Sarasota County, Florida Notes to Financial Statements September 30, 2021 The OPEB trust fund had the following recurring fair value measurements comprised of investments as of September 30, 2021: Significant Quoted Prices in Other Significant Total Fair Active Markets for Observable Unobservable Value Identical Assets Inputs Inputs 9/30/2021 (Level 1) (Level 2) (Level 3) Investments by Fair Value Level External Investment Pool: FMIvT Funds: Broad Market High Quality Bonds $ 1,893,240 $ - $ 1,893,240 $ - Core Plus Fixed Income 1,902,386 - - 1,902,386 Diversified Large Cap Equity 2,002,992 - 2,002,992 - Diversified Small to Mid Cap Equity 951,193 - 951,193 - International Equity 1,655,442 - 1,655,442 - Core Real Estate 722,541 - - 722,541 Total Investments by Fair Value Level 9,127,794 $ - $ 6,502,867 $ 2,624,927 Investments at Amortized Cost Cash & Cash Equivalents 18,292 Total Investments at Cost 18,292 Grand Total Cash & Investments $ 9,146,086 The fair values of the commingled equity and bond funds have been determined using the NAV per share or its equivalent of the investments as provided by the FMIvT administrator. FMIvT Broad Market High Quality Bond Fund This fund invests mainly in US government and agency securities, asset-backed securities and corporate bonds and notes. The underlying securities have observable level 1 quoted pricing inputs or observable level 2 significant other observable pricing inputs. Most of the security prices were obtained from a pricing service, Interactive Data Corporation (IDC). While the underlying asset values are based on quoted prices or marketcorroborated inputs, the net asset value of the portfolio is not publicly quoted. Members should consider reporting these shares as level 2, since the value is based on market-corroborated data. FMIvT Core Plus Fixed Income Fund This fund invests in two underlying funds, the Franklin Templeton Global Multi-Sector Plus Fund, LP and the Pioneer Institutional Multi-Sector Fixed Income Portfolio, LLC. Shares of these funds are not publicly quoted. These underlying funds invest in a variety of financial instruments, including equity investments, asset-backed securities, debt securities, swaps, forward exchange contracts, credit-linked notes, escrow accounts and litigation trusts for both U.S. and foreign companies and governments. Members should consider reporting shares of this fund as level 3, since the value is based on unobservable inputs. FMIvT Diversified Large Cap Equity Portfolio This portfolio invests mainly in domestic stocks and in a single underlying fund, the Intech U.S. Broad Enhanced Plus Fund, LLC (Intech Fund), shares of which are not publicly quoted. The majority of the underlying securities have observable level 1 quoted pricing inputs. Most of the security prices were obtained from a pricing service, Interactive Data Corporation (IDC). The value of the portfolio’s shares of the Intech Fund investment is determined based on the net asset value provided by the Intech Fund, which was calculated in accordance with generally accepted accounting principles. While most of the underlying asset values are based on quoted market prices, the net asset value of the portfolio is not publicly quoted. Members should consider reporting these shares as level 2, since the value is based on market-corroborated data. 104
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