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2nd Quarter Report ending June 2023
City of Sebastian Police Officers' Retirement Plan Quarterly Performance Report As of June 30, 2023 Graystone Consulting from Morgan Stanley Scott Owens, CFA@, CIMA@ David Wheeler, CIMA@, CFP@, CRPS@ Theodore ]. (TI) Loew, CFA® Managing Director - Wealth Management Managing Director - Wealth Management Institutional Consultant Institutional Consulting Director Institutional Consulting Director Theodore.Loew@msgraystone.com Corporate Retirement Director Alternative Investment Director (813) 227-2088 Impact Investing Director Corporate Retirement Director Alternative Investment Director David.A.Wheeler@msgraystone.com Scott.Owens@msgraystone.com (813) 227-2178 (813)227-2027 City of Sebastian Police Officers' Retirement Plan Asset Allocation & Time Weighted Performance as of June 30, 2023 Alloc, Performance(%) Nlarket Quarter Fiscal 1 3 5 7 10 Since Inception Value % To YTD YTD Year Years Years Years Years Inception Date (W00) Date Total Fund (net) 3.92 (20) 8.75 (27) 15.36 (34) 9.38 (47) 8.55 (22) 6.27 (60) 6.94 (76) 6.72 (76) 6.49 (84) Policy Index 1 3.79 (24) 8.92 (24) 16.10 (25) 10.47 (23) 7.81 (39) 6.72 (43) 7.53 (51) 7.61 (34) 7.67 (25) All Public Plans < $1B-Total Fund Median 3.25 7.82 14.39 9.20 7.39 6.52 7.54 7.29 7.22 All Public Plans -Total Fund Median 3.08 7.47 13.77 8.85 7.79 6.63 7.65 7.38 7.32 Highland - Large Cap Value 4,180 19.39 4.69 (43) 5.78 (50) 18.67 (.55) 10.91 (68) 14.84 (60) 7.96 (79) N/A N/A 8.02 (77) 08/01 /2017 Highland - Large Cap Value (net) 4.56 (45) 5.52 (52) 18.25 (62) 10.38 (71) 14.29 (67) 7.44 (87) N/A N/A 7.47 (91) Russell 1000 Value 4.07 (53) 5.12 (55) 18.18 (64) 11.54 (62) 14.30 (67) 8.11 (77) N/A N/A 7.76 (84) IM U.S. Large Cap Value Equity (SA+CF) Median 4.24 5.62 19.20 12.50 15.54 9.23 N/A N/A 9.26 Polen - Large Cap Growth 1,566 7.26 10.81 (58) 26.70 (44) 26.47 (72) 19.88 (73) N/A N/A N/A N/A -1.29 (88) 04/01/2021 Polen - Large Cap Growth (net) 10.64 (59) 26.33 (46) 25.90 (75) 19.16 (78) N/A N/A N/A N/A -1.87 (91) Russell 1000 Gr 12.81 (33) 29.02 (30) 31.85 (33) 27.11 (30) N/A N/A N/A N/A 6.64 (22) IM U.S. Large Cap Growth Equity (SA+CF) Median 11.48 25.63 29.14 24.55 N/A N/A N/A N/A 4.33 iShares - Russell 1000 Growth ETF 1,840 8.54 12.63 (55) 28.52 (50) 31.56 (52) 26.61 (45) N/A N/A N/A N/A 6.34 (21) O1/01/2021 iShares - Russell 1000 Growth ETF (net) 12.63 (55) 28.52 (50) 31.56 (52) 26.61 (45) N/A N/A N/A N/A 6.34 (21) Russell 1000 Gr 12.81 (50) 29.02 (46) 31.85 (50) 27.11 (41) N/A N/A N/A N/A 6.37 (20) IM U.S. Large Cap Growth Equity (MF) Median 12.81 28.42 31.83 26.23 N/A N/A N/A N/A 3.73 Boston Partners - SMID Value 2,615 12.13 3.74 (61) 6.65 (65) 17.24 (73) 10.23 (78) 19.99 (19) 7.01 (68) N/A N/A 7.29 (66) 08/01/2017 Boston Partners - SMID Value (net) 3.50 (66) 6.16 (73) 16.45 (77) 9.24 (91) 18.95 (29) 6.01 (76) N/A N/A 6.26 (80) Russell 2500 VL 4.37 (46) 5.83 (75) 15.57 (79) 10.37 (77) 16.07 (69) 5.32 (82) N/A N/A 6.28 (80) IM U.S. SMID Cap Value Equity (SA+CF) Median 4.10 7.19 18.76 14.18 17.91 7.76 N/A N/A 8.37 Fiera Capital - SMID Growth 1,681 7.80 11.31 (7) 17.00 (34) 22.96 (21) 24.53 (13) 15.02 (14) 12.35 (17) N/A N/A 13.71 (28) 08/01 /2017 Fiera Capital - SMID Growth (net) 11.12 (8) 16.58 (36) 22.31 (26) 23.68 (14) 14.15 (17) 11.51 (27) N/A N/A 12.89 (40) Russell 2500 GR 6.41 (42) 13.38 (63) 18.73 (65) 18.58 (46) 6.56 (66) 7.00 (77) N/A N/A 9.19 (82) IM U.S. SMID Cap Growth Equity (SA+CF) Median 5.94 14.14 20.33 18.33 8.21 9.81 N/A N/A 12.07 Highland - Intl Value 1,107 5.13 4.22 (15) 15.23 (12) 34.10 (35) 20.63 (36) 9.98 (71) 3.98 (68) N/A N/A 4.00 (66) 08/01 /2017 Highland - Intl Value (net) 4.09 (18) 14.96 (12) 33.63 (38) 20.06 (38) 9.48 (73) 3.52 (77) N/A N/A 3.52 (75) MSCI EAFE Net 2.95 (60) 11.67 (58) 31.03 (61) 18.77 (46) 8.93 (77) 4.39 (64) N/A N/A 4.36 (57) MSCI SAFE VL Net 3.15 (50) 9.28 (82) 30.74 (64) 17.40 (55) 11.34 (57) 2.93 (85) N/A N/A 2.62 (88) IM International Large Cap Value Equity (SA+CF) Median 3.14 12.51 31.89 17.81 11.74 4.65 N/A N/A 4.64 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting age 2 City of Sebastian Police Officers' Retirement Plan Asset Allocation & Time Weighted Performance as of June 30, 2023 Allocation Market Value % ($000) C1earBridge - International Growth 1,607 7.45 C1earBridge - International Growth (net) MSCI AC World ex US Net IM International Large Cap Growth Equity (SA+CF) Median Performance(%) Quarter To YTD Fiscal 1 3 5 7 10 Since Date YTD Year Years Years Years Years Inception 2.02 (69) N/A N/A N/A N/A N/A N/A N/A 3.97 (49) 1.83 (70) N/A N/A N/A N/A N/A N/A N/A 3.78 (53) 2.44 (61) N/A N/A N/A N/A N/A N/A N/A 1.26 (78) 2.93 N/A N/A N/A N/A N/A N/A N/A 3.81 Inception Date 02/01/2023 Genter - Short -Term Fixed Income 2,246 10.42 -0.60 (96) N/A N/A N/A N/A N/A N/A N/A -0.60 (96) 04/01 /2023 Genter - Short -Term Fixed Income (net) -0.60 (96) N/A N/A N/A N/A N/A N/A N/A -0.60 (96) BB US Agg Gov/Credit 1-5 Y -0.62 (96) N/A N/A N/A N/A N/A N/A N/A -0.62 (96) IM U.S. Short Duration Fixed Income (SA+CF) Median 0.04 N/A N/A N/A N/A N/A N/A N/A 0.04 Highland - Fixed Income 2,317 10.75 -0.62 (72) 2.84 (42) 3.61 (71) -0.43 (81) -1.68 (53) 1.98 (38) N/A N/A 1.54 (47) 08/01 /2017 Highland - Fixed Income (net) -0.62 (72) 2.75 (46) 3.44 (76) -0.67 (84) -1.95 (57) 1.69 (54) N/A N/A 1.21 (65) Bloomberg US Aggregate -0.84 (85) 2.09 (67) 4.00 (62) -0.94 (89) -3.97 (91) 0.77 (96) N/A N/A 0.51 (96) IM U.S. Fixed Income (SA+CF) Median -0.30 2.56 4.47 1.20 -1.30 1.74 N/A N/A 1.47 Intercontinental - Private Real Estate 797 3.70 -6.10 -9.50 -14.93 -13.57 7.37 7.36 N/A N/A 8.00 10/01 /2017 Intercontinental - Private Real Estate (net) -6.31 -9.87 -15.59 -14.40 5.44 5.59 N/A N/A 6.30 NCREIF NFI ODCE Value Weighted -2.68 -5.77 -10.45 -9.98 7.98 6.50 N/A N/A 6.78 NCREIF NFI ODCE (Net) -2.84 -6.12 -10.98 -10.70 7.07 5.58 N/A N/A 5.86 Bloomberg US Aggregate -0.84 2.09 4.00 -0.94 -3.97 0.77 N/A N/A 0.45 Lazard -Global Infrastructure 1,227 5.69 1.98 (17) 6.58 (19) 16.89 (17) 5.64 (14) N/A N/A N/A N/A 9.72 (3) 01/01/2021 Lazard - Global Infrastructure (net) 1.98 (17) 6.58 (19) 16.89 (17) 5.64 (14) N/A N/A N/A N/A 9.72 (3) DJ Brookfield Gbl Infra Comp TR -0.43 (60) 2.66 (55) 12.28 (63) 0.80 (66) N/A N/A N/A N/A 6.63 (6) IM Global Infrastructure (AM Median 0.20 2.86 13.12 1.81 N/A N/A N/A N/A 4.60 Receipt & Disbursement 377 1.75 1.81 2.67 3.03 3.10 1.04 1.17 N/A N/A 1.24 08/01 /2017 90-Day T-Bills 1.25 2.39 3.28 3.75 1.33 1.56 N/A N/A 1.53 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 3 Graystone Consulting from MoroanStanlev City of Sebastian Police Officers' Retirement Plan Asset Allocation & Net Dollar Weighted Performance (IRR) as of June 30, 2023 Current Fiscal 1 3 5 7 10 Since Inception % Quarter YTD Year Years Years Years Years Inception Date Domcstic Equity Highland - Large Cap Value 19.39 4.56 18.25 10.45 15.39 7.80 N/A N/A 8.14 07/31/2017 Polen - Large Cap Growth 7.26 10.64 25.89 19.16 N/A N/A N/A N/A -1.65 03/15/2021 iShares - Russell 1000 Growth ETF 8.54 12.63 31.56 26.61 N/A N/A N/A N/A 6.36 12/31/2020 Boston Partners - SMID Value 12.13 3.50 16.47 9.34 13.72 7.82 N/A N/A 7.81 07/31/2017 Fiera Capital - SMID Growth 7.80 11.12 22.31 23.67 12.04 10.47 N/A N/A 11.85 07/31/2017 Ititcrnational Equity Highland - Ind Value 5.13 4.09 33.63 20.05 8.09 3.27 N/A N/A 3.30 07/31/2017 ClearBridge - International Growth 7.45 1.83 N/A N/A N/A N/A N/A N/A 3.78 01/31/2023 Genter - Short -Term Fixed Income 10.42 -0.60 N/A N/A N/A N/A N/A N/A -0.60 03/31/2023 Highland - Fixed Income 10.75 -0.62 3.73 -1.64 -2.54 1.23 N/A N/A 0.84 07/31/2017 Alternative Investments Intercontinental - Private Real Estate 3.70 -6.30 -15.57 -14.35 5.61 5.70 N/A N/A 6.34 10/15/2017 Lazard - Global Infrastructure 5.69 1.98 16.89 5.64 N/A N/A N/A N/A 9.74 12/31/2020 Receipt & Disbursement 1.75 1.01 -0.03 -0.58 -4.06 -4.59 N/A N/A -4.06 07/31/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past perfortnance is not a Graystone guarantee of future results. Consulting age 4 from Moroanstantev City of Sebastian Police Officers' Retirement Plan Total Fund - Executive Summary as of June 30, 2023 Manager Performance Chart 24.0 18.0 v 12.0 Pn 6.0 0.0 Current Fiscal 1 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 02/O1/2011 Total Fund 4.05 15.85 10.00 9.21 6.94 7.61 7.36 7.11 Policy Index 1 3.79 16.10 10.47 7.81 6.72 7.53 7.61 7.67 Differences 0.26 -0.25 -0.47 1.40 0.22 0.08 -0.25 -0.56 Historic Asset Growth Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 02/01/2011 Total Fund Beginning Market Value 20,923 18,483 19,453 16,198 14,571 12,098 9,649 7,730 Net Contributions -178 224 270 819 1,584 1,839 2,339 3,078 Fees/Expenses -26 -88 -116 -373 -581 -745 -931 -1,035 Income 109 424 529 1,312 2,054 2,712 3,466 3,983 Gain/Loss 732 2,516 1,423 3,603 3,931 5,655 7,038 7,804 Ending Market Value 21,560 21,560 21,560 21,560 21,560 21,560 21,560 21,560 Modern Portfolio Statistics Manager Risk & Return 12.0 10.0 8.0 6.0 aq f� 4.0 2.0 0.0 -4.0 -2.0 0.0 Total Fund 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Risk (Standard Deviation %) Ci Policy Index 1 A 90-Day T-Bills Return Standard Deviation Beta Maximum Drawdown Up Capture Down Alpha Capture Sharpe R-Squared Inception Ratio Date Total Fund 7.11 10.38 0.98 -19.15 98.80 103.23 -0.36 0.64 0.96 02/01 /2011 Policy Index 1 7.67 10.39 1.00 -20.02 100.00 100.00 0.00 0.69 1.00 02/01 /2011 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone age 5 Consulting from MoroanStanlev City of Sebastian Police Officers' Retirement Plan Total Fund - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $40.0 a 0 $30.0 q r. $20.0 i� > $10.0 $0.0 1/11 10/11 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 — Total Fund Policy Index 1 Net Cash Flow Quarterly Change in Assets Market Value Net Return On As of Transfers Contributions Distributions Fees Expenses Income Investment 04/01/2023 Total Fund 20,922.93 - 5,291.06-5,469.26 -26.01 - 108.66 840.92 Distribution of Returns 45 30 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 6 $22.7 $21.6 $9.8 6/23 Market Value As of 06/30/2023 21,559.65 >5 Graystone Consulting from MoraanStantev City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Executive Summary as of June 30, 2023 Manager Performance Chart 32.0 24.0 16.0 u 8.0 0.0 Current Fiscal 1 3 5 Since Quarter YTD Year Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Highland - Large Cap Value 4.69 18.67 10.91 14.84 7.96 8.02 Russell 1000 Value 4.07 18.18 11.54 14.30 8.11 7.76 Differences 0.62 0.49 -0.63 0.54 -0.15 0.26 Historic Asset Growth Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Highland - Large Cap Value Beginning Market Value 3,998 Net Contributions - Fees/Expenses -5 Income 23 Gain/Loss 164 Ending Market Value 4,180 Modern Portfolio Statistics 3,536 3,869 3,131 3,283 4,342 -1 -85 -515 -534 -1,910 -14 -19 -60 -93 -115 72 96 272 474 557 587 319 1,352 1,050 1,306 4,180 4,180 4,180 4,180 4,180 Manager Risk & Return inc; 9.0 7.5 6.0 v 4.5 Y 3.0 1.5 0.0 -1.5 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 Risk (Standard Deviation %) Highland -Large Cap Value Q Russell 1000 Value 90-Day T-Bills 20.0 24.0 28.0 Standard Return Maximum Beta Up Down `alpha Sharpe R-SInception quared Deviation Drawdown Capture Capture Ratio Date Highland - Large Cap Value 8.02 18.28 1.02 -28.00 102.60 102.04 0.13 0.43 0.99 08/01/2017 Russell 1000 Value 7.76 17.72 1.00 -26.73 100.00 100.00 0.00 0.43 1.00 08/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone e a 7 g Consulting from MomanStantev City of Sebastian Police Officers' Retirement Plan Highland Large Cap Value - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $6.0 W a 0 -1 C m v $2.0 $0.0 7/17 1/18 7/18 1/19 7/19 1/20 7/20 Highland - Large Cap Value Russell 1000 Value Net Cash Flow Quarterly Change in Assets Market Value $4.2 $4.1 — $2.3 1/21 7/21 1/22 7/22 1/23 6/23 As of Net Transfers Contributions Distributions Fees 04/01/2023 Highland - Large Cap Value 3,997,930.23 - 464,701.68-465,020.02-4,995.90 Distribution of Returns 20 15 U Si v n 10 m w 5 0 Return On Expenses Investment 187,263.98 Market Value As of 06/30/2023 4,179,879.97 13 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting age 8 City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Quarterly Performance Attributes as of June 30, 2023 Allocation 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 Highland - 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 Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 30.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Highland - Large Cap Value Russell 1000 Value -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 9 0.8 1.0 1.2 Graystone Consulting from MomanStantev City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Quarterly Performance Attributes as of June 30, 2023 Performance - Quarter Ending Allocation - 04/01/2023 June 30, 2023 Portfolio Benchmark Portfolio Benchmark Communication Services 8.67 8.65 11.05 9.19 Consumer Discretionary 6.20 5.94 7.45 7.15 Consumer Staples 7.98 7.61 3.68 0.91 Energy 7.91 7.95 -1.35 -0.97 Financials 21.15 18.83 6.34 5.59 Health Care 14.83 16.35 -1.56 1.40 Industrials 11.53 10.78 7.77 8.83 Information Technology 9.41 9.32 11.95 3.69 Materials 3.67 4.48 7.06 0.94 Real Estate 4.26 4.49 -2.13 2.52 Utilities 1 4.38 5.60 -2.67 -2.75 Total 1 100.00 100.00 4.79 3.79 Attribution Sector Stock Interaction Total 0.00 0.16 0.00 0.16 0.01 0.02 0.00 0.03 -0.01 0.21 0.01 0.21 0.00 -0.03 0.00 -0.03 0.04 0.14 0.02 0.20 0.04 -0.48 0.04 -0.40 0.04 -0.11 -0.01 -0.09 0.00 0.77 0.01 0.78 0.02 0.27 -0.05 0.25 0.00 -0.21 0.01 -0.20 0.08 0.00 0.00 0.08 0.22 0.74 0.03 1.00 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting from MoroanStanlev age 10 City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Portfolio Characteristics as of June 30, 2023 Portfolio Characteristics Top Ten Equity Holdings Portfolio Benchmark Portfolio Benchmark Active Quarterly Wtd. Avg. Mkt. Cap ($000) 153,306,782.39 138,040,557.95 Weight Weight Weight Return Median Mkt. Cap ($000) 51,619,646.40 11,638,703.93 (%) (%) (%) (%) Price/Earnings ratio 14.70 16.18 Berkshire Hathaway Inc 2.95 3.21 -0.26 10.44 Price/Book ratio 2.44 2.53 JPMorgan Chase & Co 2.37 2.19 0.18 12.49 5 Yr. EPS Growth Rate (%) 9.69 12.97 Exxon Mobil Corp 2.33 2.24 0.09 -1.35 Beta (5 Years, Monthly) 1.03 1.00 Elevance Health Inc 2.09 0.47 1.62 -3.07 Number of Stocks 90 844 Procter & Gamble Co (The) 2.03 1.49 0.54 2.69 Debt to Equity (%) 251.96 -423.12 Bank of America Corp 1.68 1.03 0.65 1.11 Molson Coors Beverage Company 1.68 0.06 1.62 28.24 Johnson & Johnson 1.66 2.21 -0.55 7.60 Chevron Corp 1.63 1.40 0.23 -2.62 Eagle Materials Inc 1.61 0.01 1.60 27.03 % of Portfolio 20.03 14.31 5.72 Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Quarterly Weight Weight Weight Return Weight Weight Weight Return (%) (%) (%) (%) (%) (%) (%) (%) Marvell Technology Inc 1.33 0.26 1.07 38.27 Newell Brands Inc 0.33 0.02 0.31 -29.51 Dell Technologies Inc 1.08 0.00 1.08 35.73 Envista Holdings Corp 0.74 0.03 0.71 -17.22 Meta Platforms Inc 1.14 0.00 1.14 35.41 AT&T Inc 1.02 0.59 0.43 -15.97 Lithia Motors Inc. 1.05 0.04 1.01 33.15 V.F. Corp 0.59 0.03 0.56 -15.37 Live Nation Entertainment Inc 0.99 0.06 0.93 30.16 Jazz Pharmaceuticals plc 0.31 0.02 0.29 -15.28 Oracle Corp 1.60 0.55 1.05 28.71 AES Corp (The) 0.76 0.03 0.73 -13.31 Molson Coors Beverage Company 1.68 0.06 1.62 28.24 PayPal Holdings Inc 0.91 0.04 0.87 -12.13 Eagle Materials Inc 1.61 0.01 1.60 27.03 Walt Disney Co (The) 0.93 0.84 0.09 -10.84 United Airlines Holdings Inc 1.30 0.09 1.21 24.00 Thermo Fisher Scientific Inc 1.29 0.40 0.89 -9.42 Ford Motor Co 1.21 0.31 0.90 21.61 Truist Financial Corp 0.94 0.21 0.73 -9.27 % of Portfolio 12.99 1.38 11.61 % of Portfolio 7.82 2.21 5.61 Graystone age 11 Consulting from MoraanStanlev City of Sebastian Police Officers' Retirement Plan Polen - Large Cap Growth - Executive Summary as of June 30, 2023 Manager Performance Chart 45.0 30.0 u 15.0 04 i 0.0 -15.0 Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Since Quarter YTD Year Inception Polen - Large Cap Growth 10.81 26.47 19.88 -1.29 Russell 1000 Gr 12.81 31.85 27.11 6.64 Differences -2.00 -5.38 -7.23 -7.93 Historic Asset Growth Current Fiscal 1 Since Quarter YTD Year Inception Polen - Large Cap Growth Beginning Market Value 1,416 1,245 1,315 1,677 Net Contributions - -1 -1 -48 Fees/Expenses -2 -6 -8 -21 Income 1 5 6 14 Gain/Loss 151 324 254 -56 Ending Market Value 1,566 1,566 1,566 1,566 Modern Portfolio Statistics Standard Return Beta Deviation Polen - Large Cap Growth -1.29 23.73 1.05 Russell 1000 Gr 6.64 22.01 1.00 Inception Date 04/01/2021 Manager Risk & Return 10.0 8.0 6.0 4.0 e v 2.0 Y a 0.0 -2.0 -4.0 0 -6.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Inception Risk (Standard Deviation %) Date 04/01/2021 Polen - Large Cap Growth Q Russell 1000 Gr 90-Day'r-Bills Maximum Up Down Alpha q Sharpe R-S uared Inception Drawdown Capture Capture Ratio Date -38.14 92.24 115.16 -7.50 -0.01 0.94 04/01/2021 -30.66 100.00 100.00 0.00 0.33 1.00 04/01/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting age 12 from MoraanStanlev City of Sebastian Police Officers' Retirement Plan Polen - Large Cap Growth - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $2.5 Vi L' 0 $2.0 Q F-I _ $1.5 $1.0 $0.5 3/21 6/21 9/21 12/21 3/22 6/22 Polen - Large Cap Growth Russell 1000 Gr Net Cash Flow Quarterly Change in Assets Market Value Net As of Transfers Contributions Distributions 04/01/2023 Polen - Large Cap Growth 1,415,588.88 - 131,200.23-131,496.07 Distribution of Returns 16 12 0 9 8 o" w W 4 9/22 Fees -2,268.82 $1.9 $1.6 $1.6 12/22 3/23 6/23 Expenses Return On Investment 152,877.32 2 1 ] 1 1 ] 1 0 0 0 ---�—' < -5 -5 To -4 -4 To -3 3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 13 1 4 To 5 Market Value As of 06/30/2023 1,565,901.54 9 >5 Graystone Consulting from Maman5tanlev City of Sebastian Police Officers' Retirement Plan Polen - Large Cap Growth - Quarterly Performance Attributes as of June 30, 2023 Allocation Communication Services Consumer Discretionary Consumer Staples �. Energy r� Financials Health Care Industrials Information Technology Materials Real Estate f Utilities 0.0 15.0 30.0 45.0 60.0 Polen - Large Cap Growth Russell 1000 Gr Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 75.0 Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology — Materials — — — Real Estate Utilities -20.0 -10.0 0.0 10.0 Polen - Large Cap Growth Russell 1000 Gr ■ f -6.3 -5.6 -4.9 -4.2 -3.5 -2.8 -2.1 -1.4 -0.7 0.0 0.7 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 14 20.0 30.0 40.0 1.4 2.1 2.8 Graystone Consulting from fdoroanstanlev City of Sebastian Police Officers' Retirement Plan Polen - Large Cap Growth - Quarterly Performance Attributes as of June 30, 2023 Allocation - 04/01/2023 Performance - Quarter Ending June 30, 2023 Portfolio Benchmark Portfolio Benchmark Communication Services 13.24 7.14 22.19 16.29 Consumer Discretionary 20.62 14.34 17.41 15.86 Consumer Staples 0.00 5.99 0.00 -0.11 Energy 0.00 1.36 0.00 -0.70 Financials 0.00 2.87 0.00 4.93 Health Care 17.83 11.67 -2.28 4.46 Industrials 0.00 8.06 0.00 6.66 Information Technology 48.32 45.74 9.84 18.16 Materials 0.00 1.31 0.00 9.16 Real Estate 0.00 1.46 0.00 -1.68 Utilities 0.00 0.04 0.00 1.51 Total 100.00 100.00 10.87 13.02 Attribution Sector Stock Interaction Total 0.20 0.42 0.36 0.98 0.18 0.22 0.10 0.50 0.79 0.00 0.00 0.79 0.19 0.00 0.00 0.19 0.23 0.00 0.00 0.23 -0.53 -0.79 -0.41 -1.73 0.51 0.00 0.00 0.51 0.13 -3.81 -0.21 -3.89 0.05 0.00 0.00 0.05 0.21 0.00 0.00 0.21 0.01 0.00 0.00 0.01 1.97 -3.95 -0.17 -2.15 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 15 Graystone Consulting 6nm MoreanStanlev City of Sebastian Police Officers' Retirement Plan Polen - Large Cap Growth - Portfolio Characteristics as of June 30, 2023 Portfolio Characteristics Top Ten Equity Holdings Portfolio Benchmark Portfolio Benchmark Active Wtd. Avg. Mkt. Cap ($000) 591,283,869.96 1,040,499,339.54 Weight Weight Weight (%) (%) (%) Median Mkt. Cap ($000) 189,580,001.94 16,668,383.25 Price/Earnings ratio 46.81 35.08 Amazon.com Inc 16.07 5.42 10.65 Price/Book ratio 8.49 11.25 Netflix Inc 8.01 0.89 7.12 5 Yr. EPS Growth Rate (%) 23.88 19.66 Alphabet Inc 6.62 2.88 3.74 Beta N/A 1.00 ServiceNow Inc 6.11 0.53 5.58 Number of Stocks 24 444 Microsoft Corp 6.06 11.70 -5.64 Debt to Equity (%) 91.14 465.00 Adobe Inc 5.54 1.03 4.51 Mastercard Inc 4.91 1.52 3.39 Visa Inc 4.61 1.78 2.83 SALESFORCE INC 4.57 0.70 3.87 PayPal Holdings Inc 4.09 0.31 3.78 % of Portfolio 66.59 26.76 39.83 Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Weight Weight Weight Return Weight Weight Weight (%) (%) (%) (%) (%) (%) (%) Netflix Inc 8.01 0.89 7.12 27.50 Illumina Inc 2.33 0.04 2.29 Adobe Inc 5.54 1.03 4.51 26.89 DocuSign Inc. 1.14 0.05 1.09 Amazon.com Inc 16.07 5.42 10.65 26.21 PayPal Holdings Inc 4.09 0.31 3.78 ServiceNow Inc 6.11 0.53 5.58 20.93 Nike Inc 1.89 0.32 1.57 Microsoft Corp 6.06 11.70 -5.64 18.38 Thermo Fisher Scientific Inc 2.80 0.57 2.23 Alphabet Inc 6.62 2.88 3.74 16.32 AUTODESK INC 2.86 0.20 2.66 Workday Inc 2.06 0.21 1.85 9.37 Unitedhealth Group Inc 3.30 1.73 1.57 Mastercard Inc 4.91 1.52 3.39 8.39 Airbnb Inc 3.93 0.24 3.69 Accenture PLC 3.81 0.90 2.91 8.39 Zoetis Inc 2.46 0.37 2.09 Abbott Laboratories 3.56 0.05 3.51 8.19 Visa Inc 4.61 1.78 2.83 % of Portfolio 62.75 25.13 37.62 % of Portfolio 29.41 5.61 23.80 Quarterly Return (%) 26.21 27.50 16.32 20.93 18.38 26.89 8.39 5.54 5.75 -12.13 Quarterly Return -19.38 -12.37 -12.13 -9.72 -9.42 -1.71 1.70 3.02 3.69 5.54 age 16 Graystone Consulting from MoraanStanlev City of Sebastian Police Officers' Retirement Plan iShares - Russell 1000 Growth ETF - Executive Summary as of June 30, 2023 Manager Performance Chart 45.0 30.0 0 15.0 0.0 - Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Since Inception Quarter YTD Year Inception Date iShares - Russell 1000 Growth ETF 12.63 31.56 26.61 6.34 01/01/2021 Russell 1000 Gr 12.81 31.85 27.11 6.37 Differences -0.18 -0.29 -0.50 -0.03 Historic Asset Growth Current Fiscal 1 Since Inception Quarter YTD Year Inception Date iShares - Russell 1000 Growth ETF 01/01/2021 Beginning Market Value 1,634 1,399 1,454 1,582 Net Contributions - - - -4 Fees/Expenses - - - - Income 3 14 14 29 Gain/Loss 204 427 373 233 Ending Market Value 1,840 1,840 1,840 1,840 Modern Portfolio Statistics Manager Risk & Return 9.0 7.5 6.0 4.5 pG 3.0 1.5 0.0 -1.5 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) iShares - Russell 1000 Growth ETF p Russell 1000 Gr A 90-Day T-Bills Return Standard Beta Maximum Up Down Alpha Sharpe R-Squared Inception Deviation Drawdown Capture Capture Ratio Date iShares - Russell 1000 Growth ETF 6.34 20.91 1.00 -30.80 99.56 99.47 -0.01 0.33 1.00 01/01/2021 Russell 1000 Gr 6.36 20.91 1.00 -30.66 100.00 100.00 0.00 0.33 1.00 01/01/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone age 17 Consulting from Moman5tanlev City of Sebastian Police Officers' Retirement Plan iShares - Russell 1000 Growth ETF - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $2.4 $ $2.1 a $1.8 $1.8 v .. $1.5 $1.6 u $1.2 $0.9 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Shares - Russell 1000 Growth ETF Russell 1000 Gr Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 04/01/2023 06/30/2023 iShares - Russell 1000 Growth ETF 1,634,092.10 2,820.52 -2,820.52 - - 206,337.97 1,840,430.07 Distribution of Returns 12 7 T u p 6 6 o" v Y w 3 2 0 = 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 18 8 >5 Graystone Consulting from MoraanStanley City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Executive Summary as of June 30, 2023 Manager Performance Chart 32.0 24.0 16.0 u 8.0 i 0.0 - - - Current Fiscal 1 3 5 Since Quarter YTD Year Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Boston Partners - SMID Value 3.74 17.24 10.23 19.99 7.01 7.29 Russell 2500 VL 4.37 15.57 10.37 16.07 5.32 6.28 Differences -0.63 1.67 -0.14 3.92 1.69 1.01 Historic Asset Growth Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Boston Partners - SMID Value Beginning Market Value 2,530 2,254 2,447 668 712 672 Net Contributions -4 -9 -57 1,145 1,268 1,261 Fees/Expenses -6 -17 -23 -63 -77 -84 Income 10 37 48 119 147 158 Gain/Loss 84 351 199 745 565 608 Ending Market Value 2,615 2,615 2,615 2,615 2,615 2,615 Modern Portfolio Statistics Manager Risk & Return 10.5 9.0 7.5 6.0 0 ems.. 4.5 a 3.0 1.5 0.0 -1.5 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Risk (Standard Deviation %) 0 Boston Partners - SMID Value Q Russell 2500 VL Q 90-Day T-Bills 25.0 30.0 35.0 Return Standard Beta Maximum Up Down Alp ha Sharpe R-S uared Inception q Deviation Drawdown Capture Capture Ratio Date Boston Partners - SMID Value 7.29 23.59 1.05 -38.80 105.63 102.26 0.90 0.36 0.97 08/01/2017 Russell 2500 VL 6.28 22.17 1.00 -34.64 100.00 100.00 0.00 0.32 1.00 08/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone age 19 Consulting from MoroanStanlev City of Sebastian Police Officers' Retirement Plan Boston SMID Value - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $4.5 m c 0 $3.0 $2.6 $2.5 $1.5 $1.s 2 W $0.0 c� ($1.5) 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 1/23 6/23 Boston Partners - SMID Value Russell 2500 VI. — Net Cash Flow Quarterly Change in Assets Market Value Net Return Market Value As of Transfers Contributions Distributions Fees Expenses Ive is met As of 04/01/2023 06/30/2023 Boston Partners - SMID Value 2,529,917.38 - 643,057.28-646,611.12-5,943.10 - 94,278.79 2,614,699.23 Distribution of Returns 24 18 15 6 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. G1r aystone Consulting age 20 from MoraanStanlev City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Quarterly Performance Attributes as of June 30, 2023 Allocation Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials — Information Technology Materials Real Estate Utilities 0.0 5.0 10.0 15.0 20.0 25.0 Boston Partners - SMID Value Russell 2500 VL Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 30.0 Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities a -16.0 -8.0 0.0 PC' Boston Partners - SMID Value Russell 2500 VL -2.8 -2.4 -2.0 -1.6 -1.2 -0.8 -0.4 0.0 0.4 0.8 1.2 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 21 8.0 16.0 24.0 1.6 2.0 2.4 Graystone Consulting from MomanStanlev City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Quarterly Performance Attributes as of June 30, 2023 Allocation - 04/01/2023 Portfolio Benchmark Communication Services 4.16 3.19 Consumer Discretionary 12.59 11.57 Consumer Staples 3.92 3.15 Energy 7.23 4.42 Financials 18.80 19.59 Health Care 9.40 8.43 Industrials 19.06 18.69 Information Technology 15.41 9.17 Materials 5.89 6.55 Real Estate 2.42 11.11 Utilities 1.12 4.12 Total 100.00 100.00 Performance - Quarter Ending June 30, 2023 Portfolio Benchmark 0.11 0.34 1.78 4.33 4.04 1.48 -2.32 5.09 1.40 1.24 9.96 5.15 4.58 12.25 12.07 3.55 -7.83 -1.05 7.09 2.48 -1.30 -3.73 3.85 4.13 Attribution Sector Stock Interaction Total -0.04 -0.01 0.00 -0.05 0.00 -0.29 -0.03 -0.32 -0.02 0.08 0.02 0.08 0.03 -0.33 -0.21 -0.51 0.02 0.03 0.00 0.05 0.01 0.41 0.05 0.46 0.03 -1.43 -0.03 -1.43 -0.04 0.78 0.53 1.28 0.03 -0.44 0.04 -0.37 0.14 0.51 -0.40 0.25 0.24 0.10 -0.07 0.26 0.41 -0.60 -0.10 -0.28 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone ConsultinLy from MoroanStanlev age 22 City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Portfolio Characteristics as of June 30, 2023 Portfolio Characteristics Wtd. Avg. Mkt. Cap ($000) Median Mkt. Cap ($000) Price/Earnings ratio Price/Book ratio 5 Yr. EPS Growth Rate (%) Beta (5 Years, Monthly) Number of Stocks Debt to Equity (%) Ten Best Performers Super Micro Computer Inc AppLovin Corporation Beacon Roofing Supply Inc Extreme Networks Inc Leonardo DRS Inc Lithia Motors Inc. InterDigital Inc SLM Corp First Citizens Bancshares Inc AMN Healthcare Services Inc. % of Portfolio age 23 Top Ten Equity Holdings Portfolio Benchmark Portfolio Benchmark Active Quarterly 6,972,115.49 6,488,942.64 Weight Weight Weight Return 4,867,561.08 1,231,365.76 N (0/6) N N 12.19 11.14 WESCO International Inc 2.51 0.22 2.29 16.13 2.46 2.08 Icon PLC 2.17 0.00 2.17 17.14 17.49 12.64 SLM Corp 1.61 0.07 1.54 32.66 1.05 1.00 Nexstar Media Group Inc. 1.57 0.10 1.47 -2.71 175 1,895 EMCOR Group Inc. 1.47 0.16 1.31 13.78 278.99 76.83 Science Applications Intemational Corp 1.42 0.17 1.25 5.03 Belden Inc 1.36 0.04 1.32 10.29 Brink's Co (The) 1.34 0.00 1.34 1.88 Tempur Sealy International Inc 1.26 0.15 1.11 1.76 Molina Healthcare Inc. 1.21 0.00 1.21 12.62 % of Portfolio Ten Worst Performers 15.92 0.91 15.01 Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Quarterly Weight Weight Weight Return Weight Weight Weight Return (0�D) (Y") N (%) (%) N N N 0.90 0.00 0.90 133.93 National Energy Services Reunited Corp 0.19 0.00 0.19 -43.92 0.34 0.12 0.22 63.37 PRA Group Inc 0.31 0.02 0.29 -41.35 0.55 0.10 0.45 41.00 Concentrix Corp 0.51 0.10 0.41 -33.38 0.76 0.00 0.76 36.25 Bowlero Corp 0.73 0.00 0.73 -31.33 0.64 0.00 0.64 33.69 Foot Locker Inc. 0.27 0.06 0.21 -31.01 0.75 0.23 0.52 33.15 Mativ Holdings Inc 0.29 0.02 0.27 -27.80 0.87 0.00 0.87 33.09 Dime Community Bancshares Inc 0.21 0.02 0.19 -21.47 1.61 0.07 1.54 32.66 Kosmos Energy Ltd 0.63 0.00 0.63 -19.49 0.76 0.34 0.42 31.97 Ciena Corp 0.53 0.17 0.36 -19.10 0.61 0.00 0.61 31.53 Ingevity Corp 0.25 0.00 0.25 -18.68 7.79 0.86 6.93 % of Portfolio 3.92 0.39 3.53 Graystone Consulting from MoroanStanlev City of Sebastian Police Officers' Retirement Plan Fiera Capital SMID Growth - Executive Summary as of June 30, 2023 Manager Performance Chart 40.0 30.0 e 20.0 C4 10.0 0.0 Current Fiscal 1 3 5 Since Quarter YID Year Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Fiera Capital - SMID Growth 11.31 22.96 24.53 15.02 12.35 13.71 Russell 2500 GR 6.41 18.73 18.58 6.56 7.00 9.19 Differences 4.90 4.23 5.95 8.46 5.35 4.52 Historic Asset Growth Current Quarter Fiera Capital - SMID Growth Beginning Market Value 1,513 Net Contributions - Fees/Expenses -3 Income 3 Gain/Loss 168 Ending Market Value 1,681 Modern Portfolio Statistics Fiscal 1 3 5 Inception YTD Year Years Years 08/01/2017 1,375 1,360 892 793 669 -1 -1 321 296 294 -8 -11 -35 -47 -51 9 13 46 56 60 306 320 456 582 708 1,681 1,681 1,681 1,681 1,681 Manager Risk & Return 18.0 15.0 12.0 ems.. « a 6.0 3.0 0.0 -3.0 X -6.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Risk (Standard Deviation %) Fiera Capital - SMID Growth 0 Russell 2500 GR ■ 90-Day T-Bills 24.0 28.0 32.0 Return Standard Beta Maximum Up Down Alpha Sharpe R-Squared Inception Deviation Drawdown Capture Capture Ratio Date Fiera Capital - SMID Growth 13.71 21.09 0.94 -26.32 101.14 84.81 4.67 0.64 0.94 08/01/2017 Russell 2500 GR 9.19 21.78 1.00 -32.84 100.00 L00.00 0.00 0.45 1.00 08/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past of future results. performance is not a r� G1r aystone guarantee Consulting age 24 City of Sebastian Police Officers' Retirement Plan Fiera Capital SMID Growth - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $2.4 w Q O $1.8 A rr $1.2 — - - •��- �. $0.6 $0.0 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 Fiera Capital - SMID Growth Russell 2500 GR Net Cash Flow Quarterly Change in Assets Market Value Net As of Transfers Contributions Distributions 04/01/2023 Fiera Capital - SMID Growth 1,513,040.07 - 189,744.53-190,125.87 Distribution of Returns 24 18 V v II, 12 10 w 6 2 0 0 $1.7 $1.3 $0.9 7/21 1/22 7/22 1/23 6/23 Return On Market Value Fees Expenses Investment As of 06/30/2023 -2,837.22 - 171,000.56 1,680,822.07 7 1 7 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 25 17 >5 Graystone Consulting from MamanStanlev City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Quarterly Performance Attributes as of June 30, 2023 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 Fiera Capital - SMID Growth Russell 2500 GR Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 32.0 40.0 48.0 Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -16.0 -8.0 0.0 8.0 16.0 Fiera Capital - SMID Growth Russell 2500 GR -1.6 -1.2 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.8 3.2 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is rot guarantee of future results. age 26 24.0 32.0 3.6 4.0 Graystone Consulting from Moroa Stanley City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Quarterly Performance Attributes as of June 30, 2023 Allocation - 04/O1/2023 Performance - Quarter Ending June 30, 2023 Portfolio Benchmark Portfolio Benchmark Communication Services 3.58 1.96 6.12 1.55 Consumer Discretionary 16.97 12.88 13.87 5.19 Consumer Staples 0.00 4.11 0.00 4.87 Energy 2.77 5.11 5.38 1.83 Financials 5.11 6.68 1.42 -1.15 Health Care 23.51 18.37 9.04 8.61 Industrials 16.88 18.92 9.53 10.02 Information Technology 30.21 23.00 17.07 8.91 Materials 0.97 5.18 -0.63 1.10 Real Estate 0.00 2.54 0.00 5.44 Utilities 0.00 1.26 0.00 -0.11 Total 100.00 100.00 11.68 6.64 Attribution Sector Stock Interaction Total -0.08 0.09 0.07 0.08 -0.06 1.12 0.36 1.41 0.07 0.00 0.00 0.07 0.11 0.18 -0.08 0.21 0.12 0.17 -0.04 0.25 0.10 0.08 0.02 0.20 -0.07 -0.09 0.01 -0.15 0.16 1.88 0.59 2.63 0.23 -0.09 0.07 0.22 0.03 0.00 0.00 0.03 0.08 0.00 0.00 0.08 0.71 3.33 1.00 5.04 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 27 Graystone Consulting from MoraanStanlev City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Portfolio Characteristics as of June 30, 2023 Portfolio Characteristics Wtd. Avg. Mkt. Cap ($000) Median Mkt. Cap ($000) Price/Earnings ratio Price/Book ratio 5 Yr. EPS Growth Rate (%) Beta (5 Years, Monthly) Number of Stocks Debt to Equity (%) Ten Best Performers MongoDB Inc Royal Caribbean Group Guardant Health Inc GitLab Inc JFrog Ltd Apellis Pharmaceuticals Inc Entegris Inc PulteGroup Inc Lithia Motors Inc. ShockWave Medical Inc % of Portfolio Portfolio Benchmark 13,401,577.00 5,809,412.83 9,201,322.50 1,564,291.04 24.61 21.53 4.95 4.92 16.08 20.28 0.95 1.00 62 1,281 26.19 194.37 Top Ten Equity Holdings Portfolio Benchmark Active Quarterly Weight Weight Weight Return (%) (%) N N MongoDB Inc 3.24 0.00 3.24 76.30 Entegris Inc 3.23 0.04 3.19 35.31 HubSpot Inc 3.09 0.00 3.09 24.10 ShockWave Medical Inc 2.78 0.52 2.26 31.63 EMCOR Group Inc. 2.75 0.15 2.60 13.78 Tyler Technologies Inc 2.73 0.00 2.73 17.43 Lattice Semiconductor Corporation 2.63 0.66 1.97 0.60 Arista Networks Inc 2.59 0.00 2.59 -3.45 Molina Healthcare Inc. 2.21 0.00 2.21 12.62 Hyatt Hotels Corp 2.19 0.00 2.19 2.63 % of Portfolio 27.44 1.37 26.07 Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Quarterly Weight Weight Weight Return Weight Weight Weight Return N (a/o) (a/o) (%) (a/o) (%) (%) (%) 3.24 0.00 3.24 76.30 Etsy Inc 1.50 0.00 1.50 -24.00 1.86 0.00 1.86 58.87 Sarepta Therapeutics Inc 1.08 0.52 0.56 -16.91 1.07 0.20 0.87 52.73 iRhythm Technologies Inc 1.25 0.16 1.09 -15.89 2.00 0.13 1.87 49.05 ACI Worldwide Inc 0.69 0.11 0.58 -14.12 1.40 0.00 1.40 40.61 Biomarin Pharmaceutical Inc 1.24 0.00 1.24 -10.86 1.60 0.46 1.14 38.11 Neurocrine Biosciences Inc 1.19 0.46 0.73 -6.84 3.23 0.04 3.19 35.31 Inad Medical Inc 0.66 0.14 0.52 -5.83 2.00 0.00 2.00 33.58 Arista Networks Inc 2.59 0.00 2.59 -3.45 1.92 0.00 1.92 33.15 GoDaddy Inc 2.11 0.00 2.11 -3.33 2.78 0.52 2.26 31.63 Devon Energy Corp 1.24 0.00 1.24 -3.08 21.10 1.35 19.75 % of Portfolio 13.55 1.39 12.16 age 28 Graystone Consulting from MoraanStanlev City of Sebastian Police Officers' Retirement Plan Highland - International Value - Executive Summary as of June 30, 2023 Manager Performance Chart 60.0 45.0 6 30.0 v 15.0 0.0 -= --- -�- - - Current Fiscal 1 3 5 Since Quarter YTD Year Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Highland - Intl Value 4.22 34.10 20.63 9.98 3.98 4.00 MSCI EAFE Net 2.95 31.03 18.77 8.93 4.39 4.36 Differences 1.27 3.07 1.86 1.05 -0.41 -0.36 Historic Asset Growth Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/O1/2017 Highland - Intl Value Beginning Market Value 1,064 829 922 677 723 701 Net Contributions - -1 - 214 238 238 Fees/Expenses -1 -4 -5 -14 -20 -24 Income 10 19 23 76 ill 125 Gain/Loss 35 263 167 154 54 67 Ending Market Value 1,107 1,107 1,107 1,107 1,107 1,107 Modern Portfolio Statistics Return Standard Beta Maximum Deviation Drawdown Highland - Intl Value 4.00 19.38 1.11 -28.71 MSCI SAFE Net 4.36 16.63 1.00 -27.30 Manager Risk & Return 6.0 5.4 4.8 4.2 3.6 3.0 2.4 1.8 1.2 0.6 0.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Highland - Intl Value Q MSCI EAFE Net A 90-Day T-Bills Up Down Alpha Sharpe R-Squared Inception Capture Capture Ratio Date 107.31 108.54 -0.46 0.22 0.91 08/01/2017 100.00 100.00 0.00 0.25 1.00 08/O1/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 29 Graystone Consulting from MomanStanlev City of Sebastian Police Officers' Retirement Plan Highland - International Value - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $1.5 W a 0 $1.2 Q $0.9 $0.6 m $0.3 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 Highland - Intl Value Quarterly Change in Assets Market Value As of 04/01/2023 Highland - Ind Value 1,063,697.88 Distribution of Returns 20 15 U ♦"i L Q 10 9 u Y W 5 0 MSCI EAFE Net — Net Cash Flow $1.1 $0.9 1/22 7/22 1/23 6/23 Market Value Net Return On Transfers Contributions Distributions Fees Expenses Investment As of 06/30/2023 42,034.31-42,426.09-1,328.88 - 44,778.65 1,106,755.87 7 7 13 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting age 30 City of Sebastian Police Officers' Retirement Plan Highland - Intl Value - Quarterly Performance Attributes as of June 30, 2023 Allocation Performance Communication Services Communication Services Consumer Discretionary Consumer Discretionary Consumer Staples Consumer Staples Energy ` Energy — Financials Financials Health Care Health Care Industrials Industrials Information Technology Information Technology Materials Materials Real Estate Real Estate Utilities Utilities Other Other • 0.0 6.0 12.0 18.0 24.0 30.0 36.0 -16.0 -8.0 0.0 8.0 16.0 24.0 Highland - Intl Value MSCI EAFE Net N Highland - Intl Value MSCI EAFE Net Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Other -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 31 1.2 1.4 1.6 Graystone Consulting from Moruan Stanley City of Sebastian Police Officers' Retirement Plan Highland - Intl Value - Quarterly Performance Attributes as of June 30, 2023 Performance - Quarter Ending Allocation - 04/01/2023 June 30, 2023 Portfolio Benchmark Portfolio Benchmark Communication Services 5.93 4.51 -1.71 -2.47 Consumer Discretionary 23.69 12.21 7.31 5.53 Consumer Staples 8.45 10.44 -6.43 -0.33 Energy 8.23 4.48 2.01 0.23 Financials 9.66 17.68 4.77 5.17 Health Care 8.02 13.17 12.97 2.20 Industrials 11.92 15.62 7.01 6.55 Information Technology 16.03 8.36 2.56 5.96 Materials 5.26 7.71 2.71 -1.17 Real Estate 0.00 2.38 0.00 -1.94 Utilities 1.06 3.42 2.49 4.95 Other 1.75 0.00 1.04 0.00 Total 100.00 100.00 4.18 3.30 Attribution Sector Stock Interaction Total -0.08 0.03 0.01 -0.04 0.26 0.22 0.20 0.68 0.07 -0.64 0.12 -0.44 -0.11 0.08 0.07 0.03 -0.15 -0.07 0.03 -0.19 0.06 1.42 -0.56 0.92 -0.12 0.07 -0.02 -0.06 0.20 -0.28 -0.26 -0.34 0.11 0.30 -0.09 0.31 0.12 0.00 0.00 0.12 -0.04 -0.08 0.06 -0.07 -0.04 0.00 0.00 -0.04 0.28 1.05 -0.43 0.89 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting from MoroanStanlev age 32 City of Sebastian Police Officers' Retirement Plan Highland - Intl Value - Portfolio Characteristics as of June 30, 2023 Portfolio Characteristics Top Ten Equity Holdings Portfolio Benchmark Portfolio Benchmark Active Quarterly Wtd. Avg. Mkt. Cap ($000) 131,466,924.80 86,122,528.41 Weight Weight Weight Return Median Mkt. Cap ($000) 49,531,678.08 12,545,071.28 N N (%) N Price/Earnings ratio 11.77 13.77 Sony Group Corporation 6.38 0.73 5.65 -0.67 Price/Book ratio 2.17 2.53 Siemens AG 5.31 0.81 4.50 2.62 5 Yr. EPS Growth Rate (%) 9.29 9.03 STMicroelectronics NV 3.85 0.22 3.63 -6.42 Beta (5 Years, Monthly) 1.12 1.00 Mercedes Benz Group AG 3.56 0.44 3.12 4.88 Number of Stocks 60 798 Hitachi Ltd 3.47 0.37 3.10 12.96 Debt to Equity (%) 100.09 112.95 Kyocera Corp 3.24 0.11 3.13 4.15 SAP AG 3.21 0.92 2.29 9.94 Intercontinental Hotels Group PLC 3.14 0.08 3.06 5.78 Honda Motor Co Ltd 3.07 0.30 2.77 14.42 Royal Caribbean Group 2.97 0.00 2.97 58.87 % of Portfolio 38.20 3.98 34.22 Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Quarterly Weight Weight Weight Return Weight Weight Weight Return N N N (%) N (%) N (%) Royal Caribbean Group 2.97 0.00 2.97 58.87 Sea Limited 0.27 0.14 0.13 -32.94 Philips Electronics NV 1.94 0.13 1.81 23.48 iQIYI Inc 0.10 0.00 0.10 -26.65 Aegon NV 0.42 0.05 0.37 21.29 Capri Holdings Ltd 0.51 0.00 0.51 -23.64 Ferrari NV 1.53 0.26 1.27 20.88 JD.com Inc 0.80 0.00 0.80 -21.05 Softbank Group Corp 0.88 0.31 0.57 20.35 Alibaba Group Holding Ltd 0.39 0.00 0.39 -18.43 ING Groep NV 1.69 0.31 1.38 17.28 Anheuser-Busch InBev SA/NV 2.45 0.32 2.13 -13.90 Icon PLC 1.17 0.00 1.17 17.14 Mowi ASA 0.18 0.04 0.14 -13.08 Smith & Nephew PLC 0.70 0.09 0.61 15.55 Vodafone Group Public Limited Company 0.32 0.14 0.18 -9.90 Fresenius Medical Care 1.24 0.06 1.18 15.50 Sensata Tech 0.74 0.00 0.74 -9.79 Honda Motor Co Ltd 3.07 0.30 2.77 14.42 NICE Ltd 0.97 0.08 0.89 -9.78 % of Portfolio 15.61 1.51 14.10 % of Portfolio 6.73 0.72 6.01 age 33 Graystone Consulting from MoroanStantev City of Sebastian Police Officers' Retirement Plan C1earBridge - International Growth - Executive Summary as of June 30, 2023 Manager Performance Chart 6.0 4.0 p v a 2.0 0.0 Current Quarter Manager Annualized Performance C1earBridge - International Growth MSCI AC World ex US Net Differences Historic Asset Growth C1earBridge - International Growth Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value Modern Portfolio Statistics Current Quarter 2.02 2.44 -0.42 Current Quarter 1,579 -1 -3 15 17 1,607 Since Inception Inception 2/1/2023 3.97 1.26 2.71 Inception 2/1/2023 1,548 -3 17 44 1,607 Manager Risk & Return 5.4 4.8 4.2 3.6 3.0 a� 2.4 PG 1.8 1.2 0.6 0.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 .5.4 6.0 Risk (Standard Deviation a/o) C1earBridge - International Growth p MSCI AC World ex US Net . 90-Day T-Bills Return Standard Beta Maximum Up Down Alpha Sharpe R-Squared Inception Deviation Drawdown Capture Capture Ratio Date C1earBridge - International Growth 3.97 3.81 1.10 -4.19 133.36 102.07 0.52 0.12 0.91 02/01 /2023 MSCI AC World ex US Net 1.26 3.29 1.00 -3.64 100.00 100.00 0.00 -0.03 1.00 02/01/2023 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a future results. Graystone guarantee of Consulting age 34 City of Sebastian Police Officers' Retirement Plan C1earBridge - International Growth - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $1.7 a 0 $1.6 :" $1.6 1-0 $1.6 u $1.4 1/23 2/23 3/23 4/23 5/23 6/23 C1earBridge - International Growth MSCI AC World ex US Net Net Cash Flow Quarterly Change in Assets Market ValueNet Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 04/01/2023 06/30/2023 C1earBridge - International Growth 1,578,552.72 - 296,517.94 -297,281.53 2,823.89 - 31,748.66 1,606,713.90 Distribution of Returns 2 C v w W i _ 0 0 0 0 0 0 0 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone age 35 Consulting from MomanStantev City of Sebastian Police Officers' Retirement Plan C1earBridge - International Growth - Quarterly Performance Attributes as of June 30, 2023 Allocation Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials - Information Technology — — Materials Real Estate Utilities 0.0 5.0 10.0 15.0 20.0 25.0 30.0 C1earBridge - International Growth MSCI AC World ex US Net Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Communication Services Consumer Discretionary Consumer Staples Energy Financials I ealth Care Industrials Information Technology Materials Real Estate Utilities -24.0 -16.0 -8.0 0.0 C1earBridge - International Growth MSCI AC World ex US Net -1.4 -1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 36 8.0 16.0 1.0 1.2 Graystone Consulting from MoruanStanlev City of Sebastian Police Officers' Retirement Plan C1earBridge - International Growth - Quarterly Performance Attributes as of June 30, 2023 Allocation - 04/01/2023 Performance - Quarter Ending June 30, 2023 Portfolio Benchmark Portfolio Benchmark Communication Services 4.66 6.05 -9.53 -4.27 Consumer Discretionary 13.34 12.00 5.98 2.05 Consumer Staples 12.56 8.94 0.32 -0.31 Energy 1.56 5.54 -4.32 3.92 Financials 11.74 19.92 0.96 5.29 Health Care 18.09 9.57 1.81 1.65 Industrials 19.31 12.70 5.73 5.72 Information Technology 10.97 11.67 5.47 6.08 Materials 3.82 8.26 6.50 -2.26 Real Estate 0.00 2.12 0.00 -2.46 Utilities 3.95 3.22 -3.05 4.25 Total 100.00 100.00 2.60 2.72 Attribution Sector Stock Interaction Total 0.10 -0.32 0.07 -0.15 -0.01 0.47 0.05 0.51 -0.11 0.06 0.02 -0.03 -0.05 -0.46 0.33 -0.18 -0.21 -0.86 0.35 -0.72 -0.09 0.02 0.01 -0.06 0.20 0.00 0.00 0.20 -0.02 -0.07 0.00 -0.09 0.22 0.72 -0.39 0.56 0.11 0.00 0.00 0.11 0.01 -0.23 -0.05 -0.28 0.15 -0.68 0.41 -0.12 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 37 Graystone Consulting from MoraanStantev City of Sebastian Police Officers' Retirement Plan C1earBridge - International Growth - Portfolio Characteristics as of June 30, 2023 Portfolio Characteristics Top Ten Equity Holdings Portfolio Benchmark Portfolio Benchmark Active Wtd. Avg. Mkt. Cap ($000) 204,678,809.06 87,907,426.52 Weight Weight Weight Median Mkt. Cap ($000) 65,527,561.42 9,034,750.86 (%) (%) (%) Price/Earnings ratio 25.94 13.13 Novo Nordisk A/S 4.67 1.11 3.56 Price/Book ratio 3.98 2.42 Nestle SA 3.99 1.37 2.62 5 Yr. EPS Growth Rate (%) 6.32 10.67 Louis Vuitton Moet Hennessy 3.99 1.08 2.91 Beta N/A 1.00 London Stock Exchange Group PLC 3.64 0.18 3.46 Number of Stocks 59 2,308 Inditex SA 2.89 0.18 2.71 Debt to Equity ("/o) 74.44 107.33 Sony Group Corporation 2.77 0.47 2.30 SAP AG 2.68 0.59 2.09 AIA Group Ltd 2.67 0.49 2.18 Tokyo Electron Ltd 2.64 0.26 2.38 Deutsche Telekom AG 2.62 0.29 2.33 % of Portfolio 32.56 6.02 26.54 Ten Best Performers Ten Worst Performers Portfolio Benchmark Active Quarterly Portfolio Benchmark Active Weight Weight Weight Return Weight Weight Weight (%) (a/o) (%) (%) (%) (%) (%) Shopify Inc 0.49 0.32 0.17 34.75 Zai Lab Limited 0.59 0.01 0.58 Inditex SA 2.89 0.18 2.71 17.47 Hong Kong Exchanges & Clearing 1.52 0.19 1.33 Tokyo Electron Ltd 2.64 0.26 2.38 17.03 Kering 1.80 0.17 1.63 Alcon Inc 2.11 0.17 1.94 16.40 Tencent Holdings LTD 1.40 1.09 0.31 Recruit Holdings Co Ltd 1.20 0.19 1.01 15.11 Daiichi Sankyo Company Ltd 1.97 0.24 1.73 Edenred SE 0.52 0.07 0.45 14.80 SolarEdge Technologies Inc 0.46 0.00 0.46 Atlas Copco AB 1.12 0.16 0.96 14.31 Olympus Corp 1.84 0.08 1.76 Amadeus IT Group SA 1.96 0.14 1.82 13.51 NICE Ltd 0.94 0.05 0.89 Compass Group PLC 1.26 0.20 1.06 12.13 Deutsche Telekom AG 2.62 0.29 2.33 BNP Paribas 0.53 0.29 0.24 12.01 EDP-Energias de Portugal SA 2.27 0.06 2.21 % of Portfolio 14.72 1.98 12.74 % of Portfolio 15.41 2.18 13.23 age 38 Graystone Consulting from MoraanStanlev City of Sebastian Police Officers' Retirement Plan Genter - Short -Term Fixed Income - Executive Summary as of June 30, 2023 Manager Performance Chart 0.0 -0.3 0 -0.6 2!j a -0.9 -1.2 Current Since Quarter Inception Manager Annualized Performance Manager Risk & Return 2.0 1.5 1.0 0.5 q 0.0 -o.s Current Inception 2 Quarter 4/1/2023 Genter - Short -Term Fixed Income -0.60 -0.60 -1.0 BB US Agg Gov/Credit 1-5 Y -0.62 -0.62 Differences 0.02 0.02 Historic Asset Growth -1.5 Current Inception -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Quarter 4/1/2023 Risk (Standard Deviation %) Genter - Short -Term Fixed Income Genter - Short -Term Fixed Income O BB US Agg Gov/Credit 1-5 Y Beginning Market Value 2,260 2,260 Net Contributions - - A 90-Day T-Bills Fees/Expenses - - Income 8 8 Gain/Loss -21 -21 Ending Market Value 2,246 2,246 Modern Portfolio Statistics ReturnStandard Beta Maximum Up Down Alpha Sharpe R-Squared Inception Deviation Drawdown Capture Capture Ratio Date Genter - Short -Term Fixed Income -0.60 0.28 0.48 -0.72 24.40 64.69 -0.10 -2.14 0.76 04/01 /2023 BB US Agg Gov/Credit 1-5 Y -0.62 0.50 1.00 -1.11 100.00 100.00 0.00 -1.22 1.00 04/01 /2023 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone age 39 Consulting from MomanStanlev City of Sebastian Police Officers' Retirement Plan Genter - Short -Term Fixed Income - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $2.3 0 r.i v q e� D Y $2.2 3/23 4/23 5/23 Genter - Short -Term Fixed Income BB US Agg Gov/Credit 1-5 Y Net Cash Flow Quarterly Change in Assets Genter - Short -Term Fixed Income Distribution of Returns 3 ,, 2 $2.3 $2.2 $2.2 6/23 Market Value Market Value As of Net Contributions Distributions Fees Expenses Return e OnMarket As of 04/01/2023 Transfers Investment 06/30/2023 2,260,000.00 3,164,717.21-3,164,936,54 -31.00 --13,533.20 2,246,216.47 2 0 0 0 0 0 0 vnmm � 0 0 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 40 0 0 4To5 >5 Graystone Consulting from Moroan5tantev City of Sebastian Police Officers' Retirement Plan Highland - Fixed Income - Executive Summary as of June 30, 2023 Manager Performance Chart 8.0 4.0 E 0.0 - v a -4.0 -8.0 Current Fiscal 1 3 5 Since Quarter YTD Year Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Highland - Fixed Income -0.62 3.61 -0.43 -1.68 1.98 1.54 Bloomberg US Aggregate -0.84 4.00 -0.94 -3.97 0.77 0.51 Differences 0.22 -0.39 0.51 2.29 1.21 1.03 Manager Risk & Return 2.1 1.8 _ 1.5 0 e ].2 t 0.9 0.6 0.3 (A Historic Asset Growth 0.0 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 08/01/2017 Risk (Standard Deviation %) Highland - Fixed Income ❑ Highland - Fixed Income Q Bloomberg US Aggregate Beginning Market Value 2,332 4,323 4,502 4,095 3,551 3,980 Net Contributions - -2,126 -2,126 -1,462 -1,464 -1,851 A 90-Day T-Bills Fees/Expenses - -6 -9 -36 -58 -76 Income 18 93 122 350 597 712 Gain/Loss -32 32 -173 -630 -309 -449 Ending Market Value 2,317 2,317 2,317 2,317 2,317 2,317 Modern Portfolio Statistics Return Standard Beta Maximum Up Down Alpha Sharpe R-Squared Inception Deviation Drawdown Capture Capture Ratio Date Highland - Fixed Income 1.54 4.97 0.78 -12.96 89.51 72.01 1.16 0.03 0.64 08/01/2017 Bloomberg US Aggregate 0.51 5.08 1.00 -17.18 100.00 100.00 0.00 -0.18 1.00 08/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting age 41 from MomanStanlev City of Sebastian Police Officers' Retirement Plan Highland - Fixed Income - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $24.0 a .2 $16.0 $8.0 — - — --- $2.3 ($8.0) ($16.0) 1/11 10/11 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 6/23 Highland - Fixed Income Bloomberg US Aggregate Net Cash Flow Quarterly Change in Assets Market Value Net As of Transfers Contributions 04/01/2023 Highland - Fixed Income 2,331,707.52 - 272,857.71 Distribution of Returns 60 :: w 45 15 0 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 `1'u !i Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 42 Distributions -273,252.55 41 Fees Expenses Return On Investment -14,497.37 Market Value As of 06/30/2023 2,316,815.31 2 >5 Graystone Consulting from Moroan Stanley City of Sebastian Police Officers' Retirement Plan Intercontinental - Private Real Estate - Executive Summary as of June 30, 2023 Manager Performance Chart 20.0 10.0 0.0 04-10.0 -20.0 -30.0 Current Fiscal 1 3 5 Since Quarter YTD Year Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 10/01/2017 Intercontinental - Private Real Estate -6.10 -14.93 -13.57 7.37 7.36 8.00 NCREIF NFI ODCE Value Weighted -2.68 -10.45 -9.98 7.99 6.50 6.78 Differences -3.42 -4.48 -3.59 -0.61 0.86 1.22 Historic Asset Growth Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 10/01/2017 Intercontinental - Private Real Estate Beginning Market Value 854 956 947 724 682 112 Net Contributions -4 -11 -16 -51 -88 442 Fees/Expenses -2 -7 -9 -45 -65 -69 Income - - - - - - Gain/Loss -52 -141 -126 169 269 312 Ending Market Value 797 797 797 797 797 797 Modern Portfolio Statistics Manager Risk & Return 12.0 10.0 8.0 6.0 p� 4.0 2.0 0.0 -z.o -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Intercontinental - Private Real Estate Q NCREIF NFI ODCE Value Weighted 90-Day T-Bills 12.0 Return Standard Beta Maximum Up Down Alpha Sharpe R-Squared Inception Deviation Drawdown Capture Capture Ratio Date Intercontinental - Private Real Estate 8.00 7.93 1.11 -14.93 120.27 127.15 0.51 0.80 0.87 10/01/2017 NCREIF NFI ODCE Value Weighted 6.78 6.69 1.00 -10.45 100.00 100.00 0.00 0.77 1.00 10/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Consulting age 43 from MomanStanlev City of Sebastian Police Officers' Retirement Plan Intercontinental - Private Real Estate - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $1.5 w t; 0 $1.0 T A $0.5 Y $0.0 ($0.5) 10/17 4/18 10/18 4/19 10/19 4/20 10/20 4/21 10/21 4/22 10/22 Intercontinental - Private Real Estate — NCREIF NFI ODCE Value Weighted — Net Cash Flow Quarterly Change in Assets Intercontinental - Private Real Estate Distribution of Returns 80 60 U C. L II, 40 w 20 $0.8 $0.7 $0.5 6/23 Market Value Market Value Retur Transfers Invest As of Net Contributions Distributions Fees Expenses Invest On As of 04/01/2023 Investment 06/30/2023 854,225.00 - --3,675.00-1,783.00 --51,851.00 796,916.00 49 0 2 0 1 0 0 1 1 — < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 44 4 1 � 4To5 >5 Graystone Consulting from MoroanStantev City of Sebastian Police Officers' Retirement Plan Lazard - Global Infrastructure - Executive Summary as of June 30, 2023 Manager Performance Chart 24.0 16.0 « 8.0 0.0 ll• - -8.0 Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Lazard - Global Infrastructure 1.98 16.89 5.64 9.72 01/01/2021 DJ Brookfield Gbl Infra Comp TR -0.43 12.28 0.80 6.63 Differences 2.41 4.61 4.84 3.09 Historic Asset Growth Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Lazard - Global Infrastructure 01/01/2021 Beginning Market Value 1,203 1,050 1,162 973 Net Contributions - - - - Fees/Expenses - - - - Income 9 125 147 240 Gain/Loss 15 53 -82 14 Ending Market Value 1,227 1,227 1,227 1,227 Modern Portfolio Statistics Manager Risk & Return 14.0 12.0 10.0 8.0 6.0 q a 4.0 2.0 0.0 -2.0 -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 %) Lazard - Global Infrastructure C) DJ Brookfield Gbl Infra Comp TR A 90-Day T-Bills Return Standard Beta Maximum Up Down Alpha p Sharpe R-S uared Inception q Deviation Drawdown Capture Capture Ratio Date Lazard - Global Infrastructure 9.72 13.50 0.74 -12.82 83.12 64.45 4.50 0.64 0.84 01/01/2021 DJ Brookfield Gbl Infra Cornp TR 6.61 16.60 1.00 -17.19 100.00 100.00 0.00 0.38 1.00 01/01/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone age 45 9 Consulting from MomanStanlev City of Sebastian Police Officers' Retirement Plan Lazard - Global Infrastructure - Change in Assets & Distribution of Returns as of June 30, 2023 Historic Change in Assets $1.6 w 0 $1.4 Q M $1.2 $1.0 ct �� $0.8 12/20 3/21 6/21 9/21 12/21 3/22 Lazard - Global Infrastructure DJ Brookfield Gbl Infra Comp TR Quarterly Change in Assets Lazard - Global Infrastructure Distribution of Returns 6 y 4 0 6/22 9/22 Net Cash Flow Market Value Net As of Transfers Contributions Distributions Fees Expenses 04/01/2023 1,203,219.56 - 18,117.71-18,117.71 - - 12/22 3/23 Return On Investment 23,804.86 $1.2 $1.1 11.0 6/23 Market Value As of 06/30/2023 1,227,024.42 4 4 4 < -5 -5 To -4 -4 To -:3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 Returns (%o) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. age 46 >5 Graystone Consulting from Morgan Stanlev City of Sebastian Police Officers' Retirement Plan Policy Index History As of ]une 30, 2023 Feb-2011 S&P 500 Total Return 48.00 Bloomberg US Government/Credit 49.00 90-Day T-Bills 3.00 Jul-2011 S&P 500 Total Return 50.00 Bloomberg US Aggregate 40.00 MSCI EAFE Net 10.00 Jan-2016 S&P 500 Total Return 50.00 Bloomberg US Aggregate 40.00 MSCI EAFE Net 10.00 Jul-2017 Russell 1000 Value 21.25 Bloomberg US Aggregate 25.00 MSCI EAFE Net 5.00 Russell 1000 Gr 21.25 Russell 2500 VL 5.00 Russell 2500 GR 5.00 MSCI AC World ex US Net 7.50 Alerian MLP Index 5.00 NCREIF Property Idx 5.00 Jan-2021 Russell 1000 Value 16.25 Bloomberg US Aggregate 25.00 MSCI EAFE Net 5.00 Russell 1000 Gr 16.25 Russell 2500 VL 12.00 Russell 2500 GR 8.00 MSCI AC World ex US Net 7.50 DJ Brookfield Gbl Infra Comp TR 5.00 NCREIF Property Idx 5.00 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of fixture results. age 47 Graystone Consulting from MomanStanlev Performance Appendix Performance Data below is net of fees. Please seethe Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or mry applicable brokerage account trade con f rmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Account Name Boston Partners - SMID Value ClearBridge - International Growth Fiera Capital - SMID Growth Genter - Short -Term Fixed Income Highland - Fixed Income Highland - Intl Value Highland - Large Cap Value Intercontinental - Private Real Estate Lazard - Global Infrastructure Polen - Large Cap Growth Receipt & Disbursement iShares - Russell 1000 Growth ETF QTD YTD Year Years Years Years Inception Date 3.50 6.16 9.24 18.95 6.01 -- 6.10 07/14/2017 1.83 11.23 -- -- -- -- 11.23 01/04/2023 11.12 16.58 23.68 14.15 11.51 -- 12.54 07/20/2017 -0.60 -- -- -- -- -- -0.60 03/27/2023 -0.62 2.75 -0.67 -1.95 1.69 3.74 4.02 01/31/2011 4.09 14.96 20.06 9.48 3.52 -- 3.85 07/17/2017 4.56 5.52 10.38 14.29 7.44 -- 7.41 07/17/2017 -6.31 -9.87 -14.40 5.44 5.59 -- 6.30 10/01/2017 1.98 6.58 5.64 -- -- -- 9.39 12/31/2020 10.64 26.33 19.16 -- -- -- -1.87 04/01/2021 0.84 1.23 -6.10 -16.04 -12.72 -- -10.66 08/01/2017 12.63 28.52 26.61 -- -- -- 6.13 12/31/2020 All performance above are Time Weighted(TWR) performance Information Disclosures 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 and income. The investment results depicted herein represent historical performance. As a result of recent market activity, current performance may vary,T•om the.figures shown. Past performance is not a guarantee offutrre results. Please see the Morgan Stanley Smith Barney LLCForm ADYPart 2 Brochure,for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon: request. Benchmark indices and blends included in this material are for informational purposes only, are provided solely as a comparison tool and may not reflect the underlying composition and/or investment objective(s) associated with the account(s). Indices are unmanaged and not available for direct investment. Index returns do not take into account fees or other charges. Such fees and charges would reduce performance. Composites are the aggregate of multiple portfolios within as assetpool. The performance data shown reflects past performance, which does notguarantee future results. Investment return andprincipal will fluctuate so that an investor's shares when: redeemed may be worth more or less than original cost. Please note, currentpeformance may be higher or lower than the performance data shown. For up to date month -end performance information, please contact your Financial Advisor or visit the funds' company website. Investors should carefully consider the frrnd's investment objectives, risks, charges and expenses before investing. The prospectus and, if available the summary prospectus, contains this and other information that should be read carefully before investing. Investors should review the information in the prospectus carefully. To obtain a prospectus, please contact your Financial Advisor or visit the funds' company website Investing involves market risk, including possible loss of principal. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. Small and mid -capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than those of larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed. International securities' prices may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or underlying assets and tend to be more volatile than investments that diversify across many sectors and companies. MLPs are also subject to additional risks including: investors having limited control and rights to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk, conflict of interests, and limited call rights related to acquisitions. Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yield -to -maturity of a mortgage -backed security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. Tax managed funds may not meet their objective of being tax -efficient. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. High yield fixed income securities, also known as "junk bonds", are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. Credit quality is a measure of a bond issuer's creditworthiness, or ability to repay interest and principal to bondholders in a timely manner. The credit ratings shown are based on security raring as provided by Standard & Poor's, Moody's and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the highest, to D, being the lowest based on S&P and Fitch's classification (the equivalent of Aaa and C, respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody's) are considered to be investment grade -quality securities. If two or more of the agencies have assigned different ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed as "NR". "Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing risk and could potentially expose investors to extended periods of underperformance." Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Peer Groups Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.com/style-peer-groups Peer Group Ranking Methodology A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30°/u of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be found, and so on. Percentile rankings are calculated based on a normalized distribution ranging from I to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics. For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to I for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers. In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile. Money Market Funds You could lose money in Money Market Funds. Although MMF's classified as government funds (i.e. MMFs that invest 99.5% of total assets in cash and or securities backed by the US government) and retail funds (i.e. MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may be worth more or less than originally paid. MFFs may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchase, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. Alternatives This information is being provided as a service of your Graystone Institutional Consultant and does not supersede or replace your Morgan Stanley customer statement. The information is as of the date(s) noted and subject to daily market fluctuation. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) is derived from you or another external source for which we are not responsible, and may have been modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange -Traded and Closed -End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited Partnerships (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 vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as short -selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as correlation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated valuation provided will be as of the most recent date available and will be included in summaries of your assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this value. We are not required to take any action with respect to your investment unless valid instructions are received from you in a timely manner. Some positions reflected herein may not represent interests in the fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment assets. Morgan Stanley provides periodic information to you including the market value of an alternative investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:- Loss of all or a substantial portion of the investment due to leveraging, short - selling, or other speculative practices; Lack of liquidity in that there may be no secondary market for a fund;• Volatility of returns;- Restrictions on transferring interests in a fund;- Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; - Absence of information regarding valuations and pricing;- Complex tax structures and delays in tax reporting;- Less regulation and higher fees than mutual funds; and- Risks associated with the operations, personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker - dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.5%), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program account will be charged an asset -based wrap fee every quarter ("the Fee"). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fund invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5% annual fee, if the gross performance is 5% per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 2.40% per year over a three year period, and the total value of the client's portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at www.morganstauley.com/ADV or from your Financial Advisor/Private Wealth Advisor. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC -insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker -dealer, not a bank. SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments. © 2023 Morgan Stanley Smith Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. ("Morgan Stanley") This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. This information is being provided as a service of your Graystone Institutional Consultant and does not supersede or replace your Morgan Stanley customer statement. This information is as of the date(s) noted and subject to daily fluctuation.