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2024 11 04 Item 4a.1. Quarterly Report as of 9/30/2024Okeechobee General Employees' Retirement System Investment Performance Review Period Ending September 30, 2024 I q #gra baa..• a�aa�a low --2 a V f .j• 1 Q I\ 71�1� 7 Table Of Contents Market Environment Page 1 Asset Allocation By Style and Manger Page 12 Schedule of Investable Assets Total Page 14 Target Compliance Page 15 Financial Reconciliation Quarter Page 16 Financial Reconciliation FYTD Page 17 Comparative Performance Trailing Returns Page 18 Comparative Performance Fiscal Page 20 Total Fund (Strategy Review) Page 22 Vanguard (VEIRX) (Strategy Review) Page 26 MFS Growth (MFEKX) (Strategy Review) Page 28 Vangaurd (VEXAX) (Strategy Review) Page 30 AF Europac (RERGX) (Strategy Review) Page 32 Dodge & Cox (DODIX) (Strategy Review) Page 34 Comparative Performance Manager Composities Page 36 Fee Schedule Page 37 Benchmark History Page 38 Compliance Page 39 Definitions & Disclosure Pages Page 40 3rd Quarter 2024 Market Environment Page 1 The Economy The US Federal Reserve (the Fed) shifted its policy stance during the quarter and cut the fed funds rate by 0.50% for the first time in four years to a range of 4.75%- 5.00%. Capital markets celebrated the move after struggling to predict the pace and timing of future Fed actions earlier in the year. In its press release for the September meeting, the Fed continued to assert its stance on fighting inflation, while also inserting that the committee is strongly committed to "supporting maximum employment." Fed Chairman Jerome Powell signaled to the markets that the expectation is for the committee to shift to a more expansionary policy moving forward. ■ The Fed's September "Dot Plot" showed revised expectations from a single 0.25% rate cut for the remainder of 2024 to a low-end estimate of a 4.25%-4.50% range. The dots also showed the target rate range decreasing below 4.00% in 2025. ■ Growth in the US labor market continued in the third quarter, albeit at a slower pace than previous quarters with growth coming in at 527,000 new jobs. However, the strength of the labor market during the previous year was undermined by the large downward revision (818,000) on the trailing one-year statistic. Equity (Domestic and International) ■ US equity results were sharply higher for the quarter, which also saw a significant broadening of returns across both the style and capitalization spectrum. The S&P 500 Index rose a solid 5.9% for the quarter and the small -cap Russell 2000 Index posted a higher gain of 9.3%. This quarter not only saw a significant rotation from large -cap to small -cap stocks but also from growth stocks to value stocks as value indexes outpaced their growth counterparts. ■ Large -cap equity benchmarks continue to represent top-heavy concentration among a limited number of stocks. As of quarter end, the top 10 stocks in the S&P 500 Index made up nearly 35% of the index. ■ International stocks continued delivering positive results during the third quarter and US Dollar (USD) denominated results were further helped by a weakening USD. USD performance of international stocks surged past local currency (LCL) returns in most regions for the quarter, albeit to varying degrees. Page 2 The Market Environment Executive Summary As of September 30, 2024 Fixed Income ■ Fixed-income markets traded higher during the quarter on the back of the Fed's policy shift as Treasury yields fell. The inverse relationship between prices and yields resulted in the Bloomberg US Aggregate Bond Index advancing 5.2%. The yield on the bellwether 10 -year Treasury declined by 0.55% during the quarter. ■ High -yield bonds slightly outperformed the Bloomberg US Aggregate Bond Index for the quarter, largely due to higher coupons and partly due to narrowing option - adjusted spreads (OAS) for the Bloomberg US High -Yield index. Global bonds outpaced the domestic benchmarks, with the Bloomberg Global Aggregate ex -US returning 8.5% for the quarter in USD terms. Global bond performance was boosted by a weakening USD during the quarter. Market Themes Divergent monetary policies across regions led to increased volatility during the quarter. Most developed markets across the world kept rates at elevated levels as central banks continued their tight monetary stances. However, the Japanese Central Bank chose to raise its policy rates at the end of July, shortly before the Fed cut its policy rate in September. This divergence led to an unwinding of the systematic Yen carry trade, where investors quickly took action to cover short yen positions by taking down positions in various higher growth investments, including US equities. This subsequently led to a sharp decline in equity markets around the world in early August. Ongoing military conflicts in Ukraine and the Middle East, coupled with global economic uncertainty, continue to act as headwinds for international market results but they received a boost from the weakening USD. New escalations to existing conflicts have resulted in anticipated and unanticipated consequences. Domestic Defense companies have tended to trade higher on the news of developing escalations abroad while similarly putting upward pressure on oil prices and downward pressure on energy stocks as a result. ■ Performance in the domestic equity markets was broadly positive after markets received a boost from the Fed's first rate cut in four years. Small -cap stocks outperformed their large -cap counterparts, with the Russell 2000 returning 9.3% versus a gain of 5.9% for the S&P 500. The all -cap Russell 3000, which is heavily weighted in its large -cap names, lagged the Russell 2000 Index by 3.1 %, returning 6.2% for the quarter. International developed market equities realized similar results with both the MSCI ACWI ex US and MSCI EAFE indexes gaining during the quarter. The MSCI ACWI ex US Index posted a strong 8.1 % for the quarter, while the MSCI EAFE Index returned a slightly lower 7.3%, both in USD terms. International emerging market (EM) equities were the best performing foreign segment, gaining 8.7% in for the quarter and outpacing their developed market counterparts. Much of the solid USD performance for EM can be attributed to the Far East index countries, particularly China, Taiwan, and Singapore. Broad fixed-income indexes added to their year-to-date results during the quarter, thanks in large part to the Fed's 0.50% rate cut on September 18th. The Bloomberg US Aggregate Index returned a solid 5.2% for the quarter. Investment-grade corporate bonds topped other US fixed-income sectors for the quarter, finishing with a return of 5.8%. The TIPS market, which is not part of the Aggregate Index, was the worst -performing bond benchmark during the quarter with a return of 4.1%, lagging the rest of the domestic fixed-income indexes. ■ Large -cap US equity indexes built on their already massive returns over the trailing one-year period. The S&P 500 Index has gained 36.4%, while the Russell 1000 Index returned 35.7%. The weakest performing capitalization range of domestic equities for the year has been the small -cap Russell 2000 Index, which still posted a double-digit return of 26.8% over the last 12 months. ■ Domestic bond indexes also produced strong, positive results for the year. Investment-grade corporate bonds continued to lead, returning an impressive 14.3% for the trailing one-year. The government bond index lagged for the year, but still returned a solid 9.7%. ■ International markets also showcased healthy performance for the trailing one- year period. The MSCI EM Index was the best international performer, returning 26.1%, while the MSCI EAFE and MSCI ACWI ex US indexes posted returns of 24.8% and 25.4%, respectively. Source: Investment Metrics Page 3 S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts Bloomberg US Agg Bloomberg US Govt Bloomberg US TIPS Bloomberg MBS Bloomberg Corp IG 3 -Month T -Bill The Market Environment Major Market Index Performance As of September 30, 2024 Quarter Performance 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts Bloomberg US Agg Bloomberg US Govt Bloomberg US TIPS Bloomberg MBS Bloomberg Corp IG 3 -Month T -Bill 1 -Year Performance 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% ■ Domestic equity benchmarks posted strong absolute results across styles and market capitalization ranges. During the third quarter, value stocks outpaced their growth counterparts at each capitalization level for the first time since Q4 2022. The best -performing segment of the equity market was small -cap value, with the Russell 2000 Value Index advancing 10.2% for the quarter. Conversely, the large -cap growth Russell 1000 Growth Index produced the weakest relative equity performance, returning just 3.2%. ■ The growth -oriented rally took a hiatus during the quarter with the broadest disparity visible in large -cap indexes. The Russell 1000 Value Index return of 9.4% surpassed the Russell 1000 Growth Index return by 6.2%. This quarter's results bucked the trend of large -cap growth stocks being the best -performing segment of the domestic equity market. ■ This quarter's resurgence by the value indexes was not enough to bring them above growth indexes on a trailing one-year basis. The Russell 1000 Growth Index amassed a staggering 42.2%, leading the way among style and market capitalization classifications. Much of this strong performance has been attributable to the emergence of the "Magnificent 7" stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) which have dominated the large -cap core and growth indexes over the past several years. The 10 largest stocks in the Russell 1000 Index have contributed more than 50% of the index's total performance over the trailing 12 -month period. The weakest performing index for the year was the Russell 2000 Value Index, which still posted an impressive 25.9%. ■ The strength of growth sectors is evident in the chart with the broad -cap, large - cap, and small -cap benchmarks outpacing their value counterparts for the trailing one-year period. The gap between the Russell 1000 Growth Index and the Russell 1000 Value Index was in double -digits for the year, while the gaps for mid- and small -cap indexes were much narrower. Source: Investment Metrics Page 4 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, 2024 Quarter Performance - Russell Style Series 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 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 0.0% 10.0% 20.0% 30.0% 40.0% ■ Economic sector performance was mostly positive during the third quarter, with 10 of the 11 economic sectors moving higher in both the large -cap and small -cap indexes. The quarter continued the previous trend in the domestic equities markets of broader participation in companies outside of the technology sector. Energy was the Ione sector to slide during the quarter, posting a return of -2.5%. ■ Third-quarter results for the large -cap benchmark added to already strong trailing one-year numbers, with all but one sector producing a return of greater than 20%. Similar to the quarter's results, the energy sector was the one to fall short, gaining just 1.0% over the trailing year. Of the 11 sectors, three (communication services, information technology, and utilities) were up by more than 40.0% for the past year. Financials, industrials, and real estate followed closely behind with gains of 39.7%, 36.3%, and 34.9%, respectively. Despite this strong sector performance, only five of the six leading sectors managed to outpace the Russell 1000 Index's return of 35.7%, which was lifted even higher by the strong results in the most heavily weighted sector, information technology. ■ Small -cap stocks displayed similar strength, with 10 of the 11 small -cap economic sectors gaining value during the quarter. Real estate, financials, and communication services led the way with gains of more than 15% for the quarter. Similar to the large -cap benchmark, energy was the worst - performing sector for the quarter and produced the sole negative sector return, falling -9.1 %. ■ Small -cap stocks also had a strong performance for the trailing year. The same 10 small -cap sectors that advanced during the quarter moved higher over the trailing one-year period. Energy remains the weakest performing sector, with the most recent quarterly return dragging the sector's performance to -7.2% for the trailing year. Financials (up 35.8%), and seven other sectors earned more than 20%. Comm Services (8.7%) Consumer Disc (10.2%) Consumer Staples (5.6%) Energy (3.7%) Financials (12.9%) Health Care (11.8%) Industrials (8.3%) Info Technology (31.6%) Materials (2.2%) Real Estate (2.6%) Utilities (2.3%) Russell 1000 The Market Environment GICS Sector Performance & (Sector Weight) As of September 30, 2024 ■Quarter o1 -Year -5.0% 5.0% 15'0% Russell 2000 Comm Services (2.0%) Consumer Disc (9.8%) Consumer Staples (3.7%) Energy (6.1 %) Financials (15.7%) Health Care (16.7%) Industrials (15.6%) Info Technology (15.5%) Materials (4.6%) Real Estate (7.1 %) -9.1 % L -7.2°% Utilities (2.8%) -15.0% Source: Morningstar Direct Asa 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 5 25.0% 35.0% 45.0% 55.0% 2.3% 15.1% 42.4% 22.7% 8.0% 10.7°% 28.7% 26.9°% 8.7% 2.5% 24.8% 15.8% 1.0% 35.8° 10.4% 9.5°% 39.7% 27.9% 6.2°% 2% 21.8°% 27.7°% 10.7% 26.1% 36.3% 2.4% 23.8% 50.5°/ 16.8°% 9.2°% 30.7% 24.6% 11.2% 16.2% 16.9°% 34.9% 20.3% 43.1% -5.0% 5.0% 15'0% Russell 2000 Comm Services (2.0%) Consumer Disc (9.8%) Consumer Staples (3.7%) Energy (6.1 %) Financials (15.7%) Health Care (16.7%) Industrials (15.6%) Info Technology (15.5%) Materials (4.6%) Real Estate (7.1 %) -9.1 % L -7.2°% Utilities (2.8%) -15.0% Source: Morningstar Direct Asa 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 5 25.0% 35.0% 45.0% 55.0% ❑Quarter o1 -Year 15.1% 22.7% 10.7°% 26.9°% 26.8% 15.8% 35.8° 9.5°% 27.9% 2% 27.7°% 26.1% 23.8% 16.8°% 30.7% 11.2% 16.2% -5.0% 5.0% 15.0% 25.0% 35.0% ELI, 000 Apple Inc .p 10 Weighted Weight 6.4% Stoc 1 -Qtr Return 10.8% 36.8% Information Technology Microsoft Corp 6.1% -3.6% 37.3% Information Technology NVIDIA Corp 5.4% -1.7% 179.3% Information Technology Amazon.com Inc 3.3% -3.6% 46.6% Consumer Discretionary Meta Platforms Inc Class A 2.4% 13.6% 91.3% Communication Services Alphabet Inc Class A 1.8% -8.8% 27.1% Communication Services Berkshire Hathaway Inc Class B 1.6% 13.1% 31.4% Financials Alphabet Inc Class C 1.6% -8.7% 27.1% Communication Services Broadcom Inc 1.5% 7.8% 110.9% Information Technology Tesla Inc 1.4% 32.2% 4.6% Consumer Discretionary Top Russell 1000 10 Perform"Stocks Weight IlReturn (by 1 -Qtr Quarter) I -Year Return Sector Exact Sciences Corp 0.0% 61.2% -0.1% Healthcare Inspire Medical Systems Inc 0.0% 57.7% 6.4% Healthcare AppLovin Corp Ordinary Shares -A 0.1% 56.9% 226.7% Information Technology Doximity Inc Class A 0.0% 55.8% 105.3% Healthcare Ubiquiti Inc 0.0% 52.7% 55.3% Information Technology Vomado Realty Trust 0.0% 49.9% 75.4% Real Estate GE Vemova Inc 0.1% 48.7% N/A Utilities VF Corp 0.0% 48.5% 15.5% 1 Communication Services Palantir Technologies Inc Ordinary - A 0.1% 46.9% 132.5% Technology SharkNinja Inc 0.0% 44.7% 139.9% 1 Communication Services Bottom lossell iii 0 Performing Weight Retum turn Sector New Fortress Energy Inc Class A 0.0% -58.3% -71.7% Utilities Wolfspeed Inc 0.0% -57.4% -74.5% Information Technology Trump Media & Technology Group Corp 0.0% -50.9% N/A Communication Services Super Micro Computer Inc 0.0% -49.2% 51.8% Information Technology e.l.f. Beauty Inc 0.0% -48.3% -0.7% Consumer Staples Celsius Holdings Inc 0.0% -45.1% -45.2% Consumer Staples Modema Inc 0.1% -43.7% -35.3% Health Care DexCom Inc 0.1% -40.9% -28.1% Health Care Advance Auto Parts Inc 0.0% -38.2% -29.1% Communication Services Dollar General Corp 0.0% -35.7% -18.6% Consumer Staples Source: Morningstar Direct Page 6 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 30, 2024 oo'-4 . mSII - Vaxcyte Inc Ordinary Shares 0.5% 51.3% 124.1% Health Care FTAIAviation Ltd 0.5% 29.1% 281.0% Industrials Insmed Inc 0.4% 9.0% 189.1% Health Care Sprouts Farmers Market Inc 0.4% 32.0% 158.0% Consumer Staples Fabrinet 0.3% -3.4% 41.9% Information Technology Applied Industrial Technologies Inc 0.3% 15.2% 45.4% Industrials Mueller Industries Inc 0.3% 30.5% 100.0% Industrials Fluor Corp 0.3% 9.6% 30.0% Industrials Ensign Group Inc 0.3% 16.3% 55.1% Health Care UFP Industries Inc 0.3% 17.5% 29.6% Industrials Top Russell iii �1 10 Performing Weight Stocks (by 1 -Qtr Return Quarter) I -Year Return Sector Lumen Technologies Inc Ordinary 0.1% 545.5% 400.0% Communication Services CommScope Holding Co Inc 0.0% 396.7% 81.8% Information Technology Capricor Therapeutics Inc 0.0% 218.9% 344.7% Health Care Summit Therapeutics Inc Ordinary 0.0% 180.8% 1071.1% Health Care Q32 Bio Inc 0.0% 148.6% N/A Health Care Intuitive Machines Inc Ordinary - A 0.0% 143.9% 120.5% Industrials IGM Biosciences Inc Ordinary 0.0% 140.8% 98.1% Health Care Cassava Sciences Inc 0.0% 138.3% 76.9% Health Care AST SpaceMobile Inc Ordinary - A 0.1% 125.2% 588.2% Communication Services Biomea Fusion Inc 0.0% 124.4% -26.6% Health Care Bottom Russell iiiWeight i I==& Conduit Pharmaceuticals Inc 0.0% -88.8% -98.0% Health Care HilleVax Inc 0.0% -87.8% -86.9% Health Care iLearning Engines Inc 0.0% -81.6% N/A Information Technology SolarMax Technology Inc 0.0% -80.8% N/A Industrials Verrica Pharmaceuticals Inc 0.0% -80.1% -62.7% Health Care Elevation Oncology Inc 0.0% -77.8% -9.5% Health Care Actinium Pharmaceuticals Inc 0.0% -74.6% -68.2% Health Care Renovaro Inc 0.0% -72.4% -89.2% Health Care B. Riley Financial Inc 0.0% -70.2% -86.1% Financials ALX Oncology Holdings Inc Ordinary 0.0% -69.8% -62.1% Health Care ■ Results in USD terms among the headline international equity indexes were sharply higher during the quarter, echoing the performance of major domestic equity benchmarks. The weakening USD relative to many major currencies during the quarter was a tailwind for the USD performance of most regional benchmarks' returns. The developed -market MSCI EAFE Index returned a muted 0.8% in LCL terms but rose 7.3% in USD terms. The MSCI Emerging Markets Index was the best -performing broad index, climbing 8.7% in USD and 6.6% in LCL terms for the quarter. ■ Latin America lagged other regions during the quarter in USD terms, posting a return of 3.7%. Weakening currencies in the region put pressure on performance, making it the only region with USD performance that lagged LCL currency performance. The MSCI Pacific benchmark was the only regional benchmark to deliver negative performance in LCL teams (-0.9%), but USD weakness led to an 8.5% positive return in USD terms. Regional LCL currency performance struggles were led by the unwinding of the carry trade in the Japanese equity markets in early August which carried over to neighboring Pacific countries and US markets. ■ China, which is the most heavily weighted country in the emerging market index, continued its rebound during the quarter posting a 23.5% gain in USD terms. Recently announced government stimulus for the Chinese economy helped lift equity markets in the country during the quarter. The Chinese economy has yet to expand at its pre -pandemic rate of roughly 5.0% primarily due to troubles in its commercial property and banking sectors, which have created challenges for growth in the region. ■ Much like domestic markets, trailing one-year results for international developed and emerging markets benchmarks were strongly positive. Higher USD versus LCL returns for most international benchmarks demonstrate the USD's relative weakness over the trailing one-year period. ■ All broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms. The EM Latin America index, where weakening local currencies dragged the region's double-digit LCL performance to a muted 2.8% in USD terms. MSCI Asia Index led the way with a return of 27.7% in LCL terms for the trailing year. The relative weakening of the USD during the period further boosted returns in the region to 29.7% in USD terms. Source: MSCI Global Index Monitor (Returns are Net) Page 7 The Market Environment International and Regional Market Index Performance (Country Count) As of September 30, 2024 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) Quarter Performance 1.8 o 0.8°i 1.7°� EM Latin Amer (6) -2.0% 0.0% 2.0% 1 -Year Performance 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) 2.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% ■USD ❑LOCAL 8.1 3.2% 7.8% 7.3% 6.6% 8.5% 8.7% 6.6% 7.1% 5.1% 9.5% 7.1% 4.5% 4.0% 6.0% 8.0% 10.0% ❑USD ❑Local Currency 25.4% 20.3° 25.0% 18.5% 24.8% 17.5% 25.3% 17.3% 23.7% 18.0% 26.1% 25.0% 19.2% 16.7% 29.7 27.7% 12.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% IVISCI-EAFE Communication Services Sector Weight 4.3% Quarter Return 11.5% 1 -Year Return 27.1% Consumer Discretionary 11.0% 4.8% 14.4% Consumer Staples 8.7% 10.6% 10.9% Energy 3.6% -5.8% -2.1% Financials 20.6% 10.4% 36.0% Health Care 13.3% 4.6% 20.4% Industrials 17.3% 9.4% 33.8% Information Technology 8.7% -2.4% 35.6% Materials 6.8% 10.7% 24.0% Real Estate 2.2% 17.3% 27.6% Utilities Total0i 3.4% 0% 14.9% 25.4% �IWIXUS -NwtorWeight Communication Services 5.6% Quarter Return 13.6% 1 -Year Return 26.3% Consumer Discretionary 11.3% 11.5% 20.4% Consumer Staples 7.4% 10.5% 11.1% Energy 5.0% -1.7% 7.2% Financials 22.5% 11.4% 33.2% Health Care 9.4% 6.4% 20.4% Industrials 13.8% 8.7% 30.5% Information Technology 12.8% -1.6% 38.3% Materials 7.1% 9.4% 18.8% Real Estate 1.9% 16.9% 23.5% Utilities 3.20/, 13.40/, 27.7% IVISCI - Emerging IVIkt Communication Services Sector Weight 9.4% Quarter Return 15.6% 1 -Year Return 26.2% Consumer Discretionary 14.0% 25.0% 31.9% Consumer Staples 5.2% 11.1% 9.6% Energy 4.8% -0.4% 17.4% Financials 22.8% 10.4% 26.5% Health Care 3.6% 22.9% 20.5% Industrials 6.8% 7.0% 19.9% Information Technology 22.2% -2.6% 40.3% Materials 6.6% 5.5% 5.5% Real Estate 1.6% 14.8% 10.8% Utilities Total00 2.9% 9.3% 35.5% The Market Environment US Dollar International Index Attribution & Country Detail As of September 30, 2024 Country MSCI-EAFE Weight MSCI-ACWIxUS F Weight Quarter Return 11- Year Return Japan 22.3% 14.0% 5.7% 21.6% United Kingdom 14.7% 9.3% 7.9% 23.3% France 11.4% 7.1% 7.7% 16.4% Switzerland 9.9% 6.2% 8.5% 21.6% Germany 9.0% 5.7% 10.7% 32.1% Australia 7.8% 4.9% 11.5% 31.6% Netherlands 4.8% 3.0% -4.5% 38.7% Denmark 3.4% 2.1% -10.3% 24.5% Sweden 3.4% 2.1% 8.4% 35.8% Italy 2.7% 1.7% 8.6% 34.4% Spain 2.8% 1.8% 13.7% 35.9% Hong Kong 2.0% 1.3% 24.4% 14.8% Singapore 1.5% 0.9% 17.6% 33.9% Finland 1.0% 0.7% 8.1% 16.5% Belgium 1.0% 0.6% 15.3% 25.9% Israel 0.8% 0.5% 12.4% 32.4% Norway 0.6% 0.4% 2.1% 4.5% Ireland 0.3% 0.2% 13.9% 38.6% Portugal 0.2% 0.1% 8.7% 11.3% Austria 0.2% 0.1% 8.7% 28.3% New Zealand Canada DevelopedTotal China 0.2% 1 rr 0.1% 7.7% 8.2% 1 5.6% 1 12.0% 23.5% 20.1% 26.8% 23.9% India 5.8% 7.3% 40.3% Taiwan 5.2% 0.5% 52.7% Korea 3.1% -5.6% 9.3% Brazil 1.4% 7.1% 2.6% Saudi Arabia 1.1% 5.3% 11.2% South Africa 0.9% 16.1% 36.7% Mexico 0.6% -3.4% -3.4% Indonesia 0.5% 15.3% 5.2% Malaysia 0.4% 20.5% 35.6% Thailand 0.4% 28.9% 17.0% United Arab Emirates 0.3% 12.0% 6.4% Poland 0.3% -3.9% 45.7% Turkey 0.2% -12.6% 6.8% Qatar 0.2% 10.6% 11.2% Kuwait 0.2% 3.7% 8.9% Philippines 0.2% 21.7% 22.7% Greece 0.1% 10.4% 31.3% Chile 0.1% 5.3% 5.8% Peru 0.1% 7.9% 57.4% Hungary 0.1% 6.3% 36.4% Czech Republic 0.0% 5.1% 7.7% Colombia 0.0% -0.9% 25.4% Egypt 0.0% 100 .0% 12.3% -7.3% Total ACWIxUS Countries Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result ofthe 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 8 ■ Domestic fixed-income markets advanced during the third quarter. Although the Federal Reserve began to unwind its tight monetary policy stance that began in 2022 during the quarter, yields remained elevated. On September 18, the Fed reduced its target policy rate by 0.50%, a move that was celebrated in a performance boost by equity and bond markets alike. After a muted first half of 2024, which held the Bloomberg US Aggregate Bond Index slightly negative for the year, the index posted its best quarterly performance year-to-date, climbing 5.2% during the third quarter. Performance across the investment-grade index's segments was more favorable in the credit sectors, with the corporate investment-grade index rising 5.8%, outpacing the government and mortgage -backed -securities sectors. Lower quality issues also performed better, with A and BAA components of the index outpacing higher quality issues during the quarter. ■ High Yield bonds underperformed investment grade issues as interest rates declined primarily due to the high -yield benchmark's lower duration. Despite their lower duration, below -investment grade issues continued to rise, posting a return of 5.3% for the quarter. The Bloomberg Global Aggregate ex -US Index outperformed all broad -market domestic indexes with a return of 8.5% for the quarter, aided by a weakening USD. ■ Over the trailing one-year period, the Bloomberg US Aggregate Bond Index posted a solid 11.6% return. The benchmark's sub -components also posted positive performance over the trailing 12 months with the Bloomberg US Corporate Investment Grade Index rising a strong 14.3% and the US Mortgage Index returning 12.3%. US TIPS, which are excluded from the Bloomberg US Aggregate Bond Index, returned 9.8% for the trailing year. ■ Among credit qualities, lower -quality issues (both within investment grade and below investment grade) have outperformed higher -quality bonds due to higher yields and credit spread compression over the last year. Higher yields mean larger coupon payments as well as greater sensitivity to changes in credit spreads, which narrowed. High -yield bonds have enjoyed a healthy 15.7% gain for the trailing year. ■ The Bloomberg Global Aggregate ex -US Index moderately outpaced its domestic counterpart, the Bloomberg US Aggregate Bond Index, by 0.7% during the trailing year. Source: Bloomberg Page 9 The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2024 U.S. Treasury (6.1) U.S. Mortgage (5.7) U.S. Corporate IG (7.2) U.S. High Yield (2.9) U.S. TIPS (3.8) AAA (4.4) AA (6.0) A (7.1) Baa (7.1) Aggregate (6.2) Intermediate Agg (4.4) Global Agg x US (7.1) Multiverse (6.5) Quarter Performance 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% U.S. Treasury (6.1) U.S. Mortgage (5.7) U.S. Corporate IG (7.2) U.S. High Yield (2.9) U.S. TIPS (3.8) AAA (4.4) AA (6.0) A (7.1) Baa (7.1) Aggregate (6.2) Intermediate Agg (4.4) Global Agg x US (7.1) Multiverse (6.5) 1 -Year Performance 0.0% 5.0% 10.0% 15.0% 20.0% The gray band across the graph illustrates the fed funds target rate range over the last 12 months. During the third quarter, the Federal Open Market Committee (FOMC) cut its policy rates by 0.50%, to a range of 4.75-5.00%. The last rate increase occurred at the FOMC's July 2023 meeting, and this was the first rate cut since March of 2020. With inflation declining and unemployment remaining largely stable, the Fed appears to be pivoting from a tight monetary policy stance. The most recent FOMC press release continued to emphasize economic data -dependent outcomes while placing renewed emphasis on the second part of the committee's dual mandate: full employment. The CME FedWatch tool, which forecasts rates based on fed fund futures pricing, showed a greater than 80% probability of a 0.25% rate decrease at the FOMC November meeting at the time of this writing. Fed officials and market participants continue to express concern that leaving rates at their current elevated levels for an extended period could tip the US economy into a recession. However, inflation remains above the FOMC's long-term 2.0% target level. ■ The yield on the US 10 -year Treasury (blue line of the top chart) fell roughly 0.55% during the quarter, attributable to Fed policy decisions and expectations of future rate actions. The bellwether benchmark rate opened the quarter at a yield of 4.36% and finished September at a yield of 3.81%. The 10 -year Treasury benchmark's rate peaked in October 2023, cresting at a yield of just under 5.00% before pulling back during the remainder of the year. The red line in the top chart shows the option -adjusted spread (OAS) for BAA - rated corporate bonds. This measure quantifies the additional yield premium investors require to purchase and hold non -US Treasury issues with the lowest investment grade rating. During the quarter, the yield spread was relatively stable, beginning July at 1.18% and finishing September at 1.16%. High -yield OAS spreads (represented by the yellow line in the top chart) have also remained relatively unchanged, despite a sharp spike in early August spurred by an unwinding of the Yen carry trade. The high -yield OAS fell 0.18% over the quarter from 3.21% to 3.03%. The spread measure's relative stability over the trailing year results from steady economic growth, stable monetary policy, and falling inflation readings. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. For the first time since July 2022, the quarter -end yield on the 10 -year Treasury was higher relative to the two-year Treasury. The yield curve has been inverted for each of the previous three quarter -end readings on the graph and for much of the last two years. This 2- 10 -year yield curve inversion is a common heuristic used to foretell a pending recession environment. Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) Page 10 1 -Year Trailing Market Rates 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 The Market Environment Market Rate & Yield Curve Comparison As of September 30, 2024 Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Fed Funds Rate 10yr Treasury High Yield OAS BAA OAS Oct -23 Nov -23 Dec -23 Jan -24 Feb -24 Mar -24 Apr -24 May -24 Jun -24 Jul -24 Aug -24 Sep -24 Treasury Yield Curve 7.00 12/31/2023 `3/31/2024 6/30/2024 `9/30/2024 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 1/2023 CME FedWatch Tool - CME Group Effective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) ICE BofA US High Yield Index Option -Adjusted Spread (BAMLHOAOHYM2) I FRED I St. Louis Fed (stlouisfed.org) When will the Federal Reserve start cutting interest rates? I J.P. Morgan Asset Management (ipmorgan.com) U.S. Department of the Treasury China's Economy Limps Into 2024 —WSJ Support Site - Global Index Lens: Index Returns — MSCI Federal Reserve issues FOMC statement Yen drops to 38 -year low, U.S. dollar slumps after weak data (cnbc.com) U.S. job growth revised down by the most since 2009. Why this time is different (cnbc.com) The Fed - Meeting calendars and information (federal reserve.gov) The Federal Reserve's latest dot plot, explained — and what it says about interest rates I Bankrate Top 25 Stocks in the S&P 500 By Index Weight for July 2024 (investopedia.com) Fed's Jerome Powell Declares 'Time Has Come' for Interest -Rate Cuts — WSJ Why Chinese banks are now vanishing (economist.com) Fed rate cut: Here's what changed in the central bank's statement (cnbc.com) 10 -Year Treasury Constant Maturity Minus 2 -Year Treasury Constant Maturity (T10Y2Y) I FRED I St. Louis Fed (stlouisfed.org) Page 11 The Market Environment References As of September 30, 2024 Asset Allocation By Segment as of June 30, 2024 : $6,115,784 Allocation Allocation Asset Allocation Summary Total Fund As of Seotember 30. 2024 Asset Allocation By Segment as of September 30, 2024: $6,402,586 Segments Market Value Allocation Segments Market Value Allocation ■ Domestic Equity 3,162,508 51.7 ■ Domestic Equity 3,289,171 51.4 International Equity 626,700 10.2 International Equity 674,672 10.5 ■ Fixed Income 2,236,092 36.6 d Fixed Income 2,317,607 36.2 Cash Equivalent 90,484 1.5 Cash Equivalent 121,137 1.9 Page 12 Asset Allocation By Manager as of Jun -2024: $6,115,784 Allocation Allocation Market Value Allocation Asset Allocation Summary Total Fund As of September 30. 2024 Asset Allocation By Manager as of Sep -2024: $6,402,586 Market Value Allocation ■ Dodge & Cox Income Fund (DODIX) 2,236,092 36.6 ■ Dodge & Cox Income Fund (DODIX) 2,317,607 36.2 Fidelity 500 Index (FXAIX) 1,209,874 19.8 Fidelity 500 Index (FXAIX) 1,220,798 19.1 ■ Vanguard Extended Mkt Index (VEXAX) 789,743 12.9 ■ Vanguard Extended Mkt Index (VEXAX) 853,636 13.3 MFS Growth Fund (MFEKX) 623,254 10.2 MFS Growth Fund (MFEKX) 630,050 9.8 ■ Vanguard Equity -Income (VEIRX) 539,637 8.8 ■ Vanguard Equity -Income (VEIRX) 584,686 9.1 ■ American Funds EuroPacific Gr R6 (RERGX) 319,032 5.2 Dodge & Cox International Stock (DODFX) 338,368 5.3 Dodge & Cox International Stock (DODFX) 307,668 5.0 ■ American Funds EuroPacific Gr R6 (RERGX) 336,304 5.3 R&D (Cash) 90,484 1.5 R&D (Cash) 121,137 1.9 Page 13 Schedule of Investable Assets $7,800,000 $7,200,000 $6,600,000 $6,000,000 $5,400,000 $4,800,000 m $4,200,000 m Y L $3,600,000 $3,000,000 $2,400,000 $1,800,000 $1,200,000 $600,000 $0 9/17 3/18 — Total Fund Page 14 9/18 3/19 Net Cash Flow Okeechobee General Employees' Retirement System Schedule of Investable Assets 7 Years Ending September 30, 2024 $6,402,586 $3,366,694 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Executive Summary Total Domestic Equity Composite $3,289,170.6 (51.4%) Total International Equity Composite $674,671.9 (10.5%) Total Fixed Income Composite $2,317,607.0 (36.2%) R&D (Cash) $121,136.9 (1.9%) V 1 Okeechobee General Employees' Retirement System Asset Allocation Compliance As of September 30, 2024 -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Policy 0 Target . In Policy V Outside Policy Asset Allocation Compliance Asset Allocation Current Minimum Maximum Target Min. Rebal. Max. Rebal. Target Rebal. Allocation (%) Allocation (%) Allocation (%) Allocation (%) ($000) ($000) ($000) Total Fund 6,402,586 100.0 N/A N/A 100.0 - - - Total Domestic Equity Composite 3,289,171 51.4 45.0 55.0 50.0 -408,007 232,252 -87,877 Total International Equity Composite 674,672 10.5 5.0 15.0 10.0 -354,543 285,716 -34,413 Total Fixed Income Composite 2,317,607 36.2 35.0 45.0 40.0 -76,702 563,557 243,428 R&D (Cash) 121,137 1.9 0.0 0.0 0.0 -121,137 -121,137 -121,137 Page 15 Financial Reconciliation Total Fund 1 Quarter Ending September 30, 2024 Financial Reconciliation Quarter to Date Page 16 Market Value Net Management Other Contributions Distributions Income Apprec./ Market Value 07/01/2024 Transfers Fees Expenses Deprec. 09/30/2024 Total Equity Composite 3,789,208 -60,000 - - - - 11,506 223,129 3,963,843 Vanguard Equity -Income (VEIRX) 539,637 - 3,753 41,296 584,686 Fidelity 500 Index (FXAIX) 1,209,874 -60,000 3,976 66,948 1,220,798 MFS Growth Fund (MFEKX) 623,254 - 1,499 5,297 630,050 Vanguard Extended Mkt Index (VEXAX) 789,743 2,278 61,615 853,636 Dodge & Cox International Stock (DODFX) 307,668 - 30,700 338,368 American Funds EuroPacific Gr R6 (RERGX) 319,032 - - 17,272 336,304 Total Fixed Income Composite 2,236,092 -43,475 - - - - 23,842 101,148 2,317,607 Dodge & Cox Income Fund (DODIX) 2,236,092 -43,475 - - - 23,842 101,148 2,317,607 R&D (Cash) 90,484 103,475 19,370 -68,418 - -24,363 590 - 121,137 Total Fund 6,115,784 - 19,370 -68,418 - -24,363 35,938 324,277 6,402,586 Page 16 Financial Reconciliation Total Fund October 1, 2023 To September 30, 2024 Financial Reconciliation Fiscal Year to Date Page 17 Market Value Net Management Other Contributions Distributions Income Apprec./ Market Value 10/01/2023 Transfers Fees Expenses Deprec. 09/30/2024 Total Equity Composite 3,203,393 -223,230 - - - - 111,034 872,646 3,963,843 Vanguard Equity -Income (VEIRX) 462,472 - 39,582 82,631 584,686 Fidelity 500 Index (FXAIX) 1,066,561 -203,230 12,616 344,850 1,220,798 MFS Growth Fund (MFEKX) 461,456 -20,000 24,199 164,396 630,050 Vanguard Extended Mkt Index (VEXAX) 663,998 - 10,131 179,507 853,636 Dodge & Cox International Stock (DODFX) 279,242 6,670 52,456 338,368 American Funds EuroPacific Gr R6 (RERGX) 269,663 - 17,836 48,805 336,304 Total Fixed Income Composite 2,159,354 -127,800 - - - - 94,470 191,582 2,317,607 Dodge & Cox Income Fund (DODIX) 2,159,354 -127,800 - - - 94,470 191,582 2,317,607 R&D (Cash) 43,131 351,030 79,031 -267,712 - -87,026 2,682 - 121,137 Total Fund 5,405,878 - 79,031 -267,712 - -87,026 208,186 1,064,228 6,402,586 Page 17 Comparative Performance Total Fund As of September 30, 2024 Comparative Performance Trailing Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net) 5.93 (35) 24.12 (21) 24.12 (21) 4.12 (48) 8.85 (16) 8.12 (16) 7.55 (23) 6.98 (52) 01/01/2003 Total Fund Policy 6.01 (26) 24.45 (16) 24.45 (16) 5.16 (21) 8.70 (23) 8.24 (10) 7.89 (11) 7.51 (27) Difference -0.08 -0.33 -0.33 -1.04 0.15 -0.12 -0.34 -0.53 All Public Plans 35-45% Fixed Income Median 5.73 21.54 21.54 4.08 7.70 7.17 6.87 7.00 All Public Plans -Total Fund Median 5.41 21.18 21.18 4.55 8.31 7.68 7.31 7.23 Total Fund (Gross) 5.93 24.12 24.12 8.85 ' 8.12 7.60 MF 6.52 10/01/2007 Total Fund Policy 6.01 24.45 24.45 5.16 8.70 8.24 7.89 6.80 Difference -0.08 -0.33 -0.33 -1.04 0.15 -0.12 -0.29 -0.28 Total Equity Composite 6.20 31.68 31.68 6.55 12.80 11.32 10.48 9.19 01/01/2003 Total Equity Policy 6.56 33.61 33.61 9.37 14.07 12.43 11.64 9.92 Difference -0.36 -1.93 -1.93 -2.82 -1.27 -1.11 -1.16 -0.73 Total Domestic Equity Composite 5.91 33.56 33.56 7.76 13.81 12.42 11.30 11.47 11/01/2013 Total Domestic Equity Policy 6.23 35.19 35.19 10.29 15.26 13.74 12.83 12.94 Difference -0.32 -1.63 -1.63 -2.53 -1.45 -1.32 -1.53 -1.47 Vanguard Equity -Income (VEIRX) 8.35 (44) 26.43 (59) 26.43 (59) 10.77 (26) 11.56 (42) N/A N/A 12.52 (39) 06/01/2019 Russell 1000 Value Index 9.43 (21) 27.76 (43) 27.76 (43) 9.03 (62) 10.69 (60) 9.53 (56) 9.23 (50) 11.71 (58) Difference -1.08 -1.33 -1.33 1.74 0.87 N/A N/A 0.81 Large Value Median 8.05 27.06 27.06 9.66 11.12 9.73 9.23 12.01 Fidelity 500 Index (FXAIX) 5.88 (42) 36.33 (25) 36.33 (25) N/A N/A N/A N/A 27.25 (27) 09/01/2023 S&P 500 Index 5.89 (41) 36.35 (25) 36.35 (25) 11.91 (20) 15.98 (17) 14.50 (11) 13.38 (7) 27.27 (27) Difference -0.01 -0.02 -0.02 N/A N/A N/A N/A -0.02 Large Blend Median 5.79 34.79 34.79 10.73 14.87 13.15 12.11 26.06 MFS Growth Fund (MFEKX) 1.09 (92) 42.00 (38) 42.00 (38) 8.50 (47) 15.90 (59) 16.45 (26) N/A 17.05 (26) 03/01/2017 Russell 1000 Growth Index 3.19 (51) 42.19 (37) 42.19 (37) 12.02 (7) 19.74 (11) 18.20 (8) 16.52 (7) 18.47 (9) Difference -2.10 -0.19 -0.19 -3.52 -3.84 -1.75 N/A -1.42 Large Growth Median 3.20 40.20 40.20 8.24 16.48 15.46 14.15 15.98 Vanguard Extended Mkt Index (VEXAX) 8.09 (50) 28.56 (33) 28.56 (33) 1.21 (96) 10.76 (59) 9.29 (57) 9.63 (45) 9.44 (51) 11/01/2013 S&P Completion Index 8.07 (50) 28.25 (36) 28.25 (36) 1.04 (96) 10.62 (63) 9.15 (61) 9.50 (49) 9.32 (53) Difference 0.02 0.31 0.31 0.17 0.14 0.14 0.13 0.12 Mid -Cap Blend Median 8.03 26.81 26.81 6.59 11.09 9.48 9.42 9.44 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 18 Comparative Performance Total Fund As of September 30, 2024 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 19 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total International Equity Composite 7.65 22.91 22.91 0.73 7.99 6.04 6.49 6.24 11/01/2013 Total International Equity Policy 8.17 25.96 25.96 4.67 8.10 5.95 5.72 5.37 Difference -0.52 -3.05 -3.05 -3.94 -0.11 0.09 0.77 0.87 Dodge & Cox International Stock (DODFX) 9.98 (16) 21.17 (66) 21.17 (66) N/A N/A N/A N/A 10.08 (58) 06/01/2022 MSCI AC World ex USA Value 9.41 (23) 24.90 (20) 24.90 (20) 8.25 (30) 8.49 (43) 5.55 (32) 4.93 (46) 11.37 (36) Difference 0.57 -3.73 -3.73 N/A N/A N/A N/A -1.29 Foreign Value Median 7.96 22.17 22.17 6.93 8.15 5.02 4.81 10.49 American Funds EuroPacific Gr R6 (RERGX) 5.41 (64) 24.71 (59) 24.71 (59) 0.06 (41) 7.52 (43) 5.71 (47) 6.26 (46) 6.03 (39) 11/01/2013 MSCI AC World ex USA Growth 6.98 (43) 27.12 (38) 27.12 (38) 1.12 (36) 7.41 (46) 6.12 (38) 6.33 (45) 5.91 (43) Difference -1.57 -2.41 -2.41 -1.06 0.11 -0.41 -0.07 0.12 Foreign Growth Median 6.41 25.68 25.68 -0.89 7.17 5.58 6.14 5.65 Total Fixed Income Composite 5.59 13.56 13.56 0.38 2.13 2.77 2.91 3.44 01/01/2003 Total Fixed Income Policy 5.20 11.57 11.57 -1.39 0.33 1.47 1.84 3.15 Difference 0.39 1.99 1.99 1.77 1.80 1.30 1.07 0.29 Dodge & Cox Income Fund (DODIX) 5.59 (7) 13.53 (5) 13.53 (5) 0.37 (2) 2.12 (1) 2.77 (1) 2.91 (1) 2.88 (2) 11/01/2012 Blmbg. U.S. Aggregate Index 5.20 (38) 11.57 (60) 11.57 (60) -1.39 (39) 0.33 (55) 1.47 (48) 1.84 (43) 1.71 (46) Difference 0.39 1.96 1.96 1.76 1.79 1.30 1.07 1.17 Intermediate Core Bond Median 5.13 11.72 11.72 -1.50 0.39 1.44 1.78 1.67 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 19 Comparative Performance Total Fund As of September 30, 2024 Comparative Performance Fiscal Year Returns Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 20 Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 Total Fund (Net) 24.12 (21) 12.37 (12) -19.08 (91) 20.29 (14) 12.56 (1) 3.78 (81) 8.91 (8) 11.53 (37) 8.35 (78) -0.78 (51) Total Fund Policy 24.45 (16) 12.45 (11) -16.92 (40) 17.27 (55) 11.30 (42) 5.91 (10) 8.29 (13) 11.12 (52) 10.68 (6) -0.15 (23) Difference -0.33 -0.08 -2.16 3.02 1.26 -2.13 0.62 0.41 -2.33 -0.63 All Public Plans 35-45% Fixed Income Median 21.54 11.49 -17.24 17.37 10.44 4.40 7.16 11.20 9.58 -0.76 All Public Plans -Total Fund Median 21.18 10.76 -14.88 20.01 8.01 3.99 7.82 11.83 9.42 -0.76 Total Fund (Gross) 24.12 12.37 -19.08 20.29 12.56 3.78 8.91 11.68 8.47 -0.56 Total Fund Policy 24.45 12.45 -16.92 17.27 11.30 5.91 8.29 11.12 10.68 -0.15 Difference -0.33 -0.08 -2.16 3.02 1.26 -2.13 0.62 0.56 -2.21 -0.41 Total Equity Composite 31.68 19.44 -23.10 30.99 15.25 1.00 14.86 17.93 9.71 -1.14 Total Equity Policy 33.61 20.66 -18.84 30.62 13.00 2.32 14.88 19.01 14.09 -2.46 Difference -1.93 -1.22 -4.26 0.37 2.25 -1.32 -0.02 -1.08 -4.38 1.32 Total Domestic Equity Composite 33.56 18.75 -21.11 32.34 15.30 0.97 17.72 17.41 9.92 -0.43 Total Domestic Equity Policy 35.19 20.46 -17.63 31.88 15.00 2.92 17.58 18.71 14.96 -0.49 Difference -1.63 -1.71 -3.48 0.46 0.30 -1.95 0.14 -1.30 -5.04 0.06 Vanguard Equity -Income (VEIRX) 26.43 (59) 12.65 (66) -4.58 (7) 30.75 (70) -2.77 (35) N/A N/A N/A N/A N/A Russell 1000 Value Index 27.76 (43) 14.44 (50) -11.36 (73) 35.01 (48) -5.03 (52) 4.00 (33) 9.45 (61) 15.12 (67) 16.19 (21) -4.42 (52) Difference -1.33 -1.79 6.78 -4.26 2.26 N/A N/A N/A N/A N/A Large Value Median 27.06 14.42 -9.37 34.69 -4.76 2.47 10.55 16.74 13.21 -4.37 Fidelity 500 Index (FXAIX) 36.33 (25) N/A N/A N/A N/A N/A N/A N/A N/A N/A S&P 500 Index 36.35 (25) 21.62 (27) -15.47 (37) 30.00 (43) 15.15 (25) 4.25 (31) 17.91 (20) 18.61 (38) 15.43 (13) -0.61 (28) Difference -0.02 N/A N/A N/A N/A N/A N/A N/A N/A N/A Large Blend Median 34.79 20.42 -16.05 29.69 13.11 3.15 16.41 18.22 13.15 -1.33 MFS Growth Fund (MFEKX) 42.00 (38) 25.32 (46) -28.22 (57) 23.59 (76) 32.47 (57) 7.56 (10) 29.09 (17) N/A N/A N/A Russell 1000 Growth Index 42.19 (37) 27.72 (27) -22.59 (25) 27.32 (40) 37.53 (33) 3.71 (31) 26.30 (36) 21.94 (32) 13.76 (17) 3.17 (41) Difference -0.19 -2.40 -5.63 -3.73 -5.06 3.85 2.79 N/A N/A N/A Large Growth Median 40.20 24.71 -27.22 26.46 33.67 1.95 24.17 20.22 10.97 2.53 Vanguard Extended Mkt Index (VEXAX) 28.56 (33) 14.48 (47) -29.55 (98) 42.31 (37) 12.98 (8) -3.80 (73) 16.12 (15) 19.00 (18) 13.44 (39) -0.21 (47) S&P Completion Index 28.25 (36) 14.28 (50) -29.62 (99) 42.19 (38) 12.94 (8) -3.96 (75) 16.02 (17) 18.91 (19) 13.26 (41) -0.27 (47) Difference 0.31 0.20 0.07 0.12 0.04 0.16 0.10 0.09 0.18 0.06 Mid -Cap Blend Median 26.81 14.21 -16.06 39.92 -1.13 -1.83 13.16 16.41 12.19 -0.44 Total International Equity Composite 22.91 23.15 -32.47 24.97 14.97 =E19TM 1.47 20.65 8.52 -4.93 Total International Equity Policy 25.96 21.02 -24.79 24.45 3.45 -0.72 2.25 20.15 9.80 -11.78 Difference -3.05 2.13 -7.68 0.52 11.52 1.86 -0.78 0.50 -1.28 6.85 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 20 Comparative Performance Total Fund As of September 30, 2024 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 Oct -2017 Oct -2016 Oct -2015 Oct -2014 To To To To To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 Sep -2018 Sep -2017 Sep -2016 Sep -2015 Dodge & Cox International Stock (DODFX) 21.17 (66) 26.74 (60) N/A N/A N/A N/A N/A N/A N/A N/A MSCI AC World ex USA Value 24.90 (20) 26.09 (66) -19.46 (21) 32.15 (36) -10.32 (78) -3.89 (29) 1.02 (27) 22.23 (28) 7.62 (33) -15.72 (86) Difference -3.73 0.65 N/A N/A N/A N/A N/A N/A N/A N/A Foreign Value Median 22.17 27.96 -22.44 29.78 -5.88 -5.69 -0.27 19.71 5.79 -9.69 American Funds EuroPacific Gr R6 (RERGX) 24.71 (59) 19.64 (31) -32.85 (44) 24.76 (25) 14.97 (66) 1.14 (38) 1.47 (80) 20.63 (25) 8.52 (55) -4.93 (49) MSCI AC World ex USA Growth 27.12 (38) 16.22 (65) -30.00 (28) 17.27 (78) 17.90 (43) 2.43 (26) 3.46 (59) 18.09 (54) 11.92 (26) -7.79 (83) Difference -2.41 3.42 -2.85 7.49 -2.93 -1.29 -1.99 2.54 -3.40 2.86 Foreign Growth Median 25.68 18.03 -33.48 20.84 17.31 -0.06 4.19 18.38 8.99 -5.09 Total Fixed Income Composite 13.56 3.12 -13.63 2.02 7.71 9.10 -0.12 2.57 7.09 0.20 Total Fixed Income Policy 11.57 0.64 -14.60 -0.90 6.98 10.30 -1.22 0.07 5.19 2.94 Difference 1.99 2.48 0.97 2.92 0.73 -1.20 1.10 2.50 1.90 -2.74 Dodge & Cox Income Fund (DODIX) 13.53 (5) 3.11 (2) -13.63 (12) 1.99 (6) 7.71 (22) 9.13 (76) -0.12 (6) 2.57 (3) 7.09 (4) 0.16 (96) Blmbg. U.S. Aggregate Index 11.57 (60) 0.64 (47) -14.60 (31) -0.90 (73) 6.98 (43) 10.30 (21) -1.22 (39) 0.07 (59) 5.19 (42) 2.94 (13) Difference 1.96 2.47 0.97 2.89 0.73 -1.17 1.10 2.50 1.90 -2.78 Intermediate Core Bond Median 11.72 0.60 -14.95 -0.23 6.80 9.78 -1.38 0.28 5.01 2.18 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Strategy Review Net Total Fund I Total Fund Policy As of September 30, 2024 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 4.12 12.69 0.11 99.51 8 103.79 4 Investment 8.85 13.23 0.54 106.44 14 106.26 6 Index 4.88 12.45 0.17 100.00 8 100.00 4 Index 8.35 12.22 0.53 100.00 14 100.00 6 Risk and Return 3 Years 5.1 4.8 E 4.5 v 4.2 Risk and Return 5 Years 9.0 8.8 E 8.6 v 8.4 3.9 8.2 1 12.4 12.5 12.6 12.7 12.8 11.8 12.0 12.2 12.4 12.6 12.8 13.0 13.2 13.4 13.6 Risk (Standard Deviation %) Risk (Standard Deviation %) • Investment O Index • Investment O Index 3 Year Rolling Percentile Rank All Public Plans -Total Fund 5 Year Rolling Percentile Rank All Public Plans -Total Fund 0.0 0.0 25.0 ��25.0- ami ,�` ami i�♦�� I��♦ ♦♦��v�. 50.0- 50.0- ♦♦♦� K 75.0- ~ •►�� fir I,, K 75.0- 100.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 5-25 25 -Median Median -75 75-95 5-25 25 -Median Median -75 75-95 Total Period Count Count Count Count Total Period Count Count Count Count Investment 20 7 (35%) 3 (15%) 8 (40%) 2 (10%) Investment 20 5 (25%) 7 (35%) 8 (40%) 0 (0%) - Index 20 6 (30%) 6 (30%) 5 (25%) 3 (15%) - Index 20 5 (25%) 13 (65%) 2 (10%) 0 (0%) Page 22 Peer Group Analysis - All Public Plans -Total Fund 32.0 28.0 24.0 00 00 20.0 00 16.0 - E 12.0- 8.0- 4.0 2.08.04.0 Q 0.0 -4.0 me Strategy Review Net Total Fund I Total Fund Policy As of September 30, 2024 Peer Group Analysis - All Public Plans -Total Fund 38.0 32.01 26.0- 20.0- 14.0 6.020.0 14.0 = 8.0 - 2.0 -4.0 - Oct -2022 Oct -2021 Oct -2020 -10.0 - Oct -2018 -16.0 -22.0 -28.0 •0 Page 23 Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To QTR FYTD 1 YR 2 YR 3 YR 4 YR SYR Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 5.93 (28) 24.12 (16) 24.12 (16) 18.10 (19) 4.12 (66) 7.94 (62) 8.85 (31) • Investment 24.12 (16) 12.37 (23) -19.08 (95) 20.29 (52) 12.56 (6) 3.78 (56) • Index 6.01 (25) 24.45 (13) 24.45 (13) 18.30 (15) 5.16 (34) 8.06 (59) 8.70 (35) • Index 24.45 (13) 12.45 (22) -16.92 (77) 17.27 (86) 11.30 (15) 5.91 (7) Median 5.41 21.18 21.18 15.92 4.55 8.30 8.31 Median 21.18 10.87 -14.80 20.34 7.89 3.94 Comparative Performance . 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun -2024 Mar -2024 Dec -2023 Sep -2023 Jun -2023 Mar -2023 Investment 1.15 (51) 5.45 (28) -2.97 (51) 4.13 (13) j 4.84 (24) Index 1.66 (13) 4.86 (51) 9.64 (16) -3.28 (70) 3.81 (22) 5.47 (8) Median 1.15 4.88 8.19 -2.96 3.28 4.37 Page 23 Strategy Review Fidelity 500 Index (FXAIX) I S&P 500 Index As of September 30, 2024 Historical Statistics 3 Years 11.9 15.9 1 Historical Statistics 5 Years 17.3 16.5 16.8 17.1 17.4 17.7 18.0 18.3 18.6 18.9 19.2 Risk (Standard Deviation %) 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 25.0- Capture Capture I Capture Capture a' 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 11.91 17.28 0.55 100.00 8 100.00 4 Index 15.98 17.89 0.79 100.00 15 100.00 5 Risk and Return 3 Years 12.0 0 E v Risk and Return 5 Years 16.0 E v Page 24 11.9 15.9 1 17.2 17.3 16.5 16.8 17.1 17.4 17.7 18.0 18.3 18.6 18.9 19.2 Risk (Standard Deviation %) Risk (Standard Deviation %) • Investment O Index • Investment O Index 3 Year Rolling Percentile Rank Large Blend 5 Year Rolling Percentile Rank Large Blend 0.0 0.0 ♦♦♦tea i�•��_ !!! ♦♦♦♦��!! �♦♦♦�� !!'`♦♦♦♦ M 25.0♦ ll��...♦♦♦� ,�� 25.0- ♦♦♦♦♦!`!�♦♦♦��♦�. I a' a' 50.0- 50.0- 4 E E > > 75.0- K 75.0- 100.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 5-25 25 -Median Total Period Median -75 75-95 5-25 25 -Median Total Period 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 18 (90%) 2 (10%) 0 (0%) 0 (0%) - Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Page 24 Peer Group Analysis - Large Blend 45.0 40.0 •O •O 35.0 30.0 O 25.0 m 20.0 15.0 10.0 5.0 00 0.0 -5.0 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • Investment 5.88 (42) 36.33 (25) 36.33 (25) N/A N/A N/A N/A • Index 5.89 (41) 36.35 (25) 36.35 (25) 28.77 (23) 11.91 (20) 16.19 (22) 15.98 (17) Median 5.79 34.79 34.79 27.42 10.73 15.30 14.87 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2024 Mar -2024 Dec -2023 Investment 4.28 (19) 10.55 (42) 11.69 (46) Index 4.28 (18) 10.56 (42) 11.69 (46) Median 3.23 10.45 11.64 Page 25 Strategy Review Fidelity 500 Index (FXAIX) I S&P 500 Index As of September 30, 2024 Peer Group Analysis - Large Blend 50.0 40.0- 00 30.0 Q 20.0- 10.0- 0.0- -10.0 0.010.00.0-10.0 0 -20.0 -30.0 -40.0 Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 36.33 (25) N/A N/A N/A N/A N/A • Index 36.35 (25) 21.62 (27) -15.47 (37) 30.00 (43) 15.15 (25) 4.25 (31) Median 34.79 20.42 -16.05 29.69 13.11 3.15 O - 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2023 Jun -2023 Mar -2023 N/A N/A N/A -3.27 (49) 8.74 (22) 7.50 (20) -3.28 8.03 6.52 Strategy Review Vanguard Equity -Income (VEIRX) I Russell 1000 Value Index As of September 30, 2024 Historical Statistics 3 Years 10.5 1 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 Historical Statistics 5 Years 5-25 25 -Median Median -75 75-95 Total Period Count Count Count Standard Sharpe Up Up Down Down 6 (30%) Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture d Capture Capture 50.0 ♦♦ Capture Investment 10.77 15.13 0.53 94.85 7 85.37 5 Investment 11.56 16.40 0.61 93.41 13 87.23 7 Index 9.03 16.41 0.40 100.00 7 100.00 5 Index 10.69 18.28 0.52 100.00 13 100.00 7 Risk and Return 3 Years 11.5 11.0 • 10.5 0 E 10.0 v K 9.5 9.0 8.5 14.6 14.8 15.0 15.2 15.4 15.6 15.8 16.0 16.2 16.4 16.6 16.8 Risk (Standard Deviation %) • Investment O Index 3 Year Rolling Percentile Rank Large Value 0.0 25.0- x! d 50.0- ��r��r ♦♦ ♦♦♦ 'fir � ♦a.--r�rl� K 75.0- 100.0 10.5 1 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 5-25 25 -Median Median -75 75-95 Total Period Count Count Count Count Investment 10 3 (30%) 6 (60%) 1 (10%) 0 (0%) - Index 20 0 (0%) 6 (30%) 14 (70%) 0 (0%) Page 26 Risk and Return 5 Years 11.7 11.4 10.5 1 15.9 16.2 16.5 16.8 17.1 17.4 17.7 18.0 18.3 18.6 18.9 Risk (Standard Deviation %) • Investment O Index 5 Year Rolling Percentile Rank Large Value 0.0 25.0- x! d 50.0 ♦♦ rr` K 75.0- 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 25 -Median Median -75 75-95 Count Count Count Count Investment 2 0 (0%) 2 (100%) 0 (0%) 0 (0%) - Index 20 0 (0%) 6 (30%) 14 (70%) 0 (0%) Peer Group Analysis - Large Value 40.0 36.0 32.0 28.0 0 0 O O 24.0 c 20.0 16.0 12.0 8.0- 4.0- 0.0 .04.00.0 QTR FYTD 1 YR 2 YR 3 YR 4 YR SYR • Investment 8.35 (44) 26.43 (59) 26.43 (59) 19.34 (66) 10.77 (26) 15.46 (53) 11.56 (42) • Index 9.43 (21) 27.76 (43) 27.76 (43) 20.92 (46) 9.03 (62) 15.01 (58) 10.69 (60) Median 8.05 27.06 27.06 20.63 9.66 15.62 11.12 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2024 Mar -2024 Dec -2023 Investment -0.68 (28) 7.81 (70) 8.98 (66) Index -2.17 (68) 8.99 (47) 9.50 (52) Median -1.46 8.82 9.57 Page 27 Strategy Review Vanguard Equity -Income (VEIRX) I Russell 1000 Value Index As of September 30, 2024 Peer Group Analysis - Large Value 70.0 60.0 50.0 40.0 O 30.0 O 00 20.0 i 10.00 O 0.0 -10.0 -20.0 -30.0 Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 26.43 (59) 12.65 (66) -4.58 (7) 30.75 (70) -2.77 (35) N/A • Index 27.76 (43) 14.44 (50) -11.36 (73) 35.01 (48) -5.03 (52) 4.00 (33) Median 27.06 14.42 -9.37 34.69 -4.76 2.47 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2023 Jun -2023 Mar -2023 -1.99 (33) 3.06 (69) -2.10 (92) -3.16 (66) 4.07 (39) 1.01 (32) -2.65 3.65 0.12 Strategy Review MFS Growth Fund (MFEKX) I Russell 1000 Growth Index As of September 30, 2024 Historical Statistics 3 Years Risk and Return 5 Years Historical Statistics 5 Years 13.0 22.0 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 0 E 3 10.0 Capture 0 E � Capture Investment 8.50 20.09 0.34 92.18 8 101.54 4 Investment 15.90 19.44 0.74 91.02 15 99.01 5 Index 12.02 20.56 0.49 100.00 8 100.00 4 Index 19.74 20.41 0.88 100.00 15 100.00 5 Risk and Return 3 Years Risk and Return 5 Years 13.0 22.0 12.0 20.0 11.0 0 E 3 10.0 0 E � 18.0 d d 9.0 O 16.0 • 8.0 7.0 14.0 20.0 20.1 20.2 20.3 20.4 20.5 20.6 20.7 20.8 19.0 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.8 Risk (Standard Deviation %) Risk (Standard Deviation %) • Investment O Index • Investment O Index 3 Year Rolling Percentile Rank Large Growth 5 Year Rolling Percentile Rank Large Growth 0.0 0.0 , 25.0- "--.N � 25.0- ► ♦ ► -►►�� ►ice �I �� d ..► ►► d 50.0- 50.0- E E 75.0- K 75.0- 100.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 5-25 25 -Median Total Period Median -75 75-95 5-25 Total Period 25 -Median Median -75 75-95 Count Count Count Count Count Count Count Count Investment 19 3 (16%) 8 (42%) 7 (37%) 1 (5%) Investment 11 1 (9%) 9 (82%) 1 (9%) 0 (0%) - Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) - Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) Page 28 Peer Group Analysis - Large Growth 60.0 52.0 44.0 36.0 28.0 c m iY 20.0 12.0 4.0 -4.0 -12.0 E 0 O 0 QTR FYTD 1 Y 2 Y 3 Y 4YR 5YR • Investment 1.09 (92) 42.00 (38) 42.00 (38) 33.40 (39) 8.50 (47) 12.09 (57) 15.90 (59) • Index 3.19 (51) 42.19 (37) 42.19 (37) 34.76 (27) 12.02 (7) 15.67 (7) 19.74 (11) Median 3.20 40.20 40.20 32.13 8.24 12.53 16.48 Comparative Performance I 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun -2024 Mar -2024 Dec -2023 Investment 7.10 (32) 16.23 (7) 12.85 (79) Index 8.33 (14) 11.41 (63) 14.16 (44) Median 5.84 12.42 13.98 Page 29 Strategy Review MFS Growth Fund (MFEKX) I Russell 1000 Growth Index As of September 30, 2024 Peer Group Analysis - Large Growth 95.0 80.0 65.0 50.0 00 35.0 • 0 = 20.0 5.0 -10.0 -25.0 -40.0 -55.0 -70.0 - Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 42.00 (38) 25.32 (46) -28.22 (57) 23.59 (76) 32.47 (57) 7.56 (10) • Index 42.19 (37) 27.72 (27) -22.59 (25) 27.32 (40) 37.53 (33) 3.71 (31) Median 40.20 24.71 -27.22 26.46 33.67 1.95 1 - 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2023 Jun -2023 Mar -2023 -2.82 (22) 12.18 (46) 10.75 (67) -3.13 (32) 12.81 (37) 14.37 (33) -3.65 11.92 12.86 Strategy Review Vanguard Extended Mkt Index (VEXAX) I S&P Completion Index As of September 30, 2024 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 1.21 21.54 0.00 100.40 7 99.82 5 Investment 10.76 23.60 0.46 100.26 13 99.86 7 Index 1.04 21.50 0.00 100.00 7 100.00 5 Index 10.62 23.58 0.45 100.00 13 100.00 7 Risk and Return 3 Years 1.3 1.2 E v K 1.1 Risk and Return 5 Years _ 10.8 10.7 E v 10.6 1.0 1 10.5 1 21.4 21.5 21.6 23.5 23.6 Risk (Standard Deviation %) Risk (Standard Deviation %) • Investment O Index • Investment O Index 3 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF) 5 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF) 0.0 0.0 25.0 25.0 a' a' d d 50.0- � 50.0- E > ,+,� Imo• � 75.0- K 75.0- 100.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 5-25 25 -Median Median -75 75-95 5-25 25 -Median Median -75 75-95 Total Period Count Count Count Count Total Period Count Count Count Count Investment 20 7 (35%) 3 (15%) 1 (5%) 9 (45%) Investment 20 8 (40%) 2 (10%) 7 (35%) 3 (15%) - Index 20 7 (35%) 3 (15%) 1 (5%) 9 (45%) - Index 20 7 (35%) 3 (15%) 6 (30%) 4 (20%) Page 30 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) 45.0 40.0 35.0 30.0 OD 00 25.0 m 20.0 00 15.0 10.0 •O 5.0 0.0 -5.0 - QTR FYTD 1 YR 2 YR 3 YR 4 YR SYR • Investment 8.09 (50) 28.56 (33) 28.56 (33) 21.32 (31) 1.21 (96) 10.21 (88) 10.76 (59) • Index 8.07 (50) 28.25 (36) 28.25 (36) 21.06 (35) 1.04 (96) 10.05 (89) 10.62 (63) Median 8.03 26.81 26.81 20.43 6.59 13.86 11.09 Comparative Performance To To I To 1 Qtr 1 Qtr 1 Qtr Sep -2023 Ending Ending Ending • Investment Jun -2024 Mar -2024 Dec -2023 Investment -3.42 (36) 6.97 (84) 15.12 (7) Index -3.44 (37) 6.96 (85) 14.90 (7) Median -3.58 9.33 11.60 Page 31 Strategy Review Vanguard Extended Mkt Index (VEXAX) I S&P Completion Index As of September 30, 2024 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) 65.0 50.0 35.0 20.0 5.0 a� -10.0 -25.0 -40.0 t 00 •O •O = ri -55.0 - Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 28.56 (33) 14.48 (47) -29.55 (98) 42.31 (37) 12.98 (8) -3.80 (73) • Index 28.25 (36) 14.28 (50) -29.62 (99) 42.19 (38) 12.94 (8) -3.96 (75) Median 26.81 14.21 -16.06 39.92 -1.13 -1.83 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2023 Jun -2023 Mar -2023 -3.34 (23) 6.45 (13) 5.85 (16) -3.38 (25) 6.40 (14) 5.80 (16) -4.32 4.74 3.73 Strategy Review American Funds EuroPacific Gr R6 (RERGX) I MSCI AC World ex USA Growth As of September 30, 2024 Historical Statistics 3 Years 100.0 Historical Statistics 5 Years 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 Standard Sharpe Up Up Down Down 25 -Median Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters 4 (20%) 0 (0%) - Index 20 0 (0%) Capture 4 (20%) Capture Capture Capture Investment 0.06 17.65 -0.10 97.16 6 101.32 6 Investment 7.52 18.50 0.36 103.89 11 103.90 9 Index 1.12 17.73 -0.04 100.00 8 100.00 4 Index 7.41 17.23 0.37 100.00 13 100.00 7 Risk and Return 3 Years 1.5 1.2 0.9 E 0.6 v 0.3 0.0 -0.3 17.6 • Investment O Index 3 Year Rolling Percentile Rank Foreign Growth 0.0 17.7 17.8 Risk (Standard Deviation %) 25.0 a' d 50.0 E 75.0 Risk and Return 5 Years 7.6 7.5 E v 7.4 7.3 1 16.8 17.0 17.2 17.4 17.6 17.8 18.0 18.2 18.4 18.6 18.8 19.0 Risk (Standard Deviation %) • Investment O Index 5 Year Rolling Percentile Rank Foreign Growth 0.0 100.0 _ 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 5-25 25 -Median Median -75 75-95 5-25 25 -Median Median -75 75-95 Total Period Count Count Count Count Total Period Count Count Count Count Investment 20 1 (5%) 11 (55%) 8 (40%) 0 (0%) Investment 20 0 (0%) 12 (60%) 8 (40%) 0 (0%) - Index 20 0 (0%) 16 (80%) 4 (20%) 0 (0%) - Index 20 0 (0%) 16 (80%) 4 (20%) 0 (0%) Page 32 Peer Group Analysis - Foreign Growth 44.0 38.0 32.0 26.0 Q Q Q Q 20.0 m 14.0 8.0 2.0 3 -4.0- -10.0 -16.0 - - QTR FYTD 1 YR 2 YR 3 Y 4YR SYR • Investment 5.41 (64) 24.71 (59) 24.71 (59) 22.15 (48) 0.06 (41) 5.74 (35) 7.52 (43) • Index 6.98 (43) 27.12 (38) 27.12 (38) 21.55 (56) 1.12 (36) 4.94 (47) 7.41 (46) Median 6.41 25.68 25.68 21.96 -0.89 4.55 7.17 Comparative Performance 1 Qtr 1 Otr 1 Qtr Ending Ending Ending Jun -2024 Mar -2024 Dec -2023 Investment -0.23 (47) 7.44 (32) 10.37 (77) Index 0.86 (23) 5.97 (49) 11.17 (61) Median -0.30 5.51 11.79 Page 33 Strategy Review American Funds EuroPacific Gr R6 (RERGX) I MSCI AC World ex USA Growth As of September 30, 2024 Peer Group Analysis - Foreign Growth 65.0 50.0- 35.0 0.0-35.0 20.0- 5.0- (D 0.0 -5.0-m -10.0 -25.0 -40.0 ILa i •Q M -55.0 -70.0 Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 24.71 (59) 19.64 (31) -32.85 (44) 24.76 (25) 14.97 (66) 1.14 (38) • Index 27.12 (38) 16.22 (65) -30.00 (28) 17.27 (78) 17.90 (43) 2.43 (26) Median 25.68 18.03 -33.48 20.84 17.31 -0.06 0 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep -2023 Jun -2023 Mar -2023 -6.33 (25) 2.16 (51) 9.87 (42) -7.26 (43) 2.08 (55) 8.69 (60) -7.58 2.19 9.45 Strategy Review Dodge & Cox Income Fund (DODIX) I Blmbg. U.S. Aggregate Index As of September 30, 2024 Historical Statistics 3 Years 25.0 ♦ x 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 '�I, Capture 50.0- Capture ♦� ��♦^^� Capture Capture Investment 0.37 7.56 -0.38 104.80 6 88.60 6 Investment 2.12 6.47 0.00 112.17 12 90.75 8 Index -1.39 7.53 -0.62 100.00 6 100.00 6 Index 0.33 6.21 -0.29 100.00 13 100.00 7 Risk and Return 3 Years 1.0 0.5 0.0 0 E -0.5 v -1.0 -1.5 -2.0 7.5 Risk (Standard Deviation %) • Investment O Index 3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF) 7.6 Risk and Return 5 Years 2.5 2.0 1.5 E 1.0 0.5 0.0 6.1 6.2 6.3 6.4 6.5 Risk (Standard Deviation %) • Investment O Index 5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF) 0.0 6.6 Page 34 25.0 ♦ x 25.0- ♦♦♦a^v/q' 50.0- '�I, 50.0- ♦♦♦ ♦� ��♦^^� ��///♦♦N��., ,�//^ K 75.0- K 75.0- 100.0 100.0 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 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 20 19 (95%) 0 (0%) 1 (5%) 0 (0%) Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) - Index 20 2 (10%) 11 (55%) 7 (35%) 0 (0%) - Index 20 2 (10%) 13 (65%) 5 (25%) 0 (0%) Page 34 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) 17.0 14.0 (5) 13.53 (5) 8.19 (1) 0.37 (2) 0.77 (2) 2.12 (1) • Index 5.20 (38) 11.57 O 5.97 (56) -1.39 (39) O (55) Median 5.13 11.72 11.72 O -1.19 0.39 O 11.0 fto K I iV 1 Qtr 1 Qtr 8.0 0 5.0 2.0 0 -4.0 -7.0 - QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • Investment 5.59 (7) 13.53 (5) 13.53 (5) 8.19 (1) 0.37 (2) 0.77 (2) 2.12 (1) • Index 5.20 (38) 11.57 (60) 11.57 (60) 5.97 (56) -1.39 (39) -1.27 (56) 0.33 (55) Median 5.13 11.72 11.72 6.03 -1.50 -1.19 0.39 Comparative Performance fto K 1 Otr 1 Qtr 1 Qtr Ending Ending Ending Jun -2024 Mar -2024 8.0- Dec -2023 Investment 0.51 (9) -0.32 (21) 7.32 (9) Index 0.07 (78) -0.78 (71) 6.82 (37) Median 0.18 -0.63 6.70 Page 35 Strategy Review Dodge & Cox Income Fund (DODIX) I Blmbg. U.S. Aggregate Index As of September 30, 2024 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) 20.0 16.0 12.0- 2.08.0 8.0- 4.0 4.0 O 0 0.0 0 -4.0 -8.0 -12.0 -16.0 i -20.0 -24.0 - Oct -2023 Oct -2022 Oct -2021 Oct -2020 Oct -2019 Oct -2018 To To To To To To Sep -2024 Sep -2023 Sep -2022 Sep -2021 Sep -2020 Sep -2019 • Investment 13.53 (5) 3.11 (2) -13.63 (12) 1.99 (6) 7.71 (22) 9.13 (76) • Index 11.57 (60) 0.64 (47) -14.60 (31) -0.90 (73) 6.98 (43) 10.30 (21) Median 11.72 0.60 -14.95 -0.23 6.80 9.78 1 Qtr 1 Otr 1 Qtr Ending Ending Ending Sep -2023 Jun -2023 Mar -2023 -2.77 (15) 0.08 (2) 3.13 (48) -3.23 (61) -0.84 (50) 2.96 (66) -3.15 -0.85 3.11 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 36 Comparative Performance Manager Composite Performance Comparison As of September 30, 2024 Comparative Performance 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Equity -Income Adm 26.44 (58) 10.77 (26) 11.56 (41) 10.70 (26) 10.58 (14) 12.47 (8) S&P 500 Index 36.35 (2) 11.91 (11) 15.98 (2) 14.50 (1) 13.38 (1) 14.15 (1) Difference -9.91 -1.14 -4.42 -3.80 -2.80 -1.68 Large Value Median 27.06 9.66 11.12 9.73 9.23 10.87 Fidelity 500 Index 36.33 (25) 11.90 (20) 15.96 (18) 14.48 (12) 13.37 (7) 14.13 (7) S&P 500 Index 36.35 (25) 11.91 (20) 15.98 (17) 14.50 (11) 13.38 (7) 14.15 (7) Difference -0.02 -0.01 -0.02 -0.02 -0.01 -0.02 Large Blend Median 34.79 10.73 14.87 13.15 12.11 13.05 MFS Growth R6 42.00 (38) 8.50 (47) 15.90 (59) 16.45 (26) 15.25 (24) 15.20 (28) Russell 1000 Growth Index 42.19 (37) 12.02 (7) 19.74 (11) 18.20 (8) 16.52 (7) 16.52 (7) Difference -0.19 -3.52 -3.84 -1.75 -1.27 -1.32 Large Growth Median 40.20 8.24 16.48 15.46 14.15 14.47 Vanguard Extended Market Index Admiral 28.56 (33) 1.21 (96) 10.76 (59) 9.29 (57) 9.63 (45) 11.86 (26) S&P Completion Index 28.25 (36) 1.04 (96) 10.62 (63) 9.15 (61) 9.50 (49) 11.74 (33) Difference 0.31 0.17 0.14 0.14 0.13 0.12 Mid -Cap Blend Median 26.81 6.59 11.09 9.48 9.42 11.17 Dodge & Cox International Stock 1 21.17 (66) 8.12 (32) 9.12 (33) 5.20 (44) 4.80 (51) 6.30 (18) MSCI AC World ex USA Value 24.90 (20) 8.25 (30) 8.49 (43) 5.55 (32) 4.93 (46) 5.23 (53) Difference -3.73 -0.13 0.63 -0.35 -0.13 1.07 Foreign Value Median 22.17 6.93 8.15 5.02 4.81 5.35 American Funds Europacific Growth R6 24.71 (20) 0.06 (100) 7.52 (67) 5.71 (29) 6.26 (11) 6.55 (12) MSCI AC World ex USA Growth 27.12 (8) 1.12 (99) 7.41 (71) 6.12 (20) 6.33 (11) 6.59 (11) Difference -2.41 -1.06 0.11 -0.41 -0.07 -0.04 Foreign Value Median 22.17 6.93 8.15 5.02 4.81 5.35 Dodge & Cox Income 1 13.53 (5) 0.37 (2) 2.12 (1) 2.77 (1) 2.91 (1) 3.71 (3) Blmbg. U.S. Aggregate Index 11.57 (60) -1.39 (39) 0.33 (55) 1.47 (48) 1.84 (43) 2.60 (55) Difference 1.96 1.76 1.79 1.30 1.07 1.11 Intermediate Core Bond Median 11.72 -1.50 0.39 1.44 1.78 2.67 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 36 Okeechobee General Employees' Retirement System Fee Analysis As of September 30, 2024 R&D (Cash) 0.43 121,137 521 Total Fund 0.29 6,402,586 18,658 Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 37 Estimated Market Value Estimated Annual Fee M($) Annual Fee Fee Schedule (%) Vanguard Equity -Income (VEIRX) 0.19 584,686 1,111 0.19 % of Assets Fidelity 500 Index (FXAIX) 0.02 1,220,798 183 0.02 % of Assets MFS Growth Fund (MFEKX) 0.50 630,050 3,150 0.50 % of Assets Vanguard Extended Mkt Index (VEXAX) 0.06 853,636 512 0.06 % of Assets Total Domestic Equity Composite 0.15 3,289,171 4,956 Dodge & Cox International Stock (DODFX) 0.62 338,368 2,098 0.62 % of Assets American Funds EuroPacific Gr R6 (RERGX) 0.47 336,304 1,581 0.47 % of Assets Total International Equity Composite 0.55 674,672 3,679 Dodge & Cox Income Fund (DODIX) 0.41 2,317,607 9,502 0.41 % of Assets Total Fixed Income Composite 0.41 2,317,607 9,502 R&D (Cash) 0.43 121,137 521 Total Fund 0.29 6,402,586 18,658 Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 37 Total Fund Policy Allocation Mandate Weight (%) Jan -2003 S&P 500 Index 60.00 Bloomberg Intermediate US Govt/Credit Idx 40.00 Benchmark History Investment Policy Benchmarks As of September 30,2024 Total Equity Policy Allocation Mandate Weight (%) Jan -2003 S&P 500 Index 100.00 Total Fixed Income Policy Total Domestic Equity Policy Allocation Mandate Weight (%) Allocation Mandate Weight (%) Jan -2003 Jan -1979 Bloomberg Intermediate US Govt/Credit Idx 100.00 Russell 3000 Index 100.00 Apr -2011 Blmbg. U.S. Aggregate Index 100.00 Feb -2014 Blmbg. U.S. Aggregate Index 100.00 Total International Equity Policy Allocation Mandate Weight (%) Jan -1988 MSCI AC World ex USA 100.00 Page 38 Apr -2011 Apr -2011 S&P 500 Index 75.00 S&P 500 Index 50.00 MSCI AC World ex USA 25.00 MSCI AC World ex USA 10.00 Blmbg. U.S. Aggregate Index 40.00 Feb -2014 Russell 3000 Index 83.00 Feb -2014 MSCI AC World ex USA 17.00 Russell 3000 Index 50.00 MSCI AC World ex USA 10.00 Blmbg. U.S. Aggregate Index 40.00 Total Fixed Income Policy Total Domestic Equity Policy Allocation Mandate Weight (%) Allocation Mandate Weight (%) Jan -2003 Jan -1979 Bloomberg Intermediate US Govt/Credit Idx 100.00 Russell 3000 Index 100.00 Apr -2011 Blmbg. U.S. Aggregate Index 100.00 Feb -2014 Blmbg. U.S. Aggregate Index 100.00 Total International Equity Policy Allocation Mandate Weight (%) Jan -1988 MSCI AC World ex USA 100.00 Page 38 Total Fund Compliance: 1. The Total Plan return equaled or exceeded the actuarial earning assumption of 6.75% over the trailing three year period. 2. The Total Plan return equaled or exceeded the actuarial earning assumption of 6.75% 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: 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: 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: 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 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. Manager Compliance: 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 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. *3 or 5 yr data not available as of report date **Index fund Page 39 Compliance Sheet Total Plan As of September 30, 2024 Yes No N/A Yes No N/A Yes No N/A Van. Equity* Fid. 500** MFS Growth Van. Extended. Yes No N/A Yes No N/A Yes No N/A Yes No N/A ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Am. EuroPa Dodge & Cox Inc Yes No N/A Yes No N/A Yes No N/A Yes No N/A ✓ ✓ 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. Page 40 Disclosures Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional 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. Mariner Institutional uses the results from this evaluation to make observations and recommendations to the client. Mariner Institutional 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. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional 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 index databases, public economic sources, and the managers themselves. This document may contain data provided by Bloomberg. 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 disseminated 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. *IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD These ratings are not indicative of Mariner Institutional's future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if they invest with Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner Institutional did not pay a fee to participate in this award survey. Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting — Midsize Consultants — Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends. Page 41 MARINER Access to a wealth of knowledge and solutions.