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03-12-2019 Agenda
LM L1 I otw- HOME OF PELICAN ISLAND PUBLIC NOTICE — POLICE PENSION BOARD MEETING March 12,2019 The Police Pension Board will hold a regular quarter meeting Tuesday, March 12,2019 at 10:00 a.m. in the City Council Chambers, City Hall, 1225 Main St. Sebastian, Florida. Agenda CALL TO ORDER Chairperson ROLL CALL Chairperson VOTE TO EXCUSE ABSENT BOARD MEMBER(S) Chairperson APPROVAL OF MINUTES: A. December 18, 2018 Regular Meeting Chairperson OLD BUSINESS A. Approval of Payments: Ken Killgore. Plan Administrator a. Highland Capital Management Group - Equities 8,000.71 b. Highland Capital Management Group — Bonds S 2,708.84 c. Klausner, Kaufman, Jensen & Levinson - Dec./Feb. $ 11,783,17 d. Graystone Consulting — October to Decemberr S 3,375,00 e. Boston Partners $ 1,621 .07 f Renaissance Investment Management $ 1,564.05 g, Brookfield Investment Management, Inc. S 686,00 It, Salem Trust Company - October to December $ 9,770.00 i. Foster & Foster — Board Meeting, Auditor, Antosia Buyback $ 47100 j. City of Sebastian January to March S 6,000.00 k. City of Sebastian Reimbursement for Minutes $ 96.00 PUBLIC INPUT Chairperson NEW BUSINESS A. Report from Investment Monitor Scott Owens, Morgan Stanley B. Report front Investment Managers - Highland Capital Grant McMurry, Highland Capital C. Legal Updates — Klausner, Katifirtan, Jensen & Levinson Bonni S. Jensen, Board Attorney a. Division of Retirement's Annual Report b. House Bill 265 (Proposed) c, Power of Attorney d. IRS Mileage Rate for 2019 e. Other Legal Matters D. Board Member Reports and Comments Chairperson E. Plan Administrator Reports and Comments Ken Killgore, Plan Administrator a, Update on 2018-2019 Budget/Actual Expenses and Consideration of Budget Amendment to Add the Experience Study by the Actuary b. Review of Annual Calendar of Board Activities 1. Confirmation of Filing the State Annual Report 1 Update on 2019/2019 Budget/Actual Expenses 3. Update of Summary Plan Description B. Scheduled Quarterly Meetings: June 18, 2019 Chairperson September 17, 2019 December 10,2019 ADJOURN Please note: In accordance with Florida Statue 286,0105: any person who desires to appeal any decision at this meeting will need a record of the proceedings and for this purpose inay need to ensure that a \,erbatiin record or the proceedings is made which includes the testimony and evidence upon which the appeal is based. In accordance with Florida Statute 286.26: Persons with disabilities needing assistance to participate in any of these proceedings should contact the Administrative Service,,,, Department at 1225 Main Street, Sebastian, Florida 32958, or telephone 772-388-8205, ciTy OF SEBASTIAN POLICE PENSION BOARD MINUTES OF REGULAR QUARTERLY MEETIN11 DECEMBER 18, 2018 Call to Order -- Chairman Jason Gillette called the meeting to order at 10:03 a.m. I[. Roll Call Present Board Members'. Jason Gillette Christine Vicars Randy Moyer Paul Williamson Absent t Wood -- Excused Also Present B,onni Jenisen, Kliausner, Kaufman, Jensen & Levinson, Attorney for the Board of Trustees Ken, Killgore, Plan Administrator Cynthia Watson, Human Resources Manager Rob Chisholm, Center Coast Charlie Muffinger, Morgan Stanley Grant McMurray, Highland Capital Doug Lozen, Foster and Foster Janet Graham, Technical Writer 111. Vote to Excuse Absent Board Member Motion to excuse absentee was made by Mr. Williamson and seconded by Ms. Vicars. Motion carried unanimously by voice vote. IV, ADDroval of Minutes -- Regular Meeting of October 5, 2018 Motion to accept the Minutes of the meeting of October 5, 2018 was made by Mr. Moyer and seconded by Mr. Williamson. Motion carried unanimously by voice vote. A. Approval of Payments 1. Klausner, Kaufman, Jensen & Levinson $7,767.42 I POLICE PENSION BOARD MINUTES OF REGULAR MEETING DECEMBER 18,2018 2, Graystone Consulting 3, Boston Partners 4. Fiera Capital, Inc. 5. Renaissance Investment Management 6. Brookfield Investment Management 7. Salem Trust Company 8, Foster and Foster 9. City of Sebastian Board Member Conference Cost 10. City of Sebastian October, to December 11 , City of Sebastian Insurance Reimbursement 12, City of Sebastian Reimbursement for Minutes 13. Klausner, Kaufman, Jensen & Levinson -- November PAGE 2 1 1,85& 1,5721 1,876.. 817.. 015.. 5. 5 8 8 5 7 7 8 2 6 1 7 5 0 1 5' 12,583, 449. 6,000. 2,585. Is 256.1 S Motion to approve the payments as listed above was made by Mr. Moyer and seconded by Mr. Williamson, Motion passed unanimously by voice vote. VI. Public Input -- Nona A. Report from Investment Managers Center Coast Rob Chisholm, Senior Portfolio Manager from Center Coast, made an introductory presentation. They were acquired earlier this year by Brookfield Management, who has a tremendous network of institutional investors worldwide, Center Coast's offices are still located in Houston, Texas, and they have retained the same investment team', however, they have gained access to Brookfield's client service group. Mr. Chisholm reviewed the stock market for this year and how his company has performed during that time. Mr. Williamson requested an overview of Master Limited Partnerships and how they work. Mr. Chisholm stated that Center Coast's strategy for this year has focused on energy infrastructure such as pipelines and storage terminals. He stated that historically, these companies have been Master Limited Partnerships (MI -Ps), He went on to describe h'ow these entities work and that approximately 60% of Center Coast's investment space is Master Limited Partnerships. He stated that the underlying distribution of their portfolio is roughly 9,% presently, and that is growing at between 5% and'6% on an annualized basis. N POLICE PENSION BOARD PAGE 3 MINUTES OF REGULAR MEETING DECEMBER 18,2018 Ms, Jensen inquired, since Center Coast is now owned by Brookfield, do there need to be new documents prepared. Mr. Chisholm stated he would investigate that and see how that was handled by their other clients. He stated that prior to the acquisition they had to get consent from all their clients, and Mr. Killgore stated he recalls that there were documents signed to that effect. Ms. Jensen asked if Center Coast is now an MLP product or are they changing to a C-Corp, Mr. Chisholm described them as "agnostic" and will make investments based upon what they consider to be the best opportunities. Ms. Jensen asked him to speak to outflow of clients/assets, and Mr. Chisholm stated there has, been very little outflow or loss of assets, and they remain net -positive. Grant McMurray described that equity and growth are the two investment strategies in thie Police Pension portfolio. He provided the Board members with a report setting forth how technology stocks represent the vast majority of growth. He described how the midterm elections affected the market. He also described how the European market has been affected by the EU, and the uncertainty there may cauise investments in the United States to become more attractive to foreign investors. He talked about how the, market reacts to interest rates being raised or not being raised. B. Report from Investment Monitor Recommendation/Approval of Updates to Investment Policy (if anyll Charlie Mulfinger began his presentation by describing the reasons for going into MLP space, and his firm is watching this very closely. He stated that, at this time, this is one of the most appealing sectors available. 2. Recommendation/Approval of Changes to Allocation Strategy (if any) Mr. Mulfinger described that the economy is now very strong with a high GDP. Unemployment is very low, and the labor force is growing, which is an important factor. Volatility is now present in the market, and that is normal, but fundamentals are strong. As long as there is full employment and inflation: remains in check, he expects interest rates will be raised very little. He also described how geopolitical issues drive the market. He reviewed that as of September 30tl, the gain for the portfolio was more than a half million dollars. He is recommending no change in asset allocation presently. The Board requested that in the future he include some long-term performance history reports. He said he would do that, 3 jp� POLICE PENSION BOARD PAGE 4 MINUTES OF REGULAR MEETING DECEMBER 18, 2018 gi 1� ftpj-r •. r 'I I I I I I I I I I I � I I � I I I I I I I I I � I 1 11 1 The Board requested that there be a report showing the alpha -to -beta ratio in the future so it would show the risk -adjusted return. Mr, Mulfinger stated he would see that that is done. He reviewed the different managers and how they are performing regarding rate of return, etc. He explained the effect of increase in interest rates by the Federal Reserve regarding the portfolio. C. Presentation and Acceptance of Actuarial Report as of October 1, 2018 Doug Lozen of Foster and Foster described that the job of the Actuary is calculations and projections. He provided copies of his report to the Board and explained that the report summarizes the Actuary's opinion: of how much the City should put inito the trust fund over the next couple of years so that, as the benefits come dlue in the future for all the members in the plan, the monies will be there. It is their job to project out for each person in the plan an estimate of the totality of benefits that will be paid out for his or her lifetime. Each year they adjust the contribution requirements based on what happened with the plan versus what they assumed would happen. He described what all is considered when making these assumptions, including salary increases, investment returns, mortality, life expectancy, the occurrences of disability retirements, terminations, etc. He recommended that before he appears before the Board next year, the Actuary prepare a report recommending what adjustments should be made. He proceeded to explain the report for the current fiscal year. He discussed the primary reasons why the contribution requirement went from 21.4% to 23.4% and provided an update on the plan's funded status. He then asked the Board to approve the report as presented. A motion to approve the report as presented was made Chairman Gillette, seconded by Mr. Moyer, and approved unanimously by voice vote. Mr. Lozen then presented his recommendations for the coming year, including updating the Experience Study, and suggesting that he appear again sometime in August of 2019 to review what has happened since the last Experience Study was done, when he will make recommendations on how changes, if any, should be made. He then asked for the Board's approval to update that study. Mr. Killgore asked if there is an additional fee for this study, and Mr. Lozen responded yes, the fee is $7,500.00. A motion to approve the Experience Study was made by Ms. Vicars, seconded by Mr. Williamson, and approved unanimously by voice vote. Ms. Jensen then described that the State has a requirement that annually there be a determination of the rate of investment return over the short term, the midterm, and the t/ 1, POLICE PENSION BOARD PAGE 5 MINUTES OF REGULAR MEETING DECEMBER 18,2018 long terra. Since the Actuary has, approved an actuarial evaluation of 7,3% as the rate of return, the Board should approve that rate. A motion to approve the 73% as the rate of return was made by Mr, Moyer, seconded by Mr. Williamson, and approved unanimously by voice vote. D. Legal Updates -- Klausner, Kaufman, Jensen & Levinson Ms. Jensen described two items for discussion: 1. The 2018 special tax notice that is required by the IRS to be distributed to all members of the plan who have a lump -sum distribution. This notice has been recently updated, and she is providing it so that it can be given to the City to use as necessary. 2, Recommended chianges to policies and procedures, such as thie claims review procedure regarding deadline dlates, etc. and including a signature page at the end of the document so that it is clear that the Board has adopted these changes. A motion to approve the rules as amended and presented was made by Ms. Vicars, seconded by Mr. Moyer, and approved unanimously by voice vote. Ms. Jensen also provided an update on the Grimmich situation. The mother of Ireland, one of the daughters of Mr. Grimmichi, is now deceased, and a guardian must be appointed for Ireland, since she is a minor. Ms. Jensen has spoken to the mother of the second daughter, and she indicated she is interested in taking a refund of contributions, but Ms. Jensen stated the case cannot move forward with a distribution of funds until there is a guardian appointed for Ireland. She also informed the Board that there has been another application for disability made by Garland Parker. E. Board Member, Reports and Comments -- None 1 0 • Scheduling of Future Quarterly Meeting Dates Mr. Killgore stated that the dates are included in the packet provided to the members of the Board. POLICE PENSION BOARD PAGE 6 MINUTES OF REGULAR MEETING DECEMBER 18, 2018 Mr. Killgore, stated the dates are also included in the packet provided to the members of the Board, a. Confirmation of Renewal of Liability Insurance Policy Mr. Killg:ore confirmed that this has been done. Mr. Killgore reviewed that he is on track regarding the Budget and Actual Expenses. He does expect that there will have to be a provision for addition to the actuarial expense, and he will return with an amendment to the budget at the next meeting. C. Consideration of Updates to Board Operating Rules He will add a signature page to the amended Board Operating Rules as described by Ms. Jensen. Mr. Killgore extended his, appreciation to the Board members, for their service to the Police Pension Fund. G. Next Scheduled Quarterly Meeting: March 19, 2019. IX Adiourn -- Chairman Gillette called for any further business. Hearing none, the meeting was adjourned at 12.25 p.m. ul 0 Jason Gillette IF I i-fland Capital -- MANAGEMENT, LLC Sanuary 7, 2019 Invoice Number: 19927 MANAGEMENT FEE: SEBASTIAN POLICE OFFICERS'RETIREmEmr 12/31/2018 Portfolio Value: $ 6,403,673.47 Exclude Dividend Accrual - 3,108,31 Billable Value $ 6,400,565.1.6 Quarterly Fee Based Ow $ 6,400,565 @ 0.50% per annum $8,000.71 Quarterly Fee: $ 8,00031 For the Period 10/1/2018 through 12/31/2018 Paid by Debit Direct ($0.00) Please Rendt $8,000.71 AC—CQ-UI31 Accowint Value Ouartedv Fee (sebastO I) SEBASTIAN POLICE OFFICERS'RETIRENIFNT VALUE (3040002546) $ 3,046,404.41 $3,808,01 (svbasti3) SEBASTIAN POLICE OFFICERFRETIREMENT GROWTH (3040002555) $ 2,703,540.87 $ 3,379A2 (sebasti4) SEBASTIAN POLICE OFFICERFRETIREMENT ADR (3040002582) $ 650,619.88 $813.28 Total $ 6,400,565.16 $8,000,71 Wiring Instructions: First Tennessee Bank ABA# 084000026 Acct# 31-0251313 For Credit to-, Highland Capital Management, LLC. Mailing Check: Hghland Capital Management, LLC 6075 Poplar Ave, Suite 703 Memphis, TN 38119 w ighland Capital Managemrnt, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS' RETIREMENT VALUE (3040002546) December 31, 2018 Unit Total Market Pet, Cur. Quantity Symbol Security Cost Cost Price value Assets Yield CASH AND EQUIVALENTS (USD) cash cash 75,845.13 75,845.13 2,5 0.0 divacc Dividend Accrual 2,342.64 2,342.64 011. ? 78,18737 78,187.77 2.6 OD COMMON STOCK (IJSD) Energy 591.0000 CVX CHEVRON CORP 11122 66,320.40 108.79 64,294.89 2.1 4.1 2%0000 COP CONOCOPHILLIPS 52,37 13,616,28 62.35 16,211.00 0.5 2,0 1,165.0000 XOM EXXONMOBIL 85.05 99,084.06 68A9 79,441.35 2.6 4.8 CORPORATION 600.0000 HP RELMERIC14 & 62.32 37,390.62 47.94 28,7600 0.9 53 PAYNE 2,040.0000 MRO MARATHON OIL 24A8 49,946.95 1434 29,253,60 1.0 1.4 CORP 490.0000 MUR MURPHY OIL CORP 46.17 22,625.60 2339 11,461,10 0A 4.3 300.0000 OXY OCCIDENTAL 68.56 20,568.17 61.38 18,414.00 0.6 511 PETROLEUM CORP 320,0000 PSX PHILLIPS 66 83,53 26,728.78 86.15 27,568,00 0.9 33 750.0000 SLB SCHLUMBERGER 64�96 48,720.67 36,08 27,060.00 0.9 5.5 LTD 320.0000 VLO VALERD ENERGY 84,81 27,140.80 74.97 23,990,40 0.8 4.3 CORP 412,14233 326,458.34 1017 4,2 Materials 245.0000 DWDP DOWDUPONT INC 66.41 16,269.79 53.48 13,102.60 0.4 2.8 1,745-0000 GPK GRAPHIC 12.87 22,458.17 10.64 18,566.80 0.6 2,8 PACKAGING HOLDING CO 440.0000 LYB LYONDELLBASELL 92.61 40,749,64 83.16 36,590,40 L2 4.8 INDUSTRIES NV 79,477.59 68,259.80 2,2 3.9 Industrials 625.0000 CSX CSX CORPORATION 36.84 23,021.95 62.13 38,831.25 1.3 1.4 400,0000 ETN EATON 67.47 26,987,48 68.66 27,464.00 0,9 3.8 CORPORATION PLC 2,362-0000 GE GENERAL ELECTRIC 28.85 68,13336 T57 17,880.34 0,6 0.5 COMPANY 2,040.0000 JBLU JET13LUE AIRWAYS 17.20 35,091.08 16.06 32,762.40 Ll 0.0 CORP 250,0000 NSC NORFOLK 86.98 21,746.20 149.54 37,385.00 1.2 2,1 SOUTHERN CORP 610.0000 OSK OSHKOSH 78.97 48,172.62 61.31 37,399.10 1.2 .1.8 CORPORATION 125.0000 UTX UNITED 114,84 14,355.33 106,48 13,310.00 0A 2.8 TECHNOLOGIES CORP 237,508.02 205,032.09 6,7 1.7 Consumer Discretionary 1,520.0000 F FORD MOTOR 12-57 19,108.26 T65 11,628.00 0.4 7,8 COMPANY U I ighland Capital Management, LLC PORTFOLIO APPRAISAL SE BASTIAN POLICE, OFFICERS' RETIREMENT VALUE (3040002546) December 31, 2018 Unit Total Market Pet. Cur, Quantity Symbol Security Cost Cost Price Value Assets Yield 905,0000 GM GENERAL MOTORS 39.11 31,485.92 33.45 26,927.25 0.9 4.5 CO 200.0000 MCD MCDONALD'S 176.68 35,335.36 177.57 35,514.00 1.2 16 CORPORATION 1, 150.0000 PHM PULTE CORP' 29.63 34,070.02 2599 29,888.50 1.0 1.7 400.0000 TGT TARGET CORP 85.54 34,214.92 66.09 26,436.00 0.9 3.9 154,214.48 130,393.75 4.3 3.5 Consumer Staples 650.0000 CPB CAMPBELL SOUP 50.00 32,50115 32.99 21,443.50 0.7 4.2 COMPANY 300.0000 INGR ING REDION INC 93.92 28,176.90 91.40 27,420.00 0,9 2.7 810-0000 MDLZ MONDELFZ 43.51 35,239.87 40.03 32,424.30 1.1 2.6 INTERNATIONAL INC 300,0000 PEP Pl---PSICO INC 116.67 35,002.23 110.48 33,144.00 1.1 3.4 650.0000 PG PROCTFR & 85.59 55,630,71 91,92 59,748,00 2.0 3.1 GAMBLE COMPANY 750.0000 USFD US FOODS HOLDING 35.03 26,276.03 3L64 23,730.00 0.8 0.0 CORP 400.0000 WBA WALGREENS BOOTS 77.46 30,982,25 68.33 27,332.00 0.9 2,6 ALLIANCE INC 243,810.13 225,241.80 7.4 17 Health Care 500.0000 ABT ABBOTT 53.02 26,512.00 72.33 36,165,00 1.2 1.9 LABORATORIES 200,0000 AMGN AMGEN INC 174.29 34,857,26 194,67 38,934,00 1.3 3.0 150.0000 ANTM ANTHEM INC 222.41 33,361,76 262.63 39,394.50 L3 1.1 130.0000 CI CIGNA 40.82 5,306.63 18992 24,689,60 0.8 0.1 CORPORATION 210.0000 HCA HCA HEALTHCARE 8412 17,686.02 124.45 26,134.50 0.9 1.1 INC 500.0000 JNJ JOHNS ON & 121,37 60,683.49 229.05 64,525.00 2.1 2,8 JOHNSON 455,0000 MRK MERCK & COMPANY 55.89 25,430.95 76.41 34,766.55 1.1 2.9 850,0000 MYL MYLANNV 41.61 35,369,52 27,40 23,290.00 0.8 0.0 1,960.0000 PFE PFIZER INC 33,78 66,203.21 43.65 85,554,00 18 3.1 800.0000 PINC PREMIER INC 31,89 25,509.76 37.35 29,880.00 Lo f),O 150,0000 UNH UNITEDHEALTH 242,88 36,431.48 249.12 37,368.00 1.2 L4 GROUP INC 367,352.09 440,701.15 14.5 mm^u10 Financials 160X000 AEG AMERICAN 64.85 10,376.42 90.53 14,484.80 0.5 1.8 FINANCIAL GROUP INC 3,009.0000 BAC BANK OF AMERICA 17.86 53,726.12 24.64 74,141.76 2.4 2.4 CORPORATION 590.0000 13RK/B BERKSIURB 152,53 89,992.62 204.18 120,466,20 4.0 0,0 HAT14AWAY INC-CL B 100.0000 BLK BLACKROCK INC 403.59 40,358.70 392.82 39,282.00 1.3 12 2 1 ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS 'RETIREMENT VALUE (3040002546) December 31, 2018 Unit Total Market Quantity Symbol 335.0000 COP 1,050.0000 C 230.0000 GS 1,265.0000 ]PM 2,300.0000 KEY 360.0000 LNC 310,0000 PRU 2,640.0000 RF 300.0000 STI 972.0000 SYF 885.0000 USB 1,490,0000 WFC Information Technology 180.0000 AAPL 2,045.0000 CSCO 1, 130.0000 GLW 104.9548 DELL 113.0000 DXC 2,060.0000 HPE 1,540,0000 INTC 270.0000 MU 465.0000 MSFT 355.0000 ORCL 56.0000 PRSP Communication Services 1,880.0000 T 1,150.0000 CMCSA 1'()20,0000 Vz 300.0000 DIS Security CAPITAL ONE FINANCIAL CORPORATION CITIGROUP INC GOLDMAN SACHS GROUP JP MORGAN CHASE & CO KEYCORP LINCOLN NATIONAL CORP PRUDENTIAL FINANCIAL, INC REGIONS FINANCIAL CORP SUNTRUST BANKS INC SYNCHRONY FINANCIAL US BANCORP WELLS FARGO COMPANY APPLE COMPUTER CISCO SYSTEMS INC CORNING INC DELL TECHNOLOGIES INC C DXC TECHNOLOGY CO HEWLETT PACKARD ENTERPRISE CO INTEL CORPORATION MICRON 'TECHNOLOGY INC MICROSOFT CORPORATION ORACLE CORPORATION PERSPECTA INC AT&T INC COMCAST CORP CL A VERIZON COMMUNICATIONS WALT DISNEY COMPANY Cost Cost Price Value 85.90 28,777.11 75.59 25,32165 Pet. Cur. Assets Yield 0.9 2.1 56.07 58,875.88 52,06 54,663,00 L8 3.5 23191 53,568.81 167 D5 38,421.50 1.3 1.9 75.13 95,040.82 97.62 123,48930 4.1 3.3 18.16 41,767,32 14.78 33,994.00 1.1 4.6 53.31 19,190.45 51.31 18,471.60 0.6 2.9 107.72 33,394.62 81.55 25,280.50 0.8 4.4 15,19 40,105.32 1338 35,323,20 1.2 4.2 46.26 13,876.57 50,44 15,132.00 0,5 4.0 34.72 33,746.56 23.46 22,803.12 0.7 3.6 46.16 40,847.69 45.70 40,444.50 13 3.2 55.41 82,558.00 46,08 68,659.20 2.3 3.7 736,203.01 750,379.33 24.6 2.7 115.55 20,799,01 15T74 28,393,20 0.9 1.9 31.43 64,267.10 43.33 88,609.85 2.9 3.0 27.53 31,110,74 30.21 34,13730 1.1 2,4 81.74 8,579.19 48.87 5,129.14 0.2 0'0 70.91 8,012.95 53.17 6,008.21 0.2 1.4 13,67 28,158.38 13.21 27,212.60 0.9 34 20.13 30,996.18 46.93 72,272.20 2.4 2.6 42.61 11,504.70 31.73 8,567.10 0.3 0.0 60.98 28,353.51 101,57 47,230.05 1,5 1.8 47.27 16,779,31 45.15 16,028.25 0.5 1,7 19,45 1,089.26 17.22 964.32 0.0 1.2 249,650,31 334,552.22 11.0 2,4 38.45 72,295.36 28,54 53,655.20 1.8 7.0 34.52 39,695,88 34.05 39,15750 1.3 2.2 49.21 50,191.73 56.22 57,344.40 1.9 43 116.13 34,838.34 109,65 32,895.00 LI 1.6 197,021,32 183,05110 6.0 4.2 3 E ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERSRETIREMENT GROWTH (3040002555) Decenibei-31,2018 Unit Total Market Pet, Cur, Quantity Symbol Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS (USD) cash cash 44,951.61 44,951.61 L7 0.0 divacc Dividend Accrual 765.67 765.67 010 ? 45,717.28 45,717.28 L7 0.0 COMMON STOCK (USD) Energy 81.0000 FANG DIAMONDBACK 113,30 9,177.06 9230 7,508.70 0.3 0.6 ENERGY INC 255.0000 HAL HALLIBURTON 41.09 10,477,48 26.58 6,777.90 03 2.7 COMPANY 298.0000 NFX NEWFIELD 28.35 8,447.26 14.66 4,368.68 0.2 0,0 EXPLORATION COMPANY 28,101.80 18,655.28 0.7 1.2 Materials 495.0000 BERY BERRY PLASTICS 50.58 25,036.01 47.53 23,527.35 0.9 0,0 GROUP 537L000 CC CHEMOURS 34,09 18,629.17 28.22 15,154.14 0,6 3.5 COMPANY 549.0000 VSM VERSUM 35.68 19,586,89 2T72 15,218,29 0.6 1.2 MATERIALS INC 63,25 07 53,899,77 2.0 13 Industrials 2410000 AOS A.0, SMITH CORP 48.05 11,675.52 42.70 10,376.10 0,4 2.1 175.0000 BA BOEING COMPANY 331,56 58,023.74 32150 56,437.50 2.1 2.1 340.0000 CERW C. H, ROBINSON 92A0 31,415.35 84.09 28,590.60 I'l 12 WORLDWIDE INC 124.0000 CAT CATERPILLAR INC 139.24 17,265.17 127.07 75,756.68 0,6 2.7 82.00100, CMI CUMMINS INC 152.88 12,536.14 133.64 10,958.48 0A 3.4 173.0000 DE DEERE & CO 162.32 28,082,03 149.17 25,806.41 1'0 2.0 59,0000 PDX FEDEX 241.44 14,003,69 161.33 9,357.14 03 1.6 CORPORATION 6610000 GDI GARDNER DENVER 25.92 17,159.24 20,45 13,537.90 0.5 0.0 HOLDINGS INC 15,0000 GTX GARRETT MOTION 15.92 238.83 12.34 185J0 0.0 0,0 INC 5110000 RDS RD SUPPLY 41.54 21,269.46 37.52 19,210.24 0.7 0.0 HOLDINGS INC 152.0000 HON 14ONBYWELL 144.75 22,002,13 132.12 20,082.24 0.7 2.5 INTERNATIONAL INC, 301.0000 KAR KAR AUCTION 57.03 17,16T26 47.72 14,363.72 0.5 2.7 SERVICES 510000 LA4T LOCKHEED MARTIN 341.07 18,076.54 261.84 13,877.52 0.5 3.4 CORPORATION 376,0000 MAS MASCO CORP 3144 12,197,29 29.24 10,994,24 0A 1.6 207.0000 MSM MSC INDUSTRIAL 81.89 16,950.51 76.92 15,922.44 0.6 2.1 DIRECT CO INC 25.0003 REZI RESIDED 27.01 675.21 20.55 513.76 010 0.0 TECHNOLOGIES INC 1 ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICI? OFFICERS'RETIREMENT GRO "WTI (3040002555) Decernber 31, 2018 Unit Total Market Pct. Cur. Quantity Symbol Security cost Cost Price Value Assets Yield 193,0000 UNP UNION PACIFIC 120.44 23,244.82 13823 26,678,39 1.0 2,3 CORP 163,0000 UPS UNITED PARCEL 115.34 18,800.31 97,53 15,897.39 0.6 3.7 SERVICE CL B 340,783,23 308,545.85 11A 2.1 Consumer Discretionary 84,0000 AAP 95,0000 AMZN 277,0000 B13Y 295.0000 DG 319.0000 HD 4M0000 LEN 6410000 LKQ 189.0000 LOW 496,0000 NKE 402.0000 SERV 717.0000 SKX 491.0000 SBUX Consumer Staples 484.0000 MO 414,0000 KO 116,0000 COST 303.0000 HLF 552,0000 KDP 295.0000 PEP 185,0000 POST 539.0000 USFD Health Care 371.0000 ABBV 1410000 AMGN 45.0000 BHB 248.0000 CELL 182.0000 CNC 188.0000 CRI, 57.0000 CHE ADVANCE AUTO PARTS INC AMAZON.COM INC BEST BUY CO INC DOLLAR GENERAL CORP HOME DEPOT INC LENNAR CORP LKQ CORP LOWE'S COMPANIES INC NIKE INC CL B SERVICEMASTER. GLOBAL HOLDINGS INC SKECHERS U.S.A. INC STARBUCKS CORP ALTRIA GROUP INC COCA COLA COMPANY COSTCO WHOLESALE CORPORATION IfERBALIFFE NUTRITION LTD KEURIG DR PEPPER INC PEPSICO INC POST HOLDINGS INC US FOODS HOLDING CORP 169.72 14,256.37 157,46 13,226,64 015 1.1 1,103,01) 104,784.76 1,501.97 142,687,15 5.3 0'0 67,03 18,567,37 52.96 14,669.92 0,5 34 110,02 32,455,74 108,08 31,883.60 L2 1.1 169.98 54,223.51 171.82 54,810.58 2.0 2.4 43.19 18,055.47 39.15 16,364.70 0.6 04 27,80 17,847D2 23.73 15,234.66 0.6 0.0 105.41 19,92L58 9236 17,456,04 0.6 2,1 73.17 36,291.65 74.14 36,773.44 1.4 1.1 42,91 17,249.70 36.74 14,769.48 0.5 0.0 28.21 20,22T57 22.89 61,14 30,022.09 64,40 383,902.82 67,00 32,42925 49,39 45.36 18,777.28 47.35 204.92 23,770.15 203.71 16,412.13 31,620.40 405,908.74 23,904.76 19,602.90 23,63036 0.6 010 1,2 2.2 15.0 0.9 0.9 6.5 0.7 3.3 0.9 1A 54.73 16,584.28 59,95 17,861.83 0,7 0.0 23.06 12,72833 25,64 14,153,28 0.5 9.0 114.16 33,677.26 110,48 32,591.60 1,2 3.4 90.93 16,822.49 89.13 16,489.05 0.6 0.0 33.04 17,810,23 31.64 17,053.96 0.6 0.0 172,599,68 165,28736 6.1 y y 2.9 ABBVIE INC 89.61 33,244.20 92.19 34,202,49 1.3 4.6 AMGEN INC 188.91 27,013,84 194.67 27,837.81 1.0 3.0 BIOGEN IDEC INC 329.00 14,805.04 300,92 13,541.40 0,5 0.5 CELGENE CORP 73.71 18,280.43 64.09 15,894.32 0.6 0,0 CENTENE CORP 13L11 23,862.64 11530 20,984.60 0.8 0,0 CHARLES RIVER 13832 25,966,45 113.18 21,277.84 0.8 0.0 LABORATORIES CHBMED CORP NEW 318.94 18,179.51 283.28 16,146.96 0.6 0,4 COM IN PM ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OF, FICERS'RETIREMENT GROWTH (30400025.55) Deceinber 31, 20,18 Unit Total Market Pet. Cur, Quantity Symbol Security Cost Cost Price Value Assets Yield 67.0000 CI CIGNA 211.07 14,,141 .75 199.92 12,724.64 0.5 0.1 CORPORATION 1,247,0000 EXEL EXELIXIS INC 21.29 26,543.64 19.67 24,528.49 0,9 0�0 231.0000 GILD GILEAD SCIENCES 82.76 19,116.42 62.55 14,449.05 0.5 3.6 INC 2510000 HCA HCA HEALTHCARE 145.51 36,814D3 124.45 31,495.85 1.2 1.1 INC 253,0000 HRC HILL -ROM 98.85 25,008.82 88.55 22,403.15 R8 0.7 HOLDINGS INC 125-0000 JAZZ JAZZ 167.12 20,890,39 123.96 15,495.00 0.6 010 PHARMACEUTICALS PLC 106.0000 INJ JOHNSON & 130,59 13,842.13 129.05 13,679.30 0,5 2.8 JOHNSON 263,0000 MCI MCICESSONBBOC 130.18 34,236.25 110.47 29,053.61 LI L4 INC 149,0000 NBIX NEUROCRINE 110.96 16,532.30 71.41 10,640.09 0.4 0,0 BIOSCIENCES INC 89.0000 PRAH PRA HEALTH 110.89 9,869,18 91.96 8,184A4 03 0.0 SCIENCES INC 224.0000 UNH UNITEDHEALTH 234.89 52,614.93 249A2 55,802,88 2.1 1A GROUP INC 430,961,95 388,331.92 14.4 13 Financials 380.0000 AXP AMERICAN EXPRESS 107.86 40,986.02 9532 36,22L60 13 1.6 93.0000 BRKIB BERKSHIRE 196.42 18,267.44 204A8 18,988.74 017 0.0 HATHAWAY INC-CL B 171 �0000 CE CELANESE CORP 114.30 19,545.97 89.97 15,384.87 0.6 14 220,0000 NTRS NORTBBRN TRUST 98.79 21,733.90 83.59 18,389.80 0.7 2,6 CORP 713.0000 OMF ONEMAIN 29.76 21,216.88 24.29 17,318.77 0.6 0.0 HOLDINGS 431.0000 VOYA VOYA FINANCIAL 44.75 19,287,42 40.14 17,300,34 0.6 0.1 INC 141,037.53 123,604A2 4,6 1,2 Information Technology 150.0000 ACN ACCBNTURELTD 156.70 23,505.67 141.01 21,151.50 0.8 23 135.0000 ADBE ADOBEINC 187.07 25,254.77 226,24 30,542.40 Ll 0,0 I 00,0000 ADS ALLIANCE DATA 227.29 22,729.50 150,08 15,008.00 0,6 L5 SYSTEMS CORP 203,0000 APH AMPHENOL CORP 89.49 18,165.50 81.02 16,44T06 0.6 1.1 COM CL A 1,202.0000 AAPL APPLE COMPUTER 154L6 185,175.90 15734 189,603,48 7.0 1.9 407,0000 BAH BOOZ ALLEN 48.51 19,742.92 45.07 18,343.49 03 1.7 HAMIL TON HOLDINGS 397.0000 CDNS CADENCE DESIGN 46.06 18,284,47 43.48 17,261.56 0�6 0.0 SYSTEMS INC 209.0000 CDW CDW CORP 89.36 19,677�09 81.05 16,939.45 0�6 1.5 1,315.0000 CY CYPRESS IT58 23,113.26 12,72 16,726.80 0.6 3.5 SEMICONDUCTOR CORPORATION 31,0000 EQIX EQUINTX INC 414.00 12,834.03 352.56 10,92936 0.4 2.6 3 2 ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICE, RS'RETIREMENT GROWTH (3040002555) December 31, 2018 Unit Total Market pcl, Cur. Quantity Symbol Security cost Cost Price Value Assets Yield 592.0000 FDC FIRST DATA CORP 19.34 11,447.98 16.91 10,010.72 0.4 0,0 187-0000 GPN GLOBAL PAYMENTS 112.96 21,124.29 103,13 19,285.31 0.7 0.0 INC 134,0000 JAC JAC/INTERACTIVECORP 182.95 24,501.60 18104 24,527.36 0,9 0.0 240,0000 MA MASTERCARD INC 154.98 37,196.14 188.65 45,276.00 1.7 0,7 278.0000 MC1111 MICROCHIP 77,73 2t,608.41 71.92 19,993.76 0.7 2.0 "TECHNOLOGY INC 696.0000 MU MICRON 39,80 27,70421 31.73 22,084.08 0.9 0.0 TECHNOLOGY INC 1,667.0000 MSFr MICROSOFT 71.70 119,526.64 101.57 169,317,19 6.3 1.8 CORPORATION 137,0000 NVDA NVIDIA CORP 179.67 24,614.50 133.50 19,289.50 O.7 0.5 278.0000 PYPL PAYPAL HOLDINGS 81.71 22,716.73 84,09 23,377.02 0.9 0,0 INC 233.0000 CRM SALFSFORCE.COM 120,58 29,096.17 136.97 31,914.01 1.2 0.0 INC 230.0000 TXN TEXAS 10178 23,869.00 94,50 21,735.00 0.8 33 INSTRUMENTS INC 451AO00 V VISA INC 109.32 49,30110 131.94 59,504.94 2.2 0.8 779,191.87 818,267.99 303 1.3 Communication Services 68.0000 GOOGL ALPHABET INC CL A 936.66, 63,69192 1,044.96 71,05728 2,6 0.0 77,0000 GOOD ALPHABET INC CL C 1,021.59 78,66116 1,035�61 79,741.97 2,9 0.0 556.0000 FB FACEBOOK INC 127.44 70,85188 131.09 72,886.04 2,,7 010 98.0000 NFLX NETFLIX INC 29189 28,800,95 267.66 26,230,68 1.0 0.0 3410000 OMC OMNTCOM GROUP 76.54 26,177.33 7124 25,048.08 0.9 3.0 249�0000 DIS WALT DISNEY 105.51 26,272.44 109.65 27,302.85 110 1,6 COMPANY 294,459.69 302,266.90 112 0.4 Real Estate 114.0000 AMT AMERICAN TOWER 139.49 15,902.29 158,19 18,033.66 0.7 2.1 CORP 2,128,0000 CLNY COLONY CAPITAL 6.20 13,198.65 4.68 9,959L4 0A 9.4 INC 73.0000 SPG SIMON PROPERTY 171.07 12,488XI 167.99 12,26327 0,5 4.8 GROUP INC 41,588.95 40,255.97 1.5 4.7 COMMON STOCK (USD) Total 2,675,879.59 2,625,024.30 97.1 1.4 INTERNATIONAL EQUITY (USD) Information Technology 132-000 AVGO-ADR BROADCOM LTD 238.27 31,452.17 254.28 33,564.96 1.2 4,2 31,452,17 33,564.96 1.2 4.2 INTERNATIONAL EQUITY ( Total 31,452,17 33,564.96 1.2 4.2 TOTAL PORTFOLIO 4 2,753,049.04 2,704,306.54 100.0 1.4 ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS'RETIREMENT ADR (3040002582) December 31, 2018 Unit Total Market Quantity Symbol Security Cost Cost Price Value CASH AND EQUIVALENTS (USD) cash cash COMMON STOCK (USD) Communication Services 325.0000 FOX TWENTY-FIRST 27.74 CENTURY FOX - B COMMON STOCK (USD) Total INTERNATIONAL EQUITY (USD) Energy 635.000 BP - ADR BP PLC 34.28 1,150.000 ECA-ADR ENCANA CORP 13.47 358.000 MDR MCDBRMOTT INTI, 86.33 INC COM 810-000 PBR-ADR PETROLEO 10.87 BRASILFIRO S.A. ADR Materials 333.000 MT - ADR ARCFLORMITTAL 48.56 545.000 AB.ADRBARRICK GOLD 12.43 CORP 285,000 CRH-ADR CRH PLC ADR 24.24 Industrials 65.000 CPA-ADR COPA HOLDINGS SA 110.89 955.000 PHG-ADR KONINKLIJKE 31,48 PHILIPS NV 125.000 ST SENSATA 55,53 TECHNOLOGIES HOLDING PLC 530.000 SIEGY-ADR SIEMENS 58.17 SPONSORED ADR Consumer Discretionary 250,000 BEDU BRIGHT SCHOLAR 16.53 EDUCATION 320.000 DDAIF_ADR DAIMLER AG 85.24 880,000 HMQ-ADR HONDA MOTOR CO 35,91 LTD 395,000 IHG-ADR INTERCONTINENTAL 45,21 HOTELS ADR 305.000 RCL_ADR ROYAL CARIBBEAN 71,54 CRUISES LTD 1,005.000 SNE-ADR SONY CORP 22.24 0 97,125,12 97.125,12 9,016.80 47.78 9,016,80 9,016.80 21,766.94 37.92 15,489.81 5.78 30,904,68 6.54 8,80130 13.01 76,962.52 16,170.71 20.67 6,774.45 13.54 6,908.05 2635 29,853,21 7,207.68 78.71 30,061,84 35.11 6,940.82 44,84 30,83134 56.08 75,042.08 4,132.03 9.21 27,277.20 52.77 31,604,06 26,45 17,856.57 54.59 21,819.89 97.79 22,354.81 48.28 125,044.57 Pct. Cur. Assets Yield 97,125.12 1.4.9 0,0 97,125.12 14.9 0.0 15,528.50 2A L5 15,52&50 2A 1,5 15,52&50 2.4 1.5 24,079,20 3.7 6A 6,647,00 1.0 1.0 2,34132 0.4 0.0 10,538.10 1.6 0.0 43,605.62 6.7 17 6,883.11 LI 0.4 7,379.30 1.1 0.9 7,509.75 1.2 1,7 21,772.16 3.3 Lo 5,116.15 0,8 4.4 33,530.05 5.2 2.3 5,605.00 0.9 0,0 29,722.40 4,6 2.8 73,973.60 11.4 2,5 2,302.50 0.4 0.0 16,886.40 2.6 T5 23,276.00 3.6 3.2 21,563.02 3.3 1.3 29,825.95 4.6 2.9 48,521.40 T5 04 142,375.27 21.9 2.4 E ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS' RETIREMENT ADR (3040002582) December 31,2018 Unit Total Market Pet. Cur. Quantity Symbol Security Cost Cost Price Value Assets Yield Consumer Staples 360.000 BUD-ADR ANBEUSER-BUSCH 113,80 40,968.23 65.81 23,691.60 3.6 2.1 INB E V 115.000 DEO-ADR DIAGEO 123,61 14,214.91 141.80 16,307.00 2.5 2.9 ,120.000 MHGVY MOWTASA 13.64 1,637,10 21.19 2,542,80 0A 4.4 390.000 UN_ADR UNILEVER NV 40.73 15,883.90 53,80 20,982.00 12 2.9 72,704.14 63,523.40 9.8 2.6 Health Care 405.000 GSK-ADR GLAXO 39.64 16,053.79 38.21 15,475,05 2A 5.1 SMITHKLINE PLC 180.000 SNN_ADR SMITH & NEPHEW 37.47 6,743.93 37.38 6,728.40 1.0 1A PLC 22,79732 22,203.45 3.4 4.0 Financials 725.000 AEG - ADR AEGON 7.57 5,487.55 4,65 3,371.25 0.5 6.0 875.000 CS_ADR CREDIT SUISSE 29.53 25,840.40 10.86 9,502.50 1.5 23 GROUP 325.000 DB_&DR DEUTSCHE BANK AG 3L91 10,370.74 8.15 2,648,75 0.4 1.6 1,185.000 ING-ADR ING GROLP NV ADR 14.38 17,036.70 10.66 12,632.10 1.9 4A 325.000 IVZ_ADR INVESCO LTD 36.72 11,934.53 16.74 5:,440.50 0.'8 72 100.000 TI) THE 57.89 5,789.09 49.72 4,972.00 0.8 5.4 TORONTO-DOMINION BANK 825.000 UBS_ADR UBSGROUP AG 20.15 16,626.00 12.38 10,21150 1.6 5.3 93,085.01 48,780.60 7.5 4,5 Information Technology 440.000 KYOCY KYOCERA CORP 4&69 21,423,21 49.83 21,927.40 3.4 L9 ADR 300.000 SAP-ADR SAP SE 81,62 24,486.52 99,55 29,865,00 4,6 1.2 1,270,000 STM-ADR STMICROELECTRONICS 8.02 10,19096 13.88 17,62T60 17 1.4 NV -NY SHS 56,100.69 69,420.00 10.7 1.5 Communication Services 30.000 B1DU_ADR BAIDU INC 213.10 6,392.98 158.60 4,758.00 0,7 0,0 1,360,000 BT�_ADR BRITISH 33,18 45,120.64 15.20 20,672.00 3.2 3.6 TELECOMMUNICATIONS p 385.000 NTTYY NIPPON TELEGRAPH 28.90 11,125.70 40.64 15,646A0 2A 3,2 AND TELEPHONE CO 314.000 VOD-ADR VODAFONE GROUP 36.24 11,380.39 19.28 6,053.92 0.9 5,5 PLC SP ADR 74,019.71 47,130.32 7.2 3A Utilities 108.000 NGG-ADR NATIONAL GRID PLC 76.81 8,295,27 47.98 5,181,94 0.8 4.4 8,295,27 5,181.84 0.8 44 INTERNATIONAL EQUITY (Total 633,904.92 537,966.26 82,7 2.7 0 w owl ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS' RETIREMENT ADR,(3040002582) December31,2018 Unit Total Market Pet. Cur, Quantity Symbol Security Cost Cost Price Value Assets Yield TOTAL PORTFOLIO 740,046.84 650,619.88 100.0 2.3 FA i h1and CapiW MANAGEMENT, LLC January 7, 2019 Invoice Number: 19926 MANAGEMENT FEE: SEBASTIAN POLICE OFFICERS' RETIREMENT FIXED INCOME (3040031435) 12/31/2018 Portfolio Value: $ 3,611,794.78 Quarterly Fee Based On: $ 3,611,795 @ 0.30% per annum $ 2,708.84 Quarterly Fee; $2,708.84 For the Period 10/1/2018 through 12/31/2018 Wiring Instructions: First Tennessee Bank ABA # 084000026 Acct# 31-0251313 For Credit to: Highland Capital Management, LLC. Paid by Debit Direct ($0.00) Please Remit $2,708.84 Mailing Check: Highland Capital Management, LLC 6075 Poplar Ave, Suite 703 Memphis, TN 38119 10 T /T IL N. M FMI ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBA STIAN POLICE OFFICERS" RETIREMENT FIRED INCOME (3040031435) December 31, 2018 Unit Total Market I'm Cur, Quantity Symbol Security Cost Cast Price 'Value Assets 'Yield CASH AND EQUIVALENTS (USD) cash cash 40,030.43 40,030.43 1.1 0.0 40,030,43 40,030.43 1.1 0.0 CORPORATE, BONDS (USD) 32,000.000 03076CAE6 AMERIPR.ISE 108.28 34,648.64 1,02.59 32,828.48 0.9 5.2 FINANCIAL INC 5.300% Due 03-15-20 25,000.000 78486QAC5 SVI3 FINANCIAL 108.42 27,106.00 103.22 25,805.75 0.7 5.2 GROUP 5.375% Due 09-1,5-20 35,000.000 06406II.DF3 BANK OF NY 99.39 34,786,15 98.85 34,598.90 1.0 15 MELLON CARP 2.450%Due 11-27-20 35,000.000 723484AG6 PINNACLE WEST 99.94 34,977.95 98,15 34,352,85 1.0 2.3 CAPITAL 2.250%Dine 11-30-20 40,000,000 12189LAD3 BURLINGTON 106.65 42,659.20 102.48 40,994.00 I.1 4.0 NORTHERN SANTA FE 4.100% Due 06-01-21 25,000,000 89153VAP4 TOTAL CAPITAL 100.28 25,070,00 99,44 24,86L00 0.7 2,8 INTL SA 2,750% Due 06-19-21 20,000.000 86562MAEO SUMITOMO MITSUI 100.00 20,000.00 96.84 19,367.20 0.5 2.1 FINL GRP 2.058%© Due 07-14-21 55,000.000 06367TJX9 BANK OF 99.81 54,896,05 96.90 53,295.55 1.5 2.0 MONTREAL 1,900% Due 08-27-21 35,000.000 026651VBG5 AMERICANHONDA 99,80 34,930.00 96.21 33,675.25 0.9 1.8 FINANCE 1.700%© Due 09-09-21 40,000,000 191216CFS COCA -COLA CO/THE 99.80 39,920.80 97.17 38,868.80 1.1 2.3 2.200% Due 05-25-22 25,000.000 09247XAJO BLACKROCK INC 103,95 25,987.75 100.89 25,223.50 0.7 3.3 3,375% Due 06-01,-22 40,000,000 855244AG4 STARBUCKS CORP 100.77 40,310.00 97,92 39,167.20 1.1 2,8 2.700%r, Due 06-15-22 40,000.000 136069TY7 CANADIAN 100.58 40,230,80 97.32 38,928.00 1.1 2.6 IMPERIAL BANK 2.550%D Due 06-16-22 35,000.000 375558BC6 GILEAD SCIENCES 101,83 35,639.45 99,80 34,928.60 1.0 3.3 INC 3,250% Due 09-01-22 37,000,000 89236TEC5 TOYOTA MOTOR 99.80 36,924.89 96.09 35,554,04 1.0 2.2 CREDIT CORP 2.150%o Due 09-08-22 41,000,000 037833DC1 APPLE INC 99.88 40,951.62 96.97 39,759.34 1.1 2.2 2.1001/v Due 09-12-22 20,000,000 354613AJ0 FRANKLIN 102.16 20,431.60 98,09 19,617.20 0.5 2.9 RESOURCES INC 2.800°✓b Due 09-15-22 40,000.000 693304AP2 PECO ENERGY CO 99.84 39,538.00 97.06 38,824.40 Li 2.4 2.375% Due 09-15-22 1 M ighland Capital Management, LLC: PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS"RETIREMENT FIXED INCOME (304003I435) De,ce„ bet- 31, ad18 Unit Total Market Pet. Cur. Quantity Symbol Security Cost Cost Price 'Value Assets Yield 35,000.000 38148YAB4 GOLDMAN SACHS 100,00 35,000.00 97.53 34,135.50 0.9 2.2 GROUPING 2.160°10 Due 10-31-22 40,000,000 693475AL9 PNC FINANCIAL 101.59 40,638.00 97.88 39,151.20 1.1 2.9 SERVICES 2.854% Due .11-09-22 30,000,000 00209TAB I COMCAST CABLE 134.69 40,40330 121.86 36,556.80 1.0 7.8 COMMUNICATIONS 9,455% Due 11-15-22 77,000.000 46625HJLI4 JPMORGAN CHASE 99.30 76,459.69 98.65 75,961,27 2.1 3,2 & CO 3.200% Due 0.1-25-23 30.000,000 29364NAR9 ENTERGY 97.82 29,344.80 98A1 29,523.60 0.8 3.2 MISSISSIPPI INC 3.100%a Due 07-01-23 35,000.000 06051GHE2 SANK OFAMERICA 100,00 35,000.00 97.06 33,971,00 0,9 2.9 CORP VR 2.796% Due 03-05-24 38,000.000 001055AM4 AFLAC INC 105.24 39,991.20 99,90 37,960,86 Ll 3.6 3.625% Duo 11-15-24 10,000.000 291011BG8 EMERSON 99,68 9,968.40 98,22 9,821.70 0.3 3.2 ELECTRIC CO 3.150%a Due 06-01-25 25,000.000 097023AM7 BOEING CO 129.16 32,291,25 121.36 30,340.00 0.8 6.0 7,250% Due 06-15-25 35,000.000 665859AP9 NORTPiERN TRUST 104.64 36,624,35 102.07 35,725.90 1.0 3.9 CORP 3.950% Due 10-30-25 19,000.000 548661DM6 LOVE'S COS INC 99.54 18,913,36 89.06 16,921.21 0.5 2.8 2,500%n Due 04-15-26 70,000.000 94974BFY1 WELLS FARGO & CO 105.20 73,640,00 97.69 68,382.30 1.9 4.2 4.100%n Due 06-03-26 40,000.000 63254AAS7 NATIONAL 99.27 39,709.20 91.35 36,539.60 1.0 2,7 AUSTRLIA BKINY 2,500% Due 07-12-26 40,000.000 86562MAF7 SUMITOMO MII"SUI 100.00 40,000,00 91.65 36,662,00 1.0 2.9 FINL GRP 2.632% Due 07-14-26 40,000.000 09247XAN1 BLACKROCKINC 99.59 39,838.00 97,48 38,991,20 1,1 3.3 3,200%n Due 03-15-27 40,000.000 56501RAE6 MANULIFE I00.00 40,000.00 94.43 37,771,60 1.0 4.3 FINANCIAL CORP 4.061 Vo Due 02-24-32 20,000.000 337358BD6 WACHOVIA CORP 123.80 24,759.40 117.88 23,576.40 0.7 5.6 6,550% Due 10-15-35 50,000.000 594918BS2 MICROSOFT CORP 99,61 49,806.50 94.77 47,386.00 1.3 3.6 3,45017c Due 08-08-36 35,000,000 478160CL6 JOHNSON & 99�70 34,896,05 93.87 32,856.25 0.9 3.6 JOHNSON 3,400% Due 01-15-38 13,000.000 842400FL2 SOUTHERN CAL 140.26 I8,234A5 114,87 14,932.58 0.4 5.3 EDISON 6.050%r, Due 03-15-39 40,000.000 209111FA6 CONSOLIDATED 131.75 52,698.80 116,90 46,761.60 13 4.9 EDISON CO 5.700% Due 06-15-40 %1 ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE, OFFICERS'RETIREMENT FIXED INCOME (3040031435) Deconber 31, 2018 Unit Total Market Pet, Cur. Quantity Symbol Security Cost Cost Price Value Assets Yield 8,000.000 56501RADS MANULIFE 99,64 7,971.60 109.86 8,788.96 0.2 4.9 FINANCIAL CORP 5,375% Due 03-04-46 6,000,000 26442CAR5 DUKE ENERGY 99,65 5,978.82 94.63 5,677,98 0.2 4.1 CAROLINAS 3.875% Due 03-15-46 29,000.000 548661DN4 LOWE'S COS INC 99.44 28,838.76 81,91 23,753,61 0.7 4,5 3.700% Due 04-15-46 16,000.000 797440BV5 SAN DIEGO G & E 99.55 15,929.64 91.58 14,653.12 0A 4.1 3.750% Due 06-01-47 40,000.000 845743BR3 SOUTHWESTERN 99.42 39,770.00 91.61 36,646,00 1.0 4.0 PUBLIC SFIRV 3,700% Due 08-15-47 Accrued .Interest 11,310.41 0.3 1,535,712.87 1,475,408.71 40,8 3.5 MUNICIPAL BONDS (USD) 35,000.000 93974CPH7 WASHINGTON ST GO 109.51 38,328.15 106.48 37,267,65 1.0 4.4 4,636% Due 08-01-22 30,000.000 914713N32 UNIV OF NORTH 101.04 30,312.00 97.35 29,204.10 0.8 2,1 CAROLINA CHAPEL HILL REV 1.998% Due 12-01-22 30,000,000 20281PCS9 COMMONWEALTH 100,00 30,000.00 107.33 32,200.50 0.9 5.3 FIND AUTH PA REV 5.653% Due 06-01-24 30,000.000 79765RP78 SANFRANCISCO 100.00 30,000,00 101.21 30,361,80 0,8 3.7 CITY & CNTY CA PUBLIC UTILITIES 3.700% Due 11-01-32 35,000,000 64966HMT4 NEW YORK NY GO 111.97 39,188.10 101.78 35,623,70 1.0 5.6 5,676% Due 10-01-34 6,000.000 592098G50 MET GOVT NASH & 134.47 8,067.96 130.66 7,839.90 0,2 5.0 DAVID CO TN WTR & SWR REV 6.56 8% Due 07-01-37 35,000-000 79772EB77 SAN FRANCISICO 97.21 34,023,85 100.79 35,276.85 1.0 33 CITY & CO CMNTY SPL TAX 3.750% Due 09-01-37 20,000.000 59333P2R8 MIAMI-DADE CO FL 100.00 2(),000,00 95.85 19,169.40 0.5 19 AVIATION REV 3,732% Due 10-01-37 30,000.000 66702RAC6 NORTHSIDE TX ISD 107.65 32,293.90 101.80 30,538.80 0.8 5.8 GO 5.891 % Due 08- 15-40 10,000.000 928077KDI VIRGINIA ST PORT 100,00 10,0010.00 100,32 10,031.90 0.3 4.5 AUTH REV 4.4780/c Due 07-01-45 25,000.000 9151158179 UNIV OF TEXAS TX 100.00 25,000.00 90.89 22,722.50 0.6 3,7 PERM UNIV FND REV 3.376"/o Due 07-01-47 Accrued Interest 3,683.69 0.1 297,213.86 293,920.79 8.1 4.3 3 M ighland Capital Management, LLC PORTFOLlO APPRAISAL SEBASTIAN POLICE OFFICERS' ETIREAIENT FIXED INCOME (3040031435) December 31, 2018 Unit Total Market, Pet. Cur. Quantity Symbol Seeurity Cunt Cost Price Value Assets Yield GOVERNMENT BONDS (U8D) 36,000.000 91282SL57 US TREASURY99.73 1,750% Due 09-30-22 39,000.000 912828VS6 US TREASURY NIB 10152 2.500% Due 08-15-23 35,000,000 91281ORM2 US TREASURY 111.21 3.000% Due 05-15-45 Accrued Interest GOVERNMENT SPONSORED BOND (USD) 55,000.000 3133EGCN3 FFCB 99�99 1.490% Due 03-02-20 40,000.000 3134GAMP6 FHLMC - STEP 99.75 1.500% Due 09-30-21 50,000.000 3135GOQ89 FNMA 99�78 1.3751/1a Due 10-07-21 40,000.000 748149AM3 PROVINCE OF 99.74 QUEBE'C 2.375% Due 01-31-22 65,000.000 3133EGQMO FFCB 99.87 1.620% Due 02-10-22 70,000.000 3133ECTJA4 FFCB 100.00 2.070% Due 06-29-23 40,000.000 3130AC5J9 FHLB 99,63 2.450% Due 02-28-24 30,000.000 3133EHCQ4 FEDERAL FARM 100,45 CREDIT BANK 2, 850% Due 03-20-24 35,000.000 45950VI-IX7 IN'IL FINANCE CORP 10067 2.125% Due 04-07-26 40,000.000 749149AJO PROVINCE DE 99,70 QUEBEC 2.500% Due 04-20-26 40,000.000 563469UL7 MANITOBA 99.23 (PROVINCE OF) 2.125% Due 06-22-26 38,000.000 31398AFD9 FANNIE, MAE 136.35 5.625% Due 07-15-37 43,000.000 880591DZ2 TENN VALLEY 137.08 AUTHORITY 5,375% Due 04-01-56 Accrued Interest MORTGAGE POOLS (USD) 118.480 312965MQ6 FGC1N#B13067 98.48 4.500% Due 03-01-19 212,740 312966K29 FGCI N #B 13913 98.48 4.500% Due 05-01-19 1,705.600 31371MAZO FNCI N #255724 96,50 4„000% Due 04-01-20 1,117.820 3128MIKS7 FGCI#G12205 96.88 4,500% Due 06-15-21 37,850.000 3137FBTF3 FHMS KJ1,7 Al 100,00 2.404%p Due 10-25-24 4 35,904.56 97,37 40,374,14 100.00 38,922.46 99.87 115,201A6 54,994,50 98.64 39,900.00 99,02 49,890.50 97.03 39,89T60 98.89 64,915.50 96.22 70,000.00 96�55 39,853.60 97.48 30,135,00 98.62 36,633.45 96,22 39,880.40 W84 39,692.80 93.96 51,812,95 131.75 58,943,80 136.09 616,550.10 116,68 100.02 209,51. 100,03 1,645.84 100,32 1,o82.89 100.88 37,849.89 98,20 35,055.00 LO L8 38,999.48 1,1 2.5 34,956,25 1.0 3.0 658.28 .w__..._0.0 1o9,66801 3.0 2.4 54,252.55 L5 1.5 39,609.60 1.1 1,5 48,514.50 1.3 t A 39,557.60 LI 2,4 62,541.70 1.7 1,7 67,587.80 1.9 2.1 38,992.80 1.1 2.5 29,584.80 O.8 2.9 33,678.05 0.9 2.2 39,734,80 1.1 Z6 37,584.40 Lo 2.3 50,064.62 1A 4.3 58,520.85 1.6 3,9 3,921,67 0.1 603,145.74 16.7 2A 118.50 0.0 4.5 212,80 0.0 4.5 1,711�13 0.0 4,0 1,127.69 0�0 4.5 37,169.88 Lo 2.4 m ighland Capital Management, LLC PORTFOLIO APPRAISAL SEBASTIAN POLICE OFFICERS' RETIREMENT FIXED INCOME (3040031435) December 31, 2018 Unit Total Market Pct. Cur. Quantity Symbol Security Cost Cost Price Value Assets Yield 25,748.190 31418R3G4 FN AD4398 10625 27,357,45 102,53 26,399.94 0.7 19 4.000% Due 06-25-25 20,000,000 3137FBTG1 FHMS KJ17 A2 102.00 20,399.94 99.48 19,896D9 0.6 3,0 2.982% Due 11-25-25 18,914.360 3137BSP64 FlIMS K058 Al 102,00 19,292.25 96.93 18,332.89 0.5 2.4 2.340% Due 07-25-26 38,632,520 3137FBBW5 FHMSK068 Al 102.00 39,404.86 99,93 38,605.36 Ll 3.0 2.952% Due 02-25-27 57,000.000 3137FBBX3 FffMX K068 A2 103.00 58,708,12 99.62 56,781.80 1.6 3.3 3.2441/b Due 08-25-27 14,638.260 30306TAC8 FRESB 2017 SB44 100.46 14,705.54 97.74 14,307.00 0.4 3.1 A10F 3.030% Due 11-25-27 35,284.140 31307RFR1 FG J34676 105.50 37,224,77 99.71 35,18153 LO 10 3,000% Due, 07-15-31 40,751,430 3138W112U5 FN AS7986 103,06 41,999.44 97.77 39,844.07 L1 2.6 2.500% Due 09-01-31 22,393-860 3132J4AB5 FG G30701 111.00 24,857.18 104.68 23,442.70 0.6 4,8 5.000% Due 11-15-31 33,195.3410 31397JTA2 FHR 3342 PZ 104,94 34,834,36 105.60 35,054,80 1'0 4.7 5,000% Due 06-15-37 15,000.000 38380GR48 GNR 2017-134 VD 94.00 14,100,00 96.99 14,548,24 0.4 3.1 1000% Due 04-20-38 3,677.480 31410KJY1 FNMA 889579 109.39 4,022.82 110,55 4,065.63 0.1 5A 6,000% Due 05-01-38 4,833,640 36202EUT4 G2 POOL #4194 106.13 5,129.70 109,16 5,276,60 0.1 5.0 5.500% Due 07-20-38 1,841,410 36202EUUI G2 POOL #4195 99.89 1,839,39 111.20 2,047.56 0.1 5.4 6.0001/c Due 07-20-38 4,881040 31397NZY4 FNR 2009-28 GB 103.87 5,072,26 102.48 5,004.35 0.1 4.9 5.000% Due 04-25-39 13,344.110 36202115G0 G2 POOL #4447 104.81 13,986.30 106.00 14,14528 0A 4.7 5.000% Due 05'-20-39 22,000,770 36202E7H6 G2 POOL 44496 109.58 24,108.03 106,00 23,321.68 0,6 4,7 5.000% Due 07-20-39 2,630,310 36297KGN5 GNSF 714005 106.16 2,792.24 104.22 2,741.28 0.1 5.3 5.500%. Due 10-15-39 20,872420 31398RS97 FNR 2010-64 KA 103,05 21,508.24 10339 21,580.94 0.6 4.4 4.500% Due 06-25-40 24,701,620 36241LU87 GN 783307 101,39 25,041.35 103.29 25,514.07 03 3,9 4,000% Due 04-15-41 33,272.870 3137BWJR6 FBR 4667 DA 103.70 34,505,00 101.22 33,679.68 0.9 3.5 3.500% Due 06-15-41 54,262.440 3136A3RR4 FNR 2012-6 MA 103.41 56J10,76 102.03 55,362.53 L5 3,9 4.000% Due 10-25-41 27,978.150 3136AVF-Z7 FNR 2017-13 CA 100.09 28,004.65 98.08 27,440.44 0.8 25 2.500% Due 10-25-43 40,079.250 3136AMQD4 FNR 2015-2 PA 98.92 39,647.15 95.68 38,349.27 1.1 2A 2.250%© Due 03-25-44 47,304.540 3137BDER3 FBR 4388 MC 99.50 47,068.20 97.82 46,275.30 1.3 2.6 2.500% Doe 07-15-44 67,530.910 3136ANXY8 FNR 2015-27 MB 97,50 65,840.27 9531 64,363.71 1.8 2A 2.000% Due 10-25-44 18,020.490 3137FJAH2 PffR 4832 DA 103.17 18,59234 104.26 18,788.47 0.5 4.3 4.500% Due I 1- 15-44 27,491.330 3136AUMR9 FNR 2016-90 CA 96,25 26,460.40 99.07 27,236.82 0"8 3.0 3,000% Due 02-25-45 9 w Iausner, Kaufinan, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N. W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 Fax (954) 916-1232 www.klausnerkauf-nan.corn Tax l.a.: 45-4083636 Attn:SEBASTIAN'POLICE OFFICERS' RETIREMENT SYSTEM O.l 1225 MAIN STREET • Y A �'� ��Y � Mlle: i` � � ~ « y Date Attorney Description Hour.. Amount 1/18 CW DRAREVISED OPERATING 11 425.00 ANDPROCEDURES. FOLLOW • r ON y. PARKER 1.00 A /1 PREPARE, SEND AND RESPONDDISABILITY, TO EMAIL •..O PLAN CORRESPONDENCE An REGARDING ..O....... DISABILITY HEARING PROCESSING OF 1 AND REVIEW EMAITO PLAN 1 ..`Atli. L:.! RECORDS ADMIN REGARDING YM MANAGEMENT LIAISON DESIGNATION r- BSJ PROCEDURES12/05/18 REVIEW OPERATING 1 1 42.50 REGARDINGCLAIMS PROCEDURE 1 ; ., . DRAFT UPDATED. A TAX NOTICE 11 11 2018, TELEPHONE, COURTNEY 0.10 42.50 r IMMICH PREPARE, ANDRESPOND i 1 1 1'1 YM R,, PARKER EMAILS REGARDING DISABILITY AND FORMS NEEDED iY .AAai PROCESSING APPLICATION CONVERSATION! CARLIN 0.20 85.00 14 r. REGARDING DISABILITY PARKER O. PREPARE .- ry.I• ANDi NEW FORMS Continued ... lient: SEBASTIAN POLI C E OFFICERS' RETIREMENT SYSTEM Decernber31,20 0M4age] " �r - • w - r' Date Afforney Description Hours Amount 12/18/18 BTG PHONE CONVERSATION AND FOLLOW 0.10 42.50 UP WITH CARLIN PARKER REGARDING DISABILITY FORMS FOR PENDING HEARING 12/18/18 BSJ TRAVEL TO AND FROM MEETING 3.00 637.50 12/18/18 BSJ PREPARE FOR AND ATTEND MEETING; 3.70 1,572.50 DISCUSSION WITH SCOTT OWWENS REGARDING INVESTMENT POLICY GUIDELINES AND CENTER COAST/BROOKFIELD INVESTMENT MANAGER 12/18/18 PARA PREPARATION OF MATERIALS FOR 0.30 37,50 UPCOMING MEETING. 12/19/18 BSJ REVIEW EMAIL FROM KEN KILLGORE 1.40 595.00 WITH INFORMATION FROM BROOKFIELD/CENTER COAST; REVIEW DOCUMENTS; RESEARCH CORPORATE FILING; DRAFT AMENDMENT FOR 119.0701; EMAIL TO KEN KILLGORE AND SCOTT OWENS 12/19/18 BSJ REVIEW AND RESPOND TO EMAIL 0.30 127.0 FROM CINDY WATSON REGARDING IRELAND GRIMMICH GUARDIANSHIP STATUS; EMAIL TO COURTNEY GRIMMICH REGARDING STATUS Total for Services 12.80 $4,712.50 $ 4,712.50 M ZI ausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.kiausnerkaufrnan.com Fax (954) 916-1232 Tax I.D.: 454083636 SEBASTIAN POLICE RETIREMENT Attn: KEN KILLGORE Bill # 23294 SEBASTIAN, FL 1225 MAIN STREET Date Attorney Description Hours Amount 00• BTG REVIEW MEDICALRECORDS RECEIVED 2.00 850.00 REGARDING, DISABILITY PARKER ADJUSTER EXECUTED COPY OF INVESTMENT AGREEMENT.MANAGEMENT REGARDING PARKER W RECORDSREVIEW DISABILITY;PARKER REGARDING SCHEDULING OF DISABILITY HEARING RECEIVED; CONTACT PROVIDERS WHO HAVE NOT - • PREPARErrt REQUEST O, MEDICAL RECORDS RECEIVEDPENDING O. PARKER DISABILITY .OR Totalw F $3,656.00 Continued ... , eM11,7777017M Page 2 Date Description 02/15/19 MISCELLANEOUS MEDICAL RECORDS - CARLIN PARKER 02/19/19 MISCELLANEOUS MEDICAL RECORDS - CARLIN PARKER PHOTOCOPIES thru 02/28/19 Total Costs C11RREAT BILL TOTAL AFT1011117 D1i Past Due Balance i Amount 56,25 11.45 24.50 $92.18 3,747.18 usnelr, Kaufinan, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 708'0 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 wwwr.klausnerkaufman.com Fax (954) 916-1232 Tax I.D.: 45-4083636 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM January 31, 2019 Attn. KEN KILLGORE Bill # 23130 1225 MAIN STREET aEBASTIAN, FL 32958 ME P Date Attorney Description Hours Amount CONTACTAT. R REVIEW AND REVISE. O AMENDMENT CONTRACT, 11IL AMENDMENT .:.. CONTACT INFORMATION TO KEN KILLGORE AND SCOTT 0FINALIZE rOPERATING, RULES. *0 255,00 SEND EMAIL TO PLAN ADMINISTRATOR. 1 r BTG REVIEW CARLIN... 1 1,615.00 PREPARE LETTERS REQUESTING O, TO TREATING PHYSICIANS; PREPARE L 'O' aWATSON SEND EMAIL E.. . Lr INFORMATION REQUESTING REGARDING DISABILITY RECEIVED FROMROM M • '. Totalfor r0 M N Date Description Amount 01/29/19 MISCELLANEOUS MEDICAL RECORDS - PARKER 7.94 CARLIN Continued ... ate Description 011/31/19 MISCELLANEOUS MEDICAL RECORDS - CARLIN PARKER PHOTOCOPIES thru 01/31/19 Total Costs x w -144 4 1 W, I I ", I 1111111firbyr-1- T wivi rel I I I, I Past Due Balance January 31, 2019 Page 2 Amount 50.55 35.00 $93.49 3,323.49 ebruuryG. 2019 ^745-070mcpSDos90000014' CITY Op3EBASTIAmPOLICE xTTN.KENNETHMLLG0RE l225MAIN ST. ocox3T|ANpL329o8 Graystone Consulting - A business of Morgan Stanley Invoice Number: 101299I9037 GmystonoConsulting Tampa, rz Financial Advisor www.murganotwn|oy.com 8IMPORTANT NOTICE |NVESTMENT ADVISORY FEE PAYM ENT REQU|RED | Aunow ncoumso— rLc»os osmn pmwswr IN THE sncLnnco oomwcna :cpn cwvsLapc We value you as a client and thank you for the opportunity to serve your investment needs. Please see below for the investment advisory fee(s) due. ACCOUNT CLIENT NAME TOTAL FEE AMOUNT 745-038962 CITY OFSEBAST(ANPOLICE $3.375.00 Total Fee: $3.375.0O Prior Balance: $0'00 Net Amount: $3.375.00 For additional details please see Invoice Detail and Remittance Instructions on pages to follow. Immummum.Jscru-solr(rr�/6mw6/qo0w"8ox67Smith Barney LL[Mu�,�Uo� um ��� THIS PAGE INTENTIONALLY LEFT BLANK 2 of 5 M raystone Consulting - A business of Morgan Stanley Invoice Number: 10129919037 U I DO Account: 745-038962 Billing Period 1010112018 — 12/31/2018 Number of Days 92 Hard Dollar Fee $13,500.00 Fee Amount $3,375-00 3 of 5 hive0moits and servim offrred lbroug]) Alorpvi Stanlry Smith Barney LLC. Mcniber SIPC. Graysione CO)ISu1tijlg is a business Of Molgan Stanley. THIS PAGE INTENTIONALLY LEFT BLANK 4 of 5 m ostonPartriers 4 Ken Killgore City of Sebastian 1225 Main Street Sebastian, FL 32958 Invoice Date: 12/31/2018 Invoice Number: 20181231-690-A Billing Portfollo(s): 00844 - City of Sebastian Police Officers' Retirement System illi!F r I ■ 0% Zurrent Period Amount Due: $ 1,621.017 Current QUARTEREND Fee Invoice Period Due 30-60 Days 60-90 Days Over 90 Days Total City of Sebastian Poiice Officers' Retirement 20181231-690-A 1,621.07 1,621.07 System Total Amount Due 1,621.07 1,621,07 Please contact James Vitefli directly at 212-908-0149 with any billing inquiries. As always, you may also direct any questions to your Relationship Manager. WIRE / TRANSFER FUNDS TO: JP Morgan Chase; ABA #021000021 ; ACCT #066-654610 REFERENCE: Boston Partners Ref Acct *: 00844 MAIL REMITTANCES TO: Accounts Receivable Boston Partners 909 Third Avenue, 32nd Floor New York, NY 10022 Email jviteili@boston-partners.com Thank You "-7 F-11111IM: T-MVIT M eriod Rule - Custom (USD) City of Sebastian Police Officers' Retirement System - 00844 Monthly Values 09/30/2018 Market Value 10/31/2018 Market Value 11/30/2018 Market Value 12131/2018 Market Value Adjusted Input Annual Fee Schedule (IMFEE - USD) 0.00 to 25,000,000.01 and above Quarterly Fee Calculation (IMFEE - USD) 648,427.58 * 100.00 BPS Total IMFEE (00844) Fee Total: 25,000,000.00 . 90 360 Schedule Total: Fee ToW For IMFEE: Total Amount Due: 743,272.42 671,826.09 677,576.63 595,880.02 743,272.42 671,826.09 677,576.63 595,880.02 $ 648,427,58 100.00 BPS 80.00 BPS 1,621.07 $ 1,621.07 1,621.07 $11,621.07 1,621.07 $1,621.017 M mentaiss.anco Investment Management January 07, 2019 Mr. Kenneth W. Killgore Administrative Services Director City of Sebastian 1225 Main Street Sebastian, FL 32958 Billing Period: FROM 10/01/2018 TO 12/31/2018 Custodian Account No: 3040002591 Account #; JE0496 - City of Sebastian Police Officers Retirement System Portfolio Value .......... .......... ......................... Arriount Due, PAYABLE UPON RECEIPT:........... I .............. . FEECALCULATION *(Rikt(i X PVr1f0IID Value) X (N of days In quarter I# of days In year) Rate Appli ;. F—Q.r Assets Under —M.ppggqmkijt Amount Due MHO % On the remainder 954,643 1,564,05 Total Fee., 1,564.05 12=10ml Mnsc compare Ilds fee hill prepared by our firm foyous c4modiRT uaacaunl slaleriaauuf foe -any discrepancies. occur because orreporling anus, actruni 111el I; a ds of bileml and d I vidends, and other feel ors. Vour miloiliml stitiontca I IS the affirlal record of your accaun L If you are n a I receiving I I afernen Is franc your m I ad itan at east quarlerly,ifthere linve been nay changes In your finwaoial slluolloaa, investinfill objecli"s, $I- ifyou Irish 0 InitiAle or modify any rensonviblo rrwi�Voos on the 111AVIAgelueW of your RCCOE1114, ItItaso notify Mary Nleiners at 513-723-4554 or ntem@vvoinvxom. —' . . I I ......................... . .. ........... —1— ------------- ---- - --- Return this section with your fee to the address below or in the enclosed envelope: RENAISSANCE INVESTMENT MANAGEMENT 3551 Solutions Center #773551 Chicago, IL 60677-3005 31 " A Acet: IE0496 " Custodian Account No: 3040002591 50 EAST RIVERCENTER BOULEVARD ® SU[TF l2oo COVINGTON, KY 4 1 0 1 1 , 800,837,3963 - 513,723,4500 x FAX 513.723.451 2 a www.reajay,com rookfield Investment Management Inc. 250 Vesey Street, 15th Floor New York, NY 10281 Bill To: City of Sebastian Police Officers Retirement System 3040002617 A111141111,7TTUM ff DATE: January 31, 2019 INVOICE # 2018-1231 FOR: Management Fees I„,�alI 'i., ll�„ , I�IlIrM 1�I�pC'p1N. �rI d il11 ,,IliiI, yi„,„ •„wM' N1pW � slum Nil ���Jdl�lPit„l� � Management Fee for the Quarter ending 12/31/2018 ,Current Quarter Ending Balances: December $ Average $ S44, 3 29.88 544,32.9, 88 Annual Fee Rate 0.50% $ 686.00 686.00 Total Fee This Statement: LLL686.00 WIRE / TRANSFER FUNDS TO: JP Morgan Chase Bank, NA ABA # 021000021 SWIFT: CHASUS33 For Credit To: Brookfield Investment Management Inc, Account # 907-153925265 MAIL REMITTANCES TO: Brookfield Investment Management Inc - 7916 Dept 781716, PO Box 78000 Detroit, MI 48278 If you have any questions concerning this invoice, contact Larry Castrovinci by telephone at (212) 549-8349 or by e-mail: BPSGaccountsreceivable@Brookfield.com M MW FOSTER & FOSTER CMW 2/28/2019 14097 Phone: (239) 433-5500 Fax; (239),481,-0634 wwwJoster-f*ster.e*rc City of Sebastian Police Officers' Retirement System 12125 Main Street Preparation for and attendance at December 18, 2018 Board meeting (Board's share of expenses) 148.00 Preparation for and letter of correspondence dated January 4, 2019 responding to auditor's questions regarding the 10/1 /2018 actuarial valuation. Buyback Calculations: ANTOSIA Thankyore for your business! Please make all checks payable to: Foster & Foster, Inc. 13,420 Parker Commons Blvd, Suite 1.04 Fort Myers, FL 33912 125.00 200,00 MFM OME Of PELICAN ISLAND City of Sebastian 1225 Main Street Sebastian, Florida 32958 INVOICE TO: Sebastian Police Pension Trust Fund INVOICE: 1225 Main Street Date: 12/15/2019 Sebastian, FL 32958 Amount: $6,000.00 AMOUNT DESCRIPTION DUE Agreement With City of Sebastian Dated June 14, 2017 for Plan Administrator Services for January, February and March 2019. $6,000.00 7 PAYMENT DUE UPON RECEIPT. PLEASE RETURN COPY OF INVOICE WITH PAYMENT THANK YOU. TOTAL AMOUNT'DUE $6,000.00 Remit To: City of Sebastian - Attention Ken Killgore 1225 Main Street Sebastian, Florida 32958 Account Code 00 150 1-3496 20 E JANET M. GRAHAM TECHNICAL WRITER 97 Overlook Drive Sebastian, FL 32976 December 22, 2018 Jeanette Williams, City Clerk City of Sebastian 1225 Main Street Sebastian, FL 32958 Natural Resources Board 12-5-2018 Police Pension Board 12-18-2018 Special Magistrate 12-18-2018 I1 Me- 'a- as 17� 0 k $240.00 90 0 pxdal M�G�� — Bldg. DqJ-- 'A 'M 00 2, rj V M $240.00 90 0 pxdal M�G�� — Bldg. DqJ-- 'A 'M 00 2, rj V M TO: ALL FLORIDA PENSION CLIENTS FROM: KLAUSNER, KAUFMAN, JENSEN & LEVINSON RE: DATA IN THE DIVISION OF RETIREMENT'S ANNUAL REPORT I My# The purpose of this memo is to alert clients that the Division of Retirement recently released its Annual Report to the Florida Legislature. The Division's Report, formerly known as the 2018 Florida Governinent Retirement Svsteins Annual Rej)orl (hereinafter the "Annual Report"), contains useful information that is reviewed by policy makers in Tallahassee, The Annual Report is prepared by the Division of Retirement's Local. Retirement Section, which is overseen by Keith Brinkman. Our office is available to answer any questions about the Report, which can provide useful background as trustees review their plan with their professionals. The Report can be downloaded from the Division's website using the following link: littos://w�,,Nlr.di-iis.mvtloi-ida.coiii/lA,ork force operations/retirement In addition to preparing the Annual Report, the Local Retirement Section also prepares the "Actuarial Summary Fact Sheets" for each plan. By way of reminder, the "Fact Sheets" are required to be posted on the plan sponsor's website (and the plan's website - if it has one), along with other specified records under Chapter 112, Part VII., Fla. Stat. Copied below is a skeletal outline of the Annual Report: • This year the Division of Retirement does not have any recommendations for the Florida Legislature. • The average local retirement pension was $27,354 per year. • The average employer contribution was 34.33%, of payroll. • The number of active employees increased by .89%, while the number of retirees increased by 3.16% M Perhaps the most useful information in the Annual Report is the comparative data of investment allocations and investment return assumptions: • Investments were allocated as follows across the state: equities (59.61 '/o), fixed income (23.28'Yo), real estate (8.66%), and other/afternatives/easb (8.45%). • The most common investment assumption is currently 7.5% (used by 92 plans). • The second most common investment assumption is 7.0%. • The clear trend over the past decade, in Florida and across the country, is for governmental plans and other institutional investors to lower their investment return assumption. • An overwhelming majority of plans (approximately 70%,) use an investment return assumption between 7.75% to 7%. By contrast, only 30% of plans used an assumption between 7.75 to 7% in 2011. • Approximately 50% of plans are using an investment return assumption between 7% to 7.5%. Only 23X, of plans used an assumption in this range in 2011. Copied below is the breakdown of investment return assumptions used by Florida municipal plans. It is important to note, however, that this chart does not distinguish between open and closed plans. Nor does the chart reflect the fact that investment portfolios differ across the state, INVESTMENT ASSUMPTION Above 8 Exactly 8% Between 8% and 7.75% non - inclusive Exactly 7.75% Between 7.75% and 7.5% non - inclusive Exactly 7.5% Between 7.5% and 7% non -inclusive Exactly 7% Between 7% and 6% non -inclusive 6% and under #OFPLANS Ili '18 %OFPLANS IN'18 2 42 32 59 41 92 66 85 47 19 0% 9% 7% 12% While this memorandum is not entitled as a recommendation of any kind., plans are encouraged to periodically review their investment policy statement and assumptions with their investment consultant and actuary, Our office is happy to answer any questions. MEMORANDUM TO: ALL FLORIDA PENSION CLIENTS FROM: KLAUSNER, KAUFMAN, JENSEN & LEVINSON RE: HOUSE BILL 265 (proposed) DATE: January 30, 2019 The purpose of this merno is to alert pension clients about proposed legislation, 1-113 265, that would amend Florida's Open Meetings Law and impose additional procedural requirements. As summarized below, TJB 265 should be monitored in the event that it becomes law. If adopted, IIB 265 would necessitate advance preparation by municipal pension boards, The Florida Legislature begins this year's legislative session on March 5, 2019. Boards are already familiar with the requirements of Florida's Open Meetings Law, set forth in § 286.011, Fla. Stat. (hereinafter the "Open Meetings Law"). H.B. 265 amends the Open Meetings law to impose the following additional requirements which may require adaptation by many boards: 1. Publication requirements: Boards would be required to publish their agenda and "any materials or attactiments to be distributed at the meeting" at least three days in advance of a meeting. 2. Emeracricy meeting excention: Where an emergency meeting is called, at least 24 hours advance notice must be provided. 3. Phvsical conies at mcetin2 site: At least two copies of the agenda and any materials to be distributed at the meeting must be made available for public inspection at the meeting location. 4. Fine and fees: Because HB 265 proposes to insert these new requirements into the Open Meetings Law, a violation would be punishable by a fine not exceeding $500, Moreover, in the event of litigation alleging a knowing violation of the law, the prevailing party would be entitled to reasonable attorney's fees, including appellate level fees. 5. Public participation: At least three minutes shall be available for public participation for each member of the public, as either the first or last item on the agenda. If there are more 100121792.DOCX;ll than twenty people who want to speak on an item, the time can be limited to one minute per person. Groups can allow one individual to speak on behalf of the group. 6. Board resvonse: The Board would be obligated to respond to any questions by members of the public, either publicly at the meeting in writing following the meeting. Tile Board would only have ten days to provide a written response. Written responses would become incorporated into the minutes. 7. Public i)articiDation form: Boards would be required to create a public participation form for members of the public requesting to speak at a meeting. Undoubtedly, many boards will have implementation questions. Given the early date of this memo and the lack of a staff report, it is premature to provide definitive answers at this time. Nevertheless, boards are encouraged to review 11B 265 to plan ahead and/or take other appropriate action. It should also be noted that similar proposals have been considered across Florida's sixty-seven counties. Accordingly, it is important ['or boards to be familiar not only with the Open Meetings laws established by state statute, but also county and/or municipal requirements, as applicable. A copy of SB 265 is available upon request or can be downloaded using the following link: htti)://eN,\,w.ii-ivfloriclahotise,(-,ov/Seclioiis/Bill,,/Iiillsdet,iil,asi)x'?Bitlld=63159&Sessionld--87 (00121792DOUJI MEMORANDUM TO: Board of Trustees, FROM: l3onniS.Jensen, Cassandra M. Harvey RE: Power of Attorney- Florida Statute 709 DATE: January 2019 A Power of Attorney ("POA") is a written grant of authority by a participant to his or her agent providing the agent act on the participant's behalf. A POA terminates if the participant subsequently becomes incapacitated. When a Board of Trustees is presented with a POA by someone desiring to act on behalf of one of the Fund's participants, the Board must confirm that the POA is valid prior to disclosing information or taking particular actions. A POA must comply with the laws of Florida as of the date it was executed. Please note that as of October 1, 2011, the Florida law regarding POAs changed substantially. If the Board receives a POA executed in another state, the POA must comply with that state's law in existence on its date of execution. Under certain circumstances, the Board may be given a Durable Power of Attorney ("DPOA"). A DPOA is also a written grant of authority by a participant that confers authority on an agent. However, the authority granted in a DPOA is not terminated by a participant's subsequent incapacitation. A Board is required by law to reject a POA or a DPOA "within a reasonable time." FI, Stat., §709,2120. A reasonable time is not statutorily defined as it relates to your Board of Trustees, but, a Board that receives a POA towards the end of one month, should have its validity confirmed prior to the start of the next month whenever possible. Please contact our office if you have questions or need assistance determining the validity of a POA or a DPOA. 7080 NORTHW,s-r 4TH STREE'r, PLANTIVNON, FwRIDA 33317 PHONr. (954) 9 16-12,02 - FAX: (954) 916-1232 www,robertdklau-,,ticr.com zffauu• r 4� TO: Board of Trustees FROM: Bonni S. Jensen t,l Fund Legal Counse" DATE: February 2019 SUBJECT: IRS Mileage Rate for 2019 This is to inform you that the internal Revenue Service ("IRS") released its updated Standard Mileage Rate for 2010. The new rate is 58 cents per mile for miles driven after January 1, 2019, This is up 3,5 cents from last year. As You know from previous years, the mileage rate can fluctuate within the same year. We will do Our best to keep you and the administrator informed. You can find the Current rate at the Fink below. [�tt;)s,-//v,hliw.irs.aov/newsrooi-n/irs-issues-standard-mileaoe-rates-for 2019 If you have any questions, please do not hesitate to contact LIS. ssj/dze Endosure E-Copy Admims1razor 00 1 23569VJPD, I 7080 NowrEiwLsr-4 rH STRELT, PLANI-Ari(,.)�r, FLO R I DA 33317 PHONf: d954) 916-1202 - FAX: (954) 916-1232 w w w. robe rtdk I a us n er, coni Annual Operatine Expenses Investment Managers: Highland Capital Boston Parners Fiera Capital (APEX) Renaissance Center Coast (Brookfield) Intercontinental Performance Manager - Graystone Salem Trust Company ADR Agent Fee - Foreign Dividends Sub -total Investment Expense Actuarial- Foster & Faster Experience Study Update - Foster & Foster State Report Preparation - Foster $ Foster Legal Services Administrative Fee to City Insurance Miscellaneous: Minutes Preparation Codification of Approved Ordinance(s) Functional Capacity Assessments Travel Contingency Sub-tota I Administrative Expense Total Operating Expenses CITY OF SEBASTIAN, FLORIDA POLICE PENSION FUND - 2018/2019 BUDGET/ACTUAL Update as of March 12, 2019 Approved Amended TotaI previous Year's Annual Total 2018/2019 201812019 2018/2019 To Rate 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 Budget Budget 10/1-12/31 1 1- 3 31 4 1- 6 30 7 1- 9 30 Actual Actual Actual Actual Actual Actual $ 52,000 $ 52,000 $ - $ 10,709.55 $ - $ $ 10,709.55 $ 67,754.39 $ 60,479.85 $ 42,3S2.99 $ 64,402.32 $ 58,710.23 7,000 7,000 1,958.40 1,621.07 3,479.47 6,763.47 - - 5,400 5,400 1,572.12 - 1,572.12 5,386.84 - 7,000 7,000 1,876.41 1,564.05 3,440.46 6,451.11 3,000 3,000 817.12 68&00 1,503.12 2,909.69 13,500 13,500 3,375.00 3,375.00 6,750.00 13,500.00 13,500.00 13,500.00 16,875.00 15,00u)a 29,000 29,000 5,015.00 9,770.00 14,785.00 28,250.00 7,245.00 6,265.00 6,615.00 5,295.00 2,300 2,300 - - - 1,643.74 581.24 451.80 141.44 186.69 $ 119,200 $ 119,200 $ 14,514.05 $ 27,725.67 $ $ $ 42,239.72 $ 132,659.24 $ 81,806.09 $ 62,569.79 $ 88,033.76 $ 79,191.92 18,000 18,000 - 473.00 473.00 17,834,00 13,331.00 14,765,00 21,398.00 15,544.00 - 7,500 - - 3,000 3,000 - - 26,000 26,000 8,234.92 11,783.17 20,018.09 25,13&80 29,011.01 18,294.60 17,189.16 7,62364 24,000 24,000 6,000.00 6,000.00 12,000.00 24,000.00 2,600 2,600 2,585,00 - 2,585.00 2,585.00 3,021.05 3,121.05 3,121.05 3,000.00 1,100 1,100 256.00 96.00 352.00 1,042.00 600 600 - - 598.20 1,222.07 1,646.76 1,350 1,350 - 1.344.00 - 695.50 101.90 - 15,000 15,000 - - - $ 91,650 $ 99,150 $ 17,075.92 $ 18,352.17 $ $ $ 35,428.09 $ 72,542.00 45,363.06 $ 36,876.1S $ 43,032.18 $ 27,814.40 $ 210,850 $ 218,350 $ 31,589.97 $ 46,077.84 $ $ $ 77,667.81 $ 205,201.24 127,169.15 $ 99,445.94 $ 131,065.94 $ 107,006.32 JANUARY: No Board activity. FEBRUARY: No Board activity. MARCH., 1'` Quarter Board' Meeting: • Update and Review Calendar of Activities. • Request update of Summary Plan Description (every two years). • Investment Report and Performance Review. • Receive Annual Report to Division of Retirement. APRIL. No Board activity. MAY: No Board activity. JUNE: 2 nd Quarter Board Meeting: • Review Calendar of Board Activities. • Investment Report and Performance Review. • Select Board Chairperson and Secretary (every two years). • Approve and Distribute to Members the Summary Plan Description (if needed), JULY: Board Members should file Financial Disclosure forms by Julylst, AUGUST: Receive State premium tax monies. SEPTEMBER: 0 3 rd Quarter Board Meeting: • Agree on Quarterly Meeting dates for following year. • Review Calendar of Board Activities • Approve Election Process for Police Officer Members (if needed). • Select Board appointed Member and request City Council confirmation (if needed), • Investment Report and Performance Review. 61 Receive Report on Determination and Disclosure of Illiquid Assets/Securities, 0 Report on year-to-date expenses and approve budget for the next year. OCTOBER: No Board activity, NOVEMBER: No Board activity. DECEMBER: • 4 Quarter Board Meeting: • Review Calendar of Board Activities. • Consider changes to Operating Ruiles (if needed). • Report on Actual Operating Expenses for the year. • Investment Report and Performance Review. • Update Investment Policy and Allocation Strategy. • Accept the Actuarial Report. • Approve Expected Rate of Return. • Confirm renewal of Liability Insurance Poky, Page 1 of I