SUMMARY OF RELEVANT FACTS City of Ormond Beach General

Distribution of Assets: Other Important Facts:

Equity Total Portfolio $54,430,930

Large Cap Value $12,288,820 Total Gain or (Loss) - Gross $3,301,164

Large Cap Growth $12,908,343 Total Gain or (Loss) - Net $3,243,067

Small/Mid Cap Value $3,344,923 Total Fees ($58,097)

Small/Mid Cap Growth $3,321,427

International Value $3,407,682 HGK (Large Cap Value) FIERA (Formerly APEX) (Small/Mid Cap Growth)

International Growth $3,125,973 Total Assets 100.00% $12,288,820 Total Assets 100.00% $3,321,427

Total Equity $38,397,168 Equity 96.98% $11,917,099 Equity 94.86% $3,150,651

Fixed Income $15,971,314 Cash 3.02% $371,720 Cash 5.14% $170,776

Cash (R&D Account) $62,448 Fees ($10,754) Fees ($4,467)

Total Portfolio $54,430,930 Gain or (Loss) $984,906 Gain or (Loss) $348,014

Distribution by Percentages: Policy Current SAWGRASS (Large Cap Growth) DELAWARE (International Value)

Equity Total Assets 100.00% $6,449,380 Total Assets 100.00% $3,407,682

Large Cap Value 22.50% 22.58% Equity 98.71% $6,365,962 Equity 98.58% $3,359,129

Large Cap Growth 22.50% 23.72% Cash 1.29% $83,418 Cash 1.42% $48,554

Small/Mid Cap Value 5.00% 6.15% Fees ($8,279) Fees ($5,856)

Small/Mid Cap Growth 5.00% 6.10% Gain or (Loss) $513,634 Gain or (Loss) $285,948

International Value 5.00% 6.26%

International Growth 5.00% 5.74% POLEN (Large Cap Growth) RENAISSANCE (International Growth)

Total Equity 65.00% 70.54% Total Assets 100.00% $6,458,963 Total Assets 100.00% $3,125,973

Fixed Income 35.00% 29.34% Equity 98.19% $6,342,351 Equity 97.52% $3,048,532

Cash (R&D Account) 0.00% 0.11% Cash 1.81% $116,612 Cash 2.48% $77,441

Total 100.00% 100.00% Fees ($9,007) Fees ($4,749)

Gain or (Loss) $629,151 Gain or (Loss) $232,391

RECEIPTS & DISBURSEMENT CAMBIAR (Small/Mid Cap Value) GARCIA HAMILTON (Fixed Income)

Total Assets (Cash) $62,448 Total Assets 100.00% $3,344,923 Total Assets 100.00% $15,971,314

Gain or (Loss) $903 Equity 92.21% $3,084,229 Fixed Income 95.16% $15,198,172

Cash 7.79% $260,694 Cash 4.84% $773,142

Fees ($5,028) Fees ($9,957)

Gain or (Loss) $255,478 Gain or (Loss) $50,740

SUMMARY OF RELEVANT FACTS

City of Ormond Beach General Employees' Pension Plan

As of December 31, 2019

Page 1

BREAKDOWN OF RETURNS

City of Ormond Beach General Employees' Pension Plan


Actuarial Rate of Return = 6.75%

EQUITY Your Returns Your Returns

HGK (Gross-of-Fees) (Net-of-Fees) Russ 1000 Value PSN Money Mgrs. S&P 500

Quarter 8.71 8.61 7.41 7.16 9.071 Year 26.18 25.71 26.54 27.00 31.493 Year 9.55 9.14 9.68 11.04 15.275 Year 6.67 6.27 8.29 9.39 11.70

Since 4/30/2009 12.21 11.80 13.78 NA 15.44 Sawgrass Russ 1000 Growth PSN Money Mgrs. S&P 500

Quarter 8.50 8.36 10.62 8.54 9.071 Year 31.15 30.47 36.39 32.99 31.49 3 Year 18.64 18.01 20.49 17.63 15.275 Year 12.69 12.09 14.63 12.34 11.70

Since 4/30/2012 14.66 14.02 15.44 NA 13.90Saw/Ren - Since 7/31/2007 9.23 8.64 11.01 NA 8.93

Polen Russ 1000 Growth PSN Money Mgrs. S&P 500


Since 4/30/2012 16.89 16.22 15.44 NA 13.90 Cambiar Russ 2500 Value PSN Money Mgrs.

Quarter 8.26 8.09 7.07 7.261 Year 32.08 31.26 23.57 26.07 3 Year 13.46 12.74 6.12 8.37

Since 6/30/2016 16.79 16.09 9.81 10.61Cambiar/ GW Capital - 5 Year 10.06 9.35 7.18 8.19

Cambiar/ GW Capital - Since 10/31/2008 14.69 13.91 11.90 NA Fiera (Formerly APEX) Russ 2500 Growth PSN Money Mgrs.

Quarter 11.69 11.54 10.57 8.57 1 Year 32.58 31.82 32.65 30.723 Year 15.69 15.01 15.17 15.76

Since 1/31/2015 10.35 9.72 11.39 NAFiera/ETF/Perimeter- 5 Year 9.80 9.18 10.84 11.21

Fiera/ETF/Perimeter- Since 4/30/2009 14.45 13.74 15.99 NA Delaware MSCI EAFE (Net) MSCI EAFE Val

Quarter 9.15 8.96 8.17 7.821 Year 20.34 19.45 22.01 16.093 Year 9.06 8.27 9.56 6.315 Year 5.92 5.15 5.67 3.54

Since 7/31/2005 5.55 4.76 4.91 3.76Page 2

Renaissance MSCI AC Wd x US MSCI EAFE Grth

Quarter 8.03 7.85 8.92 8.451 Year 19.85 19.09 21.51 27.893 Year 7.29 6.62 9.87 12.845 Year 4.23 3.57 5.51 7.71

Since 4/30/2009 8.69 8.02 7.96 9.61FIXED INCOME

Garcia Hamilton BC Int. Govt/Credit BC Int. Aggregate 90-Day T-Bill


Since 9/30/2003 4.67 4.40 3.50 3.72 1.31TOTAL RETURN

Time-Weighted Return Policy Index

Quarter 6.44 6.32 5.88 1 Year 21.52 20.99 21.31 3 Year 10.67 10.19 10.05 5 Year 7.69 7.21 7.69

Since 3/31/2001 6.78 6.29 6.58 TOTAL RETURN

Dollar-Weighted Net Actuarial Rate CPI +4

Quarter 6.32 1.65 1.591 Year 21.06 6.75 6.173 Year 10.17 6.75 6.025 Year 7.11 6.75 5.83

Since 3/31/2001 6.12 6.75 6.10Policy Index = 30% Russell 1000 Value + 30% Russell 1000 Growth + 20% BC Aggregate + 20% BC Intermediate Gov't/Credit Bonds for periods prior to June 30, 2005;

27.5% Russell 1000 Value + 27.5% Russell 1000 Growth + 10% MSCI EAFE (Net) + 17.5% BC Aggregate + 17.5% BC Intermediate Gov't/Credit Bonds for

periods from June 30, 2005 to October 31, 2008; 25% Russell 1000 Value + 25% Russell 1000 Growth + 5% Russell 2500 Value + 10% MSCI EAFE (Net)

+ 17.5% BC Aggregate + 17.5 BC Intermediate Gov't/Credit Bonds for periods October 31, 2008 to April 30, 2009; & 22.5% Russell 1000 Value + 22.5%

Russell 1000 Growth + 5% Russell 2500 Value + 5% Russell 2500 Growth + 5% MSCI EAFE (Net) + 5% MSCI AC World ex US + 35% BC Intermediate

Gov't/Credit Bonds for periods since April 30, 2009

Page 3

Risk/Return Analysis - Since Inception

Zephyr StyleADVISORZephyr StyleADVISOR: MSSB - Tampa, FL

Manager PerformanceApril 2001 - December 2019 (Single Computation)

50

100

150

200

250

300

350

Ormond Beach General - Total FundOrmond Beach General - Policy Index

0%

5%

10%

15%

Q1 2001 Q4 2003 Q4 2005 Q4 2007 Q4 2009 Q4 2011 Q4 2013 Q4 2015 Q4 2017 Q4 2019

Cumulative Excess Returnvs. Market Benchmark

Risk / ReturnApril 2001 - December 2019 (Single Computation)

Retu

rn

0%

1%

2%

3%

4%

5%

6%

7%

Standard Deviation

0% 2% 4% 6% 8% 10%

Ormond Beach General - Total Fund

Market Benchmark:Ormond Beach General - Policy Index

Cash Equivalent:Citigroup 3-month T-bill

Return & Risk AnalysisApril 2001 - December 2019: Summary Statistics


Ormond Beach General - Policy Index

ReturnExcess Return

vs. Market

StandardDeviation

Betavs.

Market

MaximumDrawdown

UpCapture

vs.Market

DownCapture

vs.Market

Alphavs.

Market

SharpeRatio

R-Squaredvs.

Market

6.77% 0.19% 9.94% 0.96 -28.93% 99.17% 95.46% 0.41% 0.54 97.59%

6.58% 0.00% 10.20% 1.00 -31.33% 100.00% 100.00% 0.00% 0.51 100.00%

Page 4

GUIDELINES In Compliance

Equity Portfolio

Listed on recognized exchange Yes

Single issue not to exceed 10% at market value for Yes

each equity separately managed portfolio

Each equity portfolio < 70% & > 60% of total fund at No (70.54%)

market value

Fixed Income Portfolio

U.S. Government / Agency or U.S. Corporations Yes

Fixed Income Portfolio < 40% & > 30% No (29.34%)

Corporate Bonds rated "A" or better Yes*

CMOs < 15% of fixed Income portfolio at market Yes

Single corporate issuer not exceed 5% of bond portfolio Yes

Single corporate issuer not exceed 5% of total fund Yes

* A couple of securities contain "A" or better rating by another major rating service

City of Ormond Beach General Employees' Pension PlanCompliance Checklist

as of December 31, 2019

Page 5

OBJECTIVES Met

Total Portfolio

Exceed Target Index - Since 3/31/2001 Yes

Exceed actuarial assumption (6.75%) - Since 3/31/2001 No

HGK

Equities > Russell 1000 Value - Since 4/30/2009 No

Rank in the Top 50% - Since 4/30/2009 No

Sawgrass

Equities > Russell 1000 Growth - Since 4/30/2012 No


Polen

Equities > Russell 1000 Growth - Since 4/30/2012 Yes

Rank in the Top 50% - Since 4/30/2012 Yes

Cambiar

Equities > Russell 2500 Value - Since 6/30/2016 Yes

Rank in the Top 50% - Since 6/30/2016 Yes

Fiera (Formerly APEX)

Equities > Russell 2500 Growth - Since 1/31/2015 No


Delaware

Equities > MSCI EAFE (Net) - Since 7/31/2005 Yes

Renaissance

Equities > MSCI AC World ex US - Since 4/30/2009 Yes

Garcia Hamilton & Associates

Bonds > BC Intermediate Gov't/Credit - Since 3/31/2001 Yes


City of Ormond Beach General Employees' Pension PlanReturns Review

Page 6

City of Ormond Beach

General Employees’ Pension Plan

QUARTERLY PERFORMANCE

EVALUATION

Prepared for:

Scott Owens, CFA®, CIMA®

Sr. Vice President

Institutional Consulting Director100 North Tampa Street, Suite 3000

Tampa, FL 33602

800-282-0655, ext. 2061 / 813-227-2061

Graystone Consulting Tampa

Andrew McIlvaine

Institutional Consultant


Table of Contents

Performance Evaluation

Capital Markets Overview Tab 1

Performance Reports Tab 2

Total Fund Reports

HGK – Large Cap Value Equity Reports

Sawgrass – Large Cap Growth Equity Reports

Polen – Large Cap Growth Equity Reports

Cambiar – Small/Mid Cap Value Equity Reports

Fiera Capital (Formerly Apex) – Small/Mid Cap Growth Equity Reports

Delaware – International Value Equity Reports

Renaissance – International Growth Equity Reports

Garcia Hamilton– Fixed Income Reports

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Market Performance section.

WEALTH MANAGEMENT INVESTMENT RESOURCES | CHARTBOOK | MARKET PERFORMANCE

Capital Markets Overview: 4Q 2019 Introduction

Quarterly Update as of December 31, 2019 and Forecasts as of November 29, 2019

Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Morgan Stanley Wealth Management GIC

• The S&P 500 capped off an historic year for returns in the fourth quarter with its strongest finish since 2013. Equities were up 9.07% on the

quarter and gained 32.6% in 2019. International markets underperformed the US slightly, though still performed nicely. MS & Co.’s CIO and

Chief US Equity Strategist, Mike Wilson, has raised his price target to 3,000 for the S&P 500 into 2020 and expects range-bound trading over the

next year, as unrealistic expectations for corporate earnings and already stretched valuations may pressure equity returns.

• US equities rose in the fourth quarter, as the S&P 500 gained 9.07% and 10 of 11 sectors finished in the black. Tech led, gaining 14.40%. Other

outperformers included Health Care and Financials, which were up 14.37% and 10.44%, respectively. Real Estate was the only money loser,

falling 0.54%. Utilities trailed as well, up only 0.80%. Other major US indices were positive on the quarter; the Dow Jones added 6.67% and the

NASDAQ gained 12.49%.

• International underperformed slightly in the fourth quarter, as the US continued its market leadership. International markets rose on positive

trade news and incremental improvement in European economic data. The MSCI EAFE Index (a benchmark for international developed

markets) added 8.21% for US-currency investors.

• The bond market was flat in the fourth quarter as the Fed meeting expectations and improving sentiment surrounding global growth kept bond

yields steady to slightly higher across the curve. The Bloomberg Barclays US Aggregate Bond Index, a general measure of the bond market,

rose 0.18%.

• Morgan Stanley & Co. economists expect US real GDP will be 1.7% in Q4 2019 amid an environment of 2.9% global GDP growth; they expect

that pace to accelerate in the US and globally for 2020 to 1.8% and 3.2%, respectively.

• Commodities were up in the fourth quarter; the Bloomberg Commodity Index gained 4.0%.



Capital Markets Overview: 4Q 2019

Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Federal Reserve Bank of St. Louis, Morgan Stanley Wealth Management GIC

The Bureau of Economic Analysis estimated that real Gross Domestic Product increased at an annualized rate of 2.1% in 3Q19, in comparison to a

2.0% increase in 2Q19. Morgan Stanley & Co. economists forecast US Real GDP growth will be 1.7% in Q4 2019 and 1.8% in 2020.

The seasonally adjusted unemployment rate for November 2019 was 3.5%, the cycle low. The number of unemployed was 5.8 million in November,

down from 6.0 million in August. The number of long-term unemployed (those jobless for 27 weeks or more) was 1.2 million, unchanged from

August 2019’s 1.2. These individuals accounted for 21.1% of the unemployed vs. 20.6% at the end of August 2019.

According to the most recent data from the Federal Reserve Bank of St. Louis, corporate profits rose 0.6% quarter over quarter and fell 0.3% year

over year as of Q3 2019.

Inflation was accelerated slightly in the US, according to the Bureau of Labor Statistics. The year-over-year Consumer Price Index was 2.1% in

November, up from 1.8% in October. Morgan Stanley & Co. economists forecast a 2.0% annual inflation rate for Q4 2019 and 2.4% for 2020.

The Census Bureau reported that the number of new private-sector housing starts in November was at a seasonally adjusted annual rate of

1,365,000—13.6% above housing starts in November of last year.

The Census Bureau also reported that seasonally adjusted retail and food services sales increased at 3.3% year over year in November. Consumer

confidence was steady in 4Q19, with Conference Board Consumer Confidence reading 126.5 in December, compared to 126.3 in September, though

confidence is still below July’s peak of 135.8.

In November, the Institute for Supply Management’s (ISM) Purchasing Managers Index (PMI), a manufacturing sector index, remains in contraction

at 48.1, though is up from September’s reading of 47.8, which had been the lowest since 2016. Generally speaking, a PMI or NMI (ISM Non-

Manufacturing Index) over 50 indicates that the sector is expanding, and a PMI below 50 but over 43 indicates that the sector is shrinking but the

overall economy is expanding. August’s reading was the first PMI below 50 since August 2016. Overall, PMI has been above 43 for 126 consecutive

months, indicating overall economic recovery and expansion since May 2009.

The ISM’s Non-Manufacturing Index (NMI) for November was 53.9—down from October’s 54.7. The index has now been above 50 for 118

consecutive months, indicating non-manufacturing expansion since February 2010.

The US Economy

Quarterly Update as of December 31, 2019 and Forecasts as of November 29, 2019




Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC

INDEX IN USD Quarter 12 Months5-Years

(Annualized)

7-Years

(Annualized

S&P 500 9.07% 31.49% 11.69% 14.72%

Dow Jones 6.67% 25.34% 12.58% 14.50%

Russell 2000 9.94% 25.52% 8.22% 11.64%

Russell Midcap 7.06% 30.54% 9.33% 13.20%

Russell 1000 9.04% 31.43% 11.48% 14.59%

Key US Stock Market Index Returns (%) for the Period Ending 12/31/2019

US Equity Markets

As of 4Q 2019

The Dow Jones Industrial Average gained 6.67% in the fourth quarter, while the NASDAQ Composite Index was up 12.49%. The S&P 500 Index

added 9.07% over the same period.

10 of 11 sectors rose on a total return basis in 4Q19. Tech led, gaining 14.40%. Other outperformers included Health Care and Financials, which were

up 14.37% and 10.44%, respectively. Real Estate was the only money loser, falling 0.54%. Utilities trailed as well, up only 0.80%.

The Russell 1000, a large-cap index, gained 9.04% for the quarter, as large-cap growth (10.62% ) outperformed large-cap value (7.39%).

The Russell Midcap gained 7.06% on the quarter, with mid-cap growth (8.17%) outperforming mid-cap value (6.33%).

The Russell 2000, a small-cap index, added 9.94% for the quarter, with small-cap growth (11.38%) outperforming small-cap value (8.47%).



S&P 500 Sectors

Source: Bloomberg

YTD 2019 Total Return As of December 31, 2019

50.3%

32.7%

32.1%

29.3%

29.0%

27.9%

27.6%

26.4%

24.6%

20.8%

11.8%

0% 10% 20% 30% 40% 50% 60%

Technology

Communication Services

Financials

Industrials

Real Estate

Discretionary

Staples

Utilities

Materials

Health Care

Energy




Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC


(Annualized)

7-Years

(Annualized)

MSCI EAFE 8.21% 22.66% 6.18% 6.84%

MSCI EAFE Growth 8.48% 28.43% 8.13% 8.26%

MSCI EAFE Value 7.87% 16.83% 4.15% 5.34%

MSCI Europe 8.89% 24.59% 5.69% 6.62%

MSCI Japan 7.51% 20.59% 7.95% 8.73%

S&P 500 9.07% 31.49% 11.69% 14.72%

MSCI Emerging Markets 11.93% 18.88% 6.00% 3.64%

Key Global Stock Market Index Returns (%) for the Period Ending 12/31/2019

International underperformed slightly in the fourth quarter, as the US continued its market leadership. International markets rose on positive trade

news and incremental improvement in European economic data. The MSCI EAFE Index (a benchmark for international developed markets) added

8.21% for US-currency investors.

In the fourth quarter, the MSCI Emerging Markets Index rose 11.93% for US-currency investors as a weakening US dollar provided a tailwind to

improving sentiment surrounding global growth and trade. The MSCI Europe Index gained 8.89% for US-currency investors, while the MSCI Japan

added 7.51%.

The S&P 500 Index gained 9.07% for the quarter.

Emerging economy equity market indices were up in the fourth quarter. The MSCI BRIC (Brazil, Russia, India and China) Index rose 13.18% in US

dollar terms, while the MSCI EM Asia Index gained 12.33%.

Global Equity Markets

As of 4Q 2019





(Annualized)

7-Years

(Annualized)

Bloomberg Barclays Capital US Aggregate 0.18% 8.72% 3.06% 2.72%

Bloomberg Barclays Capital High Yield 2.61% 14.32% 6.13% 5.78%

Bloomberg Barclays Capital Government/Credit -0.03% 9.70% 3.24% 2.80%

Bloomberg Barclays Capital Government -0.79% 6.86% 2.37% 1.99%

Bloomberg Barclays Capital Intermediate Govt/Credit 0.37% 6.82% 2.59% 2.16%

Bloomberg Barclays Capital Long Govt/Credit -1.12% 19.59% 5.43% 5.09%

Bloomberg Barclays Capital Mortgage Backed Securities 0.71% 6.35% 2.60% 2.48%

Bloomberg Barclays Capital Muni 0.74% 7.54% 3.54% 3.40%

Key US Bond Market Index Returns (%) for the Period Ending 12/31/2019

The bond market was flat in the fourth quarter as the Fed meeting expectations and improving sentiment surrounding global growth kept bond

yields steady to slightly higher across the curve. The Bloomberg Barclays US Aggregate Bond Index, a general measure of the bond market, rose

0.18%.

Interest rates rose during the fourth quarter, as the yield on the 10-year US Treasury note rose to a quarter-end 1.91% from 1.66% at the end of

September. The shortest end of the curve fell as the Fed cut their Fed funds target rate, with the yield on 3-month Treasury bills falling to 1.54%

from 1.81%, re-steepening the yield curve as measured by the 10-year and the 3-month tenors.

Riskier parts of the bond market such as US high yield debt rose in the fourth quarter, buoyed by the market’s risk-on sentiment. The Bloomberg

Barclays Capital High Yield Index, a measure of lower-rated corporate bonds, gained 2.61%.

Mortgage-backed continued to show modest gains in the fourth quarter. The Bloomberg Barclays Capital Mortgage-Backed Securities Index rose

0.71%. Municipal bonds were also up; the Bloomberg Barclays Capital Muni Index saw gains of 0.74%.

The US Bond Market

As of 4Q 2019

Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Morgan Stanley Wealth Management GIC

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6%/$+,+(+#0 .17,6# 2,+",/ +"# -#./,/; %* +"# =(/,6,'.& :17,$%) \(&#8 !",$ -.+#),.&0 %) ./3 '%)+,%/ +"#)#%*0 -.3 /%+ 4# )#'),/+#10 $%&1 %) )#1,$+),4(+#1 2,+"%(+ +"# 2),++#/ 6%/$#/+ %* =%);./ >+./&#3

>-,+" C.)/#3 EEF8

s jdjd =%);./ >+./&#3 >-,+" C.)/#3 EEF8 =#-4#) >9LF8

!"#$%"&'("

Allocation

MarketValue

($)%

Performance(%)

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Ormond Beach General 54,430,930 100.00 6.44 6.44 21.52 10.67 7.69 9.65 9.23 6.78 04/01/2001

Ormond Beach Policy Index 5.88 5.88 21.31 10.05 7.69 9.21 9.12 6.58

Domestic Equity

HGK - Large Cap Value 12,288,820 22.58 8.71 8.71 26.18 9.55 6.67 10.86 10.54 12.21 05/01/2009

Russell 1000 VL 7.41 7.41 26.54 9.68 8.29 12.20 11.80 13.76

Sawgrass - Large Cap Growth 6,449,380 11.85 8.50 8.50 31.15 18.64 12.69 15.92 N/A 14.66 05/01/2012

Russell 1000 Gr 10.62 10.62 36.39 20.49 14.63 16.92 N/A 15.42

Polen - Large Cap Growth 6,458,963 11.87 10.64 10.64 39.20 24.88 18.10 18.84 N/A 16.89 05/01/2012

Russell 1000 Gr 10.62 10.62 36.39 20.49 14.63 16.92 N/A 15.42

Cambiar - Small/Mid Cap Value 3,344,923 6.15 8.26 8.26 32.08 13.46 N/A N/A N/A 16.79 07/01/2016

Russell 2500 VL 7.07 7.07 23.57 6.12 N/A N/A N/A 9.80

Fiera - Small/Mid Cap Growth 3,321,427 6.10 11.69 11.69 32.58 15.69 N/A N/A N/A 10.35 02/01/2015

Russell 2500 GR 10.57 10.57 32.65 15.17 N/A N/A N/A 11.38

International Equity

Delaware - International Value 3,407,682 6.26 9.15 9.15 20.34 9.06 5.92 7.35 5.97 5.55 08/01/2005

MSCI EAFE Net 8.17 8.17 22.01 9.56 5.67 6.35 5.50 4.90

Renaissance - International Growth 3,125,973 5.74 8.03 8.03 19.85 7.29 4.23 6.66 5.62 8.69 05/01/2009

MSCI AC World ex US Net 8.92 8.92 21.51 9.87 5.51 5.44 4.97 7.95

Fixed Income

Garcia Hamilton - Fixed Income 15,971,314 29.34 0.32 0.32 6.04 3.10 2.76 2.80 3.98 4.67 10/01/2003

BC Gov/Cr Intm 0.37 0.37 6.80 3.24 2.57 2.15 3.05 3.50

City of Ormond BeachAsset Allocation & Time Weighted Performance


The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not aguarantee of future results.

Page 1

%CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Ormond Beach General 100.00 6.32 6.32 21.06 10.17 7.11 9.14 8.71 6.12 03/31/2001

Domestic Equity

HGK - Large Cap Value 22.58 8.61 8.61 25.69 9.16 6.15 10.86 10.36 12.32 04/30/2009

Sawgrass - Large Cap Growth 11.85 8.36 8.36 30.57 18.20 11.65 15.59 N/A 14.03 04/30/2012

Polen - Large Cap Growth 11.87 10.49 10.49 39.52 24.80 16.68 17.75 N/A 15.62 04/30/2012

Cambiar - Small/Mid Cap Value 6.15 8.09 8.09 31.28 12.70 N/A N/A N/A 16.09 06/30/2016

Fiera - Small/Mid Cap Growth 6.10 11.54 11.54 31.82 15.24 N/A N/A N/A 9.71 01/31/2015

International Equity

Delaware - International Value 6.26 8.96 8.96 19.44 6.69 4.58 5.96 4.86 4.11 07/31/2005

Renaissance - International Growth 5.74 7.85 7.85 19.09 4.06 2.36 4.78 4.17 7.31 04/30/2009

Fixed Income

Garcia Hamilton - Fixed Income 29.34 0.26 0.26 5.77 3.05 2.64 2.65 3.67 4.27 09/30/2003

City of Ormond BeachAsset Allocation & Net Dollar Weighted Performance (IRR)



Page 2

Manager Performance Chart Manager Risk & Return

Historic Asset Growth

Manager Annualized Performance

0.0

8.0

16.0

24.0

32.0

Re

turn

Current

Quarter

2019 1

Year

3

Years

5

Years

7

Years

10

Years

Since

Inception

Ormond Beach General Ormond Beach Policy Index

90-Day T-Bills

-1.5

0.0

1.5

3.0

4.5

6.0

7.5

9.0

Re

turn

(%)

-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

Risk (Standard Deviation %)

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception04/01/2001

Ormond Beach General 6.44 6.44 21.52 10.67 7.69 9.65 9.23 6.78

Ormond Beach Policy Index 5.88 5.88 21.31 10.05 7.69 9.21 9.12 6.58

Differences 0.56 0.56 0.21 0.62 0.00 0.44 0.11 0.20

CurrentQuarter

YTD1

Year3

Years5

Years7

Years10

YearsInception

04/01/2001

Ormond Beach General

Beginning Market Value 51,496 46,465 46,465 43,773 42,493 32,439 27,638 21,941

Net Contributions -308 -1,644 -1,644 -3,605 -4,758 -4,627 -6,500 -8,318

Fees/Expenses -58 -225 -225 -644 -1,011 -1,364 -1,757 -2,772

Income 620 1,471 1,471 3,423 5,429 7,371 10,090 16,968

Gain/Loss 2,681 8,364 8,364 11,484 12,278 20,612 24,960 26,612

Ending Market Value 54,431 54,431 54,431 54,431 54,431 54,431 54,431 54,431


Total Fund - Executive Summary



Page 3

��

Zephyr StyleADVISORZephyr StyleADVISOR: MSSB - Tampa, FL

Manager PerformanceApril 2001 - December 2019 (Single Computation)

50

100

150

200

250

300

350

Ormond Beach General - Total FundOrmond Beach General - Policy Index

0%

5%

10%

15%

Q1 2001 Q4 2003 Q4 2005 Q4 2007 Q4 2009 Q4 2011 Q4 2013 Q4 2015 Q4 2017 Q4 2019

Cumulative Excess Returnvs. Market Benchmark

Risk / ReturnApril 2001 - December 2019 (Single Computation)

Retu

rn

0%

1%

2%

3%

4%

5%

6%

7%

Standard Deviation

0% 2% 4% 6% 8% 10%


Market Benchmark:Ormond Beach General - Policy Index

Cash Equivalent:Citigroup 3-month T-bill

Return & Risk AnalysisApril 2001 - December 2019: Summary Statistics


Ormond Beach General - Policy Index

ReturnExcess Return

vs. Market

StandardDeviation

Betavs.

Market

MaximumDrawdown

UpCapture

vs.Market

DownCapture

vs.Market

Alphavs.

Market

SharpeRatio

R-Squaredvs.

Market

6.77% 0.19% 9.94% 0.96 -28.93% 99.17% 95.46% 0.41% 0.54 97.59%

6.58% 0.00% 10.20% 1.00 -31.33% 100.00% 100.00% 0.00% 0.51 100.00%

Page 4

Historic Change in Assets

Distribution of Returns

Quarterly Change in Assets

Ormond Beach General Ormond Beach Policy Index Net Cash Flow

($20.0)

$0.0

$20.0

$40.0

$60.0

$80.0

Ma

rke

t

Valu

e In

Milli

on

s

3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 12/19

$10.9

$52.2

$54.4

Market ValueAs of

10/01/2019

NetTransfers

Contributions Distributions Fees Expenses IncomeReturn OnInvestment

Market ValueAs of

12/31/2019

Ormond Beach General 51,495.97 - 1,757.71 -2,065.82 -58.10 - 619.98 3,301.16 54,430.93

0

25

50

75

100

Fre

qu

en

cy

< -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5

Returns (%)

2 4 4

1318

26

56 56

33

10

2 1



Total Fund - Change in Assets & Distribution of Returns


Page 5


Modern Portfolio Statistics



0.0

10.0

20.0

30.0

40.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

5

Years

7

Years

10

Years

Since

Inception

HGK - Large Cap Value Russell 1000 VL

90-Day T-Bills

-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)

-6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0


CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception05/01/2009

HGK - Large Cap Value 8.71 8.71 26.18 9.55 6.67 10.86 10.54 12.21

Russell 1000 VL 7.41 7.41 26.54 9.68 8.29 12.20 11.80 13.78

Differences 1.30 1.30 -0.36 -0.13 -1.62 -1.34 -1.26 -1.57

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception05/01/2009

HGK - Large Cap Value


Net Contributions -1 -1 -53 -1,126 -1,172 -2,227 -2,911 -2,882

Fees/Expenses -11 -11 -41 -124 -195 -266 -343 -353

Income 81 81 307 854 1,355 1,826 2,364 2,462

Gain/Loss 904 904 2,254 2,208 2,200 5,370 6,784 7,981


ReturnStandardDeviation

BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

HGK - Large Cap Value 12.21 14.00 1.06 -18.91 101.65 114.25 -2.11 0.86 0.95 05/01/2009

Russell 1000 VL 13.78 12.79 1.00 -18.79 100.00 100.00 0.00 1.04 1.00 05/01/2009

90-Day T-Bills 0.53 0.22 0.00 0.00 1.53 -1.22 0.54 N/A 0.00 05/01/2009


HGK - Large Cap Value - Executive Summary



Page 6




HGK - Large Cap Value Russell 1000 VL Net Cash Flow

($6.0)

$0.0

$6.0

$12.0

$18.0

$24.0

Ma

rke

t

Valu

e In

Milli

on

s

4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 12/19

$1.8

$14.7

$12.3

Market ValueAs of

10/01/2019

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

12/31/2019

HGK - Large Cap Value 11,315,585.92 - 81,271.36 -82,189.68 -10,754.01 - 984,906.33 12,288,819.92

0

8

16

24

32

Fre

qu

en

cy


Returns (%)

12

46

46

1513

12

15

18

7

16



HGK - Large Cap Value - Change in Assets & Distribution of Returns


Page 7

Sharpe Ratio

0.0

0.4

0.8

1.2

1.6

12/19 12/18 12/17 12/16

0.7

0.6

0.8 0.8

0.60.6

0.50.5

Beta

0.0

0.6

1.2

1.8

-0.6

12/19 12/18 12/17 12/16

1.11.2 1.2 1.2

Up Market Capture

0.0

150.0

300.0

-150.0

12/19 12/18 12/17 12/16

109.9119.6 111.2 108.0

Down Market Capture

0.0

150.0

300.0

-150.0

12/19 12/18 12/17 12/16

117.7 120.2138.0 137.3

City of Ormond BeachHGK - Large Cap Value - Rolling Three Year MPT Statistics



Page 8

Allocation


0.0 6.0 12.0 18.0 24.0 30.0 36.0

Utilities

Real Estate

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary


Performance


0.0 10.0 20.0 30.0-10.0-20.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6-0.2-0.4-0.6-0.8-1.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




HGK - Large Cap Value - Quarterly Performance Attributes



Page 9

Allocation - 10/01/2019

Portfolio Benchmark

Performance - Quarter EndingDecember 31, 2019

Portfolio Benchmark

Attribution

Sector Stock Interaction Total

Communication Services 8.00 8.19 10.53 6.75 0.00 0.31 -0.01 0.30

Consumer Discretionary 3.87 6.09 9.27 4.11 0.07 0.31 -0.11 0.27

Consumer Staples 7.72 9.17 -0.60 3.49 0.06 -0.38 0.06 -0.26

Energy 10.69 8.37 2.64 5.72 -0.04 -0.26 -0.07 -0.37

Financials 19.18 23.56 14.64 9.97 -0.11 1.10 -0.20 0.78

Health Care 16.70 12.40 15.72 12.02 0.20 0.46 0.16 0.82

Industrials 10.22 9.41 12.94 9.01 0.01 0.37 0.03 0.41

Information Technology 7.93 6.02 9.10 12.18 0.09 -0.19 -0.06 -0.15

Materials 5.45 4.29 9.61 8.07 0.01 0.07 0.02 0.09

Real Estate 6.21 5.51 -4.58 -0.04 -0.05 -0.25 -0.03 -0.33

Utilities 4.04 7.01 -6.34 0.54 0.20 -0.48 0.20 -0.07

Total 100.00 100.00 8.90 7.41 0.44 1.07 -0.02 1.49

City of Ormond BeachHGK - Large Cap Value - Quarterly Performance Attributes


All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) termsThe prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not aguarantee of future results.

Page 10

Portfolio Characteristics

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 109,171,366.81 131,913,417.27

Median Mkt. Cap ($000) 39,121,650.50 9,882,157.10

Price/Earnings ratio 15.96 18.40

Price/Book ratio 2.28 2.26

5 Yr. EPS Growth Rate (%) 7.41 6.25

Beta (5 Years, Monthly) 1.18 1.00

Number of Stocks 50 764

Debt to Equity 0.13 0.51

Top Ten Equity Holdings

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Citigroup Inc 2.51 1.21 1.30 16.45

Conocophillips 2.40 0.50 1.90 15.01

Bristol-Myers Squibb Co 2.34 0.43 1.91 27.63

Metlife Inc. 2.29 0.28 2.01 9.08

Universal Health Services Inc. 2.29 0.08 2.21 -3.42

Unitedhealth Group Inc 2.28 0.00 2.28 35.80

Discovery Communications 2.28 0.04 2.24 22.94

Capital One Financial Corp. 2.28 0.33 1.95 13.58

CVS Health Corp 2.24 0.67 1.57 18.69

AbbVie Inc 2.23 0.00 2.23 18.63

% of Portfolio 23.14 3.54 19.60

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)


State Street Corp 2.22 0.20 2.02 34.51

Apple Inc 1.48 0.00 1.48 31.50

Bristol-Myers Squibb Co 2.34 0.43 1.91 27.63

Discovery Communications 2.28 0.04 2.24 22.94

JPMorgan Chase & Co 2.22 3.02 -0.80 19.40

CVS Health Corp 2.24 0.67 1.57 18.69

AbbVie Inc 2.23 0.00 2.23 18.63

Lear Corp 2.16 0.06 2.10 17.09

Intel Corp 2.14 1.81 0.33 16.78

% of Portfolio 21.59 6.23 15.36

Ten Worst Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Welltower Inc 1.99 0.23 1.76 -8.83

Constellation Brands Inc 2.15 0.21 1.94 -8.10

IBM Corp. 2.14 0.33 1.81 -6.74

Occidental Petroleum Corp 1.82 0.26 1.56 -5.37

J.M. Smucker Co (The) 2.10 0.08 2.02 -4.56

Public Service Ent. Group 1.78 0.21 1.57 -4.11

Universal Health Services Inc. 2.29 0.08 2.21 -3.42

Consolidated Edison Inc. 1.97 0.21 1.76 -3.41

Simon Property Group Inc. 2.09 0.04 2.05 -2.99

Kimberly-Clark Corp 1.96 0.33 1.63 -2.44

% of Portfolio 20.29 1.98 18.31

City of Ormond BeachHGK - Large Cap Value - Portfolio Characteristics


Page 11





0.0

15.0

30.0

45.0

60.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

5

Years

7

Years

Since

Inception

Sawgrass - Large Cap Growth Russell 1000 Gr

90-Day T-Bills

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)

-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0


CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

Inception05/01/2012

Sawgrass - Large Cap Growth 8.50 8.50 31.15 18.64 12.69 15.92 14.66

Russell 1000 Gr 10.62 10.62 36.39 20.49 14.63 16.92 15.44

Differences -2.12 -2.12 -5.24 -1.85 -1.94 -1.00 -0.78

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

Inception05/01/2012

Sawgrass - Large Cap Growth

Beginning Market Value 6,195 6,195 5,409 5,122 4,999 3,733 3,698

Net Contributions -251 -251 -556 -1,586 -1,832 -2,487 -2,488

Fees/Expenses -8 -8 -32 -93 -147 -197 -216

Income 27 27 98 316 479 622 667

Gain/Loss 487 487 1,530 2,691 2,950 4,779 4,788

Ending Market Value 6,449 6,449 6,449 6,449 6,449 6,449 6,449


BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Sawgrass - Large Cap Growth 14.66 9.96 0.81 -10.53 88.80 80.52 2.03 1.36 0.91 05/01/2012

Russell 1000 Gr 15.44 11.76 1.00 -15.89 100.00 100.00 0.00 1.23 1.00 05/01/2012

90-Day T-Bills 0.70 0.25 0.00 0.00 2.13 -1.69 0.69 N/A 0.00 05/01/2012


Sawgrass - Large Cap Growth - Executive Summary



Page 12




Sawgrass - Large Cap Growth Russell 1000 Gr Net Cash Flow

($3.0)

$0.0

$3.0

$6.0

$9.0

Ma

rke

t

Valu

e In

Milli

on

s

4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 12/19

$1.0

$6.9

$6.4

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Sawgrass - Large Cap Growth 6,194,528.01 - 27,129.43 -277,632.40 -8,278.86 - 513,634.08 6,449,380.26

0

6

12

18

24

Fre

qu

en

cy


Returns (%)

4

1 1

7 7 7

13

15

1112

5

9



Sawgrass - Large Cap Growth - Change in Assets & Distribution of Returns


Page 13

Sharpe Ratio

0.0

0.7

1.4

2.1

2.8

12/19 12/18 12/17 12/16

0.9 0.9

1.9

0.6

1.1 1.1

1.8

0.4

Beta

0.0

0.5

1.0

1.5

-0.5

12/19 12/18 12/17 12/16

0.8 0.8 0.80.8

Up Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

91.0 86.7 79.9 83.9

Down Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

81.4 77.1 75.6

92.1

City of Ormond BeachSawgrass - Large Cap Growth - Rolling Two Year MPT Statistics



Page 14

Allocation


Russell 1000 Gr

0.0 10.0 20.0 30.0 40.0 50.0 60.0

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Performance


Russell 1000 Gr

0.0 8.0 16.0 24.0-8.0-16.0

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.2 0.4 0.6 0.8-0.2-0.4-0.6-0.8-1.0-1.2

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




Sawgrass - Large Cap Growth - Quarterly Performance Attributes



Page 15


Portfolio Benchmark


Portfolio Benchmark

Attribution


Communication Services 14.81 11.41 8.14 10.78 0.01 -0.30 -0.09 -0.38

Consumer Discretionary 12.56 14.43 -0.09 6.13 0.08 -0.90 0.12 -0.70

Consumer Staples 6.72 4.93 4.07 3.61 -0.12 0.02 0.01 -0.09

Energy 0.00 0.27 0.00 6.36 0.01 0.00 0.00 0.01

Financials 3.95 3.16 8.49 8.91 -0.01 -0.01 0.00 -0.03

Health Care 13.11 14.23 16.65 15.49 -0.06 0.16 -0.01 0.10

Industrials 14.13 9.97 5.68 2.65 -0.33 0.30 0.13 0.10

Information Technology 32.51 37.58 12.87 14.40 -0.20 -0.57 0.08 -0.69

Materials 2.21 1.45 -2.30 1.76 -0.07 -0.06 -0.03 -0.16

Real Estate 0.00 2.58 0.00 0.90 0.25 0.00 0.00 0.25

Total 100.00 100.00 8.92 10.52 -0.43 -1.35 0.19 -1.60

City of Ormond BeachSawgrass - Large Cap Growth - Quarterly Performance Attributes



Page 16


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 324,432,892.86 386,597,171.99

Median Mkt. Cap ($000) 125,504,418.00 13,375,054.25






Debt to Equity -0.64 0.75


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Apple Inc 6.87 8.54 -1.67 31.50

Microsoft Corp 5.72 7.80 -2.08 13.82

Alphabet Inc 5.05 2.62 2.43 9.68

Home Depot Inc. (The) 3.36 0.90 2.46 -5.28

Amgen Inc 3.33 0.87 2.46 25.40

Comcast Corp 3.14 0.62 2.52 0.23

Mastercard Inc 3.10 1.73 1.37 10.08

Honeywell International Inc 2.81 0.41 2.40 5.13

Oracle Corp 2.79 0.71 2.08 -3.30

TJX Companies Inc (The) 2.67 0.48 2.19 9.98

% of Portfolio 38.84 24.68 14.16

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)


Apple Inc 6.87 8.54 -1.67 31.50

Amgen Inc 3.33 0.87 2.46 25.40

Varian Medical Systems Inc 0.89 0.08 0.81 19.25

AbbVie Inc 1.40 0.86 0.54 18.63

Intel Corp 1.42 0.00 1.42 16.78

Broadcom Inc 2.58 0.80 1.78 15.64

Illinois Tool Works Inc. 1.55 0.38 1.17 15.47

Citrix Systems Inc. 1.50 0.08 1.42 15.26

Facebook Inc 2.55 3.21 -0.66 15.26

% of Portfolio 24.12 16.64 7.48


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

McDonald's Corp 0.96 0.16 0.80 -7.38

Akamai Technologies Inc 0.98 0.08 0.90 -5.47

Verisk Analytics Inc 0.94 0.16 0.78 -5.40

Home Depot Inc. (The) 3.36 0.90 2.46 -5.28

Dunkin' Brands Group Inc 1.44 0.04 1.40 -4.35

Oracle Corp 2.79 0.71 2.08 -3.30

Ecolab Inc. 1.53 0.32 1.21 -2.30

Cisco Systems Inc 2.07 1.34 0.73 -2.21

Dell Technologies Inc 1.22 0.04 1.18 -0.91

Comcast Corp 3.14 0.62 2.52 0.23

% of Portfolio 18.43 4.37 14.06

City of Ormond BeachSawgrass - Large Cap Growth - Portfolio Characteristics


Page 17





0.0

15.0

30.0

45.0

60.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

5

Years

7

Years

Since

Inception

Polen - Large Cap Growth Russell 1000 Gr

90-Day T-Bills

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)

-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0


CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

Inception05/01/2012

Polen - Large Cap Growth 10.64 10.64 39.20 24.88 18.10 18.84 16.89

Russell 1000 Gr 10.62 10.62 36.39 20.49 14.63 16.92 15.44

Differences 0.02 0.02 2.81 4.39 3.47 1.92 1.45

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

Inception05/01/2012

Polen - Large Cap Growth

Beginning Market Value 5,949 5,949 5,456 5,526 5,223 3,630 3,683

Net Contributions -110 -110 -953 -3,049 -3,594 -3,596 -3,597

Fees/Expenses -9 -9 -35 -109 -175 -226 -235

Income 9 9 45 140 244 335 368

Gain/Loss 620 620 1,946 3,951 4,760 6,316 6,240

Ending Market Value 6,459 6,459 6,459 6,459 6,459 6,459 6,459


BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Polen - Large Cap Growth 16.89 11.60 0.92 -12.60 97.80 81.78 2.49 1.35 0.87 05/01/2012

Russell 1000 Gr 15.44 11.76 1.00 -15.89 100.00 100.00 0.00 1.23 1.00 05/01/2012

90-Day T-Bills 0.70 0.25 0.00 0.00 2.13 -1.69 0.69 N/A 0.00 05/01/2012


Polen - Large Cap Growth - Executive Summary



Page 18




Polen - Large Cap Growth Russell 1000 Gr Net Cash Flow

($4.0)

$0.0

$4.0

$8.0

$12.0

Ma

rke

t

Valu

e In

Milli

on

s

4/12 10/12 4/13 10/13 4/14 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 12/19

($0.1)

$5.9

$6.5

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Polen - Large Cap Growth 5,949,302.03 - 9,166.59 -119,649.86 -9,007.12 - 629,150.91 6,458,962.55

0

5

10

15

20

Fre

qu

en

cy


Returns (%)

3 3

0

8

6

1112

1011

5

9

14



Polen - Large Cap Growth - Change in Assets & Distribution of Returns


Page 19

Sharpe Ratio

0.0

0.7

1.4

2.1

2.8

12/19 12/18 12/17 12/16

0.9 0.9

1.9

0.6

1.41.3

1.5

0.7

Beta

0.0

0.5

1.0

1.5

-0.5

12/19 12/18 12/17 12/16

0.9 0.9 0.9 0.9

Up Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

109.6 108.8

87.5100.4

Down Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

79.0 81.3

113.4

83.3

City of Ormond BeachPolen - Large Cap Growth - Rolling Two Year MPT Statistics



Page 20

Allocation


Russell 1000 Gr

0.0 15.0 30.0 45.0 60.0 75.0

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Performance


Russell 1000 Gr

0.0 6.0 12.0 18.0 24.0 30.0 36.0

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.4 0.8 1.2 1.6 2.0-0.4-0.8-1.2-1.6-2.0-2.4-2.8

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




Polen - Large Cap Growth - Quarterly Performance Attributes



Page 21


Portfolio Benchmark


Portfolio Benchmark

Attribution


Communication Services 18.27 11.41 12.21 10.78 0.02 0.16 0.10 0.28

Consumer Discretionary 18.70 14.43 4.34 6.13 -0.19 -0.26 -0.08 -0.52

Consumer Staples 0.00 4.93 0.00 3.61 0.34 0.00 0.00 0.34

Energy 0.00 0.27 0.00 6.36 0.01 0.00 0.00 0.01

Financials 2.15 3.16 18.89 8.91 0.02 0.32 -0.10 0.23

Health Care 10.58 14.23 22.38 15.49 -0.18 0.98 -0.25 0.55

Industrials 0.00 9.97 0.00 2.65 0.78 0.00 0.00 0.78


Materials 0.00 1.45 0.00 1.76 0.13 0.00 0.00 0.13

Real Estate 0.00 2.58 0.00 0.90 0.25 0.00 0.00 0.25

Total 100.00 100.00 10.85 10.52 1.67 -0.45 -0.89 0.33

City of Ormond BeachPolen - Large Cap Growth - Quarterly Performance Attributes



Page 22


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 334,655,519.28 386,597,171.99

Median Mkt. Cap ($000) 126,623,722.66 13,375,054.25








PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Microsoft Corp 9.56 7.80 1.76 13.82

Visa Inc 7.34 2.11 5.23 9.42

Facebook Inc 7.16 3.21 3.95 15.26

Alphabet Inc 7.10 2.62 4.48 9.68

Adobe Inc 6.24 1.05 5.19 19.39

Zoetis Inc 5.60 0.41 5.19 6.37

Mastercard Inc 5.46 1.73 3.73 10.08

Accenture PLC 4.96 0.88 4.08 9.94

Nike Inc 4.23 0.82 3.41 8.15

Dollar General Corporation 3.95 0.25 3.70 -1.67

% of Portfolio 61.60 20.88 40.72

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Align Technology Inc 2.93 0.14 2.79 54.23

Regeneron Pharma 2.49 0.04 2.45 35.36

Adobe Inc 6.24 1.05 5.19 19.39

MSCI Inc 2.16 0.14 2.02 18.89

Facebook Inc 7.16 3.21 3.95 15.26

Microsoft Corp 9.56 7.80 1.76 13.82

ServiceNow Inc 2.23 0.34 1.89 11.22

Mastercard Inc 5.46 1.73 3.73 10.08

O'Reilly Automotive Inc 3.91 0.21 3.70 9.97

Accenture PLC 4.96 0.88 4.08 9.94

% of Portfolio 47.10 15.54 31.56


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Dollar General Corporation 3.95 0.25 3.70 -1.67

Nestle SA 3.31 0.00 3.31 -0.35

Starbucks Corp 2.49 0.68 1.81 -0.08

Abbott Laboratories 2.97 0.42 2.55 4.23

PayPal Holdings Inc 3.24 0.83 2.41 4.42

Booking Holdings Inc 1.94 0.56 1.38 4.64

Automatic Data Processing Inc. 3.27 0.49 2.78 6.20

Zoetis Inc 5.60 0.41 5.19 6.37

Gartner Inc 3.17 0.09 3.08 7.77

Nike Inc 4.23 0.82 3.41 8.15

% of Portfolio 34.17 4.55 29.62

City of Ormond BeachPolen - Large Cap Growth - Portfolio Characteristics


Page 23





0.0

15.0

30.0

45.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

Since

Inception

Cambiar - Small/Mid Cap Value Russell 2500 VL

90-Day T-Bills

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)

-6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0


CurrentQuarter

FiscalYTD

1Year

3Years

Inception07/01/2016

Cambiar - Small/Mid Cap Value 8.26 8.26 32.08 13.46 16.79

Russell 2500 VL 7.07 7.07 23.57 6.12 9.81

Differences 1.19 1.19 8.51 7.34 6.98

CurrentQuarter

FiscalYTD

1Year

3Years

Inception07/01/2016

Cambiar - SMID Cap Value

Beginning Market Value 3,095 3,095 2,559 2,416 2,051

Net Contributions - - -12 -94 -91

Fees/Expenses -5 -5 -19 -53 -57

Income 331 331 368 450 467

Gain/Loss -75 -75 449 625 975

Ending Market Value 3,345 3,345 3,345 3,345 3,345


BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Cambiar - Small/Mid Cap Value 16.79 13.20 0.88 -12.60 108.90 71.16 7.60 1.14 0.91 07/01/2016

Russell 2500 VL 9.81 14.33 1.00 -18.42 100.00 100.00 0.00 0.63 1.00 07/01/2016

90-Day T-Bills 1.46 0.22 0.00 0.00 4.20 -3.22 1.48 N/A 0.02 07/01/2016


Cambiar - Small/Mid Cap Value - Executive Summary



Page 24




Cambiar - Small/Mid Cap Value Russell 2500 VL Net Cash Flow

$0.7

$1.4

$2.1

$2.8

$3.5

$4.2

Ma

rke

t

Valu

e In

Milli

on

s

6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19

$1.9

$2.7

$3.3

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Cambiar - Small/Mid Cap Value 3,094,725.29 - 347,702.61 -347,953.95 -5,028.42 - 255,477.52 3,344,923.05

0

3

6

9

12

Fre

qu

en

cy


Returns (%)

3

0

1 1

3

4

5

8

5

3

5

4



Cambiar - Small/Mid Cap Value - Change in Assets & Distribution of Returns


Page 25

Sharpe Ratio

0.0

0.5

1.0

1.5

-0.5

-1.0

12/19 12/18

0.2

-0.2

0.8

0.4

Beta

0.0

0.5

1.0

1.5

-0.5

12/19 12/18

0.90.8

Up Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18

115.3 117.0

Down Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18

74.8 73.9

City of Ormond BeachCambiar - Small/Mid Cap Value - Rolling Two Year MPT Statistics



Page 26

Allocation

Cambiar - Small/Mid Cap Value

Russell 2500 VL

0.0 6.0 12.0 18.0 24.0 30.0 36.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Performance

Cambiar - Small/Mid Cap Value

Russell 2500 VL

0.0 10.0 20.0 30.0-10.0-20.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1-0.3-0.6-0.9-1.2-1.5

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




Cambiar - Small/Mid Cap Value - Quarterly Performance Attributes



Page 27


Portfolio Benchmark


Portfolio Benchmark

Attribution


Communication Services 0.00 3.09 0.00 8.84 -0.06 0.00 0.00 -0.06

Consumer Discretionary 12.07 10.32 7.91 6.34 -0.01 0.16 0.03 0.18

Consumer Staples 4.71 3.29 -8.66 6.26 -0.01 -0.49 -0.21 -0.71

Energy 0.00 4.34 0.00 8.58 -0.07 0.00 0.00 -0.07

Financials 22.38 23.71 5.67 6.98 0.00 -0.31 0.02 -0.29

Health Care 7.38 5.46 11.89 12.39 0.10 -0.03 -0.01 0.07

Industrials 22.75 13.14 10.28 9.66 0.25 0.08 0.06 0.39

Information Technology 20.12 8.78 15.61 13.13 0.69 0.22 0.28 1.19

Materials 2.75 6.21 7.46 7.96 -0.03 -0.03 0.02 -0.05

Real Estate 2.59 15.34 1.67 2.67 0.56 -0.15 0.13 0.53

Utilities 5.26 6.33 1.90 -2.04 0.10 0.25 -0.04 0.30

Total 100.00 100.00 8.52 7.04 1.52 -0.31 0.27 1.48

City of Ormond BeachCambiar - Small/Mid Cap Value - Quarterly Performance Attributes



Page 28


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 9,373,397.09 5,424,150.17

Median Mkt. Cap ($000) 8,512,651.68 1,091,602.10





Number of Stocks 39 1,804



PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Leidos Holdings Inc 3.14 0.46 2.68 14.41

Levi Strauss & Co 3.11 0.00 3.11 2.09

ON Semiconductor Corp 3.09 0.35 2.74 26.91

Qorvo Inc 3.03 0.00 3.03 56.77

Bruker Corp 3.00 0.00 3.00 16.12

Toro Co (The) 2.95 0.00 2.95 9.03

Huntington Ingalls Industries Inc 2.93 0.07 2.86 18.94

Arch Capital Group Ltd 2.92 0.00 2.92 2.17

East West Bancorp Inc 2.91 0.25 2.66 10.66

Westlake Chemical Corp 2.88 0.09 2.79 7.46

% of Portfolio 29.96 1.22 28.74

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Qorvo Inc 3.03 0.00 3.03 56.77

ON Semiconductor Corp 3.09 0.35 2.74 26.91

PVH Corp 2.49 0.00 2.49 19.22

Huntington Ingalls Industries Inc 2.93 0.07 2.86 18.94

Incyte Corp 2.51 0.00 2.51 17.63

Zions Bancorporation NA 2.80 0.31 2.49 17.42

Bruker Corp 3.00 0.00 3.00 16.12

Masco Corp 2.40 0.00 2.40 15.51

Leidos Holdings Inc 3.14 0.46 2.68 14.41

VICI Properties Inc 1.69 0.41 1.28 14.15

% of Portfolio 27.08 1.60 25.48


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

AXIS Capital Holdings Ltd 2.78 0.16 2.62 -9.75

MAXIMUS Inc. 2.39 0.00 2.39 -3.36

Advance Auto Parts Inc. 2.78 0.00 2.78 -3.13

Atmos Energy Corp 2.88 0.46 2.42 -1.26

Knight-Swift Transportation Holdings Inc 2.47 0.16 2.31 -1.10

Sabre Corp 2.55 0.18 2.37 0.82

Invitation Homes Inc 2.57 0.00 2.57 1.67

Levi Strauss & Co 3.11 0.00 3.11 2.09

Arch Capital Group Ltd 2.92 0.00 2.92 2.17

Qiagen NV 2.27 0.26 2.01 2.52

% of Portfolio 26.72 1.22 25.50

City of Ormond BeachCambiar - Small/Mid Cap Value - Portfolio Characteristics


Page 29





0.0

15.0

30.0

45.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

Since

Inception

Fiera - Small/Mid Cap Growth Russell 2500 GR

90-Day T-Bills

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Re

turn

(%)

-9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0


CurrentQuarter

FiscalYTD

1Year

3Years

Inception02/01/2015

Fiera - Small/Mid Cap Growth 11.69 11.69 32.58 15.69 10.35

Russell 2500 GR 10.57 10.57 32.65 15.17 11.39

Differences 1.12 1.12 -0.07 0.52 -1.04

CurrentQuarter

FiscalYTD

1Year

3Years

Inception02/01/2015

Fiera - Small/Mid Cap Growth

Beginning Market Value 2,978 2,978 2,520 2,298 2,341

Net Contributions - - -1 -152 -283

Fees/Expenses -4 -4 -17 -50 -75

Income 7 7 21 52 78

Gain/Loss 341 341 799 1,173 1,260

Ending Market Value 3,321 3,321 3,321 3,321 3,321


BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Fiera - Small/Mid Cap Growth 10.35 16.02 0.99 -20.39 97.61 101.74 -0.84 0.63 0.96 02/01/2015

Russell 2500 GR 11.39 15.83 1.00 -21.25 100.00 100.00 0.00 0.70 1.00 02/01/2015

90-Day T-Bills 1.06 0.26 0.00 0.00 2.67 -2.22 1.06 N/A 0.00 02/01/2015


Fiera Capital - Small/Mid Cap Growth - Executive Summary



Page 30




Fiera - Small/Mid Cap Growth Russell 2500 GR Net Cash Flow

$0.7

$1.4

$2.1

$2.8

$3.5

$4.2

Ma

rke

t

Valu

e In

Milli

on

s

1/15 4/15 7/15 10/15 1/16 4/16 7/16 10/16 1/17 4/17 7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 7/19 12/19

$2.0

$3.5

$3.3

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Fiera - Small/Mid Cap Growth 2,978,123.09 - 7,334.38 -7,577.53 -4,466.91 - 348,014.19 3,321,427.22

0

4

8

12

16

Fre

qu

en

cy


Returns (%)

7

1 10

65

7

8

56

3

10



Fiera Capital - Small/Mid Cap Growth - Change in Assets & Distribution of Returns


Page 31

Allocation


Russell 2500 GR

0.0 8.0 16.0 24.0 32.0 40.0 48.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Performance


Russell 2500 GR

0.0 15.0 30.0 45.0-15.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.3 0.6 0.9 1.2 1.5 1.8-0.3-0.6-0.9-1.2-1.5

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




Fiera - Small/Mid Cap Growth - Quarterly Performance Attributes



Page 32


Portfolio Benchmark


Portfolio Benchmark

Attribution


Communication Services 11.53 2.81 8.96 3.91 -0.57 0.14 0.44 0.01

Consumer Discretionary 9.03 13.67 1.50 8.67 0.08 -0.98 0.33 -0.57

Consumer Staples 0.00 2.23 0.00 5.58 0.11 0.00 0.00 0.11

Energy 1.99 0.48 25.04 6.84 -0.05 0.09 0.27 0.31

Financials 5.89 6.30 3.74 7.30 0.01 -0.22 0.01 -0.20

Health Care 25.65 22.31 17.32 19.82 0.31 -0.56 -0.08 -0.33

Industrials 14.18 17.99 5.80 6.62 0.14 -0.15 0.03 0.03

Information Technology 29.54 25.21 12.88 9.81 -0.03 0.77 0.13 0.88

Materials 2.19 3.69 20.93 8.20 0.03 0.47 -0.19 0.31

Real Estate 0.00 4.43 0.00 3.17 0.32 0.00 0.00 0.32

Utilities 0.00 0.88 0.00 -1.49 0.11 0.00 0.00 0.11

Total 100.00 100.00 11.41 10.43 0.47 -0.44 0.95 0.99

City of Ormond BeachFiera - Small/Mid Cap Growth - Quarterly Performance Attributes



Page 33


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 8,410,028.02 5,922,809.37

Median Mkt. Cap ($000) 6,158,890.63 1,330,361.76








PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Arrowhead Pharmaceuticals Inc 3.41 0.27 3.14 125.09

Live Nation Entertainment Inc 3.09 0.00 3.09 7.73

Splunk Inc 2.70 0.00 2.70 27.07

Entegris Inc 2.61 0.31 2.30 6.61

Broadridge Fin. Solutions 2.49 0.00 2.49 -0.27

Berry Global Group Inc 2.44 0.11 2.33 20.93

Copart Inc 2.39 0.00 2.39 13.21

Immunomedics Inc 2.35 0.16 2.19 59.58

IAC/InterActiveCorp 2.16 0.00 2.16 14.29

Aimmune Therapeutics Inc 2.12 0.07 2.05 59.84

% of Portfolio 25.76 0.92 24.84

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Arrowhead Pharmaceuticals Inc 3.41 0.27 3.14 125.09

Aimmune Therapeutics Inc 2.12 0.07 2.05 59.84

Immunomedics Inc 2.35 0.16 2.19 59.58

arGEN-X SE 0.84 0.00 0.84 40.86

Valeant Pharmaceuticals Int'l Inc 1.37 0.00 1.37 36.93

BeiGene Ltd 1.22 0.00 1.22 35.36

WPX Energy Inc 0.87 0.00 0.87 29.74

Splunk Inc 2.70 0.00 2.70 27.07

Paycom Software Inc 1.35 0.61 0.74 26.38

Biomarin Pharmaceutical Inc 1.35 0.00 1.35 25.45

% of Portfolio 17.58 1.11 16.47


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Sage Therapeutics Inc 0.45 0.17 0.28 -48.54

Etsy Inc 1.65 0.24 1.41 -21.59

Insperity Inc. 0.84 0.15 0.69 -12.42

Portola Pharmaceuticals Inc 1.65 0.08 1.57 -10.96

iRhythm Technologies Inc 0.72 0.08 0.64 -8.12

Veeva Systems Inc 1.40 0.00 1.40 -7.88

Evercore Inc 0.75 0.05 0.70 -5.98

bluebird bio Inc 1.10 0.00 1.10 -4.43

Dunkin' Brands Group Inc 1.54 0.27 1.27 -4.35

Legg Mason Inc 1.47 0.00 1.47 -3.84

% of Portfolio 11.57 1.04 10.53

City of Ormond BeachFiera - Small/Mid Cap Growth - Portfolio Characteristics


Page 34





0.0

8.0

16.0

24.0

32.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

5

Years

7

Years

10

Years

Since

Inception

Delaware - International Value MSCI EAFE Net

90-Day T-Bills

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Re

turn

(%)

-9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0


CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception08/01/2005

Delaware - International Value 9.15 9.15 20.34 9.06 5.92 7.35 5.97 5.55

MSCI EAFE Net 8.17 8.17 22.01 9.56 5.67 6.35 5.50 4.91

Differences 0.98 0.98 -1.67 -0.50 0.25 1.00 0.47 0.64

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception08/01/2005

Delaware - Intl Value


Net Contributions - - -51 893 891 892 892 -542

Fees/Expenses -6 -6 -23 -61 -91 -121 -155 -239

Income 26 26 119 305 443 603 788 1,247

Gain/Loss 260 260 462 303 220 431 374 266



BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Delaware - International Value 5.55 14.74 0.85 -48.35 91.19 86.69 1.23 0.36 0.92 08/01/2005

MSCI EAFE Net 4.91 16.57 1.00 -56.68 100.00 100.00 0.00 0.30 1.00 08/01/2005

90-Day T-Bills 1.27 0.47 0.00 0.00 3.26 -2.38 1.27 N/A 0.00 08/01/2005


Delaware - International Value - Executive Summary



Page 35




Delaware - International Value MSCI EAFE Net Net Cash Flow

$0.0

$1.5

$3.0

$4.5

Ma

rke

t

Valu

e In

Milli

on

s

7/05 4/06 1/07 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 12/19

$1.9

$3.1

$3.4

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Delaware - International Value 3,127,844.28 - 79,102.50 -79,355.97 -5,856.31 - 285,947.67 3,407,682.17

0

8

16

24

32

Fre

qu

en

cy


Returns (%)

17

2

5

21

12

17

14

17

20

15

12

21



Delaware - International Value - Change in Assets & Distribution of Returns


Page 36

Sharpe Ratio

0.0

0.4

0.8

1.2

1.6

-0.4

-0.8

12/19 12/18 12/17 12/16

0.7

0.2

0.7

-0.1

0.7

0.3

0.7

0.1

Beta

0.0

0.5

1.0

1.5

-0.5

12/19 12/18 12/17 12/16

1.0

0.8 0.8 0.8

Up Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

103.791.3 94.1 95.4

Down Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

110.4

84.9 90.982.5

City of Ormond BeachDelaware - International Value - Rolling Three Year MPT Statistics



Page 37

Allocation

Delaware - International Value

MSCI EAFE Net

0.0 5.0 10.0 15.0 20.0 25.0 30.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Performance

Delaware - International Value

MSCI EAFE Net

0.0 5.0 10.0 15.0 20.0 25.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6-0.2-0.4-0.6-0.8

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




Delaware - International Value - Quarterly Performance Attributes



Page 38


Portfolio Benchmark


Portfolio Benchmark

Attribution


Communication Services 14.47 5.37 5.08 4.90 -0.31 0.01 0.02 -0.28

Consumer Discretionary 10.14 11.50 9.93 9.29 -0.01 0.07 -0.01 0.05

Consumer Staples 6.94 12.01 10.62 2.20 0.31 1.01 -0.43 0.89

Energy 5.98 5.13 1.23 3.97 -0.04 -0.14 -0.02 -0.20

Financials 19.10 18.50 8.74 8.47 0.00 0.05 0.00 0.05

Health Care 13.03 11.60 11.00 12.45 0.06 -0.17 -0.02 -0.13

Industrials 11.30 14.74 10.15 10.06 -0.06 0.01 0.00 -0.05

Information Technology 8.91 6.75 16.71 12.64 0.09 0.27 0.09 0.46

Materials 0.00 7.00 0.00 10.56 -0.16 0.00 0.00 -0.16

Real Estate 0.00 3.60 0.00 4.45 0.14 0.00 0.00 0.14

Utilities 10.12 3.80 13.41 5.30 -0.19 0.31 0.51 0.63

Total 100.00 100.00 9.65 8.25 -0.17 1.43 0.14 1.40

City of Ormond BeachDelaware - International Value - Quarterly Performance Attributes



Page 39


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 86,946,000.76 66,589,840.53

Median Mkt. Cap ($000) 52,230,685.32 11,161,860.46



5 Yr. EPS Growth Rate (%) -0.23 6.00





PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Scottish and Southern Energy PLC 3.86 0.13 3.73 24.17

Takeda Pharmaceutical Co Ltd 3.71 0.40 3.31 14.71

Taiwan Semiconductor 3.52 0.00 3.52 25.88

Honda Motor Co Ltd 3.49 0.31 3.18 8.55

ABB Ltd 3.35 0.30 3.05 22.47

CK Hutchison Holdings Ltd 3.30 0.17 3.13 8.03

Tokio Marine Holdings Inc 3.28 0.24 3.04 5.30

Sanofi 3.24 0.76 2.48 8.35

Glaxosmithkline PLC 3.22 0.79 2.43 11.33

Lloyds Banking Group PLC 3.15 0.39 2.76 25.38

% of Portfolio 34.12 3.49 30.63

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)


Lloyds Banking Group PLC 3.15 0.39 2.76 25.38

Scottish and Southern Energy PLC 3.86 0.13 3.73 24.17

ABB Ltd 3.35 0.30 3.05 22.47

National Grid plc 1.98 0.29 1.69 17.90

WH Group Ltd 1.83 0.07 1.76 15.37

Tesco PLC 3.11 0.22 2.89 15.16

WPP PLC 2.52 0.12 2.40 14.93

Kingfisher PLC 2.10 0.04 2.06 14.78

Takeda Pharmaceutical Co Ltd 3.71 0.40 3.31 14.71

% of Portfolio 29.13 1.96 27.17


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Deutsche Telekom AG 1.79 0.37 1.42 -2.55

Telia Company AB 2.76 0.08 2.68 -1.44

Koninklijke Ahold Delhaize NV 0.92 0.20 0.72 0.00

Continental AG 2.76 0.10 2.66 0.83

BP PLC 2.55 0.86 1.69 0.89

Eni SpA 2.81 0.27 2.54 1.54

Royal Dutch Shell PLC 2.94 0.85 2.09 1.69

China Mobile Ltd 2.37 0.00 2.37 2.10

Mitsubishi Electric Corp 2.40 0.17 2.23 4.03

Compagnie de Saint Gobain SA 2.53 0.14 2.39 4.38

% of Portfolio 23.83 3.04 20.79

City of Ormond BeachDelaware - International Value - Portfolio Characteristics


Page 40





0.0

8.0

16.0

24.0

32.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

5

Years

7

Years

10

Years

Since

Inception

Renaissance - International Growth MSCI AC World ex US Net

90-Day T-Bills

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)

-6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0


CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception05/01/2009

Renaissance - International Growth 8.03 8.03 19.85 7.29 4.23 6.66 5.62 8.69

MSCI AC World ex US Net 8.92 8.92 21.51 9.87 5.51 5.44 4.97 7.96

Differences -0.89 -0.89 -1.66 -2.58 -1.28 1.22 0.65 0.73

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception05/01/2009

Renaissance - Intl Growth


Net Contributions - - -1 913 911 910 910 741

Fees/Expenses -5 -5 -19 -52 -77 -101 -130 -133

Income 13 13 71 190 270 360 462 486

Gain/Loss 219 219 449 176 89 421 461 886



BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Renaissance - International Growth 8.69 15.47 0.98 -23.75 98.89 93.56 0.97 0.58 0.90 05/01/2009

MSCI AC World ex US Net 7.96 15.03 1.00 -23.29 100.00 100.00 0.00 0.55 1.00 05/01/2009

90-Day T-Bills 0.53 0.22 0.00 0.00 1.39 -1.19 0.54 N/A 0.00 05/01/2009


Renaissance - International Growth - Executive Summary



Page 41




Renaissance - International Growth MSCI AC World ex US Net Net Cash Flow

($1.5)

$0.0

$1.5

$3.0

$4.5

Ma

rke

t

Valu

e In

Milli

on

s

4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 12/19

$1.8

$3.0$3.1

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Renaissance - International Growth 2,898,569.86 - 13,128.35 -13,367.33 -4,748.60 - 232,390.87 3,125,973.15

0

8

16

24

32

Fre

qu

en

cy


Returns (%)

10

46

89

15 15

17

10

5

8

21



Renaissance - International Growth - Change in Assets & Distribution of Returns


Page 42

Sharpe Ratio

0.0

0.5

1.0

1.5

-0.5

-1.0

12/19 12/18 12/17 12/16

0.7

0.4

0.7

-0.1

0.5

0.0

0.7

-0.1

Beta

0.0

0.6

1.2

1.8

-0.6

12/19 12/18 12/17 12/16

1.2

1.0

0.9 0.9

Up Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

101.488.6 89.1 86.2

Down Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

120.3112.1

78.5 85.8

City of Ormond BeachRenaissance - International Growth - Rolling Three Year MPT Statistics



Page 43

Allocation

Renaissance - International Growth

MSCI AC World ex US Net

0.0 6.0 12.0 18.0 24.0 30.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Performance

Renaissance - International Growth

MSCI AC World ex US Net

0.0 8.0 16.0 24.0-8.0-16.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Total Attribution

0.0 0.2 0.4 0.6 0.8-0.2-0.4-0.6-0.8-1.0-1.2-1.4-1.6

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples




Renaissance - International Growth - Quarterly Performance Attributes



Page 44


Portfolio Benchmark


Portfolio Benchmark

Attribution


Communication Services 12.91 6.83 9.01 7.15 -0.12 0.13 0.11 0.12

Consumer Discretionary 9.44 11.40 2.07 11.26 -0.04 -1.05 0.18 -0.91

Consumer Staples 5.47 10.16 1.75 2.23 0.32 -0.05 0.02 0.29

Energy 7.28 6.75 8.84 6.81 -0.01 0.14 0.01 0.14

Financials 20.08 21.55 7.54 8.31 0.01 -0.17 0.01 -0.14

Health Care 9.08 8.53 13.76 12.52 0.02 0.11 0.01 0.13

Industrials 10.54 11.92 9.12 9.69 -0.01 -0.07 0.01 -0.07


Materials 5.53 7.30 10.65 10.76 -0.03 -0.01 0.00 -0.04

Real Estate 2.23 3.21 -3.84 7.47 0.02 -0.36 0.11 -0.24

Utilities 2.03 3.50 4.95 4.89 0.06 0.00 0.00 0.06

Total 100.00 100.00 7.82 9.05 0.65 -1.92 0.03 -1.24

City of Ormond BeachRenaissance - International Growth - Quarterly Performance Attributes



Page 45


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($000) 61,323,538.39 75,601,211.88

Median Mkt. Cap ($000) 32,576,090.99 8,444,352.02








PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)


CRH PLC 2.28 0.14 2.14 17.37

Nippon T&T 2.27 0.14 2.13 6.35

NXP Semiconductors NV 2.22 0.16 2.06 16.98

CHUGAI PHARMACEUTICAL CO LTD 2.20 0.00 2.20 N/A

Alibaba Group Holding Ltd 2.13 1.59 0.54 26.83

Tim Participacoes SA 2.13 0.01 2.12 34.89

Canadian Pacific Railway 2.12 0.16 1.96 14.89

Acs, Actividades De Construccion Y Servicios SA 2.09 0.05 2.04 0.12

Carnival Corporation & Plc 2.08 0.03 2.05 15.89

% of Portfolio 21.87 3.49 18.38

Ten Best Performers

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Tim Participacoes SA 2.13 0.01 2.12 34.89

Alibaba Group Holding Ltd 2.13 1.59 0.54 26.83

Infineon Technologies 1.71 0.13 1.58 26.65


Oil Co LUKOIL PJSC 1.89 0.17 1.72 23.32

Astellas Pharma Inc 1.90 0.14 1.76 20.87

CRH PLC 2.28 0.14 2.14 17.37

Schneider Electric SA 1.91 0.25 1.66 17.03

NXP Semiconductors NV 2.22 0.16 2.06 16.98

Icon PLC 1.88 0.00 1.88 16.89

% of Portfolio 20.40 3.80 16.60


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Gildan Activewear Inc 1.82 0.03 1.79 -16.41

China Unicom (Hong Kong) Ltd 1.58 0.03 1.55 -10.77

JOYY Inc 0.91 0.01 0.90 -6.12

Danone SA 1.74 0.23 1.51 -5.85

Daiwa House Industry Co Ltd 1.92 0.08 1.84 -3.84

Enerplus Corp 1.38 0.00 1.38 -3.83

Seven & I Holdings Co Ltd 1.40 0.12 1.28 -3.66

Acs, Actividades De Construccion Y Servicios SA 2.09 0.05 2.04 0.12

Canadian National Railway 1.69 0.29 1.40 1.11

Check Point Software 1.96 0.06 1.90 1.33

% of Portfolio 16.49 0.90 15.59

City of Ormond BeachRenaissance - International Growth - Portfolio Characteristics


Page 46





0.0

3.0

6.0

9.0

12.0

Re

turn

Current

Quarter

Fiscal

YTD

1

Year

3

Years

5

Years

7

Years

10

Years

Since

Inception

Garcia Hamilton - Fixed Income BC Gov/Cr Intm

90-Day T-Bills

0.0

0.8

1.6

2.4

3.2

4.0

4.8

5.6

6.4

Re

turn

(%)

-1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5


CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception10/01/2003

Garcia Hamilton - FI 0.32 0.32 6.04 3.10 2.76 2.80 3.98 4.67

BC Gov/Cr Intm 0.37 0.37 6.80 3.24 2.57 2.15 3.05 3.50

Differences -0.05 -0.05 -0.76 -0.14 0.19 0.65 0.93 1.17

CurrentQuarter

FiscalYTD

1Year

3Years

5Years

7Years

10Years

Inception10/01/2003

Garcia Hamilton - FI


Net Contributions -1 -1 -5 604 596 2,932 2,768 5,182

Fees/Expenses -10 -10 -39 -102 -171 -228 -300 -399

Income 124 124 441 1,110 2,031 2,898 4,400 6,188

Gain/Loss -74 -74 469 351 45 -151 248 603



BetaMaximumDrawdown

UpMarketCapture

DownMarketCapture

AlphaSharpeRatio

R-SquaredInception

Date

Garcia Hamilton - Fixed Income 4.67 3.22 0.91 -3.97 108.07 66.83 1.46 1.02 0.59 10/01/2003

BC Gov/Cr Intm 3.50 2.71 1.00 -4.05 100.00 100.00 0.00 0.80 1.00 10/01/2003

90-Day T-Bills 1.31 0.45 0.01 0.00 17.10 -16.92 1.27 N/A 0.01 10/01/2003


Garcia Hamilton - Fixed Income - Executive Summary



Page 47




Garcia Hamilton - Fixed Income BC Gov/Cr Intm Net Cash Flow

($6.0)

$0.0

$6.0

$12.0

$18.0

$24.0

Ma

rke

t

Valu

e In

Milli

on

s

9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 12/19

$9.2

$13.8

$16.0

Market ValueAs of

10/01/2019

NetTransfers


Market ValueAs of

12/31/2019

Garcia Hamilton - Fixed Income 15,931,818.08 - 430,577.64 -431,865.02 -9,957.06 - 50,739.90 15,971,313.54

0

50

100

150

Fre

qu

en

cy


Returns (%)

0 0 0 4 5

52

101

26

4 2 1 0



Garcia Hamilton - Fixed Income - Change in Assets & Distribution of Returns


Page 48

Sharpe Ratio

0.0

0.4

0.8

1.2

1.6

12/19 12/18 12/17 12/16

0.8

0.3

0.7

0.90.9

0.3

0.5

0.8

Beta

0.0

0.4

0.8

1.2

-0.4

12/19 12/18 12/17 12/16

0.7

0.4

0.50.6

Up Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

81.4

53.366.6

80.8

Down Market Capture

0.0

100.0

200.0

-100.0

12/19 12/18 12/17 12/16

46.9

-9.0

13.8 13.3

City of Ormond BeachGarcia Hamilton - Fixed Income - Rolling Three Year MPT Statistics



Page 49

Account Name YTD

1

Year

3

Years

5

Years

10

Years

Since

Inception

Inception

Date

Performance Appendix

QTD

Performance Data below is net of fees. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for

a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request.

Cambiar / GW Capital - Small/Mid Cap Value 31.26 31.26 12.74 -- -- 16.09 07/01/20168.09

Delaware - International Value 19.45 19.45 8.27 5.15 5.17 4.76 08/01/20058.96

Fiera - Small/Mid Cap Growth 31.82 31.82 15.01 -- -- 9.72 02/01/201511.54

Garcia Hamilton - Fixed Income 5.77 5.77 2.89 2.54 3.74 4.40 10/01/20030.26

HGK - Large Cap Value 25.71 25.71 9.14 6.27 10.12 11.80 05/01/20098.61

Polen - Large Cap Growth 38.39 38.39 24.14 17.40 -- 16.22 05/01/201210.48

Renaissance - International Growth 19.09 19.09 6.62 3.57 4.95 8.02 05/01/20097.85

Sawgrass - Large Cap Growth 30.47 30.47 18.01 12.09 -- 14.02 05/01/20128.36

All performance above are Time Weighted(TWR) performance

Glossary of Terms

Active Contribution Return: The gain or loss percentage of an investment relative to the performance of

the investment benchmark.

Active Exposure: The percentage difference in weight of the portfolio compared to its policy benchmark.

Active Return: Arithmetic difference between the manager’s return and the benchmark’s return over a

specified time period.

Actual Correlation: A measure of the correlation (linear dependence) between two variables X and Y, with

a value between +1 and -1 inclusive. This is also referred to as coefficient of correlation.

Alpha: A measure of a portfolio's time weighted return in excess of the market’s return, both adjusted for

risk. A positive alpha indicates that the portfolio outperformed the market on a risk-adjusted basis, and a

negative alpha indicates the portfolio did worse than the market.

Best Quarter: The highest quarterly return for a certain time period.

Beta: A measure of the sensitivity of a portfolio’s time weighted return (net of fees) against that of the

market. A beta greater than 1.00 indicates volatility greater than the market.

Consistency: The percentage of quarters that a product achieved a rate of return higher than that of its

benchmark. The higher the consistency figure, the more value a manager has contributed to the product’s

performance.

Core: Refers to an investment strategy mandate that is blend of growth and value styles without a

pronounced tilt toward either style.

Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified

Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified

period of time.

Distribution Rate: The most recent distribution paid, annualized, and then divided by the current market

price. Distribution rate may consist of investment income, short-term capital gains, long-term capital gains,

and/or return of capital.

Down Market Capture: The ratio of average portfolio returns over the benchmark during periods of

negative benchmark return. Lower values indicate better product performance.

Downside Risk: A measure similar to standard deviation, but focuses only on the negative movements of

the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The

higher the value, the more risk the product has.

Downside Semi Deviation: A statistical calculation that measures the volatility of returns below a

minimum acceptable return. This return measure isolates the negative portion of volatility: the larger the

number, the greater the volatility.

Drawdown: A drawdown is the peak-to-trough decline during a specific period of an investment, fund or

commodity.

Excess over Benchmark: The percentage gain or loss of an investment relative to the investment's

benchmark.

Excess Return: Arithmetic difference between the manager’s return and the risk-free return over a specified

time period.

Growth: A diversified investment strategy which includes investment selections that have capital

Growth: A diversified investment strategy which includes investment selections that have capital

appreciation as the primary goal, with little or no dividend payouts. These strategies can include

reinvestment in expansion, acquisitions, and/or research and development opportunities.

Growth of Dollar: The aggregate amount an investment has gained or lost over a certain time period, also

referred to as Cumulative Return, stated in terms of the amount to which an initial dollar investment would

have grown over the given time period.

Investment Decision Process (IDP): A model for structuring the investment process and implementing the

correct attribution methodologies. The IDP includes every decision made concerning the division of the

assets under management over the various asset categories. To analyze each decision‘s contribution to the

total return, a modeling approach must measure the marginal value of every individual decision. In this

respect, the hierarchy of the decisions becomes very important. We therefore use the IDP model, which

serves as a proper foundation for registering the decisions and relating them to each other.

Information Ratio: Measured by dividing the active rate of return by the tracking error. The higher the

Information Ratio, the more value-added contribution by the manager.

Jensen’s Alpha: The Jensen's alpha measure is a risk-adjusted performance measure that represents theaverage return on a portfolio or investment above or below that predicted by the capital asset pricing model(CAPM) given the portfolio's or investment's beta and the average market return. This metric is alsocommonly referred to as alpha..

Kurtosis: A statistical measure that is used to describe the distribution, or skewness, of observed dataaround the mean, sometimes referred to as the volatility of volatility.

Maximum Drawdown: The drawdown is defined as the percent retrenchment from a fund's peak to thefund's trough value. It is in effect from the time the fund's retrenchment begins until a new fund high isreached. The maximum drawdown encompasses both the period from the fund's peak to the fund's valley(length), and the time from the fund's valley to a new fund high (recovery). It measures the largestpercentage drawdown that has occurred in any fund's data record.

Modern Portfolio Theory (MPT): An investment analysis theory on how risk-averse investors canconstruct portfolios to optimize or maximize expected return based on a given level of market risk,emphasizing that risk is an inherent part of higher reward.

Mutual Fund (MF): An investment program funded by shareholders that trade in diversified holdings andis professionally managed.

Peer Group: A combination of funds that share the same investment style combined as a group forcomparison purposes.

Peer/ Plan Sponsor Universe: A combination of asset pools of total plan investments by specific sponsorand plan types for comparison purposes.

Performance Ineligible Assets: Performance returns are not calculated for certain assets because accuratevaluations and transaction data for these assets are not processed or maintained by us. Common examples ofthese include life insurance, some annuities and some assets held externally.

Performance Statistics: A generic term for various measures of investment performance measurementterms.

Portfolio Characteristics: A generic term for various measures of investment portfolio characteristics.

Preferred Return: A term used in the private equity (PE) world, and also referred to as a “Hurdle Rate.” Itrefers to the threshold return that the limited partners of a private equity fund must receive, prior to the PEfirm receiving its carried interest or "carry."

firm receiving its carried interest or "carry."

Ratio of Cumulative Wealth: A defined ratio of the Cumulative Return of the portfolio divided by theCumulative Return of the benchmark for a certain time period.

Regression Based Analysis: A statistical process for estimating the relationships among variables. Itincludes many techniques for modeling and analyzing several variables, when the focus is on therelationship between a dependent variable and one or more independent variables

Residual Correlation: Within returns-based style analysis, residual correlation refers to the portion of astrategy’s return pattern that cannot be explained by its correlation to the asset-class benchmarks to which itis being compared.

Return: A rate of investment performance for the specified period.

Rolling Percentile Ranking: A measure of an investment portfolio’s ranking versus a peer group for aspecific rolling time period (i.e. Last 3 Years, Last 5 years, etc.).

R-Squared: The percentage of a portfolio's performance explained by the behavior of the appropriatebenchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriatebenchmark.

SA/CF (Separate Account/Comingled Fund): Represents an acronym for Separate Account andCommingled Fund investment vehicles.

Sector Benchmark: A market index that serves as a proxy for a sector within an asset class.

Sharpe Ratio: Represents the excess rate of return over the risk free return divided by the standarddeviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value,the better the product’s historical risk-adjusted performance results in.

Standard Deviation: A statistical measure of the range of a portfolio's performance; the variability of areturn around its average return over a specified time period.

Total Fund Benchmark: The policy benchmark for a complete asset pool that could consist of multipleinvestment mandates.

Total Fund Composite: The aggregate of multiple portfolios within an asset pool or household.

Tracking Error: A measure of standard deviation for a portfolio's investment performance, relative to theperformance of an appropriate market benchmark.

Treynor Ratio: A ratio that divides the excess return (above the risk free rate) by the portfolio’s beta toarrive at a unified measure of risk adjusted return. It is generally used to rank portfolios, funds andbenchmarks. A higher ratio is indicative of higher returns per unit of market risk. This measurement canhelp determine if the portfolio is reaching its goal of increasing returns while managing market risk.

Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positivebenchmark return. Higher values indicate better product performance.

Upside Semi Deviation: A statistical calculation that measures the volatility of returns above an acceptablereturn. This return measure isolates the positive portion of volatility: the larger the number, the greater thevolatility.

Value: A diversified investment strategy that includes investment selections which tend to trade at a lowerprice relative to its dividends, earnings, and sales. Common attributes are stocks that include high dividend,low price-to-book ratio, and/or low price-to-earnings ratio.

Worst Quarter: The lowest rolling quarterly return for a certain time period.

Worst Quarter: The lowest rolling quarterly return for a certain time period.

Information Disclosures

Performance results are annualized for time periods greater than one year and include all cash and cash

equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The

investment results depicted herein represent historical performance. As a result of recent market activity,

current performance may vary from the figures shown. Past performance is not a guarantee of future

results.

Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts

and/or any applicable brokerage account trade confirmation statements for a full disclosure of the

applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon

request.

Benchmark indices and blends included in this material are for informational purposes only, are

provided solely as a comparison tool and may not reflect the underlying composition and/or investment

objective(s) associated with the account(s). Indices are unmanaged and not available for direct

investment. Index returns do not take into account fees or other charges. Such fees and charges would

reduce performance.

The performance data shown reflects past performance, which does not guarantee future results.

Investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth

more or less than original cost. Please note, current performance may be higher or lower than the

performance data shown. For up to date month-end performance information, please contact your

Financial Advisor or visit the funds’ company website.

Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before

investing. The prospectus and, if available the summary prospectus, contains this and other information

that should be read carefully before investing. Investors should review the information in the prospectus

carefully. To obtain a prospectus, please contact your Financial Advisor or visit the funds’ company

website.

Past performance is no guarantee of future results.

Investing involves market risk, including possible loss of principal. Growth investing does not guarantee a

profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these

high valuations, an investment in a growth stock can be more risky than an investment in a company with

more modest growth expectations. Value investing involves the risk that the market may not recognize that

securities are undervalued and they may not appreciate as anticipated. Small and mid-capitalization

companies may lack the financial resources, product diversification and competitive strengths of larger

companies. The securities of small capitalization companies may not trade as readily as, and be subject to

higher volatility than those of larger, more established companies. Bond funds and bond holdings have the

same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the

funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed.

International securities’ prices may carry additional risks, including foreign economic, political, monetary

and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and

accounting standards. International investing may not be for everyone. These risks may be magnified in

emerging markets. Alternative investments, including private equity funds, real estate funds, hedge funds,

managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are

managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are

speculative and entail significant risks that can include losses due to leveraging or\other speculative

investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund,

potential lack of diversification, absence and/or delay of information regarding valuations and pricing,

complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and

risks associated with the operations, personnel and processes of the advisor. Master Limited Partnerships

(MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose

interests (limited partnership units or limited liability company units) are traded on securities exchanges like

shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate

sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the

energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion

risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including

interest rate and property value fluctuations, as well as risks related to general and economic conditions.

Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or

underlying assets and tend to be more volatile than investments that diversify across many sectors and

companies. MLPs are also subject to additional risks including: investors having limited control and rights

to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk,

conflict of interests, and limited call rights related to acquisitions.

Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than

expected on underlying mortgage loans can dramatically alter the yield-to-maturity of a mortgage-backed

security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower

interest rates.

Tax managed funds may not meet their objective of being tax-efficient.

Real estate investments are subject to special risks, including interest rate and property value fluctuations,

as well as risks related to general and economic conditions. High yield fixed income securities, also known

as “junk bonds”, are considered speculative, involve greater risk of default and tend to be more volatile than

investment grade fixed income securities.

Credit quality is a measure of a bond issuer’s creditworthiness, or ability to repay interest and principal to

bondholders in a timely manner. The credit ratings shown are based on security rating as provided by

Standard & Poor’s, Moody’s and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for

the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the

fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the

highest, to D, being the lowest based on S&P and Fitch’s classification (the equivalent of Aaa and C,

respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody’s) are

considered to be investment grade-quality securities. If two or more of the agencies have assigned different

ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed

as “NR”.

“Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as theS&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the

market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing

risk and could potentially expose investors to extended periods of underperformance.”

Custom Account Index: The Custom Account Index is an investment benchmark based on your historical

target allocations and/or manager selection that you may use to evaluate the performance of your account.

The Custom Account index does take into consideration certain changes that may have occurred in your

portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some

circumstances, it may not be an appropriate benchmark for use with your specific account composition. For

circumstances, it may not be an appropriate benchmark for use with your specific account composition. For

detailed report of the historical composition of this blend please contact your Financial Advisor.

Peer Groups

Peer Groups are a collection of similar investment strategies that essentially group investment products that

share the same investment approach. Peer Groups are used for comparison purposes to compare and

illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance

and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the

actual investment can be ranked versus its peer across various quantitative metrics.

All Peer Group data are provided by Investment Metrics, LLC.

The URL below provides all the definitions and methodology about the various Peer Groups

https://www.invmetrics.com/style-peer-groups

Peer Group Ranking Methodology

A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer

group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and

100 represents a low statistical value.

The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the

65th percentile is the value in which 65% of the highest observations may be found, and so on.

Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products

in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low

statistical value. It is important to note that the same ranking methodology applies to all statistics, implying

that a ranking of 1 will always mean highest value across all statistics.

For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile

ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation

denotes highest risk among peers.

In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also

known as the 75th percentile, and the median is the 50th percentile.

Alternatives

Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. (“Morgan Stanley”) Thismaterial is not to be reproduced or distributed to any other persons (other than professional advisors of theinvestors) and is intended solely for the use of the persons to whom it has been delivered. This material isnot for distribution to the general public.

The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation topurchase or sell any security, other investment or service, or to attract any funds or deposits. Investmentsmentioned may not be suitable for all clients. Any product discussed herein may be purchased only after aclient has carefully reviewed the offering memorandum and executed the subscription documents. MorganStanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, orfactual circumstances of any investor in any fund(s). Before making any investment, each investor shouldcarefully consider the risks associated with the investment, as discussed in the applicable offeringmemorandum, and make a determination based upon their own particular circumstances, that the investmentis consistent with their investment objectives and risk tolerance.

is consistent with their investment objectives and risk tolerance.

This information is being provided as a service of your Graystone Institutional Consultant and does notsupersede or replace your Morgan Stanley customer statement. The information is as of the date(s) notedand subject to daily market fluctuation. Your interests in Alternative Investments, which may have beenpurchased through us, are generally not held here, and are generally not covered by SIPC. The informationprovided to you: 1) is included as a service to you, valuations for certain products may not be available; 2)is derived from you or another external source for which we are not responsible, and may have beenmodified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflectactual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fairvalue estimate; and 5) should not be relied upon for tax reporting purposes. Notwithstanding the foregoing,1) to the extent this report displays Alternative Investment positions within a Morgan Stanley IndividualRetirement Account (“IRA”), such positions are held by Morgan Stanley Smith Barney LLC as thecustodian of your Morgan Stanley IRA; and 2) if your Alternative Investment positon(s) is held by us and isregistered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) iscovered by SIPC.

Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategyvehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds,Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private CreditFunds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles mayinclude, but are not limited to, Open or Closed End Mutual Funds, Exchange-Traded and Closed-EndFunds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master LimitedPartnerships (MLPs). These non-traditional alternative strategy vehicles also seek alternative-like exposurebut have significant differences from traditional alternative investment vehicles. Non-traditional alternativestrategy vehicles may behave like, have characteristics of, or employ various investment strategies andtechniques for both hedging and more speculative purposes such as short-selling, leverage, derivatives, andoptions, which can increase volatility and the risk of investment loss. Characteristics such as correlation totraditional markets, investment strategy, and market sector exposure can play a role in the classification of atraditional security being classified as alternative.

Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimatedvaluation provided will be as of the most recent date available and will be included in summaries of yourassets. Such valuation may not be the most recent provided by the fund in which you are invested. Norepresentation is made that the valuation is a market value or that the interest could be liquidated at thisvalue. We are not required to take any action with respect to your investment unless valid instructions arereceived from you in a timely manner. Some positions reflected herein may not represent interests in thefund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subjectto the investment performance of the fund and may or may not accrue interest for the length of thewithholding. Morgan Stanley does not engage in an independent valuation of your alternative investmentassets. Morgan Stanley provides periodic information to you including the market value of an alternativeinvestment vehicle based on information received from the management entity of the alternative investmentvehicle or another service provider.

Traditional alternative investment vehicles often are speculative and include a high degree of risk. .Investors should carefully review and consider potential risks before investing. Certain of these risks mayinclude but are not limited to:• Loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices;• Lack of liquidity in that there may be no secondary market for afund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversificationand resulting higher risk due to concentration of trading authority when a single advisor is utilized;•Absence of information regarding valuations and pricing;• Complex tax structures and delays in taxreporting;• Less regulation and higher fees than mutual funds; and• Risks associated with the operations,personnel, and processes of the manager. As a diversified global financial services firm, Morgan StanleyWealth Management engages in a broad spectrum of activities including financial advisory services,investment management activities, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, researchpublication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Managementtherefore engages in activities where Morgan Stanley Wealth Management’s interests may conflict with theinterests of its clients, including the private investment funds it manages. Morgan Stanley Wealth

interests of its clients, including the private investment funds it manages. Morgan Stanley WealthManagement can give no assurance that conflicts of interest will be resolved in favor of its clients or anysuch fund.

Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown forillustrative purposes and do not represent the performance of a specific investment. Past performance is noguarantee of future results. Actual results may vary. Diversification does not assure a profit or protectagainst loss in a declining market. Any performance or related information presented has not been adjustedto reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanleyplacement clients, a one-time upfront Placement Fee of up to 3%, and for Morgan Stanley investmentadvisory clients, an annual advisory fee of up to 2.5%), which would result in a substantial reduction in thereturns if such fees were incorporated.

For most investment advisory clients, the program account will be charged an asset-based wrap fee everyquarter (“the Fee”). In general, the Fee covers investment advisory services and reporting. In addition to theFee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees andexpenses are charged directly to the pool of assets the fund invests in and impact the valuations. Clientsmust understand that these fees and expenses are an additional cost and will not be included in the Feeamount in the account statements.

As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by anamount directly related to the gross account performance. For example, for an account with an initial valueof $100,000 and a 2.5% annual fee, if the gross performance is 5% per year over a three year period, thecompounding effect of the fees will result in a net annual compound rate of return of approximately 2.40%per year over a three year period, and the total value of the client’s portfolio at the end of the three yearperiod would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see theapplicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including adescription of the fee schedule. It is available at www.morganstanley.com/ADV<http://www.morganstanley.com/ADV> <http://www.morganstanley.com/ADV> or from your FinancialAdvisor/Private Wealth Advisor.

Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributingimportant tax information. Individual funds have specific risks related to their investment programs that willvary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does notprovide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms ofthe applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain ofits affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley orany of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investmentrisks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer,not a bank.

SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments.

© 2018 Morgan Stanley Smith Barney LLC. Member SIPC.

Money Market Funds

You could lose money in Money Market Funds. Although MMFs classified as government funds (i.e.,MMFs that invest 99.5% of total assets in cash and/or securities backed by the U.S government) and retailfunds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, theycannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they maybe worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend salesif liquidity falls below required minimums. During suspensions, shares would not be available forpurchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed bythe Federal Deposit Insurance Corporation or other government agency.

Documents

SUMMARY OF RELEVANT FACTS City of Ormond Beach General