FMPTF Participant Directed Mutual Fund Program 9/30/21 .

FMPTF Participant Directed Mutual Fund ProgramTotal Portfolio Market ValuesAs ofSep-21 ( )Total PortfolioActualAllocation (%)As ofJun-21 ( )ActualAllocation (%)As ofSep-20 ( )ActualAllocation 0.00Vanguard Windsor II3,359,1292.163,286,9992.142,509,6971.92Vanguard Institutional rd FTSE Social Index2,230,1771.441,944,9571.26734,8400.56Vanguard Eaton Vance Atlanta Cap ard Small Cap rd Total International Stock rd Emerging Markets Stock Index311,9170.20289,8520.19257,2670.20Vanguard All World ex-US Small Cap336,5120.22270,5880.18128,7730.10Vanguard Intermediate IG d Total Bond rd Retirement Savings 0.0450,5960.03135,7040.10Vanguard Federal Money ard REIT rd anguard Total International Bond IndexVanguard Target Retirement 02.9300.00Vanguard Institutional Target Retirement 20156,053,3953.905,995,7843.9000.00Vanguard Institutional Target Retirement 202011,594,1357.4611,342,8877.3800.00Vanguard Institutional Target Retirement 2025Vanguard Institutional Target Retirement Income16,349,44110.5316,390,05310.6600.00Vanguard Target Retirement 201500.0000.005,404,1364.14Vanguard Target Retirement 202000.0000.0010,733,0638.22Vanguard Target Retirement 202500.0000.0014,302,34810.95Vanguard Target Retirement 203000.0000.008,724,7216.68Vanguard Target Retirement 203500.0000.007,034,7195.39Vanguard Target Retirement 204000.0000.004,079,0843.12Vanguard Target Retirement 204500.0000.005,340,1974.09Vanguard Institutional Target Retirement 203012,040,8967.7511,590,5537.5400.00Vanguard Institutional Target Retirement 20359,243,7565.959,227,8676.0000.00 2021 Asset Consulting Group All Rights Reserved21

FMPTF Participant Directed Mutual Fund ProgramTotal Portfolio Market ValuesAs ofSep-21 ( )ActualAllocation (%)As ofJun-21 ( )ActualAllocation (%)As ofSep-20 ( )ActualAllocation (%)Vanguard Institutional Target Retirement 20405,542,6623.575,471,2713.5600.00Vanguard Institutional Target Retirement 20457,702,6464.967,642,1934.9700.00Vanguard Institutional Target Retirement 20503,501,4842.253,412,2472.2200.00Vanguard Institutional Target Retirement 20552,060,1041.332,013,5641.3100.00Vanguard Institutional Target Retirement 2060423,4590.27376,3160.2400.00Vanguard Target Retirement 206000.0000.00155,6840.12Vanguard Target Retirement 205000.0000.002,549,7821.95Vanguard Target Retirement 80,3360.60Loan 2021 Asset Consulting Group All Rights Reserved22

t io02VaCngnangap 0ualTuaarSMrdrdgeVaWIDIntenstRellinguitutgariret ioVatodmnngInVa nalensuat itTat2ngurgrd03t iouaetIn5nardstRelituFeItniret dstMVaReVaetituangtirirkt iongem remetuanauaeerntlTdrdnartSTo20Ingetaav15stitul IntRingst RStguocIn0etarstirekdituInmInt iodeentenaxrmtIlTncediaroagemteetRIGetFuiremndVa Vaenng nguat2u05VardVa ard0WngSmninuagudalsordlCVa ardrIInapIFTngstSituIEunt ederdVaInxng mestntuaitu2trd05ioVanaRE5lTITVa nguaInngargdeetua rd AxrdVall W RetirEmngorem Loalderuanengiexrdngt2-UTo06SMtaSm0arl uaVardnguaVaFMPTF Participant Directed Mutual Fund ProgramFMPTF Participant Directed Mutual Fund ProgramFor the Period Ending September 30, 2021Manager Allocation(M arket Value in M 0 2021 Asset Consulting Group All Rights Reserved12.0411.5910.539.49 9.248.577.706.06 6.055.59 5.544.75 4.554.002.000.004.203.50 3.362.47 2.23 2.08 2.061.440.82 0.420.34 0.31 0.06Total Market Value: 155,315,53323

Florida Municipal Pension Trust FundParticipant Directed Mutual Fund ProgramExecutive SummaryPeriod Ended September 30, 2021Vanguard Windsor II (VWNAX) – Page 38This Morningstar five-star rated, large cap value-oriented equity fund searches for low priced, high dividend paying stocks and isimplemented through a strong cadre of capable managers, including Aristotle Capital Management, Hotchkis and Wiley, SandersCapital and Lazard Asset Management. This fund outpaced the Russell 1000 Value by 126 basis points on average annually andranks in the top 7th percentile relative to its peer group of large cap value managers over the past 10 years.Vanguard FTSE Social Index (VFTAX) – Page 40This Morningstar five-star rated fund was added to the fund lineup in May 2019 to allow participants to invest in a socially-consciousmanner. It employs an investment approach that emphasizes companies that have been screened for certain social andenvironmental criteria. This fund has posted strong absolute returns over the past 10 years, rising 17.92%, outpacing the Russell 1000Index and ranking in the top 2nd percentile of its peer group of large cap equity managers.Vanguard Institutional Index (VINIX) – Page 42This passively-managed fund has a five-star rating from Morningstar, and is focused on providing performance in line with the broadlarge cap domestic equity market as measured by the S&P 500 Index, with a similar risk profile and very efficient fee structure. Thisfund has matched the risk-return profile of the S&P 500 over all time periods.Vanguard PRIMECAP (VPMAX) – Page 44This four-star rated fund is tasked with providing excess returns in the large cap growth equity segment of the domestic market, as acomplement to a similar value option within the plan. This fund has posted strong results over the past year, outpacing the Russell1000 Growth Index by 251 basis points and ranking in the top 17th percentile of its peer group of large cap growth managers. Despitebeing modestly out of line with the benchmark over the past 3-5 years, this fund has achieved a 17.97% average annual return overthe past 10 years.EV Atlanta Capital SMID (ERASX) – Page 46This two-star rated fund focuses on identifying seasoned, high quality small-to-mid capitalization U.S. companies with solid balancesheets and experienced management teams. While this fund was unable to keep up with the Russell 2500 benchmark over the pastyear, this fund has an impressive track record of success over the long term, outperforming the Russell 2500 by over 130 basis pointsand ranking in the top 2nd percentile of its peer group over the last 10 years.Vanguard Small Cap Index (VSMAX) – Page 48This fund has a five-star rating from Morningstar, and is focused on providing performance in line with the small cap domestic equitymarket as measured by the CRSP US Small Cap Index, with a similar risk profile and very efficient fee structure. Over the last 10 years,this fund has matched the benchmark’s performance, and ranks in the top 14th percentile of its peer group. 2021 Asset Consulting Group All Rights Reserved24

Vanguard All World ex-US Small Cap (VFSAX) – Page 50This Morningstar three star rated index fund was added to the fund lineup in May 2019 to provide low-cost exposure to smallcapitalization companies located in non-U.S. developed markets. This fund is subject to currency risk and country risk, and mayexperience heightened volatility because of its focus on small cap stocks. While this fund hasn’t been able to keep up with MSCIACWI ex US SC Net, this fund has achieved a 8.45% return on average annually over the past 10 years.Vanguard Emerging Markets Stock Index (VEMAX) – Page 52This fund was added to the fund lineup in May 2019. This fund is rated three stars by Morningstar, and employs an indexing investmentapproach to give investors a low cost exposure to emerging markets countries. This fund serves as an opportunity for investors todiversify their exposure to the international markets. This fund has performed in line with the MSCI Diversified Emerging Markets Indexon a risk-adjusted basis over the past 10 years.Vanguard Total International Stock Index (VT1AX) – Page 54This Morningstar three star rated fund is focused on providing performance in line with the broad international equity market asmeasured by the FTSE Global All Cap Ex-US Index, with a similar risk profile and very efficient fee structure. This fund trailed thebenchmark in the third quarter (down 3.00% vs. down 2.42%), but it has performed in line with it on a risk adjusted basis over the longerterm time periods.Vanguard Intermediate Investment Grade Fund (VFIDX) – Page 56This actively managed fund is rated three stars by Morningstar, and was added to the fund lineup in May 2019. It seeks to provide amoderate and sustainable level of current income by providing diversified exposure to medium and high quality investment gradebonds with a dollar-weighted average maturity of 5-10 years. This fund has outperformed the BloomBar US Credit Intermediatebenchmark by 73 basis points on average annually over the last 10 years while ranking in the top 2nd percentile of its peer group ofIntermediate Core Bond managers.Vanguard Total Bond Market Index (VBTLX) – Page 58This fund is rated three stars by Morningstar and has the objective of providing performance in line with the broad domestic bondmarkets as measured by the BloomBar Aggregate Index, with a similar risk profile and very efficient fee structure. This fund hasmatched the risk-return profile of the benchmark over the past 10 years.Vanguard Retirement Savings Trust – Page 60This fund seeks to provide a high level of current and stable income by investing in synthetic investment contracts backed by highquality fixed income investments and traditional investments issued by insurance companies and banks, with a goal of maintaining anet asset value of 1 per share. This fund has managed to outperform the US 90 Day T-Bills by 132 basis points over the past 10 years.Vanguard Total International Bond Index (VTABX) – Page 61This Morningstar three-star rated fund was added to the fund lineup in May 2019. It seeks to provide broad exposure to non-USinvestment-grade bonds, and serves as a complement to the other US fixed income options in the lineup. This fund is exposed tocountry/regional risk but utilizes currency hedging strategies to limit exchange rate risk. This fund has approximated the risk and returnof the BloomBar Global Aggregate US Hedged benchmark over the past 5-8 years. 2021 Asset Consulting Group All Rights Reserved25

Vanguard Federal Money Market (VMFXX) – Page 63This fund seeks a high level of current income by investing in high-quality money market instruments, with an average maturity of 90days or less and a goal of maintaining a net asset value of 1 per share.Vanguard REIT Index (VGSLX) – Page 64This Morningstar four star rated fund is designed to track the performance of the domestic real estate investment trust (REIT) market.Performance has been in line with the NAREIT Index on a risk-adjusted basis and better than the peer group of specialty real estatemanagers over the past 5-10 years.Vanguard Wellington (VWENX) – Page 66This balanced equity and fixed income fund carries a five-star rating by Morningstar given its long history of outperforming objectives.The bond portfolio typically emphasizes high quality issues, while the equity portfolio focuses on dividend-paying companies withmodest valuations. The mix between stocks and bonds can change over time depending on the manager’s view of opportunities inthe marketplace, with the current allocation at 65% stocks and 35% cash/bonds. This fund is in line with objectives, ranking in the top8th percentile of its peer group over the past 10 years.Vanguard Institutional Target Retirement Income (VITRX) – Page 68This fund carries a three-star rating from Morningstar and is designed primarily for investors that are currently in retirement. The fundhas a conservative allocation for those investors seeking current income and safety of principal more than capital appreciation. Thefund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds which are diversified by asset class,geography and quality. The asset allocation of this fund is currently 70% fixed income/cash and 30% equity.Vanguard Institutional Target Retirement 2015 (VITVX) – Page 70This fund carries a three-star rating from Morningstar and provides a shifting mix of stocks and bonds for investors that intend to retire inor around 2015. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, puttingan increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutualfunds. The current asset allocation of this fund is 68% fixed income/cash and 32% equity.Vanguard Institutional Target Retirement 2020 (VITWX) – Page 72This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2020. Thefund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasinglygreater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. Thecurrent asset allocation of this fund is 53% fixed income/cash and 47% equity.Vanguard Institutional Target Retirement 2025 (VRIVX) – Page 74This fund carries a four-star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire inor around 2025. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, puttingan increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutualfunds. The current asset allocation of this fund is 42% fixed income/cash and 58% equity. 2021 Asset Consulting Group All Rights Reserved26

Vanguard Institutional Target Retirement 2030 (VTTWX) – Page 76This Morningstar four-star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2030. Thefund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasinglygreater emphasis on income. The fund’s assets are invested in an underlying blend of Vanguard fee-efficient mutual funds. Thecurrent asset allocation of this fund is 34% fixed income/cash and 66% equity.Vanguard Institutional Target Retirement 2035 (VITFX) – Page 78This fund carries a three-star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire inor around 2035. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, puttingan increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutualfunds. The current asset allocation of this fund is 27% fixed income/cash and 73% equity.Vanguard Institutional Target Retirement 2040 (VIRSX) – Page 80This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2040. Thefund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasinglygreater emphasis on income. The fund’s assets are invested i

Vanguard Total Intl Stock Index Admiral VTIAX 0.11 -3.00 6.38 24.36 8.31 9.01 7.89 Real Estate Vanguard REIT Index Adm VGSLX 0.12 0.68 22.19 33.51 12.01 7.54 11.54 Target Retirement Vanguard Institutional Target Retirement Income VITRX 0.09 -0.09 3.22 8.59 7.61 6.28--Vanguard Institutional Target Ret