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Item 5a.3. AndCo 09-30-2020 Fire Quarterly ReportInvestment Performance Review Period Ending September 30, 2020 5iq Okeechobee Municipal Firefighters' Pension Fund AndCo Consulting 1 (844) 44-ANDCO I AndCoConsultingxom Table Of Contents Market Environment Page 1 Asset Allocation By Style and Manger Page 10 Schedule of Investable Assets Total Page 12 Target Compliance Page 13 Financial Reconciliation Quarter Page 14 Financial Reconciliation FYTD Page 15 Comparative Performance Trailing Returns Page 16 Comparative Performance Fiscal Page 18 Total Fund (Strategy Review) Page 20 Vanguard 500 (VFIAX) (Strategy Review) Page 22 Vanguard (VEIRX) (Strategy Review) Page 24 MFS Growth (MFEKX) (Strategy Review) Page 26 Vangaurd (VEXAX) (Strategy Review) Page 28 AF Europac (RERGX) (Strategy Review) Page 30 Dodge & Cox (DODIX) (Strategy Review) Page 32 Comparative Performance Manager Composites Page 34 Fee Schedule Page 35 Schedule of Investable Assets Total Page 36 Benchmark History Page 37 Compliance Page 38 3rd Quarter 2020 Market Environment Page 1 Broad asset class returns were positive in the 3rd quarter continuing their rebound from the 2nd quarter. In general, US monetary policy remains supportive as the Federal Reserve Bank (Fed) continues to hold interest rates near zero with the goal of providing the markets with liquidity. Importantly, the Fed indicated that interest rates in the US would remain low for an extended period as GDP growth and business activity remains subdued as the COVID- 19 pandemic lingers. The Fed also commented that it was comfortable allowing inflation to exceed its 2% target in the near-term with the goal of averaging its target over the long-term. The final reading of US GDP growth in the 2nd quarter showed the economy contracted by -31.4%. While expectations for growth in the 3rd quarter vary widely, the general outlook is for a strong positive reading. Within domestic equity markets, we saw a reversal during the quarter with large cap stocks outperforming small cap stocks with the S&P 500 returning 8.9% compared to 4.9% for the Russell 2000 Index. Over the trailing 1 -year period, large cap stocks significantly outperformed both small and mid -cap stocks with the S&P 500 returning 15.1 % while small and mid -cap stocks returned 0.4% and 4.6%, respectively. Similar to US markets, international markets posted strong returns for the period despite concerns about a potential "second wave" of the pandemic flowing through Europe. While neither the European Central Bank nor the Bank of England changed their policies, global central banks remain accommodative and prepared to provide additional support if required. International investors also benefited from a weakening USD which declined against most major currencies during the period. Emerging market economies continued to outperform relative to developed markets during the period with China showing signs of improvement. For the quarter, the MSCI Emerging Market Index returned 9.6% compared to 4.8% for the MSCI EAFE Index. Following the strong quarter, both developed and emerging market indices turned positive over the 1 -year trailing period with the developed market index returning 0.5% and the emerging market index returning 10.5%. Fixed income returns were mixed during the 3rd quarter as interest rates remained relatively stable. For the quarter, the BB US Aggregate Index returned 0.6% while the BB Corporate Investment Grade Index returned 1.5%. TIPS were an area of strength during the quarter, benefiting from higher inflation expectations. For the trailing 1 -year period, fixed income returns were solid with the BB US Aggregate Index returning 7.0%, while corporate bonds returned 7.9%. TIPS outperformed nominal bonds by posting a respectable 10.1% return over the trailing 1 -year period as investors' inflation expectations rose. Source: Investment Metrics Page 2 MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Bbg Barclays US Agg Bbg Barclays US Govt Bbg Barclays US TIPS Bbg Barclays MBS Bbg Barclays Corp IG 3 -Month T -Bill The Market Environment Major Market Index Performance As of September 30, 2020 Quarter Performance 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Bbg Barclays US Agg Bbg Barclays US Govt Bbg Barclays US TIPS Bbg Barclays MBS Bbg Barclays Corp IG 3 -Month T -Bill 1 -Year Performance 0.0% 5.0% 10.0% 15.0% 20.0% Continuing their recent trend, US equities posted their second straight quarter of positive returns across the style and market capitalization spectrum. During the quarter, large cap stocks resumed their leadership, outpacing both mid and small -cap stocks as investors gravitated toward large companies for their relatively attractive profitability profile, lower leverage, and diversified business models. The Russell 1000 Index returned 9.5% compared with 7.5% and 4.9% for the Russell MidCap and Russell 2000 indices, respectively. While small cap stocks have historically performed well in periods following a recession, the relative uncertainty surrounding the path of global economic growth and the upcoming US Presidential election pushed investors toward the relative safety of large cap stocks. Growth stocks maintained their dominance relative to value -oriented stocks across all market capitalizations for the 3rd quarter. The Russell 1000 Growth Index returned 13.2% and was the best performing index across style and market capitalization for the period. The index benefitted from favorable relative weightings to consumer discretionary, materials and technology - related companies, which powered large cap returns during the period. Small cap value stocks trailed their index peers during the quarter with the Russell 2000 Value Index returning 2.6%. Exposures to financial -related companies and real estate acted as a headwind as those sectors lagged during the period. When viewed over the trailing 1 -year period, the performance dispersion between large cap and small cap stocks across styles is glaring. While some of the difference in relative performance between market capitalizations can be attributed to the drawdown experienced during the 1st quarter, large cap stocks have benefited from investors favoring companies with healthier financial profiles that can weather a protracted period of weak growth due to the pandemic. Additionally, the sector weights within the respective indices and a tilt towards growth -oriented, higher P/E companies in large caps has acted as a tailwind for growth index performance. Results over the trailing 1 -year reflect the continued strength of growth compared to value benchmarks with each growth index earning double digit gains while each value index posted negative results for the period. The widest performance gap was in the large cap space with the Russell 1000 Growth Index returning 37.5%, which outpaced the large cap value benchmark by more than 40% for the year. The dispersion between both mid and small cap growth benchmarks was also substantial relative to their value counterparts with each growth index outpacing its respective value benchmark by more than 30% for the year. Source: Investment Metrics Page 3 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth The Market Environment Domestic Equity Style Index Performance As of September 30, 2020 Quarter Performance - Russell Style Series 0.0% 5.0% 10.0% 15.0% 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth 1 -Year Performance - Russell Style Series -5.7% 15.0% 36.1% -5.0% 16.0% 37.5% -7.3% 4.6% 23.2% -14.9% 0.4% 15.7% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% \O ■ Ten of eleven economic sectors within the large cap Russell 1000 Index were positive for the 3rd quarter with only the energy sector posting a negative return. Five sectors outpaced the return of the broad index during the period. Growth -oriented sectors such as consumer discretionary, materials and technology were some of the best performers for the quarter returning 19.0%, 12.4%, and 12.1%, respectively. The energy sector continues to lag due to reduced consumption and the threat of bankruptcies resulting from stubbornly low oil prices. While the sectors were positive, financials and real estate were laggards relative to the broad index results, posting returns of 4.0% and 1.5% respectively. With the Fed indicating that interest rates will remain lower for longer, both sectors faced headwinds due to their sensitivity to US interest rates. ■ Over the trailing 1 -year period, technology -related and consumer discretionary stocks were the best performers returning 47.8% and 37.4% respectively. For the full -year, five sectors exceeded the return of the broad benchmark: technology, consumer discretionary, health care, communication services, and materials. In contrast, traditional value sectors such as energy, financials, real estate and utilities posted returns of -45.0%, -13.1%, -11.1%, and -6.1%, respectively, for the trailing 1 -year period. This sector performance shows a staggering dispersion of more than 90% from best to worst performing sector in the large cap benchmark. ■ Five of eleven small cap sectors posted returns greater than the Russell 2000 Index for the 3rd quarter. Similar to large cap stocks, sectors sensitive to the consumer and improving economic conditions were the primary drivers of return during the quarter. That said, only the consumer discretionary sector outpaced its large cap counterpart during the period, returning 19.2% compared to 19.0%. ■ As previously noted, small cap stocks have significantly trailed large caps over the previous 1 -year period. Specifically, energy-related companies have faced significant headwinds due primarily to low oil prices while interest rate sensitive sectors such as financials and real estate have failed to produce gains as a result of historically low US interest rates. The Ione bright spot has been health care stocks which outperformed their large cap equivalents by more than 14% over the period (37.5% versus 22.9%). Comm Services (10.4%) Consumer Disc (11.8%) Consumer Staples (6.4%) Energy (2.4%) Financials (9.9%) Health Care (14.3%) Industrials (8.3%) Info Technology (27.7%) Materials (2.6%) Real Estate (3.3%) Utilities (2.9%) The Market Environment GICS Sector Performance & (Sector Weight) As of September 30, 2020 Russell 1000 1■Quarter 111 -Year 9.3% 19.3% 19.0% 37.4% 10.3% 7.6% -19.3% -45.0% 4.0% -13.1% 6.3% 22.9% 12.0% 1.3% 12.1% 47.8% 12.4% 10.1% 1.5% -11.1% 5.8% -6.1% -50.0% -30.0% -10.0% 10.0% 30.0% 50.0% Russell 2000 1■Quarter 131 -Year Comm Services (2.6%) Consumer Disc (12.6%) Consumer Staples (3.4%) Energy (2.2%) Financials (15.8%) Health Care (20.2%) Industrials (14.9%) Info Technology (14.0%) Materials (4.1 %) Real Estate (6.9%) Utilities (3.4%) -50.9% -15.6% -23.9% -20.5% -20.6% -1.3% 19.2% 13.3% 8.4% 9.0% -6.1 % 2.7% 5.0% 37.5% 10.8% 1.0% 2.4% 11.7% 6.4% -7.1% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% Source: Morningstar Direct As a result of the G/CS 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. Page 4 Russell iii Apple Inc Top 10 Weighted Weight 6.04% Stocks 1 -Qtr Return 27.2% I -Year Return 108.9% Sector Information Technology Microsoft Corp 5.02% 3.6% 53.0% Information Technology Amazon.com Inc 4.25% 14.1% 81.4% Consumer Discretionary Facebook Inc A 2.00% 15.3% 47.1% Communication Services Alphabet Inc A 1.40% 3.4% 20.0% Communication Services Alphabet Inc Class C 1.39% 4.0% 20.6% Communication Services Berkshire Hathaway Inc Class B 1.32% 19.3% 2.4% Financials Johnson & Johnson 1.25% 6.6% 18.2% Health Care Procter & Gamble Co 1.08% 17.0% 14.6% Consumer Staples Visa Inc Class A 1.08% 3.7% 17.0% Information Technology Top Russell iii Immunomedics Inc i Performing Weight 0.06% Stocks (by 1 -Qtr Return 139.9% Quarter) 11 -Year Return 541.3% Sector Health Care L Brands Inc 0.02% 112.5% 67.3% Consumer Discretionary Tesla Inc 1.01% 98.7% 790.5% Consumer Discretionary NovoCure Ltd 0.04% 87.7% 48.8% Health Care Pinterest Inc 0.05% 87.2% 56.9% Communication Services Livongo Health Inc 0.02% 86.3% 703.0% Health Care Carvana Co Class A 0.04% 85.6% 238.0% Consumer Discretionary Zoom Video Communications Inc 0.25% 85.4% 516.9% Information Technology FedEx Corp 0.19% 79.9% 75.8% Industrials Zillow Group Inc A 0.02% 76.7% 243.7% Communication Services Russell iii Top 10 Weighted Weight Sto 1 -Qtr Return 11 11 -Year Return Sector Occidental Petroleum Corp 0.03% -45.2% -75.5% Energy Coty Inc Class A 0.00% -39.6% -73.8% Consumer Staples Biomarin Pharmaceutical Inc 0.04% -38.3% 12.9% Health Care Reata Pharmaceuticals Inc A 0.01% -37.6% 21.3% Health Care Murphy Oil Corp 0.00% -34.8% -58.0% Energy Agios Pharmaceuticals Inc 0.01% -34.6% 8.0% Health Care Marathon Oil Corp 0.01% -33.2% -66.4% Energy Kirby Corp 0.01% -32.5% -56.0% Industrials HollyFrontier Corp 0.01% -31.6% -61.8% Energy Alteryx Inc Class A 0.02% -30.9% 5.7% Information Technology Source: Momingstar Direct Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 30, 2020 "1W Russell iii Top 10 Weighted Weight Sto 1 -Qtr Return 11 11 -Year Return Sector Penn National Gaming Inc 0.59% 138.0% 290.3% Consumer Discretionary Sunrun Inc 0.49% 290.8% 361.4% Industrials Caesars Entertainment Inc 0.41% 39.9% 40.6% Consumer Discretionary MyoKardia Inc 0.37% 41.1% 161.4% Health Care Novavax Inc 0.35% 30.0% 2058.4% Health Care iRhythm Technologies Inc 0.35% 105.5% 221.3% Health Care LHC Group Inc 0.34% 1 21.9% 87.2% Health Care Mirati Therapeutics Inc 0.33% 45.4% 113.1% Health Care Churchill Downs Inc 0.33% 23.0% 33.3% Consumer Discretionary Momenta Pharmaceuticals Inc 0.33% 57.7% 304.9% Health Care Top Russell iii Whiting Petroleum Corp 10 Performing Weight 0.00% Stocks (by 1 -Qtr Return 1430.1% Quarter) 11 -Year Return 115.3% Sector Energy Seres Therapeutics Inc 0.08% 494.7% 606.0% Health Care Vivint Solar Inc 0.11% 327.8% 547.6% Industrials Tupperware Brands Corp 0.05% 324.4% 27.0% Consumer Discretionary Eastman Kodak Co 0.01% 295.5% 234.1% Information Technology Sunrun Inc 0.49% 290.8% 361.4% Industrials Cassava Sciences Inc 0.01% 273.7% 859.2% Health Care Owens & Minor Inc 0.08% 229.6% 332.8% Health Care Gogo Inc 0.03% 192.4% 53.2% Communication Services Pacific Biosciences of California Inc 0.09% 186.1% 91.3% Health Care Russell iii i Performing Stocks (byj� -Qtr Sector Satsuma Pharmaceuticals Inc Ord. Shr. 0.00% -86.5% -74.1% Health Care Akebia Therapeutics Inc 0.02% -81.5% -36.0% Health Care Corbus Pharmaceuticals Holdings Inc 0.01% -78.5% -63.0% Health Care Odonate Therapeutics Inc 0.01% -68.3% -48.4% Health Care Tricida Inc 0.01% -67.0% -70.7% Health Care Abeona Therapeutics Inc 0.00% -65.0% -54.9% Health Care Mallinckrodt PLC 0.00% -63.7% -59.6% Health Care Nemaura Medical Inc 0.00% -61.6% -51.4% Health Care Express, Inc. 0.00% -60.4% -82.3% Consumer Discretionary Unity Biotechnology Inc 0.01% -60.1% -43.3% Health Care • Nearly all broad international equity indices posted positive returns in both USD and local currency terms for the 3rd quarter. Similar to US markets, international markets continued to benefit from sustained monetary and fiscal stimulus in addition to economic recovery following the onset of the pandemic. Importantly, US investors benefited from the foreign exchange element of investing internationally as the USD declined relative to most developed market currencies during the quarter. ■ For the 3rd quarter, emerging markets outperformed developed markets by nearly 5%. The MSCI Emerging Markets Index gained 9.6% in USD and 8.7% in local currency terms for the period. Emerging markets were led higher by China (12.5% for the quarter) which showed signs of accelerating economic growth during the quarter and represents more than 10% of 26 country emerging market benchmark. Developed international markets also delivered solid returns during the period with the MSCI EAFE Index rising by 4.8% in USD and 1.2% in local currency returns. ■ Trailing 1 -year returns for international developed markets were mixed both in terms of USD and local currency returns. In contrast, emerging market returns were broadly positive during the period despite both EMEA and Latin America posting negative returns in both USD and local currency terms. For the year, the MSCI EAFE Index returned 0.5% in USD and -4.7% in local currency returns while the MSCI Emerging Markets Index returned 10.5% and 12.5%, respectively. ■ During the trailing 1 -year period, the USD weakened against most major international developed and emerging market currencies which positively contributed to returns in USD terms. Despite this, emerging markets in Latin America were adversely affected as a result of the decisions by Argentina and Ecuador to restructure their sovereign debt which resulted in local currency weakness and declining asset values. Source: MSCI Global Index Monitor (Returns are Net) Page 6 The Market Environment International and Regional Market Index Performance (Country Count) As September 30, 2020 AC World x US (48) WORLD x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (26) EM EMEA (11) EM Asia (9) EM Latin Amer (6) Quarter Performance I■USD ❑Local Currency 6.3% 3.5% 4.9% 1.5% 4.8% 1.2% 4.5% 0.3% 5.4% 2.9% 9.6% 8.7% 1.8% 2.5% 11.9% 10.6% -1.3% -0.9% -5.0% 0.0% 5.0% 10.0% 15.0% 1 -Year Performance I■USD ❑Local Currency AC World x US (48) WORLD x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (26) EM EMEA (11) EM Asia (9) EM Latin Amer (6) 3.0% 0.0% 0.2% -4.5% 0.5% -4.7% -0.8% -7.2% ;2.6%. -0.2% 10.5% 12.5% -12.1% -5.4% 21.5% -29.4% 19.7% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% MSCI-EAFE Communication Services Sector Weight Quarter 5.5% Return 4.1% 1 -Year Return 1.4% Consumer Discretionary 11.9% 9.7% 3.4% Consumer Staples 11.9% 4.5% 0.7% Energy 2.8% -13.4% -42.7% Financials 15.1% -1.3% -16.9% Health Care 14.4% 2.9% 20.4% Industrials 15.2% 10.3% 5.3% Information Technology 8.6% 8.1% 23.7% Materials 7.6% 10.8% 10.9% Real Estate 3.1% 2.9% -15.5% Utilities Total 1 4.0% 1 3.0% 4.8% 1 5.9% r L JJJJJ Communication Services Sector Weight 17.5% Quarter Return 3.3% 1 -Yea�� 11.8% Consumer Discretionary 13.8% 16.5% 18.1 Consumer Staples 9.7% 4.6% 0.2% Energy 4.2% -7.6% -33.5% Financials 16.9% -0.2% -17.2% Health Care 10.5% 2.6% 22.2% Industrials 11.7% 9.9% 4.5% Information Technology 11.7% 13.4% 34.6% Materials 7.9% 11.1% 12.0% Real Estate 2.7% 2.3% -14.1% Utilities Total 3.4% 100 .0% 2.0% 6.3% 0.2% 3.0% MSCI - Emerging Mkt Communication Services Sector Weight 12.7% Quarter 2.5% 25.4% Consumer Discretionary 20.2% 16.5% 26.8% 48.4% Consumer Staples 6.1% 8.5% 4.3% -2.7% Energy 5.4% 6.8% -0.5% -19.2% Financials 17.2% 6.6% -0.5% -19.0% Health Care 4.3% 6.2% 1.9% 47.0% Industrials 4.4% 4.2% 2.9% -6.7% Information Technology 18.5% 2.8% 20.5% 41.9% Materials 6.9% 2.1% 11.6% 8.0% Real Estate 2.4% 2.1% 0.9% -7.8% Utilities Total 2.0% 100 .0% 1.6% -4.4% 9.6% -18.4% 10.5% The Market Environment US Dollar International Index Attribution & Country Detail As of September 30, 2020 Country Weight Weight ReturW Japan 25.8% 16.5% 6.9% 6.9% United Kingdom 13.3% 8.5% -0.2% -15.8% France 10.7% 6.8% 2.8% -6.2% Switzerland 10.4% 6.6% 5.1% 11.0% Germany 9.6% 6.2% 8.3% 10.0% Australia 6.6% 4.2% 2.8% -7.7% Netherlands 4.4% 2.8% 5.9% 12.6% Sweden 3.3% 2.1% 14.6% 22.4% Hong Kong 3.3% 2.1% 1.6% -1.6% Denmark 2.5% 1.6% 15.3% 42.5% Spain 2.3% 1.4% -3.8% -21.0% Italy 2.2% 1.4% 1.3% -10.1% Finland 1.1% 0.7% 11.9% 12.7% Singapore 1.0% 0.7% -1.0% -16.4% Belgium 1.0% 0.6% 2.0% -23.2% Ireland 0.7% 0.5% 14.5% 20.7% Israel 0.6% 0.4% -2.0% 3.5% Norway 0.6% 0.4% 8.2% -13.8% New Zealand 0.3% 0.2% -1.0% 24.4% Po fugal 0.2 % 0.1% 3.4 % 2.3 Austria Total EAFE Countries Canada Total Developed Countries China 0.2 % 100.0% 0.1% 6.5% 70.3% 12.5% -4.8 % 6.2% 12.5% -29.1Zo -3.0% 33.6% Taiwan 3.8% 16.5% 35.0% Korea 3.6% 12.8% 18.6% India 2.5% 15.0% 0.5% Brazil 1.4% -3.3% -32.5% South Africa 1.1% 3.7% -11.1 Russia 0.9% -4.7% -16.0% Saudi Arabia 0.8% 9.3% -2.9% Thailand 0.5% -14.1% -30.2% Malaysia 0.5% 2.6% -2.9% Mexico 0.5% 4.6% -20.5% Indonesia 0.4% -6.9% -25.4% Qatar 0.2% 7.5% -2.6% Philippines 0.2% -2.7% -18.7% Poland 0.2% -0.9% -20.9% United Arab Emirates 0.2% 6.2% -11.8% Chile 0.2% -4.2% -33.0% Turkey 0.1% -15.7% -30.0% Peru 0.1% 3.5% -22.2% Hungary 0.1% -8.9% -22.5% Colombia 0.1% -1.3% -37.6% Argentina 0.0% 6.7% 7.3% Greece 0.0% 3.3% -29.3% Czech Republic 0.0% -6.2% -22.1% Egypt 0.0% 4.6% -13.8% Pakistan Tota: Emerging Countries Tota ACWIxUS Countries 0.0% 29.7% 100 .0% 12.4% 9.6% -2.60/6 r r'. Source: 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. Page 7 ■ During the 3rd quarter, each fixed income benchmark posted positive results and returns were led by lower quality high yield bonds, international bonds and TIPS. During the period, US interest rates were roughly unchanged as investors vacillated between concerns related to the pandemic and a positive outlook on future economic growth. Despite declining during the month of September, US high yield bonds delivered strong returns for the quarter with the Bloomberg Barclays (BB) US High Yield Index returning 4.6%. High quality global bonds outperformed US bonds during the period largely due to a declining USD. ■ During the quarter, the broad Bloomberg Barclays (BB) US Aggregate Index returned 0.6%. The primary contributor of performance to the index during the period were US Corporate IG bonds which delivered 1.5%. Despite near - record issuance, investors continue to gravitate towards corporate credit for its higher return potential as US interest rates look to remain low for some time. US TIPS also performed well during the quarter with the BB US TIPS Index returning 3.0% as investors remained concerned about the potential for rising US inflation as a result of the fiscal and monetary stimulus provided to combat the pandemic. ■ Over the trailing 1 -year period, each of the domestic and international fixed income indices delivered positive absolute returns. Longer duration, higher quality investment grade bonds outperformed lower quality, shorter duration high yield bonds as global interest rates fell while investors looked for less volatile assets. US TIPS were the best performing bonds with the BB US TIPS Index returning 10.1% followed by US Treasury bonds which returned 8.0%. High Yield bonds performed worst, returning 3.3% during the period as they continued to recover from the spread -widening drawdown during the 1st quarter. The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2020 AAA (5.1) AA (8.4) A (8.5) Baa (8.6) U.S. High Yield (3.7) U.S. Treasury (7.2) U.S. Mortgage (2.1) U.S. Corporate IG (8.7) U.S. TIPS (5.2) Aggregate (6.1) Intermediate Agg (3.5) Global Agg x US (8.3) Multiverse (7.2) Quarter Performance 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% AAA (5.1) AA (8.4) A (8.5) Baa (8.6) U.S. High Yield (3.7) U.S. Treasury (7.2) U.S. Mortgage (2.1) U.S. Corporate IG (8.7) U.S. TIPS (5.2) ■ For the full year, both domestic and global bonds performed well. The US BB Aggregate Bond Index returned 7.0% compared to 5.5% for the BB Global Aggregate ex -US Index. Despite lower interest rates in both Europe Aggregate (6.1) and Japan, global bonds delivered solid returns primarily due to a decline in Intermediate Agg (3.5) the USD compared to most major developed currencies. Global Agg x US (8.3) Source: Bloomberg Page 8 Multiverse (7.2) 1 -Year Performance 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Much of the index performance detailed in the bar graphs on the previous page is visible on a time series basis by reviewing the yield graph to the right. The `1 -Year Trailing Market Rates' chart illustrates that over the last year, the 10 -year Treasury yield (green line) fell from yields of greater than 1.5%, to a low of roughly 0.5% before ending the quarter at roughly 0.7%. A decline in yields acts as a tailwind for bond performance. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non -Treasury investment grade issues. This line illustrates the dramatic increase in credit spreads in early 2020 as investors required additional compensation to hold riskier credit assets following the onset of the pandemic. Since that time, spreads have steadily declined as markets have largely normalized following the aggressive actions taken by the Treasury and Fed. During the quarter, the BB US High Yield OAS spread fell by roughly 1.1% but is still widen than pre -pandemic levels. Similar to Treasury yield declines, spread tightening in corporate bonds is equivalent to an interest rate decrease, which causes bond prices to rise. The green band across the graph illustrates the Fed Funds Rate. Following the onset of the pandemic, the Fed began aggressively cutting interest rates during the 1st quarter to between 0.0% to 0.25%, where it has remained since then. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four calendar quarters. US interest rates were broadly higher at the end of 2019. Following the onset of the pandemic, interest rates fell dramatically as the Fed took unprecedented action to stimulate the economy. While short-term interest rates have remained anchored near 0.0%, intermediate-term interest rates between 2 -years and 7 -years declined as concerns over future US economic growth increased. Additionally, the Fed has indicated that US interest rates will remain low for the foreseeable future in an effort to provide the market with liquidity. Longer-term US Treasury interest rates moved slightly higher during the most recent quarter as investors balanced the Fed's statements with the need to increase the amount of US Treasury bond issuance to fund both the annual budget deficit and additional stimulus. Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) Page 9 6.50 5.50 4.50 3.50 2.50 1.50 0.50 -0.50 The Market Environment Market Rate & Yield Curve Comparison As of September 30, 2020 1 -Year Trailing Market Rates Fed Funds Rate TED Spread 3 -Month Libor BAA OAS 10 r Treasury 10 r TIPS -1.50 ' ' Sep -19 Oct -19 Nov -19 Dec -19 Jan -20 Feb -20 Mar -20 Apr -20 May -20 Jun -20 Jul -20 Aug -20 Sep -20 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Treasury Yield Curve 2751/2019 ---,--3 31 2020 6/30/2020 --�-- 9/30/2020 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Asset Allocation By Segment as of June 30, 2020 : $4,533,721 Allocation Allocation Asset Allocation By Segment as of September 30, 2020 : $4,843,802 Asset Allocation Summary Total Fund As of Seotember 30. 2020 Segments Market Value Allocation Segments Market Value Allocation ■ Domestic Equity 2,215,247 48.9 ■ Domestic Equity 2,417,929 49.9 International Equity 642,862 14.2 International Equity 704,960 14.6 ■ Fixed Income 1,625,010 Cash Equivalent 50,602 Page 10 35.8 ■ Fixed Income 1,701,434 1.1 Cash Equivalent 19,480 35.1 0.4 Asset Allocation By Manager as of June 30, 2020 : $4,533,721 Allocation Allocation Asset Allocation Summary Total Fund As of Seotember 30. 2020 Asset Allocation By Manager as of September 30, 2020 : $4,843,802 Market Value Allocation Market Value Allocation ■ Dodge & Cox Income Fund (DODIX) 1,625,010 35.8 ■ Dodge & Cox Income Fund (DODIX) 1,701,434 35.1 Vanguard Index 500 Admiral (VFIAX) 787,276 17.4 Vanguard Index 500 Admiral (VFIAX) 857,489 17.7 ■ Vanguard Extended Mkt Index (VEXAX) 683,680 15.1 ■ Vanguard Extended Mkt Index (VEXAX) 751,128 15.5 American Funds EuroPacific Gr R6 (RERGX) 642,862 14.2 American Funds EuroPacific Gr R6 (RERGX) 704,960 14.6 ■ MFS Growth Fund (MFEKX) 463,390 10.2 ■ MFS Growth Fund (MFEKX) 513,950 10.6 ■ Vanguard Equity -Income (VEIRX) 280,901 6.2 ■ Vanguard Equity -Income (VEIRX) 295,362 6.1 R&D 50,602 1.1 R&D 19,480 0.4 Page 11 Schedule of Investable Assets $5,850,000 $5,400,000 $4,950,000 $4,500,000 $4,050,000 i $3,600,000 CD 3 $3,150,000 a� CD Y $2,700,000 $2,250,000 $1,800,000 $1,350,000 $900,000 $450,000 $0 9/13 Page 12 Okeechobee Municipal Firefighters' Pension Fund Schedule of Investable Assets 7 Years Ending September 30, 2020 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 — Total Fund Composite Net Cash Flow Executive Summary Total Domestic Equity Composite $2,417,928.6 (49.9%) Total International Equity Composite $704,960.3 (14.6%) Total Fixed Income Composite $1,701,433.8 (35.1%) R&D $19,479.8 (0.4%) -10.0% Asset Allocation Compliance Okeechobee Municipal Firefighters' Pension Fund Asset Allocation Compliance As of September 30, 2020 V 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Policy Target V In Policy V Outside Policy Asset Current Minimum Maximum Target Min. Rebal. Max. Rebal. Target Rebal. Allocation Allocation (%) Allocation (%) Allocation (%) Allocation (%) ($000) ($000) ($000) Total Fund Composite 4,843,802 100.0 N/A N/A 100.0 - - - Total Domestic Equity Composite 2,417,929 49.9 40.0 50.0 45.0 -480,408 3,973 -238,217 Total International Equity Composite 704,960 14.6 10.0 20.0 15.0 -220,580 263,800 21,610 Total Fixed Income Composite 1,701,434 35.1 30.0 50.0 40.0 -248,293 720,467 236,087 R&D 19,480 0.4 0.0 0.0 0.0 -19,480 -19,480 -19,480 Page 13 Page 14 Financial Reconciliation Total Fund 1 Quarter Ending September 30, 2020 Financial Reconciliation Quarter to Date Market Value Net Management Contributions Distributions Other Income Apprec./ Market Value 07/01/2020 Transfers Fees Expenses Deprec. 09/30/2020 Total Equity Composite 2,858,109 - - - - - 8,076 256,705 3,122,889 Vanguard Extended Mkt Index (VEXAX) 683,680 2,281 65,167 751,128 Vanguard Index 500 Admiral (VFIAX) 787,276 - 3,606 66,607 857,489 MFS Growth Fund (MFEKX) 463,390 - - 50,560 513,950 Vanguard Equity -Income (VEIRX) 280,901 - 2,189 12,272 295,362 American Funds EuroPacific Gr R6 (RERGX) 642,862 - - 62,099 704,960 Total Fixed Income Composite 1,625,010 52,603 - - - - 9,808 14,013 1,701,434 Dodge & Cox Income Fund (DODIX) 1,625,010 52,603 - - - 9,808 14,013 1,701,434 R&D 50,602 -52,603 76,626 -37,672 - -17,474 - - 19,480 Total Fund Composite 4,533,721 - 76,626 -37,672 - -17,474 17,884 270,718 4,843,802 Page 14 Page 15 Financial Reconciliation Total Fund October 1, 2019 To September 30, 2020 Financial Reconciliation Fiscal Year to Date Market Value Net Management Contributions Distributions Other Income Apprec./ Market Value 10/01/2019 Transfers Fees Expenses Deprec. 09/30/2020 Total Equity Composite 2,714,695 - - - - - 64,128 344,066 3,122,889 Vanguard Extended Mkt Index (VEXAX) 664,808 - 9,293 77,027 751,128 Vanguard Index 500 Admiral (VFIAX) 744,940 - 14,634 97,916 857,489 MFS Growth Fund (MFEKX) 387,985 - 5,971 119,994 513,950 Vanguard Equity -Income (VEIRX) 303,788 - 14,584 -23,011 295,362 American Funds EuroPacific Gr R6 (RERGX) 613,174 - 19,647 72,140 704,960 Total Fixed Income Composite 1,598,851 -17,397 - - - - 55,519 64,461 1,701,434 Dodge & Cox Income Fund (DODIX) 1,598,851 -17,397 - - - 55,519 64,461 1,701,434 R&D 62,797 17,397 158,200 -154,203 - -66,422 204 1,506 19,480 Total Fund Composite 4,376,344 - 158,200 -154,203 - -66,422 119,851 410,033 4,843,802 Page 15 Comparative Performance Total Fund As of September 30, 2020 Comparative Performance Trailing Returns QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Total Fund Composite (Gross) 6.39 (21) 12.34 (13) 12.34 (13) 8.15 (14) 9.01 (31) 6.14 (42) 10/01/2007 Total Fund Policy 5.37 (58) 10.71 (29) 10.71 (29) 7.97 (19) 9.10 (29) 6.11 (43) Difference 1.02 1.63 1.63 0.18 -0.09 0.03 All Public Plans -Total Fund Median 5.51 9.52 9.52 6.96 8.27 6.04 Total Fund Composite (Net) 6.39 12.34 12.34 8.15 8.95 6.81 01/01/2003 Total Fund Policy 5.37 10.71 10.71 7.97 9.10 7.16 Difference 1.02 1.63 1.63 0.18 -0.15 -0.35 Total Equity Composite 9.26 15.04 15.04 9.72 11.51 8.68 01/01/2003 Total Equity Policy 8.78 13.24 13.24 10.02 12.58 9.45 Difference 0.48 1.80 1.80 -0.30 -1.07 -0.77 Total Domestic Equity Composite 9.15 15.06 15.06 10.99 12.25 9.02 01/01/2003 Total Domestic Equtiy Policy 9.21 15.00 15.00 11.65 13.69 10.26 Difference -0.06 0.06 0.06 -0.66 -1.44 -1.24 Vanguard Equity -Income (VEIRX) 5.15 (45) -2.77 (35) -2.77 (35) N/A N/A 4.15 (36) 06/01/2019 Russell 1000 Value Index 5.59 (34) -5.03 (54) -5.03 (54) 2.63 (50) 7.66 (41) 2.37 (53) Difference -0.44 2.26 2.26 N/A N/A 1.78 IM U.S. Large Cap Value Equity (MF) Median 4.82 -4.55 -4.55 2.63 7.15 2.59 Vanguard Index 500 Admiral (VFIAX) 8.92 (45) 15.11 (37) 15.11 (37) 12.24 (28) N/A 12.49 (29) 03/01/2017 S&P 500 Index 8.93 (45) 15.15 (36) 15.15 (36) 12.28 (28) 14.15 (18) 12.53 (28) Difference -0.01 -0.04 -0.04 -0.04 N/A -0.04 IM U.S. Large Cap Core Equity (MF) Median 8.45 12.90 12.90 10.43 12.43 10.96 MFS Growth Fund (MFEKX) 10.91 (65) 32.47 (65) 32.47 (65) 22.52 (23) N/A 22.85 (22) 03/01/2017 Russell 1000 Growth Index 13.22 (23) 37.53 (34) 37.53 (34) 21.67 (34) 20.10 (18) 21.68 (39) Difference -2.31 -5.06 -5.06 0.85 N/A 1.17 IM U.S. Large Cap Growth Equity (MF) Median 11.51 34.55 34.55 20.65 18.51 20.79 Vanguard Extended Mkt Index (VEXAX) 9.87 (7) 12.98 (5) 12.98 (5) 8.07 (6) 11.24 (5) 8.35 (6) 01/01/2014 S&P Completion Index 9.90 (5) 12.94 (6) 12.94 (6) 7.96 (8) 11.13 (7) 8.25 (7) Difference -0.03 0.04 0.04 0.11 0.11 0.10 IM U.S. SMID Cap Core Equity (MF) Median 4.75 -3.66 -3.66 0.94 6.64 4.56 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. Page 16 Comparative Performance Total Fund As of September 30, 2020 QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Total International Equity Composite 9.66 9.09 14.97 5.75 14.97 01/01/2014 Total International Equity Policy 6.36 6.74 3.45 3.08 3.45 Difference 3.30 2.35 11.52 2.67 11.52 American Funds EuroPacific Gr R6 (RERGX) 9.66 (25) 14.97 (35) 14.97 (35) MSCI AC World ex USA 6.36 (89) 3.45 (88) 3.45 (88) Difference 3.30 2.35 11.52 2.67 11.52 IM International Large Cap Growth Equity (MF) Median 8.76 7.79 13.05 4.47 13.05 Total Fixed Income Composite 1.48 5.21 7.68 4.01 7.68 01/01/2003 Total Fixed Income Policy 0.62 4.18 6.98 4.17 6.98 Difference 0.86 1.03 0.70 -0.16 0.70 Dodge & Cox Income Fund (DODIX) 1.48 (29) 7.70 (25) 7.70 (25) Blmbg. Barc. U.S. Aggregate Index 0.62 (88) 6.98 (50) 6.98 (50) Difference 0.86 1.04 0.72 0.71 0.72 IM U.S. Broad Market Core Fixed Income (MF) Median 1.19 4.16 6.96 3.18 6.96 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. Page 17 5.67 9.09 5.75 01/01/2014 1.65 6.74 3.08 4.02 2.35 2.67 5.67 (41) 9.09 (32) 5.75 (23) 01/01/2014 1.65 (88) 6.74 (66) 3.08 (72) 4.02 2.35 2.67 4.86 7.79 4.47 5.48 5.21 4.01 01/01/2003 5.24 4.18 4.17 0.24 1.03 -0.16 5.49 (21) 5.22 (3) 3.96 (5) 11/01/2012 5.24 (36) 4.18 (49) 3.25 (43) 0.25 1.04 0.71 5.03 4.16 3.18 Comparative Performance Total Fund As of September 30, 2020 Comparative Performance Fiscal Year Returns Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. Page 18 Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 Oct -2013 Oct -2012 Oct -2011 Oct -2010 To To To To To To To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 Sep -2014 Sep -2013 Sep -2012 Sep -2011 Total Fund Composite (Gross) 12.34 (13) 3.87 (63) 8.40 (26) 12.18 (45) 8.47 (77) -0.63 (46) 12.18 (12) 8.60 (83) 18.27 (37) -1.69 (90) Total Fund Policy 10.71 (29) 5.71 (15) 7.54 (41) 11.19 (63) 10.43 (31) -0.74 (50) 10.33 (45) 10.28 (71) 17.77 (49) 2.00 (27) Difference 1.63 -1.84 0.86 0.99 -1.96 0.11 1.85 -1.68 0.50 -3.69 All Public Plans -Total Fund Median 9.52 4.31 7.14 11.84 9.74 -0.78 9.93 12.05 17.59 0.68 Total Fund Composite (Net) 12.34 3.87 8.40 8.36 -0.82 11.85 8.19 17.72 -2.18 Total Fund Policy 10.71 5.71 7.54 11.19 10.43 -0.74 10.33 10.28 17.77 2.00 Difference 1.63 -1.84 0.86 0.78 -2.07 -0.08 1.52 -2.09 -0.05 -4.18 Total Equity Composite 15.04 0.94 13.75 18.99 9.70 -1.20 15.22 13.59 26.76 -3.31 Total Equity Policy 12.06 2.04 13.62 19.14 13.68 -3.37 14.58 18.84 26.35 -0.48 Difference 2.98 -1.10 0.13 -0.15 -3.98 2.17 0.64 -5.25 0.41 -2.83 Total Domestic Equity Composite 15.06 0.88 17.80 10.04 -0.01 16.46 13.59 26.76 -3.31 Total Domestic Equtiy Policy 15.00 2.92 17.58 18.71 14.96 -0.49 17.76 21.60 30.20 0.55 Difference 0.06 -2.04 0.22 -0.27 -4.92 0.48 -1.30 -8.01 -3.44 -3.86 Vanguard Equity -Income (VEIRX) -2.77 (35) N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index -5.03 (54) 4.00 (30) 9.45 (61) 15.12 (72) 16.19 (18) -4.42 (41) 18.89 (19) 22.30 (52) 30.92 (15) -1.89 (30) Difference 2.26 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 -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39 Vanguard Extended Mkt Index (VEXAX) 12.98 (5) -3.80 (46) 16.12 (15) 19.00 (28) 13.44 (48) -0.21 (44) N/A N/A N/A N/A S&P Completion Index 12.94 (6) -3.96 (50) 16.02 (18) 18.91 (29) 13.26 (51) -0.27 (45) 9.66 (47) 31.34 (27) 30.37 (22) -2.06 (42) Difference 0.04 0.16 0.10 0.09 0.18 0.06 N/A N/A N/A N/A IM U.S. SMID Cap Core Equity (MF) Median -3.66 -4.11 12.98 17.28 13.28 -0.63 9.46 27.60 27.95 -2.39 Vanguard Index 500 Admiral (VFIAX) 15.11 (37) 4.22 (39) 17.87 (28) N/A N/A N/A N/A N/A N/A N/A S&P 500 Index 15.15 (36) 4.25 (39) 17.91 (27) 18.61 (46) 15.43 (18) -0.61 (31) 19.73 (18) 19.34 (60) 30.20 (23) 1.14 (24) Difference -0.04 -0.03 -0.04 N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Core Equity (MF) Median 12.90 3.21 16.07 18.38 13.06 -1.60 17.39 19.95 27.93 -1.12 MFS Growth Fund (MFEKX) 32.47 (65) 7.56 (10) 29.09 (17) N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 37.53 (34) 3.71 (33) 26.30 (38) 21.94 (28) 13.76 (18) 3.17 (45) 19.15 (22) 19.27 (52) 29.19 (35) 3.78 (17) Difference -5.06 3.85 2.79 N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Growth Equity (MF) Median 34.55 2.32 25.06 20.13 10.96 2.84 16.89 19.37 27.40 0.50 Total International Equity Composite 14.97 1.14 1.47 20.64 8.52 -4.93 N/A N/A N/A N/A Total International Equity Policy 3.45 -0.72 2.25 20.15 9.80 -11.78 5.22 16.98 15.04 -10.42 Difference 11.52 1.86 -0.78 0.49 -1.28 6.85 N/A N/A N/A N/A Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. Page 18 Comparative Performance Total Fund As of September 30, 2020 Dodge & Cox Income Fund (DODIX) Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 Oct -2013 Oct -2012 Oct -2011 Oct -2010 Blmbg. Barc. U.S. Aggregate Index To To To To To To To To To To Difference Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 Sep -2014 Sep -2013 Sep -2012 Sep -2011 American Funds EuroPacific Gr R6 (RERGX) 14.97 (35) 1.14 (45) 1.47 (60) 20.63 (8) 8.52 (38) -4.93 (34) N/A N/A N/A N/A MSCI AC World ex USA 3.45 (88) -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) Difference 11.52 1.86 -0.78 0.48 -1.28 6.85 N/A N/A N/A N/A IM International Large Cap Growth Equity (MF) Median 13.05 0.81 2.28 17.85 7.77 -5.68 4.23 17.85 17.92 -10.80 Total Fixed Income Composite 7.68 9.12 -0.11 2.57 7.09 0.24 5.18 -1.38 4.93 1.16 Total Fixed Income Policy 6.98 10.30 -1.22 0.07 5.19 2.94 3.96 -1.68 5.16 5.02 Difference 0.70 -1.18 1.11 2.50 1.90 -2.70 1.22 0.30 -0.23 -3.86 Dodge & Cox Income Fund (DODIX) 7.70 (25) 9.13 (79) -0.12 (7) 2.57 (3) 7.09 (3) 0.16 (94) 5.76 (9) N/A N/A N/A Blmbg. Barc. U.S. Aggregate Index 6.98 (50) 10.30 (24) -1.22 (41) 0.07 (64) 5.19 (51) 2.94 (9) 3.96 (59) -1.68 (53) 5.16 (81) 5.26 (14) Difference 0.72 -1.17 1.10 2.50 1.90 -2.78 1.80 N/A N/A N/A IM U.S. Broad Market Core Fixed Income (MF) Median 6.96 9.81 -1.34 0.48 5.21 1.98 4.19 -1.62 6.79 4.31 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Manager performance is an estimate and subject to change. Page 19 Strategy Review Total Fund Composite I Total Fund Policy As of September 30, 2020 Historical Statistics 3 Years 10.2 10.5 10.8 11.1 11.4 11.7 12.0 Historical Statistics 5 Years Risk (Standard Deviation %) %) Investment O Index Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market quarters Return Deviation Ratio Market Quarters Market Quarters 4' 2 50.0 `o a 50.0 `m a Capture Capture E m W 75.0 100.0 Capture Capture 1- I Investment 8.15 12.03 0.57 109.95 10 114.59 2 Investment 9.01 10.09 0.79 107.12 18 115.49 2 Index 7.97 10.51 0.62 100.00 9 100.00 3 Index 9.10 8.91 0.89 100.00 17 100.00 3 Risk and Return 3 Years 8.2 8.1 E d 8.0 7.9 1 10.2 10.5 10.8 11.1 11.4 11.7 12.0 12.3 Risk (Standard Deviation %) %) Investment O Index 3 Year Rolling Percentile Rank All Public Plans -Total Fund 0.0 ♦♦ r-� 25.0 _ 25.0 d �I ♦♦N00 4' 2 50.0 `o a 50.0 `m a E m W 75.0 E m W 75.0 100.0 1- I 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/2, Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Count 12.6 Risk and Return 5 Years 9.2 9.1 E d 9.0 8.9 1 8.6 8.8 9.0 9.2 9.4 9.6 9.8 10.0 10.2 10.4 Risk (Standard Deviation %) 0 Investment O Index 5 Year Rolling Percentile Rank All Public Plans -Total Fund 0.0 r-� 25.0 d � 2 50.0 `o a E m W 75.0 100.0 1- I I I 1 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count - Investment 20 3 (15%) 14 (70%) 3 (15%) 0 (0%) - Investment 20 0 (0%) 12 (60%) 6 (30%) 2 (10%) - Index 20 6 (30%) 14 (70%) 0 (0%) 0 (0%) - Index 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Page 20 Peer Group Analysis - All Public Plans -Total Fund 16.0 14.0 12.0 O O 10.0 E 8.0 00 • tY ■ 6.0 4.0 2.0 0.0 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 01 Investment 6.39 (21) 12.34 (13) 12.34 (13) 8.02 (23) 8.15 (14) 9.14 (20) 9.01 (31) O Index 5.37 (58) 10.71 (29) 10.71 (29) 8.18 (18) 7.97 (19) 8.77 (32) 9.10 (29) Median 5.51 9.52 9.52 6.78 6.96 8.00 8.27 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2020 Mar -2020 Dec -2019 Investment 16.21 (6) i -14.17 (67- 5.87 (22) Index 13.33 (33) -12.10 (32) 5.46 (42) Median 12.25 -13.20 5.25 Page 21 Strategy Review Total Fund Composite I Total Fund Policy As of September 30, 2020 Peer Group Analysis - All Public Plans -Total Fund 20.0 17.0 14.0 11.0 O O 0 8.0 O ` � ■ O 5.0- 2.0 • O -1.0 -4.0 -7.0 -10.0 Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 • Investment 12.34 (13) 3.87 (67) 8.40 (28) 12.18 (36) 8.47 (83) -0.63 (36) 0 Index 10.71 (29) 5.71 (18) 7.54 (41) 11.19 (53) 10.43 (12) -0.74 (37) Median 9.52 4.47 7.16 11.42 9.52 -1.29 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 0.82 3.43 (30) 9.96 (8) 1.21 (21) 3.69 (11) 9.02 (30) 0.83 3.27 8.46 Historical Statistics 3 Years 17.4 1 Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Capture Capture Investment 12.24 17.50 0.65 99.93 9 100.06 3 Index 12.28 17.49 0.65 100.00 9 100.00 3 Risk and Return 3 Years 12.3 e E d 12.2 17.4 1 Standard Risk (Standard Deviation %) Up Up 0 Investment O Index Down Return Deviation 3 Year Rolling Percentile Rank IM U.S. Large Cap Core Equity (MF) Quarters Market 0.0 Capture Capture Investment N/A N/A N/A N/A 25.0 ��►��'�_`�_ m Index 14.15 14.76 0.89 2 50.0 a`. 17 100.00 3 E m it 75.0 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Investment 3 0 (0%) 3 (100%) 0 (0%) 0 (0%) - Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%) Page 22 Strategy Review Vanguard Index 500 Admiral (VFIAX) I S&P 500 Index As of September 30, 2020 Historical Statistics 5 Years Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Capture Capture Investment N/A N/A N/A N/A N/A N/A N/A Index 14.15 14.76 0.89 100.00 17 100.00 3 Risk and Return 5 Years 14.2 e E d 14.1 14.7 Risk (Standard Deviation %) 0 Investment O Index 5 Year Rolling Percentile Rank IM U.S. Large Cap Core Equity (MF) 0.0 25.0 m m 2 50.0 a`. E m it 75.0 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/2 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Investment 0 0 0 0 0 Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) 14.8 Peer Group Analysis - IM U.S. Large Cap Core Equity (MF) 28.0 24.0 20.0 16.0- 00 00 12.0- 8.0- 4.0- 0.0- -4.0- Peer 2.08.04.00.0-4.0 Strategy Review Vanguard Index 500 Admiral (VFIAX) I S&P 500 Index As of September 30, 2020 Peer Group Analysis - IM U.S. Large Cap Core Equity (MF) 28.0 24.0 20.0 •0 0 16.0 00 • 0 12.0 c 8.0 IY 4.0 • 0 0.0 EM 4.0 -8.0 U N -8.0 ' t ' ' ' -12.0 ' ' ' Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 • Investment 8.92 (45) 15.11 (37) 15.11 (37) 9.53 (33) 12.24 (28) N/A N/A • Index 8.93 (45) 15.15 (36) 15.15 (36) 9.57 (33) 12.28 (28) 13.83 (26) 14.15 (18) Median 8.45 12.90 12.90 8.05 10.43 12.37 12.43 Comparative Performance 3.21 16.07 18.38 13.06 -1.60 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2020 Mar -2020 Dec -2019 Investment 20.54 (37) -19.61 (45) 9.06 (39) Index 20.54 (37) -19.60 (45) 9.07 (39) Median 19.45 -19.79 8.74 Page 23 • Investment 15.11 (37) 4.22 (39) 17.87 (28) N/A N/A N/A • Index 15.15 (36) 4.25 (39) 17.91 (27) 18.61 (46) 15.43 (18) -0.61 (31) Median 12.90 3.21 16.07 18.38 13.06 -1.60 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 1.69 (40) 4.30 (44) 13.65 (31) 1.70 (40) 4.30 (44) 13.65 (31) 1.46 4.15 13.08 Strategy Review Vanguard Equity -Income (VEIRX) I Russell 1000 Value Index As of September 30, 2020 Historical Statistics 3 Years 100.0 Historical Statistics 5 Years 12/15 6/16 12/16 6/17 12/17 6/18 12/18 Standard Sharpe Up Up Down Down 12/19 6/20 9/20 Standard Sharpe Up Up Down Down Return Deviation Ratio Market quarters Market quarters Return Deviation Ratio Market Quarters Market Quarters Count Count — Investment Capture 0 Capture 0 0 Investment 0 0 Capture 0 Capture — Index Investment N/A N/A N/A N/A N/A N/A N/A Investment N/A N/A N/A N/A N/A N/A N/A Index 2.63 18.08 0.14 100.00 9 100.00 3 Index 7.66 15.37 0.48 100.00 17 100.00 3 Risk and Return 3 Years 2.7 e E d 2.6 18.0 Risk (Standard Deviation %) *Investment O Index 3 Year Rolling Percentile Rank IM U.S. Large Cap Value Equity (MF) 0.0 25.0 m m 2 50.0 o. `. E m 0: 75.0 18.1 Risk and Return 5 Years 7.7 e E d 7.6 15.3 Risk (Standard Deviation %) 0 Investment O Index 5 Year Rolling Percentile Rank IM U.S. Large Cap Value Equity (MF) 0.0 25.0 m m 2 50.0 o. `. E m it 75.0 15.4 100.0 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Count Count Count Count — Investment 0 0 0 0 0 Investment 0 0 0 0 0 — Index 20 7 (35%) 8 (40%) 5 (25%) 0 (0%) _ Index 20 8 (40%) 12 (60%) 0 (0%) 0 (0%) Page 24 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) 14.0 11.0 8.0 5.0- 2.0- -1.0- -4.0 .02.0-1.0 -4.0 - O -7.0- -10.0- -13.0- -16.0 7.0-10.0-13.0-16.0 101 Eel N QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR * Investment 5.15 (45) -2.77 (35) -2.77 (35) N/A N/A N/A N/A O Index 5.59 (34) -5.03 (54) -5.03 (54) -0.61 (47) 2.63 (50) 5.62 (57) 7.66 (41) Median 4.82 -4.55 -4.55 -0.92 2.63 5.96 7.15 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2020 Mar -2020 Dec -2019 Strategy Review Vanguard Equity -Income (VEIRX) I Russell 1000 Value Index As of September 30, 2020 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) 30.0 25.0 20.0 15.0 10.0 O c 3 5.0 m O IY 0.0 • -5.0 Q -10.0 -15.0 -20.0 Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 * Investment -2.77 (35) N/A N/A N/A N/A N/A O Index -5.03 (54) 4.00 (30) 9.45 (61) 15.12 (72) 16.19 (18) -4.42 (41) Median -4.55 1.87 10.42 16.74 12.49 -4.90 1 Qtr 1 Qtr 1 Or Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 Investment 12.67 (93) -23.06 (8) 6.67 (74) 2.26 (22) N/A N/A Index 14.29 (68) -26.73 (53) 7.41 (54) 1.36 (53) 3.84 (39) 11.93 (40) Median 15.47 -26.62 7.54 1.41 3.49 11.58 Page 25 Historical Statistics 3 Years Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Capture Capture Investment 22.52 17.35 1.16 94.89 10 85.82 2 Index 21.67 18.78 1.05 100.00 10 100.00 2 Risk and Return 3 Years 22.8 22.5 • 22.2 E d o: 21.9 21.6 21.3 16.8 17.0 17.2 17.4 17.6 17.8 18.0 18.2 18.4 18.6 18.8 19.0 19.2 Risk (Standard Deviation %) 0 Investment O Index 3 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (MF) 0.0 25.0 2 50.0 a`. E m it 75.0 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Investment 3 3 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) Page 26 Strategy Review MFS Growth Fund (MFEKX) I Russell 1000 Growth Index As of September 30, 2020 Historical Statistics 5 Years Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Capture Capture Investment N/A N/A N/A N/A N/A N/A N/A Index 20.10 15.87 1.16 100.00 18 100.00 2 Risk and Return 5 Years 20.3 e E 20.2 3 1V 20.1 15.8 Risk (Standard Deviation %) 0 Investment O Index 5 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (MF) 0.0 y 25.0 d E 2 50.0 a`. E m it 75.0 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/2 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Investment 0 0 0 0 0 Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) 15.9 Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF) 62.0 56.0 50.0 44.0 38.0 O O 32.0 O O m 26.0 20.0 • • • i 14.0 O 8.0 VW 2.0 -4.0 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • Investment 10.91 (65) 32.47 (65) 32.47 (65) 19.36 (33) 22.52 (23) N/A N/A 0 Index 13.22 (23) 37.53 (34) 37.53 (34) 19.43 (32) 21.67 (34) 21.74 (28) 20.10 (18) Median 11.51 34.55 34.55 18.23 20.65 20.30 18.51 Comparative Performance - 1 Qtr 1 Qtr 1 Qtr Ending 1 Qtr 1 Qtr Ending Sep -2019 Ending Ending Jun -2020 1.15 (22) Mar -2020 Dec -2019 Investment 24.68 (84) 1.49 (16) -11.75 (17) 8.55 (78) Index 27.84 (45) 0.00 -14.10 (64) 10.62 (27) Median 27.69 -13.51 9.68 Page 27 Strategy Review MFS Growth Fund (MFEKX) I Russell 1000 Growth Index As of September 30, 2020 Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF) 68.0 60.0 52.0 44.0 4M - c 28.0 m 20.0 12.0 4.0 -4.0 -12.0 - t t ' - Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 • Investment 32.47 (65) 7.56 (10) 29.09 (17) N/A N/A N/A • Index 37.53 (34) 3.71 (33) 26.30 (38) 21.94 (28) 13.76 (18) 3.17 (45) Median 34.55 2.32 25.06 20.13 10.96 2.84 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 1.15 (22) 6.58 (11) 17.77 (10) 1.49 (16) 4.64 (56) 16.10 (55) 0.00 4.76 16.25 Strategy Review Vanguard Extended Mkt Index (VEXAX) I S&P Completion Index As of September 30, 2020 Historical Statistics 3 Years 100.0 Historical Statistics 5 Years 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Standard Sharpe Up Up Down Down 5-25 Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters 6 (38%) 0 (0%) 0 (0%) Capture 7 (88%) Capture 0 (0%) 0 (0%) - Index 20 9 (45%) Capture 1 (5%) Capture _ Index 20 Investment 8.07 22.76 0.38 100.19 9 99.88 3 Investment 11.24 19.31 0.59 100.27 16 99.89 4 Index 7.96 22.77 0.38 100.00 9 100.00 3 Index 11.13 19.32 0.59 100.00 16 100.00 4 Risk and Return 3 Years 8.1 N e E 8.0 d 7.9 22.7 Risk (Standard Deviation %) *Investment O Index 3 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF) 0.0 25.0 m m 2 50.0 a`. E m 0: 75.0 Risk and Return 5 Years 11.3 1 N 22.8 19.3 19.4 Risk (Standard Deviation %) 0 Investment O Index 5 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF) 0.0 25.0 m m 2 50.0 a`. E m it 75.0 19.5 100.0 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Count Count Count Count - Investment 16 10 (63%) 6 (38%) 0 (0%) 0 (0%) Investment 8 7 (88%) 1 (13%) 0 (0%) 0 (0%) - Index 20 9 (45%) 10 (50%) 1 (5%) 0 (0%) _ Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Page 28 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) 20.0 16.0 00 00 12.0 00 8.0- 4.0 E 0.0- -4.0- -8.0- -12.0- -16.0- -20.0 .0-4.0-8.0-12.0-16.0-20.0 QTR FYTD 1YR 00 c0 00 00 M Id MM � � t 2 Y 3YR 4YR 5YR • Investment 9.87 (7) 12.98 (5) 12.98 (5) 4.25 (5) 8.07 (6) 10.70 (7) 11.24 (5) • Index 9.90 (5) 12.94 (6) 12.94 (6) 4.15 (7) 7.96 (8) 10.60 (8) 11.13 (7) Median 4.75 -3.66 -3.66 -3.79 0.94 5.26 6.64 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2020 Mar -2020 Dec -2019 Investment 31.16 (3) -28.00 (12) 8.90 (12) Index 31.14 (4) -28.02 (14) 8.86 (14) Median 23.86 -30.32 7.09 Page 29 Strategy Review Vanguard Extended Mkt Index (VEXAX) I S&P Completion Index As of September 30, 2020 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) 30.0 25.0 20.0 •O 15.0 • 0 •0 10.0 5.0 m 0.0 -5.0 -10.0 -15.0 -20.0 -25.0 t ' Oct -2019 Oct -2018 Oct -2017 Oct -2016 To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 •0 Oct -2015 Oct -2014 To To Sep -2016 Sep -2015 • Investment 12.98 (5) -3.80 (46) 16.12 (15) 19.00 (28) 13.44 (48) -0.21 (44) • Index 12.94 (6) -3.96 (50) 16.02 (18) 18.91 (29) 13.26 (51) -0.27 (45) Median -3.66 -4.11 12.98 17.28 13.28 -0.63 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 -1.61 (75) 3.04 (34) 15.97 (19) -1.64 (76) 3.02 (37) 15.99 (18) -0.50 2.88 14.31 Strategy Review American Funds EuroPacific Gr R6 (RERGX) I MSCI AC World ex USA As of September 30, 2020 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market quarters Market quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 5.67 17.08 0.31 113.09 7 95.26 5 Investment 9.09 14.90 0.58 106.51 12 95.51 8 Index 1.65 15.99 0.08 100.00 7 100.00 5 Index 6.74 14.37 0.44 100.00 12 100.00 8 Risk and Return 3 Years 7.0 6.0 5.0 4.0 e 3 3.0 rc 2.0 1.0 0.0 i 15.6 15.8 16.0 16.2 16.4 16.6 16.8 17.0 17.2 Risk (Standard Deviation %) Investment Q Index 3 Year Rolling Percentile Rank IM International Large Cap Growth Equity (MF) 0.0 '00h 25.0 m / 2 50.0 I4^♦♦ Ileo ``♦ . I� `♦ �� ♦moi K 75.0 100.0 - 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/2, Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count 17.4 Risk and Return 5 Years C E rc 14.2 14.3 14.4 14.5 14.6 14.7 14.8 14.9 15.0 Risk (Standard Deviation %) 0 Investment Q Index 5 Year Rolling Percentile Rank IM International Large Cap Growth Equity (MF) 0.0 25.0 m 10^11 2 50.0 '�� a. K 75.0 I� 100.0 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count - Investment 16 7 (44%) 9 (56%) 0 (0%) 0 (0%) - Investment 8 1 (13%) 7 (88%) 0 (0%) 0 (0%) - Index 20 2 (10%) 7 (35%) 6 (30%) 5 (25%) - Index 20 0 (0%) 6 (30%) 10 (50%) 4 (20%) l� Page 30 Peer Group Analysis - IM International Large Cap Growth Equity (MF) 28.0 24.0 20.07 16.0- 12.0- 8.0- 4.0- 6.012.08.04.0 00 O O 0.0- -4.0- -8.0 .0-4.0-8.0 Strategy Review American Funds EuroPacific Gr R6 (RERGX) I MSCI AC World ex USA As of September 30, 2020 Peer Group Analysis - IM International Large Cap Growth Equity (MF) 32.0 26.0 20.0 • O 14.0 • 8.0 •O 2.0 O • • O 3 O • -4.0 O -10.0 -16.0 -22.0 -28.0 -34.0 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR * Investment 9.66 (25) 14.97 (35) 14.97 (35) 7.84 (40) 5.67 (41) 9.23 (33) 9.09 (32) O Index 6.36 (89) 3.45 (88) 3.45 (88) 1.34 (88) 1.65 (88) 5.99 (83) 6.74 (66) Median 8.76 13.05 13.05 7.08 4.86 7.99 7.79 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2020 Mar -2020 Dec -2019 X Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 * Investment 14.97 (35) 1.14 (45) 1.47 (60) 20.63 (8) 8.52 (38) -4.93 (34) O Index 3.45 (88) -0.72 (67) 2.25 (51) 20.15 (19) 9.80 (27) -11.78 (89) Median 13.05 0.81 2.28 17.85 7.77 -5.68 1 Qtr 1 Qtr 1 Or Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 Investment 22.77 (5) -22.43 (80) 10.09 (24) -1.59 (57) 3.87 (72) 13.20 (26) Index 16.30 (79) -23.26 (89) 8.99 (51) -1.70 (64) 3.22 (86) 10.44 (94) Median 18.02 -20.42 9.00 -1.46 4.44 12.52 Page 31 Strategy Review Dodge & Cox Income Fund (DODIX) I BImbg. Barc. U.S. Aggregate Index As of September 30, 2020 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market quarters Market quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 5.49 3.56 1.03 97.82 9 81.76 3 Investment 5.22 3.24 1.21 103.31 16 64.87 4 Index 5.24 3.32 1.06 100.00 10 100.00 2 Index 4.18 3.13 0.96 100.00 16 100.00 4 Risk and Return 3 Years 5.6 5.5 E 5.4 d 5.3 5.2 ' 3.1 3.2 3.3 3.4 3.5 3.6 3.7 Risk (Standard Deviation %) Investment O Index 3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF) 0.0 I ♦ 25.0 �I �� --► 1 i 4-0� d � 2 50.0a. ♦`� ih♦♦♦�,I,►,,`��,, ' o E m W 75.0 100.0 ----- r-- -F ------- T- 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Risk and Return 5 Years EW G E K 3.1 3.2 3.3 Risk (Standard Deviation %) 0 Investment O Index 5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF) 0.0 I 25.0 411, ♦♦ ♦♦ 'fid 2 50.0 ♦ #0 ♦� o I� . ♦`�� E m W 75.0 100.0 1 -1 I I 1 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 9/20 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count - Investment 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) - Investment 12 12 (100%) 0 (0%) 0 (0%) 0 (0%) - Index 20 4 (20%) 13 (65%) 3 (15%) 0 (0%) - Index 20 1 (5%) 15 (75%) 4 (20%) 0 (0%) l� Page 32 Strategy Review Dodge & Cox Income Fund (DODIX) I Blmbg. Barc. U.S. Aggregate Index As of September 30, 2020 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) 12.0 14.0 12.0 10.0 10.0 O �O 8.0 8.0 O O O 6.0 6.0 O 3 • O 3 4.0 4.0 O O 2.0 2.0 0.0 O � O O -2.0 0.0 -4.0 -2.0 -6.0 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 1.48 (29) 7.70 (25) 7.70 (25) 8.41 (50) 5.49 (21) 4.75 (6) 5.22 (3) O Index 0.62 (88) 6.98 (50) 6.98 (50) 8.63 (38) 5.24 (36) 3.93 (48) 4.18 (49) Median 1.19 6.96 6.96 8.40 5.03 3.91 4.16 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2020 Mar -2020 Dec -2019 Investment 5.98 (19) -0.70 (70) 0.85 (5) Index 2.90 (91) 3.15 (16) 0.18 (51) Median 4.94 0.55 0.18 Page 33 C 0 Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 Investment 7.70 (25) 9.13 (79) -0.12 (7) 2.57 (3) 7.09 (3) 0.16 (94) O Index 6.98 (50) 10.30 (24) -1.22 (41) 0.07 (64) 5.19 (51) 2.94 (9) Median 6.96 9.81 -1.34 0.48 5.21 1.98 1 Qtr 1 Qtr 1 Or Ending Ending Ending Sep -2019 Jun -2019 Mar -2019 2.09 (63) 2.79 (82) 3.70 (15) 2.27 (34) 3.08 (42) 2.94 (72) 2.16 3.04 3.23 Comparative Performance Manager Composite Performance Comparison As of September 30, 2020 Comparative Performance 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Equity Inc;Adm (VEIRX) -2.77 (54) 4.66 (43) 9.45 (33) 8.72 (28) 11.39 (8) 8.13 (14) S&P 500 Index 15.15 (2) 12.28 (2) 14.15 (2) 12.68 (1) 13.74 (1) 9.19 (3) Difference -17.92 -7.62 -4.70 -3.96 -2.35 -1.06 IM Equity Income (MF) Median -2.15 3.97 8.03 7.25 9.29 6.81 Vanguard 500 Idx;Adm (VFIAX) 15.11 (15) 12.24 (12) 14.11 (8) 12.64 (8) 13.71 (6) 9.18 (6) S&P 500 Index 15.15 (8) 12.28 (4) 14.15 (3) 12.68 (3) 13.74 (3) 9.19 (3) Difference -0.04 -0.04 -0.04 -0.04 -0.03 -0.01 IM S&P 500 Index (MF) Median 14.78 11.92 13.75 12.24 13.24 8.75 MFS Growth;R6 (MFEKX) 32.47 (65) 22.52 (23) 20.27 (16) 17.05 (24) N/A N/A Russell 1000 Growth Index 37.53 (34) 21.67 (34) 20.10 (18) 17.39 (19) 17.25 (18) 11.95 (21) Difference -5.06 0.85 0.17 -0.34 N/A N/A IM U.S. Large Cap Growth Equity (MF) Median 34.55 20.65 18.51 15.95 15.83 10.86 Vanguard Ext MI;Adm (VEXAX) 12.98 (5) 8.07 (6) 11.24 (5) 9.31 (5) 12.10 (2) 8.89 (7) S&P Completion Index 12.94 (6) 7.96 (8) 11.13 (7) 9.22 (6) 12.01 (4) 8.78 (9) Difference 0.04 0.11 0.11 0.09 0.09 0.11 IM U.S. SMID Cap Core Equity (MF) Median -3.66 0.94 6.64 5.75 8.82 6.91 American Funds EuPc;A (AEPGX) 14.54 (40) 5.30 (46) 8.70 (36) 6.30 (26) 6.42 (36) 6.23 (16) MSCI AC World ex USA 3.45 (88) 1.65 (88) 6.74 (66) 3.66 (73) 4.48 (81) 4.56 (71) Difference 11.09 3.65 1.96 2.64 1.94 1.67 IM International Large Cap Growth Equity (MF) Median 13.05 4.86 7.79 5.03 5.69 5.44 Dodge & Cox Income (DODIX) 7.70 (25) 5.49 (21) 5.22 (3) 4.55 (9) 4.41 (6) 5.11 (6) Blmbg. Barc. U.S. Aggregate Index 6.98 (50) 5.24 (36) 4.18 (49) 3.97 (42) 3.64 (52) 4.48 (38) Difference 0.72 0.25 1.04 0.58 0.77 0.63 IM U.S. Broad Market Core Fixed Income (MF) Median 6.96 5.03 4.16 3.88 3.65 4.35 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 34 Vanguard Equity -Income (VEIRX) Vanguard Index 500 Admiral (VFIAX) MFS Growth Fund (MFEKX) Vanguard Extended Mkt Index (VEXAX) Total Domestic Equity Composite American Funds EuroPacific Gr R6 (RERGX) Total International Equity Composite Dodge & Cox Income Fund (DODIX) Total Fixed Income Composite R&D Total Fund Composite Page 35 Estimated Annual Fee N 0.18 0.04 0.57 0.07 0.18 0.49 0.49 0.42 0.42 0.31 Market Value 295,362 857,489 513,950 751,128 2,417,929 704,960 704,960 1,701,434 1,701,434 19,480 4,843,802 Okeechobee Municipal Firefighters' Pension Fund Fee Analysis As of September 30, 2020 Estimated Annual Fee 532 343 2,930 526 4,330 3,454 3,454 7,146 7,146 14,930 Fee Schedule 0.18 % of Assets 0.04 % of Assets 0.57 % of Assets 0.07 % of Assets 0.49 % of Assets 0.42 % of Assets Schedule of Investable Assets $5,850,000 $5,400,000 $4,950,000 $4,500,000 $4,050,000 i $3,600,000 CD 3 $3,150,000 a� CD Y $2,700,000 $2,250,000 $1,800,000 $1,350,000 $900,000 $450,000 $0 9/13 Page 36 Okeechobee Municipal Firefighters' Pension Fund Schedule of Investable Assets 7 Years Ending September 30, 2020 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 — Total Fund Composite Net Cash Flow Total Fund Policy Allocation Mandate Jan -2003 S&P 500 Index Bloomberg Barclays Intermediate US Govt/Credit Idx Apr -2011 S&P 500 Index MSCI AC World ex USA Blmbg. Barc. U.S. Aggregate Index Feb -2014 Russell 3000 Index MSCI AC World ex USA Blmbg. Barc. U.S. Aggregate Index Total Fixed Income Policy Allocation Mandate Jan -2003 Bloomberg Barclays Intermediate US Govt/Credit Idx Apr -2011 Blmbg. Barc. U.S. Aggregate Index Feb -2014 Blmbg. Barc. U.S. Aggregate Index Page 37 ight (%) Total Equity Policy Allocation Mandate Weight (° Jan -1926 60.00 S&P 500 Index 100.00 40.00 Apr -2011 S&P 500 Index 75.00 45.00 MSCI AC World ex USA 25.00 15.00 40.00 Feb -2014 Russell 3000 Index 75.00 MSCI AC World ex USA 25.00 45.00 15.00 40.00 Total Domestic Equtiy Policy )fight (%) Allocation Mandate Weight (° Jan -1979 100.00 Russell 3000 Index 100.00 1111I111111 100.00 Benchmark History Investment Policy Benchmarks As of September 30,2020 Total International Equity Policy Allocation Mandate Weight (%) Jan -1988 MSCI AC World ex USA 100.00 City of Okeechobee Municipal Firefighters' Pension Fund Compliance Checklist as of September 30, 2020 1. The Total Plan return equaled or exceeded the actuarial earning assumption of 7% over the trailing three year period. 2. The Total Plan return equaled or exceeded the actuarial earning assumption of 7% over the trailing five year period. ✓ 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three period. ✓ 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five period. 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period ✓ Equity Compliance: Yes No N/A 1. Total domestic equity returns meet or exceed the benchmark over the trailing three year period. ✓ 2. Total domestic equity returns meet or exceed the benchmark over the trailing five year period. ✓ 3. The total equity allocation was less than 60% of the total plan assets at cost. ✓ 4. The total equity allocation was less than 70% of the total plan assets at market. ✓ 5. Total foreign equity was less than 25% of the total plan assets at market. ✓ Fixed Income Compliance: Yes No N/A 1. Total fixed income returns meet or exceed the benchmark over the trailing three year period. 2. Total fixed income returns meet or exceed the benchmark over the trailing five year period. 3. 85% of all direct fixed income investments have a minimum rating of investment grade or higher. ✓ Manager Compliance: Van. ii �... 1. Manager outperformed the index over the trailing three and five year periods. ✓ ✓ ✓ ✓ 2. Manager ranked within the top 40th percentile over trailing three and five year periods. ✓ ✓ ✓ ✓ 3. Less than four consecutive quarters of under performance relative to the benchmark. ✓ ✓ ✓ ✓ ✓ 4. Three-year and five year down-market capture ratio less than the index. ✓ ✓ ✓ ✓ ✓ *Only 3 year data available Page 38 City of Okeechobee Municipal Firefighters' Pension Fund Compliance Checklist as of September 30, 2020 1. Manager outperformed the index over the trailing three and five year periods. ✓ 2. Manager ranked within the top 40th percentile over trailing three and five year periods. ✓ 3. Less than four consecutive quarters of under performance relative to the benchmark. ✓ 4. Three-year and five year down-market capture ratio less than the index. ✓ ✓ *Only 3 year data available Page 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. 00 Page 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. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non -infringement, merchantability and fitness fora particular purpose) with respect to this information. 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. Page 41 Clients first. AndCo Consulting 1 (844) 44-ANDCO I _ ndCoConsaltingxom-