Floor MD Orlando, 1MOB2D FL32801 Statement Of Administrative Fees Page Number: Statement Date: AcctName: Account Number: For Period Ending: Totall Fee Duef for Period: Past! Due Balance: Total Balancel Due: Invoice Number: Amount Enclosed 1 January 03, 2025 TAMARACI FIRE R&D December 31,2024 $9,431.47 $0.00 $9,431.47 8163710 CITY OF TAMARAC FIREFIGHTERS PEN ATTN:HR DEPARTMENT 7525 NW 88THA AVE TAMARAC, FL: 33321-2427 Please return top portion withy your check payable to: Fifth Third Bank POBOX631456 Cincinnati, OH 45263-1456 Malhlluhilaullaualaahaialuhialluala. $_ Payment is due upon receipt FIFTH THIRD BANK Invoice Number Account Number 8163710 Charge Description Re: Statement Date January 03, 2025 Period For Period October 01, 2024- December 31, 2024 Gross Fee Adjustments Fees For Period "AMARAC! FIRE GARCIAI HAMI INTE FI Market Value Fees 171,464,541.87 Re: Net Market Value as of December 31,2024 : 21,146,706.89 @ 0.0002 each annuallyx14 Total Market Value Fees TAMARAC FIRE POLEN LARGE CAP 34,292.91 8,573.23 $1,057.34 Market Value Fees 171,464,541.87 Re: Net Market Value as of December 31, 2024 : 7,424.32 @ 0.0002 each annuallyx14 Total Market' Value Fees TAMARAC FIRE CAMBIAR 34,292.91 8,573.23 $0.37 Market Value Fees 171,464,541.87 Current $9,431.47 Net Market Value as of December 31, 2024 : 35,257,837.86 @ 0.0002 each annuallyx114 34,292.91 8,573.23 Total Amount Due $9,431.47 >30Days $0.00 >60 Days $0.00 >90 Days $0.00 Credits $0.00 Ify youl have any questions concerning your account, please contact 258-JAMES NANAVATI at (312) 704-7393 Retaint this portion fory your records B FIFTH THIRD BANK Statement Of Administrative Fees Page Number: Statement! Date Acct! Name: Account Number: For Period! Ending: Total for Period: Fee PastD Due Balance: Total Balancel Due: Invoice! Number Period Gross Fee 2 Iallullullullaulllullahhlaluliliul! CITY OF TAMARAC FIREFIGHTERS PEN ATTN: HRI DEPARTMENT 7525 NW 88THAVE TAMARAC, FL 33321-2427 January 03, 2025 TAMARACI FIREI R&D December 31, 2024 $9,431.47 $0.00 $9,431.47 8163710 Invoice Number Account Number 8163710 Charge Description Statement Date January 03, 2025 For PeriodOctober 01, 2024- December 31, 2024 Adjustments Fees For Period Total Market Value Fees TAMARAC FIRE CLEARBRIDGE $1,762.89 Re:. Market Value Fees 171,464,541.87 Re: Net Market Value as of December 31, 2024 : 31,957.41 @ 0.0002 each annuallyx 1/4 Total Market Value Fees TAMARAC FIREI MDT ADVISERS 34,292.91 8,573.23 $1.60 Market Value Fees 171,464,541.87 Re: Net Market Value as of December 31, 2024 : 16,077,507.63 @ 0.0002 each annuallyx1 1/4 Total Market Value Fees TAMARAC FIREFIGHTERS RENAISSANC 34,292.91 8,573.23 $803.87 Market Value Fees 171,464,541.87 Re: Net Market Value as of December 31, 2024 : 12,718,006.22 @ 0.0002 each annually) x 1/4 Total Market' Value Fees TAMARAC FIREFIGHTER MUTUAL FUND 34,292.91 8,573.23 $635.90 Market' Value Fees 171,464,541.87 Net Market Value as of December 31,2024 : 8,799,084.09 @ 0.0002 each annuallyx1/4 34,292.91 8,573.23 B FIFTH THIRD BANK Statement Of Administrative Fees Page Number: Statement Date Acct Name: Account Number: For PeriodE Ending: Fee for Period: Total Past Due Balance: Total Balance Due: Invoicel Number Period Gross Fee 3 January 03, 2025 TAMARACI FIRER&D December 31, 2024 $9,431.47 $0.00 $9,431.47 8163710 lullullullullullhlalalllul CITY OF TAMARAC FIREFIGHTERS PEN ATTN: HRI DEPARTMENT 75251 NW 88TH AVE TAMARAC, FL 33321-2427 Invoice Number Account Number 8163710 Charge Description Statement Date January 03, 2025 For PeriodOctober 01, 2024- December 31, 2024 Adjustments Fees For Period Total Market Value Fees TAMARAC FIRE GARCIAI HAM SHORT DU $439.95 Re: Market Value Fees 171,464,541.87 Re: Net Market' Value as of December 31, 2024 : 21,517,745.85 @ 0.0002 each annuallyx1/4 Total Market Value Fees TAMARAC. REPCHIERVANGUARD 34,292.91 8,573.23 $1,075.89 Market Value Fees 171,464,541.87 Re: Net Market Value as of December 31, 2024 : 38,620,417.39 @ 0.0002 each annuallyx1/4 Total Market Value Fees TAMARAC FIRE R&D 34,292.91 8,573.23 $1,931.02 Market Value Fees 171,464,541.87 Transaction Fees 188.00 Postage Fee 173.00 EB-Periodic Checks Net Market Value as of December 31, 2024 : 1,610,039.69 @ 0.0002 each annuallyx1 1/4 Total Market' Value Fees 34,292.91 8,573.23 $80.51 137.24 346.00 @ 0.730000p 2.000000p FIFTH THIRD BANK Statement Of Administrative Fees Page Number: Statement Date AcctName: Account Number: For PeriodEnding: Total Fee for Period: Past Due Balance: Total Balancel Due: Invoice! Number Period Gross Fee 4 January 03, 2025 TAMARACI FIREF R&D December: 31, 2024 $9,431.47 $0.00 $9,431.47 8163710 allulluiubimlill CITY OF TAMARAC FIREFIGHTERS PEN ATTN: HRI DEPARTMENT 75251 NW 88THAVE TAMARAC, FL3 33321-2427 Invoice Number Account Number 8163710 Charge Description Statement Date January 03, 2025 For Period October 01, 2024- - December 31, 2024 Adjustments Fees For Period 15.00 Check Disbursements @ 25.000000p 375.00 $858.24 Total Transaction Fees TAMARAC FIREFIGHTER KENNEDY CAP Re: Market Value Fees 171,464,541.87 Total Fees Net! Market Value as of December 31,2024 : 15,677,814.52 @ 0.0002 each annuallyx1/4 Total Market Value Fees 34,292.91 8,573.23 $783.89 $9,431.47 Amounts Billed /Charged to Each Account Total Due Direct Debits Balance Due TAMARAC FIRE GARCIA HAMI INTF FI TAMARAC FIRER POLEN LARGE CAP TAMARAC FIRE CAMBIAR VAMARAC FIRE CLEARBRIDGE TAMARAC FIRE MDT ADVISERS TAMARAC FIREFIGHTERS RENAISSANC TAMARAC FIREI R&D TAMARAC FIREFIGHTER KENNEDY CAP TAMARAC FIREFIGHTER MUTUAL FUND TAMARAC FIRE GARCIA HAMS SHORT DU TAMARAC FREFIGHTERVANGUARD Invoice Summary of Direct Debits 1,057.34 0.37 1,762.89 1.60 803.87 635.90 938.75 783.89 439.95 1,075.89 1,931.02 $9,431.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 1,057.34 0.37 1,762.89 1.60 803.87 635.90 938.75 783.89 439.95 1,075.89 1,931.02 $9,431.47 GHOA GARCIA HAMLIONCVASOATESLA INVOICE# 40625 5HOUSTON CENTER 1401 MCKINNEY, SUITE 1600 HOUSTON, TX7 77010 TEL: (713) 853-2322 FAX: (713) 853-2308 January: 3,2025 WWW.GARCIAHAAILIONAILIONASSOCIATE.CONM CITYOFTAMARACFIREFIGHTERS PENSION TRUST. FUND Email: Iteresa.Martn@tamaramaracorg,ariememaalsh@tamaracorg" tamaracf epharsmin@hmmneorg *,** GARCIA HAMILTON & ASSOCIATES STATEMENT OF MANAGEMENT FEES For The Period October 1,2024 through December: 31,2024 Portfolio Valuation with Accrued Interest as of12-31-24 21,267,612 @ 0,2500% pera annum Quarterly Management Fee 21,267,612.18 13,292.26 13,292.26 TOTAL DUE. ANDI PAYABLE 13,292.26 GHOA GARCIA HAMLIONCZOATESLA INVOICE# 40624 5 HOUSTON CENTER 1401 MCKINNEY, SUITE 1600 HOUSTON, TX77010 TEL: (713) 853-2322 FAX: (713) 853-2308 January: 3,2025 WWW.GARCIAHAMILIONASSOCIATES.CON CITY OFTAMARACH FIREFIGHTERS PENSION TRUSTI FUND Email: rmawasigtamaracer, TersaMarin@umameng vv )tfpf eamisaighmreng *,** GARCIA HAMILTON & ASSOCIATES STATEMENT OF MANAGEMENT FEES For The Period October 1, 2024 through December 31, 2024 Portfolio Valuation with. Accrued Interest as of12-31-24 21,656,640 @0.1600%! per annum Quarterly Management: Fee 21,656,639.56 8,662.66 8,662.66 TOTAL DUE ANDI PAYABLE 8,662.66 KSDT CPA KSDT CPA 9300 South Dadeland Boulevard Miami, FL, US 33156 City of Tamarac Firefighters Pension Fund 7525 NW 88th Ave US 33321 KSDT ADISORY/TAXIA ASSURAHCE CPA STATEMENT CUSTOMERNO. 41208 STATEMENT DATE 01/25/2025 TOTALDUE $2,500.00 AMOUNT PAID $ INVOICE DATE 12/31/2024 CURRENT $2,500.00 DUEI DATE 01/30/2025 TYPE INV INVOICE NO INV50583 61-90 DAYS $0.00 P.O.# INV50583 OVER 90DAYS $0.00 BALANCE 2,500.00 1-30 DAYS $0.00 31-60 DAYS $0.00 TOTALDUE $2,500.00 Renaissance Investment Management January 06, 2025 Ms. Nora Carles Assistant] Director of Human Resources City ofTamarac Firefighters Pension Trust Fund clo City of" Tamarac Human Resources Department 7525 N.W. 88th Avenue Tamarac, FL 33321-2401 Billing Period: FROM 10/01/2024TO 12/31/2024 Custodian. Account No: Account #: IE0207- City of Tamarac Firefighters Pension Trust Fund Portfolio Value $12,726,422.87 $20,793.45 Amount Due, PAYABLE UPONI RECEIPT:. FEE CALCULATION "RatexPortfolio) Value)x x(#c ofd days inc quarter/#ofc days iny year) Rate Applied: For Assets Under Management AmountDue 20,793.45 20,793.45 0.6500 % On the remainder: 12,726,423 Total Fee: Please comparet this feeb bill prepared! byo our firmt to your custodial: accounts statement for anyd discrepancies. Minor variations may occur because ofreporting dates, accrual least quarterly,ifd therel havel beena anyo changesi inyour financials investment objectives, ori ifyouw wisht toi initiateo ori modily anyr reasenable restrictionso ont the methods ofi interesta andd dividends, ando other factors.) Your custodials ist theo officialr record ofyour: account. Ifyoua arer notreceivings statements from) your custodian at management ofyoura account, pleasen notify, Mary Meinersa at513-723-45540rr mem@reninscom. Return this section with your fee to the address below ori int thee enclosed envelope: RENAISSANCE. INVESTMENT MANAGEMENT 3551 Solutions Center #773551 Chicago, IL 60677-3005 Acct: Custodian Account. No: 50 EAST RIVERCENTER BOULEVARD . SUITE 1200 COVINGTON, KY 41011 800.837.3863 - 513.723.4500 . FAX 513.723.4511 . www.reninv.com SOUTHERN ACTUARIAL SERVICES City of Tamarac Firefighters' Pension Trust Fund clo Ms. Arlene Walsh Benefits Manager 7525 N.W. 88th Avenue, Suite 203 Tamarac, FL 33321-2401 INVOICE INVOICE NO: 273-1224 DATE: December 9, 2024 PAYMENT DUE BY: January 8, 2025 PROJECT DESCRIPTION FEE $1,550.00 $1,550.00 273-319 Impact statement for Temporary Ordinance 2577, submitted December 3, 2024 TOTALDUE Please remit payment electronically on or before the due datet thatis shown above. Payments should! bet transferred to: Wells Fargo Bank (routing number Southern Actuarial Services account number Please dol NOT sendp payments via the U.S. Postal Service. Ify you are unablet tor remit payments electronically andy you prefer to senda a check, please use aj private delivery service such as UPS or Fedexv witht tracking andr remit paymentt to: Southern Actuarial Services Company, Inc. clo Carlos G. Carr 8275. JettF Ferry Road Atlanta, GA 30350 Payments are considered made when received, not when submitted. Also, pleasenote thata accounts become past due aftert the due dates shown above and become delinquent after 60 days fromt theb billingd date.: Clients witha a delinquent account. may! ber required to submit payment ina advance before additional work will! bep performed. Ifyoul have any questions concerning this invoice, please call (770) 392-0980. WEAPPRECIATEI YOUR. BUSINESS! SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A. 150. Alhambra Circle Suite 725 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 NW8 88th Avenue Suite 106 Tamarac, FL 33321-2401 ClientMatter TMFP January 16, 2025 Invoice # 193545 Hours Amount 0.00 $2,100.00 For professional services rendered Retainer for the month of. January 2025. Previous balance $4,200.00 ($2,100.00) ($2,100.00) $4,200.00 1/2/2024 Payment- -7 Thank' You. Check No. 31994 Total payments and adjustments Balance due Consent Agenda: Authorization to Pay Benefits 6 00 CITY OF TAMARAC FIREFIGHTERS PENSION PLAN Election Form for Payment ofRetirement! Benefits Name ofParticipant: Home. Address: (City) Steven Stillwell Social SecurityNo.: (State) (Zip Code) You are eligible to receive retirement benefits from thej plan, payable ont the fistdayofeachi month commencing December 1, 2019. The following shows the amount ofs your monthly benefitsunder different methods ofpayment as provided under thej plan. Please indicate the form ofpayment under which) your wisht to receive your benefits by checking the appropriate box, Life Annuity à1 monthly income of$10,027.21 payable to you during yourlifetime. No further payments 10 Years Certain and] Life Thereafter- -ai monthly income of $9,955.53 payablet toy you during your lifetime. In the event ofyour death prior to receiving payment for 10: years (1201 payments), your designated beneficiary will continue toi receiye the same amount oft retirement income fort the remaining 10-year 50%. Joint and Contingent - ai monthly income of $9,429.88 payable to you duringyour lifetime. Upon your death, your designated beneficiary, ifstill living, will receive a monthly income of$4,714.94 payable 50%. Joint and Contingent including the optional "pop-up" feature - amonthlyi income of $9,379.10 payable toy you. Upon your death, your designated beneficiary, ifs stillliving, will receive ai monthly income of$4,689.55 payable during ther remaining lifetime ofthel beneficiary. Upont the death ofyour beneficiary, ifstilll living, you will receive ai monthly income of$9,955.53 payableduring: your remaining lifetime. 661;%Joint and Contingent- -ar monthly income of $9,245.70 payabletoy you during your lifetime. Upon your death, your designated beneficiary, ifstill living, will receive. ai monthlyi income of$6,163.801 payable 6613%. Joint and Contingent including the optional "pop-up" feature -a monthly income of$9,179.99 payable to you. Upon your death, your designated beneficiary, ifstilll living, will receive ai monthly income of$6,119.991 payable during the remaining lifetime oft thel beneficiary. Upon the death ofyour beneficiary, ifstill living, you will recéive al monthly income of$9,955.53 payableduring: your remaining lifetime. 75%. Joint and Contingent -ar monthly income of $9,157.10 payable toyou during your lifetime. Upon your death, your designated beneficiary, ifs still living, will receive ai monthlyi income of$6,867.83 payable 75%. Joint and Contingent including the optional "pop-up" feature -amonthly income of $9,082.43 payable to you during your lifetime. Upon your death, your designatedl beneficiary, ifstill living, will receive ar monthly income of $6,811.821 payable during the remaining lifetime ofthe beneficiary. Upon the death ofs your beneficiary, ifstilll living, you willi receive ai monthly income of$9,955.53 payable during 100%. Joint and Contingent- 1 al monthly income of $8,899.25 payablet tos you during, your lifetime. Upon your death, your designated beneficiary, ifstilll living, willi receive al monthlyincome of $8,899,25j payable willl bei made after your death. period. during the remaining lifetime ofthe beneficiary. during the remaining lifetime oft thel beneficiary. during thei remaining lifetime oft the beneficiary. your remaining lifetime. during the remaining lifetime oft thel 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 -a1 monthlyincomec of$8,804.67 payabletoy youL duringyourli lifetime. Uponyourdealh,yourdaigmdbacf.igyifatiliving.mil. receive ai monthly income of $8,804.671 payable duringt the remaining! Eétineofthebeneliciay. Upon the death ofy your beneficiary, ifstill living, you willi receive al monthly: income of$9,955.53 payable during Note: Regardless afthe method ofpaymenty you choose, the amount ofbenefts! pdyable toj you or ayoir behafwillbed at leaste equdl tot the amount ofyour pwno contributions tot the plin with interest. The. Joint and Contingent benefits shomabove were calculatedb basedz spony your your remaining lifetime. designated beneficiary named below and payable only tot this beneficiary. Name ofBeheficiary: Nicole Bucci Stillwell Social Security No.: Home Address: Pembroke Pines (City) Birth Date: (ZipG Code) (State) Iaccept the terms ont thej prévious page, including my choicé of ànnuity form, ando confirm thei information shown on the previous page tol be correct. shposo Date s/ilaoas Date - he Signature ofs Spousé(FMaried) B TOI BE COMPLETED BYI NOTARY PUBLIC: to before met this 17 dayof Salan personally known tome orl has) produced identification. STATEOF florida COUNTY OF Bouad Swom to ands subscribed .2022 by_Wicde G SHlvyerl 4 SNE SNMEY whois is PAOEVNLBACIEAUING Notary Pubic- Sated df Florida SEAL My Commisson#GG2 Comm, 216259 Exire.un7.2022 1 - Signature ofl Notary Public Print, Type or Stamp Commission Name, Commission No./ 8 EtA TOE BE COMPLETED BY ADMINISTRATIVE MANAGER'S OFFICE: Date. Approved By Consent. Agenda: By: Date:_ TAMARAC The City For Your Life Firefighters' Pension' Trust Fund Blss CITYOFTAMARAC: PENSION PLAN ADMINISTRATION ACKNOWIEDGEMENT OF CONDITIONALLUMP: SUM] DISTRIBUTION NAME OF EMPLOYEE: Steven Stillwell AMOUNT OF LUMP SUMPAYMENT: $588,572.22 DATE OF PAYMENT: ASAP I,th the undersigned, Steven Stillwell do hereby ackmowledge. that in accordance with procedures and policies established by the Board ofTrustees oft the City ofTanarac Firefighters' Pension' Trust Fund, Ihave received on this day a conditional lump sum distribution ofb bene efits from the Trust Fund in the above-stated amount, pending ratification of said amount by the Board of Trustees. understand and acknowledge that my entitlement to the distribution that I have reçeived on this day is and shall remain conditional pending ratification ofsame by thel Board ofTrustees. furtherunersland that the BoardofTrustes may determine that the amount oft the benefit to which I am entitled is lesst than the conditional distribution that Ialso acknowledge that ifthe amount ofthel benefit ratified by the Board ofTusteesi is less than the amount that Ihave received ont this day, Iami not entitled to the difference, and' Ishall reimbuse said difference immediately Ifurther acknowledge that my receipt of the conditional lump sum distribution is strictly conditioned upon my agreement hereby to indemnify the Board ofTrustees for any costs that itmay incur, including court costs and attorney fees, as a result ofany failure on my part to repay to the' Trust Fund any differencei in the amount thatl I have received on this day and the amount ratified by the Board of Trustees, a set forth above. Accordingly, I agree to pay to thel Board of Trustees, in addition to any such difference, any atomey fees, court costs, or other expenses incurred by the Trusteès for the purpose of collecting thè differencedue, ifsaid difference is not] paid within 60 days ofthe date ofratification by thel BoardofTrustees oft the amountofbenefit to whichIam entitled. Ihave reçeived on this day. to the' Trust Fund, Steven Stillwell Steyen Stillwell (Dec27,2024 14:55EST) Participant's Signature 12/27/2024 Date 7525 NW 88" Ave. I Tamarac, FL 33321 0:/954)597-36181 IF F:(954)597-3610 Stillwell, Steve CityofTamaraci Firefighters' PensionT Trust DROPA Account Statement COLAF Rate; 2.25% 2.25% COLA COLA Effective Effective Initial Interest Calculated Earned Interest Interest Total 31 10/31/2019 30 11/30/2019 12/31/2019 63.39 31 1/31/2020 126.78 29 2/29/2020 177.90 31 3/31/2020 253.56 30 4/30/2020 306.72 31 5/31/2020 380.33 6/30/2020 429.41 7/31/2020 507.11 31 8/31/2020 570.50. 9/30/2020 613.44 3,429.14 10/31/2020 699.19 11/30/2020 738.14 12/31/2020 826.31 1/31/2021 914.63 28 2/28/2021 883.53 31 3/31/2021 1,041.76 30 4/30/2021 1,069.66 31 5/31/2021 1,168.88 30 6/30/2021 1,192.69 31 7/31/2021 1,296.01 31 8/31/2021 1,359.57 30 9/30/2021 1,377.22 12,567.59 31 10/31/2021 787.07 11/30/2021 794.25 31 12/31/2021 854.37 31 1/31/2022 936.06 28 2/28/2022 875.87 31 3/31/2022 1,003.36 30 4/30/2022 1,003.56 31 5/31/2022 1,070.66 30 6/30/2022 1,068.69 31 7/31/2022 1,137.96 8/31/2022 1,171.61 9/30/2022 1,166.38 11,869.84 10/31/2022 2,340.17 11/30/2022 2,326.19 12/31/2022 2,467.30 1/31/2023 2,616.55 2/28/2023 2,420.74 3/31/2023 2,743.67 4/30/2023 2,716.68 5/31/2023 2,870.80 6/30/2023 2,839.70 7/31/2023 2,997.92 8/31/2023 3,061.49 9/30/2023 3,024.24 32,425.45 10/31/2023 1,683.48 11/30/2023 1,661.65 12/31/2023 1,750.59 1/31/2024 1,907.74 2/29/2024 1,816.05 3/31/2024 1,974.86 4/30/2024 1,943.63 5/31/2024 2,041.98 30 6/30/2024 2,008.58 31 7/31/2024 2,109.09 8/31/2024 2,142.65 9/30/2024 2,106.01 23,146.31 10/31/2024 2,215.82 11/30/2024 2,176.91 LastName FirstName EntryDate ExitD Date FirstCola Benefit 142025 1/2/2026 Steve 12/1/2019 11/30/2024 1/1/2025 8,804.67 9,002.78 9,205.34 Interestor (DROP Accrued Interest Date Benefit Distribution): Balance Rate. #ofDays Through Earned PerF Fiscaly Year 10/1/2019 11/1/2019 12/1/2019 8,804.67 1/1/2020 8,804.67 2/1/2020 8,804.67 3/1/2020 8,804.67 4/1/2020 8,804.67 5/1/2020 8,804.67 6/1/2020 8,804.67 7/1/2020 8,804.67 8/1/2020 8,804.67 9/1/2020 8,804.67 10/1/2020 8,804.67 11/1/2020 8,804.67 12/1/2020 8,804.67 2/1/2021 8,804.67 3/1/2021 8,804.67 4/1/2021 8,804.67 5/1/2021 8,804.67 6/1/2021 8,804.67 7/1/2021 8,804.67 8/1/2021 8,804.67 9/1/2021 8,804.67 10/1/2021 8,804.67 11/1/2021 8,804.67 12/1/2021 8,804.67 2/1/2022 8,804.67 3/1/2022 8,804.67 4/1/2022 8,804.67 5/1/2022 8,804.67 6/1/2022 8,804.67 7/1/2022 8,804.67 8/1/2022 8,804.67 9/1/2022 8,804.67 10/1/2022 8,804.67 11/1/2022 8,804.67 12/1/2022 8,804.67 2/1/2023 8,804.67 3/1/2023 8,804.67 4/1/2023 8,804.67 5/1/2023 8,804.67 6/1/2023 8,804.67 7/1/2023 8,804.67 8/1/2023 8,804.67 9/1/2023 8,804.67 10/1/2023 8,804.67 11/1/2023 8,804.67 12/1/2023 8,804.67 2/1/2024 8,804.67 3/1/2024 8,804.67 4/1/2024 8,804.67 5/1/2024 8,804.67 6/1/2024 8,804.67 7/1/2024 8,804.67 8/1/2024 8,804.67 9/1/2024 8,804.67 10/1/2024. 8,804.67 11/1/2024 8,804.67 8.50% 8.50% 8,804.67 8.50% 17,609.34 8.50% 26,414.01 8.50% 35,218.68 8.50% 44,023.35 8.50% 52,828.02 8.50% 61,632.69 8.50% 70,437.36 8.50% 79,242.03 8.50% 88,046.70 8.50% 96,851.37 8.50% 105,656.04 8.50% 114,460.71 8.50% 135,499.19 8.50% 144,303.86 8.50% 153,108.53 8.50% 161,913.20 8.50% 170,717.87 8.50% 179,522.54 8.50% 188,327.21 8.50% 197,131.88 8.50% 205,936.55 4.50% 214,741.22 4.50% 223,545.89 4.50% 253,722,82 4.50% 262,527.49 4,50% 271,332.16 4.50% 280,136.83 4.50% 288,941.50 4.50% 297,746.17 4.50% 306,550.84 4.50% 315,355.51 4.50% 324,160.18 8.50% 332,964.85 8.50% 341,769.52 8.50% 371,248.70 8.50% 380,053.37 8.50% 388,858.04 8.50% 397,662.71 8.50% 406,467.38 8.50% 415,272.05 8.50% 424,076.72 8.50% 432,881.39 8.50% 441,686.06 4.50% 450,490.73 4.50% 459,295.40 4.50% 509,330.19 4.50% 518,134.86 4.50% 526,939.53 4.50% 535,744.20 4.50% 544,548.87 4.50% 553,353,54 4.50% 562,158.21 4.50% 570,962.88 4.50% 579,767.55 4.50% 588,572.22 4.50% 588,572.22 Accruedb balanceasof11/3024 23,146.31 FY24Interest @4.50% 4,392.73 FY25Interest @4 4.50% 1/1/2021 8,804.67 3,429.14 126,694.52 8.50% 1/1/2022 8,804.67 12,567.59 244,918.15 4.50% 1/1/2023 8,804.67 11,869.84 362,444,03 8.50% 1/1/2024 8,804.67 32,425.45 500,525.52 4.50% NOTE:! Interestf from1 10/1/2024to1 11/30/2024n mayb bea adjusteda aftert ther rated ofreturnisp providedbyt thea actuarya after1 1/1/2025.The minimumr rateof4.5%v was usedu untilin interestisproiridedbyt theA Actuary. Prepared! PensionA Administrator Reviewedby SeniorA Accountant uhe/z4 Pagelofi Gas Cityof Tamarac Firefighters-Pension'rustfund IACKNOWLEDGE RECEIPT OF THE PRECEDING 5-PAGE NOTICE AND EXPLANATION OF ELIGIBLE ROLLOVER DISTRIBUTIONS WHICH THE PLANI IS REQUIRED TO PROVIDE TO ME IN ACCORDANCE WITH IRSI NOTICE2018- 74: Date: 12/27/2024 Steven 1 Stillwell Steven Stillwell (Dec2 27,202414:55EST) Participant's Signature Steven Stillwell Print Clearly ParticipantsName Note: Return ONLYthis last page (numbered 6 of6) to: City of Tamarac Firefighters' Pénsion Trust Fund clo City of Tamarac HR/Pension Administration Office 75251 NW8 88"h Avenue, Tamarac, FL Telephone: 954-597-3618. Email: leresamarin@lamarcog City of Tamarac Firefighters' Pension Trust Fund clo City of Tamarac Human Resources DepartmentPenson Administration 7525 NW88h. Avenue, Suite 106 Tamarac, FL 33321-2401 Phone: 954-597-3618 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Steven Stillwell Address: Social Security Number: REASON FOR DISTRIBUTION Birthdate: a a a Retirement (as defined by thej plan) Disability d Other: DROP Exit. -Lump Sum Rollover & Distribution Death - Payable to: Name: Address:. Soc. Sec. No.: Relationship toparticipant:. TIMING OF DISTRIBUTION understand that Ihave 30 days from the date Ireceivedt the Special Taxl Notieregarding plan payments to consider my decision ofv whether or nott to elect rollover of my distribution. a) b) Ihereby waive the 30-day period and elect to receive myo distrbutioni ini the method selected lelect tot take advantage of the option to defer my decision foraperiod of3 30-days., below as soon as possible. METHOD OF DISTRUBUTION. AND' WITHHOLDING Ihave reçeived, read, and understand the speçial taxi notice regarding plan paymentwhich contains general information ont ther rules regarding rollover, direct rollover, withholding, capital gains, andi income averaging treatment of distribution. 1 lunderstand that the taxable amount of this distribution is eligible for rollovert treatment and that nontaxable portions are not eligible fori rollover; therefore, all nontaxable portions ofr my accountswill bec distributed to me. --------Tet-w-stpE option (C) below willl be the deemed" election. a) instruct you to directly rollover thet total taxable portion ofthe distribution requested ont thisi form tot the Qualified Retirement Plan or Individual RetirementAcrount ("IRA") named belowi in Direct Rollover Information. lunderstand that Federal and Statei income tax will not be withheld as a distribution eligible for rollover to the Qualified Plan or IRAI named belowi in Direct Rollover Information. linstruct) you to distribute to met the remaining! balance oft the distribution. I understand that: 1)F Federal and State income tax will noth bewithheldfrom the amount directly rolled overt tot the Qualified Plan orl IRA named below; and 2)thet taxable! portion oft the amount distributed to mei is subject to mandatory Federal income taxithholding: ata rate of20% as required under current làw, and State income tax willl be withheld, ifapplicable. Jinstruct you to distribute tor mei thet total distribution (less therollover portioni if any). lunderstand that Federal income tax willl be withheld ont the taxable amount oft the distribution atan rate of20% result oft this direct rollover. b) X linstructy yout to directly rollover $ 488,572.22. ofthet totalt taxable portion oft this c) as required under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Plan! Name or IRA: Account Number: Raymond James & Associates FBO Steven Stillwell SIGNATURE Stevenstilwel Stevens Stillwell (Dec2 27,2 20241 14:55E EST) PartcpanvBeneficdany Signature Signature: Stevenstillwel Stevens Stllwell (Dec27,2 20241 1A4:55EST) Email: radlostrape)ahoo.com Company: CityofTamarac 12/27/2024 Date Signature: 4 MAUEZASIREN Email: leewasnPlamaracog Company: CtyofTamaracFL 2 Wire Transfers/ Banking Report FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTORO of FINANCIAL SERVICES November 7, 2024 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: SGFonaaprocessing.bancorp@s.com Vendor Number: 0007976 Payment Date: Nov 08, 2024 Payment Number: 0038291 Payment Amount: 57,671.51 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241107 Invoice Amount 57,671.51 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bommited ta Erdies..Alaaga" AMARAGORG 7525N N.W.8 88hAvenue Tamarac, Florida 333212401/P2954397.550/94.973580 EOORCRUNTYOHAOTA FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROfFNANCAL SERVICES November 21, 2024 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: SGrondapiocessing.ancorp@s.com Vendor Number: 0007976 Payment Date: Nov 22, 2024 Payment Number: 0038395 Payment Amount: 50,836.55 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241121 Invoice Amount 50,836.55 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project ommated do Erdlimea..Aenaga." TAMARAGORG 7525N.W. 88hAvenuel Tamarac, Florida 332+24011P.9545973350/F.994.97.3569 EQULOPCRINTYHAOTA FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTORof FINANCIAL SERVICES d December 5, 2024 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: SGFongaprocessing.ancorp@s.com Vendor Number: 0007976 Payment Date: Dec 06, 2024 Payment Number: 0038515 Payment Amount: 66,671.79 The total amount noted above willl be processed by thel bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241205 Invoice Amount 66,671.79 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Conitedt to Erdeae..Aloag" - EOUKOPARINTYHAOTER TAMARACORG 7525N.W.88hAvenue) Tamarac, Florida AIPEAEPIRIPAETO FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOR of FINANCIAL SERVICES * - December 12, 2024 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: SGFondaprocessing.pancorp@ss.com Vendor Number: 0007976 Payment Date: Dec 13, 2024 Payment Number: 0038580 Payment Amount: 59,508.15 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241210 Invoice Amount 59,508.15 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bommétted to Erellosce..AHiwage" TAMARACORG 7525N.W.88hAvenuel Tamarac, Florida 332+4011P.954597350/F.94.97.3569 EOULOPCAIUNITYEAOTER FINANCIAL TAMARAC The City For Your Life SERVICES Christine Cajuste DIRECTOROfFNANCAL SERVICES As December 19, 2024 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@53.com Vendor Number: 0007976 Payment Date: Dec 20, 2024 Payment Number: 0038628 Payment Amount: 57,066.27 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20241219 Invoice Amount 57,066.27 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Commcted to Eaedliaca..Alawage. Vey 7525N N.W. 88hAvenuel Tamarac, Florida 3332+24011P.954597.38501E.94.973580 EOUKOPUMIYBPOTR FINANCIAL TAMARAC The City For Your Life SERVICES Christine Cajuste DIRECTOR ROfFINANCIAL SERVICES - AESA January 2, 2025 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@53.com Vendor Number: 0007976 Payment Date: Jan 03, 2025 Payment Number: 0038725 Payment Amount: 55,670.89 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20250102 Invoice Amount 55,670.89 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bommted to Sucbose..Amape" - 7525N..88hAvenue) Tamarac, Florida 33321-24011P.954597.350/F.848973580 EQUALOPCAUNTYEHAOTA FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DIRECTOROfFNANCIAL SERVICES January 16, 2025 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: RPSSupport@5s.com Vendor Number: 0007976 Payment Date: Jan 17,2025 Payment Number: 0038837 Payment Amount: 55,434.52 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20250116 Invoice Amount 55,434.52 Retainage Amount 0.00 Discount Amount 0.00 PO Number Project Number Bomted to Erdlbac..Alnag." EOULOPRAUNTVEHAOTA 7525N N.W. 88hA Avenue Tamarac, Florida ABIPEAPEIFSASTSE FINANCIAL SERVICES TAMARAC The City For Your Life Christine Cajuste DRECTOROIFINANCAL SERVICES * January 30, 2025 TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: PSSupport@5s.com Vendor Number: 0007976 Payment Date: Jan: 31,2025 Payment Number: 0038969 Payment Amount: 53,832.32 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Information 20250130 invoice Amount 53,832.32 Retainage Amount 0.00 Discount Amount 0.00 PO Number Number Project Bométed te Eadiaca..Aemape." - TAMARACORG 7525 N.W. 88hAvenuel Tamarac, Florida 3921.2401/P.9545973850/F.94.97.350 EOAULOPRARINTYDHROTER Miscellaneous Updates VII. OLD BUSINESS Audit Update Selt-Directed DROP Account Disscussion Alive and Well Update VIII. NEW BUSINESS Fiduciary Liability Policy IX. LEGAL COUNSEL'S REPORT DISCLOSURES REQUIRED RBLATTOOHPTRZTAIDA FLORIDA STATUTES (a) City/District (b) Plan Name () Plan Type (d) Valuation Date (€) Interest Rate: Tamarac Defined Benefit 10/1/2024 7.00% 7.00% City of Tamarac Firefighters' Pension Plan (1) Discount Rate, net of investment fees (2) Long-Term Expected Rate of Return, net of investment fees With respect to the reporting standards for defined benefit retirement plans or systems contained in Section 112.664(1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and acknowledge responsibility fort the results. Toi the best of my knowledge, the results are complete and accurate, andi in my opinion, meet the requirements of Section 112.664(1), F.S., and Section 60T-1.0035, F.A.C. (0) Certification Statement: (1) Signature (2) Actuary's Name (3) Enrollment Number (4) Signature Date (5) Cover letter attached (pdf)? Section 112.6641)a,F.S (9) Total pension liability: (1) Service cost (2) Interest (3) Benefit changes (5) Changes in assumptions (6) Benefit payments (7) Contribution refunds (8) Net change in total pension liability (9) Total pension liability beginning of year (10) Total pension liability ending of year (h) Plan fiduciary net position: (1) Contributions- Employer (2) Contributions State (3) Contributions Member (4) Neti investment income (5) Benefit payments (6) Contribution refunds (7) Administrative expenses (8) Other (9) Net change in plan fiduciary net position (10) Plan fiduciary net position beginning ofy year (11) Plan fiduciary net position ending of year () Net pension liability(asset) [(9)(10) minus (h)(11)] ChailwJ. Cav/us Charles T. Carr 23-04927 2/6/2025 N $3,814,601 $11,032,190 $1,036,653 ($751,043) $0 ($4,582,983) $0 $10,549,418 $156,040,849 $166,590,267 $3,016,482 $1,011,404 $1,254,235 $26,442,793 ($4,582,983) $0 ($77,400) $0 $27,064,531 $144,712,916 $171,777,447 ($5,187,180) (4) Difference between expected and actual experience Section 112.664/1b).FS 0) Total pension liability: (1) Service cost (2) Interest (3) Benefit changes (5) Changes in assumptions (6) Benefit payments (7) Contribution refunds (8) Net change in total pension liability (9) Total pension liability- beginning of year (10) Total pension liability- ending of year (K) Plani fiduciary net position: (1) Contributions Employer (2) Contributions State (3) Contributions Member (4) Neti investment income (5) Benefit payments (6) Contribution refunds (7) Administrative expenses (8) Other (9) Net change in plan fiduciary net position (10) Plan fiduciary net position beginning of year (11) Plan fiduciary net position ending of year () Net pension liability/(asset) [G(10) minus (K)(11)) Section 112.66411XC).FS (on last valuation basis) $6,414,905 $10,346,548 $1,217,999 $492,237 $0 ($4,582,983) $0 $13,888,706 $202,779,590 $216,668,296 $3,016,482 $1,011,404 $1,254,235 $26,442,793 ($4,582,983) $0 ($77,400) $0 $27,064,531 $144,712,916 $171,777,447 $44,890,849 (4) Difference between expected and actual experience (m) (n) Number of Years, and fractional parts of Years, for which thel Market Value of Assets Number of Years, andi fractional parts of Years, for which thel Market Value of Assets Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits Section 112. 664(1C).F.S. (on Section 112.664/1)a).FS. basis) are adequate to sustain expected retirement benefits Section 112.66411C).FS (on Section 112.66411Xb).FS basis) are adequate to sustain expected retirement benefits 999.99 999.99 (0) 25.69 Section 112.664110.FS (on last valuation basis) (p) (q) () (s) () (u) Recommended Plan contributions in Annual Dollar Value Recommended Plan contributions as al Percentage of Valuation Payroll Section 112.664(1d).F.S. (on Section 112.664/1a).FS basis) Recommended Plan contributions in Annual Dollar Value Recommended Plan contributions as a Percentage of Valuation Payroll Section 112.66401d).F.S. (on Section 112.66401XD).F.S. basis) Recommended Plan contributions in Annual Dollar Value Recommended Plan contributions as a Percentage of Valuation Payroll $5,422,928 48.97% $3,587,980 32.40% $10,839,490 97.88% SOUTHERN ACTUARIAL SERVICES Post Officel Box 888343 Atlanta, Georgia 30356-0343 Telephone 770.392.0980 Farsimile 770.392.2193 February 13, 2025 clo Ms. Teresa Martin City ofTamarac 7525 N.W. 88th Avenue Tamarac, FL 33321-2401 Board ofTrustees of the City ofTamarac Firefighters' Pension Plan Re: City ofTamarac Firefighters' Pension Plan Ladies and Gentlemen: In response to your request, we have reviewed the conditions under which the Trustees may elect to provide up to a two percent one-time cost-of-living adjustment for retirees who retired prior to October 1, 2002. As of October 1, 2024, there is only one retiree (a surviving beneficiary) who Pursuant to plan section 16-503(c), it is our understanding that the Trustees may approve such an increase with respect to any year during which the plan realizes an actuarial gain and that the amount of the increase is limited to the amount of the actuarial gain. With respect to the plan year ending September 30, 2024, the plan realized an actuarial loss of $2,777,930 (negative gain) and a 2.00% one-time cost-of-living adjustment (COLA) for retirees is estimated to add $794.34 of additional liability to the plan. Because the additional liability due attributable to a 2.00% one-time COLA is greater than the amount of the actuarial gain, the Trustees may not adopt up to falls into that category. a2.00% one-time COLA for this individual. Ifyou have any questions or need anything else, please do not hesitate to call us. Sincerely, Chaile V. Cevyyg Charles T. Carr Consulting Actuary Our Officeisl Located at 68 Jopena Boulevard, Hoschton, Gporgia 30548 Post Office Box 888343 Atlanta, Gporgia 30356-0343 Telephone 770.392.0980 Farsimile 770392.2193 SOUTHERN ACTUARIAL SERVICES February 13,2025 Ms. Teresa Martin Benefits Analyst City ofTamarac 7525 N.W. 88th Avenue Tamarac, FL 33321-2401 Re: City ofTamarac Firefighters' Pension Plan Dear Teresa: In response to your request, we have determined the annual rate of interest which is to be The DROP accounts should be credited with 8.50% interest per annum. This rate reflects the actual 21.95% gain on the market value of plan assets for the period October 1, 2023 through September 30, 2024, subject to a corridor of 5.00% to 9.00%, less the 0.50% administrative credited to the Deferred Retirement Option Plan (DROP) accounts. charge. Ifyou have any questions, please do not hesitate to call us. Sincerely, Chauel d, Cat/ss Charles T. Carr Consulting Actuary Our Oficeisl Located at 68 Jopena Boulevard, Hoschton, Georgia 30548 Graystone Consulting from! MorganStanley CITY OFT TAMARAC FREFIGHIERS R Scott Owens, CFA Managing Director- Wealth Management scott.owensemsgraystone.com Tel:813-227-2061 Graystone Consulting Tampa Asset Allocation Analysis Prepared on February 11th,2025 for CITY OF TAMARAC FIREFIGHTERSR This materiali is designed solelyf fory your individual use, isfori informational purposes only andi is noti intendeda as and offer ors solicitation with respect to the purchase ors sale ofa anys security. Forr morei informationa about assumptions and disclosures, please refert tot the Appendix att thee endo oft this material. Asset Allocations Summary Cash Equities Fixed Income & Preferreds Alternatives CITY OF TAMARAC FIREFIGHTERS R IPS Target 12/31/24 Allocation Mix 1 Mix 2 Mix 3 Asset class TOTAL Cash Equities US Equities US Large Cap Growth US Large Cap Value US Mid Cap Growth US Mid Cap Value US Small Cap Growth US Small Cap Value International Equities Fixed Income & Preferreds US Fixed Income Taxable Alternatives Real Assets Infrastructure Private Investments Private Real Estate Private Equity Private Credit % 100.0 5.0 60.0 50.0 20.0 20.0 5.0 5.0 % 100.0 0.9 67.3 60.0 21.9 20.1 9.1 8.9 % 100.0 65.0 55.0 20.0 20.0 5.0 5.0 2.5 2.5 10.0 25.0 25.0 10.0 5.0 5.0 5.0 5.0 % 100.0 62.5 52.5 18.8 18.8 5.0 5.0 2.5 2.5 10.0 22.5 22.5 15.0 5.0 5.0 10.0 5.0 2.5 2.5 % 100.0 60.0 50.0 18.0 18.0 4.5 4.5 2.5 2.5 10.0 20.0 20.0 20.0 5.0 5.0 15.0 5.0 5.0 5.0 10.0 25.0 25.0 10.0 5.0 5.0 5.0 5.0 7.3 24.4 24.4 7.4 5.0 5.0 2.4 2.4 Thep portfolios above are constructed usingi indices asp proxies. Indices are unmanaged. Itis not possible toi invest directlyi ina ani index. Asset allocation does nota assureap profit or protect against loss. This analysis assumes that the Strategic Assumptions applyf for the first7 years andt the Secular Assumptions applyt thereafter. Annual returns ares showng gross ofo cashi inflows, cash outflows, taxes and advisory fees. Please refert tot thel ReturnA Assumptions page oft the appendix tov view ani important andi relevant disclosure regarding return rates andi fees. For use onlyi inc one- -on-one presentations. Asset Allocations IA As of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 2of14 Asset Allocations Summary Assumptions Annual Return Standard Deviation Sharpe Ratio Annual Yield Probability of Positive Return CITY OF TAMARAC FIREFIGHTERS R IPSTarget Strategic Secular 6.7% 7.4% 9.9% 9.9% 0.28 0.44 3.1% 2.8% 75.7% 78.3% 12/31/24 Allocation Strategic Secular 6.9% 11.0% 0.27 2.9% 73.9% Mix1 Strategic Secular 6.9% 7.8% 10.8% 10.8% 0.29 0.43 3.0% 2.7% 74.6% 77.1% Mix2 Strategic Secular 7.1% 8.0% 10.8% 10.8% 0.30 0.46 3.1% 2.8% 75.4% 78.0% Mix3 Strategic Secular 7.3% 8.3% 10.8% 10.8% 0.32 0.48 3.1% 2.9% 76.0% 78.8% 7.8% 11.0% 0.43 2.6% 76.8% Thep portfolios above are constructed usingi indices asp proxies. Indices are unmanaged. Itisr not possible toi invest directlyi ina ani index. Asset allocation does nota assureap profit or protecta against loss. This analysis assumes that the Strategic Assumptions years andt the Secular Assumptions applyt thereafter. Annual returns ares showng gross ofo cashi inflows, cash outflows, taxes and advisory fees. Please refert tot thel ReturnA Assumptions page oft the appendix tov view ani important andi relevant disclosure regar andi fees. For use onlyi inc one- -on-one presentations. Asset Allocations IA As of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 3of14 Linear Growth/ Analysis Efficient Frontier Summary Strategic Assumptions CITY OF TAMARAC FIREFIGHTERS R 8.0 IPST Target 12/31/24/ Allocation Mix1 Mix2 Mix 3 6.0 4.0 6.0 8.0 10.0 12.0 Mix3 7.3% 10.8% 0.32 3.1% Standard Deviation (%6) Mix1 6.9% 10.8% 0.29 3.0% IPSTarget 12/31/24. Allocation 6.7% 9.9% 0.28 3.1% Mix2 7.1% 10.8% 0.30 3.1% Annual Return Standard Deviation Sharpe Ratio Annual Yield 6.9% 11.0% 0.27 2.9% Secular Assumptions 10.0 8.0 6.0 4.0 2.0 IPS Target 12/31/24 Allocation Mix1 Mix2 Mix3 6.0 8.0 10.0 12.0 Mix3 8.3% 10.8% 0.48 2.9% Standard Deviation (%6) Mix1 7.8% 10.8% 0.43 2.7% IPSTarget 12/31/24 Allocation 7.4% 9.9% 0.44 2.8% Mix 2 8.0% 10.8% 0.46 2.8% Annual Return Standard Deviation Sharpe Ratio Annual Yield 7.8% 11.0% 0.43 2.6% This analysis assumes that the Strategic Assumptions apply for the first7 years and Secular Assumptions apply thereafter. Please refer tot the Return Assumptions page oft the appendix to view ani important andi relevant disclosure regarding return rates andi fees. For use onlyi inc one-on-one presentations. Efficient Frontier IAs of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 4of14 Historical Analysis Historical Performance (Last 10 Years) CITY OF TAMARAC FIREFIGHTERS R Summary 40.0 20.0 - -20.0 2014 8.7% 9.7% 8.9% 8.9% 8.8% 2015 0.1% -0.2% -0.1% 0.0% 0.2% 2016 7.9% 8.8% 9.0% 9.2% 9.4% 2017 2018 2019 2020 2021 2022 2023 Last Annualized 10_Yrs. IPS Target 12/31/24. Allocation Mix1 1 Mix2 Mix 3 15.3% -4.1% 21.7% 13.0% 15.0% -14.0% 17.0% 16.4% -4.7% 24.0% 15.1% 16.2% -15.8% 18.3% 16.1% -4.7% 22.9% 14.0% 15.8% -15.1% 17.5% 16.3% -4.3% 22.5% 14.1% 16.5% -14.3% 17.5% 16.6% -3.8% 22.0% 14.2% 17.3% -13.6% 17.6% 7.5% 8.1% 7.8% 8.0% 8.3% This sectionr reflects the performance oft the portfolio ona ana asset class basis ine each oft the last 10y years. Historicalr returns are showng grosso ofc cashi inflows, cash outflows, taxes and advisoryf fees. Pastp performanceisn no guarantee offuturer results. Plea ReturnA Assumptions page of thea appendixt to view ani important andi relevant disclosure regardingr return rates andf fees. For use onlyi in one-on-one presentations. Historical Performance I As of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 5of14 Return Assumptions CITY OF TAMARAC FIREFIGHIERS R Strategic Assumptions Standard Deviation 0.7% 13.5% 14.9% 16.2% 14.4% 17.9% 15.8% 21.8% 19.1% 15.4% 5.3% 5.3% 8.0% 12.3% 13.6% 15.4% 16.7% 16.2% 10.4% Secular Assumptions Standard Deviation 0.7% 13.5% 14.9% 16.2% 14.4% 17.9% 15.8% 21.8% 19.1% 15.4% 5.3% 5.3% 8.0% 12.3% 13.6% 15.4% 16.7% 16.2% 10.4% Annual Return 3.9% 6.8% 6.1% 6.0% 8.0% 7.5% 8.8% 8.8% 9.6% 7.7% 5.2% 5.2% 6.6% 7.2% 8.5% 9.2% 7.8% 10.9% 8.9% Sharpe Ratio 0.00 0.22 0.15 0.13 0.29 0.20 0.31 0.22 0.30 0.25 0.24 0.24 0.35 0.27 0.34 0.35 0.23 0.43 0.48 Annual Return 3.1% 8.9% 9.4% 9.7% 9.2% 9.9% 9.7% 9.2% 10.0% 8.4% 3.9% 3.9% 6.4% 6.6% 6.5% 11.0% 8.2% 14.1% 9.5% Sharpe Ratio 0.00 0.43 0.43 0.41 0.42 0.38 0.42 0.28 0.36 0.34 0.15 0.15 0.42 0.29 0.25 0.52 0.31 0.68 0.62 Yield 3.9% 2.0% 2.0% 1.2% 2.7% 1.3% 2.2% 1.4% 1.9% 2.1% 5.2% 5.2% 0.0% 2.3% 4.1% 3.1% 6.2% 0.0% 8.9% Yield 3.1% 2.0% 2.0% 1.2% 2.7% 1.3% 2.2% 1.4% 1.9% 2.1% 3.9% 3.9% 0.0% 2.3% 4.1% 3.3% 6.6% 0.0% 9.5% ( Cash - Equities US Equities US Large Cap Growth US Large Cap Value US Mid Cap Growth US Mid Cap Value US Small Cap Growth US Small Cap Value International Equities I Fixed Income & Preferreds US Fixed Income Taxable Alternatives Real Assets Infrastructure Private Investments Private Real Estate Private Equity Private Credit The Strategic Assumptions represent at time horizon of7y years whilet the Secular Assumptions representa at time horizon of 20+ years. Int the Linear Growth and Monte Carlo analyses the Strategic Assumptions apply for thet first7 1y years and the Secular Assumptions for each yeart thereafter. These assumptions are usedf forr modeling purposes only. Theya arer notg guarantees offi future returns. 1)Thereturns for Private Investments havel been adjustedi toa accountf fori infrequent pricing. The assumed return rates int the Wealth Strategies Analysis are not reflective of any specifici investment, dor not include any fees ore expenses that may bei incurred byi investingi in specific products, nor allo costs that you will incur wheny you implement strategy. The return assumptions andl hypotheticali illustrations hereinr may bei impacted after applyings such costs, which mayi includei investment advisory programf fees upt toa a maximum of2.09, sub-managerf fees, brokerage commissions, sales load or other expenses, which will depend on whether you choose a brokerage or ana advisory relationship. The actual returns ofas specific investment may be more orl less than the asset class return assumptions used int the Wealth Strategies Analysis. Itisr not possible toi invest directlyi in an index. Thei index performance shown does notr reflectt thei impact ofa any taxes, transaction costs, management fees or other expenses that may be associated with certaini investments. Indices are unmanaged. The Capital Market Assumptions appliedi int this analysis were defined byt thef firm's Globall Investment Committee and were published int the' "Inputs for GICA Asset Allocation: Annual Update of GIC Capital MarketA Assumptions" on! Marchz 27th, 2024. For use onlyi inc one-on-one presentations. Return. Assumptions I As of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 6of14 Appendix Correlation Assumptions CITY OF TAMARAC FIREFIGHTERS R USE Equities 1.00 International Equities US Fixed Income Taxable Real Assets 0.67 0.53 0.21 1.00 Private Investments USE Equities International Equities US Fixed Income Taxable Real Assets Private Investments 0.59 1.00 0.24 0.17 1.00 0.57 0.30 0.16 0.51 1.00 Thes strategic and: secular assumptions have thes same correlations. Itisr not possible toi invest directlyi ina ani index. Thei index performance shown does not reflect thei impact of anyt taxes, transaction costs, management fees or other expenses that may be associated with certaini investments. Indices are unmanaged. one presentations. Correlation Assumptions IAs of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 7of14 Appendix Asset Class Assumptions CITY OF TAMARAC FIREFIGHTERS R Benchmark FTSE US Three-Month T-Bill MSCI All-Country World (USD, Net) Russell 3000 Datal History 1997-2023 1979-2023 1979-2023 1979-2023 1979-2023 1979-2023 1979-2023 1986-2023 1986-2023 1971-2023 1970-2023 1970-2023 1970-2023 1970-2023 1972-2023 1990-2023 1970-2023 1970-2023 1970-2023 DG Cash Equities US Equities US Large Cap Growth Russell 1000 Growth US Large Cap Value Russell 1000 Value US Mid Cap Growth Russell Midcap Growth US Mid Cap Value Russell Midcap Value US Small Cap Growth Russell 2000 Growth US Small Cap Value Russell 2000 Value International Equities MSCI World ex-US (USD, Net) Fixed Income & Preferreds Bloomberg US Aggregate US Fixed Income Taxable Bloomberg US Aggregate - Alternatives Real Assets Infrastructure HFRI Fund-Weighted Composite Equal-Weighted Blend: Bloomberg Commodity; Alerian Midstream Energy Select; FTSE EPRA/NAREIT Global (USD) MSCIAlI-Country World Infrastructure (USD, Net) Private Investments Equal-Weighted Blend: NCREIF Property; Cambridge. Associates Private Equity Private Real Estate Cambridge. Associates Real Estate Private Equity Private Credit Cambridge Associates Private Equity Cambridge. Associates Private Credit Itisr not possible toi invest directlyi ina ani index. Thei index performance showno does not reflect thei impact ofa any taxes, transaction costs, management fees or other expensest that may be associatedv with certaini investments. Indices are unmanaged. guarantee off future results. For use onlyi in one-on-one presentations. Asset Class Assumptions I As ofFebruary 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING 8of14 Appendix Methodology CITY OF TAMARAC FIREFIGHTERS R Morgan Stanley Wealth Management, in conjunction with your Financial Advisor as well as other resources across Morgan Stanley, has prepared this presentation. The presentation was designed to illustrate the risk and return characteristics of various portfolios when taking into account cash considerations. Each analysis is unique and although no individual analysis can completely describe the risk and return characteristics of a portfolio, the combination of these analyses can assist clients in arriving at an appropriate wealth strategy. Expected Returns, Standard Deviations and Correlations: Return assumptions are established byt the Morgan Stanley Global Investment Committee. The Global Investment Committee utilizes an equilibrium approach to generate expected returns, standard deviations and correlations for each asset class. We believe that by analyzing current and historical economic conditions and market trends, and then making projections of future economic growth, inflation, real yields for each country, we can estimate the equilibrium performance for an asset class. The equilibrium return is simply the central tendency around which market returns tend toi fluctuate over a very long period of time. Iti is possible that actual returns will vary considerably from this equilibrium, even for a number of years, but we believe that market returns will eventually return to their Monte Carlo Analysis: Monte Carlo simulation is an analytical technique which uses several iterations of hypothetical events. Statistics on the distribution of results can help infer which simulated variables are more likely. When simulating hypothetical asset class performance, we utilize Morgan Stanley's expected returns, standard deviations and correlations for each asset class. Small changes in these assumptions may have a sizable impact on the results. As such, the analysis is provided only for general guidance about asset allocation. There can be no assurances that the Monte Carlo-simulated results will be achieved or sustained. Your actual results will surely vary. For example, our simulations don't account for fees or transaction costs, which may be charged when you invest in an actual portfolio of securities. However, the goal of the Monte Carlo analysis is not 100% accurate forecasting, but rather to allow investors to make Asset Allocations: Unless otherwise stated, this analysis assumes that asset allocations remain constants and achieve the return and standard deviation assumptions over the period in which equilibrium trend. better, more informed decisions. they are invested. Important: The projections or otheri information generated! byt the Wealth Strategies Analysis Tool regarding thel likelihood ofv variousi investment outcomes are! hypotheticali ini nature, dor notr reflect actual investment results, anda are notg guarantees of Resultsg generatedb byaN Monte Carlo analysisv will vary withe each usea and over time becausee each portfolios simulationi isr randomlys generated. For use onlyi in one- on-one presentations. Methodology I As of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING of14 Appendix Glossary CITY OF TAMARAC FIREFIGHTERS R Annual Return: The arithmetic average return that is expected to be achieved in a given) year. Expected Performance: Performance assuming that portfolios achieve their annual return Expected Tail Loss: The average expected 1-year portfolio loss, at a 95% confidence level, if an Sharpe Ratio: This calculation measures a ratio ofreturn above the risk free rate to volatility. Standard Deviation: A statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. Value at Risk: The maximum expected 1-year portfolio loss, at a 95% confidence level, if an Worst Trial: This is defined as the worst hypothetical performance of the portfolio in a given year. While it's always possible, albeit with an infinitely small chance, that a portfolio could lose all its money in a year, this is the most the portfolio lost in all the iterations of the first year of Max Drawdown: Similar to the worst trial, this is the worst hypothetical performance of the portfolio, but not limited to a single year it's a potential total loss over the course of the plan. assumption each year in which they are invested. extraordinariy bad event does occur. extraordinarily bad event does not occur. the Monte Carlo simulation. For use onlyi inc one- -on-one presentations. Glossary IAs of February 2025 I Reporting Currency:USD ID:14590569 GRAYSTONE CONSULTING Appendix Risk of Different Investments CITY OF TAMARAC FIREFIGHTERS R Different security types and asset classes carry different risks of investment. Managed Futures: Managed futures investments are speculative, involve a high degree of risk, use significant leverage, are generally illiquid, have substantial charges, subject decision, investors should read the applicable prospectus and/or offering documents Small/Mid Caps U.S. Equity: Investing in smaller companies involves greater risks not associated investors to conflicts of interest, and are appropriate only for the risk capital portion of an with investing in more established companies, such as business risk, significant stock price investor's portfolio. Before investing in any partnership and in order to make an informed InternationaVemerging Markets: International investing entails greater risk, as well as greater carefully for additional information, including charges, expenses and risks. Investors should potential rewards compared to U.S. investing. These risks include potential and economic read the prospectus and/or offering documents carefully for additional information, uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are including charges, expenses and risks. Managed futures investments do not replace equities magnified in countries with emerging markets, since these countries may have relatively or bonds but rather may act as a complement in a well diversified portfolio. fluctuations and illiquidity. unstable governments and less established markets and economics. Commodities: Investing in commodities entails significant risks. Commodity prices may be Fixed Income: Fixed Income Securities are subject to interest rate risk, credit risk, prepayment affected by a variety of factors at any time, including but not limited to, changes in supply risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may provide and demand relationships, (i) governmental programs and policies, (ii) national and at fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and international political and economic events, war and terrorist events, (iv) changes in interest High Yield Bonds: High Yield Fixed Income Investments, also known as junk bonds, are addition, the commodities markets are subject to temporary distortions or other considered speculative, involve greater risk of default and tend to be more volatile than disruptions due to various factors, including lack of liquidity, participation of speculators Hedge Funds: Hedge funds are appropriate only for long-term, qualified investors. They are MLPs: Investment in MLPs entails different risks, including tax risks, than is the case for generally illiquid, not tax efficient, and have higher fees than many traditional investments. They other types of investments. Currently, most MLPS operate in the energy, natural resources may also be highly leveraged and engage in speculative investment techniques which can or real estate sectors. Investments in MLP interests are subject to the risks generally when redeemed, may be worth more or less thant their original cost. and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii)t the price volatility ofa commodity. In investment grade fixed income securities. and government intervention. magnify the potential for investment loss or gain. applicable to companies in these sectors (including commodity pricing risk, supply and demand risk, depletion risk and exploration risk). REITS: REITS investing risks are similar to these associated with direct investments in real estate; lack of liquidity, limited diversification, and sensitivity to economic factors such as interest rate Alternative Investments: Any allocation containing alternative investments should note that Private Equity: Private equity interests may be highly illiquid, involve a high degree of risk and speculative investment practices, may involve complex tax structures, typically have higher charges and market recessions. bes subject to transfer restrictions. they are highly illiquid and are only appropriate for investors willing to put capital at risk for an indefinite period of time. Alternative investments often engage in leverage and other fees, and generally are not subject to the same regulatory requirements as traditional asset classes. TIPS: Because the return of TIPS is linked to inflation, TIPS may significantly underperform VS. fixed return treasuries in times of lowi inflation. For use onlyi inc one- -on-one presentations. Risk of Different Investments IAs of February 2025 I Reporting Currency:USD ID:14590569 GRAYSTONE CONSULTING Appendix Historical Scenario Definitions CITY OF TAMARAC FIREFIGHTERS R Global Financial Crisis (11/2007 02/2009): The U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2008. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. While elements of the crisis first became more visible during 2007, several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the Tech Bubble Burst (03/2000 09/2002): The dot-com bubble was a historic speculative bubble covering roughly 1997-2000 (with a climax on March 10, 2000, with the NASDAQ peaking at 5,408.60 in intraday trading before closing at 5,048.62) during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the Internet sector and 2011 US Credit Downgrade (08/2011 09/2011): The 2011 US Credit Rating Downgrade by Standard and Poor was the first time in history the United States was downgraded. S&P cited mounting budget deficits and the lack of planning done to address the governments debt 2015 Chinese Market Crash (06/2015 09/2015): Between June 2014 and June 2015, China's Shanghai Composite index rose by 150 percent. A large portion of this acceleration in stock prices was due to retail investors' ability to invest on margin. Given this sensitivity to asset prices, when investors were met with margin calls inj June of 2015, many were forced to sell. This wave of selling snowballed, leading to a -30% decrease ini the value of A-shares on the Shanghai 2009 Greek Debt Crisis (10/2009 - 05/2010): In 2009, the Greek government revealed it had underreported its budget deficit. As a result, borrowing costs skyrocketed and the countries credit rating was downgraded, leading to a loss of confidence in the Greek economy. The economic crisis in Greece exposed problems with the institutional architecture of the Eurozone onset of a severe, global recession. related fields. dynamics as the catalyst for the downgrade. Stock Exchange. and lead to increased uncertainty throughout financial markets. For use onlyi inc one- -on-one presentations. Historical Scenario Definitions I As of February 2025 I Reporting Currency: USD ID:14590569 GRAYSTONE CONSULTING Appendix Disclosures CITY OF TAMARAC FIREFIGHTERS R These materials are provided for general informational and educational purposes based in part Many of the views and opinions contained herein regarding asset allocation were prepared upon publicly available information from sources believed to be reliable. While we have taken by! Morgan Stanley Wealth Management and may differ materially from that of others at the great care in the preparation of these materials, we cannot be responsible for clerical, Company. Nothing in this allocation is designed to constitute an individual investment plan computational, or other errors. While we have relied on sources we believe to be reliable, the which should only be devised after discussion with your Financial Advisor. methods and valuation methods used by custodians other than those affiliated with us. We This Wealth Strategies Analysis Tool may contain historical asset class return data and cannot assure the accuracy of these reports, nor of the information provided to us and reflected statistically generated data from 1990-2017 which are not used to forecast potential return values reflected in this request may differ from their reported values due to varying reporting int this report. but rather to identify relative patterns of behavior among asset classes which when puti in different combinations assume various levels of risk. Important: The projections or other information generated by the Wealth Strategies Analysis Tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect Blended index portfolio performance is shown for illustration purposes only. Hypothetical actual investment results, and are not guarantees of future results. Results generated by a Monte performance has inherent limitations and does not reflect actual performance, trading or Carlo analysis will vary with each use and over time because each portfolio simulation is decision making. The results vary and reflect material economic or market factors such as randomly generated. liquidity constraints or volatility, which have an important impact on decision making and actual perrormance. Any samples included in this analysis are not recommendations to pursue any estate planning or asset allocation strategy. They are shown for illustration purposes only. Since the future Annualized return performance shown in this presentation does not reflect deduction of cannot be forecast, actual results will vary from the information shown for the future, including investment advisory fees; had they and other fees incurred in the management of the estimates and assumptions. The results may vary with each use and over time. It is possible that account been reflected the performance would have been lower; the investment advisory these variations may be material. The degree of uncertainty normally increases with the length fees are described in Part II of the Morgan Stanley Form ADV; For example, for an account of the future period covered. As a result, Morgan Stanley Wealth Management cannot give any with an annual advisory fee of 2% deducted monthly, if the annual gross performance is assurances that any estimates, assumptions or other aspects of the following analyses will prove 1096, the compounding effect of the fee will result in a net annual compound rate of return correct. They are subject to actual known and unknown risks, uncertainties and other factors ofa approximately 7.93%. After at three-year period with an initial investment of $100,000, the that could cause actual results to differ materially from those shown. total value of the client's account would be approximately $133,100 without the fee and $125,716 with the fee. Investing in financial instruments carries with it the possibility of losses and that a focus on above-market returns exposes the portfolio to above-average risk. Hypothetical perrormance Past performance is no guarantee of future results. These materials do not constitute an illustrations are not guaranteed and are: subject to market conditions. High volatility investments offer to either buy or sell securities or to participate in any trading strategy. may be subject to sudden and large falls in value, and there could be a large loss on realization Indices are unmanaged. An investor cannot invest directly in an index. are shown for Asset allocation does not assure profit or protect against loss in declining financial markets. Reference to ani index does not imply that the portfolio will achieve return, volatility or other Certain assumptions may have been made in the analyses that have resulted in the estimated results similar to the index. The composition of an index may not reflect the manner in return contained herein. Any change in these assumptions may have a material impact on any which a portfolio is constructed in relation to expected or achieved returns, portfolio which could be equal to the amount invested. They illustration purposes only and do not show the performance of any specific investment. estimated returns. guidelines, restrictions, sectors, correlations, concentrations, volatility, or tracking error target, all of which are: subject to change over time. Disclosures I As of February 2025 I Reporting Currency:USD ID:14590569 GRAYSTONE CONSULTING 13of14 Appendix Disclosures CITY OF TAMARAC FIREFIGHTERS R (Continued) This report was prepared using a brokerage tool and not an advisory tool. 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CRC 3863025 02/2024 Investment and services offered through Morgan Stanley Wealth Management, a division of Disclosures I As of February 2025 I Reporting Currency:USD ID:14590569 GRAYSTONE CONSULTING 14of14 Gtyoflamarac Firefighters' Pension Plan Actuarial Valuation AsofOdober1,2024 Determines the Contribution Forthe2 2024/25FiscalY Year SOUTHERN ACTUARIAL SERVICES TableofContents Page 1 I-1 I-3 1-4 1-5 I-6 I-7 I-8 I-9 I-10 Discussion Funding Results Table I-A Table I-B Table I-C Table I-D Table I-E Table I-F Table I-G Table I-H Table I-I Accounting Results Assets Table II-A Table II-B Table II-C Table II-D Table II-E Table II-F Table II-G Data Table III-A Table III-B Table III-C Table III-D Table III-E Table II-F Table III-G Minimum Required Contribution Sensitivity Analysis Gain and Loss Analysis Present Value of Future Benefits Present Value of Accrued Benefits Present Value of Vested Benefits Entry Age Normal Accrued Liability Entry Age Normal Cost Unfunded Liability Bases GASB 67/68 Supplement as of September 30, 2024 Actuarial Value of Assets Market Value of Assets Investment Return Asset Reconciliation Historical Trust Fund Detail Other Reconciliations Historical Chapter 175/185 Contributions Summary of Participant Data Data Reconciliation Active Participant Data Active Age-Service Distribution Active Age-Service-Salary Table Inactive Participant Data Projected Benefit Payments II-1 II-2 II-3 II-4 II-5 II-6 II-7 III-1 III-2 III-3 III-4 III-5 III-6 II-7 IV-1 IV-3 V-1 V-7 Methods & Assumptions Table IV-A Summary of Actuarial Methods and Assumptions Table IV-B Changes in Actuarial Methods and Assumptions Plan Provisions Table V-A Table V-B Summary of Plan Provisions Summary of Plan Amendments Discussion February 6, 2025 Introduction This report presents the results of the October 1, 2024 actuarial valuation of the City of Tamarac Firefighters' Pension Plan. The report is based on the participant data and asset information provided by the pension plan administrator and, except for a cursory review for reasonableness including a comparison to the data provided for the previous valuation, The primary purpose of this report is to provide a summary of the funded status of the plan as of October 1, 2024 and to determine the minimum required contribution under Chapter 112, Florida Statutes, for the 2024/25 plan year. In addition, this report provides a projection of the long-term funding requirements of the plan, statistical information concerning the assets held in the trust, statistical information concerning the participant population, and a summary of any recent plan The liabilities and cost presented in this report are based on numerous assumptions concerning the cost of benefits to be provided in the future, long-term investment returns, and the future demographic experience of the current participants. Anyone referring to this report should remember that the cost developed herein is only an estimate of the true cost of providing post-employment pension benefits. No one can predict with certainty whether the true cost will be higher or lower than the cost presented in this report. The calculated cost is entirely dependent upon the assumptions that are described in Table IV-A. Ifany of the assumptions is changed, then the cost shown in this report will change accordingly. Likewise, ifany of the assumptions is not completely realized, then the cost shown in this report will change Certain assumptions play al bigger role than others in determining the cost of the post-employment pension benefits. In some cases, relatively small changes in a particular assumption can have a dramatic impact on the anticipated cost of benefits. Although a thorough analysis of the impact of such changes is beyond the scope of this report, Table I-B illustrates the impact that alternative long-term investment returns would have on the minimum required contribution rate. we have not attempted to verify the accuracy of this information. changes. int the future. Minimum Required Contribution Table I-A: shows the development oft ther minimum required contribution for the 2024/25 plan year. The minimum required contribution rate is 38.47% of covered payroll, which represents an increase of 4.75% of payroll from the prior valuation. Table I-C provides a breakdown of the sources of change in the contribution rate. Significantly, the rate increased by 2.84% of payroll due to investment shortfalls, increased by 0.51% of payroll due to demographic experience, and increased by 1.40% due to the plan amendment that is discussed below. Although the market value of assets earned 21.95% during the 2023/24 plan year, the actuarial value of assets is based on a three-year phase-in of the unexpected investment appreciation. On this basis, the actuarial value of assets only earned 4.90% during the 2023/24 plan year, whereas a7.00% annual investment return was required to maintain a stable contribution rate. Pagel Discussion Chapter 112, Florida Statutes, sets forth the rules concerning the minimum required contribution for publicp pension plans within the state. Essentially, the City must contribute an amount equal to the annual normal cost of the plan plus an amortization payment towards the unfunded liability, where the amortization period is no longer than 30 years and where both amounts are adjusted as necessary for administrative expenses and to reflect interest on any delayed payment of the contribution beyond the valuation date. On this basis, the City's 2024/25 minimum required contribution willl be equal to 38.47% multiplied by the total pensionable earnings for the 2024/25 fiscal year for the active employees who are covered by the plan and reduced by the portion of the Chapter 175/185 contribution that is allowed to be recognized during the 2024/25 plan year. By mutual agreement between the bargaining parties, all of the Chapter 175 contribution Based on the current assets, participant data, and actuarial assumptions and methods that are used to value the plan, the present-day value of the total long-term funding requirement is $191,056,768. As illustrated in Table I-A, current assets are sufficient to cover $152,822,367 of this amount, the employer's 2024/25 expected contribution will cover $4,260,123 of this amount, and future employee contributions are expected to cover $8,728,940 of this amount, leaving $25,245,338 to be covered by future employer funding beyond the 2024/25 fiscal year. Again, demographic and investment experience that differs from that assumed will either increase or decrease the future employer funding may be used as an offset to the City's required contribution after September 30,2015. requirement. Advance Employer Contribution The City has made contributions to the plan in excess of the minimum amount that was required to be contributed pursuant to Chapter 112. Ini this report, the excess contributions are referred to as an "advance employer contribution." As of October 1, 2024, the advance employer contribution is $2,023,250, which reflects the advance employer contribution as of October 1, 2023 less $2,139,809 to cover the shortfall between actual employer contributions and the The City may apply all or any portion of the advance employer contribution towards the minimum required contribution for the 2024/25 plan year or for any later plan year. The minimum required contribution for that plan year will be reduced Alternatively, at any time, the City may apply all or any portion of the advance employer contribution as an extra contribution in excess of the minimum required contribution. If the entire balance were to be applied to the unfunded accrued liability as of October 1, 2024, the minimum required contribution rate would be reduced to 36.04% of payroll. minimum required contribution for the 2023/24 plan year, as shown in Table II-F. dollar-for-dollar by the amount of the advance employer contribution that is applied in this manner. Excess Chapter 175 Contribution As of October 1, 2024, the plan has not accumulated any excess Chapter 175 contributions as shown in Table II-F. The total Chapter 175 distribution received for the 2023/24 plan year was $1,011,404 and all of this distribution was allowed to be applied as an offset to the City's required contribution for the 2023/24 plan year. Table II-G provides a history of the Chapter 175 contributions and the portion that is allowed to be recognized. Page2 Discussion Identification and Assessment of Risk The liabilities and cost presented in this report are based on numerous assumptions concerning the cost of benefits to be provided in the future, long-term investment returns, and the future demographic experience of the current participants. Anyone referring to this report should remember that the cost developed herein is only an estimate of the true cost of providing post-employment pension benefits. No one can predict with certainty whether the true cost will be higher or lower than the cost presented in this report. The calculated cost is entirely dependent upon the assumptions that are described in Table IV-A. Ifany of the assumptions is changed, then the cost shown in this report will change accordingly. Likewise, there is always a risk that, should these assumptions not be realized, the liabilities of the plan, the contributions required to fund the plan, and the funded status of the plan may be significantly different than the Although at thorough analysis oft the risk of not meeting the assumptions is beyond the scope oft this report, this discussion is intended toi identify the significant risks faced byt the plan. In some cases, a more detailed review of the risks, including numerical analysis, may be appropriate to help the plan sponsor and other interested parties assess the specific impact of not realizing certain assumptions. For example, Table I-B illustrates the impact that alternative long-term investment returns would have on the contribution rate. Note that this report is not intended to provide advice on the management The most significant risk faced by most defined benefit pension plans is investment risk, i.e. the risk that long-term investment returns willl be less than assumed. Other related risks include a risk that, if the investments oft the plan decline dramatically over a short period oft time (such as occurred with many pension plans in 2008), the plan's assets may not have sufficient time to recover before benefits become due. Even if the assets of the plan grow in accordance with the assumed investment return over time, if benefit payments are expected to be large in the short-term (for example, if the plan provides an actuarial equivalent lump sum payment option and a large number of participants are expected to become entitled to such a lump sum in the near future), the plan's assets may not be sufficient to support such a high level of benefit payments. We have provided a 10-year projection of the expected benefit payments in Table III-G tol help the Trustees in formulating an investment policy that is expected to provide an investment return that meets both the Another source of risk is demographic experience. This is the risk that participants will receive salary increases that are different than the amount assumed, that participants will retire, become disabled, or terminate their employment at ar rate that is different than assumed, and that participants will live longer than assumed, just to cite a few examples of the demographic risk faced by the plan. Although for most pension plans, the demographic risk is not as significant as the investment risk, particularly in light of the fact that the mortality assumption includes a component for future life expectancy increases, the demographic risk can nevertheless be a significant contributing factor to liabilities and A third source of risk is the risk that the plan sponsor (or other contributing entities) will not make, or will not have the ability to make, the contributions that are required to keep the plan funded at a sufficient level. Material changes in the number of covered employees, covered payroll, and, in some cases, hours worked by active participants can also amounts shown in this report. or reduction of the identified risks nor is this report intended to provide investment advice. short- and long-term cash flow needs of the pension plan. contribution rates that become higher than anticipated. significantly impact the plan's liabilities and the level of contributions received by the plan. Page3 Discussion Finally, an actuarial funding method has been used to allocate the gap between projected liablities and assets to each year in the future. The contribution rate under some funding methods is higher during the early years of the plan and then is lower during the later years of the plan. Other funding methods provide for lower contribution rates initially, with The Trustees have adopted the individual entry age normal funding method for this plan with level-dollar payments towards the unfunded accrued liability, which is expected to result in a contribution rate that decreases over time as a increasing contribution rates over time. percentage of payroll. A brief description of the actuarial funding method is provided in Table IV-A. Plan Amendment Since the completion of the previous valuation, Ordinance No. 2577 was adopted to be effective October 1, 2024. This ordinance changed the monthly retirement subsidy benefit to $25.00 for each year of service up to a maximum of 30 years (ie. a maximum monthly benefit of $750.00) for those employees who retire on or after October 1, 2024. The ordinance also eliminated the automatic cost-of-living adjustment with respect to the retirement subsidy benefit for those employees who retire on or after October 1, 2024. This plan amendment increased the required contribution by 1.40% of payroll. Contents of the Report Tables I-D through I-H provide a detailed breakdown of various liability amounts by type of benefit and by participant group. Tables II-A through II-F provide information concerning the assets of the trusti fund. Specifically, Table II-A shows the development of the actuarial value of assets, which is based on a three-year phase-in of the net investment appreciation in order to provide a more stable and predictable contribution rate for the employer. Tables III-A through III-G provide statistical information concerning the plan's participant population. Inj particular, Table III-G gives a 10-year projection of the cash that is expected to be required from the trust fund in order to pay benefits to the current group of participants. Finally, Tables IV-A through V-B provide a summary of the actuarial assumptions and methods that are used to value the plan's benefits and oft the relevant plan provisions as of October 1, 2024, as well as a summary of the changes that have occurred since the previous valuation report was prepared. Certification This actuarial valuation was prepared by me or under my direct supervision and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate and, in my opinion, the techniques and assumptions used are reasonable and meet the requirements and intent of Chapter 112, Florida Statutes. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material change in plan costs or required contribution rates have been taken into account in the valuation. Page4 Discussion For the firm, Charlw d. Careuo Charles T. Carr Consulting Actuary Southern Actuarial Services Company, Inc. Enrolled Actuary No. 23-04927 The individual above is a member of the American Academy of Actuaries and meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. Page5 Funding Results Table I-A Future Employer Funding $25,245,338 Minimum Required Contribution 2024/25 Employer Contribution $4,260,123 Current Assets $152,822,367 Future Employee Funding $8,728,940 0% 20% 40% 60% 80% 100% For the 2024/25 Plan Year Entry Age Normal Cost Expense Allowance $3,814,601 $1,302,682 $305,645 ($1,162,805) $4,260,123 $0 $4,260,123 +$11,074,337 38.47% Unfunded Liability Amortization Payment Expected Employee Contribution Adjustment to Reflect Beginning-of-Year Employer Contribution Preliminary Employer Contribution for the 2024/25 Plan Year Expected Payroll for the 2024/25 Plan Year Minimum Required Contribution Rate (The actual contribution. should be based on the minimum required contribution. rate multiplied byt the actual payroll for the year.) Additional Disclosures Present Value of Future Compensation Present Value of Future Employer Contributions Present Value of Future Employee Contributions $83,132,763 $29,505,461 $8,728,940 Pagel-I Funding Results Table I-A (continued) Minimum Required Contribution The minimum required contribution rate of 38.47% includes both the City contribution and the allowable Chapter 175 contribution. In addition, employees are required to contribute 10.50% of pensionable earnings. The actual City contribution rate is expected to be approximately 29.34% based on the allowable Chapter 175 contribution for the previous year. The chart below shows the expected contribution rate by source for the 2024/25 plan year based on the expected payroll. Ac comparative chart shows the contribution rate by source for the previous plan year. For the 2024/25 Plan Year Employee Contribution 10.50% Chapter 175 Contribution 9.13% City Contribution 29.34% For the 2023/24 Plan Year Employee Contribution 10.50% Chapter 175 Contribution 8.47% City Contribution 25.25% Pagel-2 Funding Results Table I-B Sensitivity Analysis Current Contribution Rate Contribution Rate if Assets Earn 2% Less Annually Over Time Contribution Rate if Assets Earn 2% More Annually Over Time 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% - The line above illustrates the sensitivity of the contribution rate to changes in the long-term investment return. Pagel3 Funding Results Table I-C Gain and Loss Analysis Source of Change in the Contribution Rate Previous minimum required contribution rate 33.72% 2.84% 0.51% 1.40% 0.00% 0.00% 38.47% Increase (decrease) due toi investment gains and losses Increase (decrease) due to demographic experience Increase (decrease) due to plan amendments Increase (decrease) due to actuarial assumption changes Increase (decrease) due to actuarial method changes Current minimum required contribution rate Pagel-4 Funding Results Table I-D Present Value of Future Benefits Old Assumptions wlo Amendment Old Assumptions New Assumptions w/ Amendment $87,829,796 $6,261,819 $3,072,935 $768,949 $233,073 $98,166,572 $228,608 $0 $0 $0 $0 $228,608 $387 $0 w/A Amendment $87,829,796 $6,261,819 $3,072,935 $768,949 $233,073 $98,166,572 $228,608 $0 $0 $0 $0 $228,608 $387 $0 Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $86,453,807 $6,261,819 $3,072,935 $768,949 $233,073 $96,790,583 $228,608 $0 $0 $0 $0 $228,608 $387 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $189,680,779 $83,132,763 $8,728,940 $28,129,472 90.56% $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $191,056,768 $83,132,763 $8,728,940 $29,505,461 89.91% $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $191,056,768 $83,132,763 $8,728,940 $29,505,461 89.91% Present Value of Future Payroll Present Value of Future Employee Contribs. Present Value of Future Employer Contribs. PVB Funded Percentage Pagel-5 Funding Results Table I-E Present Value of Accrued Benefits Old Assumptions wlo Amendment Old Assumptions New Assumptions w/ Amendment w/ Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $46,357,691 $3,392,149 $1,926,679 $403,007 $150,219 $52,229,745 $228,608 $0 $0 $0 $0 $228,608 $387 $0 $47,320,109 $3,392,149 $1,926,679 $403,007 $150,219 $53,192,163 $228,608 $0 $0 $0 $0 $228,608 $387 $0 $47,320,109 $3,392,149 $1,926,679 $403,007 $150,219 $53,192,163 $228,608 $0 $0 $0 $0 $228,608 $387 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $145,119.941 $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $146.082,359 $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $146,082,359 Funded Percentage 118.37% 117.59% 117.59% (Note: Funded percentage is equal to the ratio of the usable portion of the market value of assets divided by the present value of accrued benefits.) Pagel 1-6 Funding Results Table I-F Present Value of Vested Benefits Old Assumptions Old Assumptions New Assumptions w/o Amendment wl Amendment w/A Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $42,122,421 $2,742,928 $1,926,679 $370,741 $633,533 $47,796,302 $228,608 $0 $0 $0 $0 $228,608 $387 $0 $43,047,314 $2,742,928 $1,926,679 $370,741 $633,533 $48,721,195 $228,608 $0 $0 $0 $0 $228,608 $387 $0 $43,047,314 $2,742,928 $1,926,679 $370,741 $633,533 $48,721,195 $228,608 $0 $0 $0 $0 $228,608 $387 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $140,686,498 $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $141,611,391 $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $141,611,391 Pagel-7 Funding Results Table I-G Entry Age Normal Accrued Liability Old Assumptions wlo Amendment Old Assumptions New Assumptions w/ Amendment w/ Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $63,277,161 $4,338,798 $2,130,349 $537,923 $161,554 $70,445,785 $228,608 $0 $0 $0 $0 $228,608 $387 $0 $64,313,814 $4,338,798 $2,130,349 $537,923 $161,554 $71,482,438 $228,608 $0 $0 $0 $0 $228,608 $387 $0 $64,313,814 $4,338,798 $2,130,349 $537,923 $161,554 $71,482,438 $228,608 $0 $0 $0 $0 $228,608 $387 $0 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $163,335,981 ($152,822,367) $10,513,614 $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $164,372,634 $74,646,543 $0 $1,176,352 $16,838,306 $92,661,201 $164,372,634 less Actuarial Value of Assets Unfunded Accrued Liability ($152,822,367) ($152,822,367) $11,550,267 $11,550,267 Pagel-8 Fundingl Results Table I-H Entry Age Normal Cost Old Assumptions wlo Amendment Old Assumptions New Assumptions wl Amendment w/ Amendment Actively Employed Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $3,155,112 $370,499 $171,674 $38,582 $29,938 $3,765,805 $3,203,908 $370,499 $171,674 $38,582 $29,938 $3,814,601 $3,203,908 $370,499 $171,674 $38,582 $29,938 $3,814,601 Refund of employee contributions Deferred Vested Participants Retirement benefits Termination benefits Disability benefits Death benefits Sub-total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,765,805 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3.814,601 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,814,601 Refund of employee contributions Due a Refund of Contributions Deferred Beneficiaries Retired Participants Service retirements Disability retirements Beneficiaries receiving DROP participants Sub-total Grand Total Pagel-9 Funding Results Table I-I Unfunded Liability Bases Original Amount Total $8,056,280 $1,036,653 $2,777,930 Outstanding Balance $11,550,267 $7,735,684 $1,036,653 $2,777,930 Amortization Years Payment Rem. $1,302,682 $826,669 $106,373 $369,640 Description Initial UAAL 10/1/2024 Amendment 2023/24 Exp. Loss 14 15 10 Pagel I-IO Assets Table II-A Actuarial Value of Assets Unexpected Investment Appreciation (Depreciation) Unrecognized Gain (Loss) For the 2022/23 plan year For the 2023/24 plan year $7,862,985 $21,466,253 x1/3 x2/3 $2,620,995 $14,310,835 $16,931,830 Market Value of Assets as of October 1, 2024 $173,995,080 ($2,217,633) ($2,023,250) $0 Minus DROP account balances Minus advance employer contributions Minus excess Chapter 175/185 contributions Adjustment for unrecognized gain or loss as shown above, but restricted to an amount that keeps the actuarial value of assets within an 80%-120% corridor of the market value Actuarial Value of Assets as of October 1, 2024 ($16,931,830) $152,822,367 Historical Actuarial Value of Assets October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 $75,251,407 $80,820,248 $87,290,354 $96,453,357 $105,274,111 $119,793,158 $136,047,170 $143,740,785 $146,485,887 $152,822,367 Page I-I Assets Table II-B Market Value of Assets As of October1,2 2024 Cash 3% utua Market Value of Assets Government securities Corporate bonds Common stock Mutual funds Real estate fund Contribution receivable Other receivables Accounts payable $173,995,080 $4,751,869 $38,643,378 $2,466,902 $113,459,732 $4,341,453 $9,264,542 $1,011,404 $225,280 ($169,480) Government securities 22% Cash Real estate fund 5% Corporate bonds 1% Common stock 65% Historical Market Value of Assets October 1,2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 $79,636,905 $87,239,886 $98,832,191 $105,973,259 $111,861,788 $125,186,999 $155,499,929 $129,161,487 $144,712,916 $173,995,080 Pagel II-2 Assets Table II-C Investment Return 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Market Value Retum mActuarial Value Return Assumed Retum Annual Investment Returns Market Actuarial Value Return -2.38% Plan Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 10yr. Avg. Value Assumed Return 7.23% 7.00% Return 7.94% 5.87% 7.00% 11.40% 5.97% 7.00% 7.27% 8.96% 7.00% 3.05% 7.17% 7.00% 9.98% 12.78% 7.00% 22.80% 12.60% 7.00% -17.40% 4.38% 7.00% 13.12% 21.95% 3.92% 7.00% 4.90% 7.00% 7.16% 7.34% 7.00% Pagell3 Assets Table II-D Actuarial Value $146,485,887 Asset Reconciliation Market Value $144,712,916 As of October 1, 2023 Increases Due To: Employer Contributions Chapter 175/185 Contributions Employee Contributions Service Purchase Contributions Total Contributions Interest and Dividends Realized Gains (Losses) Unrealized Gains (Losses) Total Investment Income $876,673 $1,011,404 $1,254,235 $0 $3,142,312 $3,432,838 $0 $28,942,815 $32,375,653 $876,673 $1,011,404 $1,254,235 $0 $3,142,312 $7,152,644 Other Income Total Income Decreases Due To: Monthly Benefit Payments Refund of Employee Contributions DROP Credits Total Benefit Payments Investment Expenses Administrative Expenses Advance Employer Contribution Excess Chapter 175/185 Contribution $0 $35,517,965 $10,294,956 ($5,301,934) $0 ($5,301,934) ($856,467) ($77,400) ($5,301,934) $0 ($718,951) ($6,020,885) ($77,400) $2,139,809 $0 ($3,958,476) $152,822,367 Total Expenses As of October 1, 2024 ($6,235,801) $173,995,080 Pagel II-4 Assets Table II-E Historical Trust Fund Detail Income Plan Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Expenses Plan Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Service Realized Unrealized Employer Chapter Employee Purchase Interest/ Gainsl Contribs. Contribs. Contribs. Contribs. Dividends Losses Gains/ Losses Income $0 -$3,066,921 $0 $5,028,167 $0 $8,722,991 $0 $5,826,774 $0 $1,704,217 $0 $9,974,693 $0 $27,581,829 $0 -$28,969,492 $0 $14,599,674 $0 $28,942,815 Other $0 $0 $0 $0 $0 $0 $0 $0 $582 $0 $3,179,240 $604,612 $820,904 $3,548,031 $577,485 $935,054 $3,915,790 $574,825 $997,514 $4,305,272 $596,830 $1,062,211 $4,874,945 $597,493 $1,179,179 $4,475,587 $664,765 $1,212,385 $4,159,776 $717,380 $1,323,976 $3,484,187 $761,364 $1,312,238 $1,948,957 $1,024,934 $1,242,414 $876,673 $1,011,404 $1,254,235 $0 $1,641,925 $0 $1,823,181 $0 $1,817,333 $0 $1,971,351 $0 $2,249,391 $0 $1,974,504 $0 $1,956,187 $0 $2,582,994 $0 $3,028,672 $0 $3,432,838 Other Actuarial Adjustments Advance Excess DROP Employer Chapter Credits Contribs. Contribs. -$1,601,935 $257,092 -$175,594 $284,670 $51,919 -$91,299 -$1,831,365 $508,633 $0 $781,552 $650,959 $399,349 -$184,629 $683,304 -$150,974 -$768,680 $1,183,326 $339,812 $718,951 -$2,139,809 Monthly Benefit Contrib. Admin. Payments Refunds Expenses Expenses $3,995,119 $51,398 $58,957 $511,553 Invest. $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,790,644 $3,840,919 $5,941,854 $3,979,790 $4,251,962 $4,589,642 $4,718,946 $5,301,934 $0 $40,400 $477,893 $0 $90,597 $504,632 $0 $60,614 $618,902 $0 $53,327 $683,579 $0 $47,041 $677,720 $0 $22,822 $813,754 $0 $59,007 $731,780 $0 $77,400 $856,467 $5,261,713 $203,398 $59,053 $769,640 Note: Information was not available to separate the realized and unrealized gains and losses. Except for the 2014/15 plan year, monthly benefit payments include contribution refunds. Pagel ell-5 Assets Table II-F Other Reconciliations Advance Employer Contribution Advance Employer Contribution as of October 1, 2023 $4,163,059 $1,888,077 ($4,027,886) $0 ($2,139,809) $2,023,250 Additional Employer Contribution Minimum Required Contribution Immediate Application to Reduce the UAAL Net Increase in Advance Employer Contribution Advance Employer Contribution as of October 1, 2024 DROP Account Reconciliation DROP Balance as of October 1, 2023 $1,498,682 $931,285 $111,306 ($323,640) $718,951 $2,217,633 DROP Benefit Credits DROP Investment Credits DROP Benefits Paid Out Net DROP Credit DROP Balance as of October 1, 2024 Excess Chapter 175/185 Contribution Excess Chapter 175/185 Contribution as of October 1, 2023 $0 $1,011,404 ($1,011,404) $0 $0 Additional Chapter 175/185 Contribution Allowable Chapter 175/185 Contribution Net Increase in Excess Chapter 175/185 Contribution Excess Chapter 175/185 Contribution as of October 1, 2024 Page II-6 Assets Table II-G Historical Chapter 175/185 Contributions Total Accumulated Excess Chapter 175/185 Contribution $0 Chapter 175 Regular Distribution $194,468 $208,819 $219,146 $255,576 $315,520 $341,940 $387,484 $410,196 $425,663 $513,756 $499,671 $512,691 $517,608 $536,443 $516,111 $532,908 $554,306 $577,485 $573,131 $595,940 $597,493 $664,765 $717,380 $761,364 $773,916 $792,077 Chapter 175 Supplemental Distribution $0 $6,870 $0 $0 $0 $12,679 $18,125 $19,690 $7,101 $181,476 $99,707 $64,501 $76,363 $55,705 $100,413 $103,743 $50,306 $0 $1,694 $890 $0 $0 $0 $0 $251,018 $219,327 Chapter 185 Distribution $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Allowable Amount ($194,468) ($215,689) ($219,146) ($255,576) ($312,204) ($357,935) ($405,609) ($429,886) ($432,764) ($695,232) ($599,378) ($577,192) ($593,971) ($592,148) ($616,524) ($636,651) ($604,612) ($577,485) ($574,825) ($596,830) ($597,493) ($664,765) ($717,380) ($761,364) ($1,024,934) ($1,011,404) 1998 Distribution 1999 Distribution 2000 Distribution 2001 Distribution 2002 Distribution 2003 Distribution 2004 Distribution 2005 Distribution 2006 Distribution 2007 Distribution 2008 Distribution 2009 Distribution 2010 Distribution 2011 Distribution 2012 Distribution 2013 Distribution 2014 Distribution 2015 Distribution 2016 Distribution 2017 Distribution 2018 Distribution 2019 Distribution 2020 Distribution 2021 Distribution 2022 Distribution 2023 Distribution Pagel II-7 Data Summary of Participant Data Table III-A As of October 1, 2024 Actively Employed Participants Active Participants DROP Participants Inactive Participants Deferred Vested Participants Due a Refund of Contributions Deferred Beneficiaries Participants Receiving a Benefit Service Retirements Disability Retirements Beneficiaries Receiving Total Participants 104 8 3 1 0 52 0 2 170 Participant Distribution by Status Number of Participants Included in Prior Valuations Active DROP Inactive Retired Total 134 144 150 146 157 160 162 165 165 170 October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1,2 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 87 93 100 97 108 108 108 109 100 104 7 5 4 0 0 3 3 2 9 8 3 7 6 3 3 3 4 5 4 4 37 39 40 46 46 46 47 49 52 54 Pagel II-I Data Data Reconciliation Table III-B Deferred Duea Def. Service Disabled Benef. Active DROP Vested Refund Benef. Retiree Retiree Rec'v. Total October 1, 2023 Change in Status Re-employed Terminated Retired 100 9 3 1 0 49 2 1 165 (1) 1 (2) 1 4 (2) Participation Ended Transferred Out Cashed Out Died (1) (1) (1) (1) 6 1 (1) Participation Began Newly Hired Transferred In New Beneficiary Other Adjustment October 1, 2024 6 1 104 8 3 1 0 52 0 2 170 Pagell-2 Data Active Participant Data Table III-C As of October 1, 2024 Average Age 40.0 years Average Service 11.8 years Gender Mix 12% Total Annualized Compensation for the Prior Year $11,912,861 Total Expected Compensation for the Current Year $11,074,337 Average Increase in Compensation for the Prior Year Expected Increase in Compensation for the Current Year Accumulated Contributions for Active Employees $13,921,282 88% 7.41% 4.00% a Male - Female Actual VS. Expected Salary Increases Active Participant Statistics From Prior Valuations Average Average Expected Actual Salary Salary Increase Increase 4.00% 5.40% 4.00% 4.34% 4.00% 7.42% 4.00% 4.00% 9.14% 4.00% 4.19% 4.00% 13.03% 4.00% 1.12% 4.00% 4.55% 4.00% 7.41% Average Average Average Age Service 38.4 38.7 38.7 39.4 39.1 39.3 40.1 40.1 39.6 40.0 Salary 9.4 $88,454 9.7 $89,995 9.7 $87,740 10.8 $94,898 10.6 $96,966 10.9 $99,717 11.7 $111,029 11.8 $107,129 11.6 $109,963 11.8 $114,547 October 1, 2015 October 1, 2016 October 1, 2017 October 1, 2018 October 1, 2019 October 1, 2020 October 1, 2021 October 1, 2022 October 1, 2023 October 1, 2024 2.23% Pagell3 Data Active Age-Service Distribution Table III-D Under 25 25to29 30to34 35to39 40to44 45to49 50to54 55t059 Age 60to64 65& up 40& up 35to39 30to34 25to29 20to24 15to19 10to14 5to9 Years of Service 1to4 Under1 Eligible to retire May be eligible to retire Not eligible to retire Page II-4 Data Active Age-Service-salary Table Table III-E Attained Under 25 25to29 30t034 35to39 Avg.Pay 401 to44 45to49 Avg. Pay 50t054 Avg. Pay 55to59 Avg.Pay 60to64 Avg.Pay 65 & up Avg.Pay Total Completed Years of Service Age Under1 1to4 5to9 10to14 15to19 20to24 25to29 30to34 35to39 40&up Total 1 2 2 0 0 1 0 0 0 0 0 0 0 0 0 0 6 1 0 0 6 3 4 13 0 7 1 1 0 1 0 0 0 0 1 0 90,960 0 0 0 0 0 0 0 0 12 26 0 0 0 0 0 0 11 7 2 2 0 0 0 0 0 0 22 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 6 5 3 11 1 5 0 6 0 137,834 0 0 0 0 0 0 0 0 11 27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 72,126 0 11 0 81,825 0 19 0 91,452 0 19 0 117,718 0 21 0 127,015 0 17 0 131,960 0 8 0 133,211 0 7 0 131,138 0 0 0 0 0 0 0 0 0 104 0 114,547 Avg.Pay 62,630 81,622 Avg.Pay 63,333 78,044 101,716 Avg.Pay 66,039 85,539 97,182 0 100,821 126,987 134,028 Avg. Pay 64,433 80,468 103,407 124,677 131,417 151,555 0 94,453 116,926 134,449 137,425 0 122,120 124,044 139,481 Avg.Pay 64,301 81,043 98,580 124,895 131,811 140,513 Pagel II-5 Data Inactive Participant Data Table III-F 0123456789.0.111 12 131415 16 17 18 19 20 21 22 23 Under 25 25-29 30-34 35-39 40-44 45-49 50 51 52 53 54 55 56 57 58 59 60 63 54 65 66 57 68 69 70 71 72 73 74 Over74 Age at Retirement = Service Retirements - Disability Retirements "DROP Participants Average Monthly Benefit Service Retirements Disability Retirements Beneficiaries Receiving DROP Participants Deferred Vested Participants Deferred Beneficiaries $8,031.80 Not applicable $5,182.54 $9,696.27 $842.03 Not applicable Pagell-6 Data Projected Benefit Payments Table III-G $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 Actual Projected For the period October 1, 2023 through September 30, 2024 For the period October 1, 2024 through September 30, 2025 For the period October 1, 20251 through September 30, 2026 For the period October 1, 20261 through September 30, 2027 For the period October 1, 2027 through September 30, 2028 For the period October 1, 2028 through September 30, 2029 For the period October 1, 2029 through September 30, 2030 For the period October 1, 2030 through September 30, 2031 For the period October 1, 2031 through September 30, 2032 For the period October 1, 2032 through September 30, 2033 For the period October 1, 2033 through September 30, 2034 $5,909,579 $6,707,099 $7,252,342 $7,589,906 $7,982,794 $8,439,826 $9,560,394 $9,983,692 $10,307,295 $10,579,020 $10,841,183 Pagell-7 MethodsGAssumptions Summary of Actuarial Methods and Assumptions Table IV-A NOTE: The following assumptions and methods have been selected and approved by the Board of Trustees based in part on the advice of the plan's enrolled actuary in accordance with the authority granted to the Board under the pension ordinances and State law. 1. Actuarial Cost Method Individual entry age normal cost method. Under this actuarial cost method, a level funding cost is developed with respect to each benefit for each participant. The level funding cost for each benefit applies to the period beginning when the participant's service commences and ends when the participant is assumed to cease active participation due to each respective decrement. The actuarial accrued liability is equal to the accumulated level funding cost to the valuation date for all participants. The normal cost is equal to the level funding cost for the year immediately following the valuation date for all active participants. 2. Amortization Method The unfunded actuarial accrued liability is amortized as a level dollar amount over a period of up to 15 years. 3. Asset Method The actuarial value of assets is equal to the market value of assets, adjusted to reflect a three-year phase-in of the unexpected investment appreciation. 4. Interest (or Discount) Rate 7.00% per annum 5. Salary Increases Plan compensation is assumed to increase at the rate of 4.00% per annum, unless actual plan compensation is known for a prior plan year. 6. Decrements Pre-retirement mortality: Sex-distinct rates set forth in the PUB-2010 Headcount-Weighted Employee Mortality Table for public safety employees (Below Median table for males), with full generational improvements in mortality using Scale MP-2018 and with ages set forward one year PagelV-I Methods sGAssumptions Summary of Actuarial Methods and Assumptions Table IV-A (continued) Post-retirement mortality: For non-disabled retirees, sex-distinct rates set forth in the PUB-2010 Headcount-wegnted Healthy Retiree Mortality Table for public safety employees (Below Median table for males), with full generational improvements in mortality using Scale MP-2018 and with ages set forward one year; for disabled retirees, sex-distinct rates set forth in the PUB-2010 Headcount-Weighted Disabled Retiree Mortality Table (80% general employee rates plus 20% public safety employee rates), with full generational Age-based rates of disability were assumed, ranging from 0.14% at age 20, 0.16% at age 25, 0.18% at age 30, 0.24% at age 35, 0.30% at age 40, 0.65% at age 45, and 1.00% at age 50; 75% of future disabilities are assumed to be Age-based rates of termination were assumed, ranging from 6.00% at age 20 Eligible participants are assumed to retire at the earlier of age 55 or upon the improvements in mortality using Scale MP-2018 Disability: service-related. to 0.80% at age 50. Termination: Retirement: attainment of 25 years of service. 7. Form of Payment Future retirees have been assumed to select the 10-year certain and life annuity. 8. Beneficiary Assumption Beneficiaries are assumed to be three years older or younger than female or male participants, respectively. 9. Expenses Administrative expenses are assumed to be 0.20% of the actuarial value of assets. In addition, the interest rate set forth in item 4. above is assumed to be net ofi investment expenses and commissions. 10. Accrued Sickl Leave For purposes of determining the amount of the supplemental pension, participants are assumed to have accumulated 1,080 hours of unused sick leave at retirement. PagelV-2 MethodskAssumptions Changes in Actuarial Methods and Assumptions Table IV-B No assumptions or methods were changed since the completion of the previous valuation. The following additional assumption and method changes were. made during the past 10 years: (1) Effective October 1, 2020, the mortality basis was changed from the RP-2000 Blue Collar Mortality Table with generational improvements in mortality using Scale BB to selected PUB-2010 Mortality Tables with generational (2) Effective October 1, 2020, the actuarial value of assets was changed from the market value adjusted to reflect a three-year phase-in of the net investment gains and losses to the market value adjusted to reflect a three-year (3) Effective October 1, 2018, the mortality basis was changed from the RP-2000 Combined Mortality Table to the RP-2000 Blue Collar Mortality Table, both with full generational improvements in mortality using Scale BB. (4) Effective October 1, 2016, the mortality basis was changed from a 2015 projection of the RP-2000 Mortality Table forannuitants to ai full generational projection using Scale BB oft the RP-2000 Combined Mortality Table as required (5) Effective October 1, 2016, the assumed increase in future annual salaries was changed from 4.00% per year to (6) Effective October 1, 2014, the mortality basis was updated from a 2007 projection of the RP-2000 Mortality Table improvements in mortality using Scale MP-2018. phase-in oft the unexpected investment gains and losses. by State law. 5.00% per. year. toa 2015 projection of the RP-2000 Mortality Table. PagelV3 Plan Provisions Table V-A Summary of Plan Provisions 1. Monthly Accrued Benefit 3% of Average Final Compensation multiplied by the first 15 years of Continuous Service, plus 4% of Average Final Compensation multiplied by the next 10 years of Continuous Service, plus 3% of Average Final Compensation multiplied by Continuous Service in excess of 25 years 2. Normal Retirement Age and Benefit Age Amount Monthly Accrued Benefit Form of Payment Age 55 (with at least eight years of Continuous Service for employees hired after December 31, 2012) orany age with atl least 25 years of Continuous Service Actuarialy-increased life annuity (optional); 10-year certain and life annuity (normal form of payment); Any other actuarially equivalent form of payment approved byt the Board of Trustees (optional); or Actuarially equivalent lump sum distribution (automatic at the discretion of the Board of Trustees if the (Note: All forms of payment guarantee at least the return of the participant's Accumulated Contributions. In addition, the participant may change his joint annuitant or beneficiary up to value of the participant's benefit is less than ore equal to $5,000) two times after retirement under the conditions set forth in Plan.) 3. Early Retirement Age and Benefit Age Amount Age 50 with at least 10 years of Continuous Service Monthly Accrued Benefit (payable at age 55); or Monthly Accrued Benefit reduced by 44% for each month by which the participant's Early Retirement Age precedes age 55 (payable at Early Retirement Age). Form of Payment Same as for Normal Retirement Pagel-I Plan Provisions Table V-A (continued) Summary of Plan Provisions 4. Delayed Retirement Age and Benefit Age After Normal Retirement Age Amount Monthly Accrued Benefit Form of Payment Same as for Normal Retirement 5. Service Incurred Disability Eligibility and Benefit Eligibility Condition All participants are eligible. The participant must have sustained a service-connected illness, injury, disease, or disability which permanently and wholly prevents him from rendering useful and efficient service to the City as a firefighter. Any permanent disability caused by tuberculosis, hepatitis, meningococcal meningitis, hypertension, cancer, hardening of the arteries, or heart disease is presumed to be service-connected unless a physical examination conducted upon employment revealed such a condition at that time. Ar monthly benefit equal to the larger of (a) or (b), as follows, and payable as a 10-year certain and life (b) Average monthly compensation paid by the City for the participant's last position and pay step at the time of disability minus any worker's compensation and long-term disability benefits which are payable, limited to 42% of the participant's Average Final Compensation. Amount Payable Until Normal Retirement Age (a) Monthly Accrued Benefit; annuity: Amount Payable Upon Attainment of Normal Retirement Age forms of payment otherwise available upon Normal Retirement: Ar monthly benefit equal to the larger of (a) or (b), as follows, and payable under any of the optional (b) Monthly Accrued Benefit reflecting compensation and Continuous Service both before and during the participant's period of disability. For purposes of determining compensation during the participant's period of disability, compensation is based on the base wage rates paid by the (a) The monthly disability benefit payable prior to Normal Retirement Age; or City for the participant's last position and step. PageV-2 Plan Provisions Table V-A (continued) Summary of Plan Provisions 6. Non-Service Incurred Disability Eligibility and Benefit Eligibility Condition Eight years of Continuous Service The participant must have sustained an illness, injury, disease, or disability which permanently incapacitates him physically or mentally from his regular and continuous duty for the City and from any other gainful full-time employment. In addition, the participant must have filed a claim for social security Ar monthly benefit equal to the larger of (a) or (b), as follows, and payable as a 10-year certain and life (b) Average monthly compensation paid by the City for the participant's last position and pay step att the time of disability minus anyl long-term disability benefits which are payable, limited to 25% and long-term disability benefits, as applicable. Amount Payable Until Normal Retirement Age (a) Monthly Accrued Benefit; annuity: of the participant's Average Final Compensation. Amount Payable Upon Attainment of Normal Retirement Age forms of payment otherwise available upon Normal Retirement: A monthly benefit equal to the larger of (a) or (b), as follows, and payable under any of the optional (a) The monthly disability benefit payable prior to Normal Retirement Age; or (b) Monthly Accrued Benefit. 7. Deferred Vested Benefit Age 31,2012) Amount Any age with at least five years of Continuous Service (eight years for employees hired after December Monthly Accrued Benefit (payable at age 55); Monthly Accrued Benefit reduced by %4% for each month by which the participant's Early Retirement Age precedes age 55 (payable at Early Retirement Age) Form of Payment Same as for Normal Retirement Pagel3 Plan Provisions Table V-A (continued) Summary of Plan Provisions 8. Pre-Retirement Death Benefits Vested Participant Upon the death prior to retirement of a fully vested participant, the participant's beneficiary receives a Pre-Retirement Survivor Annuity equal to the greater of the participant's Monthly Accrued Benefit payable at the participant's earliest retirement age or the amount that would have been payable had the participant retired on his date of death and elected the 100% joint and contingent form of payment. At the beneficiary's election and upon approval by the Trustees, an actuarially equivalent annuity is payable at any time following the participant's death. Notwithstanding the above, if the actuarially equivalent value of the Pre-Retirement Survivor Annuity is less than $5,000, the beneficiary will automatically receive a lump sum payment in lieu of a monthly annuity. In any event, the Pre-Retirement Survivor Annuity guarantees at least the return of the participant's Accumulated Contributions. In the case of the death of a non-vested participant prior to retirement, his beneficiary will receive the Non-Vested Participant participant's Accumulated Contributions. 9. Average Final Compensation Average compensation for the highest five years of service prior to the determination, where compensation includes total cash remuneration paid for services rendered to the City; overtime in excess of 300 hours per year earned after December 31, 2012 and payments for unused sick and annual leave that accrue after that date are excluded from plan compensation for purposes of calculating pension benefits. 10. Continuous Service The uninterrupted service, expressed in years and completed months, from the participant's date of hire until his date of termination, retirement, or death. Participants may purchase up to two years of credit for military or full- time firefighter service by paying the full actuarial cost thereof into the pension fund. 11. Participation Requirement All full-time firefighters of the City of Tamarac, Florida automatically become a participant in the Plan on their date of hire. PageV-4 Plan Provisions Table V-A (continued) Summary of Plan Provisions 12. Accumulated Contributions The participant's Contributions accumulated with 5.00% interest per annum for the period prior to January 1, 2013 or 2.50% interest per annum for the period after December 31,2 2012 13. Participant Contributions 10.50% of compensation per year (9.00% prior to January 1,2013); participant Contributions are deemed to be "picked-up" by the City pursuant to Internal Revenue Code (RC)S414(h)(2). 14. Definition of Actuarially Equivalent Interest Rate 7.00% per annum Mortality Table Unisex mortality table promulgated by the Secretary of the Treasury for purposes of determining lump sum distributions pursuant to Internal Revenue Code (IRC) section 417(e)(3) 15. Plan Effective Date The initial plan effective date is June 1, 1975; on October 1, 1999, the Plan was "spun-off" from the City of Tamarac Employees' Pension Plan. 16. Retirement Subsidy Effective for those individuals who are active employees on or after October 1, 2024, a monthly Retirement Subsidy is payable beginning at Disability, Early, or Normal Retirement until age 65. The Retirement Subsidyis equal to $25.00 for each year of Continuous Service to a maximum benefit of $750.00 per month. The Retirement Subsidy is not available to deferred vested participants. A different subsidy applies to certain individuals who retired prior to October 1, 2024. 17. Supplemental Pension Effective for those individuals who retire on or after March 1, 2007, the plan provides a supplemental pension benefit equal to 3% of Average Final Compensation, proportionally reduced for less than 2,496 hours of accrued sick leave,provided that the participanthas accumulated atl least 200h hoursofunused sick leave upon separation from service. PageV-5 Plan Provisions Table V-A (continued) Summary of Plan Provisions 18. Automatic Cost-of-Living Adjustment The plan provides an automatic 2.00% compounded annual cost-of-living adjustment effective each January 1 for all participants who retire from active service during the period October 1, 2002 through February 28, 2007 and who have been retired for at least three years. Alternatively, the plan provides an automatic 2.25% compounded annual cost-of-living adjustment effective each. January 1f for all participants who retire from active service on or after March 1, 2007 and who have been retired for at least three years (five years with respect to participants who retire from active service on or after June 1, 2013). 19. Deferred Retirement Option Plan (DROP) Al DROP is available to those participants who have earned at least 25 years of service or who have attained age 55 with atl least 18 years of service, with a five-year limit on participation in the DROP and an interest credit equal to the return on the market value of assets subject to a 5% to 9% corridor minus a %% administrative charge (or the actual investment return for those participants who elect the self-directed option.) 20. Retroactive Deferred Retirement Option (BACDROP) A participant who is eligible to participate in the DROP may elect a participation date that is up to three years prior to his actual DROP entry date, provided that the total BACDROP and DROP participation period may not exceed five years. Pagel-6 Plan Provisions Table V-B Summary of Plan Amendments Since the completion of the previous valuation, Ordinance No. 2577 was adopted to be effective October 1, 2024. This ordinance changed the monthly retirement subsidy benefit to $25.00 for each year of service up to a maximum of 30 years (ie. a maximum monthly benefit of $750.00) for those employees who retire on or after October 1, 2024. The ordinance also eliminated the automatic cost-of-living adjustment with respect toi the retirement subsidy benefit for those employees who retire on or after October 1, 2024. The following additional plan amendments were adopted during the past 10 years and were reflected in prior valuation (1) Effective during the 2018/19 plan year, a BACDROP was added tot the plan as described ini item 20. of Table V-A. (2) Effective January 1, 2016, participants are allowed to enter the DROP at age 55 if they have earned at least 18 (3) Effective January 1, 2016, the retirement subsidy was eliminated for deferred vested participants. (Ordinance 0- (4) Effective January 1, 2016, the supplemental pension is only available to those participants who have accumulated at least 200 hours of unused sick leave upon separation from service. (Ordinance 0-2016-02) reports: (Ordinance 0-2019-14) years ofs service. (Ordinance 0-2016-02) 2016-02) Pagel-7 Gtyoflamarac Firefighters' Pension Plan Actuarial Valuation AsofOtoberl,203 GASB B61/68Supplement AsofSeptember30,2024 SOUTHERN ACTUARIAL SERVICES DISCLOSURES RELATED TOTHE FIREFIGHTERS PENSION PLAN Standards Board Statements Nos. 67 and 68 (GASB 67/68). NET PENSONLABILIYASOF: SEPTEMBER: 30, 2024 This report was issued on February 7, 2025 as a supplement to the October 1, 2023 actuarial valuation report, which report provides important information related to the assumptions, participant data, and assets used to prepare the following disclosures under Governmental Accounting Total pension liability Less fiduciary net position Net pension liability $165,128,112* (173,995,080) $(8,866,968) ** * This amount has been rolled forward from October 1, 2023. ** This amount is recognized on the employer's balance sheet. PENSION EXPENSE FOR THE 2023/24 FISCAL YEAR Service cost $3,468,638 717,548 (2,523,585) 683,243 (1,254,235) 77,400 0 (898,244) $270,765* Other recognized changes in net pension liability: Expected interest growth Investment gain/loss Demographic gain/loss Employee contributions Administrative expenses Changes in benefit terms Assumption changes Pension expense This amount is recognized on the employer's income statement, along with the employer contribution for the 2023/241 fiscal year. DEFERRED INFLOW AND OUTFLOW OF RESOURCES Deferred Outflows OfR Resources $30,971,138 $(10,441,848) $0 $2,673,489 $0 $(7,768,359) $23,202,779 Deferred Inflows Of Resources $18,772,135 $(13,180,434) $21,466,253 $0 $0 $8,285,819 $27,057,954 Balance as of September 30, 2023 Change due to: Amortization payments Investment gain/loss Demographic gain/loss Assumption changes Total change Balance as of September 30, 2024 These amounts are recognized on the employer's balance sheet. BALANCE EQUATION Net pension liability as of September 30, 2023 Plus pension expense for the 2023/24 fiscal year Minus employer contribution for the 2023/24 fiscal year Plus change in balance of deferred outflows of resources $(7,768,359) Minus change in balance of deferred inflows ofr resources $(8,285,819) Net pension liability as of September 30, 2024 $8,804,522 $270,765 $(1,888,077) $/(8,866,968) DISCLOSURES RELATED TOTHE FIREFIGHTERS PENSION PLAN (continued) DEFERRED INFLOW AND OUTFLOW OF RESOURCES (continued) Amortization schedule for deferred outflows andi inflows of resources: Deferred Outflows Of Resources $23,202,779 $7,606,021 $1,306,484 $1,508,866 $10,421,371 $12,781,408 $7,606,022 $1,233,642 $1,431,838 $10,271,502 $2,509,906 Deferred Inflows Of Resources $27,057,954 $9,640,587 $365,491 $1,019,588 $11,025,666 $16,032,288 $5,865,848 $7,343 $0 $5,873,191 $10,159,097 $5,865,848 $0 $0 $5,865,848 $4,293,249 $4,293,249 $0 $0 $4,293,249 $0 $0 $0 $0 $0 $0 Balance as of September 30, 2024 Amount recognized ini the 2024/25 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2025 Amount recognized in the 2025/26 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2026 Amount recognized int the 2026/27 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2027 Amount recognized in the 2027/28 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2028 Amount recognized in the 2028/29 pension expense: Investment gain/loss Demographic gain/loss Assumption changes Total Balance as of September 30, 2029 $0 $1,044,581 $601,370 $1,645,951 $863,955 $0 $552,206 $0 $552,206 $311,749 $0 $311,749 $0 $311,749 $0 DISCLOSURES RELATED TO THE FIREFIGHTERS PENSION PLAN (continued) CHANGES IN THE NET PENSIONL LIABILITY Total Pension Liability $153,517,438 $3,468,638 $10,770,481 $0 $2,673,489 $0 $0 $(5,301,934) $0 $0 $0 $165,128,112 Fiduciary Net Position $(144,712,916) $0 $(10,052,933) $(21,466,253) $0 $(1,888,077) $(1,254,235) $5,301,934 $77,400 $0 $0 $(173,995,080) Net Pension Liability $8,804,522 $3,468,638 $717,548 $(21,466,253) $2,673,489 $(1,888,077) $(1,254,235) $0 $77,400 $0 $0 $(8,866,968) Balance as of September 30, 2023 Change due to: Service cost Expected interest growth Unexpected investment income Demographic experience Employer contributions Employee contributions Benefit payments & refunds Administrative expenses Changes in benefit terms Assumption changes Balance as of September 30, 2024 COMPARISON OF NET PENSION LIABILITY USING ALTERNATIVE DISCOUNTRATES Discount Rate Minus 1.00% $186,689,832 (173,995,080) $12,694,752 7.00% Discount Rate $165,128,112 (173,995,080) $(8,866,968) Discount Rate Plus 1.00% $147,716,133 (173,995,080) $(26,278,947) Total pension liability Less fiduciary net position Net pension liability HISTORICAL TREND INFORMATION Measurement Date Net Pension Liability as a % of Covered Payroll 81.00% 141.29% 132.25% 167.62% 178.26% 218.06% Total Pension Liability Fiduciary Net Position Net Pension Liability $(8,866,968) $8,804,522 $15,848,933 $(22,179,739) $(9,678,595) $(4,712,740) $11,277,209 $13,575,626 $13,484,231 $15,991,988 Funded Percentage 105.37% 94.26% 89.07% 116.64% 108.38% 104.40% 90.38% 87.92% 86.61% 83.28% Covered Payroll $10,340,627 Not applicable $10,869,639 $11,217,203 $10,475,482 Not applicable $10,130,745 Nota applicable $9,136,470 Nota applicable $8,527,415 $8,098,963 $7,564,449 $7,333,643 September 30, 2024 $165,128,112 $173,995,080 September 30, 2023 $153,517,438 $144,712,916 September 30, 2022 $145,010,420 $129,161,487 September 30, 2021 $133,320,190 $155,499,929 September 30, 2020 $115,508,404 $125,186,999 September 30, 2019 $107,149,048 $111,861,788 September 30, 2018 $117,250,468 $105,973,259 September 30, 2017 $112,407,817 September 30, 2016 $100,724,117 September 30, 2015 $95,628,893 $98,832,191 $87,239,886 $79,636,905 8888888888 DISCLOSURES RELATEDTOTHE FIREFIGHTERS PENSION PLAN (continued) HISTORICAL TREND INFORMATION (continued) (1) Actuarially Determined Contribution $4,027,886 $2,634,079 $3,285,594 $4,193,852 $4,741,003 $4,690,886 $4,393,469 $4,581,914 $3,840,846 $3,783,852 (2) Contributions Recognized By the Plan $1,888,077 $2,973,891 $4,245,551 $4,877,156 $5,140,352 $5,472,438 $4,902,102 $4,490,615 $4,125,516 $3,783,852 (3) Difference Between (1)and/2) $(2,139,809) $339,812 $959,957 $683,304 $399,349 $781,552 $508,633 $(91,299) $284,670 $0 Column (2) asa%of Covered Payroll 18.26% 27.36% 37.85% 46.56% 50.74% 59.90% 57.49% 55.45% 54.54% 51.60% Covered Payroll $10,340,627 $10,869,639 $11,217,203 $10,475,482 $10,130,745 $9,136,470 $8,527,415 $8,098,963 $7,564,449 $7,333,643 Fiscal Year End September 30, 2024 September 30, 2023 September 30, 2022 September 30, 2021 September 30, 2020 September 30, 2019 September 30, 2018 September 30, 2017 September 30,2016 September 30, 2015 INFORMATION USED TOD DETERMINE THE NET PENSION LIABILITY Employer's reporting date: Measurement date: Actuarial valuation date: Actuarial assumptions Discount rate: Salary increases: September 30, 2024 September 30, 2024 October 1, 2023 4.00% per annum 7.00% per annum; this rate was used to discount allf future benefit payments. Cost-of-living increases: 2.00% per annum (for those who retired during the period October 1, 2002 through February 28, 2007) or 2.25% per annum (fort those whor retire after February 28, 2007 andi who have been retiredi for at least three years) or 2.25% per annum (fort those who retire after May 31, 2013 andi whol have been retiredi fora at least five years); 2.50% per annum (applies to the retirement subsidy); no COLA applies to the retirement For non-retired participants, sex-distinct rates set forth in the PUB-2010 Headcoun-Weighted Employee Mortality Table for public safety employees (Below Median table for males), with full generational improvements in mortality using Scale MP-2018 and with ages set forward one year (pre-retirement mortality); for non-disabled retirees, sex-distinct rates set forth in the PUB-2010 Headcoun-Weighted Healthy Retiree Mortality Table for public safety employees (Below Median table for males), with full generational improvements in mortality using Scale MP-2018 and with ages set forward one year; for disabled retirees, sex-distinct rates set forth in the PUB-2010 Headcoum-Weighted Disabled Retiree Mortality Table (80% general employee rates plus 20% public safetyemployee. rates), withi full generational Retirement is assumed to occur at the earlier of age 55 or upon the attainment of 25) years of service. Assumed employment termination is based on age, ranging from 6.00% at age 20 to 0.80% at age 50; assumed disability is based on age, ranging from 0.14% at age 201 to 1.00% at age 50. Contributions from the employer and employees are assumed to be made as legally required. Noa assumptions were changed since the prior measurement date. supplement. Mortality basis: improvements in mortality using Scale MP-2018 Retirement: Other decrements: Future contributions: Changes: PENSION PLAN DESCRIPTION Name of the pension plan: Legal plan administrator: Plan type: Contribution requirement: Non-investment expenses: 0.20% oft the actuarial value of assets City of Tamarac Firefighters' Pension Plan Board of Trustees oft the City of Tamarac Firefighters' Pension Plan Single-employer defined benefit pension plan to but not yet receiving benefits; 109 active employees) contribution requirement is subject to State minimums. Number of covered individuals: 165 (52i inactive employees and! beneficiaries currentlyn receiving benefits; fourinactive employees entitled Employer contributions are actuarially determined; employees must contribute 10.5% of pensionable eamings; employee contribution requirement may be amended by City ordinance, but employer DISCLOSURES RELATED TOTHE FIREFIGHTERS PENSION PLAN (continued) PENSION PLAN DESCRIPTION (continued) Pension plan reporting: The plan issues a stand-alone financial report each year, which contains information about the plan's fiduciary net position. The plan's fiduciary net position has been determined on the same basis used by the pension plan andi is equalt tot the market value ofa assets calculated under the accruall basis ofa accounting. This reporti is available to the public at the plan's administrative office: Human Resources Department, City of Tamarac, 7525N.W. 88h Avenue, Tamarac, FL 33321, (954) 597-3600. Description of the benefit terms Employees covered: Basic pension formula: Disability pension: Full-time firefighters of the City of Tamarac 3% ofaverage earnings. X service in excess of25) years Types of benefits offered: Retirement, disability, and pre-retirement death benefits 3% ofaverage earnings x first 15 years of service + 4% of average earnings X next 10) years of service + Larger ofbasic pension formula andt the lesser of: () average compensation minus worker's compensation and LTD benefits, or (i) 42% ofaverage compensation (payable until normal retirement age fora Larger ofbenefit payable prior to normal retirement age and basic pension formula reflecting compensation and service during the period of disability (payable after normal retirement age for a service- Larger of basic pension formula and the lesser of: 0 average compensation minus LTD benefits, or (i): 25% ofaverage compensation (payable until normal retirement agei foran non-servce-comnected Larger of benefit payable prior to normal retirement age and basic pension formula (payable after normal Return of accumulated employee contributions (payable to the beneficiary ofa non-vested participant who Early retirement adjustment: Retirement benefit is reduced by 14% for each month by which the participant's early retirement age precedes age 55 service-connected disability) connected disability) disability) retirement age fora a non-serviceconnected disability) Pre-retirement death benefit: Basic pension formula (payable to the beneficiary ofai fully vested participant for life after the participant's death priort to retirement) dies priort to retirement) Age 55 with at least 10) years ofservice Actuarially increased single life annuity 10-year certain and life annuity Normal retirement age: Any age with at least 25) years of service, or Age 55 (requires at least eight years of service if hired after 2012) Early retirement age: Vesting requirement: Form of payment: Average earnings: Retirement subsidy: 100% vesting withi five years of service (ifh hired prior to 2013) or with eighty years of service (otherwise) Any other actuarially equivalent form of payment approved by the Board of Trustees Single lump sum payment (automatic ifthe value oft the benefit is $3,500 or less) Average ofthel highest 60 consecutive months oftotal cash remuneration from the City, excluding overtime in excess of 300 hours per. year earned after December 31, 2012 and payments for unused leave that accrues after that date $10xs service (maximum of $300), payable until age 65 Retirement supplement: 3% ofa average earnings, reduced for less than 2,496 hours of accrued sick leave Cost-of-living adjustment: 2.25% per annum (for those who retire after May 31, 2013 and who have been retired for at least five years); 2.50% per annum (applies to the retirement subsidy); no COLA applies to the retirement A deferred retirement option plan (DROP) is available to those participants who have earned at least 25 years ofs service andi individuals may participate int the DROP for upi to 60 months; DROP accounts receive an interest credit equal to the return on the market value of assets subject to a 5% to 9% corridor minus a Y% administrative charge (ort the actual investment. return for those participants who elect the self-directed The plan was established effective. June 1, 1975 pursuant to City ordinance and has been amended supplement. DROP: option). Legal authority: Changes: numerous times since that date. The benefit terms did not change from the prior measurement date. DISCLOSURES RELATED TO THE FIREFIGHTERS PENSIONF PLAN (continued) PROJECTION OF THE FIDUCIARY NETE POSITION Benefit Administrative Payments $5,301,934 $0 $6,680,292 $0 $7,193,776 $0 $7,521,175 $0 $7,893,948 $0 $8,324,183 $0 $9,330,004 $0 $9,738,808 $0 $10,029,088 $0 $10,290,854 $0 $10,907,820 $0 $11,524,278 $0 $12,155,946 $0 $12,933,612 $0 $13,748,085 $0 $14,168,359 $0 $14,501,842 $0 $14,765,469 $0 $15,068,041 $0 $15,562,884 $0 $15,735,969 $0 $16,039,887 $0 $16,196,703 $0 $16,245,968 $0 $16,265,745 $0 $16,216,409 $0 $16,144,448 $0 $16,028,282 $0 $15,873,330 $0 $15,656,958 $0 $15,443,698 $0 $15,167,982 $0 $14,883,604 $0 $14,588,402 $0 $14,254,299 $0 $13,918,512 $0 $13,564,454 $0 $13,191,993 $0 $12,800,973 $0 $12,391,772 $0 $11,963,314 $0 $11,521,754 $0 $10,971,853 $0 $10,508,206 $0 $10,024,643 $0 $9,534.216 $0 $9,048,133 $0 $8,559,946 $0 $8,063,974 $0 $7,568,005 $0 $7,075,035 $0 $6,582,746 $0 $6,094,482 Investment Earnings $31,519,186 $11,946,444 $12,290,322 $12,628,300 $12,965,099 $13,296,993 $13,601,470 $13,876,667 $14,146,231 $14,415,044 $14,671,683 $14,902,486 $15,105,132 $15,272,005 $15,394,042 $15,480,538 $15,546,270 $15,595,357 $15,627,798 $15,634,308 $15,617,361 $15,582,369 $15,528,477 $15,463,430 $15,391,360 $15,315,254 $15,238,114 $15,162,228 $15,090,634 $15,027,178 $14,974,539 $14,935,541 $14,913,698 $14,910,901 $14,930,232 $14,974,703 $15,046,774 $15,149,677 $15,286,885 $15,462,103 $15,679,321 $15,942,631 $16,259,516 $16,634,626 $17,069,619 $17,569,644 $18,139,350 $18,783,532 $19,507,750 $20,317,889 $21,219,857 $22,219,950 $23,324,873 Date October 1, 2023 October 1, 2024 October 1,2025 October 1,2026 October 1,2027 October 1,2028 October 1,2029 October 1, 2030 October 1,2031 October 1,2032 October 1,2033 October 1,2034 October 1,2 2035 October 1,2036 October 1,2037 October 1,2 2038 October 1,2039 October 1,2040 October 1,2 2041 October 1, 2042 October 1,2 2043 October 1,2 2044 October 1, 2045 October 1,2 2046 October 1,2047 October 1, 2048 October 1, 2049 October 1,2 2050 October 1, 2051 October 1,2 2052 October 1, 2053 October 1,2 2054 October 1,2 2055 October 1,2 2056 October 1, 2057 October 1, 2058 October 1,2 2059 October 1,2 2060 October 1, 2061 October 1,2 2062 October 1,2063 October 1, 2064 October 1, 2065 October 1,2 2066 October 1,2 2067 October 1.2 2068 October 1,2 2069 October 1, 2070 October 1,2 2071 October 1,2072 October 1,2073 October 1, 2074 October 1,2 2075 BOY Balance Contributions $144,712,916 $173,995,080 $179,163,710 $184,155,238 $189,152,566 $194,108,478 $198,959,768 $203,095,030 $207,090,718 $211,061,452 $215,035,412 $218,640,038 $221,850,009 $224,621,737 $226,771,319 $228,216,575 $229,321,918 $230,154,642 $230,768,977 $231,108,764 $230,952,994 $230,604,665 $229,912,990 $229,008,317 $227,988,613 $226,876,773 $225,738,884 $224,596,866 $223,496,824 $222,482,402 $221,624,055 $220,929,442 $220,475,572 $220,288,389 $220,397,920 $220,865,762 $221,718,764 $223,003,064 $224,768,165 $227,067,203 $229,956,633 $233,497,994 $237,750,671 $242,878,162 $248,851,179 $255,749.811 $263,646,054 $272,605,182 $282,703,806 $294,029,861 $306,669,264 $320,710,801 $336,251,907 Expenses $77,400 $97,522 $105,018 $109,797 $115,239 $121,520 $136,204 $142,171 $146,409 $150,230 $159,237 $168,237 $177,458 $188,811 $200,701 $206,836 $211,704 $215,553 $219,970 $227,194 $229,721 $234,157 $236,447 $237,166 $237,455 $236,734 $235,684 $233,988 $231,726 $228,567 $225,454 $221,429 $217,277 $212,968 $208,091 $203,189 $198,020 $192,583 $186,874 $180,901 $174,646 $168,200 $160,172 $153,403 $146,344 $139,185 $132,089 $124,962 $117,721 $110,481 $103,285 $96,098 $88,970 EOY Balance $173,995,080 $179,163,710 $184,155,238 $189,152,566 $194,108,478 $198,959,768 $203,095,030 $207,090,718 $211,061,452 $215,035,412 $218,640,038 $221,850,009 $224,621,737 $226,771,319 $228,216,575 $229,321,918 $230,154,642 $230,768,977 $231,108,764 $230,952,994 $230,604,665 $229,912,990 $229,008,317 $227,988,613 $226,876,773 $225,738,884 $224,596,866 $223,496,824 $222,482,402 $221,624,055 $220,929,442 $220,475,572 $220,288,389 $220,397,920 $220,865,762 $221,718,764 $223,003,064 $224,768,165 $227,067,203 $229,956,633 $233,497,994 $237,750,671 $242,878,162 $248,851,179 $255,749,811 $263,646.054 $272,605,182 $282,703,806 $294,029,861 $306,669,264 $320,710,801 $336,251,907 $353,393,328 $3,142,312 DISCLOSURES RELATED TOTHE FIREFIGHTERS PENSION PLAN (continued) PROJECTION OF THE FIDUCIARY NET POSITION (continued) Benefit Administrative Payments $0 $5,616,436 $0 $5,146,277 $0 $4,681,912 $0 $4,244,461 $0 $3,824,000 $0 $3,421,681 $0 $3,038,359 $0 $2,637,801 $0 $2,309,999 $0 $2,007,434 $0 $1,728,962 $0 $1,476,966 $0 $1,248,112 $0 $1,046,004 $0 $865,381 $0 $707,204 $0 $570,495 $0 $455,722 $0 $359,084 $0 $278,375 $0 $212,141 $0 $158,494 $0 $115,193 $0 $83,608 $0 $58,840 $0 $39,425 $0 $25,406 $0 $16,359 $0 $10,750 $0 $5,752 $0 $2,967 $0 $1,469 $0 $929 $0 $353 $0 $0 Investment Earnings $24,541,461 $25,876,887 $27,338,982 $28,935,464 $30,674,175 $32,563,825 $34,613,660 $36,834,810 $39,237,349 $41,830,465 $44,625,748 $47,635,553 $50,873,135 $54,352,666 $58,089,369 $62,099,686 $66,401,210 $1,014,695,617 $71,012,784 $1,085,246,026 $75,954,686 $1,160,836,386 $81,248,829 $1,241,802,776 $86,918,788 $1,328,506,326 $92,989,910 $1,421,335,428 $99,489,459 $1,520,708,012 $1,221 $106,446,642 $1,627,069,825 $859 $113,892,834 $1,740,902,960 $576 $121,861,831 $1,862,724,790 $371 $130,389,848 $1,993,088,861 $239 $139,515,649 $2,132,587,912 $157 $149,280,779 $2,281,857,784 $84 $159,729,844 $2,441,581,792 $43 $170,910,622 $2,612,489,404 $21 $182,874,207 $2,795,362,121 $14 $195,675,316 $2,991,036,494 $5 $209,372,542 $3,200,408,678 $0 $224,028,607 $3,424,437,285 Date October 1,2076 October 1,2077 October 1, 2078 October 1,2079 October 1,2080 October 1,2081 October 1,2082 October 1, 2083 October 1,2084 October 1,2085 October 1, 2086 October 1, 2087 October 1,2 2088 October 1,2 2089 October 1,2 2090 October 1, 2091 October 1,2092 October 1,2 2093 October 1, 2094 October 1,2 2095 October 1,2 2096 October 1,2 2097 October 1, 2098 October 1,2 2099 October 1,2100 $1,627,069,825 October 1,2101 October 1,2 2102 October 1,2103 October 1,2104 October 1,2105 $2,281,857,784 October 1,2 2106 October 1,2107 October 1,2108 October 1,2109 October 1,2 2110 BOY Balance Contributions $353,393,328 $372,236,362 $392,891,844 $415,480,565 $440,109,605 $466,903,956 $495,996,149 $527,527,095 $561,685,596 $598,579,224 $638,372,950 $681,244,496 $727,381,522 $776,988,325 $830,279,717 $887,491,072 $948,873,230 $1,014,695,617 $1,085,246,026 $1,160,836,386 $1,241,802,776 $1,328,506,326 $1,421,335,428 $1,520,708,012 $1,740,902,960 $1,862,724,790 $1,993,088,861 $2,132,587,912 $2,441,581,792 $2,612,489,404 $2,795,362,121 $2,991,036,494 $3,200,408,678 Expenses $81,991 $75,128 $68,349 $61,963 $55,824 $49,951 $44,355 $38,508 $33,722 $29,305 $25,240 $21,561 $18,220 $15,270 $12,633 $10,324 $8,328 $6,653 $5,242 $4,064 $3,097 $2,314 $1,682 EOY Balance $372,236,362 $392,891,844 $415,480,565 $440,109,605 $466,903,956 $495,996,149 $527,527,095 $561,685,596 $598,579,224 $638,372,950 $681,244,496 $727,381,522 $776,988,325 $830,279,717 $887,491,072 $948,873,230 NOTES: The fiduciary net position is projected to be sufficient to cover alli future benefit payments when due. The plan requires only a 79 average investment return pery year to avoid a crossover date. The projection. shown above does not reflect future new entrants into the pension plan. DISCLOSURES RELATED TO1 THE FIREFIGHTERS PENSION PLAN (continued) AMORTIZATION: BASES ATTRIBUTABLE TOUNEXPECTED INVESTMENTINCOME YEARI DURING WHICH THE GAIN ORL LOSS AROSE 2019/20 2020/21 2021/22 2022/23 2023/24 TOTAL Payment Year 2023/24 2024/25 2025/26 2026/27 2027/28 Remaining Balance -$489,020 -$3,774,738 $7,606,021 -$1,572,597 -$4,293,251 -$2,523,585 -$3,774,739 $7,606,021 -$1,572,597 -$4,293,251 $2,034,566 $7,606,022 -$1,572,597 -$4,293,251 $1,740,174 -$1,572,597 -$4,293,251 -$5,865,848 -$4,293,249 -$4,293,249 -$489,020 -$7,549,477 $22,818,064 $6,290,388 $21,466,253 $12,977,074 AMORTIZATIONBASESATIRBUTABLETODEMOGRAPHICEXPERIENCE YEARI DURING WHICH THE GAIN ORI LOSS AROSE 2014/15 2015/16 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 TOTAL Payment Year 2025/26 2026/27 2027/28 2028/29 2023/24 -$252,286 -$17,911 -$353,044 $202,338 $102,698 $510,289 2024/25 -$199,303 -$17,911 -$148,277 $202,338 $102,698 $510,289 $18,811 $472,348 $683,243 $18,811 $472,348 $940,993 $18,811 $472,348 $1,226,299 $18,811 $472,348 $1,044,581 $18,621 $472,348 $552,206 $93,865 $2,673,489 $4,759,071 -$7,343 $129,496 $102,698 $510,289 $43,133 $510,289 $61,237 $311,749 $311,749 Remaining Balance -$451,589 -$43,165 -$501,321 $534,172 $351,227 $2,102,393 AMORTZATONBASESATTRBUTABLETOA ASSUMPTION CHANGES YEAR DURING WHICH THE GAIN OR LOSS. AROSE 2014/15 Payment Year 2023/24 $97,505 2024/25 $77,028 2025/26 2026/27 Remaining Balance $174,533 2018/19 -$2,427,587 $1,019,588 -$3,447,175 2020/21 $1,431,838 $1,431,838 $1,431,838 $601,370 $4,896,884 TOTAL -$898,244 $489,278 $1,431,838 $601,370 $1,624,242 SUMMARY OF DEFERRED OUTFLOWS AND INFLOWS AS OF SEPTEMBER. 30, 2024 Deferred Outflows $15,212,043 $4,448,662 $3,542,074 $23,202,779 Deferred Inflows $25,665,532 $372,834 $1,019,588 $27,057,954 Unexpected investment income Demographic experience Assumption changes Total Graystone Consulting from! MorganStanley Tamarac Firefighters' Pension Trust Fund Quarterly Performance Summary As ofDecember 31,2024 Scott Owens, CFAe, CIMAe Managing Director Wealth Management Institutional Consulting Director Impact Investing Director Alternative Investment Director Sat0aesensypabre.com (813)227-2027 Theodore J. (TJ) Loew, CFAe Institutional Consultant Theodore.Loew@msgraystone.com (813)227-2088 Tamarac Firefighters' Pension Trust Fund Goal Review as of December 31, 2024 Goals: The General investment objectives of the Board are as follows: 1. Establish a Prudent Investment Program Although the Retirement Plani is not covered by the Employee Retirement Income Security Act of 1974 (ERISA), the assets oft this fund shall bei 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 measured by the Consumer Price Index, by 4.0% per year. Iti 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, the performance of other managers who utilize a similar investment style. (source: November. 2023: IPS) The price, quotes, and statistics contained herein have been obtained from sources believed tol be reliable, however, it's accuracy cannot be guaranteed. Past performance: is nota guarantee off future results. 2 Page Graystone Consulting from! MorganStanley Tamarac Firefighters' Pension Trust Fund Goal Review as of December 31, 2024 Timeline: November 2024: September 2014: Investment Policy Statement International Value Manager Search Replaced: Large-Cap Growth Manager November 2023: Investment Policy Statement August 2023: Investment Policy Statement Investment Policy Statement Removed: Fund of Hedge Funds Added: ST Fixed Income Manager Removed: Fixed Income Alt Manager ST Fixed Income Manager Search International Value Manager Search August 2022: International Growth Mgr Search June 2021: Removed: HFOF November 2020: Removed: Small-Cap Core Manager Investment Policy Statement August 2014: FOHF Search MLP Search Asset Allocation Study March 2014: Alts Education 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'lValue Manager Search May 2011: Int'lValue Manager Search February 2010: Investment Policy Statement December 2008: Added: International Growth Mgr December 2007: Removed: Small-Cap Value Mgr Added: Mid-Cap Growth Manager Added: Small-Cap Core Manager November 2005: Replaced: Large-Cap Value Mgr 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 February 2020: FOHF /Alt. Search Asset Allocation Study Infrastructure Education Private Equity & Credit Education LCVN Manager Search IntlValue Manager Search Int'IGrowth Manager Search October 2018: Replaced: Large-Cap Growth Mgr September 2018: Investment Policy Statement August 2018: Removed: MLP June 2018: August 2024: May 2023: May2019: March 2023: November 2022: LCG Manager Search Fixed Income Manager Search Asset Allocation Study Private Equity & Credit Education September 2017: LCG Manager Search March 2017: Replaced: Int'l Value Manager Int'l 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 Added: Fund of Hedge Funds Added: MLP Infrastructure Fund Search Investment Policy Statement August 2020: Infrastructure Fund Search Added: Fund of Hedge Funds Added: Fixed Income Alt. Manager Infrastructure Fund Search Investment Policy Statement July 2007: January 2017: June 2020: March 2004: May2020: October 2014: The price, quotes, and statistics contained herein have been obtained from sources believed tol be reliable, however, it's accuracy cannot be guaranteed. Past performance: is nota guarantee off future results. 3 Page Graystone Consulting from! MorganStanley Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as ofDecember 31, 2024 U.S. Equity Market % Returns for the Period Ending December 31, 2024 Quarter to Date 2.41 0.93 2.63 (1.94) 6.82 2.75 (1.98) 7.07 0.62 (1.75) 8.14 0.33 (1.06) 1.70 Three Years (annualized) 8.94 7.56 8.01 5.41 9.94 8.41 5.63 10.48 3.79 3.88 4.04 1.24 1.94 0.21 Five Years (annualized) 14.52 10.55 13.86 8.60 18.25 14.28 8.68 18.96 9.92 8.59 11.47 7.40 7.29 6.86 Seven Years (annualized) 13.83 10.39 13.16 8.26 17.40 13.58 8.41 18.08 9.65 7.72 12.08 6.91 6.13 7.17 Ten Years (annualized) 13.10 11.57 12.55 8.40 16.22 12.8 8. 16. 9.6 8.10 11. 7. 7.1 8.0 Year to Date 25.02 14.99 23.81 13.98 32.46 24.51 14.37 33.36 15.34 13.07 22.10 11.54 8.06 15.16 121 Months 25.02 14.99 23.81 13.98 32.46 24.51 14.37 33.36 15.34 13.07 22.10 11.54 8.06 15.16 S&P 5001 Index Dow Jones Industrial Average Russell 30001 Index Russell 3000 Value Index Russell 3000 Growth Index Russell 10001 Index Russell 1000 Value Index Russell 1000 Growth Index Russell Midcap Index Russell Midcap Value Index Russell Midcap Growth Index Russell 20001 Index Russell 2000 Value Index Russell 2000 Growth Index S&P 500 Sector % Returns for the Period Ending December 31,2 2024 Quarter to Date 14.25 8.87 7.09 4.84 (2.27) (2.44) (3.26) (5.51) (7.94) (10.30) (12.42) Consumer Discretionary Communication Services Financials Technology Industrials Energy Consumer Staples Utilities Real Estate Health Care Materials Past Performancei is not: a guarantee off future results. Indices are not available for direct investment. Source: PARis Grays Consul 1 from MorganStanley Page 4 Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as ofDecember 31, 2024 Developed Markets Equity % Returns for the Period Ending December 31, 2024 U.S. Dollar Local Currency Quarter to Yeart to 12 Months 3 Date Date (8.11) 3.82 (9.74) 1.79 (3.68) 9.13 (9.13) 4.59 (0.07) 19.20 19.20 (7.43) 4.70 5 Quarter to Yearto 121 Months 3 5 Years Years 6.87 8.07 4.71 6.83 11.83 10.97 5.32 5.06 9.19 13.30 7.16 8.42 Years Years Date Date 1.65 4.73 (0.57) 11.84 11.84 1.20 4.90 (2.81) 8.43 8.43 2.49 4.28 4.78 19.97 19.97 1.55 3.15 (1.03) 12.24 12.24 6.85 11.70 2.02 21.57 21.57 1.91 5.10 0.02 13.03 13.03 Regional and Other Multi-Country Indices MSCI EAFE MSCI Europe MSCI Far East MSCI Pacific ex. Japan MSCIThe World MSCI World ex. U.S. National Indices MSCI Hong Kong MSCI Ireland MSCI Japan MSCI Singapore 3.82 1.79 9.13 4.59 4.70 (9.80) 0.08 (12.44) 15.07 15.07 (3.57) 8.68 N/A N/A N/A N/A 0.08 (6.68) (3.74) 2.10 8.68 3.18 (9.80) (0.42) 5.99 (5.63) 22.76 5.19 5.94 21.15 N/A 8.58 36.10 (0.42) 22.76 21.15 36.10 (6.78) (3.79) 5.34 7.72 14.45 13.25 7.73 4.19 Emerging Markets Equity % Returns for the Period Ending December 31, 2024 U.S. Dollar Local Currency Quarter to Yearto 12 Months 3 Date Date (7.84) 8.05 5 Quarter to Yearto 121 Months 3 5 Years Years 2.08 Years Years Date Date (4.24) 13.70 Regional and Other Multi-Country Indices MSCI EM National Indices MSCI China MSCI Malaysia MSCI Taiwan MSCIThailand 8.05 (1.48) 2.10 13.70 4.95 (7.66) 19.68 19.68 (5.92) (3.29) (6.85) 20.75 20.75 3.39 35.07 35.07 (10.06) 1.62 (6.99) 19.76 19.76 (5.25) (3.07) 1.01 17.50 17.50 5.63 3.13 7.10 44.28 44.28 14.21 19.88 1.62 1.62 (1.36) (3.42) 3.17 1.31 7.93 17.76 1.62 (1.36) (3.42) (10.06) Past Performancei is not: a guarantee off future results. Indices are not available for direct investment. Source: PARis Graystone Consulting from MorganStanley 5 Page Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as ofDecember 31, 2024 Fixed Income % Returns for the Period Ending December 31, 2024 Quarter to Year to Date Date 1.23 (3.06) (3.04) (3.08) (3.10) 0.18 (1.60) (7.42) (3.16) (1.22) 121 Months 5.45 1.25 2.03 1.18 0.63 8.19 3.00 (4.15) 1.20 1.05 Three Years Five Years Seven Years Ten Years (annualized) (annualized) (annualized) (annualized) U.S. Fixed Income 90-Day T-Bills Bloomberg US. Aggregate Bloomberg Credit Bloomberg Govt/Credit Bloomberg Government Bloomberg High Yield Bloomberg Intermediate Govt/Credit Bloomberg Long Govt/Credit Bloomberg Mortgage Backed Bloomberg Municipal Global Fixed Income Merrill Lynch Global High Yield Bloomberg Global Treasury ex. US Bloomberg Capital Majors ex. U.S. 5.45 1.25 2.03 1.18 0.63 8.19 3.00 (4.15) 1.20 1.05 4.05 (2.41) (2.20) (2.58) (2.80) 2.92 (0.17) (9.20) (2.13) (0.55) 2.54 (0.33) 0.23 (0.21) (0.63) 4.20 0.86 (3.26) (0.74) 0.99 2.40 0.97 1.72 1.12 0.62 4.65 1.69 (0.49) 0.49 1.94 1.79 1.35 2.29 1.50 0.85 5.1 1. 2.2 (1.14) (8.29) (8.84) 7.50 (6.98) (8.20) 7.50 (6.98) (8.20) 1.89 (7.77) (9.51) 2.98 (4.67) (5.99) 3.51 (2.95) (3.81) (1.6 (2.1 Past Performancei 1s not: a guarantee off future results. Indices are not available for direct investment. Source: PARis Grays Consul 1 from MorganStanley Page 6 WEALTH MANAGEMENT MorganStanley US Inflation Metrics Consumer Price Indicesi Year-over-Year Percent Change as of November 2024 Inflation Expectations? Monthly data as of November 2024 15% 13% 11% 9% 7% 5% 3% 1% -1% -3% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% Headline CPI (Alll Items)! Core CPI (All Items Less Food & Energy)? Core CPI Average since 1960 Core CPI Average since 1990 2.50% 2.35% 2.27 3-7%6 3-39 2.69 2.79 10-Yrinflation! Expectations 5-Yrinflation Expectations 2-Yrl Inflation Expectations 9604965.19/049754990198549991995 2000 2005 2010 2015 2020 MPPPVAPY Source: Bureau ofLabor Statistics, Haver, FactSet, Morgan Stanley' Wealth! Management GIO. (1) Headline CPI measures inflation thati is not adjusted forf fooda ande energy prices; core CPIe Past performance is nog guarantee of futurer results. Estimates off future performance are based on assumptions that may not ber realized. This materiali isr not as solicitation ofa any offer tol buy ors sell any secy ande energy prices. (2) Defined as Breakeven rate, whichi ist the difference in yield! between inflation-protected: andr nominal debt oft thes same maturity. instrument ort to participate in any tradings strategy. Please refert to important information, disclosures and qualifications int thet full performance report. Graystone Consulting from MorganStanley PageNzALTHI MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I INFLATION WEALTH MANAGEMENT MorganStanley Drivers of Inflation Inflation is typically driven by an increase in associated production costs (push) and/or the demand for goods and services (pull). Commodity and Raw Material Prices Bloomberg Commodity data as of November 30, 2024, and CPI data as of November 30, 2024 Wages Personal Income Monthly Data as of October 31, 2024, and Headline CPI data as of November 30, 2024 US Personal Income YoY%6 Oct24:5-39 240 190 140 Bloomberg Commodity Index Nov: 24: 98.1 Headline CPIYOY96lndex 15 Nov: 24: 2.796 40 30 20 10 Headline CPIYOY% 10 Nov24:2.79 12 9 -10 -20 40 US Dollar -3 1980 1986 1992 1998 2004 2010 2016 2022 1999 2002 2005 2008 2011 2014 2017 2020 2023 M2 data as of October 31, 2024, and Inflation Expectations dataas Money Supply of November 30, 2024 29 24 19 14 9 USD Spot Monthly Data as of November 30, 2024, and Headline CPI Monthly Data as ofl November 30, 2024 180 160 140 120 100 80 60 40 USD Spot Price Index Nov: 24: 105.7 Headline CPIYOY96 15 Nov2 24: 2.796 M2%YOY INDEX Oct24: 3-196 Nov:24: 4-996) 8.5 7-5 6.5 5-5 4 3. 13 11 9 w Inflation Expectations (4 month Rolling) -3 -6 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1988 1993 1998 2003 2008 2013 2018 2023 Source: Bloomberg, Morgan Stanley' Wealth Management GIO. M2 isa a measure of ther money supply thati includes all elements of M1 as well as' "near money." M1 includes cash and checkin Past performance IS no guarantee offuture results. Estimates off future performance. are based ona assumptions that may not be realized. This materialis nota a solicitation of any offert tol buy ors sell any seq while near money reters tos savings deposits, money market securities, mutual funds and othert time deposits. financial instrument ort top participate ina any trading strategy. Please refert toi important information, disclosures and qualifications int thet full performance report. Graystone Consulting from MorganStanley Page*gALTHI MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I INFLATION WEALTH MANAGEMENT MorganStanley CPI and the Fed-Preferred PCE Measure Different Things Differences Between Core CPland PCE Data through October 2024 for PCE and through November 2024 for CPI The CPI& PCE weight difference between Housing, Transportation, and Health Carei is Core CPIWeights significant: Housing: 30% A Transportation: 12% A Medical Care: 7% A Core PCEWeights 15% 7% 8%6 3% 48% 179 5296 16% 18% 10% Housing Transportation Recreation - Medical care - Apparel Otherg goods ands services Housing Transportation Recreation Medical care A Apparel Othergoods: ands services CPI data is based on what households are buying for out-of- pocket expenditures on goods and services PCE data is based on what businesses are sellin Source: Bureau ofE Economic Analysis, US Bureau ofLabor Statistics, Morgan Stanley' Wealth Management GIO Past performance is nos guarantee off future results. Estimates off future performance are basedo ona assumptions that may not be realized. This material is nota a solicitation ofa any offer tob buy ors sell any sec financial instrument ort to participate ina any trading strategy. Please refert toi important information, disclosures and qualifications int the full performance report. Grays from Consu MorganStanley PagengALTH! MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I INFLATION WEALTH MANAGEMENT MorganStanley Core CPI VS. Core PCE CPI Has Been Higherthan PCE for Most oft the Last Decade CPI Datai through November 30, 2024, PCE Datat through October 31, 2024 Core CPI 2.2 1.8 4-5 Core PCE 1.9 1.6 4.0 2000-2008 2009-2020 2021+ 7-5% 6.5% 5-5% 4-5% 3-5% 2.5% V 1.5% 0.5% 2.8% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Core CPIYOY Core PCEYOY CPIAverage 'oo-'o8 eCPIAverage '09-'20 1 -PCE Average 'oo-'08+- -*PCE. Average '09-'20 Source: Bloomberg, Morgan Stanley' Wealth Management GIO Past performance is no guarantee off future results. Estimates off future performance are! based ona assumptions that may not be realized. This materiali is nota a solicitation ofa any offer tob buy ors sell any sec financial instrument ort to participate ina any trading strategy. Please refert toi important information, disclosures and qualifications int the full performance report. Grays from Cons MorganStanley PageMTOLTHN MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I INFLATION WEALTH MANAGEMENT MorganStanley US Treasury Yield Curves USTreasuryyield Curves Comparing 2022, 2023, and Currently AsofDecember 31, 2024 6% -December; 30, 202: December29, 202 - -December 31, 2024 6% 5.2% 5% 4.894 4.8% 4-79 5% 4.496 4-3% 4-996 4.6% 4-49 5%0 4.2904.19 4.0964.096 4% 4.1% 4.09 4.096 4.09 3.89 3-9% 3-9% 3-996 4% 3% S Source: Bloomberg, Morgan Stanley Wealth Management GIO PageMPALTH! MANAGEMENT GLOBAL INVESTMENT Past performance is no guarantee off futurer results. Estimates off future performance are based on assumptions that may not ber realized. This material lisr nota a solicitation ofa any offert to buy ors sell anys secy financial instrument ort top participate ina any trading strategy. Please refer to important information, disclosures and qualifications int thet full performance report. Graystone Consulting from MorganStanley CHARTBOOK I MONTHLYI MARKETS LIBRARY OFFICEI WEALTH MANAGEMENT MorganStanley GlobalYield Differentials 10-Year Government BondYields AsofDecember 6, 2024 10-Year Government BondYield Differentials As of December 6,2024 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% 4-5% 4.0% 3-5% 3.0% 2.5% 2.0% 1.90% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 4.15% 2.11% 1.95961.9596 1.05% MA 0.29% -0.37% Japan 1990 1995 2000 2005 2010 2015 2020 US Germany R Real Nominal China 10-YearusT- Bund Yield Differential 10-Year UST-JGB' Yield Differential Source: Bloomberg, Morgan Stanley' Wealth! Management GIO. Note: Real yieldsf fort the US, Germany, and. Japani ist the respective 10-year inflation-linked bond. Chinai is the nominal yield minus the Past performance is no guarantee off futurer results. Estimates off future performance are based on assumptions that may not ber realized. This material lisr nota a solicitation ofa any offert to buy ors sella anys secy annual CPli inflation rate. financial instrument ort top participate ina any trading strategy. Pleaser refer to important information, disclosures and qualifications int thet full pertormancer report. Graystone Consulting from MorganStanley PageMT2LTH! MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MONTHLYI MARKETS LIBRARY WEALTH MANAGEMENT MorganStanley US Dollar and Other Major Currencies Trade-Weighted Currency Indices Indexed as of December3 31, 2013 As of January 041 2025 140 130 120 110 100 M 90 80 70 Dec'13 Aug' '14 Apr'15 Dec'15 Aug '16 Apr'17 Dec'17 Aug' '18 Apr'19 Dec'19 Aug '20 Apr'21 Dec'21 Aug' '22 Apr'23 Dec'23 Au -USDollar Euro -Yen Renminbi Source: Bloomberg, Morgan Stanley' Wealth Management GIO Past performancei isr no guarantee off futurer results. Estimates off future performance are based on assumptions that may not be realized. This material is nota a solicitation ofa any offertob buy ors sell any sec financial instrument ort to participate ina any trading strategy. Please refer to important information, disclosures and qualifications int thet full pertormancer report. Grays from Consu MorganStanley PageM3TH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MONTHLYI MARKETS LIBRARY WEALTH MANAGEMENT MorganStanley Near-Term Drivers US Stocks Valuation Metrics S&P 500 Forward P/E Ratio As of November 30, 2024 26 Price-to-Sales of S&P 500 As of November30,2024, 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 1995 22.2 Std.Dev--- 18 Average Ww 1StdDev age 16.6 AH 10 1995 2001 2007 2012 2018 2024 2001 2007 2012 2018 202 Source: Bloomberg, FactSet, Morgan Stanley Wealth Management GIO. Standard deviation volatilitylisameasure oft the dispersion ofaset of datai fromi itsr mean. financial instrument ort to participate ina any trading strategy. Please refert to important information, disclosures and qualifications int thei full performancer report. Past performance isr nos guarantee off futurer results. Estimates off future performance arel based on assumptions that may not ber realized. This materiali is nota a solicitation ofa any offert tol buy or sell any sec Grays Cons from MorganStanley MANAGEMENT GLOBAL INVESTMENT OFFICE CHARTBOOK MONTHLYI MARKETS LIBRARY PagewT4LTHI I I WEALTH MANAGEMENT MorganStanley Earnings Growth and Revisions Global Earnings Revisions Breadthi 3-Month Average as of November30,2024, Expected EPS Growth As of November 30, 2024 20% 16% 12% 8% 490 0% -4%6 -8% -12% -16% -20% -24%6 -28% Forward EPS Growth 14.4% Regional Index MSCIUSA MSCIE Emerging Markets 14-5% MSCIAII Country World 12.1% MSCIAsia ex Japan 12.3% MSCIEurope 7.4% 0 8 a o S&P 500 3M Avg MSCI Japan 3M Avg > 00 -MSCIEurope: 3M Avg MSCI EM 3M Avg MSCIJapan 8.5% Source: FactSet, Morgan Stanley Wealth! Management GIO. Indices used: MSCIL USA for US, MSCI Europe for Europe, MSCI Japanf for. Japan,! MSCIE Emerging Markets for Emerging Markets, MSCIA Asia ex. Japanf Japan. (1)Earnings revisions breadthis defined ast the number of positive analyst revisions minus the number ofr negative analyst revisions divided by thet total number ofr revisions. Past performancei is no guarantee off futurer results. Estimates off future performance are based on assumptions that may not ber realized. This material lisr nota a solicitation ofa any offert to buy ors sell any secy financial instrument ort top participate ina any trading strategy. Please refer toi important information, disclosures and qualifications int thet full performancer report. Grays Consulting from MorganStanley PageM54TH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MONTHLYI MARKETS LIBRARY WEALTH MANAGEMENT MorganStanley US Equity Performance VS. Earnings Performance S&P 500 IndexL Level VS. Bottom-Up Forward S&P 500 Operating Earnings Weekly S&P 500 Price and Operating Earnings as of January3, 2025 Jans 3, 2025 Fwd. P/E =21.9x S&P 500 Index Price S&P 500 Bottom-up Forward EPS Dec31,2021 Fwd.P/E=21.5x 5,942 4,766 6,100 5,700 5,300 4,900 4,500 4,100 3,700 3,300 & 2,900 2,500 2,100 1,700 Jan7,1994 Fwd.P/E-15.2x 1,300 470 900 500 100 300 Feb14, 2020 Fwd. P/E= 19.2x 3,380 250 200 150 Oct5,2007 Fwd. P/E=15.1x 1,558 Mar24, 2000 Fwd. P/E=25.ox 1,527 May/22,2020 Fwd. P/E=21.5x 2,955 100 50 Mar6, 2009 Fwd. P/E=10.4x 683 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: Bloomberg and! Morgan Stanley Wealth Management GIO. Stocks Overvalued: equity performance outpaces earnings performance. Stocks Undervalued = earnings performance outpaces equity perforr Past performance is no guarantee of futurer results. Estimates off future performance arel based on assumptions that may not ber realized. This material is not as solicitation ofa any offer tot buy ors sell any secy Fairly Valued: stock performance: and earnings performance: arei inl line with one another. PageMT6LTH! MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MONTHLYI MARKETS LIBRARY financial instrument ort top participate in any trading strategy. Please refert to important information, disclosures and qualifications int the full performance report. Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Total Fund - Executive Summary as of December 31, 2024 Manager Performance Chart 24.0 16.0 8.0 0.0 -8.0 Current 2024 1 Quarter Manager Risk & Return 10.5 9.0 7.5 6.0 4.5 3.0 1.5 0.0 3 5 7 10 Since Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 04/01/2002 Totall Fund -0.38 -0.38 11.28 3.56 7.98 7.73 7.36 6.98 Policy Index -0.12 -0.12 13.31 4.17 8.23 8.08 7.77 7.34 Differences -0.26 -0.26 -2.03 -0.61 -0.25 -0.35 -0.41 -0.36 Historic Asset Growth Totall Fund Net Contributions Fees/Expenses Income Gain/Loss Current Fiscal 3 7 10 Inception -1.5 Quarter YTD Year Years Years Years Years 04/01/2002 3,498 3,498 178 -3,007 -982 1,575 5,734 34,594 -188 -188 -770 -2,119 -3,405 -4,427 -5,800 -8,342 864 864 3,517 9,148 13,285 17,537 22,623 34,576 -1,487 -1,487 14,166 7,901 43,948 55,233 68,029 96,757 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Beginning Market Value 173,261 173,261 158,857 164,026 123,101 106,030 85,362 18,363 Risk (Standard Deviation %) Policy Index Total Fund 90-Day T-Bills Ending Market Value 175,948 175,948 175,948 175,948 175,948 175,948 175,948 175,948 Modern Portfolio Statistics Return 6.98 7.34 Standard Deviation 10.46 10.39 Beta 0.99 1.00 Maximum Drawdown -30.98 -35.95 Up Capture 97.72 100.00 Down Capture Alpha 99.17 100.00 Sharpe Ratio 0.55 0.58 Inception Date 04/01/2002 04/01/2002 R-Squared 0.98 1.00 Total Fund Policy Index -0.28 0.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 17 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Asset Allocation Compliance as of December 31, 2024 Executive Summary Globall Equity $118,460.1K (67.3%) 55.0%-70.0% 60.0% Fixed Income $42,937.4K (24.4%) 15.0%-32.5% 25.0% Alternatives $12,934.4K (7.4%) 0.0%-17.5% 10.0% Non-Managed Account $1,615.9K (0.9%) 0.0%-5.0% 5.0% 0.0% 15.0% 30.0% Policy 45.0% Target 60.0% Inl Policy 75.0% Outsidel Policy 90.0% 105.0% The prices, quotes, or statistics contained! herein havel been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 18 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Asset Allocation Compliance as of December 31, 2024 Executive Summary Cambiar Investors Inc Large Cap Value $35,284.0K (20.1%) 15.0%- 25.0% $38,620.4K (21.9%) 15.0%0-25.0% Kennedy Mid Cap Value $15,696.9K (8.9%) 2.5%-7.5% $16,082.2K (9.1%) 2.5%-7.5% International Equity $12,769.1K (7.3%) 0.0%- 15.0% Fixed Income $42,937.4K (24.4%) 15.0%-32.5% UBS Private Real Estate $4,135.3K (2.4%) 0.0%-10.0% Mainstay Global Infrastructure $8,799.1K (5.0%) 0.0%-7.5% Non-Managed. Account $1,615.9K (0.9%) V 0.0%-5.0% 20.0% Vanguard Large Cap Growth ETF 20.0% 5.0% MDT Advisers Mid Cap Growth 5.0% 10.0% 25.0% 5.0% 5.0% 5.0% 6.0% 0.0% 12.0% Policy 18.0% Target 24.0% 30.0% InPolicy 36.0% Outside Policy 42.0% 48.0% Thep prices, quotes, or statistics contained! herein havel been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 19 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Cambiar - Large Cap Value Executive Summary as of December 31, 2024 Manager Performance Chart 24.0 16.0 8.0 0.0 -8.0 -16.0 Manager Risk & Return 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 12/01/2005 -1.98 -1.98 14.37 5.63 8.68 8.41 8.49 7.93 1.88 1.88 1.07 2.27 2.97 1.96 1.93 0.84 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 12/01/2005 295 295 -1,757 -6,014 -7,876 -6,358 -6,870 -3,061 -45 -45 -171 -496 -794 -1,023 -1,279 -1,730 189 189 731 1,946 2,931 3,961 5,048 6,671 -225 -225 4,109 5,389 14,592 17,088 21,678 28,339 35,284 35,284 35,284 35,284 35,284 35,284 35,284 35,284 Cambiar Large Cap Value -0.11 -0.11 15.43 7.91 11.65 10.38 10.42 8.78 Russell 1000 Value Differences Historic Asset Growth Cambiar Large Cap Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation %) Cambiar Investors Inc Large Cap Value Russell 1000 Value 90-Day' T-Bills Beginning Market Value 35,070 35,070 32,372 34,458 26,430 21,616 16,708 5,065 Return Standard Beta Maximum Up 99.75 Down Alpha Sharpe R-Squared Inception Deviation 16.32 15.87 Drawdown Capture Capture Ratio 0.50 0.46 Date 12/01/2005 12/01/2005 Cambiar Investors Inc Large Cap Value Russell 1000 Value 8.78 7.93 0.98 1.00 -48.04 -55.56 94.57 1.08 100.00 100.00 0.00 0.90 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 20 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Vanguard - Large Cap Growth ETF-1 Executive Summary as of December 31, 2024 Manager Performance Chart 12.0 9.0 6.0 3.0 0.0 Manager Risk & Return 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Current Quarter Fiscal YTD Since Inception Manager Annualized Performance Current Quarter 7.22 7.07 0.15 Current Quarter 36,020 70 2,531 38,620 Fiscal Inception YTD 10/1/2024 7.22 7.07 0.15 Fiscal YTD 36,020 70 2,531 38,620 Vanguard- Large Cap Growth ETF Russell 1000 Growth Differences Historic Asset Growth 7.22 7.07 0.15 Inception 10/1/2024 36,020 70 2,531 38,620 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Risk (Standard Deviation' %) Vanguard Large Cap Growth ETF Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics Vanguard Large Cap Growth ETF Russell 1000 Growth 90-Day T-Bills Return Standard Beta Maximum Up 101.00 100.00 Down Alpha Sharpe 78.55 0.02 100.00 0.00 Inception Date 10/01/2024 10/01/2024 Deviation 3.01 2.97 Drawdown Capture Capture Ratio R-Squared 0.66 0.65 Vanguard Large Cap Growth ETF Russell 1000 Growth 7.22 7.07 1.01 1.00 -0.26 -0.33 1.00 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 21 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value Executive Summary as of December 31, 2024 Manager Performance Chart 30.0 20.0 10.0 0.0 -10.0 -20.0 Manager Risk & Return 15.0 12.0 9.0 6.0 3.0 0.0 -3.0 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 09/01/2013 -1.75 -1.75 13.07 3.88 8.59 7.72 8.10 9.61 -2.68 -2.68 -7.04 1.25 2.10 1.41 1.40 1.37 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 09/01/2013 7,416 7,416 7,464 5,334 4,853 5,473 5,540 4,949 -16 -16 -64 -194 -313 -409 -543 -589 34 34 137 470 764 1,011 1,274 1,366 -1,082 -1,082 -264 -24 3,196 3,662 4,969 6,067 15,697 15,697 15,697 15,697 15,697 15,697 15,697 15,697 Kennedy Mid Cap Value -4.43 -4.43 6.03 5.13 10.70 9.13 9.50 10.98 Russell Midcap Value Differences Historic Asset Growth Kennedy Mid Cap Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation' %) Cap Midcap 90-Day' T-Bills Kennedy Mid Value Russell Value Beginning Market Value 9,345 9,345 8,423 10,112 7,197 5,959 4,457 3,903 Return Standard Beta Maximum Up 101.50 100.00 Down Alpha Sharpe Inception Date 09/01/2013 09/01/2013 Deviation 18.44 17.13 Drawdown Capture Capture Ratio 0.57 0.53 R-Squared 0.86 1.00 Kennedy Mid Cap Value Russell Midcap Value 10.98 9.61 1.00 1.00 -30.03 -31.71 93.90 100.00 1.53 0.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 22 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth Executive Summary as of December 31, 2024 Manager Performance Chart 60.0 45.0 30.0 15.0 0.0 Current Fiscal Manager Risk & Return 18.0 15.0 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2007 8.14 8.14 22.10 4.04 11.47 12.08 11.54 10.23 2.16 2.16 11.73 5.26 5.57 3.70 2.67 2.49 MDT Advisers Mid Cap Growth 10.31 10.31 33.83 9.30 17.05 15.78 14.21 12.71 Russell Midcap Growth Differences Historic Asset Growth MDT Advisers Mid Cap Growth Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending? Market Value Modern Portfolio Statistics -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Current Fiscal 1 3 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2007 10,023 10,023 8,306 9,698 7,033 6,092 4,558 1,777 5,367 5,367 5,378 4,519 2,815 2,357 2,423 2,243 -23 -23 -84 -224 -370 -482 -621 -807 30 30 73 210 295 412 589 833 684 684 2,409 1,880 6,310 7,703 9,132 12,037 16,082 16,082 16,082 16,082 16,082 16,082 16,082 16,082 Risk (Standard Deviation' %) MDT Advisers Mid Cap Growth 90-Day/T-Bills Russell Midcap Growth Standard Deviation 19.32 19.04 Maximum -50.88 -52.91 Up 103.90 Down Alpha 94.46 2.59 100.00 100.00 0.00 Sharpe Ratio R-Squared 0.65 0.54 Inception Date 08/01/2007 08/01/2007 Return 12.71 10.23 Beta 0.98 1.00 Drawdown Capture Capture MDT Advisers Mid Cap Growth Russell Midcap Growth 0.93 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 23 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Renaissance International Growth - Executive Summary as of December 31, 2024 Manager Performance Chart 16.0 8.0 0.0 -8.0 -16.0 Manager Risk & Return 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 01/01/2009 -5.87 -5.87 4.15 2.00 4.47 2.83 4.36 6.90 1.73 1.73 -1.38 1.17 0.36 -0.71 -0.44 0.24 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 01/01/2009 21 21 82 340 3,037 5,533 5,835 6,729 -22 -22 -83 -208 -321 -399 -486 -594 47 47 327 821 1,291 1,588 1,861 2,286 -841 -841 180 -425 824 481 1,363 2,698 12,731 12,731 12,731 12,731 12,731 12,731 12,731 12,731 Renaissance Intl Growth Differences Historic Asset Growth Renaissance Intl Growth Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics MSCI ACWI Ex USAI NR USD -7.60 -7.60 5.54 0.82 4.10 3.53 4.80 6.67 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Renaissance International Growth MSCI ACWI Ex USA NRI USD Risk (Standard Deviation' %) Beginning Market Value 13,526 13,526 12,225 12,203 7,900 5,528 4,158 1,612 90-Day' T-Bills Standard 17.40 16.38 Maximum -33.45 -27.79 Up 102.61 Down 101.49 0.28 100.00 100.00 0.00 Sharpe 0.41 0.41 Inception Date 01/01/2009 01/01/2009 Return Deviation Beta Drawdown Capture Capture Alpha Ratio R-Squared Renaissance International Growth MSCI ACWI Ex USANRUSD 6.90 6.67 1.02 1.00 0.92 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 24 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Garcia Hamilton ST Fixed Income Executive Summary as of December 31, 2024 Manager Performance Chart 6.0 3.0 0.0 -3.0 Manager Risk & Return 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 A Current Quarter Fiscal YTD Since Inception Year Manager Annualized Performance Current Fiscal 1 Inception Quarter YTD Year 4/1/2023 -0.91 -0.91 3.13 3.52 -0.09 -0.09 4.03 3.85 -0.82 -0.82 -0.90 -0.33 Garcia Hamilton- STI Fixed Income Bloomberg US Government 1-3Y Differences Historic Asset Growth -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 Garcial Hamilton ST Fixed Income Bloomberg US Government 1-3Y Current Fiscal 1 Inception Risk (Standard Deviation' %) Quarter YTD Year 4/1/2023 19,492 19,492 18,729 14,419 2,358 2,380 6,157 -8 -30 -50 102 471 778 -286 109 354 Garcia Hamilton ST Fixed Income Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics 2,358 -8 102 -286 90-Day T-Bills 21,658 21,658 21,658 21,658 Return Standard Beta Maximum Deviation 3.52 3.99 1.54 3.85 1.83 1.00 Up Down Alpha Sharpe 120.86 201.72 -2.30 -0.45 100.00 100.00 0.00 -0.86 Inception 04/01/2023 04/01/2023 Drawdown Capture Capture Ratio R-Squared Date Garcia Hamilton STI Fixed Income Bloomberg US Government 1-3Y -2.47 -0.85 0.50 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 25 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - Fixed Income Executive Summary as of December 31, 2024 Manager Performance Chart 6.0 3.0 0.0 -3.0 -6.0 Manager Risk & Return 2.2 2.1 2.0 1.9 1.8 1.7 Current Fiscal 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 02/01/2016 1.6 -1.60 -1.60 3.00 -0.17 0.86 1.69 1.66 -1.48 -1.48 -1.09 0.17 -0.06 -0.06 0.08 Current Fiscal 1 3 5 Quarter YTD Year Years Years Years 02/01/2016 21,955 21,955 20,880 26,730 23,571 20,540 16,933 14 14 53 -5,151 -2,813 -1,342 1,644 -14 -14 -53 -165 -290 -398 -475 175 175 737 1,974 2,941 4,066 5,049 -851 -851 -338 -2,109 -2,131 -1,587 -1,872 21,279 21,279 21,279 21,279 21,279 21,279 21,279 Garcia Hamilton Interm Fixed Income -3.08 -3.08 1.91 -0.01 0.79 1.63 1.74 BB US Intermediate Gov/Cr Differences Historic Asset Growth Garcia Hamilton Interm Fixed Income Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics 1.5 -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' %) Inception Garcia Hamilton Interm Fixed: Income BBI US Intermediate Gov/Cr 90-Day T-Bills Standard 4.26 3.44 Maximum -10.58 -11.32 Up Down Sharpe Inception Date 02/01/2016 02/01/2016 Return Deviation Beta Drawdown Capture Capture Alpha Ratio R-Squared Garcia Hamilton Interm Fixed Income BBI US Intermediate Gov/Cr 1.74 1.66 1.16 1.00 111.63 113.90 -0.16 -0.04 100.00 100.00 0.00 -0.08 0.88 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 26 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund UBS-I Private Real Estate Executive Summary as of December 31, 2024 Manager Performance Chart 18.0 12.0 6.0 0.0 -6.0 -12.0 Manager Risk & Return 10.5 9.0 7.5 6.0 4.5 3.0 1.5 0.0 -1.5 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2012 0.95 0.95 -1.60 -3.95 -0.23 0.49 2.91 4.45 -0.21 -0.21 -0.17 -1.62 -3.10 -3.49 -2.97 -2.81 UBS- Private Real Estate Differences Historic Asset Growth UBS Private Real Estate Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics NCREIFNFIODCE Value Weighted 1.16 1.16 -1.44 -2.33 2.87 3.99 5.87 7.25 -1.8 -0.9 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 Current Fiscal 1 3 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2012 -236 -236 -437 -437 -437 -437 -437 -437 -10 -10 -41 -118 -189 -282 -429 -518 47 47 172 559 933 1,377 1,729 1,729 -7 -249 -1,154 -980 -1,204 -493 362 4,135 4,135 4,135 4,135 4,135 4,135 4,135 4,135 Risk (Standard Deviation" %) Beginning Market Value 4,341 4,341 4,690 5,285 4,809 4,681 3,765 3,000 UBS- Private Real Estate 90-Day' T-Bills NCREIFNFI ODCE Value Weighted -7 Standard 5.68 5.90 Maximum -21.46 -18.74 Up Down Sharpe 0.52 0.94 Inception Date 08/01/2012 08/01/2012 Return Deviation Beta Drawdown Capture Capture Alpha Ratio R-Squared UBS- Private Real Estate NCREIF NFI ODCE Value Weighted 4.45 7.25 0.89 1.00 73.79 118.60 -1.85 100.00 100.00 0.00 0.85 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 27 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Mainstay - Global Infrastructure Executive Summary as of December 31, 2024 Manager Performance Chart 24.0 16.0 8.0 0.0 -8.0 -16.0 Current Quarter Manager Risk & Return 6.6 6.0 5.4 4.8 4.2 3.6 3.0 2.4 1.8 1.2 Fiscal YTD 3 Since Years Inception Year Manager Annualized Performance Current Fiscal 1 3 Since Inception Quarter YTD Year Years Inception Date -2.88 -2.88 -3.76 -2.38 -2.56 Current Fiscal 1 3 Since Inception Quarter YTD Year Years Inception Date 9,265 9,265 8,185 8,368 7,197 Mainstay Global Infrastructure -5.03 -5.03 7.51 1.59 2.89 05/01/2021 DJ Brookfield Gbl Infra Comp TR -2.15 -2.15 11.26 3.97 5.45 Differences Historic Asset Growth -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation' %) Mainstay Global Infrastructure Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics 05/01/2021 Mainstay Global Infrastructure 90-Day T-Bills DJ Brookfield Gbl Infra Comp TR 24 737 77 77 181 584 584 -543 -543 433 -178 281 8,799 8,799 8,799 8,799 8,799 Return Standard Beta Maximum Up Down Alpha Sharpe Inception Date 05/01/2021 05/01/2021 Deviation 17.03 15.92 Drawdown Capture Capture Ratio R-Squared 0.06 0.21 Mainstay Global Infrastructure DJ Brookfield Gbl Infra Comp TR 2.89 5.45 1.03 1.00 -17.68 -17.19 100.90 112.65 -2.47 100.00 100.00 0.93 1.00 0.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 28 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Compliance Checklist as ofDecember 31, 2024 GUIDELINES Concentration InCompliance Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Foreign Securities Concentration Limit CD Issuer Concentration Limit (Face Value + Accrued) Manager Concentration Maximum equity concentration in any one issuer (% of acct) Fixed Income Issuer Concentration (excl. US TreasurylAgency, MFS/ETFS) (% of Fixed Income) Concentration of Foreign Corporate or Foreign Government Fixed Income Securities Credit Rating Commercial Paper Rated Below A-1/P-1/F1 (1of3) Fixed Income Rated Below A-/A3 (1of3) Total Equity Allocation within specified range Large Cap Value Allocation within specified range Large Cap Growth Allocation within specified range Mid Cap Value. Allocation within specified range Mid Cap Growth Allocation within specified range International Value Allocation within specified range International Growth Allocation within specified range Fixed Income Allocation within specified range Total Alternatives within specified range Fund of Hedge Funds Allocation within specified range Infrastructure Allocation within specified range Private Real Estate Allocation within specified range Allocation Prohibited Investments Permitted Investments Is the portfolio compliant with the list of prohibited investments? Is the portfolio compliant with the list of permitted investments? The prices, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, Grays Cons from MorganStanley theaccuracy cannot be guaranteed. 29 Page Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as ofDecember 31, 2024 Allocation Market Value ($) Performance("o) 1 3 5 7 10 % Current Fiscal Since Inception Quarter YTD Year Years Years Years Years Inception Date Total Fund Total Fund (net) Policy Index Domestic Equity Cambiar Investors Inc Large Cap Value Cambiar Investors Inc Large Cap Value (net) Russell 1000 Value Vanguard Large Cap Growth ETF Vanguard Large Cap Growth ETF (net) Russell 1000 Growth Kennedy Mid Cap Value Kennedy Mid Cap Value (net) Russell Midcap Value MDT Advisers Mid Cap Growth MDT Advisers Mid Cap Growth (net) Russell Midcap Growth International Equity Renaissance International Growth Renaissance International Growth (net) MSCI ACWI Ex USA NR USD Fixed Income Garcia Hamilton STI Fixed Income Garcia Hamilton STI Fixed Income (net) Bloomberg US Government 1-3Y 175,947,794 100.00 -0.38 -0.38 11.28 3.56 7.98 7.73 7.36 6.98 04/01/2002 -0.48 -0.48 10.77 -0.12 -0.12 13.31 3.08 7.48 7.23 4.17 8.23 8.08 6.84 6.49 7.77 7.34 35,284,022 20.05 -0.11 -0.11 15.43 7.91 11.65 10.38 10.42 8.78 12/01/2005 -0.23 -0.23 14.86 7.36 11.09 -1.98 -1.98 14.37 9.82 9.86 8.23 8.49 7.93 5.63 8.68 8.41 38,620,417 21.95 7.22 7.22 N/A N/A N/A N/A N/A 7.22 7.22 N/A N/A N/A N/A N/A 7.07 7.07 N/A N/A N/A N/A N/A 7.22 10/01/2024 7.22 7.07 9.50 10.98 09/01/2013 8.62 10.10 8.10 9.61 15,696,862 8.92 -4.43 -4.43 6.03 5.13 10.70 5.36 4.37 3.88 9.13 9.90 8.33 8.59 7.72 -4.52 -4.52 -1.75 -1.75 13.07 10.16 10.16 32.78 8.14 8.14 22.10 16,082,208 9.14 10.31 10.31 33.83 9.30 17.05 15.78 14.21 12.71 08/01/2007 8.37 16.04 14.78 13.19 11.72 4.04 11.47 12.08 11.54 10.23 12,730,942 7.24 -5.87 -5.87 4.15 2.00 4.47 2.83 4.36 6.90 01/01/2009 3.47 1.35 3.82 2.18 3.71 6.24 0.82 4.10 3.53 4.80 6.67 -6.03 -6.03 -7.60 -7.60 5.54 21,658,202 12.31 -0.91 -0.91 3.13 N/A N/A N/A N/A 2.97 N/A N/A N/A N/A 4.03 N/A N/A N/A N/A 3.52 04/01/2023 3.35 3.85 -0.95 -0.95 -0.09 -0.09 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 30 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as ofDecember 31, 2024 Allocation Market Value % ($) Performance("o) 1 3 5 7 10 0.79 0.86 Current Fiscal Since Inception 1.74 02/01/2016 1.50 1.66 Quarter YTD Year Years Years Years Years Inception Date Garcia Hamilton Interm Fixed Income Garcia Hamilton Interm Fixed Income (net) BBI US Intermediate Gov/Cr Alternatives UBS Private Real Estate UBS Private Real Estate (net) NCREIF. NFI ODCE Value Weighted NCREIFNFI ODCE (Net) Bloomberg US Aggregate Mainstay Global Infrastructure Mainstay Global Infrastructure (net) DJ Brookfield Gbl Infra Comp TR Bloomberg US Aggregate Cash & Equivalents Non-Managed Account 90-Day T-Bills 21,279,221 12.09 -3.08 -3.08 1.91 -0.01 3.00 -0.17 1.63 N/A 1.69 N/A -3.14 -3.14 1.65 -0.25 0.55 1.38 N/A -1.60 -1.60 4,135,292 2.35 0.95 0.95 -1.60 -3.95 -0.23 0.70 0.70 -2.50 -4.71 -1.00 -0.33 1.16 1.16 -1.44 -2.33 0.96 0.96 -2.25 -3.13 -3.06 -3.06 0.49 2.91 1.96 3.45 2.87 3.99 5.87 7.25 1.35 1.42 4.45 08/01/2012 2.00 3.09 N/A N/A 1.25 -2.41 -0.33 0.97 8,799,085 5.00 -5.03 -5.03 7.51 1.59 N/A N/A N/A 1.59 N/A N/A N/A 3.97 N/A N/A N/A 2.89 05/01/2021 2.89 5.45 -5.03 -5.03 7.51 -2.15 -2.15 11.26 -3.06 -3.06 1.25 -2.41 N/A N/A N/A -1.68 1,615,907 0.92 1.25 1.25 1.23 1.23 3.94 3.17 5.45 4.05 1.95 2.01 1.48 1.09 07/01/2011 2.54 2.40 1.79 1.34 Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 31 Grays Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Asset Allocation & Net Dollar Weighted Performance (IRR) as of December 31, 2024 % 100.00 Current Quarter -0.46 Fiscal YTD -0.46 1 3 10.70 2.99 5 7 10 7.54 7.30 6.94 Since 6.88 Inception Date 03/15/2002 Year Years Years Years Years Inception Total Fund Domestic Equity Cambiar Investors Inc Large Cap Value Vanguard Large Cap Growth ETF Kennedy Mid Cap Value MDT Advisers Mid Cap Growth International Equity Renaissance International Growth Fixed Income Garcia Hamilton STI Fixed Income Garcia Hamilton Interm Fixed Income 20.05 21.95 8.92 9.14 -0.23 7.22 -9.95 6.33 -0.23 7.22 -9.95 6.33 14.94 6.76 11.26 10.01 10.00 N/A N/A N/A N/A N/A 28.04 6.22 15.74 14.49 12.84 8.64 7.22 10.16 12.53 03/31/2002 09/30/2024 08/31/2013 07/31/2007 -2.16 0.92 9.34 7.98 8.49 7.24 -6.03 -6.03 3.45 0.53 3.50 2.52 3.55 5.25 12/31/2008 12.31 12.09 -0.89 -3.14 -0.89 -3.14 2.85 N/A N/A N/A N/A 3.43 2.95 03/31/2023 03/31/2002 1.65 -0.43 0.44 1.32 1.39 Alternatives UBS Private Real Estate Mainstay Global Infrastructure 2.35 5.00 0.69 -5.03 0.69 -5.03 -2.57 -4.74 -1.01 -0.34 7.49 1.59 N/A N/A N/A 1.97 3.46 2.89 07/31/2012 04/30/2021 Thej prices, quotes, ors statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota Grays Consul from MorganStanley guarantee off future results. 32 Page Pertormance Appendix Perjormance Data below is net offees. Please. see the Morgan Stanley Smith Barney LLC Form. ADV Part 2. Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for afull disclosure of the applicable charges, fees and expenses. Your Financial. Advisor will provide those documents to) you upon request. 1 3 5 10 Since Inception Account Name QTD YTD Year Years Years Years Inception Date -0.23 14.86 14.86 7.36 11.09 9.86 7.47 03/29/2002 Cambiar Investors Inc Large Cap Value Garcia Hamilton Interm Fixed Income Garcia Hamilton STI Fixed Income Kennedy Mid Cap Value MDT Advisers Mid Cap Growth Mainstay Global Infrastructure Non-Managed Account Renaissance International Growth UBS Private Real Estate Vanguard Large Cap Growth ETF All perjormance above are Time Weighted(IWR) performance -3.14 1.65 1.65 -0.25 0.55 -0.95 2.97 2.97 10.16 32.78 32.78 -5.03 7.51 1.25 3.94 -6.03 3.47 3.47 7.22 1.46 3.00 03/29/2002 4.08 03/10/2023 -4.52 5.36 5.36 4.37 9.90 8.62 9.54 08/02/2013 8.37 16.04 13.19 11.57 07/05/2007 7.51 1.59 3.94 3.17 3.63 04/13/2021 6.29 12/29/2008 1.96 3.43 07/02/2012 15.45 09/06/2024 1.95 0.59 -1.58 07/01/2011 1.35 3.82 3.71 0.70 -2.50 -2.50 -4.71 -1.00 Information Disclosures Composites are the aggregate of multiple portfolios within an asset pool. Performance results are annualized: for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest andi income. The Investing involves market risk, including possible loss of principal. Growth investing does not guaranteea profit ore eliminate risk. The stocks oft these companies can have relatively high valuations. Because oft these securities are undervalued, and they may not appreciate as anticipated. Small and mid-capitalization companies. The securities ofs small capitalization companies may not trade as readily as, and bes subjectt to higher volatility than those ofl larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and creditr risks that are associated with the underlying bonds owned by the investment: results depicted herein represent historical pertormance. As a result ofi recent market activity, high valuations, ani investment ina growth stock can be morer risky than ani investment ina company with current performance may vary from the figures shown. Past performance is nota guarantee off future results. more modest growth expectations. Value investing involves the risk that the market may not recognize that Pleases see the Morgan Stanley Smith Barney LLCI Form ADV Part 21 Brochure for advisory accounts and/or companies may lack the financial resources, product diversification and competitive strengths ofl larger Benchmark indices and blends included int this material are fori informational purposes only, are provided funds. The return ofp principal in bond funds, andi ini funds with significant bond holdings, is not guaranteed. solely as a comparison tool: and may not reflect the underlying composition and/ori investment objective(s) International securities' prices may carry additional risks, including foreign economic, political, monetary associated with the account(s). Indices are unmanaged and not available for direct investment. Index returns and/or legal factors, changing currency exchange rates, foreign taxes and differences: in financial and Thej pertormance data shown reflects past pertormance, which does not guarantee future results. Investment emerging markets. Alternative investments, including private equity funds, reale estate funds, hedge funds, shown. For up to date month-end performancei information, please contact your Financial. Advisor or visit potential lack of diversification, absence and/or delay ofi information: regarding transferring valuations and pricing, inaf investing. Thej prospectus and, ifavailable the summary prospectus, contains this and other information that (MLPs) are limited partnerships or limited liability companies that aret taxed as partnerships and whose carefully. To obtain aj prospectus, please contact your Financial Advisor or visit the funds' company website. shares ofcommon stock. Currently, most MLPs operate int the energy, natural resources or real estate completeness is not guaranteed; that the report has been prepared for illustrative purposes only andi is not risk and exploration risk; and MLP interests in thei real estate sector ares subject to special risks, including intended tol be used as a substitute for account statements provided on a regular basis from Morgan Stanley interest rate and property value fluctuations, as well: as risks related to general and economic conditions. Smith] Barney LLC; that data in this report should be compared carefully with account statements to verify Because oft their narrow focus, MLPS maintain exposure toj price volatility of commodities and/or any applicable brokerage account trade confirmation statements fora a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor willj provide those documents to you uponi request. do not take into account fees or other charges. Such fees and charges would reduce performance. return andj principal will fluctuate sot that ani investor's shares when redeemed may be worth more or less than original cost. Please note, current pertormance may bel higher orl lower than the pertormance data Investors should carefully consider the fund'si investment objectives, risks, charges and expenses before should be read carefully before investing. Investors should review the information int the prospectus Thei information and data contained therein are from sources considered: reliable, but their accuracy and accounting standards. International investing may not be for everyone. These risks may be magnified in managed futures funds, and funds ofhedge funds, private equity, andi managed futures funds, are speculative and entails significant risks that cani include losses due tol investment practices, lack ofl liquidity, volatility of returns, restrictions leveraging on orlother interests fund, complex taxs structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel andj processes of the: advisor. Master Limited Partnerships interests (limited partnership units or limited liability company units): are traded ons securities exchanges like sectors. Investments inl MLP interests are subject tot the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion underlying assets and tend to bei more volatile than investments that diversify across manys sectors and companies. MLPs are also subject to additional risks includingi investors having limited control and rightst to vote on1 matters affecting the MLP, limited access to capital, cash flow risk, lack ofl liquidity, dilution risk, Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yleld-to-maturity ofa mortgage-backed security andj prepayment risk includes the possibility that a fund mayi invest thej proceeds at generally lower speculative the funds' company website. its accuracy; and that thel Firm strongly encourages clients to consult with their own accountants or other advisors with respect to any tax questions. This report is being provided asa courtesy. By providing this report, we dor not represent or agree that we will monitor thei investments iny your account(s) or deliver IfMorgan Stanley Smith] Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, "Morgan Stanley") provide" "investment: advice" as defined under the Employee Retirement. Income Security Act of 1974, as amended ("ERISA"),andor the Internal Revenue Code of 1986 (the "Code"), as applicable, regarding a retirement or welfare benefit plan account, an individual retirement: account ora Coverdell education savings account (collectively, "Retirement Account"), Morgan Stanley is "fiduciary" under ERISA and/or the Code. When! Morgan Stanley provides investment education (including historical performance and asset allocation models), takes orders on an a"fiduciary" under ERISA and/or the Code. For more information: regarding Morgan Stanley's role with respect to a Retirement. Account, please visit www. morganstanley. com/dlisclosuresldol. Taxl laws are complex and subject to change. Morgan Stanley does not provide tax orl legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing al Retirement. Account, and (b) future reports. conflict ofi interests, and limited call rights relatedt to acquisitions. interest rates. Tax managed funds may not meet their tax-efficient. objective of being Real estate investments are subject tos special risks, including interest rate and value fluctuations, property unsolicited basis or otherwise does not provide "investment advice", Morgan Stanley will not be considered as well: as risks related to general and economic conditions. High yield fixed income securities, alsol known as" "junk bonds", are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. bondholders i a timely manner. The credit ratings shown are based on security rating as providedby Standard &1 Poor's, Moody's and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities int the fund and not the fund itself, and the credit quality of the securities int the fund does not represent the stability or safety oft the fund. Crediti ratings shown range from. AAA, being the regarding any potential tax, ERISA and related consequences of any investments or other transactions made Credit quality isa ai measure ofab bondi issuer's creditworthiness, or ability to repay interest andp principal to with respect toal Retirement. Account. highest, tol D, beingt the lowest! based on S&P and] Fitch's classification (the equivalent of Aaa and C, respectively, by Moody(s). Ratings ofl BBB orl higher by S&P and Fitch (Baa or higher by Moody's)a are that a ranking ofl will: always mean highest value across all statistics. considered tol bei investment grade-quality securities. Iftwo or more oft the: agencies have assigned different Fore example, consider a risk/return assessment using standard deviation as a measure ofr risk. A percentile ratings toas security, the highest rating is applied. Securities that are not rated by all three agencies are listed ranking equalt tol 1 fori return denotes highest return, whereas aj percentile ranking ofl for standard deviation as "NR". Money Market Funds denotes highest risk among peers. Ina addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also held here, and are generally not covered by SIPC. Thei information provided to you: 1)isi included asa capital calls or distributions tot the extent applicable; 3) may noti reflect actual shares, share prices or values; 1)to the extent this report displays Alternativel Investment positions within al Morgan Stanley Individual isi registered pursuant to the Securities Acto of 1933, as amended, your Alternative Investment position(s)i is vehicles. Traditional: alternative: investment vehicles may include, but are not limitedt to, Hedge Funds, Fund but arei not limited to, Open or Closed End Mutual Funds, Exchange-Traded. and Closed-End: Funds, Unit Investment Trusts, exchange listed Reall Estate Investment Trusts (REITs), and Master Limited Partnerships (MLPs). These non-traditional: alternative strategy vehicles also seek alternative-like exposure but have significant differences from traditional: alternative investment vehicles. Non-traditional alternative strategy for bothl hedging and more speculative purposes such as short-selling, leverage, derivatives, and options, traditional markets, investment: strategy, and market sector exposure can play ai role in the classification ofa Traditional alternative investment vehicles are illiquid and usually arei noty valued daily. The estimated valuation provided will be as oft the most recent date available and will bei included: ins summaries ofy your assets. Such valuation may not be the most recent provided by the fund in which you: arei invested. No representation is made that the valuationi is a market value or that the interest could be liquidated at this value. We: are not required tot take any action with respect toy your investment unless validi instructions are received from you inat timely manner. Some positions reflected! herein may not represent interests int the withholding. Morgan Stanley does not engagei in ani independent valuation ofy your alternative investment assets. Morgan Stanley provides periodic information toy you including the market value ofa an alternative known ast the 75th percentile, and the median is the 50th percentile. You could lose money inl Money Market Funds. Although MMFs classified as government funds (i.e., funds (ie., MMFS open tor natural personi investors only)s seek top preserve value at $1.00 per share, they ifliquidity falls below required minimums. During suspensions, shares would not be available for the Federal Deposit Insurance Corporation or other government agency. MMFs that invest 99.5% oft total assets in cash and/or securities backed by the U.S government) and retail Your interests in Alternative Investments, which may have been purchased through us, are generally not cannot guarantee they will dos so. Thej price ofother MMFs will fluctuate and when you sell shares they may service toy you, valuations for certain products may not be available; 2)i is derived from you or another be worth more or less than originally paid. MMFS may impose a fee upon sale or temporarily suspend sales external source for which we are not responsible, and may have been modified tot take into consideration purchases, withdrawals, check writing or ATM debits. Al MMF investment: ist not insured or guaranteed by 4)r may include invested or distributed: amounts in addition toal fair value estimate; and: 5) should not be S&P: 500 to which additional securities are added tol helpt tilt the fund toward potentially outpertorming the Retirement. Account ("IRA"), such positions arel held by Morgan Stanley Smith Barneyl LLCast the market in ane effort to enhance overall investment: returns. Tilt strategies ares subject tos significant timing risk custodian ofy your Morgan Stanley IRA; and 2)ify your Alternative Investment position(s)i isl held by us and target allocations and/or manager selection that your may use to evaluate the pertormance ofy your account. Alternatives may be either traditional alternative investment vehicles or non-traditional. alternative strategy portfolio since the inception of your account, i.e., asset class and/or manager changes. However, ins some of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, circumstances, it may not be an appropriate benchmark for use with your specific account composition. For Real Estate Funds, and Managed] Futures Funds. Non-traditional: alternative strategy vehicles may include, relied uponf for tax reporting purposes. Notwithstanding the foregoing, "Alpha tilt strategies comprise a core holding ofs stocks that mimic a benchmark typei index such as the and could potentially expose investors to extended periods of underperformance." Custom Account Index: The Custom. Account Indexi is ani investment benchmark based ony your historical The Custom Account index does take into consideration certain changes that may have occurredi in your detailed report of thel historical composition of this blend please contact your Financial. Advisor. covered! by SIPC. Peer Groups Peer Groups are ac collection of similar investment strategies that essentially. group investment products that vehicles may behave like, have characteristics of, or employ various investment strategies and techniques illustrate a clients investment portiolio versus its peer across various quantitative metrics like pertormance which can increase volatility and the risk ofi investment loss. Characteristics such as correlation to share the same investment approach. Peer Groups are used for comparison purposes to compare and and risk. Peer Group comparison is conceptually another form ofbenchmark comparison whereby the actuali investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. tpywwwaimmetricicomsylepergowps Group Ranking Methodology 100r represents al low statistical value. traditional security being classified as alternative. The URL below provides allt the definitions and methodology about the various Peer Groups Peer Aj percentile rank denotes the value ofaj product in whicha a certain percent of observations fall withina aj peer fund, but rather redemption proceeds withheld by thei issuer pending final valuations which are nots subject group. Ther range of percentile rankings is between 1 and 100, where 1 represents a highs statistical value and tot the investment pertormance oft the fund and may orI may not accrue: interest for the length ofthe The 30th percentile, for example, ist the value in which 30% oft the highest observations may be found, the investment vehicle based on information: received from the management entity oft the alternative: investment Percentile rankings are calculated based on a normalized distribution: ranging from lto 1001 for allj products Traditional alternative investment vehicles often are speculative andi include: a high degree ofr risk.. ine each peer group, where a ranking ofl denotes al high statistical value anda a ranking of 100 denotes a low Investors should carefully review and consider potential risks before investing. Certain oft these risks may statistical value. Itisi important to note that the same ranking methodology applies to all statistics, implying include but arei not limitedt to: Loss ofa all or a substantial portion oft thei investment due tol leveraging, short- 65th percentile is the valuei in which 65% oft the highest observations may be found, and so on. vehicle or another service provider. selling, or other speculative practices;- Lack of liquidity int that there may be no secondary market fora fund;- Volatility: ofr returns;* Restrictions on transferring interests ina a fund;-1 Potential lack ofd diversification investors) and isi intended solely for the use oft the persons to whomi itl has been delivered. This materialis and resulting higher risk due to concentration oft trading authority when a single: advisor is utilized;* Absence ofi information regarding valuations andj pricing;" Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and- Risks associated with the operations, personnel, andj processes oft the manager. Asa diversified global financial services firm, Morgan Stanley Wealth Management engages in broad spectrum of activities including financial advisory services, investment: management activities, sponsoring and managing privatei investment funds, engaging in! broker- dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. Int the ordinary course ofits business, Morgan Stanley Wealth] Management therefore engages in activities where Morgan Stanley Wealth Management 's interests may conflict with the interests ofi its clients, including the private investment funds it manages. Morgan Stanley Wealth not for distribution to the general public. 020251 Morgan Stanley Smith Barney LLC. Member SIPC. Management can give no such fund. that conflicts ofi interest willl be resolvedi in favor ofi its clients or any Alternative investments involve complex taxs structures, tax inefficient investing, and delaysi 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 asl 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 ofN Morgan Stanley or any ofi its affiliates, (3) are not guaranteed by Morgan Stanley andi its affiliates, and (4) involve investment risks, including possible loss ofp principal. Morgan Stanley Smithl Barney LLCisa a registered broker-dealer, SIPC insurance does not apply toj precious metals, other commodities, ort traditional alternative investments. Indices are unmanaged and investors cannot directly invest in them. Composite index results ares shown for illustrative purposes and do not represent the performance ofa specific investment. Diversification does not assure aj profit or protect against loss inac declining market. Any pertormance or related information presented has not been adjusted to1 reflect thei impact of any the additional fees paidt toa a placement: agent! by ani investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee ofu up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee oft up to 2.5%), which wouldi result ina For most investment advisory clients, the program account willl be charged an asset-based wrap fee every quarter ("the Fee"). In general, thel Fee covers investment: advisory services and reporting. In addition tot the Fee, clients willj pay the fees and expenses of any funds in which their accounti is invested. Fund fees and expenses are charged directly tot thej pool of assets the fund invests in andi impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not bei included int the Fee As fees are deducted quarterly, the compounding effect will bet toi increase the impact oft the fees by an amount directly related to the gross account performance.. For example, for an account with an initial value ofS100,000: and la2.5%2 annual fee, ifthe gross performancei is 5%j per year over a three year period, the compounding effect oft the fees will result ina a net annual compound rate ofreturn of approximately. 2.40% per year overat three year period, and thet total value of the client's portfolio att the end oft 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 LLCI Form. ADVI Part 2A for more information includinga description oft the fee schedule. Itis available at phtNyRADV or from your Financial Graystone Consulting is a business of! Morgan Stanley Smith Barney LLC. ("Morgan Stanley")This material is not tol be reproduced or distributed to any other persons (other than professional advisors of the not a bank substantiali reduction int the returns if such fees were incorporated. amount in the account statements Advisor/Private> Wealth Advisor. Graystone Consulting from! MorganStanley Tamarac Firefighters' Pension Trust Fund Quarterly Performance Report As ofDecember 31,2024 Scott Owens, CFAe, CIMAe Managing Director Wealth Management Institutional Consulting Director Impact Investing Director Alternative Investment Director Sat0aesensypabre.com (813)227-2027 Theodore J. (TJ) Loew, CFAe Institutional Consultant Theodore.Loew@msgraystone.com (813)227-2088 WEALTH MANAGEMENT MorganStanley US Inflation Metrics Consumer Price Indicesi Year-over-Year Percent Change as of November 2024 Inflation Expectations? Monthly data as of November 2024 15% 13% 11% 9% 7% 5% 3% 1% -1% -3% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% Headline CPI (Alll Items)! Core CPI (All Items Less Food & Energy)? Core CPI Average since 1960 Core CPI Average since 1990 2.50% 2.35% 2.27 3-7%6 3-39 2.69 2.79 10-Yrinflation! Expectations 5-Yrinflation Expectations 2-Yrl Inflation Expectations 9604965.19/049754990198549991995 2000 2005 2010 2015 2020 MPPPVAPY Source: Bureau ofLabor Statistics, Haver, FactSet, Morgan Stanley' Wealth Management GIO. (1) Headline CPI measures inflation thati is not adjusted fort fooda ande energy prices; core CPIe Past performance is no guarantee off future results. Estimates off future performance arel based on assumptions that may not ber realized. This materiali is nota a solicitation of any offer to! buy ors sell any seq ande energy prices. (2) Defined as Breakeven rate, whichi ist the difference in yield between inflation-protected: andr nominal debt oft the same maturity. financial instrument ort top participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end ofthis material. Graystone Consulting from MorganStanley PageWZALTHI MANAGEMENT GLOBAL INVESTMENT CHARTBOOK I INFLATION OFFICEI WEALTH MANAGEMENT MorganStanley Drivers of Inflation Inflation is typically driven by an increase in associated production costs (push) and/or the demand for goods and services (pull). Commodity and Raw Material Prices Bloomberg Commodity data as of November 30, 2024, and CPI data as of November 30, 2024 Wages Personal Income Monthly Data as of October 31, 2024, and Headline CPI data as of November 30, 2024 US Personal Income YoY%6 Oct24:5-39 240 190 140 Bloomberg Commodity Index Nov: 24: 98.1 Headline CPIYOY96lndex 15 Nov: 24: 2.796 40 30 20 10 Headline CPIYOY% 10 Nov24:2.79 12 9 -10 -20 40 US Dollar -3 1980 1986 1992 1998 2004 2010 2016 2022 1999 2002 2005 2008 2011 2014 2017 2020 2023 M2 data as of October 31, 2024, and Inflation Expectations dataas Money Supply of November 30, 2024 29 24 19 14 9 USD Spot Monthly Data as of November 30, 2024, and Headline CPI Monthly Data as ofl November 30, 2024 180 160 140 120 100 80 60 40 USD Spot Price Index Nov: 24: 105.7 Headline CPIYOY96 15 Nov2 24: 2.796 M2%YOY INDEX Oct24: 3-196 Nov:24: 4-996) 8.5 7-5 6.5 5-5 4 3. 13 11 9 w Inflation Expectations (4 month Rolling) -3 -6 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1988 1993 1998 2003 2008 2013 2018 2023 Source: Bloomberg, Morgan Stanley' Wealth Management GIO. M2 isa a measure of ther money supply thati includes all elements of M1 as well as' "near money." M1 includes cash and checkin Past performance IS no guarantee offuturer results. Estimates off future performance: arel based ona assumptions that may not ber realized. This materiali is not a solicitation ofa any offer tol buy ors sell any seq while near money refers tos savings deposits, money market securities, mutual funds and other time deposits. financial instrument ort top participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end ofthis material. Graystone Consulting from MorganStanley Page"3ALTHI MANAGEMENT GLOBAL INVESTMENT CHARTBOOK I INFLATION OFFICEI WEALTH MANAGEMENT MorganStanley CPI and the Fed-Preferred PCE Measure Different Things Differences Between Core CPland PCE Data through October 2024 for PCE and through November 2024 for CPI The CPI& PCE weight difference between Housing, Transportation, and Health Carei is Core CPIWeights significant: Housing: 30% A Transportation: 12% A Medical Care: 7% A Core PCEWeights 15% 7% 8%6 3% 48% 179 5296 16% 18% 10% Housing Transportation Recreation - Medical care - Apparel Otherg goods ands services Housing Transportation Recreation Medical care A Apparel Othergoods: ands services CPI data is based on what households are buying for out-of- pocket expenditures on goods and services PCE data is based on what businesses are sellin Source: Bureau ofE Economic Analysis, US Bureau ofLabor Statistics, Morgan Stanley' Wealth Management GIO Past performance is no guarantee off future results. Estimates off future performance arel based on assumptions that may not ber realized. This materiali is not a solicitation of any offer tol buy ors sell anys seq financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end ofthis material. Grays from Consu MorganStanley PagéN4ALTHI MANAGEMENT GLOBAL INVESTMENT OFFICE! CHARTBOOK I INFLATION WEALTH MANAGEMENT MorganStanley Core CPI VS. Core PCE CPI Has Been Higherthan PCE for Most oft the Last Decade CPI Datai through November 30, 2024, PCE Datat through October 31, 2024 Core CPI 2.2 1.8 4-5 Core PCE 1.9 1.6 4.0 2000-2008 2009-2020 2021+ 7-5% 6.5% 5-5% 4-5% 3-5% 2.5% V 1.5% 0.5% 2.8% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Core CPIYOY Core PCEYOY CPIAverage 'oo-'o8 eCPIAverage '09-'20 1 -PCE Average 'oo-'08+- -*PCE. Average '09-'20 Source: Bloomberg, Morgan Stanley' Wealth Management GIO Past performancei is no guarantee off future results. Estimates off future performance are based on assumptions that may not ber realized. This materiali lis not a solicitation of any offer tol buy ors sell anys seq financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end ofthis material. Grays from Cons MorganStanley Page"SALTHI MANAGEMENT GLOBAL INVESTMENT OFFICEI CHARTBOOK I INFLATION WEALTH MANAGEMENT MorganStanley US Treasury Yield Curves USTreasuryyield Curves Comparing 2022, 2023, and Currently AsofDecember 31, 2024 6% -December; 30, 202: December29, 202 - -December 31, 2024 6% 5.2% 5% 4.894 4.8% 4-79 5% 4.496 4-3% 4-996 4.6% 4-49 5%0 4.2904.19 4.0964.096 4% 4.1% 4.09 4.096 4.09 3.89 3-9% 3-9% 3-996 4% 3% S Source: Bloomberg, Morgan Stanley Wealth Management GIO Past performance is no guarantee of future results. Estimates offuture performance are based on assumptions that may not ber realized. This material is not a solicitation ofa any offer tol buy or sell anys seq financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end oft this material. Graystone Consulting from MorganStanley Page6ALTH MANAGEMENT GLOBAL INVESTMENT OFFICE! CHARTBOOK I MONTHLYI MARKETS LIBRARY WEALTH MANAGEMENT MorganStanley GlobalYield Differentials 10-Year Government BondYields AsofDecember 6, 2024 10-Year Government BondYield Differentials As of December 6,2024 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% 4-5% 4.0% 3-5% 3.0% 2.5% 2.0% 1.90% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 4.15% 2.11% 1.95961.9596 1.05% MA 0.29% -0.37% Japan 1990 1995 2000 2005 2010 2015 2020 US Germany R Real Nominal China 10-YearusT- Bund Yield Differential 10-Year UST-JGB' Yield Differential Source: Bloomberg, Morgan Stanley' Wealth! Management GIO. Note: Real yieldsf fort the US, Germany, and. Japani ist the respective 10-year inflation-linked bond. Chinai ist the nominal yield minus the Past performance is no guarantee off future results. Estimates offuture performance are based on assumptions that may not ber realized. This material is not a solicitation ofa any offert tol buy or sell any seq annual CPli inflation rate. financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end oft this material. Graystone Consulting from MorganStanley PageWzALTH MANAGEMENT GLOBAL INVESTMENT OFFICEI CHARTBOOK I MONTHLYI MARKETS LIBRARY WEALTH MANAGEMENT MorganStanley US Dollar and Other Major Currencies Trade-Weighted Currency Indices Indexed as of December3 31, 2013 As of January 041 2025 140 130 120 110 100 M 90 80 70 Dec'13 Aug' '14 Apr'15 Dec'15 Aug '16 Apr'17 Dec'17 Aug' '18 Apr'19 Dec'19 Aug '20 Apr'21 Dec'21 Aug' '22 Apr'23 Dec'23 Au -USDollar Euro -Yen Renminbi Source: Bloomberg, Morgan Stanley Wealth Management GIO Past performance is no guarantee off future results. Estimatesoffuture performance are based on assumptions that may not ber realized. This material is not a solicitation ofa any offer tol buy or sell anys seq financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end oft this material. Grays Consu from MorganStanley MANAGEMENT GLOBAL INVESTMENT CHARTBOOK MONTHLYI MARKETS LIBRARY I Page'gALTH OFFICEI WEALTH MANAGEMENT MorganStanley Near-Term Drivers US Stocks Valuation Metrics S&P 500 Forward P/E Ratio As of November 30, 2024 26 Price-to-Sales of S&P 500 As of November30,2024, 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 1995 22.2 Std.Dev--- 18 Average Ww 1StdDev age 16.6 AH 10 1995 2001 2007 2012 2018 2024 2001 2007 2012 2018 202 Source: Bloomberg, FactSet, Morgan Stanley Wealth Management GIO. Standard deviation volatility5sameasure oft the dispersion ofaset ofc datai fromi itsr mean. financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att the end oft this material. Past performance isnog guarantee off future results. Estimates off future performance are! based on assumptions that may not ber realized. This material is not a solicitation ofa any offer tol buy or sell anys seq Grays Cons from MorganStanley MANAGEMENT GLOBAL INVESTMENT CHARTBOOK MONTHLYI MARKETS LIBRARY I PageIgALTH OFFICE! WEALTH MANAGEMENT MorganStanley Earnings Growth and Revisions Global Earnings Revisions Breadthi 3-Month Average as of November30,2024, Expected EPS Growth As of November 30, 2024 20% 16% 12% 8% 490 0% -4%6 -8% -12% -16% -20% -24%6 -28% Forward EPS Growth 14.4% Regional Index MSCIUSA MSCIE Emerging Markets 14-5% MSCIAII Country World 12.1% MSCIAsia ex Japan 12.3% MSCIEurope 7.4% 0 8 a o S&P 500 3M Avg MSCI Japan 3M Avg > 00 -MSCIEurope: 3M Avg MSCI EM 3M Avg MSCIJapan 8.5% Source: FactSet, Morgan Stanley Wealth! Management GIO. Indices used: MSCIL USA for US, MSCIE Europe for Europe, MSCI Japanf for. Japan,! MSCIE Emerging Markets for Emerging Markets, MSCI Asia ex. Japanf Japan. (1)Earnings revisions breadthis defined ast the number of positive analyst revisions minus the number ofr negative analyst revisions divided by thet total number ofr revisions. Past performance is no guarantee off future results. Estimates offuture performance are! based on assumptions that may not ber realized. This material is not a solicitation ofa any offert tol buy or sell anys seq financial instrument ort to participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end oft this material. Grays Consulting from MorganStanley PagewTOLT LTH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MONTHLYI MARKETS LIBRARY WEALTH MANAGEMENT MorganStanley US Equity Performance VS. Earnings Performance S&P 500 IndexL Level VS. Bottom-Up Forward S&P 500 Operating Earnings Weekly S&P 500 Price and Operating Earnings as of January3, 2025 Jans 3, 2025 Fwd. P/E =21.9x S&P 500 Index Price S&P 500 Bottom-up Forward EPS Dec31,2021 Fwd.P/E=21.5x 5,942 4,766 6,100 5,700 5,300 4,900 4,500 4,100 3,700 3,300 & 2,900 2,500 2,100 1,700 Jan7,1994 Fwd.P/E-15.2x 1,300 470 900 500 100 300 Feb14, 2020 Fwd. P/E= 19.2x 3,380 250 200 150 Oct5,2007 Fwd. P/E=15.1x 1,558 Mar24, 2000 Fwd. P/E=25.ox 1,527 May/22,2020 Fwd. P/E=21.5x 2,955 100 50 Mar6, 2009 Fwd. P/E=10.4x 683 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: Bloomberg and Morgan Stanley Wealth Management GIO. Stocks Overvalued: = equity pertormance outpaces earnings performance. Stocks Undervalued = earnings performance outpaces equity perforr Past performance is no guarantee off future results. Estimates off future performance are! based on assumptions that may not ber realized. This material is not a solicitation ofa any offert tol buy or sell anys seq Fairly Valued: stock performance: and earnings performance: arei inl line with one another. PageMPALTH! MANAGEMENT GLOBAL INVESTMENT OFFICE! CHARTBOOK I MONTHLYI MARKETS LIBRARY financial instrument ort top participate ina any trading strategy- Please refert to important information, disclosures and qualifications att thee end oft this material. Grays from Consu MorganStanley WEALTH MANAGEMENT MorganStanley Morgan StanleyWealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer ini the United States. The sole purpose oft this materiali ist toi inform, andi iti inr noy wayi is intendedi tol be and offer or solicitation1 to purchase ors sell any security, otheri investment ors service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Any product discussedl herein may be purchased only after a client has carefully reviewed the offering memorandum and executedi the subscription documents. Morgan Stanley' Wealth Management has not considered the actual or desiredi investment objectives, goals, strategies, guidelines, orf factual circumstances ofa anyi investori in anyf fund(s). Before making anyi investment, eachi investor should carefully consider the risks associated with the investment, as discussed int the applicable offering memorandum, andi make a determination based upont their own particular circumstances, that the investment is consistent with their investment objectives andr risk tolerance. Morgan Stanley Smith Barney! LLC offers investment program services through avariety ofi investment programs, whicha are opened pursuant to written client agreements. Eachp program offersi investment managers, funds andi features that Morgan Stanley's investment advisory programs may require a minimum asset levela and, depending on your specifici investment objectives andi financial position, may not be appropriate for you. Please seet thel Morgan Stanley SmithE Barney! LLCprogram disclosure brochure (the' "Morgan Stanley ADV")f for more information int the investment advisory programs available. The Morgan Stanley Sources of Data. Information int this material int this report has been obtained froms sources that we believet to be reliable, but we do not guarantee its accuracy, completeness ort timeliness. Third-party data providers make no warranties or representations relating tot the accuracy, completeness ort timeliness of the data they provide and are not liable for any damages relating tot this data. All opinions includedi int this material constitute the Firm'sj judgment as oft the date oft this material and ares subject to change without notice. This material was notp prepared by the research departments of Morgan Global Investment Manager Analysis (GIMA) Focus List, Approved List and1 Tactical Opportunities List; Watch Policy. GIMA uses two methods to evaluate investment products in applicable advisory programs: Focus (andi investment products meeting this standard are described as being on the Focus List) and Approved (andi investment products meeting this standard are described as being ont the Approved List). In general, Focuse entails a moret thorough evaluation of ani investment product than Approved. Sometimes ani investment product may be evaluated using the Focus List process but then placed on the Approved Listi instead oft the Focus List. Investment products may move from the Focus List tot the Approved List, or vice versa. GIMA may also determine that an investment product no longer meets the criteria under either process and willr no longer be recommendedi ini investment advisory programs (in which case the investment producti is given a "Not Approved" status). GIMAI has a 'Watch" policya and may describe a Focusl List or Approved Listi investment product as being on "Watch" ifGIMA identifies specific areas that (a)r merit further evaluation by GIMA and (b) may, but are not certain to, result int the investment product becoming "Not Approved." "The Watch period depends ont the length oft time needed for GIMA1 to conduct its evaluation andi for the investment manager or fund to address any concerns. Certaini investment products on either the Focusl List or Approved List maya also be recommended for the Tactical Opportunities List basedi in part ont tactical opportunities existing at a given time. The investment products ont the Tactical Opportunities List change over time. For more information ont the Focusl 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 The Global Investment Committee is a group of seasoned investment professionals who meet regularly to discuss the globale economy andr markets. The committee determines thei investment outlook that guides our advicet to clients. They continually monitor developing economic andi market conditions, review tactical outlooks and recommend model portfolio weightings, as wella as The GICA Asset. Allocation Models are not available tol be directly implemented as part of ani investment advisory service ands should not be regarded as a recommendation of any Morgan Stanley investment advisory service. The GIC Asset Allocation Models do not represent actualt trading or anyt type of account or any type ofi investment: strategies andr none oft thet fees or other expenses (e.g. commissions, mark-ups, mark- -downs, advisory fees, fund expenses) associated with actualt trading or accounts are reflectedi int the GIC Asset Allocation Models which, when compounded over a period Adverse Active AlphaSM: 2.0 isap patented screening and scoring process designed tol helpi identify high-quality equity and fixed income managers with characteristics that may! leadt to future outperformance relative toi index and peers. While highly rankedi managers performed wella as a group in our Adverse. Active Alpha model back tests, not all oft the managers) will outperform. Please note that this data may be derivedi from back-testing, which! hast thel benefit of hindsight. Ina addition, highly ranked managers can have differing risk profilesthat might not be appropriatet for alli investors. Our view ist that Adverse. Active. Alphai is a good starting point ands should be used in conjunction with otheri information. Morgan StanleyWealthi Managementsqualitatwe and quantitative investment are not available inc other programs; conversely, some investment managers, funds or investment strategies may be available ini more than one program. ADVi is available aty mogmnaPesOIAPV Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Some! historical figures may! be revised duet tor newly identified programs, firmr restatements, etc. can also provide upon request a copy ofap publication entitled' "Manager Selection Process." produceasuite ofs strategy, analysis, commentary, portfolio positioning suggestions and other reports and! broadcasts. ofyears, would decrease returns. Graystone Consulting from MorganStanley DISCLOSURES 12 Page WEALTH MANAGEMENT MorganStanley manager due diligence process are equally important factors fori investors when considering managers for use through an investment advisory program. Factors including, but not limited to, manager turnovera 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 The proprietary Value Score methodology considers ana active investment strategies' value proposition relative toi its costs. From al historical quantitative study of several quantitative markers, Value Score measures perceived forward-looking! benefit and computes (1)' "fair value" expense ratiosf for most traditional investment managers across 40 categories and (2) managers' perceived' "excess value" by comparing thef fair value expense ratios to actuale expense ratios. Managers are then ranked withine each category by theire excess value to assign aValue Score. Our analysis suggests that For more information ont the ranking models, please see Adverse Active AlphaSM: 2.0: Scoring Active Managers According to Potential Alpha andValue Score: Scoring Fee Efficiency by Comparing Managers" "Fair Value" and/ Actual Expense Ratios. The whitepapers are available fromy your Financial. Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA isar registered service mark of Additionally, highlyr ranked managers can have differing risk profiles that might not be appropriate for alli investors. For more information on AAA, please see the Adverse Active Alpha Ranking Model and Selecting Managers with Adverse Active Alpha whitepapers. The whitepaper are available fromy your Financial Advisor or Private Wealth Advisor. ADVERSE. ACTIVE. ALPHAI isar registered: service The Global Investment Manager Analysis (GIMA): Services Only Apply to Certain Investment. Advisory Programs GIMA evaluates certain investment products for the purposes of some- - but not all - ofI Morgan Stanley Smith Barney! LLC'si investment advisory programs (as described in more detaili int the applicable Form ADVI Disclosure Document for Morgan Stanley' Wealth Management). Ify you do not invest through one oft these investment advisory programs, Morgan StanleyWealth! Managementi is not obligated to provide you notice of any GIMA Status changes even thoughi it may give Strategy May Be Available as a Separately Managed. Account or Mutual Fund Strategies are sometimes available in! Morgan Stanley' Wealth Management investment advisory programs bothi int the form ofas separately managed account ("SMA") and a mutualf fund. These may have different expenses and investment minimums. Your Financial. Advisor or Private Wealth Advisor can provide more information ony whether any particular strategy is availablei in more than one formi ina ap particular investment advisory program. Generally, investment advisory accounts are subject to an annual asset- -based fee (the' "Fee")v whichi is payable monthly in advance (some account types may be billed differently). In general, the Fee covers Morgan Stanley investment advisory services, custody of Ina addition, eacha account that isi invested in a program thati is eligible to purchase certain investment products, sucha as mutual funds, willa also pay aF Platform Fee (whichi iss subject toa al Platform Fee Ify your accounti isi investedi inr mutual funds or exchanget traded funds (collectively "funds"), you willp payt the fees ande expenses of any fundsi iny which your accounti isi invested. Fees and expenses are charged directly tot the pool of assets the fundi invests ina anda are reflected ine eachf fund's share price. These fees and expenses are an additional cost to you and wouldr not bei includedi int theF Fee amount iny your accounts statements. The advisory programy you choose is described in the applicable Morgan Stanley Smith Barney LLCADVBrochure, available at magamsaneyomAD. Morgan Stanley or Executing! Sub-Managers, as applicable, ins some of Morgan Stanley's Separately Managed Account ("SMA) programs may effect transactions through broker- dealers other than Morgan! Stanley or our affiliates. Ins suchi instances, you may be assessed additional costs by the othert firmi in addition tot the Morgan Stanley and Sub- Manager fees. Those costs willl bei includedi int the net price oft the security, not separately reported ont trade confirmations or account statements. Certain Sub-Managersh have! historically directedi most, ifr not all, oftheirt trades to outside firms. Information provided by Sub-Managers concerningt trade execution awayf from! Morgan Stanleyi is summarized at: mm-mgamsanlky.mhasatnstsessssataNsugmstFe. more information on trading and costs, please refer tot the ADVI Brochure for your program(s), available aty mopansaneyomap. or contact your Financial Advisor Privatel Wealth Advisor. Conflicts of Interest: GIMA's goali ist to provide professional, objective evaluations in support of the Morgan StanleyWealth Management investment advisory programs. We have policies and procedurest to help US meett this goal. However, our business iss subject to various conflicts ofi interest. Fore example, ideas ands suggestions for which investment products should be evaluated by GIMA come froma a variety of sources, including our Morgan! StanleyV Wealth! Management Financial Advisors and their direct ori indirect managers, and other business persons within Morgan StanleyWealth Management ori its affiliates. Such persons may have an ongoing business relationship with certain investment managers or mutualf fund companies whereby they, Morgan Stanley Wealth appropriate for alli investors. greater levels ofe excess value have historically corresponded to attractive: subsequent performance. Morgan Stanley and/ori its affliates. U.S. Pat. No. 8,756,098 applies tot the Adverse. Active Alpha system and/or methodology. mark of Morgan Stanley and/or its affiliates. U.S. Pat. No. 8,756,098 applies tot the Adverse Active Alpha system and/or methodology. notice to clients in other programs. securities with Morgan Stanley, trade execution with ort through Morgan Stanley or its affiliates, as well as compensationt to any! Morgan! Stanley Financial Advisor. offset) as described in the applicable ADVI brochure. Accountsi investedi int the! Select UMA program may also pay a separate! Sub-Manager fee, ifapplicable. Graystone Consulting from MorganStanley DISCLOSURES 13 Page WEALTH MANAGEMENT MorganStanley Management ori its affliates receive compensationt from, or otherwise relatedt to, those investment managers or mutual funds. Fore example, a Financial Advisor may suggest that GIMA evaluates an investment manager ori fundi in whichap portion of his or her clients' assets are alreadyi invested. While sucha a recommendation is permissible, GIMAI isr responsible for the opinions expressed by GIMA. Separately, certain strategies managed or sub-advised! by US or our affiliates, including but not limited1 tol MSIM and EatonVance Management ("EVM") and its investment affiliates, may be includedi in your account. Seet the conflicts of interest section int the applicable Form ADVI Disclosure Document for Morgan Stanley) Wealth Management: for a discussion of othert types of conflicts that may! be relevant to GIMA's evaluation of managers andi funds. In addition, Morgan Stanley! Wealth Management, MS&Co., managers andt their affiliates provide av variety of services (includingi research, brokerage, asset management, trading, lending andi investment banking services) fore each other and for various clients, includingi issuers ofs securities that may be recommended for purchase ors sale by Morgan Stanley Wealth! Management, managers, MS& Co., andi theira affiliates receive compensation. andi feesi in connection witht these services. Morgan Stanley' Wealth Management believes that the Morgan Stanley charges eachi fund family we offerar mutuali fund support fee, also calleda a' "revenue-sharing! payment," on client account holdings inf fund families according to at tiered rate that Consider Your Own Investment Needs: The model portfolios and strategies discussed ini ther material are formulated based on general client characteristics including risk tolerance. This material is not intended tol be an analysis of whether particular investments or strategies are appropriate fory you ora arecommendation, or an offert to participate in anyi investment. Therefore, clients shouldr not use this material as the sole basis fori investment decisions. They should consider all relevant information, including their existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon. Suchac determination may leadt to asset allocation results that are materially different from the asset allocation: showni int this profile. Talkt toy your Financial. Advisor about what No obligation to notify - Morgan Stanleyl Wealth! Management has no obligationt to notify) youv whent ther model portfolios, strategies, or any otheri information, in thisr material changes. Fori index, indicator and survey definitions referenced int this report please visit thef following: https/w.morganstaney/comweathinvestmentolptonsshwmirdehnitons The Morgan! Stanley Pathway Funds, Firm Discretionary! UMAI Model Portfolios, and other asset allocation or any other model portfolios discussed int this material are available onlyt toi investors participating in Morgan! Stanley Consulting Group advisory programs. For additional information ont the Morgan Stanley Consulting Group advisory programs, see the applicable ADVE brochure, available aty mmogansaneycomADA ori fromy your Morgan Stanley Financial. Advisor or Private Wealth Advisor. Tol learn more about the Morgan! Stanley Pathway Funds, visit the Funds' website Morgan! Stanley Pathway Program Asset Allocation Models There are model portfolios corresponding: toi fiver risk- tolerance levels available ini the Pathway program. Model 1 ist the least aggressive portfolio and consists mostly of bonds. Ast the model numbers increase, ther models have higher allocations to equities and become more aggressive. Pathwayi isar mutualf fund asset allocation program. Inc constructing the Pathway Program Model Portfolios, Morgan Stanley Wealth! Management uses, among other things, modela asset allocations produced by! Morgan Wealth! Management's Global Investment Committee (the' "GIC"). The Pathway Program Model Portfolios ares specific tot the Pathway program (based on program features and parameters, and any other requirements ofl Morgan StanleyWealth Management's Consulting Group). The Pathway Program Model Portfolios may therefore differi ins some respects from model portfolios available in other MorganstanleyWeath Thet type of mutual funds and ETFS discussed int this presentation utilizes nontraditional or complex investment strategies and lor derivatives. Examples of these types oft fundsi include those that utilize one orr more oft the below notedi investment strategies or categories or which seek exposure tot the following markets: (1)commodities (e. 9., agricultural, energy and metals), currency, precious metals; (2)managedf futures; (3)! leveraged, inverse or inverse leveraged; (4) bear market, hedging, long- -short equity, market neutral; (5) real estate; (6) volatility (seeking exposure tot the CBOE VIXI Index). Investors should keepi in mind that while mutual funds and ETFsr may, at times, utilizer nontraditional investment options and strategies, they should not be equated with unregistered privatelyo offered alternative investments. Because of regulatory limitations, mutuali funds and ETFS that seek alternative- -like investment exposure must utilize a more limitedi investment universe. As a result, investment returns andp portfolio characteristics of alternative mutuali funds and ETFS may vary from traditional hedge funds pursuing similar investment objectives. Moreover, traditional hedge funds have limited liquidity withl long' "lock-up" periods allowing them to pursue investment strategies without! having tot factori int ther need to meet client redemptions and ETFS trade on an exchange. Ont the other hand, mutuali fundst typically must meet daily clientr redemptions. This differing liquidity profile can have a material impact on thei investment returns generated bya a mutual fund or ETF pursuing clients ora are otherwise heldi in client accounts, andi managers in various advisory programs. nature and range of clients to which: suchs services are renderedi is sucht that it would be inadvisable toe exclude categorically: all oft these companies from an account. increases along witht the management fee oft thet fund so1 that lower management fee funds payl lower rates thant those with higher management fees. would be an appropriate asset allocation for you, whether Morgan Stanley Pathway Funds is an appropriate programi for you. at tps/waw.moganstantey.comasathmesainvestmentsolwtonscgem. Consulting Groupi is al business of Morgan Stanley. Management programs ori from asset allocation models published byt the Global Investment Committee. an alternative investing strategy compared witha at traditional hedge fund pursuing the same strategy. Graystone Consulting from MorganStanley DISCLOSURES 14 Page WEALTH MANAGEMENT MorganStanley Nontraditional investment options and strategies are often employed bya a portfolio managert tot further af fund's investment objective andi tol help offset market risks. However, these features may be complex, making itr more difficult to understand thet fund's essential characteristics. and risks, and howi it will performi in different market environments and over various periods oft time. They may also expose thet fundt toi increased volatility and unanticipated risks particularly when usedi in complex combinations and/or accompanied byt the use of borrowing or' "leverage." Please consider thei investment objectives, risks, fees, and charges and expenses of mutual funds, ETFS, closed end funds, uniti investment trusts, and variablei insurance products carefully beforei investing. The prospectus contains this and otheri information about eachf fund. To obtain a prospectus, contact your Financial Advisor or Privatel Wealth. Advisor or visit the Morgan Money Market Funds: You could lose money in money market funds. Although money market funds classified as government funds (.e., money market funds thati invest 99-5960 oft total assets in cash and/or securities backed byt the U.S government): and retail funds (i.e., money marketf funds opent to natural personi investors only)s seekt to preserve value at $1.00 per share, they cannot guarantee they willo dos SO. The price of other money market funds willi fluctuate and wheny yous sells shares they may be worth more orl less than originally paid. Money market fundsr may impose af fee upon sale or temporarily: suspend sales ifl liquidity falls below required minimums. During suspensions, shares wouldr not! be available for purchases, withdrawals, check writing or ATM debits. Ar money market fund investment is noti insured or guaranteed by the Federal Deposit Insurance Corporation or other government: agency. Thel Fund's sponsor has no legal obligation1 to provide financial supportt tot the Fund, Investors should carefully consider thei investment objectives, risks, charges and expenses ofa a money market fund before investing. The prospectus contains this and otheri information about the money marketi fund. To obtain a prospectus, contact your Financial Advisor or visit the money marketi fund company's website. Please read the prospectus carefully beforei investing. Exchange Funds are private placement vehicles that enable holders of concentrated: single- -stock positions to exchange those stocks for a diversified portfolio. Investors may benefit from greater diversification bye exchanging a concentrated: stock position for funds shares without triggering at taxable event. These funds are available onlyt to qualified investors andr may only! be offered! byF Financial Stanley website aty wwwemogenstaneyzcom Please readi it carefully beforei investing. andy yous shouldr note expectt that the sponsor will provide financial supportt tot the Fund ata any time. Advisors who are qualified to sell alternative investments. Beforei investing, investors should considert thef following: Dividends are pooled Investors may forfeitt their stock voting rights Investment may! bei illiquid for several years Investments may be leveraged or contain derivatives Significant earlyr redemption fees mayapply Investment risk and potential loss of principal KEY ASSETCLASS CONSIDERATIONS AND OTHER RISKS Changes tot the U.S. tax code, which could be retroactive (potentially disallowing thet favorablet tax treatment of exchange funds) Investing int the markets entails the risk of market volatility. The value of allt types ofi investments, including stocks, mutualf funds, exchange-traded funds ("ETFS"), closed-end funds, and investment trusts, mayi increase or decrease over varying time periods. Tot the extent the investments depicted herein represent international securities, yous should be awaret thatt there additionall risks associated" withi international investing, including foreign economic, political, monetary and/or legalf factors, changing currency exchange rates, foreign taxes, and difference financial anda accounting standards. These risks may be magnified in emerging markets andi frontier markets. Some funds alsoi investi int foreign securities, whichr may involve currency risk. assurance that thet fund willa achieve its investment objective. Small- and mid-capitalization companies mayl lackt thef financial resources, product diversification. and competitive: strengths of companies. In addition, the securities ofs small- and mid-capitalization companies may not trade as readily as, and bes subject tol higher volatility than, those ofl larger, more established companies. e value oft fixedi income securities will fluctuate and, upona a sale, may be worth more orl lesst than their original cost or maturity value. Bonds are subject toi interest rate risk, call risk, reinvestment risk, liquidity risk, and credit risk oft thei issuer. High yield bonds are subject to additional risks such asi increased risk of default and greater volatility because oft thel lower credit quality oft the issues. Int the case of municipal bonds, incomei is generally exempt fromi federal income taxes. Some income may be subject to state and local taxes andi to the federal alternative minimum tax. Capital gains, ifa any, are: subject tot tax. Treasury Inflation Protection! Securities' (TIPS) coupon payments and underlying principal are automatically increased to compensate fori inflation byt tracking the consumer price index (CPI). Whilet the reali rate of return is guaranteed, TIPS tend to offer al low return. Because the return ofTIPS is linked to inflation, TIPS may significantly underperform versus conventionalU.s. Treasuries int times of lowi inflation. There isr no guarantee1 thati investors will receive pari ifTIPS are soldp priort to maturity. Graystone Consulting from MorganStanley DISCLOSURES 15 Page WEALTH MANAGEMENT MorganStanley Structured Investments are complex andr not appropriate for alli investors. Ani investment in Structures Investments involve risks. These risks can include but are not limitedt to: (1) Fluctuations int the price, level or yield of underlying instruments, interest rates, currency values and credit quality, (2)Substantial or total loss of principal, (3)Limits on participation! in appreciation of underlying instrument, (4) Limited liquidity, (5) Issuer credit risk and (6) Conflicts of Interest. Therei isr no assurance that a strategy of using structured product for wealth preservation, yield ennancement, and/or Alternative Investments often are speculative andi include a high degree of risk. Investors couldI lose all ora as substantial amount of their investment. Alternative investments are appropriate only for eligible, long-termi investors who are willing to forgo liquidity and put capital at riskf fora ani indefinite period oft time. They may be! highlyi illiquid and can engage in leverage ando other speculative practices that may increase the volatility andr risk ofl loss. Alternative Investments typically have highert fees than traditional investments. Investors: should carefully review and consider potential risks beforei investing. Certain of these risks may include buta are not limited to: Loss of all ora substantial portion oft thei investment duet tol leveraging, short-selling, or other speculative practices; Lack of liquidityi int that there may be nos secondary market for at fund; Volatility of returns; Restrictions ont transferring interestsi ina ai fund; Potential lack of diversification andr resulting higher risk due to concentration oft trading authority when a single advisor is utilized; Absence ofi information regarding valuations andp pricing; Complexi tax structures and delays int tax reporting; Less regulation and higher fees than mutual funds; Risks associated with the operations, personnel, andp processes of the manager; and Risks associated with cybersecurity. As a diversified global financial services firm, Morgan Stanley Wealth Management engages ina a broads spectrum of activities including financial advisory services, investment management activities, sponsoring: and managing private investment funds, engagingi in broker- dealer transactions and principal securities, commodities andi foreign exchange transactions, research publication, and other activities. Int the ordinary course ofi its business, Morgan Stanley Wealth! Management therefore engages in activities where Morgan Stanley Wealth Managements interests may conflict with thei interests ofi its clients including the private investment funds it manages. Morgan! Stanley' Wealth! Management can give no assurance that conflicts ofi interest willb be resolvedi inf favor ofi its clients or anys suchi fund. Alternative investments involve complex1 tax structures, tax inefficient investing, and delays in distributing important taxi information. Clients should consultt their ownt tax and legal advisors as Morgan StanleyWealth Management does not provide tax or legal advice. Alle expressions of opinion are: subject to change without notice and are not intended tol be at forecast oft future events or results. Further, opinions expressed herein may differ fromt the opinions expressed by Morgan Stanleyl Wealth Management: and/or other businesseslafiliates of Morgan Stanley Wealth Management. Thisi is not a "research report" as defined by FINRAI Rule: 2241 ora" "debt research report" as defined by FINRA Rule 2242 and was not prepared byt 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. Duet to various risks and uncertainties, actuale events, results or thep performance ofa fundi may differ materially fromt those reflected or contemplated ins suchf forward-looking: statements. Clients should carefully consider the investment objectives, risks, charges, and expenses ofafund beforei investing. Whilet the HFRI indices aret frequently used, they have limitations (some of which are typical of other widely used indices). These limitations include survivorship bias (ther returns oft the indices may not be representative of allt the hedgef funds int the universe because oft thet tendency ofl lower performingt funds to leavet the index); heterogeneity (not all hedgef funds are alike or comparable to one another, andt thei indexr may not accurately reflect thep performance ofa described: style); and limited data (many hedge funds do not report to indices, and thei indexi may omit funds, the inclusion of which might significantly: affect the performance: shown. The HFRIi indices are based on information self- -reported by hedget fund managers that decide ont their own, ata anyt time, whether or not they want to provide, or continue to provide, informationi tol HFR Asset Management, L.L.C. Results for funds that go out of business are includedi int thei index until the datet that they cease operations. Therefore, thesei indices may not be complete or accurate representations oft the hedge fund universe and may be! biasedi ins several ways. Composite index results are shownf for illustrative purposes ando do not represent the performance ofa a specifici investment. Individual funds have specific tax risks related tot their investment programs that will varyf fromi fundi tof fund. Clients should consultt their own tax and legal advisors as Morgan StanleyWealth Management does not provide tax orl legal advice. Interestsi in alternative investment products are offered pursuant tot the terms of the applicable offering memorandum, are distributed by Morgan StanleyV Wealth Management and certain ofi its affiliates, and (1) are not FDIC-insured, (2)a are not deposits or other obligations of Morgan Stanley' Wealth! Management or any ofi its affiliates, (3) are not guaranteed by! Morgan Stanley Wealth Management andi its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Wealth Management isar registered broker-dealer, not a bank. This material is not tol be reproduced or distributed to any other persons (othert than professional advisors of thei investors or prospective investors, as applicable, receiving this material) andi is intended solely for the use oft thep persons to whom it has been delivered. This material is noti for distribution to the general public. Past performance isr no guarantee off future results. Actual results may vary. SIPC insurance does not apply toy precious metals, other commodities, ort traditional: alternative investments. In Consulting Group'sa advisory programs, alternative investments arel limited tol US-registeredi mutual funds, separate accounts strategies and exchange-tradedi funds (ETFS) that seek to pursue alternative investment: strategies or returns utilizing publicly traded securities. Investment products int this category may employ various investment strategies and techniques1 for both hedging and more: speculative purposess sucha as short-selling, leverage, derivatives and options, which can increase volatility and1 the risk of investment loss. Alternative investments are not appropriate for all Ar majority of Alternative Investment managers reviewed and selected by GIMA pay or cause tol be paid an ongoing fee for distribution from their management fees tol Morgan Stanley' Wealth Management in connection with! Morgan Stanley' Wealth Management clients that purchase ani interest in anA Alternative Investment and ins some instances pay theset fees ont thei investments held by advisory clients. Morgan Stanley) Wealth Management rebates suchi fees that are received and attributable to anl Investment held by an advisory client andi retains thet fees paidi in connection with investments held! by brokerage clients. Morgan Stanley Wealth Management has a conflict ofi interest in offering alternative investments because Morgan StanleyWealth! Management or our affiliates, interest rate risk hedging will meeti its objectives. investors. ini most instances, earn more moneyi iny your account from your investments in alternative investments than from otheri investment options. Graystone Consulting from MorganStanley DISÇLOSURES 16 Page WEALTH MANAGEMENT MorganStanley Its should be notedt that the majority of hedge fundi indexes are comprised of hedge fund manager returns. Thisi isi in contrasti to traditional indexes, which are comprised ofi individual securities int the various market segments they represent and offer complete transparency: ast to membership and construction methodology. As such, some believe that hedgef fundi index returns have certain biases that are not present int traditional indexes. Some oft these biases inflatei index performance, while others mays skew performance negatively. However, many studiesi indicate that overall hedge fund index performance has been! biasedi tot the upside. Some studies suggest performance has been inflated by upi to: 260 basis points or more annually depending ont thet types of biasesi included andt the time period studied. Althoughi there are numerous potential biases that could affect hedge fundi returns, we identify some oft the more common ones throughout this paper. Self-selection bias results when certain manager returns arer not includedi int the index returns and may resulti in performance beings skewed up or down. Because hedget funds are private placements, hedge fund managers are ablet to decide whichi fund returns they want to report and are ablet to opt out of reporting tot the various databases. Certain hedge fund managers may choose only to report returns fori funds withs strong returns and opt out ofr reporting returns for weak pertormers. Other hedge fundst that close may decide tos stop reporting in order to retain secrecy, whichmay causea Survivorship bias results when certain constituents are removed from an index. This often results from the closure of funds duet to poor pertormance, "blow ups," or other suche events. As such, this bias typically results inj performance! being skewed higher. As noted, hedgef fundi index performance! biases can result in positive orr negative skew. However, it would appear that thes skewi isr more often positive. While itis difficult to quantify thee effects precisely, investors should be aware that idiosyncratic factors may be giving hedge fundi indexr returns an artificial' "lift" or upwards bias. Hedge Funds of Funds and many funds off funds are private investment vehicles restricted to certain qualified private andi institutional investors. They are oftens speculative andi include al high degree of risk. Investors can lose all or a substantial amount oft theiri investment. They may be highlyi illiquid, cane engage inl leverage and other speculative practices that mayi increase volatility and the risk ofl loss, andr may! be subject tol large investment minimums and initial lockups. They involve complex tax structures, tax-inefficient investing and delays in distributing important tax information. Categorically, hedge funds andf funds off funds havel higher fees ande expenses than traditional investments, ands such fees ande expenses can lower ther returns achieved byi investors. Funds off funds have an additional layer of fees over and above! hedget fundf fees that will offset returns. An investment in ane exchange-tradedi fundi involves risks similar tot those ofi investing ina a broadly based portfolio ofe equity securities traded on ane exchangei int the relevant securities market, such as market fluctuations caused by suchi factors as economic andp political developments, changes ini interest rates and perceived trends ins stock andb bond prices. Ani investment inat target date portfolio is subject tot ther risks attendant to the underlying fundsi in whichi iti invests, int these portfolios thef funds are the Consulting Group Capitall Market funds. Atarget date portfolio is geared toi investors who will retire and/or require income at an approximate year. The portfolio is managed to meet thei investor'sgoals bythe pre-established year or' "target date."At target date portfolio willt transition itsi invested assets from a more aggressive portfolio to a more conservative portfolio ast the target date draws closer. An investment int thet target date portfolio is not guaranteed: at anyt time, including, before ora after thet target date is reached. Managedi futures investments are speculative, involve a high degree ofr risk, use significant leverage, are generally illiquid, have substantial charges, subject investors to conflicts ofi interest, and are appropriate only for the risk capital portion of ani investor's portfolio. Managed futuresi investments do not replace equities or bonds! butr rather may act as a complement ina a well diversified portfolio. Managed Futures are complex and not appropriate for alli investors. Asa diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing privatei investment funds, engaging in broker- -dealer transactions and principal securities, commodities andf foreign exchange transactions, research publication, and other activities. Int the ordinary course of its business, Morgan Stanleyt therefore engages in activities where Morgan Stanleyi interests may conflict with thei interests ofi its clients, including the private investment fundsit manages. Morgan Stanley can give no assurance that conflicts ofi interest willl be resolved ini favor of its clients ora anys suchf fund.. All expressions of opinion are subject to change without notice anda are not intended tol be at forecast of future events or results. Private Markets: As part oft thel Morgan Stanley Privatel Markets - Access program, Morgan Stanley will bel limited solelyt to a role as an introducer and will not bes serving as a placement agent ora adviser. Eligible investors must enrolli int the programi in order tos see anyi investment opportunities. Investmentsl require independent evaluation, due diligence, review & analysis. Neither Morgan Stanley nor any ofi its affiliates isr making any recommendation: to purchase ort take any action of anys sort and isr not providing any advice on investments. Investors are asked1 to work directly witht thei issuer/sponsor and withy your own independent (non-Morgan: Stanley) financial, legal, accounting, tax, and other protessional advisors to Investors are responsible for complying witht thet terms of any applicable exemption froms securities law requirements anda any potential Private Company issuer restrictions for any sale of Private Company shares, andy your must obtain your own legal counsel to advisey youi in connection withs such requirements: and Private Company issuer restrictions. Yous should consult withy yourt third-party advisors regarding the risks oft transacting in Private Companys shares, including ther risk oftransactingi in a market with little or no pricet transparency or liquidity. Morgan Stanley provides no opinion or view ont the valuation of any Private Company shares, or the sufficiency, fairness or competitiveness of any price obtained. Private! Securities dor not trade on any national securities exchange and, as downward bias inr returns. evaluate the investment opportunity. such, any potential liquidity (i.e., thep potential for anyb buying interestt that might satisfyy your sell interest) in such Private Company shares is very! limited. Graystone Consulting from MorganStanley DISÇLOSURES 17 Page WEALTH MANAGEMENT MorganStanley Virtual Currency Products (Cryptocurrencies Buying, selling, and transacting in Bitcoin, Ethereum or other digital assets ("Digital Assets"), and relatedi funds and products, is highlys speculative and mayresulti in al loss oft the entire Digital Assets have only beeni in existence for a short period of time and historicalt trading prices for Digital Assets have been! highly volatile. The price of Digital Assets could decline rapidly, Certain Digital Asset funds and products, allowi investors toi invest on a moref frequent basis thani investors may withdraw fromt the fund or product, andi interests in such funds or products are generally not freelyt transferrable. This means that, particularly: given the volatility of Digital Assets, ani investor willl have to bear any losses with respectt to its investment for an extended period oft time andy will not be able tor reactt to changesi int the price oft the! DigitalA Asset oncei invested (fore example, by seeking to withdraw) as quickly as when making the decision toi invest. Such DigitalA Asset funds Given the volatility int the price of Digital Assets, the net asset value ofaf fund or product that invests ins such assets at the time ani investor's: subscription fori interests int thet fund orp producti is accepted Certain Digital Assets are not intended tot function as currencies but are intendedi to have other use cases. These other Digital Assets may be subject tos some ora all of ther risks and considerations set forth herein, as well as additional risks applicablet tos such Digital Assets. Buyers, sellers and users of such Digital Assets shouldt thoroughly familiarize themselves with such risks and considerations The value of Digital Assets may be negatively impacted byf future legal andi regulatory developments, including but not limited toi increased regulation of such Digital Assets. Any such developments may make such Digital Assets less valuable, impose additional burdens ande expenses on a fund or product investing in sucha assets or impact the ability ofs suchaf fund or productt to continuet to operate, Due tot the new and evolving nature of digital currencies and the absence of comprehensive. guidance, many significant aspects of thet taxt treatment of Digital Assets are uncertain. Prospective investors should consult their own tax advisors concerning thet tax consequences tot them oft the purchase, ownership and disposition of DigitalA Assets, directly ori indirectly throughaf fund or product, Over the pasts several years, certain! Digital Asset exchanges have experiencedi failures or interruptions ins service duet tot fraud, security breaches, operational problems or business failure. Suche events inthef future couldi impact anyf fund's or product's ability to transact in Digital Assetsi ifthet fund or product relies on ani impacted exchange and may also materially decrease the price of Digital Assets, Although any Digital Asset product andi its service providers havei in place significant safeguards against loss, theft, destruction andi inaccessibility, therei is nonetheless a risk that some or allofa product's Digital Asset could be permanently lost, stolen, destroyed or inaccessible by virtue of, among other things, thel loss ort theft of the' "private keys" necessary to access a product's Digital Asset. Investorsi ini funds or products investing ort transacting! in Digital Assets may not benefit tot the same extent (or at all)f from' "airdrops" with respect to, or' "forks" in, a Digital Asset's blockchain, comparedt toi investors who hold Digital Assets directly instead of througha a fund or product. Additionally, a "fork"i int the Digital Asset blockchain could materially decreaset the price of such! Digital Digital Assets are not legal tender, and are not backed by any government, corporation or otheri identified body, other than withr respect to certain digital currencies that certain governments are or may be developing now ori int the future. No law requires companies or individuals to accept digital currency as at form of payment (except, potentially, withr respectt to digital currencies developed by certain governments' where such acceptance may be mandated). Instead, othert than as describedi int thep preceding sentences, Digital Asset products' use isl limited tol businesses and individuals that are Platforms that buy ands sell Digital Assets can bel hacked, ands some havet failed. In addition, liket thep platforms themselves, digital wallets can be hacked, anda are subject tot thefta andf fraud. Asaresult, investment. Risks and considerations includel but are not limited to: andi investors could lose theire entire investment. and products, are intended onlyf for persons who are ablet tol bear thee economic risk ofi investment and who dor not need liquidity with respectt to their investments. may be significantly below or above the net asset value oft thep product or fund att thet time the investor submitted subscription materials. beforet transacting in such Digital Assets. which may materially decrease the value of ani investment therein. under U.S. federal income tax law, as well as the tax law of any relevant state, local or other jurisdiction. therebyi impacting the value of your investment, regardless of whether the fund or product relies on such ani impacted exchange. Asset. willing to accept them. Ifr no one were toa accept digital currencies, virtual currency products would very likely become worthless. Graystone Consulting from MorganStanley DISCLOSURES 18 Page WEALTH MANAGEMENT MorganStanley like other investors have, you can lose some or all ofyour holdings of Digital Assets. Unlike US banks and credit unions that provide certain guarantees of safety to depositors, there are no suchsafeguards provided to Digital Assets heldi in digital wallets byt theirp providers or by Due tot the anonymity Digital Assets offer, they! have known use ini illegal activity, including drug dealing, money laundering, human tracking, sanction evasion and othert forms of illegal commerce. Abuses couldi impact legitimate consumers and speculators; fori instance, law enforcement agencies could shut down or restrict the use of platforms ande exchanges, limiting or shutting offe entirely the Digital Assets may not have ane establishedtracki record ofc credibility and trust. Further, any performance data relating tol Digital Asset products may not be verifiable as pricing models arer not Investors should be aware of the potentially increased risks of transacting in! Digital Assets relating to the risks and considerations, including fraud, theft, and lack ofl legitimacy, and other aspects and Asset allocation and diversification dor not assure a profit or protect against lossi in declining financial markets. Past performance eist no guarantee offuturere results. Actual results may vary. Rebalancing does not protect against al loss in declining financial markets. There may be a potential taxi implication withar rebalancing strategy- Investors should consult withi their tax advisor before Indices are unmanaged. and investors cannot directly investi int them. They are not subject toe expenses or fees and are often comprised of securities and otheri investment instruments thel liquidity of which is not restricted. Ap particular investment product may consist of securities significantly different thant those ina anyi indexi referred1 tol herein. Composite index results are shown fori illustrative purposes only, generally do not represent the performance ofa a specific investment, may not, for a variety of reasons, be an appropriate comparison or benchmark for a particular investment and may not necessarily reflect the actuali investment strategy or objective ofay particular investment. Consequently, comparing ani investment to a particulari indexi may! be ofli limited use. Artificial intelligence (Al)i is subject to limitations, andy yous should be aware that any output from an Al-supportedi tool ors service made available by the Firmi for your use is subject tos suchl limitations, To obtain Tax-Management. Services, a client must complete thel Tax-Management Form, and deliver the signed form tol Morgan Stanley. For morei information on Tax-Management: Services, including its features and limitations, please ask your Financial, Advisori for the Taxl Management Form. Review thet form carefully withy yourt tax advisor. Tax-Management: Services: (a)a apply onlyt to equity investments in separate account sleeves of client accounts; (b)a are nota availablei for all accounts or clients; and (c) may adverselyi impact account performance. Tax-management. services dor not constitutet tax advice or a complete tax-sensitive investment management program. Therei is no guarantee that tax-management services willp produce the desired tax results. When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private' Wealth Advisors (collectively, "Morgan Stanley") provide' "investment advice" regardinga a retirement or welfare benefit plan account, ani individual retirement account or a Coverdell education savings accountç-Retirement, Account"), Morgan Stanleyisa" "fiduciary"as those terms are defined undert the Employee Retirement Income! Security Act of1 1974, as amended ("ERISA"), and/ort thel Internal Revenue Code of 1986 (the' "Code"), as applicable. When Morgan! Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide' "investment advice", Morgan Stanley will not be considered: a "fiduciary" under ERISA and/or the Code. For morei information regarding Morgan! Stanley'srole with respect to al Retirement. Account, please visit www-morganstanle/.omisclosuresdol. Tax laws are complex and: subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouragedt to consult their tax andl legal advisors (a) before establishinga Retirement Account, and (b) regarding any potential tax, ERISA andi related consequences of anyi investments or othert transactions made with respect to a Retirement. Account. Individuals should consult their tax advisorf for matters involving taxation and tax planning and their attorneyf for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal Lifestyle Advisory Services: Products and services are provided byt third party service providers, not Morgan Stanley Smith Barney! LLC("'Morgan Stanley"). Morgan Stanley may not receive a referral fee or have any input concerning such products ors services. There may be additional service providers for comparative purposes. Please performa a thorough due diligence and make your own regulators. ability to use ort trade DigitalA IAsset products. uniform. qualities of Digital Assets, before transacting! in such assets. implementing sucha a strategy. including but not limitedt toi inaccuracy, incompleteness, or embedded bias. You should always verifyt the results of any Al-generated output. matters. Graystone Consulting from MorganStanley DISCLOSURES 19 Page WEALTH MANAGEMENT MorganStanley independent decision. This material is not a financial plan and does not create an investment advisory relationship! between you andy your Morgan! Stanley Financial Advisor. We are not your fiduciary either undert the Employee Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue Code of 1986, and anyi information int this report isr not intended tol be considered investment adviceora recommendation: fore either ERISA or Internal Revenue Codep purposes andt that (unless otherwise provided inav written agreement and/or as described. aty wowwmagansantey.comdscosursco), you remain solely responsible for your assets and alli investment decisions with respect to your assets. Nevertheless, if Morgan Stanley or your Financial. Advisor provides "investment advice," as that termi is defined under Section 3(21) of ERISA, toy youy with respectt to certain retirement, welfare benefit, or education savings account assetsf for at fee or other compensation, Morgan Stanley and/or your Financial. Advisor willl be providing sucha advice ini its capacity asafi fiduciaryunder ERISA and/or the Code. Morgan Stanley will only prepare af financial plan aty yours specific request using! Morgan Stanley The Morgan Stanley Goals-Planning: System (GPS) includes al brokerage investment analysis tool. Whiles securities held in a client'si investment advisory account may be included int the analysis, the reports generatedi from the GPS Platform are not financial plans nor constitute a financial planning service. Af financial plan generally seeks to address a wide spectrum ofa a client's long-termf financial needs, and cani include recommendations. abouti insurance, savings, tax and estate planning, and investments, taking into consideration the client's goals ands situation, including anticipatedi retirement or other employee benefits. Morgan Stanley! Smith Barney! LLC( ("Morgan Stanley"? will only prepare a financial plan ata a client's specific request using! Morgan Stanley approved financial planning software. Investing int financial instruments carries with itt the possibility of losses andi thata at focus ona above- -market returns exposes thep portfolio to above-averager risk. Performance aspirations arer not guaranteed: and are subject to market conditions. Highy volatility investments may be subject to sudden and large fallsi in value, andi there could bea al large loss on realization which could be equalt tot the amount invested. IMPORTANT: The projections or otheri information provided byt thel Morgan Stanley Goals Planning System regardingt the likelihood of variousi investment outcomes (including any assumedi rates ofr return andi income) are hypothetical in nature, do not reflect actuali investment results, anda are not guarantees off ffuture results. Morgan Stanley does not represent or guaranteet that ALifeView! Financial Goal Analysis ("Financial Goal Analysis") or LifeView Financial Plan ("Financiall Plan")i is based ont the methodology, estimates, and assumptions, as described in your report, as wella as personal data provided by you. It should be considered. a working document that can assist you withy your objectives. Morgan Stanley makes no guarantees as tot future results ort that an individual's investment objectives will be achieved. Ther responsibility for implementing, monitoring and adjusting your Financial Goal Analysis or Financial Plani rests withy you. After your Financial Advisor delivers your report to you, ify yous SO desire, your Financial. Advisor can help youi implement any part that you choose; however, you are not obligated to work with your Financial Advisor or Important information about) your relationship with your Financial, Advisor and Morgans Stanley Smith Barney LLCwhen using LifeView Goal Analysis or LifeView Advisor. When your Financial Advisor prepares and delivers al Financial Goal Analysis (.e., when using! LifeView Goal Analysis), they will be actingi inal brokerage capacity. When your Financial Advisor prepares al Financial Plan (i.e., when using LifeView. Advisor), they willl be actingi in ani investment advisory capacity with respect tot the delivery of your Financial Plan. This Investment. Advisory relationship will begin withi the delivery oft the Financial Plan and ends thirty days later, during which time your Financial Advisor can review the Financial Plan withy you. To understand the differences between brokerage anda advisory relationships, yous should consult your Financial Advisor, or review our "Understandingl Your Brokerage andl Investment. Advisory Relationships," brochure available at approved financial planning software. thep projectedi returns ori income will or can be attained. Morgan Stanley. https./www.morgantaney.comwealth-relationshipthms/pdislungerstandingyourrelationshp.pdr Wer may act int the capacity ofal broker or that of an advisor. As your broker, we are not your fiduciary and ouri interests may not always bei identical toy yours. Please consult withy your Financial Advisor or Private Wealth. Advisor to discuss our obligations to disclose to you any conflicts we mayf from time tot time have and our duty to act iny your besti interest. Wer may be paid! both by you and by others who compensate us based on what you buy. Our compensation, including that ofy your Financial Advisor or Private' Wealth. Advisor, may vary by product and over time. Investment ands services offeredt through Morgan Stanley Smith Barney LLC, Member SIPC. GLOBAL INVESTMENT COMMITTEE (GIC) ASSETALLOCATION. MODELS: The Asset Allocation Models are created by Morgan Stanleyl Wealth! Management's GIC. HYPOTHETICAL MODEL PERFORMANCE (GROSS): Hypothetical model performance results do not reflect the investment or performance of an actual portfolioi followinga a GIC Strategy, but simply reflect actual historical performance of selected indices ona a real-1 -time basis over the specified period oftime representing the GIC's strategic and tactical allocations as of the date oft thisr report. The past performance shown here is simulated performance based on benchmark indices, noti investment results from an actual portfolio ora actualt trading. There can bel large differences between hypothetical. and actual performance results achieved by a particular asset allocation ort trading strategy. Hypothetical performance results do not represent actualtrading anda are generally desiqned Graystone Consulting from MorganStanley DISCLOSURES 20 Page WEALTH MANAGEMENT MorganStanley with the benefit of hindsight. Actual performance results ofa 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 andi rebalancing schedules). Clients would not necessarily have obtainedi the performance results shown here ifthey hadi invested in accordance with any GIC Asset Allocation! Model for the periods indicated. Despite the limitations of hypothetical performance, these hypothetical performance results allow clients andi Financial Advisors to obtain a sense of the risk/return trade-off of different asset allocation constructs. The hypothetical performance results int this report are calculated using the returns of benchmark indices for the asset classes, and not ther returns ofs securities, fund or otheri investment products. Models may contain allocations tol Hedge Funds, Privatel Equity and Private Real Estate. The benchmark indicesf fort these asset classes are noti issued ona a daily basis. When calculating model performance on a dayf for which nol benchmarki index data isi issued, we have assumed straight line growth between the indexl levels issued before FEES REDUCETHE PERFORMANCE OF ACTUAL ACCOUNTS: None of thet fees or other expenses(e.g. commissions, mark-ups, mark- -downs, fees) associated witha actualt trading ora accounts are reflected int the GICAsset Allocation Models. The GIC Asset Allocation Models and any model performancei included int this presentation are intended as educational materials. Were ac clientt to use these models in connection withi investing, any investment decisions made would! bes subject tot transaction and other costs which, when compounded over a period ofy years, would decrease returns. Information regarding Morgan Stanley's standard advisory fees is available int the Form ADVI Part 2, whichi is available at wwmogansante/como. Thet following hypothetical illustrates the compound effectf fees have oni investment returns: For example, ifay portfolio'sa annual rate of returni is 1591 for 5years and the account pays 50 basis points inf fees per annum, the gross cumulative five-year return would be: 101.1% and the five-year return net off fees would! be 96.8%. Fees and/or expenses would apply to clients whoi investi ini investments in an account based on these asset 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 thef financial strength and claims- -paying ability oft thei issuing insurance company ando do nota applyt tot the underlyingi investment options. Optional riders may not be able tol be purchasedi in combination and are available at an additional cost. Some optional riders must be elected att time of purchase. Optional riders may! be subject to specific limitations, restrictions, holding periods, costs, and expenses as specified byt thei insurance company int the annuity contract. Ify you are investing in a variable annuityt through at tax-advantagedi retirement plan such as anl IRA, youy will getr no additional tax advantage from the variable annuity. Under these circumstances, you: should only consider buying a variable annuity! because ofi its other features, sucha as lifetime income payments and death benefits protection. Taxable distributions (and certain deemed distributions): are subject to ordinary income tax and, iftaken priort to age 5942, may! be subject toai 10%1 federal anda aftert that date. allocations, and wouldr reduce clients' returns. Thei impact off fees and/or expenses can be material. income tax penalty. Early withdrawals will reduce the death benefit and cashs surrender value. Equity securities mayt fluctuate in response to news on companies, industries, market conditions and general economic environment. Ultrashort-term: fixedi income asset class is comprised oft fixed income securities with high quality, very short maturities. They are therefore subject tot the risks associated with debt securities suchas Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships: and whose interests (limited partnership units or limitedI liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPS operate int the energy, natural resources or real estate: sectors. Investments in MLP interests are subject to ther risks generally applicable to companies int thee energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk ande exploration risk. Individual MLPs are publicly traded partnerships that have unique risks related tot their structure. These include, but are not limitedt to, their reliance ont the capital marketstoi fund growth, adverse ruling ont the current tax treatment of distributions (typically mostly tax deferred), and commodity volume risk. The potential tax benefits fromi investingi in MLPS depend ont their being treated as partnerships fori federal income tax purposes and, ifthe MLP is deemed1 tol be a corporation, then itsi income would! be subject tot federal1 taxation at the entity level, reducing the amount of cash available for distribution tot the fund which couldr result inar reduction of thet fund's value. MLPS carry interest rate risk and may underperform ina a risingi interest rate environment. MLP1 funds accrue deferred income taxes for future tax liabilities associated withi the portion of MLP distributions considered tol be atax- deferred return of capital andf for any net operating gains as well as capital appreciation ofi its investments; this deferred1 tax liability is reflectedi int the daily NAV, and, as a result, thel MLP1 fund's after- -tax performance could differ significantly fromt the underlying assets even ifthe pre-tax performancel is closely Investing in commodities entails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limitedto, ()changes in supply and demand relationships, (i) governmental programs and policies, (ii)r national andi international political ande economic events, war andi terrorist events, (iv) changes ini interest ande exchange rates, (v)t trading activitiesi in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility ofa commodity. In addition, the commodities markets are subject tot temporary distortions or other disruptions due to variousf factors, including lack ofl liquidity, participation ofs speculators and government intervention. Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short- -term andl long term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, credit and interest rate risk. tracked. Graystone Consulting from MorganStanley DISCLOSURES 21 Page WEALTH MANAGEMENT MorganStanley depending onr market conditions. Unlike bonds ands stocks, precious metals do not makei interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require Environmental, Social and Governance ("ESG")i investments in ap portfolio may experience performance that isl lower or higher than a portfolio not employing such practices. Portfolios withl ESG restrictions and strategies asv wella as ESG investments may not be ablet tot take advantage oft the same opportunities or market trends as portfolios where ESG criteria isr not applied. There are inconsistent ESG definitions ando criteria within the industry, as wella as multiple ESG ratings providers that provide ESG ratings of the same subject companies and/ors securities that vary among the providers. Certaini issuers of investments may have differing andi inconsistent views concerning! ESG criteria wheret the ESG claims madei in offering documents or other literature may overstate ESG impact. ESG designations are as of the date oft this material, and no assurance isp provided that the underlying assets have maintained or will maintain ands sucho designation or any stated ESG compliance. As a result, iti is difficult to compare ESG investment products ort toe evaluate an ESGi investment product inc comparison to one that does not focus on ESG. Investors: should also independently consider whether the ESG investment product meetst their own ESG objectives or criteria. There isr no assurance that anl ESGi investing strategy ort techniques employed will be successful. Past performance is not a guarantee or a dependable measure oft future results. The companies identified. andi investment examples are for illustrative purposes only and should not be deemeda recommendation: to purchase, hold or sell anys securities ori investment products. They are intended to demonstrate the approachest taken by managers who focus on ESGO criteria int their investment strategy- There can be no guarantee that a client's account willl be managed as described herein. Options and margin trading involve substantial risk and are not appropriate for alli investors. Besides the general investment risk of holding securities that may declinei in value andi the possible loss of principal invested, closed-endi funds may have additional risks relatedi to declining market prices relative tor net asset values (NAVS), active manager underperformance. and potential leverage. Closed-end funds, unlike open-end funds, are not continuously offered. Therei is a one-time public offering and oncei issued, shares of closed- -end funds are sold in the open markett througha a stocke exchange. Shares of closed-end funds frequently trade ata discount from their NAV which mayi increase investors' risk of loss. The risk ofl loss due to this discount may be greater fori investors expecting to sell their shares ina a relatively short period after completion oft the public offering. This characteristic isarisk separate and distinct fromi the risk thata closed- endi fund's net asset value may decrease asa a result ofi investment activities. NAV ist totala assets less totall liabilities divided by the number of shares outstanding. At thet time ani investor purchases or sells shares ofac closed- endi fund, shares may have a market price thati is above or below NAV. Portfolios thati invest al large percentage of assets REITS investing risks are similar tot those associated" with directi investments ini real estate: property valuet fluctuations, lack of liquidity, limited diversification ands sensitivity to economic factors such as interest rate changes and market recessions. Risks of private real estate include: illiquidity; a long-termi investment horizon withal limited or nonexistent secondary market; lack oft transparency; volatility (risk of loss); and leverage. Principal isr returned on ar monthly basis over the life ofar mortgage-backed: security. Principal prepayment can significantly affect the monthlyi income stream and ther maturity of any type ofl MBS, including standardI MBS, CMOs and Lottery Bonds.. Asset-backed securities generally decrease iny value asa result ofi interest rate increases, but may benefit less than current income. Precious metals are commodities that should! bes safely stored, whichr mayi impose additional costs ont the investor. inc only one industry: sector (or in only a few sectors) are more vulnerable to price fluctuation thant thoset that diversify among al broad range of sectors. other fixed-income securities from declining interest rates, principally because of prepayments. Yields are: subject to change with economic conditions. Yieldi is only one factor that should be considered when making ani investment decision. Credit ratings are subject to change. Duration, the most commonly used measure of bond risk, quantifies the effect of changes ini interest rates ont the price ofab bond ort bond portfolio. Thel longer the duration, ther more: sensitive the! bond or portfolio would! be to changes ini interest rates. The majority of $25 and $1000 par preferreds securities are' "callable" meaning that thei issuer may retire thes securities at specific prices and dates prior to maturity. Interest/dividend payments on certain preferred issues may! be deferred by the issuerf for periods of upt to 5to 10 years, depending on thep particular issue. Thei investor would still have income tax liability even though payments would not have been received. Price quoted isp per $25 or $1,000 share, unless otherwise specified. Current yieldi is calculated by multiplying the coupon by par value divided by ther market price. The initial interest rate ona at floating-rate security may be lowert thant that ofaf fixed-rate security oft the same maturity because investors expect to receive additional income due toi future increases int the floating security's underlying reference rate. The reference rate could be ani indexo or ani interest rate. However, there can be no assurance that the reference rate will increase. Some floating-rate: securities may be subject to call risk. The market value of convertible bonds andt the underlying common stock(s) willf fluctuate and after purchase may be worth more or less than original cost. If sold prior to maturity, investors may receive more orl less than their original purchase price orr maturity value, depending on market conditions. Callable bonds mayl be redeemed byt thei issuer prior to maturity. Additional callf features may exist that could affecty yield. Some $25 or $1000 par preferred securities are QDI (Qualified Dividend Income)eligible. Information on QDI eligibility is obtained from third party sources. The dividendi income on QDI eligible preferreds qualifies for a reducedt tax rate. Many traditional 'dividend paying' perpetual preferred securities (traditional preferreds with no maturity date)a are QDI eligible. In order to qualify for thep preferential taxt treatment all qualifying preferred securities must bel held byi investorsi for a minimum period-91 days during a 180 day window period, beginning 90 days before the ex- dividend date. Companies paying dividends can reduce or cut payouts at any time. Graystone Consulting from MorganStanley DISCLOSURES 22 Page WEALTH MANAGEMENT MorganStanley Because oft their narrowi focus, sectori investments tend tol be more volatile thani investments that diversify across manys sectors ando companies. Technology stocks may be especially volatile. Risks applicable to companies int the energy and natural resources sectorsi include commodity pricing risk, supply and demand risk, depletion risk and exploration risk. Health care sector stocks ares subject to government regulation, as well as government: approval of products and services, which can significantly! impact price and availability, and whicho can also be significantly affected by rapid obsolescence and patent expirations. Nondiversification: For a portfolio that holds a concentrated or limited number of securities, a decline int the value oft these investments would cause the portfolio's overall value to decline to a greater degree than al less concentrated portfolio. Portfolios thati invest a large percentage of assets in only one industry sector (or in onlya at fews sectors) are more The indices are unmanaged. An investor cannot invest directly in ani index. They are showni for illustrative purposes only ando do not represent the performance of any specific investment. The indices are not subject to expenses or fees anda are often comprised ofs securities and other investment instruments thel liquidity of whichi is not restricted. A particular investment productmayc consist of Growthi investing does not guarantee a profit or eliminate risk. Thes stocks of these companies can have relatively high valuations. Because oft these high valuations, an investment in a growth stock Value investing does not guarantee a profit ore eliminate risk. Not all companies whose stocks are considered to be value stocks are able tot turni their business around or successfully employ corrective Any type of continuous or periodici investment plan does not assure a profit and does not protect against loss inc declining markets. Since suchap plani involves continuous investment in securities regardless of fluctuating price levels of such securities, thei investor should consider his financial ability to continue his purchases through periods ofl low pricel levels. This material is disseminated int the United! States of America by Morgan Stanley Smith Barney! LLC. Morgan Stanley Wealth Management is not acting as a municipal advisor to any municipal entity or obligated person) within the meaning of Section: 15B ofthe Securities Exchange Act (the "Municipal Advisor Rule")a and the opinions or views contained herein are not intended tol be, and do not vulnerable to price fluctuation than those that diversify among a broad range of sectors. securities significantly different than thosei ina anyi indexi referred tol herein. Comparing ani investment to ap particular index may be ofl limited use. can! be more risky than ani investment ina a company with more modest growth expectations. strategies which wouldr resulti in stock prices that do not rise asi initially expected. constitute, advice within the meaning of thel Municipal Advisor Rule. This material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of Morgan Stanley Smith BarneyLLC. 02025 Morgan Stanley Smith Barney! LLC. Member SIPC. Grays Consu from MorganStanley DISCLOSURES Page 23 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as ofDecember 31, 2024 Allocation Market Value ($) Performance("o) 1 3 5 7 10 % Current Fiscal Since Inception Quarter YTD Year Years Years Years Years Inception Date Total Fund Total Fund (net) Policy Index Domestic Equity Cambiar Investors Inc Large Cap Value Cambiar Investors Inc Large Cap Value (net) Russell 1000 Value Vanguard Large Cap Growth ETF Vanguard Large Cap Growth ETF (net) Russell 1000 Growth Kennedy Mid Cap Value Kennedy Mid Cap Value (net) Russell Midcap Value MDT Advisers Mid Cap Growth MDT Advisers Mid Cap Growth (net) Russell Midcap Growth International Equity Renaissance International Growth Renaissance International Growth (net) MSCI ACWI Ex USA NR USD Fixed Income Garcia Hamilton STI Fixed Income Garcia Hamilton STI Fixed Income (net) Bloomberg US Government 1-3Y 175,947,794 100.00 -0.38 -0.38 11.28 3.56 7.98 7.73 7.36 6.98 04/01/2002 -0.48 -0.48 10.77 -0.12 -0.12 13.31 3.08 7.48 7.23 4.17 8.23 8.08 6.84 6.49 7.77 7.34 35,284,022 20.05 -0.11 -0.11 15.43 7.91 11.65 10.38 10.42 8.78 12/01/2005 -0.23 -0.23 14.86 7.36 11.09 -1.98 -1.98 14.37 9.82 9.86 8.23 8.49 7.93 5.63 8.68 8.41 38,620,417 21.95 7.22 7.22 N/A N/A N/A N/A N/A 7.22 7.22 N/A N/A N/A N/A N/A 7.07 7.07 N/A N/A N/A N/A N/A 7.22 10/01/2024 7.22 7.07 9.50 10.98 09/01/2013 8.62 10.10 8.10 9.61 15,696,862 8.92 -4.43 -4.43 6.03 5.13 10.70 5.36 4.37 3.88 9.13 9.90 8.33 8.59 7.72 -4.52 -4.52 -1.75 -1.75 13.07 10.16 10.16 32.78 8.14 8.14 22.10 16,082,208 9.14 10.31 10.31 33.83 9.30 17.05 15.78 14.21 12.71 08/01/2007 8.37 16.04 14.78 13.19 11.72 4.04 11.47 12.08 11.54 10.23 12,730,942 7.24 -5.87 -5.87 4.15 2.00 4.47 2.83 4.36 6.90 01/01/2009 3.47 1.35 3.82 2.18 3.71 6.24 0.82 4.10 3.53 4.80 6.67 -6.03 -6.03 -7.60 -7.60 5.54 21,658,202 12.31 -0.91 -0.91 3.13 N/A N/A N/A N/A 2.97 N/A N/A N/A N/A 4.03 N/A N/A N/A N/A 3.52 04/01/2023 3.35 3.85 -0.95 -0.95 -0.09 -0.09 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 24 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as ofDecember 31, 2024 Allocation Market Value % ($) Performance("o) 1 3 5 7 10 0.79 0.86 Current Fiscal Since Inception 1.74 02/01/2016 1.50 1.66 Quarter YTD Year Years Years Years Years Inception Date Garcia Hamilton Interm Fixed Income Garcia Hamilton Interm Fixed Income (net) BBI US Intermediate Gov/Cr Alternatives UBS Private Real Estate UBS Private Real Estate (net) NCREIF. NFI ODCE Value Weighted NCREIFNFI ODCE (Net) Bloomberg US Aggregate Mainstay Global Infrastructure Mainstay Global Infrastructure (net) DJ Brookfield Gbl Infra Comp TR Bloomberg US Aggregate Cash & Equivalents Non-Managed Account 90-Day T-Bills 21,279,221 12.09 -3.08 -3.08 1.91 -0.01 3.00 -0.17 1.63 N/A 1.69 N/A -3.14 -3.14 1.65 -0.25 0.55 1.38 N/A -1.60 -1.60 4,135,292 2.35 0.95 0.95 -1.60 -3.95 -0.23 0.70 0.70 -2.50 -4.71 -1.00 -0.33 1.16 1.16 -1.44 -2.33 0.96 0.96 -2.25 -3.13 -3.06 -3.06 0.49 2.91 1.96 3.45 2.87 3.99 5.87 7.25 1.35 1.42 4.45 08/01/2012 2.00 3.09 N/A N/A 1.25 -2.41 -0.33 0.97 8,799,085 5.00 -5.03 -5.03 7.51 1.59 N/A N/A N/A 1.59 N/A N/A N/A 3.97 N/A N/A N/A 2.89 05/01/2021 2.89 5.45 -5.03 -5.03 7.51 -2.15 -2.15 11.26 -3.06 -3.06 1.25 -2.41 N/A N/A N/A -1.68 1,615,907 0.92 1.25 1.25 1.23 1.23 3.94 3.17 5.45 4.05 1.95 2.01 1.48 1.09 07/01/2011 2.54 2.40 1.79 1.34 Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 25 Grays Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Asset Allocation & Net Dollar Weighted Performance (IRR) as of December 31, 2024 % 100.00 Current Quarter -0.46 Fiscal YTD -0.46 1 3 10.70 2.99 5 7 10 7.54 7.30 6.94 Since 6.88 Inception Date 03/15/2002 Year Years Years Years Years Inception Total Fund Domestic Equity Cambiar Investors Inc Large Cap Value Vanguard Large Cap Growth ETF Kennedy Mid Cap Value MDT Advisers Mid Cap Growth International Equity Renaissance International Growth Fixed Income Garcia Hamilton STI Fixed Income Garcia Hamilton Interm Fixed Income 20.05 21.95 8.92 9.14 -0.23 7.22 -9.95 6.33 -0.23 7.22 -9.95 6.33 14.94 6.76 11.26 10.01 10.00 N/A N/A N/A N/A N/A 28.04 6.22 15.74 14.49 12.84 8.64 7.22 10.16 12.53 03/31/2002 09/30/2024 08/31/2013 07/31/2007 -2.16 0.92 9.34 7.98 8.49 7.24 -6.03 -6.03 3.45 0.53 3.50 2.52 3.55 5.25 12/31/2008 12.31 12.09 -0.89 -3.14 -0.89 -3.14 2.85 N/A N/A N/A N/A 3.43 2.95 03/31/2023 03/31/2002 1.65 -0.43 0.44 1.32 1.39 Alternatives UBS Private Real Estate Mainstay Global Infrastructure 2.35 5.00 0.69 -5.03 0.69 -5.03 -2.57 -4.74 -1.01 -0.34 7.49 1.59 N/A N/A N/A 1.97 3.46 2.89 07/31/2012 04/30/2021 Thej prices, quotes, ors statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota Grays Consul from MorganStanley guarantee off future results. 26 Page Tamarac Firefighters' Pension Trust Fund Total Fund - Executive Summary as of December 31, 2024 Manager Performance Chart 24.0 16.0 8.0 0.0 -8.0 Current 2024 1 Quarter Manager Risk & Return 10.5 9.0 7.5 6.0 4.5 3.0 1.5 0.0 3 5 7 10 Since Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 04/01/2002 Totall Fund -0.38 -0.38 11.28 3.56 7.98 7.73 7.36 6.98 Policy Index -0.12 -0.12 13.31 4.17 8.23 8.08 7.77 7.34 Differences -0.26 -0.26 -2.03 -0.61 -0.25 -0.35 -0.41 -0.36 Historic Asset Growth Totall Fund Net Contributions Fees/Expenses Income Gain/Loss Current Fiscal 3 7 10 Inception -1.5 Quarter YTD Year Years Years Years Years 04/01/2002 3,498 3,498 178 -3,007 -982 1,575 5,734 34,594 -188 -188 -770 -2,119 -3,405 -4,427 -5,800 -8,342 864 864 3,517 9,148 13,285 17,537 22,623 34,576 -1,487 -1,487 14,166 7,901 43,948 55,233 68,029 96,757 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Beginning Market Value 173,261 173,261 158,857 164,026 123,101 106,030 85,362 18,363 Risk (Standard Deviation %) Policy Index Total Fund 90-Day T-Bills Ending Market Value 175,948 175,948 175,948 175,948 175,948 175,948 175,948 175,948 Modern Portfolio Statistics Return 6.98 7.34 Standard Deviation 10.46 10.39 Beta 0.99 1.00 Maximum Drawdown -30.98 -35.95 Up Capture 97.72 100.00 Down Capture Alpha 99.17 100.00 Sharpe Ratio 0.55 0.58 Inception Date 04/01/2002 04/01/2002 R-Squared 0.98 1.00 Total Fund Policy Index -0.28 0.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 27 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Total Fund - Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $300.0 $200.0 $100.0 $0.0 -$100.0 $187. $175. $44.6 3/02 6/03 9/04 12/05 3/07 6/08 9/09 12/10 3/12 6/13 9/14 12/15 3/17 6/18 9/19 12/20 3/22 6/23 12/2 Totall Fund Policy Index Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 173,261.01 Market Value Asof 12/31/2024 175,947.79 Net Transfers Contributions Distributions Fees Expenses Income Return On Investment -623.51 Total Fund 76,614.45 -73,116.29 -187.88 863.83 Distribution of Returns 80 60 40 20 13 51 45 36 25 25 21 13 14 13 10 <-5 -5To-4 -4To-3 -3To-2 -2'To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 28 Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Total Fund - Rolling Three Year MPT Statistics as ofDecember 31, 2024 Sharpe Ratio 2.0 1.6 1.2 0.8 0.4 0.0 0.1 0.0 12/24 Beta 1.6 1.2 0.8 0.4 0.0 -0.4 -0.8 1.0 1.1 1.0 1.0 1.3 1.3 0.3 0.3 0.2 0.3 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Up Capture 200.0 Down Capture 200.0 101.5 107.3 105.1 105.0 105.1 109.2 107.4 109.7 100.0 100.0 0.0 0.0 -100.0 -100.0 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Gray Cons from MorganStanley Thej prices, quotes, or statistics contained herein have been obtained from sources believed tol be reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota guarantee of future results. Page 29 Tamarac Firefighters' Pension Trust Fund Cambiar - Large Cap Value Executive Summary as of December 31, 2024 Manager Performance Chart 24.0 16.0 8.0 0.0 -8.0 -16.0 Manager Risk & Return 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 12/01/2005 -1.98 -1.98 14.37 5.63 8.68 8.41 8.49 7.93 1.88 1.88 1.07 2.27 2.97 1.96 1.93 0.84 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 12/01/2005 295 295 -1,757 -6,014 -7,876 -6,358 -6,870 -3,061 -45 -45 -171 -496 -794 -1,023 -1,279 -1,730 189 189 731 1,946 2,931 3,961 5,048 6,671 -225 -225 4,109 5,389 14,592 17,088 21,678 28,339 35,284 35,284 35,284 35,284 35,284 35,284 35,284 35,284 Cambiar Large Cap Value -0.11 -0.11 15.43 7.91 11.65 10.38 10.42 8.78 Russell 1000 Value Differences Historic Asset Growth Cambiar Large Cap Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation %) Cambiar Investors Inc Large Cap Value Russell 1000 Value 90-Day' T-Bills Beginning Market Value 35,070 35,070 32,372 34,458 26,430 21,616 16,708 5,065 Return Standard Beta Maximum Up 99.75 Down Alpha Sharpe R-Squared Inception Deviation 16.32 15.87 Drawdown Capture Capture Ratio 0.50 0.46 Date 12/01/2005 12/01/2005 Cambiar Investors Inc Large Cap Value Russell 1000 Value 8.78 7.93 0.98 1.00 -48.04 -55.56 94.57 1.08 100.00 100.00 0.00 0.90 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 30 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Cambiar - Large Cap Value Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $60.0 $40.0 $20.0 $0.0 -$20.0 $35.3 $29.9 $0.3 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 11/21 11/22 11/23 12/2 Cambiar Investors Inc Large Cap Value Russell 1000 Value Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 35,070,046.24 Market Value As of Net Contributions Distributions Fees Expenses Return On Investment 12/31/2024 -36,023.86 35,284,022.31 Cambiar Investors Inc Large Cap Value Distribution of Returns 60 45 30 23 15 10,03/,125.09 -9,742,535.09 -44,590.00 34 23 22 20 16 16 15 <-5 -5To-4 -4To-3 -3'To-2 -2'To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 31 Page Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Rolling Three Year MPT Statistics as of] December 31, 2024 Sharpe Ratio 2.0 Beta 1.5 1.5 1.0 0.9 1.0 0.9 1.2 0.9 1.0 0.5 0.5 0.3 0.2 12/24 0.5 0.5 0.5 0.3 0.0 0.0 -0.5 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Up Capture 325.0 Down Capture 325.0 150.0 150.0 94.5 95.4 95.4 101.1 83.6 91.2 85.9 62. 0.0 0.0 -150.0 -150.0 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Gray Cons from MorganStanley Thej prices, quotes, or statistics contained herein have been obtained from sources believed tol be reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota guarantee of future results. Page 32 Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc-1 Large Cap Value Quarterly Performance Attributes as of December 31, 2024 Allocation Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 6.0 12.0 18.0 24.0 30.0 36.0 Cambiar Investors Inc Large Cap' Value Russell 1000 Value -30.0 -20.0 -10.0 0.0 10.0 20.0 Cambiar Investors Inc Large Cap Value Russell 1000 Value Total Attribution Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 Graystone Consulting from MorganStanley 1.8 Thep prices, quotes, or statistics contained herein havel been obtained from sources believed to ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 33 Page Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc Large Cap Value Quarterly Performance Attributes as ofDecember 31, 2024 Allocation 10/01/2024 Portfolio 6.18 5.28 8.15 7.66 23.58 17.39 13.31 9.83 5.35 0.00 3.27 100.00 Performance Quarter Ending December 31, 2024 Portfolio 1.76 10.80 -8.23 2.04 6.32 -4.24 1.70 3.38 -6.67 0.00 5.61 1.30 Attribution Stock Interaction -0.02 -0.01 0.84 -0.13 -0.44 -0.01 0.25 0.03 -0.17 -0.02 0.95 0.11 0.56 -0.05 0.34 0.03 0.22 0.04 0.00 0.00 0.56 -0.18 3.09 -0.20 Benchmark 4.22 6.27 7.95 6.72 21.17 15.54 14.72 9.07 4.62 4.92 4.81 100.00 Benchmark 2.30 -2.66 -2.67 -1.62 7.13 -10.36 -2.12 -0.32 -11.48 -6.83 -6.04 -1.99 Sector 0.08 0.01 0.00 0.00 0.22 -0.16 0.00 0.01 -0.07 0.24 0.06 0.40 Total 0.05 0.72 -0.45 0.28 0.03 0.91 0.51 0.38 0.19 0.24 0.44 3.29 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Total Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 34 Page Grays Consulti ting from MorganStanley Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc Large Cap Value - Portfolio Characteristics as ofDecember 31, 2024 Portfolio Characteristics Wtd. Avg. Mkt. Cap ($000) Median Mkt. Cap (S000) Price/Earnings ratio Price/Book ratio 5Yr. EPS Growth Rate (%) Beta (5 Years, Monthly) Number of Stocks Debt tol Equity (%) Top Ten Equity Holdings Portfolio 212,268,839.56 102,429,005.68 18.83 2.88 7.89 0.89 38 139.37 Benchmark 171,890,983.55 14,079,633.02 19.87 2.75 9.87 1.00 869 83.98 Portfolio Benchmark Active Quarterly Return (%) 19.47 14.27 17.74 2.92 8.39 9.44 -19.75 -0.65 -1.39 10.53 Weight (%) 4.07 3.46 3.41 3.37 3.37 3.27 3.16 3.13 3.13 3.13 33.50 Weight (%) 0.16 0.00 0.00 0.08 0.34 0.00 0.00 1.02 0.06 0.47 2.13 Weight (%) 3.91 3.46 3.41 3.29 3.03 3.27 3.16 2.11 3.07 2.66 31.37 Delta Air Lines Inc Alphabet Inc Amazon.com. Inc Labcorp Holdings Inc CME Group Inc EADS Uber Technologies Inc Chevron Corp Sysco Corporation Bristol-Myers Squibb Co %ofl Portfolio Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Quarterly Weight (%) 4.07 3.41 2.07 3.05 3.46 3.13 1.69 3.27 3.37 2.33 29.85 Weight (%) 0.16 0.00 0.52 2.74 0.00 0.47 0.42 0.00 0.34 0.00 4.65 Weight (%) 3.91 3.41 1.55 0.31 3.46 2.66 1.27 3.27 3.03 2.33 25.20 Return (%) 19.47 17.74 16.23 14.36 14.27 10.53 9.71 9.44 8.39 6.78 Weight (%) 2.88 2.19 3.16 2.49 1.12 1.99 2.89 2.50 3.03 2.78 25.03 Weight (%) 0.29 0.04 0.00 0.12 0.04 0.14 0.42 1.42 0.58 0.00 3.05 Weight Return (%) 2.59 2.15 3.16 2.37 1.08 1.85 2.47 1.08 2.45 2.78 21.98 (%) -28.76 -24.42 -19.75 -19.53 -19.33 -13.87 -10.50 -10.05 -9.48 -9.41 Delta Air Lines Inc Amazon.com Inc Goldman Sachs Group Inc JPMorgan Chase & Co Alphabet Inc Bristol-Myers Squibb Co American Express Co EADS CME Group Inc Mastercard Inc %ofl Portfolio Elevance Health Inc Estee Lauder Companies Inc Uber Technologies Inc Centene Corp Applied Materials Inc Constellation Brands Inc Medtronic PLC Johnson & Johnson Comcast Corp Diageo PLC %ofI Portfolio Graystone Consulting from MorganStanley 35 Page Tamarac Firefighters' Pension Trust Fund Vanguard - Large Cap Growth ETF-1 Executive Summary as of December 31, 2024 Manager Performance Chart 12.0 9.0 6.0 3.0 0.0 Manager Risk & Return 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Current Quarter Fiscal YTD Since Inception Manager Annualized Performance Current Quarter 7.22 7.07 0.15 Current Quarter 36,020 70 2,531 38,620 Fiscal Inception YTD 10/1/2024 7.22 7.07 0.15 Fiscal YTD 36,020 70 2,531 38,620 Vanguard- Large Cap Growth ETF Russell 1000 Growth Differences Historic Asset Growth 7.22 7.07 0.15 Inception 10/1/2024 36,020 70 2,531 38,620 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Risk (Standard Deviation' %) Vanguard Large Cap Growth ETF Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics Vanguard Large Cap Growth ETF Russell 1000 Growth 90-Day T-Bills Return Standard Beta Maximum Up 101.00 100.00 Down Alpha Sharpe 78.55 0.02 100.00 0.00 Inception Date 10/01/2024 10/01/2024 Deviation 3.01 2.97 Drawdown Capture Capture Ratio R-Squared 0.66 0.65 Vanguard Large Cap Growth ETF Russell 1000 Growth 7.22 7.07 1.01 1.00 -0.26 -0.33 1.00 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 36 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Vanguard - Large Cap Growth ETF- Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $40.0 $38.6 $38.6 $38.0 $36.0 $36.0 $34.0 9/24 Vanguard Large Cap Growth ETF 10/24 Russell 1000 Growth 11/24 Net Cash Flow 12/24 Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 36,020,074.80 Market Value As of Net Contributions Distributions Fees Expenses Return On Investment 12/31/2024 2,600,342.59 38,620,417.3 Vanguard - Large Cap Growth ETF Distribution of Returns 2 1,289,103.11 -1,289,103.11 <-5 -5To-4 -4To-3 -3To-2 -2To-1 -1To0 OTo1 1To2 2To3 3To4 4T05 >5 Returns (%) Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 37 Page Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value Executive Summary as of December 31, 2024 Manager Performance Chart 30.0 20.0 10.0 0.0 -10.0 -20.0 Manager Risk & Return 15.0 12.0 9.0 6.0 3.0 0.0 -3.0 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 09/01/2013 -1.75 -1.75 13.07 3.88 8.59 7.72 8.10 9.61 -2.68 -2.68 -7.04 1.25 2.10 1.41 1.40 1.37 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 09/01/2013 7,416 7,416 7,464 5,334 4,853 5,473 5,540 4,949 -16 -16 -64 -194 -313 -409 -543 -589 34 34 137 470 764 1,011 1,274 1,366 -1,082 -1,082 -264 -24 3,196 3,662 4,969 6,067 15,697 15,697 15,697 15,697 15,697 15,697 15,697 15,697 Kennedy Mid Cap Value -4.43 -4.43 6.03 5.13 10.70 9.13 9.50 10.98 Russell Midcap Value Differences Historic Asset Growth Kennedy Mid Cap Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation' %) Cap Midcap 90-Day' T-Bills Kennedy Mid Value Russell Value Beginning Market Value 9,345 9,345 8,423 10,112 7,197 5,959 4,457 3,903 Return Standard Beta Maximum Up 101.50 100.00 Down Alpha Sharpe Inception Date 09/01/2013 09/01/2013 Deviation 18.44 17.13 Drawdown Capture Capture Ratio 0.57 0.53 R-Squared 0.86 1.00 Kennedy Mid Cap Value Russell Midcap Value 10.98 9.61 1.00 1.00 -30.03 -31.71 93.90 100.00 1.53 0.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 38 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Kennedy Capital Mgmt - Mid Cap Value Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $24.0 $16.0 $8.0 $0.0 -$8.0 $15.7 /$14.9 $8.3 8/13 5/14 2/15 11/15 8/16 5/17 2/18 11/18 8/19 5/20 2/21 11/21 8/22 5/23 2/24 12/2 Kennedy Mid Cap Value Russell Midcap Value Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 9,344,608.25 Market Value Asof 12/31/2024 Net Contributions Distributions 15,788,863.16 8,3/2,668.16 -16,195.00 Fees Expenses Return On Investment 1,041,746.14 15,696,862.11 Kennedy Mid Cap Value Distribution of Returns 45 31 30 19 16 15 10 <-5 -5To-4 -4To-3 -3'To-2 -2'To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 39 Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Rolling Two Year MPT Statistics as of] December 31, 2024 Sharpe Ratio 1.5 1.0 0.6 0.5 0.5 0.0 -0.5 -1.0 Beta 1.8 0.9 0.7 1.2 1.1 1.0 1.0 0.9 0.4 0.4 0.2 -0.1 0.6 0.0 -0.6 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Up Capture 200.0 Down Capture 200.0 112.6 107.0 100.6 106.1 104.1 99.3 99.5 100.0 100.0 90.9 0.0 0.0 -100.0 -100.0 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Gray Cons from MorganStanley Thej prices, quotes, or statistics contained herein have been obtained from sources believed tol be reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota guarantee of future results. Page 40 Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value Quarterly Performance Attributes as of December 31, 2024 Allocation Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 8.0 16.0 24.0 32.0 40.0 Performance Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -45.0 -30.0 -15.0 0.0 15.0 30.0 Kennedy Mid Cap' Value Russell Midcap Value Kennedy Mid Cap' Value Russell Midcap Value Total Attribution Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -2.1 -1.8 -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 Graystone Consulting from MorganStanley 1.2 Thep prices, quotes, or statistics contained herein have been obtained from sources believed to ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 41 Page Tamarac Firefighters' Pension Trust Fund Kennedy Mid Cap Value - Quarterly Performance Attributes as of December 31, 2024 Allocation 10/01/2024 Portfolio 0.00 14.65 2.79 5.24 18.85 10.11 27.21 7.00 10.90 3.25 0.00 100.00 Performance Quarter Ending December 31, 2024 Portfolio 0.00 -10.33 7.89 2.60 5.95 -7.59 -6.29 -0.48 -14.31 -19.46 0.00 -4.74 Attribution Stock Interaction 0.00 0.00 -0.65 -0.35 0.68 -0.36 -0.36 0.00 -0.05 -0.01 0.25 0.03 -0.69 -0.41 -0.18 0.03 -0.29 -0.14 -1.30 0.89 0.00 0.00 -2.57 -0.31 Benchmark 3.13 9.49 5.84 5.29 16.65 9.10 17.13 8.70 7.36 10.28 7.03 100.00 Benchmark 5.01 -3.48 -3.84 9.36 6.25 -10.39 -2.25 1.57 -10.42 -6.85 -3.29 -1.76 Sector -0.21 -0.09 0.06 -0.01 0.18 -0.09 -0.05 -0.06 -0.31 0.36 0.11 -0.10 Total -0.21 -1.09 0.39 -0.36 0.12 0.20 -1.15 -0.20 -0.73 -0.05 0.11 -2.98 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Total Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 42 Page Grays Consulti ting from MorganStanley Tamarac Firefighters' Pension Trust Fund Kennedy Mid Cap Value - Portfolio Characteristics as of December 31, 2024 Portfolio Characteristics Wtd. Avg. Mkt. Cap ($000) Median Mkt. Cap (S000) Price/Earnings ratio Price/Book ratio 5Yr. EPS Growth Rate (%) Beta (5 Years, Monthly) Number of Stocks Debt tol Equity (%) Top Ten Equity Holdings Portfolio 17,999,671.51 11,191,820.19 17.77 2.60 14.71 1.00 49 85.90 Benchmark 25,168,217.05 10,585,175.16 19.24 2.49 10.12 1.00 711 71.16 Portfolio Benchmark Active Quarterly Weight Weight Weight Return (%) (%) (%) (%) 3.39 0.12 3.27 13.38 0.13 3.02 7.89 2.82 0.25 2.57 6.05 2.73 0.16 2.57 -1.39 2.68 0.00 2.68 14.19 2.66 0.16 2.50 -1.57 2.49 0.09 2.40 -4.02 2.48 0.00 2.48 12.18 2.48 0.00 2.48 9.52 2.37 0.00 2.37 5.13 27.25 0.91 26.34 Stifel Financial Corp. Teledyne Technologies Inc. Brown & Brown Inc Ares Management Corp Reinsurance Group of Amer. Crane Company Edwards Lifesciences Corp Copart Inc Home Bancshares Inc %ofl Portfolio VERLORMANGEPOODGROUPCONPANT 3.15 Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Weight Weight Weight Return Portfolio Benchmark Active Quarterly Weight (%) 1.47 1.76 1.81 1.74 1.81 1.04 1.28 2.25 2.14 1.67 16.97 Weight (%) 0.47 0.14 0.07 0.10 0.10 0.05 0.10 0.17 0.37 0.11 1.68 Weight Return (%) (%) 1.00 -26.53 1.62 -26.43 1.74 -25.40 1.64 -23.47 1.71 -23.44 0.99 -22.42 1.18 -22.33 2.08 -17.81 1.77 -16.67 1.56 -14.87 15.29 (%) (%) 2.34 0.04 2.68 0.00 3.39 0.12 1.88 0.08 2.12 0.11 2.48 0.00 2.48 0.00 0.13 2.02 0.13 2.11 0.21 24.65 0.82 23.83 (%) (%) 2.30 14.66 D.R. Horton Inc 2.68 14.19 Stanley Black & Decker Inc 3.27 13.38 FMCCorp. 1.80 12.90 TopBuild Corp 2.01 12.69 Fortune Brands Innovations Inc 2.48 12.18 Brunswick Corp 2.48 9.52 Rexford Industrial Realty Inc 3.02 7.89 Carlisle Cos Inc 1.89 7.61 GEI HealthCare Technologies Inc 1.90 7.52 Avery Dennison Corp Core & Main Inc Ares Management Corp Stifel Financial Corp. ESAB Corp Lithia Motors Inc. Edwards Lifesciences Corp Copart Inc Assurant Inc. Coterra Energy Inc %ofl Portfolio PERFORMANCE: FOODGROUPCONPANY 3.15 %ofI Portfolio Graystone Consulting from MorganStanley 43 Page Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth Executive Summary as of December 31, 2024 Manager Performance Chart 60.0 45.0 30.0 15.0 0.0 Current Fiscal Manager Risk & Return 18.0 15.0 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2007 8.14 8.14 22.10 4.04 11.47 12.08 11.54 10.23 2.16 2.16 11.73 5.26 5.57 3.70 2.67 2.49 MDT Advisers Mid Cap Growth 10.31 10.31 33.83 9.30 17.05 15.78 14.21 12.71 Russell Midcap Growth Differences Historic Asset Growth MDT Advisers Mid Cap Growth Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending? Market Value Modern Portfolio Statistics -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Current Fiscal 1 3 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2007 10,023 10,023 8,306 9,698 7,033 6,092 4,558 1,777 5,367 5,367 5,378 4,519 2,815 2,357 2,423 2,243 -23 -23 -84 -224 -370 -482 -621 -807 30 30 73 210 295 412 589 833 684 684 2,409 1,880 6,310 7,703 9,132 12,037 16,082 16,082 16,082 16,082 16,082 16,082 16,082 16,082 Risk (Standard Deviation' %) MDT Advisers Mid Cap Growth 90-Day/T-Bills Russell Midcap Growth Standard Deviation 19.32 19.04 Maximum -50.88 -52.91 Up 103.90 Down Alpha 94.46 2.59 100.00 100.00 0.00 Sharpe Ratio R-Squared 0.65 0.54 Inception Date 08/01/2007 08/01/2007 Return 12.71 10.23 Beta 0.98 1.00 Drawdown Capture Capture MDT Advisers Mid Cap Growth Russell Midcap Growth 0.93 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 44 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $30.0 $20.0 $10.0 $0.0 -$10.0 -$20.0 $16.1 $11.7 $3.2 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 7/17 7/18 7/19 7/20 7/21 7/22 7/23 12/2 MDT Advisers Mid Cap Growth Russell Midcap Growth Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 10,023,329.59 Market Value Asof Net Contributions Distributions Fees Expenses Return On Investment 12/31/2024 714,308.57 16,082,207.94 MDT Advisers Mid Cap Growth Distribution of Returns 80 60 40 28 20 15,285,676.40 -,918,558.55 -22,548.07 45 19 20 22 13 14 10 <-5 -5To-4 -4To-3 -3To-2 -2'To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 45 Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Rolling Three Year MPT Statistics as of] December 31, 2024 Sharpe Ratio 2.0 Beta 1.5 1.0 1.0 1.0 1.0 1.5 1.0 1.3 1.3 1.0 0.5 0.5 0.3 0.3 0.1 0.1 12/24 12/23 0.4 0.2 0.0 0.0 -0.5 12/22 12/21 12/24 12/23 12/22 12/21 Up Capture 200.0 Down Capture 200.0 109.9 111.3 112.4 105.5 100.2 102.4 100.0 100.0 93.4 95.0 0.0 0.0 -100.0 -100.0 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Gray Cons from MorganStanley Thej prices, quotes, or statistics contained herein have been obtained from sources believed tol be reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota guarantee of future results. Page 46 Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth Quarterly Performance Attributes as of December 31, 2024 Allocation Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 8.0 16.0 24.0 32.0 40.0 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 -3.2 -2.4 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 Graystone Consulting from MorganStanley Thep prices, quotes, or statistics contained herein havel been obtained from sources believed to ber reliable, however, its accuracy cannot be guaranteed. Past pertormance is nota guarantee off future results. 47 Page Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Quarterly Performance Attributes as of December 31, 2024 Allocation 10/01/2024 Portfolio 5.30 16.40 2.46 3.31 12.58 13.94 19.41 23.41 2.12 0.41 0.68 100.00 Performance Quarter Ending December 31, 2024 Portfolio 16.28 -2.61 2.21 16.39 7.81 2.16 3.06 40.41 -8.42 -10.98 16.49 12.26 Attribution Stock Interaction 0.23 0.05 -0.99 -0.06 0.06 0.00 0.12 -0.02 -0.32 0.00 0.52 0.01 0.06 0.00 4.98 -0.25 0.04 0.02 -0.08 0.06 0.05 -0.03 4.66 -0.22 Benchmark 4.36 15.49 2.47 3.90 12.56 13.79 18.21 24.66 1.38 1.45 1.73 100.00 Benchmark 11.01 3.78 -0.14 13.38 10.32 -1.59 2.72 20.24 -11.18 -5.43 13.79 8.15 Sector 0.03 -0.04 0.00 -0.03 0.00 -0.01 -0.06 -0.15 -0.14 0.14 -0.06 -0.33 Total 0.31 -1.09 0.06 0.07 -0.32 0.51 0.00 4.57 -0.08 0.12 -0.04 4.11 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Total Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 48 Page Grays Consulti ting from MorganStanley Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Portfolio Characteristics as of December 31, 2024 Portfolio Characteristics Wtd. Avg. Mkt. Cap ($000) Median Mkt. Cap (S000) Price/Earnings ratio Price/Book ratio 5Yr. EPS Growth Rate (%) Beta (5 Years, Monthly) Number of Stocks Debt tol Equity (%) Top' Ten Equity Holdings Portfolio 36,101,206.68 18,132,921.24 29.27 9.74 25.74 1.03 125 380.40 Benchmark 37,509,896.27 12,662,103.23 31.96 9.85 21.67 1.00 290 251.46 Portfolio Benchmark Active Quarterly Weight (%) 4.67 4.01 3.29 3.11 2.98 2.58 2.40 2.37 2.15 2.01 29.57 Weight Weight Return (%) 5.02 1.56 1.41 0.91 0.37 1.34 0.00 2.80 1.12 1.23 15.76 (%) (%) -0.35 103.31 2.45 13.66 1.88 24.19 2.20 25.89 2.61 -8.85 1.24 14.23 2.40 12.72 -0.43 148.05 1.03 31.07 0.78 0.05 13.81 Palantir Technologies Inc Ameriprise Financial Inc Datadog Inc GoDaddy Inc Veralto Corp Vertiv Holdings Co Allison Transmission Holdings Inc AppLovin Corporation HubSpot Inc Cencora Inc %ofl Portfolio Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Quarterly Weight Weight Weight Return Weight (%) 2.37 4.67 0.60 0.15 0.93 0.17 0.64 1.08 1.01 2.15 13.77 Weight (%) 2.80 5.02 0.00 0.07 0.07 0.03 1.41 0.60 1.39 1.12 12.51 Weight Return (%) -0.43 -0.35 0.60 0.08 0.86 0.14 -0.77 0.48 -0.38 1.03 1.26 (%) 148.05 103.31 90.66 63.53 60.56 55.07 48.73 44.85 39.36 31.07 (%) 0.22 0.38 1.06 0.33 0.21 0.20 1.08 0.08 0.24 0.36 4.16 (%) (%) (%) 0.30 -0.08 -39.23 0.92 -0.54 -35.86 0.28 0.78 -31.64 0.00 0.33 -29.22 0.00 0.21 -25.40 1.09 -0.89 -24.10 0.54 0.54 -20.66 0.07 0.01 -19.70 0.00 0.24 -18.40 1.11 -0.75 -18.17 4.31 -0.15 AppLovin Corporation Palantir Technologies Inc NovoCure Limited Dutch Bros Inc BILLHoldings Inc American Airlines Group Inc Axon Enterprise Inc DocuSign Inc. COINBASE GLOBALI INC HubSpot Inc % of] Portfolio Enphase Energy Inc Monolithic Power Systems Inc Wingstop Inc StoneCol Ltd FMC Corp. Nul Holdings Ltd Booz. Allen Hamilton! Holding Corporation Onto Innovation Inc Mettler-Toledo International Inc IDEXX: Laboratories Inc %ofI Portfolio Graystone Consulting from MorganStanley 49 Page Tamarac Firefighters' Pension Trust Fund Renaissance International Growth - Executive Summary as of December 31, 2024 Manager Performance Chart 16.0 8.0 0.0 -8.0 -16.0 Manager Risk & Return 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 01/01/2009 -5.87 -5.87 4.15 2.00 4.47 2.83 4.36 6.90 1.73 1.73 -1.38 1.17 0.36 -0.71 -0.44 0.24 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 01/01/2009 21 21 82 340 3,037 5,533 5,835 6,729 -22 -22 -83 -208 -321 -399 -486 -594 47 47 327 821 1,291 1,588 1,861 2,286 -841 -841 180 -425 824 481 1,363 2,698 12,731 12,731 12,731 12,731 12,731 12,731 12,731 12,731 Renaissance Intl Growth Differences Historic Asset Growth Renaissance Intl Growth Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics MSCI ACWI Ex USAI NR USD -7.60 -7.60 5.54 0.82 4.10 3.53 4.80 6.67 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Renaissance International Growth MSCI ACWI Ex USA NRI USD Risk (Standard Deviation' %) Beginning Market Value 13,526 13,526 12,225 12,203 7,900 5,528 4,158 1,612 90-Day' T-Bills Standard 17.40 16.38 Maximum -33.45 -27.79 Up 102.61 Down 101.49 0.28 100.00 100.00 0.00 Sharpe 0.41 0.41 Inception Date 01/01/2009 01/01/2009 Return Deviation Beta Drawdown Capture Capture Alpha Ratio R-Squared Renaissance International Growth MSCI ACWI Ex USANRUSD 6.90 6.67 1.02 1.00 0.92 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 50 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $24.0 $18.0 $12.0 $6.0 $0.0 -$6.0 $12.7 $12.5 $7.7 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 12/23 12/2 Renaissance International Growth MSCI ACWI Ex USA NR USD Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 13,526,118.35 Market Value Asof 12/31/2024 Net Contributions Distributions Fees Expenses Return On Transfers Investment -794,266.68 12,730,942.4: Renaissance International Growth Distribution of Returns 60 45 30 19 15 3,070,2/4.28 3,049,111.01 -22,072.47 22 21 18 15 16 10 12 <-5 -5To-4 -4To-3 -3'To-2 -2'To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 51 Page Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Renaissance -1 International Growth - Rolling Three Year MPT Statistics as of] December 31, 2024 Sharpe Ratio 1.2 0.8 0.4 0.0 0.0 -0.1 -0.4 -0.8 Beta 1.8 0.8 0.6 1.2 1.1 1.1 1.1 0.1 0.0 0.6 0.0 0.1 0.0 -0.6 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Up Capture 200.0 Down Capture 200.0 119.4 119.6 116.4 109.1 113.9 114.3 119.2 118.9 100.0 100.0 0.0 0.0 -100.0 -100.0 12/24 12/23 12/22 12/21 12/24 12/23 12/22 12/21 Gray Cons from MorganStanley Thej prices, quotes, or statistics contained herein have been obtained from sources believed tol be reliable, however, its accuracy cannot be guaranteed. Past pertormance 1s nota guarantee of future results. Page 52 Tamarac Firefighters' Pension Trust Fund Renaissance International Growth Quarterly Performance Attributes as of December 31, 2024 Allocation Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 6.0 12.0 18.0 24.0 30.0 36.0 Renaissance International Growth MSCI AC World ex USI Net -25.0 -20.0 -15.0 -10.0 Renaissance- International Growth MSCI AC World ex USI Net -5.0 0.0 Total Attribution Communication Services Consumer. Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 Graystone Consulting from MorganStanley 1.2 Thep prices, quotes, or statistics contained herein havel been obtained from sources believed to ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 53 Page Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth Quarterly Performance Attributes as ofDecember 31, 2024 Allocation- 10/01/2024 Portfolio 6.32 12.28 3.98 6.38 16.26 6.81 23.13 16.29 8.54 0.00 0.00 100.00 Performance Quarter Ending December 31, 2024 Portfolio -5.36 -4.06 -13.35 -4.80 -4.50 -7.96 -4.34 -2.73 -11.51 0.00 0.00 -5.38 Attribution Stock Interaction 0.05 0.01 0.45 0.04 -0.07 0.03 0.12 0.03 -0.39 0.11 0.56 -0.15 0.38 0.26 -0.13 -0.03 0.40 0.08 0.00 0.00 0.00 0.00 1.39 0.37 Benchmark 5.58 11.30 7.38 5.02 22.53 9.39 13.81 12.79 7.10 1.88 3.22 100.00 Benchmark -6.29 -8.04 -12.44 -7.18 -2.77 -13.95 -7.12 -1.74 -17.17 -11.68 -12.71 -7.53 Sector 0.01 -0.01 0.17 0.00 -0.30 0.17 0.04 0.20 -0.14 0.08 0.17 0.39 Total 0.07 0.48 0.13 0.16 -0.58 0.57 0.68 0.04 0.35 0.08 0.17 2.14 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Total Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 54 Page Grays Consulti ting from MorganStanley Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth Portfolio Characteristics: as ofDecember 31, 2024 Portfolio Characteristics Wtd. Avg. Mkt. Cap ($000) Median Mkt. Cap (S000) Price/Earnings ratio Price/Book ratio 5Yr. EPS Growth Rate (%) Beta (5 Years, Monthly) Number of Stocks Debt tol Equity (%) Top' Ten Equity Holdings Portfolio 87,530,685.96 35,383,920.70 13.64 2.16 20.19 1.12 56 84.22 Benchmark 107,605,769.12 9,818,212.46 15.83 2.53 12.03 1.00 2,058 103.67 Portfolio Benchmark Active Quarterly Weight (%) 3.17 2.58 2.51 2.43 2.40 2.37 2.33 2.29 2.20 2.12 24.40 Weight (%) 3.12 0.00 0.00 0.09 0.19 0.00 0.23 0.10 0.00 0.30 4.03 Weight (%) 0.05 2.58 2.51 2.34 2.21 2.37 2.10 2.19 2.20 1.82 20.37 Return (%) 14.08 0.11 11.87 -2.68 -1.51 14.84 0.69 22.31 16.38 0.03 Taiwan Semiconductor CRHPLC AXIS Capital Holdings Ltd Publicis Groupe SA Holcim Ltd Flex Ltd Rolls Royce Holdings PLC Teva Pharmaceutical Tower Semiconductor Ltd ICICI Bank Ltd %ofl Portfolio Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Weight Weight Weight Return Portfolio Benchmark Active Quarterly Weight Weight Weight Return (%) (%) 2.29 0.10 2.09 0.04 2.20 0.00 1.89 0.00 1.79 0.00 2.37 0.00 3.17 3.12 1.73 0.00 2.51 0.00 0.00 21.89 3.26 18.63 (%) (%) 2.19 22.31 Constellium SE 2.05 18.79 ICON Public Limited Company 2.20 16.38 Itau Unibanco Holding SA 1.89 15.82 Capgemini SE 1.79 15.74 PTH Bank Mandiri (Persero) TBK 2.37 14.84 Alibaba Group Holding Ltd 0.05 14.08 PT Bank Rakyat Indonesia (Persero) Tbk 1.73 12.70 Shin- Etsu Chemical Col Ltd 2.51 11.87 Sanofi 1.85 11.10 JD.com Inc (%) 1.08 1.30 1.56 1.37 1.49 1.46 1.21 1.54 1.61 2.09 14.71 (%) 0.00 0.00 0.09 0.10 0.05 0.67 0.07 0.23 0.43 0.17 1.81 (%) (%) 1.08 -36.84 1.30 -27.01 1.47 -24.60 1.27 -24.34 1.44 -22.57 0.79 -20.10 1.14 -19.89 1.31 -19.36 1.18 -16.31 1.92 -13.32 12.90 Teva Pharmaceutical Pearson PLC Tower Semiconductor. Ltd Golar LNGLtd Tecnoglass Inc Flex Ltd Taiwan Semiconductor Janus Henderson Group PLC AXIS Capital Holdings Ltd %of Portfolio Bancol Latinoamericano de Comercio Exterior SA 1.85 %ofI Portfolio Graystone Consulting from MorganStanley 55 Page Tamarac Firefighters' Pension Trust Fund Garcia Hamilton ST Fixed Income Executive Summary as of December 31, 2024 Manager Performance Chart 6.0 3.0 0.0 -3.0 Manager Risk & Return 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 A Current Quarter Fiscal YTD Since Inception Year Manager Annualized Performance Current Fiscal 1 Inception Quarter YTD Year 4/1/2023 -0.91 -0.91 3.13 3.52 -0.09 -0.09 4.03 3.85 -0.82 -0.82 -0.90 -0.33 Garcia Hamilton- STI Fixed Income Bloomberg US Government 1-3Y Differences Historic Asset Growth -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 Garcial Hamilton ST Fixed Income Bloomberg US Government 1-3Y Current Fiscal 1 Inception Risk (Standard Deviation' %) Quarter YTD Year 4/1/2023 19,492 19,492 18,729 14,419 2,358 2,380 6,157 -8 -30 -50 102 471 778 -286 109 354 Garcia Hamilton ST Fixed Income Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics 2,358 -8 102 -286 90-Day T-Bills 21,658 21,658 21,658 21,658 Return Standard Beta Maximum Deviation 3.52 3.99 1.54 3.85 1.83 1.00 Up Down Alpha Sharpe 120.86 201.72 -2.30 -0.45 100.00 100.00 0.00 -0.86 Inception 04/01/2023 04/01/2023 Drawdown Capture Capture Ratio R-Squared Date Garcia Hamilton STI Fixed Income Bloomberg US Government 1-3Y -2.47 -0.85 0.50 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 56 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - ST Fixed Income Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $28.0 $24.0 $20.0 $16.0 $12.0 $8.0 3/23 $21.8 $21.7 $20.5 6/23 9/23 12/23 3/24 Net Cash Flow 6/24 9/24 12/24 Garcia Hamilton ST Fixed Income Bloomberg US Government 1-3Y Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 19,492,258.00 Market Value Asof Net Contributions Distributions Fees Expenses Return On Investment 12/31/2024 -184,055.91 21,658,202.0 Garcia Hamilton STI Fixed Income Distribution of Returns 16 12 11,801,124.47 ,503,328.22 -7,796.25 <-5 -5To-4 -4To-3 -3To-2 -2To-1 -1To0 OTo1 1To2 2To3 3To4 4T05 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 57 Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - Fixed Income Executive Summary as of December 31, 2024 Manager Performance Chart 6.0 3.0 0.0 -3.0 -6.0 Manager Risk & Return 2.2 2.1 2.0 1.9 1.8 1.7 Current Fiscal 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 02/01/2016 1.6 -1.60 -1.60 3.00 -0.17 0.86 1.69 1.66 -1.48 -1.48 -1.09 0.17 -0.06 -0.06 0.08 Current Fiscal 1 3 5 Quarter YTD Year Years Years Years 02/01/2016 21,955 21,955 20,880 26,730 23,571 20,540 16,933 14 14 53 -5,151 -2,813 -1,342 1,644 -14 -14 -53 -165 -290 -398 -475 175 175 737 1,974 2,941 4,066 5,049 -851 -851 -338 -2,109 -2,131 -1,587 -1,872 21,279 21,279 21,279 21,279 21,279 21,279 21,279 Garcia Hamilton Interm Fixed Income -3.08 -3.08 1.91 -0.01 0.79 1.63 1.74 BB US Intermediate Gov/Cr Differences Historic Asset Growth Garcia Hamilton Interm Fixed Income Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics 1.5 -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' %) Inception Garcia Hamilton Interm Fixed: Income BBI US Intermediate Gov/Cr 90-Day T-Bills Standard 4.26 3.44 Maximum -10.58 -11.32 Up Down Sharpe Inception Date 02/01/2016 02/01/2016 Return Deviation Beta Drawdown Capture Capture Alpha Ratio R-Squared Garcia Hamilton Interm Fixed Income BBI US Intermediate Gov/Cr 1.74 1.66 1.16 1.00 111.63 113.90 -0.16 -0.04 100.00 100.00 0.00 -0.08 0.88 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 58 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - Fixed Income - Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $40.0 $32.0 $24.0 $16.0 $8.0 $0.0 5313 $18.1 1/16 7/16 1/17 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 1/23 7/23 1/24 7/24 12/2 Garcia Hamilton Interm Fixed Income BB US Intermediate Gov/Cr Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 21,955,218.37 Market Value Asof Net Contributions Distributions Fees Expenses Return On Investment 12/31/2024 -675,997.43 21,279,220.9. Garcia Hamilton Interm Fixed Income Distribution of Returns 60 45 30 15 748,874.40 -735,170.41 -13,703.99 33 0 <-5 -5To-4 -4To-3 -3To-2 -2To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 59 Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund UBS-I Private Real Estate Executive Summary as of December 31, 2024 Manager Performance Chart 18.0 12.0 6.0 0.0 -6.0 -12.0 Manager Risk & Return 10.5 9.0 7.5 6.0 4.5 3.0 1.5 0.0 -1.5 Current Fiscal 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2012 0.95 0.95 -1.60 -3.95 -0.23 0.49 2.91 4.45 -0.21 -0.21 -0.17 -1.62 -3.10 -3.49 -2.97 -2.81 UBS- Private Real Estate Differences Historic Asset Growth UBS Private Real Estate Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics NCREIFNFIODCE Value Weighted 1.16 1.16 -1.44 -2.33 2.87 3.99 5.87 7.25 -1.8 -0.9 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 Current Fiscal 1 3 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2012 -236 -236 -437 -437 -437 -437 -437 -437 -10 -10 -41 -118 -189 -282 -429 -518 47 47 172 559 933 1,377 1,729 1,729 -7 -249 -1,154 -980 -1,204 -493 362 4,135 4,135 4,135 4,135 4,135 4,135 4,135 4,135 Risk (Standard Deviation" %) Beginning Market Value 4,341 4,341 4,690 5,285 4,809 4,681 3,765 3,000 UBS- Private Real Estate 90-Day' T-Bills NCREIFNFI ODCE Value Weighted -7 Standard 5.68 5.90 Maximum -21.46 -18.74 Up Down Sharpe 0.52 0.94 Inception Date 08/01/2012 08/01/2012 Return Deviation Beta Drawdown Capture Capture Alpha Ratio R-Squared UBS- Private Real Estate NCREIF NFI ODCE Value Weighted 4.45 7.25 0.89 1.00 73.79 118.60 -1.85 100.00 100.00 0.00 0.85 1.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 60 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund UBS-E Private Real Estate Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $15.0 $10.0 $5.0 $0.0 -$5.0 $6.0 $4.1 $2.0 7/12 4/13 1/14 10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 10/23 12/2 UBS Private Real Estate NCKEIFNFIODCE Value Weighted Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 4,341,452.84 Market Value Asof 12/31/2024 4,135,291.65 Net Contributions Distributions 46,582.06 Fees Expenses Return On Investment 40,071.45 UBS- Private Real Estate Distribution of Returns 150 -282,393.64 -10,421.06 106 100 50 13 1To2 2To3 10 2 <-5 2 -5To-4 -4To-3 -3'To-2 -2'To-1 -1To0 OTo1 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 61 Page Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Mainstay - Global Infrastructure Executive Summary as of December 31, 2024 Manager Performance Chart 24.0 16.0 8.0 0.0 -8.0 -16.0 Current Quarter Manager Risk & Return 6.6 6.0 5.4 4.8 4.2 3.6 3.0 2.4 1.8 1.2 Fiscal YTD 3 Since Years Inception Year Manager Annualized Performance Current Fiscal 1 3 Since Inception Quarter YTD Year Years Inception Date -2.88 -2.88 -3.76 -2.38 -2.56 Current Fiscal 1 3 Since Inception Quarter YTD Year Years Inception Date 9,265 9,265 8,185 8,368 7,197 Mainstay Global Infrastructure -5.03 -5.03 7.51 1.59 2.89 05/01/2021 DJ Brookfield Gbl Infra Comp TR -2.15 -2.15 11.26 3.97 5.45 Differences Historic Asset Growth -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation' %) Mainstay Global Infrastructure Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics 05/01/2021 Mainstay Global Infrastructure 90-Day T-Bills DJ Brookfield Gbl Infra Comp TR 24 737 77 77 181 584 584 -543 -543 433 -178 281 8,799 8,799 8,799 8,799 8,799 Return Standard Beta Maximum Up Down Alpha Sharpe Inception Date 05/01/2021 05/01/2021 Deviation 17.03 15.92 Drawdown Capture Capture Ratio R-Squared 0.06 0.21 Mainstay Global Infrastructure DJ Brookfield Gbl Infra Comp TR 2.89 5.45 1.03 1.00 -17.68 -17.19 100.90 112.65 -2.47 100.00 100.00 0.93 1.00 0.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 62 Page Graystone Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Mainstay - Global Infrastructure Change in Assets & Distribution of Returns as of December 31, 2024 Historic Change in Assets $12.0 $10.0 $8.0 $6.0 $4.0 $9.6 $8.8 $7.9 4/21 7/21 10/21 1/22 4/22 7/22 10/22 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 12/24 Mainstay Global Infrastructure DJ Brookfield Gbl Infra Comp TR Net Cash Flow Quarterly Change in Assets Market Value Asof 10/01/2024 Transfers 9,264,755.60 Market Value Asof 12/31/2024 8,799,084.89 Net Contributions Distributions Fees Expenses Return On Investment -465,670.71 Mainstay Global Infrastructure Distribution of Returns 12 9 154,289.82 -154,289.82 <-5 -5To-4 -4To-3 -3'To-2 -2To-1 -1To0 OTo1 1To2 2To3 3To4 4To5 >5 Returns (%) Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 63 Grays Consu from MorganStanley Tamarac Firefighters' Pension Trust Fund Policy Index History As of December 31, 2024 Policy Index Apr-2002 Bloomberg US Aggregate Russell 1000 Growth Russell 1000 Value MSCI EAFE. Net Russell 2000 VL Nov-2004 Bloomberg US Aggregate Russell 1000Growth Russell 1000 Value MSCI EAFEI Net Russell 2000 VL MSCI ACWI Ex USA NR USD Aug-2007 Bloomberg US Aggregate Russell 1000 Growth Russell 1000 Value MSCI EAFE. Net Russell 2000 MSCI ACWI Ex USA NR USD Russell Midcap Growth Jan-2009 Bloomberg US Aggregate Russell 1000 Growth Russell 1000 Value MSCI EAFE. Net Russell 2000 MSCI ACWI Ex USA NR USD Russell Midcap Growth Weight (%) 35.00 27.50 17.50 10.00 10.00 35.00 27.50 17.50 5.00 10.00 5.00 35.00 27.50 17.50 5.00 5.00 5.00 5.00 35.00 25.00 20.00 2.50 5.00 7.50 5.00 Policy Index Jul-2012 Bloomberg US Aggregate Russell 1000 Growth Russell 1000 Value MSCI EAFENet Russell Midcap Growth MSCI ACWI Ex OSA NRI USD Russell 2000 NCREIF NFI ODCE Value Weighted Sep-2013 Bloomberg US. Aggregate Russell 1000 Growth Russell 1000 Value MSCI EAFE Net Russell Midcap Value MSCI ACWI Ex USA NRI USD Russell Midcap Growth NCREIF NFI ODCE Value Weighted Nov-2014 Bloomberg US Aggregate Russell 1000 Growth Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI ACWI Ex USA NR USD Russell Midcap Growth NCREIF NFIODCE Value Weighted Alerian MLPTR Weight (%) 30.00 25.00 20.00 2.50 5.00 7.50 5.00 5.00 30.00 25.00 20.00 2.50 5.00 7.50 5.00 5.00 20.00 20.00 20.00 10.00 5.00 10.00 5.00 5.00 5.00 Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 64 Grays Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Policy Index History As of December 31, 2024 Policy Index Jun-2018 BB US Intermediate Gov/Cr Russell 1000 Growth Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI ACWI Ex USA NR USD Russell Midcap Growth NCREIF NFI ODCE Value Weighted Alerian MLPTR Oct-2018 BB US Intermediate Gov/Cr Russell 1000 Growth Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI ACWI Ex USA NR USD Russell Midcap Growth NCREIFI NFIODCE Value Weighted Alerian. MLPTR Jul-2020 BB US Intermediate Gov/Cr Russell 1000 Growth Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI ACWI Ex USA NRI USD Russell Midcap Growth NCREIF NFIODCE Value Weighted Alerian MLPTR HFRX Fixed Income Credit Index HFRX Global Hedge Fund Weight (%) 20.00 20.50 20.50 10.00 6.00 12.00 6.00 5.00 0.00 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 Policy Index May-2021 BB US Intermediate Gov/Cr Russell 1000 Growth Russell 1000 Value Russell Midcap Value MSCI ACWI Ex OSA NR USD Russell Midcap Growth NCREIF NFI ODCE Value Weighted Alerian MLPTR HFRX Fixed Income Credit Index HFRX Global Hedge Fund DJ Brookfield Gbl Infra Comp TR Apr-2023 BB US Intermediate Gov/Cr Russell 1000 Growth Russell 1000 Value Russell Midcap Value MSCI ACWI Ex USA NR USD Russell Midcap Growth NCREIF NFI ODCE Value Weighted Alerian MLPTR HFRXI Fixed Income Credit Index HFRX Global Hedge Fund DJ Brookfield Gbl Infra Comp TR Weight (%) 20.00 20.00 20.00 5.00 15.00 5.00 5.00 0.00 2.50 2.50 5.00 25.00 20.00 20.00 5.00 15.00 5.00 5.00 0.00 0.00 0.00 5.00 Thep prices, quotes, or statistics contained! herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. Page 65 Grays Consulting from MorganStanley Tamarac Firefighters' Pension Trust Fund Policy Index History As of December 31, 2024 Policy Index Dec-2024 BB US Intermediate Gov/Cr Russell 1000 Growth Russell 1000 Value Russell Midcap Value MSCI ACWI Ex USA NRI USD Russell Midcap Growth NCREIF NFI ODCE Value Weighted Alerian MLPTR HFRX Fixed: Income Credit Index HFRX Global Hedge Fund DJ Brookfield Gbl Infra Comp TR 90-Day T-Bills Weight (%) 25.00 20.00 20.00 5.00 10.00 5.00 5.00 0.00 0.00 0.00 5.00 5.00 Thep prices, quotes, or statistics contained herein have been obtained from sources believed tol ber reliable, however, its accuracy cannot be guaranteed. Past pertormance 1S nota guarantee off future results. 66 Page Grays Consulti ting from MorganStanley Pertormance Appendix Perjormance Data below is net offees. Please. see the Morgan Stanley Smith Barney LLC Form. ADV Part 2. Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for afull disclosure of the applicable charges, fees and expenses. Your Financial. Advisor will provide those documents to) you upon request. 1 3 5 10 Since Inception Account Name QTD YTD Year Years Years Years Inception Date -0.23 14.86 14.86 7.36 11.09 9.86 7.47 03/29/2002 Cambiar Investors Inc Large Cap Value Garcia Hamilton Interm Fixed Income Garcia Hamilton STI Fixed Income Kennedy Mid Cap Value MDT Advisers Mid Cap Growth Mainstay Global Infrastructure Non-Managed Account Renaissance International Growth UBS Private Real Estate Vanguard Large Cap Growth ETF All perjormance above are Time Weighted(IWR) performance -3.14 1.65 1.65 -0.25 0.55 -0.95 2.97 2.97 10.16 32.78 32.78 -5.03 7.51 1.25 3.94 -6.03 3.47 3.47 7.22 1.46 3.00 03/29/2002 4.08 03/10/2023 -4.52 5.36 5.36 4.37 9.90 8.62 9.54 08/02/2013 8.37 16.04 13.19 11.57 07/05/2007 7.51 1.59 3.94 3.17 3.63 04/13/2021 6.29 12/29/2008 1.96 3.43 07/02/2012 15.45 09/06/2024 1.95 0.59 -1.58 07/01/2011 1.35 3.82 3.71 0.70 -2.50 -2.50 -4.71 -1.00 Information Disclosures Composites are the aggregate of multiple portfolios within an asset pool. Performance results are annualized: for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest andi income. The Investing involves market risk, including possible loss of principal. Growth investing does not guaranteea profit ore eliminate risk. The stocks oft these companies can have relatively high valuations. Because oft these securities are undervalued, and they may not appreciate as anticipated. Small and mid-capitalization companies. The securities ofs small capitalization companies may not trade as readily as, and bes subjectt to higher volatility than those ofl larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and creditr risks that are associated with the underlying bonds owned by the investment: results depicted herein represent historical pertormance. As a result ofi recent market activity, high valuations, ani investment ina growth stock can be morer risky than ani investment ina company with current performance may vary from the figures shown. Past performance is nota guarantee off future results. more modest growth expectations. Value investing involves the risk that the market may not recognize that Pleases see the Morgan Stanley Smith Barney LLCI Form ADV Part 21 Brochure for advisory accounts and/or companies may lack the financial resources, product diversification and competitive strengths ofl larger Benchmark indices and blends included int this material are fori informational purposes only, are provided funds. The return ofp principal in bond funds, andi ini funds with significant bond holdings, is not guaranteed. solely as a comparison tool: and may not reflect the underlying composition and/ori investment objective(s) International securities' prices may carry additional risks, including foreign economic, political, monetary associated with the account(s). Indices are unmanaged and not available for direct investment. Index returns and/or legal factors, changing currency exchange rates, foreign taxes and differences: in financial and Thej pertormance data shown reflects past pertormance, which does not guarantee future results. Investment emerging markets. Alternative investments, including private equity funds, reale estate funds, hedge funds, shown. For up to date month-end performancei information, please contact your Financial. Advisor or visit potential lack of diversification, absence and/or delay ofi information: regarding transferring valuations and pricing, inaf investing. Thej prospectus and, ifavailable the summary prospectus, contains this and other information that (MLPs) are limited partnerships or limited liability companies that aret taxed as partnerships and whose carefully. To obtain aj prospectus, please contact your Financial Advisor or visit the funds' company website. shares ofcommon stock. Currently, most MLPs operate int the energy, natural resources or real estate completeness is not guaranteed; that the report has been prepared for illustrative purposes only andi is not risk and exploration risk; and MLP interests in thei real estate sector ares subject to special risks, including intended tol be used as a substitute for account statements provided on a regular basis from Morgan Stanley interest rate and property value fluctuations, as well: as risks related to general and economic conditions. Smith] Barney LLC; that data in this report should be compared carefully with account statements to verify Because oft their narrow focus, MLPS maintain exposure toj price volatility of commodities and/or any applicable brokerage account trade confirmation statements fora a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor willj provide those documents to you uponi request. do not take into account fees or other charges. Such fees and charges would reduce performance. return andj principal will fluctuate sot that ani investor's shares when redeemed may be worth more or less than original cost. Please note, current pertormance may bel higher orl lower than the pertormance data Investors should carefully consider the fund'si investment objectives, risks, charges and expenses before should be read carefully before investing. Investors should review the information int the prospectus Thei information and data contained therein are from sources considered: reliable, but their accuracy and accounting standards. International investing may not be for everyone. These risks may be magnified in managed futures funds, and funds ofhedge funds, private equity, andi managed futures funds, are speculative and entails significant risks that cani include losses due tol investment practices, lack ofl liquidity, volatility of returns, restrictions leveraging on orlother interests fund, complex taxs structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel andj processes of the: advisor. Master Limited Partnerships interests (limited partnership units or limited liability company units): are traded ons securities exchanges like sectors. Investments inl MLP interests are subject tot the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion underlying assets and tend to bei more volatile than investments that diversify across manys sectors and companies. MLPs are also subject to additional risks includingi investors having limited control and rightst to vote on1 matters affecting the MLP, limited access to capital, cash flow risk, lack ofl liquidity, dilution risk, Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yleld-to-maturity ofa mortgage-backed security andj prepayment risk includes the possibility that a fund mayi invest thej proceeds at generally lower speculative the funds' company website. its accuracy; and that thel Firm strongly encourages clients to consult with their own accountants or other advisors with respect to any tax questions. This report is being provided asa courtesy. By providing this report, we dor not represent or agree that we will monitor thei investments iny your account(s) or deliver IfMorgan Stanley Smith] Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, "Morgan Stanley") provide" "investment: advice" as defined under the Employee Retirement. Income Security Act of 1974, as amended ("ERISA"),andor the Internal Revenue Code of 1986 (the "Code"), as applicable, regarding a retirement or welfare benefit plan account, an individual retirement: account ora Coverdell education savings account (collectively, "Retirement Account"), Morgan Stanley is "fiduciary" under ERISA and/or the Code. When! Morgan Stanley provides investment education (including historical performance and asset allocation models), takes orders on an a"fiduciary" under ERISA and/or the Code. For more information: regarding Morgan Stanley's role with respect to a Retirement. Account, please visit www. morganstanley. com/dlisclosuresldol. Taxl laws are complex and subject to change. Morgan Stanley does not provide tax orl legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing al Retirement. Account, and (b) future reports. conflict ofi interests, and limited call rights relatedt to acquisitions. interest rates. Tax managed funds may not meet their tax-efficient. objective of being Real estate investments are subject tos special risks, including interest rate and value fluctuations, property unsolicited basis or otherwise does not provide "investment advice", Morgan Stanley will not be considered as well: as risks related to general and economic conditions. High yield fixed income securities, alsol known as" "junk bonds", are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. bondholders i a timely manner. The credit ratings shown are based on security rating as providedby Standard &1 Poor's, Moody's and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities int the fund and not the fund itself, and the credit quality of the securities int the fund does not represent the stability or safety oft the fund. Crediti ratings shown range from. AAA, being the regarding any potential tax, ERISA and related consequences of any investments or other transactions made Credit quality isa ai measure ofab bondi issuer's creditworthiness, or ability to repay interest andp principal to with respect toal Retirement. Account. highest, tol D, beingt the lowest! based on S&P and] Fitch's classification (the equivalent of Aaa and C, respectively, by Moody(s). Ratings ofl BBB orl higher by S&P and Fitch (Baa or higher by Moody's)a are that a ranking ofl will: always mean highest value across all statistics. considered tol bei investment grade-quality securities. Iftwo or more oft the: agencies have assigned different Fore example, consider a risk/return assessment using standard deviation as a measure ofr risk. A percentile ratings toas security, the highest rating is applied. Securities that are not rated by all three agencies are listed ranking equalt tol 1 fori return denotes highest return, whereas aj percentile ranking ofl for standard deviation as "NR". Money Market Funds denotes highest risk among peers. Ina addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also held here, and are generally not covered by SIPC. Thei information provided to you: 1)isi included asa capital calls or distributions tot the extent applicable; 3) may noti reflect actual shares, share prices or values; 1)to the extent this report displays Alternativel Investment positions within al Morgan Stanley Individual isi registered pursuant to the Securities Acto of 1933, as amended, your Alternative Investment position(s)i is vehicles. Traditional: alternative: investment vehicles may include, but are not limitedt to, Hedge Funds, Fund but arei not limited to, Open or Closed End Mutual Funds, Exchange-Traded. and Closed-End: Funds, Unit Investment Trusts, exchange listed Reall Estate Investment Trusts (REITs), and Master Limited Partnerships (MLPs). These non-traditional: alternative strategy vehicles also seek alternative-like exposure but have significant differences from traditional: alternative investment vehicles. Non-traditional alternative strategy for bothl hedging and more speculative purposes such as short-selling, leverage, derivatives, and options, traditional markets, investment: strategy, and market sector exposure can play ai role in the classification ofa Traditional alternative investment vehicles are illiquid and usually arei noty valued daily. The estimated valuation provided will be as oft the most recent date available and will bei included: ins summaries ofy your assets. Such valuation may not be the most recent provided by the fund in which you: arei invested. No representation is made that the valuationi is a market value or that the interest could be liquidated at this value. We: are not required tot take any action with respect toy your investment unless validi instructions are received from you inat timely manner. Some positions reflected! herein may not represent interests int the withholding. Morgan Stanley does not engagei in ani independent valuation ofy your alternative investment assets. Morgan Stanley provides periodic information toy you including the market value ofa an alternative known ast the 75th percentile, and the median is the 50th percentile. You could lose money inl Money Market Funds. Although MMFs classified as government funds (i.e., funds (ie., MMFS open tor natural personi investors only)s seek top preserve value at $1.00 per share, they ifliquidity falls below required minimums. During suspensions, shares would not be available for the Federal Deposit Insurance Corporation or other government agency. MMFs that invest 99.5% oft total assets in cash and/or securities backed by the U.S government) and retail Your interests in Alternative Investments, which may have been purchased through us, are generally not cannot guarantee they will dos so. Thej price ofother MMFs will fluctuate and when you sell shares they may service toy you, valuations for certain products may not be available; 2)i is derived from you or another be worth more or less than originally paid. MMFS may impose a fee upon sale or temporarily suspend sales external source for which we are not responsible, and may have been modified tot take into consideration purchases, withdrawals, check writing or ATM debits. Al MMF investment: ist not insured or guaranteed by 4)r may include invested or distributed: amounts in addition toal fair value estimate; and: 5) should not be S&P: 500 to which additional securities are added tol helpt tilt the fund toward potentially outpertorming the Retirement. Account ("IRA"), such positions arel held by Morgan Stanley Smith Barneyl LLCast the market in ane effort to enhance overall investment: returns. Tilt strategies ares subject tos significant timing risk custodian ofy your Morgan Stanley IRA; and 2)ify your Alternative Investment position(s)i isl held by us and target allocations and/or manager selection that your may use to evaluate the pertormance ofy your account. Alternatives may be either traditional alternative investment vehicles or non-traditional. alternative strategy portfolio since the inception of your account, i.e., asset class and/or manager changes. However, ins some of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, circumstances, it may not be an appropriate benchmark for use with your specific account composition. For Real Estate Funds, and Managed] Futures Funds. Non-traditional: alternative strategy vehicles may include, relied uponf for tax reporting purposes. Notwithstanding the foregoing, "Alpha tilt strategies comprise a core holding ofs stocks that mimic a benchmark typei index such as the and could potentially expose investors to extended periods of underperformance." Custom Account Index: The Custom. Account Indexi is ani investment benchmark based ony your historical The Custom Account index does take into consideration certain changes that may have occurredi in your detailed report of thel historical composition of this blend please contact your Financial. Advisor. covered! by SIPC. Peer Groups Peer Groups are ac collection of similar investment strategies that essentially. group investment products that vehicles may behave like, have characteristics of, or employ various investment strategies and techniques illustrate a clients investment portiolio versus its peer across various quantitative metrics like pertormance which can increase volatility and the risk ofi investment loss. Characteristics such as correlation to share the same investment approach. Peer Groups are used for comparison purposes to compare and and risk. Peer Group comparison is conceptually another form ofbenchmark comparison whereby the actuali investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. tpywwwaimmetricicomsylepergowps Group Ranking Methodology 100r represents al low statistical value. traditional security being classified as alternative. The URL below provides allt the definitions and methodology about the various Peer Groups Peer Aj percentile rank denotes the value ofaj product in whicha a certain percent of observations fall withina aj peer fund, but rather redemption proceeds withheld by thei issuer pending final valuations which are nots subject group. Ther range of percentile rankings is between 1 and 100, where 1 represents a highs statistical value and tot the investment pertormance oft the fund and may orI may not accrue: interest for the length ofthe The 30th percentile, for example, ist the value in which 30% oft the highest observations may be found, the investment vehicle based on information: received from the management entity oft the alternative: investment Percentile rankings are calculated based on a normalized distribution: ranging from lto 1001 for allj products Traditional alternative investment vehicles often are speculative andi include: a high degree ofr risk.. ine each peer group, where a ranking ofl denotes al high statistical value anda a ranking of 100 denotes a low Investors should carefully review and consider potential risks before investing. Certain oft these risks may statistical value. Itisi important to note that the same ranking methodology applies to all statistics, implying include but arei not limitedt to: Loss ofa all or a substantial portion oft thei investment due tol leveraging, short- 65th percentile is the valuei in which 65% oft the highest observations may be found, and so on. vehicle or another service provider. selling, or other speculative practices;- Lack of liquidity int that there may be no secondary market fora fund;- Volatility: ofr returns;* Restrictions on transferring interests ina a fund;-1 Potential lack ofd diversification investors) and isi intended solely for the use oft the persons to whomi itl has been delivered. This materialis and resulting higher risk due to concentration oft trading authority when a single: advisor is utilized;* Absence ofi information regarding valuations andj pricing;" Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and- Risks associated with the operations, personnel, andj processes oft the manager. Asa diversified global financial services firm, Morgan Stanley Wealth Management engages in broad spectrum of activities including financial advisory services, investment: management activities, sponsoring and managing privatei investment funds, engaging in! broker- dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. Int the ordinary course ofits business, Morgan Stanley Wealth] Management therefore engages in activities where Morgan Stanley Wealth Management 's interests may conflict with the interests ofi its clients, including the private investment funds it manages. Morgan Stanley Wealth not for distribution to the general public. 020251 Morgan Stanley Smith Barney LLC. Member SIPC. Management can give no such fund. that conflicts ofi interest willl be resolvedi in favor ofi its clients or any Alternative investments involve complex taxs structures, tax inefficient investing, and delaysi 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 asl 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 ofN Morgan Stanley or any ofi its affiliates, (3) are not guaranteed by Morgan Stanley andi its affiliates, and (4) involve investment risks, including possible loss ofp principal. Morgan Stanley Smithl Barney LLCisa a registered broker-dealer, SIPC insurance does not apply toj precious metals, other commodities, ort traditional alternative investments. Indices are unmanaged and investors cannot directly invest in them. Composite index results ares shown for illustrative purposes and do not represent the performance ofa specific investment. Diversification does not assure aj profit or protect against loss inac declining market. Any pertormance or related information presented has not been adjusted to1 reflect thei impact of any the additional fees paidt toa a placement: agent! by ani investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee ofu up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee oft up to 2.5%), which wouldi result ina For most investment advisory clients, the program account willl be charged an asset-based wrap fee every quarter ("the Fee"). In general, thel Fee covers investment: advisory services and reporting. In addition tot the Fee, clients willj pay the fees and expenses of any funds in which their accounti is invested. Fund fees and expenses are charged directly tot thej pool of assets the fund invests in andi impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not bei included int the Fee As fees are deducted quarterly, the compounding effect will bet toi increase the impact oft the fees by an amount directly related to the gross account performance.. For example, for an account with an initial value ofS100,000: and la2.5%2 annual fee, ifthe gross performancei is 5%j per year over a three year period, the compounding effect oft the fees will result ina a net annual compound rate ofreturn of approximately. 2.40% per year overat three year period, and thet total value of the client's portfolio att the end oft 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 LLCI Form. ADVI Part 2A for more information includinga description oft the fee schedule. Itis available at phtNyRADV or from your Financial Graystone Consulting is a business of! Morgan Stanley Smith Barney LLC. ("Morgan Stanley")This material is not tol be reproduced or distributed to any other persons (other than professional advisors of the not a bank substantiali reduction int the returns if such fees were incorporated. amount in the account statements Advisor/Private> Wealth Advisor.