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Item 3b-1. AndCo Quarterly Report 12-31-19 Okeechobee Fire<CBDoc TenantId="2" EntityTypeId="3100" EntityId="79" DocumentTypeId="1" EffectiveDate="12/31/2019" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2019 Okeechobee Municipal Firefighters' Pension Fund AndCoFirm UpdateFirst and foremost, “Thank you” for giving AndCo the opportunity to serve you.On behalf of our entire organization, we are extremely grateful and appreciativeof our client partnerships and will continue working hard to maintain yourtrustand confidence. Our mission statement reads “To represent the sole interest ofour clients by redefining independence.” We’re happy to report that we remainsteadfast in this core belief and continue to build an organization with a servicemodel that is independent, singularly focused, customized and passionatelydelivered.2020 is a big year for AndCo. We are celebrating our 20-year anniversary ofserving our valuable clients. As we start 2020, we are 89 people strongadvising approximately $92 billion in client assets – a record high. In 2019wehired 9 new team members. All departments within AndCo have grown overthe years as we thoughtfully invest in our firm to provide the services youexpect. We have included our organizational chart in this report which yourconsultant will review to provide you a visualization of our continuedcommitment to service and quality.2020 will also represent another year of significant investment in theorganization. As a result, your feedback is invaluable as we continue to focusour reinvestment in areas that will enhance our services to clients. We wouldlike to thank everyone for their participation in our client survey last year. Yourhonesty and candor allowed us to accurately assess where we are strong andwhere there are opportunities for improvement. The areas where our clientsindicate potential room for improvement drive much of our investment andfocus.Thisisaprimaryreasonwhywehired7newteammembersinourresearch group last year to help promote investment ideas and support ourconsultants. Today, we have 19 dedicated research analysts. As 2020progresses, we are targeting additional investments within our finance,compliance, human resources, information technology, marketing and researchdepartments.Moreover, each January we have our annual firmwide retreat. This retreat isagreat time for all of our employees to spend time together and for us toreinforce everyone’s understanding of AndCo’s primary purpose, share resultshighlighted by our strategic goals, and review areas of focus for the upcomingyear. Since the inception of AndCo, the idea has been to make the firm amultigenerational organization owned and operated by its employees. As aresult, since 2015, along with the strategic elements of our annual retreat, wealso announce new partners of the firm to support our succession plan and thelong-term sustainability of the organization. Today we have a total of 10partners controlling 100% of the company. This year we added two newpartners Kim Spurlin and Evan Scussel. Kim has been on our ExecutiveLeadership team for the past 7 years and currently serves as our CFO. Evanhas been on our research team for 7 years and was recently promoted to aResearch Director. We couldn’t be happier for both Kim and Evan.The evolution of our firm would not be possible without great client partners likeyou. Our name reminds us who we work for every day “Our Client” &Co. Youwill always be our first priority. As we continue to discuss strategic decisionsregarding our firm, please know every decision is filtered through the followingquestion “How does this benefit our clients?” and if it doesn’t benefit you,wedon’t do it, it’s that simple. We said this last year and we’ll say it again nextyear. If this commitment ever falters, you need to find a new consultant.We know each of our clients is facing many challenges and we want to bethere to help support you through all environments. We are honored andhumbled that you have chosen AndCo as your partner. We do not take thatrelationship and responsibility for granted and will continue to work tirelessly toexceed your expectations.On behalf of AndCo, thank you for your valued partnership and the opportunityto serve you.Mike Welker, CFA®CEO1 Organizational ChartPARTNERSHIPAustin Brewer, CFAPublic Fixed IncomeBen Baldridge, CFA, CAIAPrivate & Hedged Fixed IncomeDavid JulierReal Estate & Real AssetsElizabeth WolfeCapital Markets & Asset AllocationEvan Scussel, CFA, CAIAPrivate & Public EquityJeffrey KaranskyPublic EquityJeremy FischPublic Multi Assets & Fixed IncomeJoseph Ivaszuk Operational Due DiligenceJosue Christiansen, CIPMPublic EquityJulie Baker, CFAPrivate & Hedged EquityJustin Ellsesser, CFA, CAIAPrivate EquityKadmiel Onodje, CAIAHedged & Public Multi AssetsKai Petersen, CFAAsset Liability & Capital MarketsKevin Laake, CFAPrivate EquityMatthew OgrenPublic Fixed IncomePhilip Schmitt, CIMAFixed Income & Capital MarketsRob Mills, CAIAReal Estate & Real AssetsTim Kominiarek, CAIAPrivate Equity & InfrastructureZac Chichinski, CFA, CIPMPublic EquityRESEARCHDonna SullivanAlbert SauerlandAmy FosterAnnie LopezBrooke Wilson, CIPMDavid Gough, CPFADonnell LehrerGrace NiebrzydowskiJeff PruniskiJohn Rodak, CIPMJunyan PengKim HummelMary Ann JohnsonMeghan HainesMisha BellRosemarie KieskowskiYoon Lee-ChoiCLIENT SOLUTIONS Annette BidartBrad Hess, CFABrendon Vavrica, CFPBrian GreenBrian KingChris Kuhn, CFA, CAIAChristiaan Brokaw, CFADave West, CFADoug AndersonGwelda SwilleyIan JonesCONSULTINGJames RossJeff Kuchta, CFAJennifer BrozstekJennifer Gainfort, CFAJoe Carter, CPFAJohn McCann, CIMAJohn MellingerJohn Thinnes, CFA, CAIAJon Breth, CFPJustin Lauver, Esq.Kerry Richardville, CFAMary NyeMichael FleinerMichael Holycross, CIMAMike BostlerPaul Murray, CPFAPeter BrownTim NashTim WaltersTony KayTrevor JacksonTyler Grumbles, CFA, CIPM21 CFA5 CIPM8 CAIA33ADVANCEDDEGREES89EMPLOYEESOPERATIONSFINANCEBrandie RiveraOPERATIONSDan Osika, CFAJerry CamelI.T.Jamie UttMARKETINGBonnie BurgessKim GoodearlTala ChinMike Welker, CFABryan Bakardjiev, CFADavid RaySara SearleTroy Brown, CFAINVESTMENT POLICY COMMITTEEUpdated as of 01/13/20Mike Welker, CFABryan Bakardjiev, CFADan JohnsonDavid RayDonna SullivanEvan Scussel, CFA, CAIAJason PurdyKim Spurlin, CPA Steve GordonTroy Brown, CFALEADERSHIP & MANAGEMENTMike Welker, CFACEOBryan Bakardjiev, CFACOOKim Spurlin, CPA CFOSara SearleCCORachel Brignoni, MHRCHROSteve GordonPartnerTroy Brown, CFAExecutive DirectorDavid Ray Executive DirectorDan JohnsonConsulting DirectorDerek Tangeman, CFP, CIMAMarketing DirectorEvan Scussel, CFA, CAIAResearch DirectorJack EvattConsulting DirectorJacob PeacockConsulting DirectorJason PurdyI.T. DirectorPhilip Schmitt, CIMAResearch Director2 4th Quarter 2019 Market Environment3 Broad asset class returns were positive during the 4thquarter of 2019 with theexception of the US Gov’t bond index. Both US and international equitymarkets benefited from positive developments concerning trade disruptions.Generally, the dispersion between US and international developed equitieswas muted during the quarter. Emergingmarkets significantly outperformed aspreviously noted trade tensions between the US and China eased. Monetarypolicy remained supportive with the Federal Reserve (Fed) cutting rates onceduring the period in addition to providing liquidity to the market throughsecurity purchases which acted as a catalyst to risk assets. Within domesticequity markets, the performance dispersion between large cap and small capstocks reversed during the quarter with the S&P 500 Index returning 9.1%versus a return of 9.9% for the small cap Russell 2000 Index. 2019performance of US equity markets was the highest since 2013 with large andmid-cap stocks returning 31.5% and 30.5%, respectively, while small capstocks posted a return of 25.5%.International equity market returns were strong during the 4thquarter. Similarto US markets, international performance was impacted by continuedmonetary policy relief from the Bank of Japan and the European Central Bank,positive developments around global trade, and likely resolution on Brexit.International returns were also buoyed by a weakening US dollar (USD) whichdeclined against most major currencies during the period. Emerging marketsoutperformed relative to developed markets during the period with the MSCIEmerging Markets Index posting a gain of 11.8% compared to a return of 8.2%for the MSCI EAFE Index. Both developed and emerging markets postedstrong returns over the 1-year period, returning 22.0% and 18.4% respectively.Fixed income index performance was muted during the 4thquarter. The broadmarket Bloomberg Barclays Aggregate Index managed to gain 0.2% asinvestors favored equities and interest rates were generally flat duringthequarter as concerns over an immanent US recession eased. Investment gradecorporate bonds delivered solid performance for the 4thquarter returning 1.2%,which outperformed Treasury and securitized issues. Corporate bondsbenefitted from the same increased investor risk appetite that fueled equityreturns during the quarter. Overall, the bond market delivered strong trailing 1-year returns with the Bloomberg Barclays Aggregate posting a return of 8.7%.Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of December 31, 20190.5%1.2%0.7%0.8%-0.8%0.2%9.9%7.1%9.0%9.1%9.1%11.8%8.2%8.9%-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter Performance2.3%14.5%6.4%8.4%6.8%8.7%25.5%30.5%31.4%31.0%31.5%18.4%22.0%21.5%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year Performance4 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of December 31, 2019Against the largely positive global economic backdrop detailed on the previouspage, the US equity market delivered strong gains across the capitalizationand style spectrum for the 4thquarter of 2019. Growth stocks outperformedvalue stocks for the full capitalization range during the period. Further,asisoften the case during periods of strong “risk-on” performance, small cap growthstocks outpaced large cap growth stocks due primarily to an expectation thatsmaller companies have accelerated earnings growth relative to largecompanies.The Russell 2000 Growth Index was the best performing style index for theperiod, returning 11.4%, while large cap and mid-cap growth returned a solid10.6% and 8.2% respectively. The outperformance of small cap stocks acrossthe style spectrum for the period represented a reversal from previousquarters. The small cap Russell 2000 Index gained 9.9% during the periodversus a 9.0% return for the large cap Russell 1000 Index.When viewed over the most recent 1-year period, large cap stocks significantlyoutperformed small cap stocks with the Russell 1000 posting a strong 31.4%gain while the Russell 2000 delivered a solid 25.5% return. Unsurprisingly,given the recent strong market environment, value stocks also trailed theirgrowth counterparts over the trailing 1-year period. The technology-heavyRussell 1000 Growth Index was the best performing index over the 1-yearperiod delivering a stellar 36.5% return compared to a return of 26.5% for theRussell 1000 Value Index11.4%9.9%8.5%8.2%7.1%6.4%10.6%9.0%7.4%10.7%9.1%7.5%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series28.5%25.5%22.4%35.5%30.5%27.1%36.4%31.4%26.5%35.8%31.0%26.3%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style Series5 Performance was positive across alleleven large cap economic sectors forthe 4th quarter but four outpaced the return of the broader Russell 1000Index. The more economically sensitive sectors, such as technology,financials and communication services posted returns of 14.1%, 9.9% and9.2%, respectively, as investors’ expectations of future economic growthimproved. Health care stocks ralliedas the cost and drug pricing rhetoricfromDemocratic Presidential candidates softened. Technology was also a leaderwith stocks such as Apple experiencing strong holiday sales and Microsoftmaking a strong earnings announcement. Not surprisingly, defensive sectorssuch as consumer staples, industrials and energy underperformed thebroader market during the period. All eleven economic sectors were alsopositive over the 1-year trailing period with each sector posting a returninexcess of 20% for the year. Similar to the quarter’s results, economicallysensitive sectors outpaced defensive ones by a considerable margin. Thetechnology sector was 2019’s standout performer, posting an impressive49.6% for the year. The sector was buoyed by Apple’s 89.0% return andMicrosoft’s 57.6% return for the year. The financial sector, which returned31.8% for the year, also experienced strong earnings as recessionary fearssubsided and the US yield curve moved toward a more normal, positivelyslope. The only other economic sector to outperform the broader Russell1000 index return of 31.4% for the 1-year period was the communicationservices sector, which posted a return of 32.9% for the year.Quarterly results for small cap sectors were mixed compared to their largecap counterparts with seven of the eleven economic sectors outpacing theircorresponding large cap equivalents. Ten of the eleven small cap sectorsproduced positive absolute returnsduring the quarter, but similar to large capperformance, only three sectors managed to outpace the broad Russell 2000Index. Economically sensitive sectors were also the strongest performersinthe small cap space as investors expressed an appetite for risk. The healthcare sector was the quarter’s standout, posting a return of 22.4% for thequarter. The technology and materials sectors also posted double-digitperformance for the period with returns of 11.7% and 11.5% respectively.While not a significant weight in the index, the utilities, which are considereddefensive, was the only negative sector, posting a loss of -1.6%. Over thetrailing 1-year period, returns were broadly positive with only the highlycyclical energy sector, largely tied to oil prices, producing negativeperformance with a return of -6.3%. Similar to large cap performance,technology led the way with the sector returning a stellar 42.7% for the year.Returns were also impressive in the industrials, health care and real estatesectors, which posted gains of 29.9%, 29.4% and 29.1%, respectively, andfinished ahead of the Russell 2000 index return of 25.5% for the year.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of December 31, 2019Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 25.6%29.1%22.9%49.6%30.0%21.4%31.8%10.6%26.9%27.9%32.9%0.5%0.3%6.4%14.1%5.7%14.4%9.9%5.8%3.5%5.5%9.2%0.0% 10.0% 20.0% 30.0% 40.0% 50.0%Utilities (3.3%)Real Estate (3.9%)Materials (2.8%)Info Technology (22.4%)Industrials (9.7%)Health Care (13.5%)Financials (13.2%)Energy (4.1%)Consumer Staples (6.9%)Consumer Disc (10.1%)Comm Services (9.9%)Russell 1000Quarter1-Year20.5%29.1%23.0%42.7%29.9%29.4%21.8%-6.3%15.9%21.5%9.4%-1.6%3.4%11.5%11.7%7.8%22.4%7.3%7.6%7.1%8.6%5.3%-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%Utilities (3.9%)Real Estate (8.2%)Materials (3.9%)Info Technology (13.6%)Industrials (16.2%)Health Care (16.7%)Financials (18.1%)Energy (3.1%)Consumer Staples (3.0%)Consumer Disc (11.0%)Comm Services (2.4%)Russell 2000Quarter1-Year6 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of December 31, 2019Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 4.40% 31.5% 89.0% Information Technology NovoCure Ltd 0.35%12.7% 151.7% Health CareMicrosoft Corp 4.02% 13.8% 57.6% Information Technology The Medicines Co 0.30% 69.9% 343.8% Health CareAmazon.com Inc 2.57% 6.4% 23.0% Consumer Discretionary Generac Holdings Inc 0.29% 28.4% 102.4% IndustrialsFacebook Inc A 1.65% 15.3% 56.6% Communication Services Lumentum Holdings Inc 0.29% 48.1% 88.8%Information TechnologyBerkshire Hathaway Inc B 1.49% 8.9% 10.9% Financials Teladoc Health Inc 0.29% 23.6% 68.9% Health CareJPMorgan Chase & Co 1.46% 19.4% 47.3% Financials Arrowhead Pharmaceuticals Inc 0.28% 125.1% 410.7% Health CareAlphabet Inc A 1.35% 9.7% 28.2% Communication Services Haemonetics Corp0.28% -8.9% 14.8% Health CareAlphabet Inc Class C1.35% 9.7% 29.1% Communication ServicesMarriott Vacations Worldwide Corp 0.25%24.8% 85.9% Consumer DiscretionaryJohnson & Johnson1.31% 13.5% 16.2% Health CarePerformance Food Group Co0.25% 11.9% 59.5%Consumer StaplesVisa Inc Class A1.08% 9.4% 43.3% Information TechnologyTrex Co Inc0.25% -1.2% 51.4% IndustrialsTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorTesla Inc0.20% 73.7% 25.7% Consumer DiscretionaryConstellation Pharmaceuticals Inc 0.03% 629.3% 1074.8% Health CareSarepta Therapeutics Inc0.03% 71.3% 18.2% Health CareForty Seven Inc0.04% 513.2% 150.4% Health CareUbiquiti Inc0.01% 60.1% 91.6% Information TechnologyChemoCentryx Inc0.08% 483.3% 262.5% Health CareAdvanced Micro Devices Inc0.16%58.2% 148.4% Information TechnologyAxsome Therapeutics Inc0.12% 410.7% 3565.2% Health CareQorvo Inc0.05% 56.8% 91.4% Information TechnologyKodiak Sciences Inc0.08% 400.3% 913.4% Health CareZillow Group Inc A0.01% 54.8% 45.5% Communication ServicesKaruna Therapeutics Inc0.02% 361.6% N/A Health CareAlign Technology Inc0.07% 54.2% 33.2%Health CareIntra-Cellular Therapies Inc0.07% 359.3% 201.2% Health CareZillow Group Inc C0.02% 54.1% 45.5%Communication ServicesSynthorx Inc0.03% 329.6% 302.1% Health CareTransocean Ltd0.01% 53.9% -0.9% EnergyMersana Therapeutics Inc0.01% 262.7% 40.4% Health CareSkyworks Solutions Inc0.07% 53.2%84.1% Information TechnologyVBI Vaccines Inc0.01% 192.9% -13.8% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorBeyond Meat Inc0.01% -49.1% N/A Consumer StaplesresTORbio Inc0.00%-83.1% -82.7% Health CareSage Therapeutics Inc0.01% -48.5% -24.6% Health CareTransEnterix Inc0.00% -81.8% -95.0% Health CareChesapeake Energy Corp0.00% -41.4%-60.7% EnergyUnit Corp0.00% -79.4% -95.1% EnergyServiceMaster Global Holdings Inc 0.02% -30.8% 5.2% Consumer DiscretionaryCyclerion Therapeutics Inc Ord Shrs 0.00% -77.6% N/A Health CareTwitter Inc0.08% -22.2% 11.5% Communication ServicesWaitr Holdings Inc Class A0.00% -74.9% -97.1% Consumer DiscretionaryTaubman Centers Inc0.01% -22.1% -27.0% Real EstateIntelsat SA0.02%-69.2% -67.1% Communication ServicesElastic NV0.01% -21.9% -10.0% Information TechnologyContura Energy Inc0.01% -67.6% -86.2% EnergyEtsy Inc0.02% -21.6% -6.9% Consumer DiscretionaryMcDermott International Inc0.01% -66.5% -89.7% EnergySinclair Broadcast Group Inc0.01%-21.5% 29.0% Communication ServicesPareteum Corp0.00% -66.1%-74.1% Communication ServicesVentas Inc0.07% -19.9%3.4% Real EstateExela Technologies Inc0.00%-65.4% -89.5% Information Technology7 Source: MSCI Global Index Monitor (Returns are Net)Broad international equity returns were positive in both local currency and USDterms for the 4th quarter as investors benefited from a broad “risk-on”environment. US investors also benefited as the USD weakened relative tomost major developed and emerging market currencies during the period.Within the broader currency moves that boosted USD return, the British poundand the Euro appreciated relative to the USD during the quarter which actedasa headwind to holdings in those sub-markets. However, the macro impact ofthe USD weakness for the period was positive for US investors for the broadmarket international indexes. The MSCI EAFE and ACWI ex US Indexesreturned 8.2% and 7.9% respectively for the quarter. Similar to US markets,international equity markets were buoyed by loose central bank monetarypolicies which supplied the markets with liquidity. Christine Lagarde assumedthe presidency of the European Central Bank (ECB) and announced thatinterest rates would remain negative at -0.5% while the Bank of Japan’s keyrate also remains in negative territory at -0.1%. The People’s Bank of Chinaannounced during the quarter that it would continue with its prudent monetarypolicy with the goal of providing stimulus measures as needed.As previously noted, results for developed market indexes were stronglypositive for the 4th quarter. European stocks moved higher on expectationsofa trade resolution between China and the US. In the UK, Prime Minster BorisJohnson received a resounding mandate in recent elections resulting in a largemajority in Parliament. The results make it highly likely that the UK will leavethe European Union. The decrease in Brexit uncertainty led the British poundto rally against most major currencies. In contrast, the economy in Hong Kongfell into recession as continued political protests and the Chinese government’sresponse detracted from growth. While not as strong as US equity marketreturns, each of the broad, developed market benchmarks posted returns inexcess of 20% for the trailing 1-year period.For the 4th quarter, emerging markets reversed the recent trend and managedto outperform developed international markets. The MSCI Emerging MarketsIndex returned a strong USD return of 11.8%. As previously noted, theprospect of reduced trade tensions between the US and China stoked returnsin emerging markets. As a result, countries with greater sensitivities tocommodity prices and global trade activity performed well during the period. Asevidence, Russia and Brazil, both large energy exporters, returned 16.6%and15.6%, respectively, during the quarter. For the full year, emerging marketsdelivered strong returns in both local currency and USD terms. The MSCIEmerging Markets Index climbed 18.4%in local currency and 18.1% in USDterms. The narrow performance differential between local currency and USDemerging market returns is also observable across each of the internationalbenchmarks for the 1-year period as the year’s currency volatility largelybalanced out.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As December 31, 20197.0%10.8%5.7%9.5%6.4%4.5%5.2%5.0%8.0%10.5%12.5%9.9%11.8%7.0%8.8%8.2%7.9%8.9%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)Quarter PerformanceUSDLocal Currency19.7%19.1%12.7%18.1%18.5%23.6%21.7%21.6%26.8%17.5%19.2%15.5%18.4%19.3%23.6%22.0%22.5%26.9%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal Currency8 The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of December 31, 2019Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFESector Weight Quarter Return 1-Year ReturnCommunication Services5.2%4.8%12.7%Consumer Discretionary11.6%9.4%24.8%Consumer Staples11.3%1.9%18.9%Energy4.9%3.8%7.6%Financials18.6%8.4%17.7%Health Care12.2%12.4%30.7%Industrials15.0%10.0%26.2%Information Technology7.1%12.6%37.7%Materials7.1%10.5%22.9%Real Estate3.5%4.2%14.8%Utilities3.7%5.3%19.2%Total100.0%8.2%22.0%MSCI - ACWIxUSSector Weight Quarter Return 1-Year ReturnCommunication Services6.7%7.0%12.1%Consumer Discretionary11.8%11.4%27.7%Consumer Staples9.4%1.9%17.5%Energy6.5%6.5%14.8%Financials21.4%8.1%17.2%Health Care8.9%12.5%27.7%Industrials11.9%9.6%24.0%Information Technology9.4%15.5%40.7%Materials7.4%10.8%18.6%Real Estate3.2%7.3%17.1%Utilities3.4%4.8%17.4%Total100.0%8.9%26.9%MSCI - Emerging MktSector WeightQuarter Return 1-Year ReturnCommunication Services11.0%9.8%11.2%Consumer Discretionary14.2%16.7%35.1%Consumer Staples6.3%2.6%10.7%Energy7.4%9.8%19.8%Financials24.2%9.8%12.6%Health Care2.8%14.7%3.7%Industrials5.3%7.8%7.1%Information Technology15.7%18.9%41.6%Materials7.4%12.3%5.9%Real Estate3.0%17.6%23.9%Utilities2.6%4.3%7.9%Total100.0%11.8%18.4%MSCI-EAFE MSCI-ACWIxUS Quarter1- YearCountryWeightWeightReturnReturnJapan24.5%16.1%7.6%19.6%United Kingdom16.5%10.8%10.0%21.1%France11.4%7.5%8.5%25.7%Switzerland9.3%6.1%7.6%32.3%Germany8.7%5.7%9.9%20.8%Australia6.8%4.5%4.3%22.9%Netherlands4.0%2.6%7.4%32.1%Hong Kong3.5%2.3%7.3%10.3%Spain2.8%1.9%6.0%12.0%Sweden2.7%1.8%13.1%21.2%Italy2.3%1.5%8.1%27.3%Denmark1.8%1.2%13.1%28.2%Singapore1.3%0.8%7.4%15.0%Belgium1.0%0.7%-1.1%20.3%Finland0.9%0.6%3.0%9.5%Norway0.6%0.4%4.3%10.4%Ireland0.6%0.4%18.5%37.5%Israel0.6%0.4%7.2%9.6%New Zealand0.3%0.2%17.4%38.2%Austria0.2%0.2%8.0%14.5%Portugal0.2%0.1%8.7%23.7%Total EAFE Countries100.0%65.8%8.2%22.0%Canada6.7%4.9%27.5%Total Developed Countries72.5%7.9%22.5%China9.4%14.7%23.5%Korea3.2%13.4%12.5%Taiwan3.2%17.9%36.4%India2.4%5.3%7.6%Brazil2.1%14.2%26.3%South Africa1.3%13.1%10.0%Russia1.1%16.8%50.9%Saudi Arabia0.7%2.7%7.2%Thailand0.7%-0.9%9.5%Mexico0.6%6.2%11.4%Indonesia0.5%7.0%9.1%Malaysia0.5%3.1%-2.0%Philippines0.3%2.9%10.5%Qatar0.3%2.2%-1.0%Poland0.2%4.1%-5.9%Chile0.2%-8.8%-16.9%United Arab Emirates0.2%-1.5%4.0%Turkey0.1%-0.1%11.1%Colombia0.1%14.4%30.8%Peru0.1%6.0%4.8%Greece0.1%12.7%43.2%Hungary0.1%22.2%19.4%Argentina0.0%15.4%-20.8%Czech Republic0.0%8.9%4.2%Egypt0.0%5.6%41.8%Pakistan0.0%26.5%9.7%Total Emerging Countries27.5%11.8%18.4%Total ACWIxUS Countries100.0%8.9%26.9%9 Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of December 31, 2019Fixed income markets extended their gains in the 4th quarter, except for USTreasury bonds which declined during the period. Interest rates rose modestlyacross the US Treasury Yield Curve through the quarter as investors’confidence generally improved which resulted in bond prices falling. TheFedcontinued to provide liquidity by cutting short-term interest rates by 25basispoints to between 1.50% and 1.75% in October. The Fed began expanding itsbalance sheet by purchasing securities to provide the market with liquiditywhich is another form of monetary easing. The Fed made no changes tomonetary policy at their December meeting and signaled that they wouldremain on hold but would continue to monitor the economy closely for anyfurther deterioration. Importantly, the US Treasury Yield Curve normalizedbetween the 2-year and 10-year issues which suggests that the threat of animminent recession has been reduced. An inverted yield curve has historicallypreceded a recession within the next 6-24 months. The bellwether BloombergBarclays US Aggregate Index added0.2% during the 4th quarter whilereturning 8.7% for the 1-year period ending in December.Within investment grade credit, lower quality issues resumed theiroutperformance over higher quality issues as investors’ appetites for riskincreased during the quarter. Bonds rated Baa were the best performinginvestment grade credit quality segment returning 1.7% for the quarter, whileAAA was the worst performing, returning -0.2%. High yield corporate bondsoutpaced all other credit sectors during the quarter returning 2.6%. For the fullyear both investment grade and high yield bonds delivered strong performancereturning 14.5% and 14.3% respectively.Performance across defensive sectorssuch as US Treasury bonds, mortgagebacked securities and TIPS were mixed during the quarter mostly due to theirduration profiles. Rising interest rates during the quarter acted as a headwindto performance. As a result, US Treasury bonds, mortgage bonds and TIPSreturned -0.8%, 0.7% and 0.8% respectively. Overall, fears of rising inflationremain relatively low while expectations for a positive economic environmentremain strong. As a result, for the full 1-year period, US Treasury, mortgagesand TIPS returned 6.9%, 6.4% and 8.4% respectively, trailing all corporatecredit sectors significantly over the full year.0.6%0.7%0.5%0.2%0.8%1.2%0.7%-0.8%2.6%1.7%0.7%0.0%-0.2%-1.0%0.0%1.0%2.0%3.0%Multiverse (7.0)Global Agg x US (8.2)Intermediate Agg (3.7)Aggregate (5.9)U.S. TIPS (4.7)U.S. Corporate IG (7.9)U.S. Mortgage (3.2)U.S. Treasury (6.5)U.S. High Yield (3.0)Baa (8.0)A (7.8)AA (6.8)AAA (5.1)Quarter Performance 7.1%5.1%6.7%8.7%8.4%14.5%6.4%6.9%14.3%16.4%13.0%9.5%6.7%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%Multiverse (7.0)Global Agg x US (8.2)Intermediate Agg (3.7)Aggregate (5.9)U.S. TIPS (4.7)U.S. Corporate IG (7.9)U.S. Mortgage (3.2)U.S. Treasury (6.5)U.S. High Yield (3.0)Baa (8.0)A (7.8)AA (6.8)AAA (5.1)1-Year Performance10 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of December 31, 2019Global fixed income returns were positive during the 4th quarter. Generally,global central bank monetary policy remains supportive as low economicgrowth persists in much of the world outside of the US. As a result, negativeinterest rates persist in much of Europe and Japan. However, the number ofbonds with negative yields declined in recent months as future expectations foreconomic growth improved. As mentioned previously, we saw currencyvolatility increase during the quarter with the USD moving lower against mostmajor developed and emerging market currencies. The depreciation of theUSD acted as a catalyst for US investors compared to local investors. Globalbonds, as represented by the Bloomberg Barclays Global Aggregate ex USIndex, returned was 0.7% during the quarter which outperformed US bondsrepresented by the Bloomberg Barclays Aggregate Index. For the full 1-yearperiod, global bonds underperformed domestic bonds 5.1% versus 8.7%respectively.Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the line graphs to the right.The ‘1-Year Trailing Market Rates’ chart illustrates that over the last year, the10-year Treasury yield (green line) fell from highs near 2.8%, to yields below1.5% before ending the quarter at 1.92%. The blue line illustrates changesinthe BAA OAS (Option Adjusted Spread). This measure quantifies theadditional yield premium that investors require to purchase and hold non-Treasury issues. This line illustrates the continued decline from nearly2.5% inthe 1st quarter of 2019 to less than 1.6% in 4th quarter as investors sought outhigher yielding assets and concerns regarding trade and the potential forarecession in the US declined. Spreads tightened by about 24 basis pointsduring the quarter. Spread tightening is equivalent to an interest rate decreaseon corporate bonds, which produces an additional tailwind for corporate bondindex returns. The green band across the graph illustrates the decrease intheFederal Funds Rate due to the recent easing in US monetary policy. The Fedcut the Fed Funds Rate three times during the year on fears that economicgrowth was decelerating.The lower graph provides a snapshot of the US Treasury Yield Curve at theend of each of the last four calendar quarters. Interest rates were broadlylower over the full year as the Fed cut interest rates and expectations of futureeconomic growth declined. During the year, the US Treasury curve wasinverted between 2-year and 10-year rates. After multiple rate cuts, the curvefinished the year with a more normalized shape with the long end of the curvehigher than the short end.0.000.501.001.502.002.503.003.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve3/31/20196/30/20199/30/201912/31/20190.000.501.001.502.002.503.003.504.00Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-191-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPS11 Asset Allocation By Segment as of September 30, 2019 : $4,376,344 Asset Allocation By Segment as of December 31, 2019 : $4,606,524 Allocation Segments Market Value Allocation Domestic Equity 2,101,521 48.0¢ International Equity 613,174 14.0¢ Fixed Income 1,598,851 36.5¢ Cash Equivalent 62,797 1.4¢ Allocation Segments Market Value Allocation Domestic Equity 2,281,595 49.5¢ International Equity 675,065 14.7¢ Fixed Income 1,612,384 35.0¢ Cash Equivalent 37,480 0.8¢ Asset Allocation Summary Total Fund As of December 31, 2019 NONE 12 Asset Allocation By Manager as of September 30, 2019 : $4,376,344 Asset Allocation By Manager as of December 31, 2019 : $4,606,524 Allocation Market Value Allocation Dodge & Cox Income Fund (DODIX)1,598,851 36.5¢ Vanguard Index 500 Admiral (VFIAX)744,940 17.0¢ Vanguard Extended Mkt Index (VEXAX)664,808 15.2¢ American Funds EuroPacific Gr R6 (RERGX) 613,174 14.0¢ MFS Growth Fund (MFEKX)387,985 8.9¢ Vanguard Equity-Income (VEIRX)303,788 6.9¢ R&D 62,797 1.4¢ Allocation Market Value Allocation Dodge & Cox Income Fund (DODIX)1,612,384 35.0¢ Vanguard Index 500 Admiral (VFIAX)812,432 17.6¢ Vanguard Extended Mkt Index (VEXAX)723,954 15.7¢ American Funds EuroPacific Gr R6 (RERGX) 675,065 14.7¢ MFS Growth Fund (MFEKX)421,164 9.1¢ Vanguard Equity-Income (VEIRX)324,045 7.0¢ R&D 37,480 0.8¢ Asset Allocation Summary Total Fund As of December 31, 2019 NONE 13 Schedule of Investable Assets Total Fund Composite Net Cash Flow $0 $450,000 $900,000 $1,350,000 $1,800,000 $2,250,000 $2,700,000 $3,150,000 $3,600,000 $4,050,000 $4,500,000 $4,950,000 $5,400,000 $5,850,000 Market Value12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 $2,571,621 $4,606,524 Okeechobee Municipal Firefighters' Pension Fund Schedule of Investable Assets 7 Years Ending December 31, 2019 Page 14 14 Executive Summary Policy Target In Policy Outside Policy 0.0%10.0%20.0%30.0%40.0%50.0%60.0%-10.0 % R&D $37,479.6 (0.8%) Total Fixed Income Composite $1,612,383.5 (35.0%) Total International Equity Composite $675,065.4 (14.7%) Total Domestic Equity Composite $2,281,595.1 (49.5%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Min. Rebal. ($000) Max. Rebal. ($000) Target Rebal. ($000) Total Fund Composite 4,606,524 100.0 N/A N/A 100.0 --- Total Domestic Equity Composite 2,281,595 49.5 40.0 50.0 45.0 -438,986 21,667 -208,659 Total International Equity Composite 675,065 14.7 10.0 20.0 15.0 -214,413 246,239 15,913 Total Fixed Income Composite 1,612,384 35.0 30.0 50.0 40.0 -230,426 690,878 230,226 R&D 37,480 0.8 0.0 0.0 0.0 -37,480 -37,480 -37,480 Okeechobee Municipal Firefighters' Pension Fund Asset Allocation Compliance As of December 31, 2019 15 Financial Reconciliation Quarter to Date Market Value 10/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2019 Total Equity Composite 2,714,695 ----- 40,361 201,605 2,956,660 Vanguard Extended Mkt Index (VEXAX)664,808 -----3,785 55,361 723,954 Vanguard Index 500 Admiral (VFIAX)744,940 -----3,885 63,607 812,432 MFS Growth Fund (MFEKX)387,985 -----4,939 28,239 421,164 Becker Value Equity Fund (BVEIX)--------- Vanguard Equity-Income (VEIRX)303,788 -----8,104 12,152 324,045 American Funds EuroPacific Gr R6 (RERGX) 613,174 ----- 19,647 42,245 675,065 Total Fixed Income Composite 1,598,851 ----- 20,312 -6,779 1,612,384 Dodge & Cox Income Fund (DODIX)1,598,851 ----- 20,312 -6,779 1,612,384 R&D 62,797 -28,974 -39,682 --14,762 152 -37,480 Total Fund Composite 4,376,344 -28,974 -39,682 --14,762 60,824 194,825 4,606,524 Financial Reconciliation Total Fund 1 Quarter Ending December 31, 2019 16 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2019 Total Equity Composite 2,714,695 ----- 40,361 201,605 2,956,660 Vanguard Extended Mkt Index (VEXAX)664,808 -----3,785 55,361 723,954 Vanguard Index 500 Admiral (VFIAX)744,940 -----3,885 63,607 812,432 MFS Growth Fund (MFEKX)387,985 -----4,939 28,239 421,164 Becker Value Equity Fund (BVEIX)--------- Vanguard Equity-Income (VEIRX)303,788 -----8,104 12,152 324,045 American Funds EuroPacific Gr R6 (RERGX) 613,174 ----- 19,647 42,245 675,065 Total Fixed Income Composite 1,598,851 ----- 20,312 -6,779 1,612,384 Dodge & Cox Income Fund (DODIX)1,598,851 ----- 20,312 -6,779 1,612,384 R&D 62,797 -28,974 -39,682 --14,762 152 -37,480 Total Fund Composite 4,376,344 -28,974 -39,682 --14,762 60,824 194,825 4,606,524 Financial Reconciliation Total Fund October 1, 2019 To December 31, 2019 17 Comparative Performance Trailing Returns QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Total Fund Composite (Gross)5.87 (28)5.87 (28)21.40 (22)9.78 (39)7.00 (53)6.01 (63)10/01/2007 Total Fund Policy 5.46 (47)5.46 (47)20.66 (38)9.86 (37)7.36 (38)6.08 (54) Difference 0.41 0.41 0.74 -0.08 -0.36 -0.07 All Public Plans-Total Fund Median 5.33 5.33 19.89 9.56 7.11 6.12 Total Fund Composite (Net)5.87 5.87 21.40 9.74 6.90 6.75 01/01/2003 Total Fund Policy 5.46 5.46 20.66 9.86 7.36 7.18 Difference 0.41 0.41 0.74 -0.12 -0.46 -0.43 Total Equity Composite 8.91 8.91 29.32 13.16 9.14 8.73 01/01/2003 Total Equity Policy 9.09 9.09 29.67 13.91 10.39 9.64 Difference -0.18 -0.18 -0.35 -0.75 -1.25 -0.91 Total Domestic Equity Composite 8.57 8.57 29.90 13.34 9.67 9.07 01/01/2003 Total Domestic Equtiy Policy 9.10 9.10 31.02 14.57 11.24 10.39 Difference -0.53 -0.53 -1.12 -1.23 -1.57 -1.32 Vanguard Equity-Income (VEIRX)6.67 (76)6.67 (76)N/A N/A N/A 15.82 (64)06/01/2019 Russell 1000 Value Index 7.41 (54)7.41 (54)26.54 (45)9.68 (57)8.29 (40)16.68 (48) Difference -0.74 -0.74 N/A N/A N/A -0.86 IM U.S. Large Cap Value Equity (MF) Median 7.54 7.54 26.04 9.96 7.91 16.57 Vanguard Index 500 Admiral (VFIAX)9.06 (38)9.06 (38)31.46 (30)N/A N/A 13.86 (24)03/01/2017 S&P 500 Index 9.07 (38)9.07 (38)31.49 (29)15.27 (24)11.70 (13)13.90 (23) Difference -0.01 -0.01 -0.03 N/A N/A -0.04 IM U.S. Large Cap Core Equity (MF) Median 8.71 8.71 29.62 13.95 10.30 12.64 MFS Growth Fund (MFEKX)8.55 (78)8.55 (78)37.81 (11)N/A N/A 20.93 (7)03/01/2017 Russell 1000 Growth Index 10.62 (27)10.62 (27)36.39 (21)20.49 (40)14.63 (19)18.68 (36) Difference -2.07 -2.07 1.42 N/A N/A 2.25 IM U.S. Large Cap Growth Equity (MF) Median 9.69 9.69 33.39 19.88 13.21 17.69 Vanguard Extended Mkt Index (VEXAX)8.90 (13)8.90 (13)28.04 (21)11.08 (10)9.01 (12)8.77 (20)01/01/2014 S&P Completion Index 8.86 (15)8.86 (15)27.95 (23)10.97 (11)8.90 (15)8.66 (23) Difference 0.04 0.04 0.09 0.11 0.11 0.11 IM U.S. SMID Cap Core Equity (MF) Median 7.05 7.05 25.74 8.40 6.98 6.85 Comparative Performance Total Fund As of December 31, 2019 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. 18 Comparative Performance Total Fund As of December 31, 2019 QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Total International Equity Composite 10.09 10.09 27.40 12.45 7.41 5.73 01/01/2014 Total International Equity Policy 8.99 8.99 22.13 10.40 6.01 4.37 Difference 1.10 1.10 5.27 2.05 1.40 1.36 American Funds EuroPacific Gr R6 (RERGX)10.09 (23)10.09 (23)27.40 (41)12.45 (35)7.41 (26)5.73 (25)01/01/2014 MSCI AC World ex USA 8.99 (51)8.99 (51)22.13 (93)10.40 (68)6.01 (52)4.37 (48) Difference 1.10 1.10 5.27 2.05 1.40 1.36 IM International Large Cap Growth Equity (MF) Median 9.00 9.00 27.05 11.87 6.14 4.25 Total Fixed Income Composite 0.85 0.85 9.73 4.51 3.69 3.79 01/01/2003 Total Fixed Income Policy 0.18 0.18 8.72 4.03 3.05 3.96 Difference 0.67 0.67 1.01 0.48 0.64 -0.17 Dodge & Cox Income Fund (DODIX)0.85 (5)0.85 (5)9.73 (19)4.51 (11)3.69 (6)3.43 (4)11/01/2012 Blmbg. Barc. U.S. Aggregate Index 0.18 (51)0.18 (51)8.72 (52)4.03 (39)3.05 (36)2.65 (41) Difference 0.67 0.67 1.01 0.48 0.64 0.78 IM U.S. Broad Market Core Fixed Income (MF) Median 0.18 0.18 8.75 3.88 2.89 2.52 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. 19 Comparative Performance Fiscal Year Returns Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Oct-2010 To Sep-2011 Oct-2009 To Sep-2010 Total Fund Composite (Gross)3.87 (62)8.40 (26)12.18 (45)8.47 (77)-0.63 (47)12.18 (12)8.60 (82)18.27 (37)-1.69 (90)11.01 (25) Total Fund Policy 5.71 (16)7.54 (41)11.19 (62)10.43 (31)-0.74 (50)10.33 (45)10.28 (70)17.77 (49)2.00 (27)9.68 (56) Difference -1.84 0.86 0.99 -1.96 0.11 1.85 -1.68 0.50 -3.69 1.33 All Public Plans-Total Fund Median 4.30 7.09 11.82 9.74 -0.78 9.93 12.00 17.58 0.67 9.90 Total Fund Composite (Net)3.87 8.40 11.97 8.36 -0.82 11.85 8.19 17.72 -2.18 10.40 Total Fund Policy 5.71 7.54 11.19 10.43 -0.74 10.33 10.28 17.77 2.00 9.68 Difference -1.84 0.86 0.78 -2.07 -0.08 1.52 -2.09 -0.05 -4.18 0.72 Total Equity Composite 0.94 13.75 18.99 9.70 -1.20 15.22 13.59 26.76 -3.31 14.20 Total Equity Policy 2.04 13.62 19.14 13.68 -3.37 14.58 18.84 26.35 -0.48 10.16 Difference -1.10 0.13 -0.15 -3.98 2.17 0.64 -5.25 0.41 -2.83 4.04 Total Domestic Equity Composite 0.88 17.80 18.44 10.04 -0.01 16.46 13.59 26.76 -3.31 14.20 Total Domestic Equtiy Policy 2.92 17.58 18.71 14.96 -0.49 17.76 21.60 30.20 0.55 10.96 Difference -2.04 0.22 -0.27 -4.92 0.48 -1.30 -8.01 -3.44 -3.86 3.24 Dana Large Cap Core N/A N/A N/A 8.40 (91)0.09 (51)N/A N/A N/A N/A N/A S&P 500 Index 4.25 (39)17.91 (39)18.61 (53)15.43 (23)-0.61 (63)19.73 (45)19.34 (64)30.20 (44)1.14 (52)10.16 (42) Difference N/A N/A N/A -7.03 0.70 N/A N/A N/A N/A N/A IM U.S. Large Cap Core Equity (SA+CF) Median 3.20 17.25 18.75 13.30 0.11 19.19 20.61 29.63 1.17 9.57 Vanguard Equity-Income (VEIRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index 4.00 (30)9.45 (61)15.12 (71)16.19 (17)-4.42 (41)18.89 (19)22.30 (52)30.92 (15)-1.89 (30)8.90 (28) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median 1.87 10.42 16.69 12.47 -4.90 17.21 22.35 28.44 -3.39 6.90 Vanguard Extended Mkt Index (VEXAX)-3.80 (46)16.12 (15)19.00 (28)13.44 (47)-0.21 (43)N/A N/A N/A N/A N/A S&P Completion Index -3.96 (49)16.02 (18)18.91 (29)13.26 (50)-0.27 (44)9.66 (47)31.34 (27)30.37 (22)-2.06 (42)15.92 (55) Difference 0.16 0.10 0.09 0.18 0.06 N/A N/A N/A N/A N/A IM U.S. SMID Cap Core Equity (MF) Median -4.11 12.98 17.28 13.25 -0.65 9.46 27.60 27.95 -2.39 16.18 Vanguard Index 500 Admiral (VFIAX)4.22 (39)17.87 (28)N/A N/A N/A N/A N/A N/A N/A N/A S&P 500 Index 4.25 (39)17.91 (27)18.61 (46)15.43 (18)-0.61 (30)19.73 (18)19.34 (60)30.20 (23)1.14 (24)10.16 (24) Difference -0.03 -0.04 N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Core Equity (MF) Median 3.15 16.07 18.38 13.06 -1.61 17.39 19.95 27.93 -1.12 8.29 MFS Growth Fund (MFEKX)7.56 (10)29.09 (17)N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 3.71 (33)26.30 (38)21.94 (28)13.76 (18)3.17 (44)19.15 (22)19.27 (52)29.19 (35)3.78 (17)12.65 (26) Difference 3.85 2.79 N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Growth Equity (MF) Median 2.32 25.06 20.13 10.96 2.84 16.89 19.37 27.40 0.50 10.24 Comparative Performance Total Fund As of December 31, 2019 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. 20 Comparative Performance Total Fund As of December 31, 2019 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Oct-2010 To Sep-2011 Oct-2009 To Sep-2010 Becker Value Equity Fund (BVEIX)N/A 8.91 (68)N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index 4.00 (30)9.45 (61)15.12 (71)16.19 (17)-4.42 (41)18.89 (19)22.30 (52)30.92 (15)-1.89 (30)8.90 (28) Difference N/A -0.54 N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median 1.87 10.42 16.69 12.47 -4.90 17.21 22.35 28.44 -3.39 6.90 Total International Equity Composite 1.14 1.47 20.64 8.52 -4.93 N/A N/A N/A N/A N/A Total International Equity Policy -0.72 2.25 20.15 9.80 -11.78 5.22 16.98 15.04 -10.42 8.00 Difference 1.86 -0.78 0.49 -1.28 6.85 N/A N/A N/A N/A N/A American Funds EuroPacific Gr R6 (RERGX)1.14 (45)1.47 (60)20.63 (8)8.52 (38)-4.93 (34)N/A N/A N/A N/A N/A MSCI AC World ex USA -0.72 (67)2.25 (51)20.15 (19)9.80 (27)-11.78 (89)5.22 (29)16.98 (58)15.04 (76)-10.42 (46)8.00 (47) Difference 1.86 -0.78 0.48 -1.28 6.85 N/A N/A N/A N/A N/A IM International Large Cap Growth Equity (MF) Median 0.81 2.28 17.85 7.77 -5.68 4.23 17.85 17.92 -10.80 7.32 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. 21 Comparative Performance Total Fund As of December 31, 2019 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Oct-2010 To Sep-2011 Oct-2009 To Sep-2010 Total Fixed Income Composite 9.12 -0.11 2.57 7.09 0.24 5.18 -1.38 4.93 1.16 5.66 Total Fixed Income Policy 10.30 -1.22 0.07 5.19 2.94 3.96 -1.68 5.16 5.02 7.77 Difference -1.18 1.11 2.50 1.90 -2.70 1.22 0.30 -0.23 -3.86 -2.11 Dodge & Cox Income Fund (DODIX)9.13 (79)-0.12 (7)2.57 (4)7.09 (3)0.16 (94)5.76 (9)N/A N/A N/A N/A Blmbg. Barc. U.S. Aggregate Index 10.30 (25)-1.22 (41)0.07 (64)5.19 (52)2.94 (9)3.96 (59)-1.68 (53)5.16 (81)5.26 (14)8.16 (76) Difference -1.17 1.10 2.50 1.90 -2.78 1.80 N/A N/A N/A N/A IM U.S. Broad Market Core Fixed Income (MF) Median 9.82 -1.34 0.49 5.21 1.98 4.18 -1.62 6.78 4.30 9.34 PIMCO Total Return Fund (PTTRX)N/A N/A N/A N/A N/A 3.30 (83)N/A N/A N/A N/A Blmbg. Barc. U.S. Aggregate Index 10.30 (25)-1.22 (41)0.07 (64)5.19 (52)2.94 (9)3.96 (59)-1.68 (53)5.16 (81)5.26 (14)8.16 (76) Difference N/A N/A N/A N/A N/A -0.66 N/A N/A N/A N/A IM U.S. Broad Market Core Fixed Income (MF) Median 9.82 -1.34 0.49 5.21 1.98 4.18 -1.62 6.78 4.30 9.34 Bowen Hanes Fixed Income N/A N/A N/A N/A N/A N/A N/A 4.93 (95)1.16 (100)5.66 (100) Blmbg. Barc. U.S. Aggregate Index 10.30 (70)-1.22 (87)0.07 (85)5.19 (81)2.94 (61)3.96 (81)-1.68 (79)5.16 (90)5.26 (50)8.16 (86) Difference N/A N/A N/A N/A N/A N/A N/A -0.23 -4.10 -2.50 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 10.46 -0.75 0.61 5.66 3.02 4.47 -1.26 6.60 5.26 9.22 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. 22 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 9.78 7.72 1.04 105.17 11 114.83 1 Index 9.86 6.88 1.16 100.00 10 100.00 2 90 Day U.S. Treasury Bill 1.67 0.20 N/A 8.02 12 -8.37 N/A Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 7.00 7.63 0.79 102.19 17 109.61 3 Index 7.36 6.99 0.91 100.00 16 100.00 4 90 Day U.S. Treasury Bill 1.05 0.27 N/A 5.74 19 -4.62 1 Risk and Return 3 Years Investment Index 9.7 9.8 9.9 Return (%)6.6 6.7 6.8 6.9 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 6.9 7.0 7.1 7.2 7.3 7.4 7.5 Return (%)6.8 6.9 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank All Public Plans-Total Fund 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 1 (5%)12 (60%)7 (35%)0 (0%)¾ Index 20 2 (10%)13 (65%)5 (25%)0 (0%)¾ 5 Year Rolling Percentile Rank All Public Plans-Total Fund 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)8 (40%)10 (50%)2 (10%)¾ Index 20 0 (0%)15 (75%)5 (25%)0 (0%)¾ Strategy Review Total Fund Composite | Total Fund Policy As of December 31, 2019 23 Peer Group Analysis - All Public Plans-Total Fund -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 5.87 (28)5.87 (28)21.40 (22)7.28 (41)9.78 (39)9.06 (54)7.00 (53) Index 5.46 (47)5.46 (47)20.66 (38)7.50 (30)9.86 (37)9.31 (41)7.36 (38) Median 5.33 5.33 19.89 7.06 9.56 9.12 7.11 Peer Group Analysis - All Public Plans-Total Fund -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment 3.87 (62)8.40 (29)12.18 (50)8.47 (79)-0.63 (50)12.18 (4) Index 5.71 (16)7.54 (48)11.19 (68)10.43 (23)-0.74 (52)10.33 (35) Median 4.30 7.43 12.15 9.67 -0.64 9.57 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment 0.82 (51)3.43 (28)9.96 (8)-9.42 (90)3.05 (30)1.56 (27) Index 1.21 (22)3.69 (11)9.02 (30)-7.60 (52)3.31 (18)1.32 (37) Median 0.83 3.26 8.43 -7.53 2.58 1.03 Strategy Review Total Fund Composite | Total Fund Policy As of December 31, 2019 24 Peer Group Analysis - IM U.S. Large Cap Core Equity (MF) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 40.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 9.06 (38)9.06 (38)31.46 (30)12.09 (24)N/A N/A N/A Index 9.07 (38)9.07 (38)31.49 (29)12.13 (23)15.27 (24)14.43 (16)11.70 (13) Median 8.71 8.71 29.62 10.32 13.95 12.96 10.30 Peer Group Analysis - IM U.S. Large Cap Core Equity (MF) -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment 4.22 (39)17.87 (28)N/A N/A N/A N/A Index 4.25 (39)17.91 (27)18.61 (46)15.43 (18)-0.61 (30)19.73 (18) Median 3.15 16.07 18.38 13.06 -1.61 17.39 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment 1.69 (40)4.30 (44)13.65 (31)-13.53 (46)7.70 (32)3.42 (26) Index 1.70 (39)4.30 (44)13.65 (31)-13.52 (46)7.71 (32)3.43 (26) Median 1.46 4.15 13.08 -13.74 7.28 2.78 Strategy Review Vanguard Index 500 Admiral (VFIAX) | S&P 500 Index As of December 31, 2019 25 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 6.67 (76)6.67 (76)N/A N/A N/A N/A N/A Index 7.41 (54)7.41 (54)26.54 (45)7.74 (42)9.68 (57)11.55 (38)8.29 (40) Median 7.54 7.54 26.04 7.33 9.96 11.02 7.91 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment N/A N/A N/A N/A N/A N/A Index 4.00 (30)9.45 (61)15.12 (71)16.19 (17)-4.42 (41)18.89 (19) Median 1.87 10.42 16.69 12.47 -4.90 17.21 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment 2.26 (22)N/A N/A N/A N/A N/A Index 1.36 (53)3.84 (39)11.93 (40)-11.72 (29)5.70 (57)1.18 (59) Median 1.41 3.49 11.58 -12.92 5.95 1.38 Strategy Review Vanguard Equity-Income (VEIRX) | Russell 1000 Value Index As of December 31, 2019 Page 28 26 Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 8.55 (78)8.55 (78)37.81 (11)18.96 (6)N/A N/A N/A Index 10.62 (27)10.62 (27)36.39 (21)15.90 (33)20.49 (40)16.98 (11)14.63 (19) Median 9.69 9.69 33.39 14.88 19.88 15.01 13.21 Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF) -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment 7.56 (10)29.09 (17)N/A N/A N/A N/A Index 3.71 (33)26.30 (38)21.94 (28)13.76 (18)3.17 (44)19.15 (22) Median 2.32 25.06 20.13 10.96 2.84 16.89 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment 1.15 (22)6.58 (11)17.77 (10)-15.28 (43)8.09 (42)6.58 (29) Index 1.49 (16)4.64 (56)16.10 (55)-15.89 (53)9.17 (11)5.76 (51) Median -0.01 4.76 16.25 -15.76 7.78 5.77 Strategy Review MFS Growth Fund (MFEKX) | Russell 1000 Growth Index As of December 31, 2019 27 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 11.08 14.47 0.69 100.28 10 99.78 2 Index 10.97 14.48 0.68 100.00 10 100.00 2 90 Day U.S. Treasury Bill 1.67 0.20 N/A 4.76 12 -3.58 N/A Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 9.01 14.43 0.60 100.35 15 99.84 5 Index 8.90 14.43 0.59 100.00 15 100.00 5 90 Day U.S. Treasury Bill 1.05 0.27 N/A 3.11 19 -2.13 1 Risk and Return 3 Years Investment Index 10.9 11.0 11.1 Return (%)14.4 14.5 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 8.8 8.9 9.0 9.1 Return (%)14.4 14.5 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 13 7 (54%)6 (46%)0 (0%)0 (0%)¾ Index 20 8 (40%)12 (60%)0 (0%)0 (0%)¾ 5 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 5 4 (80%)1 (20%)0 (0%)0 (0%)¾ Index 20 11 (55%)9 (45%)0 (0%)0 (0%)¾ Strategy Review Vanguard Extended Mkt Index (VEXAX) | S&P Completion Index As of December 31, 2019 28 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 8.90 (13)8.90 (13)28.04 (21)7.73 (14)11.08 (10)12.32 (15)9.01 (12) Index 8.86 (15)8.86 (15)27.95 (23)7.56 (15)10.97 (11)12.20 (18)8.90 (15) Median 7.05 7.05 25.74 4.99 8.40 10.71 6.98 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment -3.80 (46)16.12 (15)19.00 (28)13.44 (47)-0.21 (43)N/A Index -3.96 (49)16.02 (18)18.91 (29)13.26 (50)-0.27 (44)9.66 (47) Median -4.11 12.98 17.28 13.25 -0.65 9.46 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment -1.61 (76)3.04 (34)15.97 (19)-18.18 (59)4.37 (29)5.98 (21) Index -1.64 (77)3.02 (37)15.99 (18)-18.28 (65)4.33 (31)5.94 (23) Median -0.50 2.87 14.31 -18.05 3.71 4.21 Strategy Review Vanguard Extended Mkt Index (VEXAX) | S&P Completion Index As of December 31, 2019 29 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 12.45 12.08 0.90 106.98 8 96.50 4 Index 10.40 11.33 0.78 100.00 8 100.00 4 90 Day U.S. Treasury Bill 1.67 0.20 N/A 4.91 12 -4.93 N/A Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 7.41 12.06 0.57 96.65 12 86.19 8 Index 6.01 12.43 0.45 100.00 12 100.00 8 90 Day U.S. Treasury Bill 1.05 0.27 N/A 3.27 19 -2.55 1 Risk and Return 3 Years Investment Index 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 Return (%)11.0 11.2 11.4 11.6 11.8 12.0 12.2 12.4 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 5.6 6.0 6.4 6.8 7.2 7.6 8.0 Return (%)12.0 12.1 12.2 12.3 12.4 12.5 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM International Large Cap Growth Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 13 7 (54%)6 (46%)0 (0%)0 (0%)¾ Index 20 2 (10%)7 (35%)8 (40%)3 (15%)¾ 5 Year Rolling Percentile Rank IM International Large Cap Growth Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 5 1 (20%)4 (80%)0 (0%)0 (0%)¾ Index 20 0 (0%)6 (30%)8 (40%)6 (30%)¾ Strategy Review American Funds EuroPacific Gr R6 (RERGX) | MSCI AC World ex USA As of December 31, 2019 30 Peer Group Analysis - IM International Large Cap Growth Equity (MF) -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 40.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 10.09 (23)10.09 (23)27.40 (41)4.12 (48)12.45 (35)9.48 (26)7.41 (26) Index 8.99 (51)8.99 (51)22.13 (93)2.62 (71)10.40 (68)9.03 (34)6.01 (52) Median 9.00 9.00 27.05 4.04 11.87 8.26 6.14 Peer Group Analysis - IM International Large Cap Growth Equity (MF) -34.0 -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment 1.14 (45)1.47 (60)20.63 (8)8.52 (38)-4.93 (34)N/A Index -0.72 (67)2.25 (51)20.15 (19)9.80 (27)-11.78 (89)5.22 (29) Median 0.81 2.28 17.85 7.77 -5.68 4.23 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment -1.59 (57)3.87 (72)13.20 (26)-12.59 (42)-0.84 (83)-2.82 (60) Index -1.70 (64)3.22 (86)10.44 (94)-11.41 (25)0.80 (39)-2.39 (52) Median -1.46 4.44 12.52 -12.70 0.36 -2.31 Strategy Review American Funds EuroPacific Gr R6 (RERGX) | MSCI AC World ex USA As of December 31, 2019 31 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 4.51 2.02 1.42 83.38 10 26.56 2 Index 4.03 2.87 0.83 100.00 10 100.00 2 90 Day U.S. Treasury Bill 1.67 0.20 N/A 18.12 12 -29.46 N/A Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 3.69 2.49 1.07 86.97 15 46.82 5 Index 3.05 3.04 0.67 100.00 15 100.00 5 90 Day U.S. Treasury Bill 1.05 0.27 N/A 12.28 19 -14.64 1 Risk and Return 3 Years Investment Index 3.8 4.0 4.2 4.4 4.6 Return (%)1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 2.8 3.0 3.2 3.4 3.6 3.8 Return (%)2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 17 16 (94%)1 (6%)0 (0%)0 (0%)¾ Index 20 2 (10%)13 (65%)5 (25%)0 (0%)¾ 5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 9 9 (100%)0 (0%)0 (0%)0 (0%)¾ Index 20 0 (0%)14 (70%)6 (30%)0 (0%)¾ Strategy Review Dodge & Cox Income Fund (DODIX) | Blmbg. Barc. U.S. Aggregate Index As of December 31, 2019 32 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 0.85 (5)0.85 (5)9.73 (19)4.59 (11)4.51 (11)4.79 (3)3.69 (6) Index 0.18 (51)0.18 (51)8.72 (52)4.27 (26)4.03 (39)3.68 (49)3.05 (36) Median 0.18 0.18 8.75 4.00 3.88 3.66 2.89 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 ReturnOct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Investment 9.13 (79)-0.12 (7)2.57 (4)7.09 (3)0.16 (94)5.76 (9) Index 10.30 (25)-1.22 (41)0.07 (64)5.19 (52)2.94 (9)3.96 (59) Median 9.82 -1.34 0.49 5.21 1.98 4.18 Comparative Performance 1 Qtr Ending Sep-2019 1 Qtr Ending Jun-2019 1 Qtr Ending Mar-2019 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 Investment 2.09 (62)2.79 (82)3.70 (15)0.29 (86)0.64 (5)-0.33 (64) Index 2.27 (34)3.08 (42)2.94 (71)1.64 (11)0.02 (64)-0.16 (30) Median 2.16 3.04 3.22 0.99 0.09 -0.25 Strategy Review Dodge & Cox Income Fund (DODIX) | Blmbg. Barc. U.S. Aggregate Index As of December 31, 2019 33 Comparative Performance 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Equity Inc;Adm (VEIRX)25.35 (50)11.91 (30)10.17 (13)13.00 (11)13.02 (3)9.03 (15) S&P 500 Index 31.49 (4)15.27 (3)11.70 (2)14.73 (1)13.56 (1)9.00 (16) Difference -6.14 -3.36 -1.53 -1.73 -0.54 0.03 IM Equity Income (MF) Median 25.23 10.37 8.47 11.41 10.90 7.79 Vanguard 500 Idx;Adm (VFIAX)31.46 (9)15.23 (12)11.66 (9)14.69 (6)13.52 (5)8.98 (6) S&P 500 Index 31.49 (4)15.27 (3)11.70 (3)14.73 (3)13.56 (2)9.00 (3) Difference -0.03 -0.04 -0.04 -0.04 -0.04 -0.02 IM S&P 500 Index (MF) Median 31.13 14.91 11.31 14.30 13.08 8.66 MFS Growth;R6 (MFEKX)37.81 (11)22.84 (8)15.36 (6)17.23 (9)N/A N/A Russell 1000 Growth Index 36.39 (21)20.49 (40)14.63 (19)16.92 (14)15.22 (11)10.50 (19) Difference 1.42 2.35 0.73 0.31 N/A N/A IM U.S. Large Cap Growth Equity (MF) Median 33.39 19.88 13.21 15.60 13.85 9.51 Vanguard Ext MI;Adm (VEXAX)28.03 (21)11.08 (10)9.01 (12)12.58 (8)12.81 (9)9.16 (15) S&P Completion Index 27.95 (23)10.97 (11)8.90 (15)12.47 (10)12.71 (13)9.07 (19) Difference 0.08 0.11 0.11 0.11 0.10 0.09 IM U.S. SMID Cap Core Equity (MF) Median 25.74 8.40 6.98 10.68 11.05 8.23 American Funds EuPc;A (AEPGX)26.95 (53)12.07 (45)7.04 (34)7.36 (21)6.36 (36)6.82 (12) MSCI AC World ex USA 22.13 (93)10.40 (68)6.01 (52)5.93 (55)5.45 (62)5.73 (59) Difference 4.82 1.67 1.03 1.43 0.91 1.09 IM International Large Cap Growth Equity (MF) Median 27.05 11.87 6.14 6.14 5.94 5.92 Dodge & Cox Income (DODIX)9.73 (19)4.52 (11)3.69 (6)3.50 (3)4.43 (14)4.75 (6) Blmbg. Barc. U.S. Aggregate Index 8.72 (52)4.03 (39)3.05 (36)2.72 (38)3.75 (56)4.15 (38) Difference 1.01 0.49 0.64 0.78 0.68 0.60 IM U.S. Broad Market Core Fixed Income (MF) Median 8.75 3.88 2.89 2.57 3.83 4.01 Comparative Performance Manager Composite Performance Comparison As of December 31, 2019 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 34 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Equity-Income (VEIRX)0.17 324,045 551 0.17 % of Assets Vanguard Index 500 Admiral (VFIAX)0.04 812,432 325 0.04 % of Assets MFS Growth Fund (MFEKX)0.57 421,164 2,401 0.57 % of Assets Vanguard Extended Mkt Index (VEXAX)0.07 723,954 507 0.07 % of Assets Total Domestic Equity Composite 0.17 2,281,595 3,783 American Funds EuroPacific Gr R6 (RERGX)0.49 675,065 3,308 0.49 % of Assets Total International Equity Composite 0.49 675,065 3,308 Dodge & Cox Income Fund (DODIX)0.42 1,612,384 6,772 0.42 % of Assets Total Fixed Income Composite 0.42 1,612,384 6,772 R&D 37,480 - Total Fund Composite 0.30 4,606,524 13,863 Okeechobee Municipal Firefighters' Pension Fund Fee Analysis As of December 31, 2019 35 Schedule of Investable Assets Total Fund Composite Net Cash Flow $0 $450,000 $900,000 $1,350,000 $1,800,000 $2,250,000 $2,700,000 $3,150,000 $3,600,000 $4,050,000 $4,500,000 $4,950,000 $5,400,000 $5,850,000 Market Value12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 $2,571,621 $4,606,524 Okeechobee Municipal Firefighters' Pension Fund Schedule of Investable Assets 7 Years Ending December 31, 2019 36 Total Fund Policy Allocation Mandate Weight (%) Jan-2003 S&P 500 Index 60.00 Bloomberg Barclays Intermediate US Govt/Credit Idx 40.00 Apr-2011 S&P 500 Index 45.00 MSCI AC World ex USA 15.00 Blmbg. Barc. U.S. Aggregate Index 40.00 Feb-2014 Russell 3000 Index 45.00 MSCI AC World ex USA 15.00 Blmbg. Barc. U.S. Aggregate Index 40.00 Total Equity Policy Allocation Mandate Weight (%) Jan-1926 S&P 500 Index 100.00 Apr-2011 S&P 500 Index 75.00 MSCI AC World ex USA 25.00 Feb-2014 Russell 3000 Index 75.00 MSCI AC World ex USA 25.00 Total Fixed Income Policy Allocation Mandate Weight (%) Jan-2003 Bloomberg Barclays Intermediate US Govt/Credit Idx 100.00 Apr-2011 Blmbg. Barc. U.S. Aggregate Index 100.00 Feb-2014 Blmbg. Barc. U.S. Aggregate Index 100.00 Total Domestic Equtiy Policy Allocation Mandate Weight (%) Jan-1979 Russell 3000 Index 100.00 Total International Equity Policy Allocation Mandate Weight (%) Jan-1988 MSCI AC World ex USA 100.00 Benchmark History Investment Policy Benchmarks As of December 31,2019 37 Total Fund Compliance:Yes No N/A Equity Compliance:Yes No N/A Fixed Income Compliance:Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A Manager Compliance: 38 Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A Manager Compliance: 39 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. 40 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. 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Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. 41 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO