Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Ending 03-31-2019
G iystone �n ulting QUA.'RT ERLY P ERFORMANC E Scott Owens, CFA°® CIMAO Vice President Institutional Consulting Director SUMMA."RY Prepared.for.- .As of March 31, 2019 Charles H. Mulfinger, 11, CIMA' Managing Director, Wealth Management Institutional Consulting Director Alternative Investment Director 100 North Tampa Street, Suite 3000 Tampa, FL 33602 800-282-0655, ext. 2061 / 813-227-2061 Andrew McIlvaine Institutional Consultanj Three Years Five Years Seven Years Quarter 12 Months (annualized) (annualized) (annualized) S&P 500 Index 13.65 9.50 13.51 10.91 12.85 Dow Jones Industrial Average 11.81 10.08 16.37 12.21 12.86 Russell 1000 Index 14.00 9.30 13.52 10.63 12.79 Russell 1000 Growth Index 16.10 12.75 16.53 13.50 14.34 Russell 1000 Value Index 11.93 5.67 10.45 7.72 11.14 Russell 2000 Index 14.58 2.05 12.92 7.05 10.74 Russell 2000 Growth Index 17.15 3.85 14.87 8.41 11.79 Russell 2000 Value Index 11.93 0.17 10.86 5.59 9.61 Russell 3000 Index 14.04 8.77 13.48 10.35 12.63 Russell 3000 Growth Index 16.18 12.06 16.40 13.10 14.14 Russell 3000 Value Index 11.93 5.30 10.50 7.56 11.02 Russell Midcap Index 16.54 6.47 11.82 8.81 11.99 Russell Midcap Growth Index 19.62 11.52 15.06 10.89 12.97 Russell Midcap Value Index 14.37 2.89 9.50 7.22 11.30 Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: MAX o er1 tG'rrf 'f tf'tke.... d ... W (E/I f rcfti" % Quarter Technology 19.90 Real Estate 1 Industrials 17.20 Energy 16.40 Consumer Discretionary 15.70 Communication Services 14.00 Consumer Staples 12.00 Utilities 10.80 Materials 10.30 Financials 8.60 Health Care 6.60 Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: MAX Page 1 U.S. Dollar Local Currency Quarter 12 Months Quarter 12 Months Regional and Other Multi Country Indices MSCI EAFE 9.98 (3.55) 10.74 3.37 MSCI Europe 10.84 (3.72) 11.74 4.98 MSCI Far East 7.96 (4.99) 8.73 (2.21) MSCI Pacific ex. Japan 12.24 4.59 11.68 9.86 MSCI The World 12.64 4.61 N/A N/A MSCI World ex. U.S. 10.45 (2.99) 10.94 3.75 National Indices MSCI Hong Kong 15.58 8.01 15.86 8.03 MSCI Ireland 11.58 (11.29) 13.59 (2.84) MSCI Japan 6.85 (6.85) 7.79 (3.73) MSCI Singapore 6.23 (6.32) 5.56 (3.25) Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: MAX n a ®n n M U.S. Dollar Local Currency Quarter 12 Months Quarter 12 Months Regional and Other Multi Country Indices MSCI EM 9.95 (6.93) 9.88 (1.57) National Indices MSCI China 17.69 (6.08) 17.86 (6.03) MSCI Malaysia 0.33 (12.66) 17.86 (6.03) MSCI Taiwan 8.99 (4.59) 9.28 0.10 MSCI Thailand 7.52 (6.57) 7.52 (6.57) Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: MAX Page 2 U.S. Fixed Income 90-Day Treasury Bill Bloomberg Barclays Aggregate Bloomberg Barclays Credit Bloomberg Barclays Govt/Credit Bloomberg Barclays Government Bloomberg Barclays High Yield Bloomberg Barclays Intermediate Govt/Credit Bloomberg Barclays Long Govt/Credit Bloomberg Barclays Mortgage Backed Bloomberg Barclays Municipal Three Years Five Years 10 Years Quarter 12 Months (annualized) (annualized) (annualized) 0.60 2.11 1.17 0.72 0.41 2.94 4.48 2.03 2.74 3.77 4.87 4.89 3.48 3.60 6.22 3.26 4.48 2.12 2.78 3.92 2.10 4.20 1.07 2.15 2.44 7.26 5.93 8.56 4.69 11.21 2.32 4.24 1.66 2.12 3.15 6.45 5.24 3.75 5.34 7.23 2.17 4.42 1.77 2.65 3.11 2.90 5.38 2.71 3.73 4.72 Global Fixed Income Merrill Lynch Global High Yield 6.49 3.17 Bloomberg Barclays Global Treasury ex. U.S. 1.19 (4.52) Bloomberg Barclays Majors ex. U.S. 1.32 (4.00) Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: MAX 7.80 3.91 11.23 0.92 (0.32) 2.53 0.77 0.07 2.07 Page 3 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Graystone Consulting Quarterly Summary of Relevant Facts Equity -Large Cap. Value $3,374,245 -Large Cap. Growth $3,097,967 -SMID Cap. Value $672,164 -SMID Cap. Growth $806,739 -International Value $701,837 -International Growth $1,056.367 Total Equity $9,709,320 Fixed $3,713,183 MLPs $650,630 Private Real Estate $704,240 Cash $465,790 ............................................................................................ Total Portfolio $15,243,163 Equity Breakdown -Large Cap. Value 21.25% 22.14% 15.00 - 25.00% -Large Cap. Growth 21.25% 20.32% 15.00 - 25.00% -SMID Cap. Value 5.00% 4.41 % 2.50 - 7.50% -SMID Cap. Growth 5.00% 5.29% 2.50 - 7.50% -International Value 5.00% 4.60% 2.50 - 7.50% -International Growth .......................................................................................................................................................................................................................................................................................................................................................................................... 7.50% 6.93% 5.00 - 10.00% Total Equity 65.00% 63.70% 40.00 - 70.00% Fixed 25.00% 24.36% 20.00 - 35.00% MLPs 5.00% 4.27% 0.00 - 10.00% Private Real Estate 5.00% 4.62% 0.00 - 10.00% Cash 0.00% ............................................................................................................................................ 3.06% Total Portfolio 100.00% 100.00% Other Important Facts: Total Portfolio $15,243,163 Total Gain/(Loss) - Gross -of -Fees $1,324,528 Total Fees ($32,320) Total Gain/(Loss) - Net -of -Fees $1,292,209 Highland - Large Cap Value Highland - Large Cap Growth Total Assets $3,374,245 Total Assets $3,097,967 Gain or (Loss) - Gross -of -Fees $328,469 Gain or (Loss) - Gross -of -Fees $396,932 Fees ($8,001) Fees ($3,379) Gain or (Loss) - Net -of -Fees $320,469 Gain or (Loss) - Net -of -Fees $393,553 Boston Partners - SMID Value Fiera Capital - SMID Growth Total Assets $672,164 Total Assets $806,739 Gain or (Loss) - Gross -of -Fees $81,474 Gain or (Loss) - Gross -of -Fees $129,816 Fees ($1,621) Fees $0 Gain or (Loss) - Net -of -Fees $79,853 Gain or (Loss) - Net -of -Fees $129,816 Highland - Intl Value Renaissance - International Growth Total Assets $701,837 Total Assets $1,056,367 Gain or (Loss) - Gross -of -Fees $51,870 Gain or (Loss) - Gross -of -Fees $105,367 Fees ($813) Fees ($1,564) Gain or (Loss) - Net -of -Fees $51,057 Gain or (Loss) - Net -of -Fees $103,803 Highland - Fixed Income Center Coast - MLP Total Assets $3,713,183 Total Assets $650,630 Gain or (Loss) - Gross -of -Fees $107,039 Gain or (Loss) - Gross -of -Fees $107,354 Fees ($2,709) Fees ($686) Gain or (Loss) - Net -of -Fees $104,330 Gain or (Loss) - Net -of -Fees $106,668 Receipt & Disbursement Intercontinental - Private Real Estate Total Assets $465,790 Total Assets $704,240 Gain or (Loss) - Gross -of -Fees $2,555 Gain or (Loss) - Gross -of -Fees $13,653 Fees ($11,783) Fees ($1,763) Gain or (Loss) - Net -of -Fees ($9,229) Gain or (Loss) - Net -of -Fees $11,890 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 a guarantee of future results. Page 4 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Breakdown of Returns DOMESTIC EQUITY Gross-of-FeesNet-of-Fees Highland - Large Cap Value ReturnReturnRussell 1000 ValuePSN Money Managers Quarter10.7710.5111.9311.68 1 Year5.545.035.675.40 Since 7/31/20176.816.185.94NA Highland - Large Cap Growth Russell 1000 GrowthPSN Money Managers Quarter14.6814.5516.1015.68 1 Year8.738.3412.7510.92 Since 7/31/201712.3411.9215.61NA Boston Partners - SMID Value Russell 2500 ValuePSN Money Managers Quarter13.7213.4513.1213.68 1 Year(5.48)(6.67)1.841.44 Since 7/31/2017(0.30)(1.33)3.86NA Fiera Capital - SMID Growth Russell 2500 GrowthPSN Money Managers Quarter19.1719.1718.9917.52 1 Year4.013.417.558.23 Since 7/31/201712.7912.1812.85NA INTERNATIONAL EQUITY Highland - Intl Value MSCI EAFE (net) Quarter7.977.849.98 1 Year(6.98)(7.32)(3.55) Since 7/31/2017(1.45)(1.92)0.75 Renaissance - International Growth MSCI AC Wd x US (net) Quarter11.0610.8910.31 1 Year(11.49)(12.05)(4.07) Since 7/31/2017(4.18)(4.72)1.06 FIXED INCOME Highland - Fixed Income BC Agg Quarter2.972.892.94 1 Year4.654.314.48 Since 7/31/20172.401.962.26 ALTERNATIVES Center Coast - MLP Alerian MLP Index Quarter19.7319.6116.82 1 Year17.9217.3615.11 Since 7/31/2017(1.24)(1.67)(1.82) 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 a guarantee of future results. Page 5 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Breakdown of Returns Intercontinental - Private Real Estate NCREIF IndexNCREIF ODCEBC Agg Quarter1.981.721.801.422.94 1 Year10.418.716.827.524.48 Since 9/30/201710.949.416.947.952.22 TOTAL RETURN Time-Weighted Returns (TWR)Policy Index (1)Policy Index (2) Quarter9.459.2110.4010.46 1 Year3.753.046.366.42 3 Year7.586.908.358.43 5 Year6.065.446.907.44 Since 1/31/20116.816.218.028.62 16 1/4 Years6.055.386.81 TOTAL RETURN Dollar-Weighted Returns (IRR)Actuary RateCPI +4 Quarter 9.231.771.59 1 Year 3.087.305.95 3 Year 6.897.306.26 5 Year 5.447.305.57 Since 1/31/2011 6.247.305.75 Policy Index (1) Composition - 21.25% Russell 1000 Value / 21.25% Russell 1000 Growth / 5% Russell 2500 Value / 5% Russell 2500 Growth / 5% MSCI EAFE (net) / 7.5% MSCI AC Wd x US (net) / 25% BC Aggregate / 5% Alerian MLP / 5% NCREIF for periods since 7/31/2017 - 50% S&P 500 / 10% MSCI EAFE (net) / 40% BC Aggregate for periods since 12/31/2015 - 50% S&P 500 / 10% MSCI EAFE (net) / 40% BC Aggregate for periods since 6/30/2011 - 48% S&P 500 / 49% BC Gov/Credit / 3% Citi 3 Month T-Bill for periods prior to 6/30/2011 Policy Index (2) Composition - 21.25% Russell 1000 Value / 21.25% Russell 1000 Growth / 5% Russell 2500 Value / 5% Russell 2500 Growth / 5% MSCI EAFE (net) / 7.5% MSCI AC Wd x US (net) / 25% BC Aggregate / 5% Alerian MLP / 5% NCREIF for periods since 7/31/2017 - 60% S&P 500 / 40% BC Aggregate for periods since 12/31/2015 - 60% S&P 500 / 40% BC Aggregate for periods since 6/30/2011 - 48% S&P 500 / 49% BC Gov/Credit / 3% Citi 3 Month T-Bill for periods prior to 6/30/2011 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 a guarantee of future results. Page 6 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Trailing Returns Manager vs Benchmark: Return through March 2019 (not annualized if less than 1 year) 12 10 8 Sebastian Police (Gross) Sebastian Police (Net) Sebastian Police Policy Index 6 4 2 1 quarter1 year3 years5 years10 years16 years 1 quarter Manager vs Benchmark: Return through March 2019 (not annualized if less than 1 year) 1 quarter1 year3 years5 years10 years16 years 1 quarter Sebastian Police (Gross) 9.45%3.75%7.58%6.07%8.66%6.05% Sebastian Police (Net) 9.21%3.05%6.90%5.44%8.01%5.38% Sebastian Police Policy Index 10.40%6.34%8.35%6.91%9.86%6.81% 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 a guarantee of future results. Page 7 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Risk/Return - 5 Year Analysis Manager Risk/Return Manager Performance Single Computation 20-Quarter Moving Windows, Computed Quarterly April 2014 - March 2019 April 2014 - March 2019 140 7% 135 6% 130 5% 125 Sebastian Police (Gross) 4% Market Benchmark: Sebastian Police (Gross) Sebastian Police Policy Index 120 Sebastian Police Policy Index Cash Equivalent: Citigroup 3-month T-bill 3% 115 2% 110 1% 105 100 0% 0%1%2%3%4%5%6%7%8%9% Q1 2014Q4 2014Q4 2015Q4 2016Q4 2017Q1 2019 Standard Deviation Return & Risk Measurements April 2014 - March 2019: Summary Statistics ExcessUpDown BetaAlphaR-Squared ReturnStandardMaximumCaptureCaptureSharpe Returnvs.vs.vs. vs.DeviationDrawdownvs.vs.Ratio MarketMarketMarket MarketMarketMarket Sebastian Police (Gross)6.07%-0.84%7.89%0.99-10.20%95.55%110.88%-0.73%0.6894.99% Sebastian Police Policy Index 6.91%0.00%7.76%1.00-9.72%100.00%100.00%0.00%0.80100.00% 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 a guarantee of future results. Page 8 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Risk/Return - 16 1/4 Year Analysis Manager Risk/Return Manager Performance Single Computation 20-Quarter Moving Windows, Computed Quarterly January 2003 - March 2019 January 2003 - March 2019 300 7% 6% 250 5% Sebastian Police (Gross) 4% Market Benchmark: 200 Sebastian Police (Gross) Sebastian Police Policy Index Sebastian Police Policy Index Cash Equivalent: Citigroup 3-month T-bill 3% 150 2% 1% 100 0% 0%1%2%3%4%5%6%7%8%9% Q4 2002Q4 2005Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q1 2019 Standard Deviation Return & Risk Measurements January 2003 - March 2019: Summary Statistics ExcessUpDown BetaAlphaR-Squared ReturnStandardMaximumCaptureCaptureSharpe Returnvs.vs.vs. vs.DeviationDrawdownvs.vs.Ratio MarketMarketMarket MarketMarketMarket Sebastian Police (Gross)6.05%-0.76%8.03%1.01-22.97%96.38%110.09%-0.78%0.6095.83% Sebastian Police Policy Index 6.81%0.00%7.77%1.00-21.59%100.00%100.00%0.00%0.71100.00% 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 a guarantee of future results. Page 9 City of Sebastian Police Officers' Retirement System as of March 31, 2019 IPS Compliance Check List GUIDELINES In Compliance OBJECTIVES In Compliance Equity PortfolioTotal Portfolio 5 yearsSince Inception Listed on recognized exchangeYesExceed Target Index NoNo Single issue not to exceed 5% at market value forYesExceed Target Rate of Return (7.3%)*NoNo each equity in each separately managed portfolioExceed CPI + 4% *NoYes Total equity portfolio < 70.00% & > 40.00% of total fund *Performance compared to dollar-weighted net Yesreturns at market Highland Capital Large Cap ValueRenaissance International Growth Large Capitalization Value Equity PortfolioInternational Growth Portfolio Market Value < 25.00% & > 15.00% of total fundYes Market Value < 10.00% & > 5.00% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Performance (Since 8/31/2017)5 yearsSince Inception Rank in the Top 50% of manager universe N/AYes Return > MSCI World Ex US (Net) N/ANo Return > Russell 1000 Value N/AYes Highland Capital Large Cap GrowthHighland Fixed Income Large Capitalization Growth Equity PortfolioFixed Income Portfolio Market Value < 25.00% & > 15.00% of total fundYes Market Value < 35.00% & > 20.00% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Performance (Since 3/31/2014)3 yearsSince Inception Rank in the Top 50% of manager universe N/ANo Return > BC AggN/AYes Return > Russell 1000 Growth N/ANo U.S. Government / Agency or U.S. CorporationsYes Bonds rated "A" or betterYes Boston Partners SMID Cap Value Single corporate issuer not exceed 10% of bond portfolioYes SMID Capitalization Value Equity Portfolio (except U.S. Government/Agency) Market Value < 7.50% & > 2.50% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Center Coast MLPs Rank in the Top 50% of manager universe N/ANo Master Limited Partnerships Return > Russell Mid ValueN/ANo Market Value < 10.00% & > 0.00% of total fundYes Performance (Since 8/31/2017)5 yearsSince Inception Fiera Capital SMID Cap Growth Return > Alerian MLPN/AYes SMID Capitalization Growth Equity Portfolio Market Value < 7.50% & > 2.50% of total fundYes Intercontinental Performance (Since 8/31/2017)5 yearsSince Inception Core Private Real Estate Rank in the Top 50% of manager universe N/ANo Market Value < 10.00% & > 0.00% of total fundYes Return > Russell Mid GrowthN/ANo Performance (Inception 10/31/2017)3 yearsSince Inception Return > NCREIF Property IndexN/AYes Highland Capital International Value Return > NCREIF ODCE IndexN/AYes International Value Equity Portfolio Return > BC Agg IndexN/AYes Market Value < 7.50% & > 2.50% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Return > MSCI EAFE (Net) N/ANo 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 a guarantee of future results. Page 10 Page 11 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Quarterly Summary of Relevant Facts Distribution of Assets:Other Important Facts: Equity Total Portfolio$15,243,163 -Large Cap. Value$3,374,245Total Gain/(Loss) - Gross-of-Fees$1,324,528 -Large Cap. Growth$3,097,967Total Fees($32,320) -SMID Cap. Value$672,164Total Gain/(Loss) - Net-of-Fees$1,292,209 -SMID Cap. Growth$806,739 -International Value$701,837 Highland - Large Cap ValueHighland - Large Cap Growth -International Growth$1,056,367Total Assets$3,374,245Total Assets$3,097,967 Total Equity$9,709,320Gain or (Loss) - Gross-of-Fees$328,469Gain or (Loss) - Gross-of-Fees$396,932 Fixed$3,713,183Fees($8,001)Fees($3,379) MLPs$650,630Gain or (Loss) - Net-of-Fees$320,469Gain or (Loss) - Net-of-Fees$393,553 Private Real Estate$704,240 Cash$465,790 Boston Partners - SMID ValueFiera Capital - SMID Growth Total Portfolio$15,243,163 Total Assets$672,164Total Assets$806,739 Gain or (Loss) - Gross-of-Fees$81,474Gain or (Loss) - Gross-of-Fees$129,816 Distribution by Percentages:PolicyCurrentRange Fees($1,621)Fees$0 Equity BreakdownGain or (Loss) - Net-of-Fees$79,853Gain or (Loss) - Net-of-Fees$129,816 -Large Cap. Value21.25%22.14%15.00 - 25.00% -Large Cap. Growth21.25%20.32%15.00 - 25.00%Highland - Intl Value Renaissance - International Growth -SMID Cap. Value5.00%4.41%2.50 - 7.50%Total Assets$701,837Total Assets$1,056,367 -SMID Cap. Growth5.00%5.29%2.50 - 7.50%Gain or (Loss) - Gross-of-Fees$51,870Gain or (Loss) - Gross-of-Fees$105,367 -International Value5.00%4.60%2.50 - 7.50%Fees($813)Fees($1,564) -International Growth7.50%6.93%5.00 - 10.00%Gain or (Loss) - Net-of-Fees$51,057Gain or (Loss) - Net-of-Fees$103,803 Total Equity65.00%63.70%40.00 - 70.00% Fixed25.00%24.36%20.00 - 35.00%Highland - Fixed Income Center Coast - MLP MLPs5.00%4.27%0.00 - 10.00%Total Assets$3,713,183Total Assets$650,630 Private Real Estate5.00%4.62%0.00 - 10.00%Gain or (Loss) - Gross-of-Fees$107,039Gain or (Loss) - Gross-of-Fees$107,354 Cash0.00%3.06%Fees($2,709)Fees($686) Total Portfolio100.00%100.00%Gain or (Loss) - Net-of-Fees$104,330Gain or (Loss) - Net-of-Fees$106,668 Receipt & DisbursementIntercontinental - Private Real Estate Total Assets$465,790Total Assets$704,240 Gain or (Loss) - Gross-of-Fees$2,555Gain or (Loss) - Gross-of-Fees$13,653 Fees($11,783)Fees($1,763) Gain or (Loss) - Net-of-Fees($9,229)Gain or (Loss) - Net-of-Fees$11,890 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 a guarantee of future results. Page 1 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Breakdown of Returns DOMESTIC EQUITY Gross-of-FeesNet-of-Fees Highland - Large Cap Value ReturnReturnRussell 1000 ValuePSN Money Managers Quarter10.7710.5111.9311.68 1 Year5.545.035.675.40 Since 7/31/20176.816.185.94NA Highland - Large Cap Growth Russell 1000 GrowthPSN Money Managers Quarter14.6814.5516.1015.68 1 Year8.738.3412.7510.92 Since 7/31/201712.3411.9215.61NA Boston Partners - SMID Value Russell 2500 ValuePSN Money Managers Quarter13.7213.4513.1213.68 1 Year(5.48)(6.67)1.841.44 Since 7/31/2017(0.30)(1.33)3.86NA Fiera Capital - SMID Growth Russell 2500 GrowthPSN Money Managers Quarter19.1719.1718.9917.52 1 Year4.013.417.558.23 Since 7/31/201712.7912.1812.85NA INTERNATIONAL EQUITY Highland - Intl Value MSCI EAFE (net) Quarter7.977.849.98 1 Year(6.98)(7.32)(3.55) Since 7/31/2017(1.45)(1.92)0.75 Renaissance - International Growth MSCI AC Wd x US (net) Quarter11.0610.8910.31 1 Year(11.49)(12.05)(4.07) Since 7/31/2017(4.18)(4.72)1.06 FIXED INCOME Highland - Fixed Income BC Agg Quarter2.972.892.94 1 Year4.654.314.48 Since 7/31/20172.401.962.26 ALTERNATIVES Center Coast - MLP Alerian MLP Index Quarter19.7319.6116.82 1 Year17.9217.3615.11 Since 7/31/2017(1.24)(1.67)(1.82) 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 a guarantee of future results. Page 2 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Breakdown of Returns Intercontinental - Private Real Estate NCREIF IndexNCREIF ODCEBC Agg Quarter1.981.721.801.422.94 1 Year10.418.716.827.524.48 Since 9/30/201710.949.416.947.952.22 TOTAL RETURN Time-Weighted Returns (TWR)Policy Index (1)Policy Index (2) Quarter9.459.2110.4010.46 1 Year3.753.046.366.42 3 Year7.586.908.358.43 5 Year6.065.446.907.44 Since 1/31/20116.816.218.028.62 16 1/4 Years6.055.386.81 TOTAL RETURN Dollar-Weighted Returns (IRR)Actuary RateCPI +4 Quarter 9.231.771.59 1 Year 3.087.305.95 3 Year 6.897.306.26 5 Year 5.447.305.57 Since 1/31/2011 6.247.305.75 Policy Index (1) Composition - 21.25% Russell 1000 Value / 21.25% Russell 1000 Growth / 5% Russell 2500 Value / 5% Russell 2500 Growth / 5% MSCI EAFE (net) / 7.5% MSCI AC Wd x US (net) / 25% BC Aggregate / 5% Alerian MLP / 5% NCREIF for periods since 7/31/2017 - 50% S&P 500 / 10% MSCI EAFE (net) / 40% BC Aggregate for periods since 12/31/2015 - 50% S&P 500 / 10% MSCI EAFE (net) / 40% BC Aggregate for periods since 6/30/2011 - 48% S&P 500 / 49% BC Gov/Credit / 3% Citi 3 Month T-Bill for periods prior to 6/30/2011 Policy Index (2) Composition - 21.25% Russell 1000 Value / 21.25% Russell 1000 Growth / 5% Russell 2500 Value / 5% Russell 2500 Growth / 5% MSCI EAFE (net) / 7.5% MSCI AC Wd x US (net) / 25% BC Aggregate / 5% Alerian MLP / 5% NCREIF for periods since 7/31/2017 - 60% S&P 500 / 40% BC Aggregate for periods since 12/31/2015 - 60% S&P 500 / 40% BC Aggregate for periods since 6/30/2011 - 48% S&P 500 / 49% BC Gov/Credit / 3% Citi 3 Month T-Bill for periods prior to 6/30/2011 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 a guarantee of future results. Page 3 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Trailing Returns Manager vs Benchmark: Return through March 2019 (not annualized if less than 1 year) 12 10 8 Sebastian Police (Gross) Sebastian Police (Net) Sebastian Police Policy Index 6 4 2 1 quarter1 year3 years5 years10 years16 years 1 quarter Manager vs Benchmark: Return through March 2019 (not annualized if less than 1 year) 1 quarter1 year3 years5 years10 years16 years 1 quarter Sebastian Police (Gross) 9.45%3.75%7.58%6.07%8.66%6.05% Sebastian Police (Net) 9.21%3.05%6.90%5.44%8.01%5.38% Sebastian Police Policy Index 10.40%6.34%8.35%6.91%9.86%6.81% 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 a guarantee of future results. Page 4 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Risk/Return - 5 Year Analysis Manager Risk/Return Manager Performance Single Computation 20-Quarter Moving Windows, Computed Quarterly April 2014 - March 2019 April 2014 - March 2019 140 7% 135 6% 130 5% 125 Sebastian Police (Gross) 4% Market Benchmark: Sebastian Police (Gross) Sebastian Police Policy Index 120 Sebastian Police Policy Index Cash Equivalent: Citigroup 3-month T-bill 3% 115 2% 110 1% 105 100 0% 0%1%2%3%4%5%6%7%8%9% Q1 2014Q4 2014Q4 2015Q4 2016Q4 2017Q1 2019 Standard Deviation Return & Risk Measurements April 2014 - March 2019: Summary Statistics ExcessUpDown BetaAlphaR-Squared ReturnStandardMaximumCaptureCaptureSharpe Returnvs.vs.vs. vs.DeviationDrawdownvs.vs.Ratio MarketMarketMarket MarketMarketMarket Sebastian Police (Gross)6.07%-0.84%7.89%0.99-10.20%95.55%110.88%-0.73%0.6894.99% Sebastian Police Policy Index 6.91%0.00%7.76%1.00-9.72%100.00%100.00%0.00%0.80100.00% 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 a guarantee of future results. Page 5 City of Sebastian Police Officers' Retirement System as of March 31, 2019 Risk/Return - 16 1/4 Year Analysis Manager Risk/Return Manager Performance Single Computation 20-Quarter Moving Windows, Computed Quarterly January 2003 - March 2019 January 2003 - March 2019 300 7% 6% 250 5% Sebastian Police (Gross) 4% Market Benchmark: 200 Sebastian Police (Gross) Sebastian Police Policy Index Sebastian Police Policy Index Cash Equivalent: Citigroup 3-month T-bill 3% 150 2% 1% 100 0% 0%1%2%3%4%5%6%7%8%9% Q4 2002Q4 2005Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q1 2019 Standard Deviation Return & Risk Measurements January 2003 - March 2019: Summary Statistics ExcessUpDown BetaAlphaR-Squared ReturnStandardMaximumCaptureCaptureSharpe Returnvs.vs.vs. vs.DeviationDrawdownvs.vs.Ratio MarketMarketMarket MarketMarketMarket Sebastian Police (Gross)6.05%-0.76%8.03%1.01-22.97%96.38%110.09%-0.78%0.6095.83% Sebastian Police Policy Index 6.81%0.00%7.77%1.00-21.59%100.00%100.00%0.00%0.71100.00% 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 a guarantee of future results. Page 6 City of Sebastian Police Officers' Retirement System as of March 31, 2019 IPS Compliance Check List GUIDELINES In Compliance OBJECTIVES In Compliance Equity PortfolioTotal Portfolio 5 yearsSince Inception Listed on recognized exchangeYesExceed Target Index NoNo Single issue not to exceed 5% at market value forYesExceed Target Rate of Return (7.3%)*NoNo each equity in each separately managed portfolioExceed CPI + 4% *NoYes Total equity portfolio < 70.00% & > 40.00% of total fund *Performance compared to dollar-weighted net Yesreturns at market Highland Capital Large Cap ValueRenaissance International Growth Large Capitalization Value Equity PortfolioInternational Growth Portfolio Market Value < 25.00% & > 15.00% of total fundYes Market Value < 10.00% & > 5.00% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Performance (Since 8/31/2017)5 yearsSince Inception Rank in the Top 50% of manager universe N/AYes Return > MSCI World Ex US (Net) N/ANo Return > Russell 1000 Value N/AYes Highland Capital Large Cap GrowthHighland Fixed Income Large Capitalization Growth Equity PortfolioFixed Income Portfolio Market Value < 25.00% & > 15.00% of total fundYes Market Value < 35.00% & > 20.00% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Performance (Since 3/31/2014)3 yearsSince Inception Rank in the Top 50% of manager universe N/ANo Return > BC AggN/AYes Return > Russell 1000 Growth N/ANo U.S. Government / Agency or U.S. CorporationsYes Bonds rated "A" or betterYes Boston Partners SMID Cap Value Single corporate issuer not exceed 10% of bond portfolioYes SMID Capitalization Value Equity Portfolio (except U.S. Government/Agency) Market Value < 7.50% & > 2.50% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Center Coast MLPs Rank in the Top 50% of manager universe N/ANo Master Limited Partnerships Return > Russell Mid ValueN/ANo Market Value < 10.00% & > 0.00% of total fundYes Performance (Since 8/31/2017)5 yearsSince Inception Fiera Capital SMID Cap Growth Return > Alerian MLPN/AYes SMID Capitalization Growth Equity Portfolio Market Value < 7.50% & > 2.50% of total fundYes Intercontinental Performance (Since 8/31/2017)5 yearsSince Inception Core Private Real Estate Rank in the Top 50% of manager universe N/ANo Market Value < 10.00% & > 0.00% of total fundYes Return > Russell Mid GrowthN/ANo Performance (Inception 10/31/2017)3 yearsSince Inception Return > NCREIF Property IndexN/AYes Highland Capital International Value Return > NCREIF ODCE IndexN/AYes International Value Equity Portfolio Return > BC Agg IndexN/AYes Market Value < 7.50% & > 2.50% of total fundYes Performance (Since 8/31/2017)3 yearsSince Inception Return > MSCI EAFE (Net) N/ANo 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 a guarantee of future results. Page 7 Capital Markets OverviewTab 1 Performance ReportsTab 2 Capital Markets Overview: 1Q 2019 Introduction As of 1Q 2019 The S&P 500 began 2019 with its best quarter since 2009 and best start to a year since 1998. This followed its worst quarter since 2011, and in December, its worst month since February 2009. From its trough close of 2,351 on December 24, 2018, the index rallied more than 20% as of the March 29, 2019 close and sits just 3.4% below its all-time high. International markets underperformed the US slightly, but overall showed a similar rebound. MS & Co.s CIO and Chief US Equity Strategist, Mike Wilson, has maintained his price target of 2,750 for the S&P 500 into 2019 and expects range-bound trading over the next year, as corporate earnings face potential earnings declines. US equities rose in the first quarter, as the S&P 500 gained 13.65% and all of the 11 sectors finished in the black. Tech led, gaining 19.86%. Other outperformers included Real Estate and Industrials, which were up 17.55% and 17.20%, respectively. Health Care was the biggest laggard, gaining only 6.60%, joined by Financials,which added only 8.56%. Other major US indices were positive on the quarter; the Dow Jones added 11.81% and the NASDAQ erased 16.8%. International underperformed slightly in the first quarter, as the US resumed its leadership following a difficult end to 2018. International markets gained, though remain under pressure as investors weigh weakening economic data in Europe. The MSCI EAFE Index (a benchmark for international developed markets) added 10.13% for US-currency investors. The MSCI Europe Index gained 11.00% for US-currency investors, while the MSCI Japan rose 7.28%. The bond market posted gains in the first quarter as the Feds dovish pivot sent bond yields lower across the curve. The Bloomberg Barclays US Aggregate Bond Index, a general measure of the bond market, rose 2.94%. Morgan Stanley & Co. economists expect US real GDP will be 2.1% in 2019 amid an environment of 3.4% global GDP growth; they expect that pace to accelerate slightly in 2020 to 2.2% and 3.5%, respectively. Commodities were up in the first quarter; the Bloomberg Commodity Index gained 6.40%. Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Morgan Stanley Wealth Management GIC 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: 1Q 2019 The US Economy As of 1Q 2019 (with most recent data available) The Bureau of Economic Analysis estimated that real Gross Domestic Product increased at an annualized rate of 2.2% in 4Q18, in comparison to a 3.4% increase in 3Q18. Morgan Stanley & Co. economists forecast US Real GDP growth will be 2.1% in 2019 and 2.2% in 2020. The seasonally adjusted unemployment rate for February 2019 was 3.8%, down from a government shutdown-influenced 4.0% in January. The number of unemployed was 6.2 million in February, up slightly from 6.0 million in November of last year. The number of long-term unemployed (those jobless for 27 weeks or more) was 1.3 million, essentially unchanged from November 2018. These individuals accounted for 20.4% of the unemployed vs. 21.0% at the end of last quarter. According to the most recent data from the Federal Reserve Bank of St. Louis, corporate profits decreased -0.3% quarter over quarter and are up 14.28% year over year as of Q4 2018. Inflation was generally lower in the US, according to the Bureau of Labor Statistics. The year-over-year Consumer Price Index was 1.5% in February, down from the 2.2% figure in November 2018. Morgan Stanley & Co. economists forecast a 1.8% annual inflation rate for 2019 and 2.6% for 2020. The Census Bureau reported that the number of new private-sector housing starts in February was at a seasonally adjusted annual rate of 1,162,0009.9% below housing starts this time last year. The Census Bureau also reported that seasonally adjusted retail and food services sales increased at 2.2% year over year in February. Consumer confidence fell in 1Q19, with Conference Board Consumer Confidence reading 124.1 in March, down from 126.6 in December 2018 but still historically elevated. In March, the Institute for Supply Managements (ISM) Purchasing Managers Index (PMI), a manufacturing sector index, came in at 55.3, down from Novembers reading of 59.3. 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. PMI has registered above 50 for 35 out of the last 38 months, indicating an expansion in manufacturing since March 2016. Overall, PMI has been above 43 for 116 consecutive months, indicating overall economic recovery and expansion since June 2009. The ISMs Non-Manufacturing Index (NMI) for February was 59.7slightly lower than in November 2018. The index has now been above 50 for 106 consecutive months, indicating non-manufacturing expansion since February 2010. Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Federal Reserve Bank of St. Louis, Morgan Stanley Wealth Management GIC 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: 1Q 2019 US Equity Markets As of 1Q 2019 The Dow Jones Industrial Average gained 11.81% in the first quarter, while the NASDAQ Composite Index was up 16.8%. The S&P 500 Index added 13.65% over the same period. All 11 sectors rose on a total return basis in 1Q19. Tech led, gaining 19.86%. Other outperformers included Real Estate and Industrials, which were up 17.55% and 17.20%, respectively. Health Care was the biggest laggard, gaining only 6.60%, joined by Financials, which added only 8.56%. The Russell 1000, a large-cap index, gained 14.00% for the quarter, as large-cap growth (16.10% ) outperformed large-cap value (11.93%). The Russell Midcap gained 16.54% on the quarter, with mid-cap growth (19.62%) outperforming mid-cap value (14.37%). The Russell 2000, a small-cap index, rose 14.58% for the quarter, with small-cap growth (17.14%) outperforming small-cap value (11.93%). Key US Stock Market Index Returns (%) for the Period Ending 3/29/2019 5-Years 7-Years INDEX IN USDQuarter12 Months (Annualized) (Annualized S&P 50013.65%9.50%11.08%12.90% Dow Jones11.81%10.09%12.38%12.94% Russell 200014.58%2.05%7.44%10.70% Russell Midcap16.54%6.47%9.04%12.03% Russell 100014.00%9.30%10.82%12.84% Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC 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 S&P 500 Sectors YTD 2019 Total Return As of March 29, 2019 Health Care 6.6% Financials 8.6% Materials 10.3% Utilities 10.8% Staples 12.0% Communication 14.0% Discretionary 15.7% Energy 16.4% Industrials 17.2% Real Estate 17.5% Technology 19.9% 0%5%10%15%20%25% Source: Bloomberg 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: 1Q 2019 Global Equity Markets As of 1Q 2019 International underperformed slightly in the first quarter, as the US resumed its leadership following a difficult end to 2018. International markets gained, though remain under pressure as investors weigh weakening economic data in Europe. The MSCI EAFE Index (a benchmark for international developed markets) added 10.13% for US-currency investors. In the first quarter, the MSCI Emerging Markets Index rose 9.95% for US-currency investors as risk-on sentiment and optimism on China trade and stimulus was dampened by a still-strengthening US dollar. The MSCI Europe Index rose 11.00% for US-currency investors, while the MSCI Japan gained 7.28%. The S&P 500 Index gained 13.65% for the quarter. Emerging economy equity market indices were up in the first quarter. The MSCI BRIC (Brazil, Russia, India and China) Index rose 14.00% in US dollar terms, while the MSCI EM Asia Index was up 11.06%. Key Global Stock Market Index Returns (%) for the Period Ending 3/29/2019 5-Years 7-Years INDEX IN USDQuarter12 Months (Annualized) (Annualized) MSCI EAFE10.13%-3.05%2.94%6.23% MSCI EAFE Growth12.18%-0.64%4.46%7.01% MSCI EAFE Value8.08%-5.46%1.36%5.38% MSCI Europe11.00%-3.10%1.70%6.27% MSCI Japan7.28%-7.08%6.17%6.53% S&P 50013.65%9.50%11.08%12.90% MSCI Emerging Markets9.95%-6.93%4.26%3.19% Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC 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: 1Q 2019 The US Bond Market As of 1Q 2019 The bond market posted gains in the first quarter as the Feds dovish pivot sent bond yields lower across the curve. The Bloomberg Barclays US Aggregate Bond Index, a general measure of the bond market, rose 2.94%. Interest rates fell during the first quarter, as the yield on the 10-year US Treasury note dropped to a quarter-end 2.41% from 2.68% at the end of December. However the shortest end of the curve was anchored, with the yield on 3-month Treasury bills actually rising to 2.38% from 2.35%, causing a brief inversion as measured by the 10-year and the 3-month tenors. Riskier parts of the bond market such as US high yield debt performed well in the first quarter. The Bloomberg Barclays Capital High Yield Index, a measure of lower-rated corporate bonds, gained 7.26%. Mortgage-backed continued to show modest gains in the first quarter. The Bloomberg Barclays Capital Mortgage-Backed Securities Index rose 2.17%. Municipal bonds were also up; the Bloomberg Barclays Capital Muni Index saw gains of 2.90%. Key US Bond Market Index Returns (%) for the Period Ending 3/29/2019 5-Years 7-Years INDEX IN USDQuarter12 Months (Annualized) (Annualized) Bloomberg Barclays Capital US Aggregate2.94%4.48%2.73%2.45% Bloomberg Barclays Capital High Yield7.26%5.93%4.70%6.26% Bloomberg Barclays Capital Government/Credit3.24%4.47%2.76%2.53% Bloomberg Barclays Capital Government 2.11%4.22%2.16%1.76% Bloomberg Barclays Capital Intermediate Govt/Credit2.33%4.24%2.13%1.97% Bloomberg Barclays Capital Long Govt/Credit6.45%5.24%5.30%4.79% Bloomberg Barclays Capital Mortgage Backed Securities2.17%4.42%2.63%2.18% Bloomberg Barclays Capital Muni2.90%5.38%3.72%3.45% Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Morgan Stanley Wealth Management GIC 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 !"# $%&# '()'%$# %* +",$ -.+#),.& ,$ +% ,/*%)-0 ./1 ,+ ,/ /% 2.3 ,$ ,/+#/1#1 +% 4# ./ %5#) %) $%&,6,+.+,%/ +% '()6".$# %) $#&& ./3 $#6(),+30 %+"#) ,/7#$+-#/+ %) $#)7,6#0 %) +% .++).6+ ./3 *(/1$ %) 1#'%$,+$8 9/7#$+-#/+$ -#/+,%/#1 -.3 /%+ 4# $(,+.4&# *%) .&& 6&,#/+$8 :/3 ')%1(6+ 1,$6($$#1 "#)#,/ -.3 4# '()6".$#1 %/&3 .*+#) . 6&,#/+ ".$ 6.)#*(&&3 )#7,#2#1 +"# %5#),/; -#-%)./1(- ./1 #<#6(+#1 +"# $(4$6),'+,%/ 1%6(-#/+$8 =%);./ >+./ ?#.&+" =./.;#-#/+ ".$ /%+ 6%/$,1#)#1 +"# .6+(.& %) 1#$,)#1 ,/7#$+-#/+ %4@#6+,7#$0 ;%.&$0 $+).+#;,#$0 ;(,1#&,/#$0 %) *.6+(.& 6,)6(-$+./6#$ %* ./3 ,/7#$+%) ,/ ./3 *(/1A$B8 C#*%)# -.D,/; ./3 ,/7#$+-#/+0 #.6" ,/7#$+%) $"%(&1 6.)#*(&&3 6%/$,1#) +"# ),$D$ .$$%6,.+#1 2,+" +"# ,/7#$+-#/+0 .$ 1,$6($$#1 ,/ +"# .''&,6.4&# %5#),/; -#-%)./1(-0 ./1 -.D# . 1#+#)-,/.+,%/ 4.$#1 ('%/ +"#,) %2/ '.)+,6(&.) 6,)6(-$+./6#$0 +".+ +"# ,/7#$+-#/+ ,$ 6%/$,$+#/+ 2,+" +"#,) ,/7#$+-#/+ %4@#6+,7#$ ./1 ),$D +%&#)./6#8 =%);./ >+./ >-,+" C.)/#3 EEF %5#)$ ,/7#$+-#/+ ')%;).- $#)7,6#$ +")%(;" . 7.),#+3 %* ,/7#$+-#/+ ')%;).-$0 2",6" .)# %'#/#1 '()$(./+ +% 2),++#/ 6&,#/+ .;)##-#/+$8 G.6" ')%;).- %5#)$ ,/7#$+-#/+ -./.;#)$0 *(/1$ ./1 *#.+()#$ +".+ .)# /%+ .7.,&.4&# ,/ %+"#) ')%;).-$H 6%/7#)$#&30 $%-# ,/7#$+-#/+ -./.;#)$0 *(/1$ %) ,/7#$+-#/+ $+).+#;,#$ -.3 4# .7.,&.4&# ,/ -%)# +"./ %/# ')%;).-8 =%);./ >+./I$ ,/7#$+-#/+ .17,$%)3 ')%;).-$ -.3 )#J(,)# . -,/,-(- .$$#+ #& ./10 1#'#/1,/; %/ 3%() $'#6,K6 ,/7#$+-#/+ %4@#6+,7#$ ./1 K/./6,.& '%$,+,%/0 -.3 /%+ 4# $(,+.4&# *%) 3%(8 L&#.$# $## +"# =%);./ >+./ >-,+" C.)/#3 EEF ')%;).- 1,$6&%$()# 4)%6"()# A+"# M=%);./ >+./ :NOPB *%) -%)# ,/*%)-.+,%/ ,/ +"# ,/7#$+-#/+ .17,$%)3 ')%;).-$ .7.,&.4 !"# =%);./ >+./ :NO ,$ .7.,&.4&# .+ 2228-%);./$+./Ƃ%-Q:NO8 9/*%)-.+,%/ ,/ +",$ -.+#),.& ,/ +",$ )#'%)+ ".$ 4##/ %4+.,/#1 *)%- $%()6#$ +".+ 2# 4#&,#7# +% 4# )#&,.4� 4(+ 2# 1% /%+ ;(.)./+## ,+$ .66().630 6%-'&#+#/#$$ %) +,-#&,/#$$8 !",)1R'.)+3 1.+. ')%7,1#)$ -.D# /% 2.))./+,#$ %) )#')#$#/+.+,%/$ )#&.+,/; +% +"# .66().630 6%-'&#+#/#$$ %) +,-#&,/#$$ %* +"# 1.+. +"#3 ')%7,1# ./1 .)# /%+ &,.4&# *%) ./3 1.-.;#$ )#&.+,/; +% +",$ 1.+.8 :&& %',/,%/$ ,/6&(1#1 ,/ +",$ -.+#),.& 6%/$+,+(+# +"# S,)-I$ @(1;-#/+ .$ %* +"# 1.+# %* +",$ -.+#),.& ./1 .)# $(4@#6+ +% 6"./;# 2,+"%(+ /%+,6#8 !",$ -.+#),.& 2.$ /%+ ')#'.)#1 43 +"# )#$#.)6" 1#'.)+-#/+$ %* =%);./ >+./ T F%8 EEF %) =%);./ >+./ >-,+" C.)/#3 EEF8 >%-# ",$+%),6.& K;()#$ -.3 4# )#7,$#1 1(# +% /#2&3 ,1#/+,K#1 ')%;).-$0 K)- )#$+.+#-#/+$0 #+68 U9=: ($#$ +2% -#+"%1$ +% #7.&(.+# ,/7#$+-#/+ ')%1(6+$ ,/ .''&,6.4&# .17,$%)3 ')%;).-$V A./1 ,/7#$+-#/+ ')%1(6+$ -##+,/; +",$ $+./1.)1 .)# 1#$6),4#1 .$ 4#,/; %/ +"# S%6($ E,$+B ./1 A./1 ,/7#$+-#/+ ')%1(6+$ -##+,/; +",$ $+./1.)1 .)# 1#$6),4#1 .$ 4#,/; %/ +"# :'')%7#1 E,$+B8 9/ ;#/#).&0 S%6($ #/+.,&$ . -%)# +"%)%(;" #7.&(.+,%/ %* ./ ,/7#$+-#/+ ')%1(6+ +"./ :'')%7#18 >%-#+,-#$ ./ ,/7#$+-#/+ ')%1(6+ -.3 4# #7.&(.+#1 ($,/; +"# S%6($ E,$+ ')%6#$$ 4(+ +"#/ '&.6#1 %/ +"# :'')%7#1 E,$+ ,/$+#.1 %* +"# S%6($ E,$+8 9/7#$+-#/+ ')%1(6+$ -.3 -%7# *)%- +"# S%6($ E,$+ +% +"# :'')%7#1 E,$+0 %) 7,6# 7#)$.8 U9=: -.3 .&$% 1#+#)-,/# +".+ ./ ,/7#$+-#/+ ')%1(6+ /% &%/;#) -##+$ +"# 6),+#),. (/1#) #,+"#) ')%6#$$ ./1 2,&& /% &%/;#) 4# )#6%--#/1#1 ,/ ,/7#$+-#/+ .17,$%)3 ')%;).-$ A,/ 2",6" 6.$# +"# ,/7#$+-#/+ ')%1(6+ ,$ ;,7#/ . MW%+ :'')%7#1P $+.+($B8 U9=: ".$ . XP '%&,63 ./1 -.3 1#$6),4# . S%6($ E,$+ %) :'')%7#1 E,$+ ,/7#$+-#/+ ')%1(6+ .$ 4#,/; %/ M?.+6"P ,* U9=: ,1#/+,K#$ $'#6,K6 .)#.$ +".+ A.B -#),+ *()+"#) #7.&(.+,%/ 43 U9=: ./1 A4B -.30 4(+ .)# /%+ 6#)+.,/ +%0 )#$(&+ ,/ +"# ,/7#$+-#/+ ')%1(6+ 4#6%-,/; MW%+ :'')%7#18P !"# ?.+6" '#),%1 1#'#/1$ %/ +"# &#/;+" %* +,-# /##1#1 *%) U9=: +% 6%/1(6+ ,+$ #7.&(.+,%/ ./1 *%) +"# ,/7#$+-#/+ -./.;#) %) *(/1 +% .11)#$$ ./3 6%/6#)/$8 F#)+.,/ ,/7#$+-#/+ ')%1(6+$ %/ #,+"#) +"# S%6($ E,$+ %) :'')%7#1 E,$+ -.3 .&$% 4# )#6%--#/1#1 *%) +"# 4.$#1 ,/ '.)+ %/ +.6+,6.& %''%)+(/,+,#$ #<,$+,/; .+ . ;,7#/ +,-#8 !"# ,/7#$+-#/+ ')%1(6+$ %/ +"# !.6+,6.& Y''%)+(/,+,#$ E,$+ 6"./;# %7#) +,-#8 S%) -%)# ,/*%)-.+,%/ %/ +"# S%6($ E,$+0 :'')%7#1 E,$+0 !.6+,6.& Y''%)+(/,+,#$ E,$+ ./1 ?.+6" ')%6#$$#$0 '&#.$# $## +"# .''&,6.4&# S%)- :NO N,$6&%$()# N%6(-#/+ *%) =%);./ >+./ ?#.&+" =./.;#-#/+8 Z%() S,/./6,.& :17,$%) %) L),7.+# ?#.&+" :17,$%) 6./ .&$% ')%7,1# ('%/ )#J(#$+ . 6%'3 %* . '(4&,6.+,%/ #/+,+ M=./.;#) >#+,%/ L)%6#$$8P !"# ,$ . ;)%(' %* $#.$%/#1 ,/7#$+-#/+ ')%*#$$,%/.&$ 2"% -##+ )#;(&.)&3 +% 1,$6($$ +"# ;&%4.& #6%/%-3 ./1 -.)D#+$8 !"# 6%--,++## 1#+#)-,/#$ +"# ,/7#$+-#/+ %(+&%%D +".+ ;(,1#$ %() .17,6# +% 6&,#/+$8 !"#3 6%/+,/(.&&3 -%/,+%) 1#7#&%',/; #6%/%-,6 ./1 -.)D#+ 6%/1,+,%/$0 )#7,#2 +.6+,6.& %(+&%%D$ ./1 )#6%--#/1 -%1#& '%)+*%&,% 2#,;"+,/;$0 .$ 2#&& .$ ')%1(6# . $(,+# %* $+).+#;30 ./.&3$,$0 6%--#/+.)30 '%)+*%&,% '%$,+,%/,/; $(;;#$+,%/$ ./1 %+"#) )#'%)+$ ./1 4)%.16.$+$8 !"# U9F :$$#+ :&&%6.+,%/ =%1#&$ .)# /%+ .7.,&.4&# +% 4# 1,)#6+&3 ,-'&#-#/+#1 .$ '.)+ %* ./ ,/7#$+-#/+ .17,$%)3 $#)7,6# ./1 $"%(&1 /%+ 4# )#;.)1#1 .$ . )#6%--#/1.+,%/ %* ./3 =%);./ >+./ ,/7#$+-#/+ .17,$%)3 $#)7,6#8 !"# U9F :$$#+ :&&%6.+,%/ =%1#&$ 1% /%+ )#')#$#/+ .6+(.& +).1,/; %) ./3 +3'# %* .66%(/+ %) ./3 +3'# %* ,/7#$+-#/+ $+).+#;,#$ ./1 /%/# %* +"# *##$ %) %+"#) #<'#/$#$ A#8;8 6%--,$$,%/$0 -.)DR('$0 -.)DR1%2/$0 .17,$%)3 *##$0 *(/1 #<'#/$#$B .$$%6,.+#1 2,+" .6+(.& +).1,/; %) .66%(/+$ .)# )#\[#6+#1 ,/ +"# U9F :$$#+ :&&%6.+,%/ =%1#&$ 2",6"0 2"#/ 6%-'%(/1#1 %7#) . '#),%1 %* 3#.)$0 2%(&1 1#6)#.$# )#+()/$8 ,$ . '.+#/+#1 $6)##/,/; ./1 $6%),/; ')%6#$$ 1#$,;/#1 +% "#&' ,1#/+,*3 ",;"RJ(.&,+3 #J(,+3 ./1 K<#1 ,/6%-# -./.;#)$ 2,+" 6".).6+#),$+,6$ +".+ -.3 &#.1 +% *(+()# %(+'#)*%)-./6# )#&.+,7# +% ,/1#< ./1 '##)$8 ?",&# ",;"&3 )./D#1 -./.;#)$ '#)*%)-#1 2#&& .$ . ;)%(' ,/ %() :17#)$# :6+,7# :&'". -%1#& 4.6D +#$+$0 /%+ .&& %* +"# -./.;#)$ 2,&& %(+'#)*%)-8 L&#.$# /%+# +".+ +",$ 1.+. -.3 4# 1#),7#1 *)%- 4.6DR+#$+,/;0 2",6" ".$ +"# 4#/#K+ %* ",/1$,;"+8 9/ .11,+,%/0 ",;"&3 )./D#1 -./.;#)$ 6./ ".7# 1,5#),/; ),$D ')%K&#$ +".+ -,;"+ /%+ 4# $(,+.4&# *%) .&& ,/7#$+%)$8 Y() 7,#2 ,$ +".+ :17#)$# :6+,7# :&'". ,$ . ;%%1 $+.)+,/; '%,/+ ./1 $"%(&1 4# ($#1 ,/ 6%/@(/6+,%/ 2,+" %+"#) ,/*%)-.+,%/8 =%);./ >+./ ?#.&+" =./.;#-#/+I$ J(.&,+.+,7# ./1 J(./+,+.+,7# ,/7#$+-#/+ -./.;#) 1(# 1,&,;#/6# ')%6#$$ .)# #J(.&&3 ,-'%)+./+ *.6+%)$ *%) ,/7#$+%)$ 2"#/ 6%/$,1#),/; -./.;#)$ *%) ($# +")%(;" ./ ,/7#$+-#/+ .17,$%)3 ')%;).-8 S.6+%)$ ,/6&(1,/;0 4(+ /%+ &,-,+#1 +%0 -./.;#) +()/%7#) ./1 6"./;#$ +% ,/7#$+-#/+ ')%6#$$ 6./ '.)+,.&&3 %) *(&&3 /#;.+# . '%$,+,7# :17#)$# :6+,7# :&'". )./D,/;8 :11,+,%/.&&30 ",;"&3 )./D#1 -./.;#)$ 6./ ".7# 1,5#),/; ),$D ')%K&#$ +".+ -,;"+ /%+ 4# $(,+.4&# *%) .&& ,/7#$+%)$8 S%) -%)# ,/*%)-.+,%/ %/ :::0 '&#.$# $## +"# :17#)$# :6+,7# :&'". \\./D,/; =%1#& ./1 >#+,/; =./.;#)$ 2,+" :17#)$# :6+,7# :&'". 2",+#'.'#)$8 !"# 2",+#'.'#) .)# .7.,&.4&# *)%- 3%() S,/./6,.& :17,$%) %) L),7.+# ?#.&+" :17,$%)8 :NOG\\>G :F!9OG :EL\]: ,$ . )#;,$+#)#1 $#)7,6# -.)D %* =%);./ >+./ ./1Q%) ,+$ .^&,.+#$8 _8>8 L.+8 W%8 `0abc0de` .''&,#$ +% +"# :17#)$# :6+,7# :&'". $3$+#- ./1Q%) -#+"%1%&%;38 U9=: #7.&(.+#$ 6#)+.,/ ,/7#$+-#/+ ')%1(6+$ *%) +"# '()'%$#$ %* $%-# f 4(+ /%+ .&& f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� %/ ./ .17,$%)3 .66%(/+ 2,+" . gh .//(.& *##0 ,* +"# ;)%$$ .//(.& '#)*%)-./6# ,$ c8ddh0 +"# 6%-'%(/1,/; #5#6+ %* +"# *##$ 2,&& )#$(&+ ,/ . /#+ '#)*%)-./6# %* .'')%<,-.+#&3 g8egh .*+#) %/# 3#.)0 i .*+#) +")## 3#.)$0 ./1 ji8jgh .*+#) K7# 3#.)$8 U9=:I$ ;%.& ,$ +% ')%7,1# ')%*#$$,%/.&0 %4@#6+,7# #7.&(.+,%/$ ,/ $(''%)+ %* +"# =%);./ >+./ ?#.&+" =./.;#-#/+ ,/7#$+-#/+ .17,$%)3 ')%;).-$8 ?# ".7# '%&,6,#$ ./1 ')%6#1()#$ +% "#&' ($ -##+ +",$ ;%.&8 \]%2#7#)0 %() 4($,/#$$ ,$ $(4@#6+ +% 7.),%($ 6%/\[,6+$ %* ,/+#)#$+8 S%) #<.-'�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� . S,/./6,.& :17,$%) -.3 $(;;#$+ +".+ U9=: #7.&(.+#$ ./ ,/7#$+-#/+ -./.;#) %) *(/1 ,/ 2",6" . '%)+,%/ %* ",$ %) "#) 6&,#/+$I .$$#+$ .)# .&)#.13 ,/7#$+#18 ?",&# $(6" . )#6%--#/1.+,%/ ,$ '#)-,$$,4� U9=: ,$ )#$'%/$,4&# *%) +"# %',/,%/$ #<')#$$#1 43 U9=:8 >## +"# 6%/\[,6+$ %* ,/+#)#$+ $#6+,%/ ,/ +"# .''&,6.4&# S%)- :NO N,$6&%$()# N%6(-#/+ *%) =%);./ >+./ ?#.&+" =./.;#-#/+ *%) . 1,$6($$,%/ %* %+"#) +3'#$ %* 6%/\[,6+$ +".+ -.3 4# )#./+ +% U9=:I$ #7.&(.+,%/ %* -./.;#)$ ./1 *(/1$8 9/ .11,+,%/0 =%);./ >+./ ?#.&+" =./.;#-#/+0 => T F%80 -./.;#)$ ./1 +"#,) .^&,.+#$ ')%7,1# . 7.),#+3 %* $#)7,6#$ A,/6&(1,/; )#$#.)6"0 4)%D#).;#0 .$$#+ -./.;#-#/+0 +).1,/;0 &#/1,/; ./1 ,/7#$+-#/+ 4./D,/; $#)7,6#$B *%) #.6" %+"#) ./1 *%) 7.),%($ 6&,#/+$0 ,/6&(1,/; ,$$(#)$ %* $#6(),+,#$ +".+ -.3 4# )#6%--#/1#1 *%) '()6".$# %) $.&# 43 6&,#/+$ %) .)# %+"#)2,$# "#&1 ,/ 6&,#/+ .66%(/+$0 ./1 -./.;#)$ ,/ 7.),%($ .17,$%)3 ')%;).-$8 =%);./ >+./ ?#.&+" =./.;#-#/+0 -./.;#)$0 => T F%80 ./1 +"#,) .^&,.+#$ )#6#,7# 6%-'#/$.+,%/ ./1 *##$ ,/ 6%//#6+,%/ 2,+" +"#$# $#)7,6#$8 =%);./ >+./ ?#.&+" =./.;#-#/+ 4#&,#7#$ +".+ +"# /.+()# ./1 )./;# %* 6&,#/+$ +% 2",6" $(6" $#)7,6#$ .)# )#/1#)#1 ,$ $(6" +".+ ,+ 2%(&1 4# ,/.17,$.4&# +% #<6&(1# 6.+#;%),6.&&3 .&& %* +"#$# 6%-'./,#$ *)%- ./ .66%(/+8 !"# -%1#& '%)+*%&,%$ ./1 $+).+#;,#$ 1,$6($$#1 ,/ +"# -.+#),.& .)# *%)-(&.+#1 4.$#1 %/ ;#/#).& 6&,#/+ 6".).6+#),$+,6$ ,/6&(1,/; ),$D +%&#)./6#8 !",$ -.+#),.& ,$ /%+ ,/+#/1#1 +% 4# . 6&,#/+R$'#6,K6 $(,+.4,&,+3 ./.&3$,$ %) )#6%--#/1.+,%/0 %) %5#) +% '.)+,6,'.+# ,/ ./3 ,/7#$+-#/+8 !"#)#*%)#0 6&,#/+$ $"%(&1 /%+ ($# +",$ ')%K&# .$ +"# $%&# 4.$,$ *%) ,/7#$+-#/+ 1#6,$,%/$8 !"#3 $"%(&1 6%/$,1#) .&& )#./+ ,/*%)-.+,%/0 ,/6&(1,/; +"#,) #<,$+,/; '%)+*%&,%0 ,/7#$+-#/+ %4@#6+,7#$0 ),$D +%&#)./6#0 &,J(,1,+3 /##1$ ./1 ,/7#$+-#/+ +,-# "%),k%/8 >(6" . $(,+.4,&,+3 1#+#)-,/.+,%/ -.3 &#.1 +% .$$#+ .&&%6.+,%/ )#$(&+$ +".+ .)# -.+#),.&&3 1,5#)#/+ *)%- +"# .$$#+ .&&%6.+,%/ $"%2/ ,/ +",$ ')%K !.&D +% 3%() S,/./6,.& :17,$%) .4%(+ 2".+ 2%(&1 4# . $(,+.4&# .$$#+ .&&%6.+,%/ *%) 3%(0 2"#+"#) FUF= ,$ . $(,+.4&# ')%;).- *%) 3%(8 f =%);./ >+./ ?#.&+" =./.;#-#/+ ".$ /% %4&,;.+,%/ +% /%+,*3 3%( 2"#/ +"# -%1#& '%)+*%&,%$0 $+).+#;,#$0 %) ./3 %+"#) ,/*%)-.+,%/0 ,/ +",$ -.+#),.& 6"./;#$8 2228-%);./$+./Ƃ%- !"# +3'# %* -(+(.& *(/1$ ./1 G!S$ 1,$6($$#1 ,/ +",$ ')#$#/+.+,%/ (+,&,k#$ /%/+).1,+,%/.& %) 6%-'&#< ,/7#$+-#/+ $+).+#;,#$ ./1Q%) 1#),7.+,7#$8 G<.-'&#$ %* +"#$# +3'#$ %* *(/1$ ,/6&(1# +"%$# +".+ (+,&,k# %/# %) -%)# %* +"# 4#&%2 /%+#1 ,/7#$+-#/+ $+).+#;,#$ %) 6.+#;%),#$ %) 2",6" $##D #<'%$()# +% +"# *%&&%2,/; -.)D#+$V AiB 6%--%1,+,#$ A#8;80 .;),6(&+().&0 #/#);3 ./1 -#+.&$B0 6())#/630 ')#6,%($ -#+.&$H AjB -./.;#1 *(+()#$H AgB #).;#10 ,/7#)$# %) ,/7#)$# #).;#1H AlB 4#.) -.)D#+0 "#1;,/;0 &%/;R$"%)+ #J(,+30 -.)D#+ /#(+).&H AbB )#.& #$+.+#H AcB 7%&.+,&,+3 A$##D,/; #<'%$()# +% +"# FCYG O9m 9/1#<B8 9/7#$+%)$ $"%(&1 D##' ,/ -,/1 +".+ 2",&# -(+(.& *(/1$ ./1 G!S$ -.30 .+ +,-#$0 (+,&,k# /%/+).1,+,%/.& ,/7#$+-#/+ %'+,%/$ ./1 $+).+#;,#$0 +"#3 $"%(&1 /%+ 4# #J(.+#1 2,+" (/)#;,$+#)#1 '),7.+#&3 %5#)#1 .&+#)/.+,7# ,/7#$+-#/+$8 C#6.($# %* )#;(&.+%)3 &,-,+.+,%/$0 -(+(.& *(/1$ ./1 G!S$ +".+ $##D .&+#)/.+,7#R&,D# ,/7#$+-#/+ #<'%$()# -($+ (+,&,k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k.+,%/ 6%-'./,#$ -.3 /%+ +).1# .$ )#.1,&3 .$0 ./1 4# $(4@#6+ +% ",;"#) 7%&.+,&,+3 +"./0 +"%$# %* &.);#)0 -%)# #$+.4&,$"#1 6%-'./,#$8 !"# 7.&(# %* 2,&& \[(6+(.+# ./10 ('%/ . $.�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n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�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k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o)#$#.)6" )#'%)+o .$ 1#K/#1 43 S9W\\: \\(&# jjli %) . o1#4+ )#$#.)6" )#'%)+o .$ 1#K/#1 43 S9W\\: \\(&# jjlj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iB .)# /%+ SN9FR,/$()#10 AjB .)# /%+ 1#'%$,+$ %) %+"#) %4&,;.+,%/$ %* =%);./ >+./ ?#.&+" =./.;#-#/+ %) ./3 %* ,+$ .^&,.+#$0 AgB .)# /%+ ;(.)./+##1 43 =%);./ >+./ ?#.&+" =./.;#-#/+ ./1 ,+$ .^&,.+#$0 ./1 AlB ,/7%&7# ,/7#$+-#/+ ),$D$0 ,/6&(1,/; '%$$,4&# &%$$ %* '),/6,'.&8 =%);./ >+./ ?#.&+" =./.;#-#/+ ,$ . )#;,$+#)#1 4)%D#)R1#.&#)0 /%+ . 4./D8 !",$ -.+#),.& ,$ /%+ +% 4# )#')%1(6#1 %) 1,$+),4(+#1 +% ./3 %+"#) '#)$%/$ A%+"#) +"./ ')%*#$$,%/.& .17,$%)$ %* +"# ,/7#$+%)$ %) ')%$'#6+,7# ,/7#$+%)$0 .$ .''&,6.4�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k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jcd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ieal AG\\9>:B %) +"# 9/+#)/.& \\#7#/(# F%1# %* ie`c0 ./1 ./3 ,/*%)-.+,%/ ,/ +",$ )#'%)+ ,$ /%+ ,/+#/1#1 +% *%)- +"# '),-.)3 4.$,$ *%) ./3 ,/7#$+-#/+ 1#6,$,%/ 43 3%(0 %) ./ ,/7#$+-#/+ .17,6# %) )#6%--#/1.+,%/ *%) #,+"#) G\\9>: %) 9/+#)/.& \\#7#/(# F%1# '()'%$#$8 =%);./ >+./ L),7.+# ?#.&+" =./.;#-#/+ 2,&& %/&3 ')#'.)# . K/./6,.& '&./ .+ 3%() $'#6,K6 )#J(#$+ ($,/; L),7.+# ?#.&+" =./.;#-#/+ .'')%7#1 K/./6,.& '&.//,/; $,;/.+()#8 ?# -.3 .6+ ,/ +"# 6.'.6,+3 %* . 4)%D#) %) +".+ %* ./ .17,$%)8 :$ 3%() 4)%D#)0 2# .)# /%+ 3%() K1(6,.)3 ./1 %() ,/+#)#$+$ -.3 /%+ .&2.3$ 4# ,1#/+,6.& +% 3%()$8 L&#.$# 6%/$(&+ 2,+" 3%() L),7.+# ?#.&+" :17,$%) +% 1,$6($$ %() %4&,;.+,%/$ +% 1,$6&%$# +% 3%( ./3 6%/\[,6+$ 2# -.3 *)%- +,-# +% +,-# ".7# ./1 %() 1(+3 +% .6+ ,/ 3%() 4#$+ ,/+#)#$+8 ?# -.3 4# '.,1 4%+" 43 3%( ./1 43 %+"#)$ 2"% 6%-'#/$.+# ($ 4.$#1 %/ 2".+ 3%( 4(38 Y() 6%-'#/$.+,%/0 ,/6&(1,/; +".+ %* 3%() L),7.+# ?#.&+" :17,$%)0 -.3 7.)3 43 ')%1(6+ ./1 %7#) +,-#8 9/7#$+-#/+ ./1 $#)7,6#$ %5#)#1 +")%(;" =%);./ >+./ L),7.+# ?#.&+" =./.;#-#/+0 . 1,7,$,%/ %* =%);./ >+./ >-,+" C.)/#3 EEF0 =#-4#) >9LF8 . )#;,$+#)#1 C)%D#)QN#.&#)0 =#-4#) >9LF0 ./1 /%+ . 4./D8 ?"#)# .'')%'),.+#0 =%);./ >+./ >-,+" C.)/#3 EEF ".$ #/+#)#1 ,/+% .))./;#-#/+$ 2,+" 4./D$ ./1 %+"#) +",)1 '.)+,#$ +% .$$,$+ ,/ %5#),/; 6#)+.,/ 4./D,/; )#&.+#1 ')%1(6+$ ./1 $#)7,6#$8 !"# :$$#+ :&&%6.+,%/ =%1#&$ .)# 6)#.+#1 43 =%);./ >+./ ?#.&+" =./.;#-#/+I$ U9F8 \]3'%+"#+,6.& -%1#& '#)*%)-./6# )#$(&+$ 1% /%+ )#\[#6+ +"# ,/7#$+-#/+ %) '#)*%)-./6# %* ./ .6+(.& '%)+*%&,% *%&&%2,/; . U9F >+).+#;30 4(+ $,-'&3 )#\[#6+ .6+(.& ",$+%),6.& '#)*%)-./6# %* $#+#1 ,/1,6#$ %/ . )#.&R+,-# 4.$,$ %7#) +"# $'#6,K#1 '#),%1 %* +,-# )#')#$#/+,/; +"# U9FI$ $+).+#;,6 ./1 +.6+,6.& .&&%6.+,%/$ .$ %* +"# 1.+# %* +",$ )#'%)+8 !"# '.$+ '#)*%)-./6# $"%2/ "#)# ,$ $,-(&.+#1 '#)*%)-./6# 4.$#1 %/ 4#/6"-.)D ,/1,6#$0 /%+ ,/7#$+-#/+ )#$(&+$ *)%- ./ .6+(.& '%)+*%&,% %) .6+(.& +).1,/;8 !"#)# 6./ 4# &.);# 1,5#)#/6#$ 4#+2##/ "3'%+"#+,6.& ./1 .6+(.& '#)*%)-./6# )#$(&+$ .6",#7#1 43 . '.)+,6(&.) .$$#+ .&&%6.+,%/ %) +).1,/; $+).+#;38 \]3'%+"#+,6.& '#)*%)-./6# )#$(&+$ 1% /%+ )#')#$#/+ .6+(.& +).1,/; ./1 .)# ;#/#).&&3 1#$,;/#1 2,+" +"# 4#/#K+ %* ",/1$,;"+8 :6+(.& '#)*%)-./6# )#$(&+$ %* .66%(/+$ 7.)3 1(# +%0 *%) #<.-'� -.)D#+ *.6+%)$ A$(6" .$ &,J(,1,+3B ./1 6&,#/+R$'#6,K6 *.6+%)$ A$(6" .$ ,/7#$+-#/+ 7#",6&# $#+,%/0 +,-,/; %* 6%/+),4(+,%/$ ./1 2,+"1).2.&$0 )#$+),6+,%/$ ./1 )#4.&./6,/; $6"#1(&#$B8 F&,#/+$ 2%(&1 /%+ /#6#$$.),&3 ".7# %4+.,/#1 +"# '#)*%)-./6# )#$(&+$ $"%2/ "#)# ,* +"#3 ".1 ,/7#$+#1 ,/ .66%)1./6# 2,+" ./3 U9F :$$#+ :&&%6.+,%/ =%1#& *%) +"# '#),%1$ ,/1,6.+#18 N#$',+# +"# &,-,+.+,%/$ %* "3'%+"#+,6.& '#)*%)-./6#0 +"#$# "3'%+"#+,6.& '#)*%)-./6# )#$(&+$ .&&%2 6&,#/+$ ./1 S,/./6,.& :17,$%)$ +% %4+.,/ . $#/$# %* +"# ),$DQ)#+()/ +).1#R%5 %* 1,5#)#/+ .$$#+ .&&%6.+,%/ 6%/$+)(6+$8 !"# "3'%+"#+,6.& '#)*%)-./6# )#$(&+$ ,/ +",$ )#'%)+ .)# 6.&6(&.+#1 ($,/; +"# )#+()/$ %* 4#/6"-.)D ,/1,6#$ *%) +"# .$$#+ 6&.$$#$0 ./1 /%+ +"# )#+()/$ %* $#6(),+,#$0 *(/1 %) %+"#) ,/7#$+-#/+ ')%1(6+$8 =%1#&$ -.3 6%/+.,/ .&&%6.+,%/$ +% \]#1;# S(/1$0 L),7.+# GJ(,+3 ./1 L),7.+# \\#.& G$+.+#8 !"# 4#/6"-.)D ,/1,6#$ *%) +"#$# .$$#+ 6&.$$#$ .)# /%+ ,$$(#1 %/ . 1.,&3 4.$,$8 ?"#/ 6.&6(&.+,/; -%1#& '#)*%)-./6# %/ . 1.3 *%) 2",6" /% 4#/6"-.)D ,/1#< 1.+. ,$ ,$$(#10 2# ".7# .$$(-#1 $+).,;"+ &,/# ;)%2+" 4#+2##/ +"# ,/1#< #&$ ,$$(#1 4#*%)# ./1 .*+#) +".+ 1.+#8 W%/# %* +"# *##$ %) %+"#) #<'#/$#$ A#8;8 6%--,$$,%/$0 -.)DR('$0 -.)DR1%2/$0 *##$B .$$%6,.+#1 2,+" .6+(.& +).1,/; %) .66%(/+$ .)# )#\[#6+#1 ,/ +"# U9F :$$#+ :&&%6.+,%/ =%1#&$8 !"# U9F :$$#+ :&&%6.+,%/ =%1#&$ ./1 ./3 -%1#& '#)*%)-./6# ,/6&(1#1 ,/ +",$ ')#$#/+.+,%/ .)# ,/+#/1#1 .$ #1(6.+,%/.& -.+#),.&$8 ?#)# . 6&,#/+ +% ($# +"#$# -%1#&$ ,/ 6%//#6+,%/ 2,+" ,/7#$+,/;0 ./3 ,/7#$+-#/+ 1#6,$,%/$ -.1# 2%(&1 4# $(4@#6+ +% +)./$.6+,%/ ./1 %+"#) 6%$+$ 2",6"0 2"#/ 6%-'%(/1#1 %7#) . '#),%1 %* 3#.)$0 2%(&1 1#6)#.$# )#+()/$8 9/*%)-.+,%/ )#;.)1,/; =%);./ >+./I$ $+./1.)1 .17,$%)3 *##$ ,$ .7.,&.4&# ,/ +"# S%)- :NO L.)+ j0 2",6" ,$ .7.,&.4&# .+ 2228-%);./$+./Ƃ%-Q.178 !"# *%&&%2,/; "3'%+"#+,6.& ,&&($+).+#$ +"# 6%-'%(/1 #5#6+ *##$ ".7# %/ ,/7#$+-#/+ )#+()/$V S%) #<.-'� ,* . '%)+*%&,%I$ .//(.& ).+# %* )#+()/ ,$ ibh *%) b 3#.)$ ./1 +"# .66%(/+ '.3$ bd 4.$,$ '%,/+$ ,/ *##$ '#) .//(-0 +"# ;)%$$ 6(-(&.+,7# K7#R3#.) )#+()/ 2%(&1 4# idi8ih ./1 +"# K7#R3#.) )#+()/ /#+ %* *##$ 2%(&1 4# ec8`h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bep0 -.3 4# $(4@#6+ +% . idh *#1#).& ,/6%-# +.< '#/.&+38 G.)&3 2,+"1).2.&$ 2,&& )#1(6# +"# 1#.+" 4#/#K+ ./1 6.$" $())#/1#) 7.&(#8 -.3 \[(6+(.+# ,/ )#$'%/$# +% /#2$ %/ 6%-'./,#$0 ,/1($+),#$0 -.)D#+ 6%/1,+,%/$ ./1 ;#/#).& #6%/%-,6 #/7,)%/-#/+8 .$$#+ 6&.$$ ,$ 6%-'),$#1 %* K<#1 ,/6%-# $#6(),+,#$ 2,+" ",;" J(.&,+30 7#)3 $"%)+ -.+(),+,#$8 !"#3 .)# +"#)#*%)# $(4@#6+ +% +"# ),$D$ .$$%6,.+#1 2,+" 1#4+ $#6(),+,#$ $(6" .$ 6)#1,+ ./1 ,/+#)#$+ ).+# ),$D8 .)# &,-,+#1 '.)+/#)$",'$ %) &,-,+#1 &,.4,&,+3 6%-'./,#$ +".+ .)# +.<#1 .$ '.)+/#)$",'$ ./1 2"%$# ,/+#)#$+$ A&,-,+#1 '.)+/#)$",' (/,+$ %) &,-,+#1 &,.4,&,+3 6%-'./3 (/,+$B .)# +).1#1 %/ $#6(),+,#$ #<6"./;#$ &,D# $".)#$ %* 6%--%/ $+%6D8 F())#/+&30 -%$+ =EL$ %'#).+# ,/ +"# #/#);30 /.+().& )#$%()6#$ %) )#.& #$+.+# $#6+%)$8 9/7#$+-#/+$ ,/ =EL ,/+#)#$+$ .)# $(4@#6+ +% +"# ),$D$ ;#/#).&&3 .''&,6.4&# +% 6%-'./,#$ ,/ +"# #/#);3 ./1 /.+().& )#$%()6#$ $#6+%)$0 ,/6&(1,/; 6%--%1,+3 '),6,/; ),$D0 $(''&3 ./1 1#-./1 ),$D0 1#'&#+,%/ ),$D ./1 #<'&%).+,%/ ),$D8 9/1,7,1(.& =EL$ .)# '(4&,6&3 +).1#1 '.)+/#)$",'$ +".+ ".7# (/,J(# ),$D$ )#&.+#1 +% +"#,) $+)(6+()#8 !"#$# ,/6&(1#0 4(+ .)# /%+ &,-,+#1 +%0 +"#,) )#&,./6# %/ +"# 6.',+.& -.)D#+$ +% *(/1 ;)%2+"0 .17#)$# )(&,/; %/ +"# 6())#/+ +.< +)#.+-#/+ %* 1,$+),4(+,%/$ A+3',6.&&3 -%$+&3 +.< 1#*#))#1B0 ./1 6%--%1,+3 7%&(-# ),$D8 !"# '%+#/+,.& +.< 4#/#K+$ *)%- ,/7#$+,/; ,/ =EL$ 1#'#/1 %/ +"#,) 4#,/; +)#.+#1 .$ '.)+/#)$",'$ *%) *#1#).& ,/6%-# +.< '()'%$#$ ./10 ,* +"# =EL ,$ 1##-#1 +% 4# . 6%)'%).+,%/0 +"#/ ,+$ ,/6%-# 2%(&1 4# $(4@#6+ +% *#1#).& +.<.+,%/ .+ +"# #/+,+3 #&0 )#1(6,/; +"# .-%(/+ %* 6.$" .7.,&.4&# *%) 1,$+),4(+,%/ +% +"# *(/1 2",6" 6%(&1 )#$(&+ ,/ . )#1(6+,%/ %* +"# *(/1I$ 7.&(#8 =EL$ 6.))3 ,/+#)#$+ ).+# ),$D ./1 -.3 (/1#)'#)*%)- ,/ . ),$,/; ,/+#)#$+ ).+# #/7,)%/-#/+8 =EL *(/1$ .66)(# 1#*#))#1 ,/6%-# +.<#$ *%) *(+()# +.< &,.4,&,+,#$ .$$%6,.+#1 2,+" +"# '%)+,%/ %* =EL 1,$+),4(+,%/$ 6%/$,1#)#1 +% 4# . +.<R1#*#))#1 )#+()/ %* 6.',+.& ./1 *%) ./3 /#+ %'#).+,/; ;.,/$ .$ 2#&& .$ 6.',+.& .'')#6,.+,%/ %* ,+$ ,/7#$+-#/+$H +",$ 1#*#))#1 +.< &,.4,&,+3 ,$ )#\[#6+#1 ,/ +"# 1.,&3 W:O0 ./10 .$ . )#$(&+0 +"# =EL *(/1I$ .*+#)R+.< '#)*%)-./6# 6%(&1 1,5#) $,;/,K6./+&3 *)%- +"# (/1#)&3,/; .$$#+$ #7#/ ,* +"# ')#R+.< '#)*%)-./6# ,$ 6&%$#&3 +).6D#18 #/+.,&$ $,;/,K6./+ ),$D$8 F%--%1,+3 '),6#$ -.3 4# .5#6+#1 43 . 7.),#+3 %* *.6+%)$ .+ ./3 +,-#0 ,/6&(1,/; 4(+ /%+ &,-,+#1 +%0 A,B 6"./;#$ ,/ $(''&3 ./1 1#-./1 )#&.+,%/$",'$0 A,,B ;%7#)/-#/+.& ')%;).-$ ./1 '%&,6,#$0 A,,,B /.+,%/.& ./1 ,/+#)/.+,%/.& '%&,+,6.& ./1 #6%/%-,6 #7#/+$0 2.) ./1 +#))%),$+ #7#/+$0 A,7B 6"./;#$ ,/ ,/+#)#$+ ./1 #<6"./;# ).+#$0 A7B +).1,/; .6+,7,+,#$ ,/ 6%--%1,+,#$ ./1 )#&.+#1 6%/+).6+$0 A7,B '#$+,&#/6#0 +#6"/%&%;,6.& 6"./;# ./1 2#.+"#)0 ./1 A7,,B +"# '),6# 7%&.+,&,+3 %* . 6%--%1,+38 9/ .11,+,%/0 +"# 6%--%1,+,#$ -.)D#+$ .)# $(4@#6+ +% +#-'%).)3 1,$+%)+,%/$ %) %+"#) 1,$)('+,%/$ 1(# +% 7.),%($ *.6+%)$0 ,/6&(1,/; &.6D %* &,J(,1,+30 '.)+,6,'.+,%/ %* $'#6(&.+%)$ ./1 ;%7#)/-#/+ ,/+#)7#/+,%/8 .)# /%/R)#;(&.+#1 ')%1(6+$8 L)#6,%($ -#+.&$ .)# $'#6(&.+,7# ,/7#$+-#/+$0 2",6" -.3 #<'#),#/6# $"%)+R+#)- ./1 &%/; +#)- '),6# 7%&.+,&,+38 !"# 7.&(# %* ')#6,%($ -#+.&$ ,/7#$+-#/+$ -.3 \[(6+(.+# ./1 -.3 .'')#6,.+# %) 1#6&,/#0 1#'#/1,/; %/ -.)D#+ 6%/1,+,%/$8 _/&,D# 4%/1$ ./1 $+%6D$0 ')#6,%($ -#+.&$ 1% /%+ -.D# ,/+#)#$+ %) 1,7,1#/1 '.3-#/+$8 !"#)#*%)#0 ')#6,%($ -#+.&$ -.3 /%+ 4# $(,+.4&# *%) ,/7#$+%)$ 2"% )#J(,)# 6())#/+ ,/6%-#8 L)#6,%($ -#+.&$ .)# 6%--%1,+,#$ +".+ $"%(&1 4# $.*#&3 $+%)#10 2",6" -.3 ,-'%$# .11,+,%/.& 6%$+$ %/ +"# ,/7#$+%)8 ,/7#$+,/; ),$D$ .)# $,-,&.) +% +"%$# .$$%6,.+#1 2,+" 1,)#6+ ,/7#$+-#/+$ ,/ )#.& #$+.+#V ')%'#)+3 7.&(# \[(6+(.+,%/$0 &.6D %* &,J(,1,+30 &,-,+#1 1,7#)$,K6.+,%/ ./1 $#/$,+,7,+3 +% #6%/%-,6 *.6+%)$ $(6" .$ ,/+#)#$+ ).+# 6"./;#$ ./1 -.)D#+ )#6#$$,%/$8 \\,$D$ %* ,/6&(1#V ,&&,J(,1,+3H . &%/;R+#)- ,/7#$+-#/+ "%),k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qjb ./1 qiddd '.) .)# M6.&&.4&#P -#./,/; +".+ +"# ,$$(#) -.3 )#+,)# +"# $#6(),+,#$ .+ $'#6,K6 '),6#$ ./1 1.+#$ '),%) +% -.+(),+38 9/+#)#$+Q1,7,1#/1 '.3-#/+$ %/ 6#)+.,/ ')#*#))#1 ,$$(#$ -.3 4# 1#*#))#1 43 +"# ,$$(#) *%) '#),%1$ %* (' +% b +% id 3#.)$0 1#'#/1,/; %/ +"# '.)+,6(&.) ,$$(#8 !"# ,/7#$+%) 2%(&1 $+,&& ".7# ,/6%-# +.< &,.4,&,+3 #7#/ +"%(;" '.3-#/+$ 2%(&1 /%+ ".7# 4##/ )#6#,7#18 L),6# J(%+#1 ,$ '#) qjb %) qi0ddd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qjb %) qiddd .)# rN9 Ar(.&,K#1 N,7,1#/1 9/6%-#B #&,;,4 9/*%)-.+,%/ %/ rN9 #&,;,4,&,+3 ,$ %4+.,/#1 *)%- +",)1 '.)+3 $%()6#$8 !"# 1,7,1#/1 ,/6%-# %/ rN9 #&,;,4&# ')#*#))#1$ J(.&,K#$ *%) . )#1(6#1 +.< ).+#8 =./3 +).1,+,%/.& X1,7,1#/1 '.3,/;I '#)'#+(.& ')#*#))#1 $#6(),+,#$ A+).1,+,%/.& ')#*#))#1$ 2,+" /% -.+(),+3 1.+#B .)# rN9 #&,;,4 9/ %)1#) +% J(.&,*3 *%) +"# ')#*#)#/+,.& +.< +)#.+-#/+ .&& J(.&,*3,/; ')#*#))#1 $#6(),+,#$ -($+ 4# "#&1 43 ,/7#$+%)$ *%) . -,/,-(- '#),%1 f ei 1.3$ 1(),/; . i`d 1.3 2,/1%2 '#),%10 4#;,//,/; ed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ibC %* +"# >#6(),+,#$ G<6"./;# :6+ A+"# M=(/,6,'.& :17,$%) \\(&#PB ./1 +"# %',/,%/$ %) 7,#2$ 6%/+.,/#1 "#)#,/ .)# /%+ ,/+#/1#1 +% 4#0 ./1 1% /%+ 6%/$+,+(+#0 .17,6# 2,+",/ +"# -#./,/; %* +"# =(/,6,'.& :17,$%) \\( !",$ -.+#),.&0 %) ./3 '%)+,%/ +"#)#%*0 -.3 /%+ 4# )#'),/+#10 $%&1 %) )#1,$+),4(+#1 2,+"%(+ +"# 2),++#/ 6%/$#/+ %* =%);./ >+./ >-,+" C.)/#3 EEF8 s jdie =%);./ >+./ >-,+" C.)/#3 EEF8 =#-4#) >9LF8 City of Sebastian Police Officers' Retirement Plan Asset Allocation & Time Weighted Performance as of March 31, 2019 AllocationPerformance(%) Market Fiscal1357SinceInception Value%YTD YTDYearYearsYearsYearsInceptionDate ($) Total Fund15,243,163100.009.45-1.723.757.586.067.366.8102/01/2011 Policy Index 110.40-0.346.368.356.908.078.02 Domestic Equity Highland - Large Cap Value3,374,24522.1410.77-2.365.54N/AN/AN/A6.8108/01/2017 Russell 1000 VL11.93-1.195.67N/AN/AN/A5.94 Highland - Large Cap Growth3,097,96720.3214.68-4.208.73N/AN/AN/A12.3408/01/2017 Russell 1000 Gr16.10-2.3412.75N/AN/AN/A15.61 Boston Partners - SMID Value672,1644.4113.72-8.54-5.48N/AN/AN/A-0.3008/01/2017 Russell 2500 VL13.12-6.251.84N/AN/AN/A3.86 Fiera Capital - SMID Growth806,7395.2919.17-3.424.01N/AN/AN/A12.7908/01/2017 Russell 2500 GR18.99-4.907.55N/AN/AN/A12.85 International Equity Highland - Intl Value701,8374.607.97-7.67-6.98N/AN/AN/A-1.4508/01/2017 MSCI EAFE Net9.98-3.81-3.55N/AN/AN/A0.75 Renaissance - International Growth1,056,3676.9311.06-7.27-11.49N/AN/AN/A-4.1808/01/2017 MSCI AC World ex US Net10.31-2.33-4.07N/AN/AN/A1.06 Fixed Income Highland - Fixed Income3,713,18324.362.974.734.65N/AN/AN/A2.4008/01/2017 Barclays Aggregate2.944.634.48N/AN/AN/A2.26 Alternative Investments Center Coast - MLP650,6304.2719.730.7117.92N/AN/AN/A-1.2408/01/2017 Alerian MLP Index16.82-3.3815.11N/AN/AN/A-1.82 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Asset Allocation & Time Weighted Performance as of March 31, 2019 AllocationPerformance(%) Market Fiscal1357SinceInception Value%YTD YTDYearYearsYearsYearsInceptionDate ($) Intercontinental - Private Real Estate704,2404.621.984.1610.41N/AN/AN/A10.9410/01/2017 NCREIF Property Idx1.803.196.82N/AN/AN/A6.94 Cash Receipt & Disbursement465,7903.060.490.881.67N/AN/AN/A1.6608/01/2017 90-Day T-Bills0.601.162.11N/AN/AN/A1.76 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Asset Allocation & Net Dollar Weighted Performance (IRR) as of March 31, 2019 CurrentFiscal1357SinceInception % QuarterYTDYearYearsYearsYearsInceptionDate Total Fund100.009.23-1.943.086.895.446.716.2401/31/2011 Domestic Equity Highland - Large Cap Value22.1410.50-2.615.05N/AN/AN/A7.5007/31/2017 Highland - Large Cap Growth20.3214.55-4.327.74N/AN/AN/A9.8907/31/2017 Boston Partners - SMID Value4.4113.47-9.07-6.98N/AN/AN/A-1.5707/31/2017 Fiera Capital - SMID Growth5.2919.17-3.643.40N/AN/AN/A12.1907/31/2017 International Equity Highland - Intl Value4.607.85-7.77-7.43N/AN/AN/A-2.0707/31/2017 Renaissance - International Growth6.9310.90-7.58-12.04N/AN/AN/A-5.0607/31/2017 Fixed Income Highland - Fixed Income24.362.894.654.31N/AN/AN/A1.9507/31/2017 Alternative Investments Center Coast - MLP4.2719.610.4617.36N/AN/AN/A-1.6907/31/2017 Intercontinental - Private Real Estate4.621.723.108.72N/AN/AN/A9.6110/15/2017 Cash Receipt & Disbursement3.06-1.75-3.57-5.09N/AN/AN/A-3.7507/31/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Total Fund - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 18.0 12.0 12.0 10.0 6.0 8.0 0.0 -6.0 6.0 ) -12.0 % ( Current Fiscal 1357Since n 4.0 r YTDYearsYearsYears QuarterYearInception u t e R Manager Annualized Performance 2.0 CurrentFiscal1357Inception QuarterYTDYearYearsYearsYears02/01/2011 0.0 Total Fund9.45-1.723.757.586.067.366.81 Policy Index 110.40-0.346.368.356.908.078.02 Differences-0.95-1.38-2.61-0.77-0.84-0.71-1.21 -2.0 Historic Asset Growth CurrentFiscal1357Inception -4.0 QuarterYTDYearYearsYearsYears02/01/2011 -4.0-2.00.02.04.06.08.010.012.0 Total Fund Risk (Standard Deviation %) Beginning Market Value14,06415,16714,11711,95610,8288,5627,730 Total Fund Policy Index 190-Day T-Bills Net Contributions-1133766786091,0091,4031,935 Fees/Expenses-32-52-100-264-387-489-533 Income881853651,0151,5211,9592,202 Gain/Loss1,236-4331841,9272,2723,8093,909 Ending Market Value15,24315,24315,24315,24315,24315,24315,243 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Total Fund6.817.621.01-10.7196.35109.40-1.210.840.9402/01/2011 Policy Index 18.027.291.00-9.78100.00100.000.001.031.0002/01/2011 90-Day T-Bills0.470.200.000.002.49-1.770.47N/A0.0002/01/2011 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Total Fund - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $20.0 $16.6 $16.0 $15.2 $12.0 $9.1 $8.0 $4.0 1/117/111/127/121/137/131/147/141/157/151/167/161/177/171/187/183/19 Total Fund Policy Index 1Net Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesIncomeAs of TransfersInvestment 01/01/201903/31/2019 Total Fund14,063.69-5,004.85-5,117.58-32.32-88.401,324.5315,243.16 Distribution of Returns 40 30 26 21 20 11 10 9 10 6 4 3 2222 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 24.0 9.0 16.0 7.5 8.0 6.0 0.0 ) 4.5 % ( -8.0 n r Current Fiscal 1Since u t e YTD QuarterYearInception 3.0 R Manager Annualized Performance 1.5 CurrentFiscal1Inception QuarterYTDYear08/01/2017 Highland - Large Cap Value10.77-2.365.546.81 0.0 Russell 1000 VL11.93-1.195.675.92 Differences-1.16-1.17-0.130.89 Historic Asset Growth -1.5 -6.0-3.00.03.06.09.012.015.018.0 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear08/01/2017 Highland - Large Cap Value Highland - Large Cap ValueRussell 1000 VL Beginning Market Value3,0503,4813,2294,342 90-Day T-Bills Net Contributions4-16-17-1,393 Fees/Expenses-8-8-16-34 Income235899161 Gain/Loss305-14079299 Ending Market Value3,3743,3743,3743,374 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Highland - Large Cap Value6.8112.870.99-11.86101.2695.600.890.440.9808/01/2017 Russell 1000 VL5.9212.831.00-11.72100.00100.000.000.381.0008/01/2017 90-Day T-Bills1.750.140.000.006.53-3.141.75N/A0.0008/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland Large Cap Value - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $5.6 $4.8 $4.0 $3.4 $3.3 $3.2 $2.9 $2.4 $1.6 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Highland - Large Cap ValueRussell 1000 VLNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Highland - Large Cap Value3,049,900.99-508,993.56-505,118.08-8,000.71-328,469.483,374,245.24 Distribution of Returns 6 44 4 3 222 2 111 000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Quarterly Performance Attributes as of March 31, 2019 AllocationPerformance Communication ServicesCommunication Services Consumer DiscretionaryConsumer Discretionary Consumer StaplesConsumer Staples EnergyEnergy FinancialsFinancials Health CareHealth Care IndustrialsIndustrials Information TechnologyInformation Technology MaterialsMaterials Real EstateReal Estate UtilitiesUtilities 0.06.012.018.024.030.036.00.06.012.018.024.030.0 Highland - Large Cap ValueHighland - Large Cap Value Russell 1000 VLRussell 1000 VL Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.5-1.2-0.9-0.6-0.30.00.30.60.91.21.5 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Quarterly Performance Attributes as of March 31, 2019 Performance - Quarter Ending Allocation - 01/01/2019Attribution March 31, 2019 PortfolioBenchmarkPortfolioBenchmarkSectorStockInteractionTotal Communication Services6.427.299.3610.230.02-0.060.01-0.04 Consumer Discretionary4.585.2312.4513.22-0.01-0.040.00-0.04 Consumer Staples7.907.8311.5112.470.00-0.080.00-0.08 Energy11.459.2916.3616.590.10-0.020.000.07 Financials22.1022.4710.788.010.010.62-0.010.63 Health Care15.4615.742.417.640.01-0.820.01-0.80 Industrials7.197.3520.2218.63-0.010.120.000.10 Information Technology11.749.3119.1018.460.160.060.020.23 Materials2.404.076.589.430.04-0.120.05-0.03 Real Estate3.264.9515.7916.51-0.08-0.040.01-0.10 Utilities7.496.4711.1311.34-0.01-0.010.00-0.02 Total100.00100.0011.9111.980.24-0.390.08-0.07 All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) terms 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Portfolio Characteristics as of March 31, 2019 Portfolio CharacteristicsTop Ten Equity Holdings PortfolioBenchmarkPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturn Wtd. Avg. Mkt. Cap ($000)138,675,981.91126,580,444.41 (%)(%)(%)(%) Median Mkt. Cap ($000)51,138,167.939,111,400.47 JPMorgan Chase & Co4.132.571.564.55 Price/Earnings ratio15.3117.18 Cisco Systems Inc3.561.881.6825.60 Price/Book ratio2.192.21 Exxon Mobil Corp3.032.630.4019.81 5 Yr. EPS Growth Rate (%)6.926.12 Intel Corp2.671.860.8115.15 BetaN/A1.00 Procter & Gamble Co (The)2.521.990.5314.09 Number of Stocks83722 Chevron Corp2.351.800.5514.37 Debt to Equity1.05-0.53 WELLS FARGO & CO2.330.002.33N/A Johnson & Johnson2.252.36-0.119.04 Verizon Communications Inc2.231.880.356.29 AT&T Inc2.151.750.4011.74 % of Portfolio27.2218.728.50 Ten Best PerformersTen Worst Performers PortfolioBenchmarkActiveQuarterlyPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturnWeightWeightWeightReturn (%)(%)(%)(%)(%)(%)(%)(%) General Electric Co0.760.660.1037.19CVS Health Corp1.040.490.55-17.06 Micron Technology Inc.0.360.080.2830.26Cigna Corp0.670.330.34-15.30 Murphy Oil Corp0.460.040.4226.34Premier Inc0.890.010.88-7.66 Norfolk Southern Corp1.510.381.1325.61Walgreens Boots Alliance Inc0.820.390.43-6.84 Cisco Systems Inc3.561.881.6825.60Pfizer Inc1.521.87-0.35-1.86 Prologis Inc1.300.350.9523.43Amgen Inc1.220.051.17-1.65 Oshkosh Corp1.480.041.4422.97Unitedhealth Group Inc1.200.001.20-0.37 Target Corp1.030.320.7122.50DowDuPont Inc1.020.930.090.37 Schlumberger Ltd1.050.460.5922.13Walt Disney Co (The)1.070.580.491.26 United Technologies Corp0.520.80-0.2821.76QUALCOMM Inc.0.550.530.021.34 % of Portfolio12.035.017.02% of Portfolio10.005.184.82 City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Growth - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 30.0 24.0 20.0 20.0 10.0 16.0 0.0 -10.0 12.0 ) % ( -20.0 n r 8.0 Current Fiscal 1Since u t e YTD QuarterYearInception R 4.0 Manager Annualized Performance CurrentFiscal1Inception 0.0 QuarterYTDYear08/01/2017 Highland - Large Cap Growth14.68-4.208.7312.34 -4.0 Russell 1000 Gr16.10-2.3412.7515.55 Differences-1.42-1.86-4.02-3.21 Historic Asset Growth -8.0 -6.0-3.00.03.06.09.012.015.018.021.0 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear08/01/2017 Highland - Large Cap Growth Highland - Large Cap GrowthRussell 1000 Gr Beginning Market Value2,7063,2402,6491,523 90-Day T-Bills Net Contributions-1-32331,179 Fees/Expenses-3-3-10-17 Income10203957 Gain/Loss387-157187356 Ending Market Value3,0983,0983,0983,098 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Highland - Large Cap Growth12.3415.021.00-16.4792.51104.68-2.760.740.9908/01/2017 Russell 1000 Gr15.5515.021.00-15.89100.00100.000.000.931.0008/01/2017 90-Day T-Bills1.750.140.000.004.64-2.701.77N/A0.0108/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland Large Cap Growth - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $5.0 $4.0 $3.2 $3.1 $3.0 $2.7 $2.0 $1.0 $0.0 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Highland - Large Cap GrowthRussell 1000 GrNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Highland - Large Cap Growth2,705,756.15-2,608,628.09-2,609,970.31-3,379.42-396,932.163,097,966.67 Distribution of Returns 8 6 5 4 33 222 2 111 000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Growth - Quarterly Performance Attributes as of March 31, 2019 AllocationPerformance Communication ServicesCommunication Services Consumer DiscretionaryConsumer Discretionary Consumer StaplesConsumer Staples EnergyEnergy FinancialsFinancials Health CareHealth Care IndustrialsIndustrials Information TechnologyInformation Technology MaterialsMaterials Real EstateReal Estate 0.08.016.024.032.040.048.00.06.012.018.024.030.036.0 Highland - Large Cap GrowthHighland - Large Cap Growth Russell 1000 GrRussell 1000 Gr Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate -0.5-0.4-0.3-0.2-0.10.00.10.20.30.40.50.60.70.8 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Growth - Quarterly Performance Attributes as of March 31, 2019 Performance - Quarter Ending Allocation - 01/01/2019Attribution March 31, 2019 PortfolioBenchmarkPortfolioBenchmarkSectorStockInteractionTotal Communication Services11.5611.9316.0616.690.00-0.070.00-0.07 Consumer Discretionary15.5315.1418.5715.390.000.480.010.49 Consumer Staples6.326.0310.7210.92-0.01-0.010.00-0.03 Energy0.710.767.8414.230.00-0.050.00-0.04 Financials3.414.4018.8813.290.030.25-0.060.22 Health Care14.8514.296.697.39-0.05-0.100.00-0.15 Industrials11.7911.8316.0916.290.00-0.020.00-0.02 Information Technology31.8031.4622.3821.360.020.320.000.34 Materials2.071.8417.8314.910.000.050.010.06 Real Estate1.962.3220.3418.84-0.010.03-0.010.02 Total100.00100.0016.8916.09-0.030.88-0.040.81 All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) terms 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Growth - Portfolio Characteristics as of March 31, 2019 Portfolio CharacteristicsTop Ten Equity Holdings PortfolioBenchmarkPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturn Wtd. Avg. Mkt. Cap ($000)297,737,543.32283,378,088.40 (%)(%)(%)(%) Median Mkt. Cap ($000)45,739,373.7111,754,144.11 Apple Inc7.206.760.4420.94 Price/Earnings ratio19.6223.65 Microsoft Corp6.726.350.3716.62 Price/Book ratio4.976.74 Amazon.com Inc5.785.490.2918.56 5 Yr. EPS Growth Rate (%)26.3823.79 Facebook Inc3.852.970.8827.16 BetaN/A1.00 Alphabet Inc3.172.680.4913.30 Number of Stocks96545 Alphabet Inc2.652.640.0112.63 Debt to Equity1.601.01 Visa Inc2.412.060.3518.59 Boeing Co1.991.530.4618.87 Mastercard Inc1.931.600.3325.02 Unitedhealth Group Inc1.891.770.12-0.37 % of Portfolio37.5933.853.74 Ten Best PerformersTen Worst Performers PortfolioBenchmarkActiveQuarterlyPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturnWeightWeightWeightReturn (%)(%)(%)(%)(%)(%)(%)(%) Celgene Corp0.880.500.3847.20Biogen Inc0.360.330.03-21.45 Skechers U.S.A. Inc0.820.020.8046.83CVS Health Corp0.550.040.51-17.06 MKS Instruments Inc0.680.040.6444.36Michaels Companies Inc (The)0.500.000.50-15.66 SS&C Tech. Holdings Inc0.760.100.6641.42AbbVie Inc0.980.920.06-11.48 Tempur Sealy International Inc0.310.020.2939.30Sprouts Farmers Market Inc0.500.020.48-8.38 Best Buy Co Inc0.760.030.7335.14Centene Corp0.520.140.38-7.89 KLA-Tencor Corp0.710.150.5634.37Premier Inc0.340.000.34-7.66 Netflix Inc0.841.11-0.2733.21Humana Inc.1.060.260.80-6.95 Global Payments Inc.1.260.161.1032.39Resideo Technologies Inc0.470.010.46-6.13 Lam Research Corp0.970.200.7732.27XPO Logistics Inc0.720.050.67-5.78 % of Portfolio7.992.335.66% of Portfolio6.001.774.23 City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 30.0 5.4 20.0 4.5 10.0 3.6 0.0 2.7 -10.0 ) % 1.8 ( -20.0 n r Current Fiscal 1Since u t e 0.9 YTD QuarterYearInception R Manager Annualized Performance 0.0 CurrentFiscal1Inception -0.9 QuarterYTDYear08/01/2017 Boston Partners - SMID Value13.72-8.54-5.48-0.30 Russell 2500 VL13.12-6.251.843.84 -1.8 Differences0.60-2.29-7.32-4.14 Historic Asset Growth -2.7 -8.0-4.00.04.08.012.016.020.024.028.0 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear08/01/2017 Boston Partners - SMID Value Boston Partners - SMID ValueRussell 2500 VL Beginning Market Value596743700672 90-Day T-Bills Net Contributions-4-42218 Fees/Expenses-2-3-9-12 Income461221 Gain/Loss78-70-53-26 Ending Market Value672672672672 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Boston Partners - SMID Value-0.3017.291.07-21.2593.27113.39-4.12-0.030.9708/01/2017 Russell 2500 VL3.8415.991.00-18.42100.00100.000.000.211.0008/01/2017 90-Day T-Bills1.750.140.000.005.17-3.261.75N/A0.0108/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Boston SMID Value - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $0.9 $0.8 $0.7 $0.7 $0.7 $0.7 $0.6 $0.5 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Boston Partners - SMID ValueRussell 2500 VLNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Boston Partners - SMID Value595,893.73-87,288.48-90,870.70-1,621.07-81,473.66672,164.10 Distribution of Returns 6 4 333 22222 2 1 000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Quarterly Performance Attributes as of March 31, 2019 AllocationPerformance Communication ServicesCommunication Services Consumer DiscretionaryConsumer Discretionary Consumer StaplesConsumer Staples EnergyEnergy FinancialsFinancials Health CareHealth Care IndustrialsIndustrials Information TechnologyInformation Technology MaterialsMaterials Real EstateReal Estate UtilitiesUtilities 0.010.020.030.040.050.00.06.012.018.024.030.036.0 Boston Partners - SMID ValueBoston Partners - SMID Value Russell 2500 VLRussell 2500 VL Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.8-1.5-1.2-0.9-0.6-0.30.00.30.60.91.21.51.8 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Quarterly Performance Attributes as of March 31, 2019 Performance - Quarter Ending Allocation - 01/01/2019Attribution March 31, 2019 PortfolioBenchmarkPortfolioBenchmarkSectorStockInteractionTotal Communication Services1.383.213.7311.970.02-0.260.15-0.09 Consumer Discretionary6.128.3319.829.290.080.88-0.230.73 Consumer Staples1.763.331.417.290.09-0.200.09-0.01 Energy7.285.0022.9616.730.080.310.140.54 Financials33.4223.2510.619.25-0.380.320.140.07 Health Care3.925.0115.3715.42-0.030.000.00-0.03 Industrials16.4113.497.5813.930.03-0.86-0.19-1.02 Information Technology17.198.9720.6621.030.66-0.03-0.030.59 Materials8.865.9112.5513.060.00-0.03-0.02-0.04 Real Estate2.6916.0512.3116.23-0.43-0.630.52-0.53 Utilities0.977.4521.749.840.210.89-0.770.32 Total100.00100.0013.5613.040.330.38-0.190.52 All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) terms 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Portfolio Characteristics as of March 31, 2019 Portfolio CharacteristicsTop Ten Equity Holdings PortfolioBenchmarkPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturn Wtd. Avg. Mkt. Cap ($000)4,779,757.704,965,889.53 (%)(%)(%)(%) Median Mkt. Cap ($000)3,731,904.411,042,640.50 Graphic Packaging Holding Co2.220.132.0919.42 Price/Earnings ratio14.4416.54 World Fuel Services Corp1.660.081.5835.20 Price/Book ratio1.761.82 SLM Corp1.630.181.4519.57 5 Yr. EPS Growth Rate (%)12.688.81 Walker & Dunlop Inc1.570.051.5218.33 BetaN/A1.00 CDK Global Inc1.530.001.5323.17 Number of Stocks1561,723 KAR Auction Services Inc1.510.021.498.28 Debt to Equity1.950.83 Two Harbors Investment Corp1.470.141.339.03 SYNNEX Corp1.430.161.2718.48 CDW Corp1.410.001.4119.27 Assured Guaranty Ltd1.370.191.1816.54 % of Portfolio15.800.9514.85 Ten Best PerformersTen Worst Performers PortfolioBenchmarkActiveQuarterlyPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturnWeightWeightWeightReturn (%)(%)(%)(%)(%)(%)(%)(%) Versum Materials Inc0.570.000.5781.89Navigant Consulting Inc.0.280.030.25-18.85 Schweitzer-Mauduit Intl Inc0.860.040.8256.34EnerSys1.190.041.15-15.82 Kosmos Energy Ltd0.690.050.6454.18ProAssurance Corp0.480.080.40-13.91 Apergy Corp0.620.130.4951.62Columbia Banking System Inc0.210.100.11-8.89 Skechers U.S.A. Inc1.340.101.2446.83Huron Consulting Group Inc0.320.040.28-7.97 Superior Energy Services Inc.0.220.030.1939.40Alaska Air Group Inc.0.500.280.22-7.29 QEP Resources Inc0.320.080.2438.37Amdocs Ltd0.650.000.65-7.14 World Fuel Services Corp1.660.081.5835.20Entercom Communications Corp.0.250.030.22-6.68 Insight Enterprises Inc0.950.050.9035.12Mosaic Company (The)0.530.000.53-6.42 Coherent Inc0.580.040.5434.06Fresh Del Monte Produce Inc.0.440.030.41-4.39 % of Portfolio7.810.607.21% of Portfolio4.850.634.22 City of Sebastian Police Officers' Retirement Plan Fiera Capital SMID Growth - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 30.0 18.0 15.0 15.0 12.0 0.0 9.0 ) % ( -15.0 n r 6.0 Current Fiscal 1Since u t e YTD QuarterYearInception R 3.0 Manager Annualized Performance CurrentFiscal1Inception 0.0 QuarterYTDYear08/01/2017 Fiera Capital - SMID Growth19.17-3.424.0112.79 -3.0 Russell 2500 GR18.99-4.907.5512.80 Differences0.181.48-3.54-0.01 Historic Asset Growth -6.0 -8.0-4.00.04.08.012.016.020.024.028.0 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear08/01/2017 Fiera Capital - SMID Growth Fiera Capital - SMID GrowthRussell 2500 GR Beginning Market Value678839782669 90-Day T-Bills Net Contributions-1-1-2-3 Fees/Expenses--2-5-7 Income1257 Gain/Loss129-3126141 Ending Market Value807807807807 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Fiera Capital - SMID Growth12.7917.940.95-20.3896.6994.820.520.670.9808/01/2017 Russell 2500 GR12.8018.601.00-21.25100.00100.000.000.651.0008/01/2017 90-Day T-Bills1.750.140.000.003.67-3.501.76N/A0.0108/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Fiera Capital SMID Growth - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $1.0 $0.8 $0.8 $0.8 $0.7 $0.6 $0.4 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Fiera Capital - SMID GrowthRussell 2500 GRNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Fiera Capital - SMID Growth677,766.11-236,202.11-237,044.33--129,815.51806,739.40 Distribution of Returns 6 44 4 33 22 2 11 0000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Quarterly Performance Attributes as of March 31, 2019 AllocationPerformance Communication ServicesCommunication Services Consumer DiscretionaryConsumer Discretionary Consumer StaplesConsumer Staples EnergyEnergy FinancialsFinancials Health CareHealth Care IndustrialsIndustrials Information TechnologyInformation Technology MaterialsMaterials Real EstateReal Estate UtilitiesUtilities 0.08.016.024.032.040.048.00.08.016.024.032.040.0 Fiera Capital - SMID GrowthFiera Capital - SMID Growth Russell 2500 GRRussell 2500 GR Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -4.9-4.2-3.5-2.8-2.1-1.4-0.70.00.71.42.12.83.54.2 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Quarterly Performance Attributes as of March 31, 2019 Performance - Quarter Ending Allocation - 01/01/2019Attribution March 31, 2019 PortfolioBenchmarkPortfolioBenchmarkSectorStockInteractionTotal Communication Services5.673.4216.5215.52-0.070.030.02-0.01 Consumer Discretionary16.2115.0925.2714.17-0.051.670.131.75 Consumer Staples0.002.130.006.120.270.000.000.27 Energy3.031.1525.2219.950.020.060.100.18 Financials6.377.1010.7212.780.04-0.150.02-0.09 Health Care22.1322.1523.0819.120.000.880.000.88 Industrials13.8416.8417.0915.500.100.27-0.050.32 Information Technology29.4824.6615.1226.230.36-2.74-0.54-2.91 Materials3.264.4111.3320.05-0.02-0.380.10-0.30 Real Estate0.002.800.0018.95-0.010.000.00-0.01 Utilities0.000.260.009.070.020.000.000.02 Total100.00100.0018.7818.690.67-0.36-0.220.09 All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) terms 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Portfolio Characteristics as of March 31, 2019 Portfolio CharacteristicsTop Ten Equity Holdings PortfolioBenchmarkPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturn Wtd. Avg. Mkt. Cap ($000)8,136,380.195,767,902.45 (%)(%)(%)(%) Median Mkt. Cap ($000)6,263,832.071,153,384.50 Live Nation Entertainment Inc2.990.402.5929.02 Price/Earnings ratio22.3323.57 Copart Inc2.550.002.5526.81 Price/Book ratio5.034.70 Splunk Inc2.440.002.4418.84 5 Yr. EPS Growth Rate (%)23.2320.39 Total System Services Inc.2.350.002.3517.04 BetaN/A1.00 Broadridge Fin. Solutions2.270.002.278.23 Number of Stocks711,488 Exelixis Inc2.230.321.9121.00 Debt to Equity0.710.82 bluebird bio Inc2.150.271.8858.60 MercadoLibre Inc2.120.002.1273.38 Veeva Systems Inc2.120.721.4042.03 Tractor Supply Co2.080.002.0817.54 % of Portfolio23.301.7121.59 Ten Best PerformersTen Worst Performers PortfolioBenchmarkActiveQuarterlyPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturnWeightWeightWeightReturn (%)(%)(%)(%)(%)(%)(%)(%) Portola Pharmaceuticals Inc1.930.101.8377.77GrubHub Inc0.540.290.25-9.56 MercadoLibre Inc2.120.002.1273.38Nutanix Inc1.110.240.87-9.26 Array BioPharma Inc1.600.231.3771.09BeiGene Ltd1.050.001.05-5.89 Sage Therapeutics Inc1.970.351.6266.04TripAdvisor Inc1.460.241.22-4.62 bluebird bio Inc2.150.271.8858.60Reinsurance Group of Amer.1.930.001.931.67 Apergy Corp1.010.001.0151.62Dolby Laboratories Inc2.010.002.012.14 Arrowhead Pharmaceuticals Inc1.070.080.9947.75Western Alliance Bancorporation1.050.110.943.93 Chesapeake Energy Corp0.960.020.9447.62Domino's Pizza Inc1.580.491.094.35 Huazhu Group Ltd1.300.001.3047.19Supernus Pharmaceuticals Inc1.090.081.015.48 Helix Energy Solutions0.580.000.5846.21Autoliv Inc0.690.000.695.52 % of Portfolio14.691.0513.64% of Portfolio12.511.4511.06 City of Sebastian Police Officers' Retirement Plan Highland - International Value - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 24.0 3.5 16.0 2.8 8.0 2.1 0.0 1.4 -8.0 ) -16.0 %0.7 ( Current Fiscal 1Since n r YTD QuarterYearInception u t e 0.0 R Manager Annualized Performance -0.7 CurrentFiscal1Inception QuarterYTDYear08/01/2017 Highland - Intl Value7.97-7.67-6.98-1.45 -1.4 MSCI EAFE Net9.98-3.81-3.550.74 Differences-2.01-3.86-3.43-2.19 -2.1 Historic Asset Growth CurrentFiscal1Inception -2.8 QuarterYTDYear08/01/2017 -6.0-3.00.03.06.09.012.015.018.0 Highland - Intl Value Risk (Standard Deviation %) Beginning Market Value651761732701 Highland - Intl Value MSCI EAFE Net90-Day T-Bills Net Contributions--2625 Fees/Expenses-1-1-3-6 Income581826 Gain/Loss47-66-71-45 Ending Market Value702702702702 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Highland - Intl Value-1.4512.671.06-18.8392.83105.98-2.13-0.190.9308/01/2017 MSCI EAFE Net0.7411.531.00-17.91100.00100.000.00-0.031.0008/01/2017 90-Day T-Bills1.750.140.000.005.64-5.471.75N/A0.0208/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - International Value - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $0.9 $0.8 $0.7 $0.7 $0.7 $0.7 $0.6 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Highland - Intl Value MSCI EAFE NetNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Highland - Intl Value651,002.38-151,454.04-151,676.26-813.28-51,870.31701,837.19 Distribution of Returns 6 4 4 333 222 2 1 0000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Intl Value - Quarterly Performance Attributes as of March 31, 2019 AllocationPerformance Communication ServicesCommunication Services Consumer DiscretionaryConsumer Discretionary Consumer StaplesConsumer Staples EnergyEnergy FinancialsFinancials Health CareHealth Care IndustrialsIndustrials Information TechnologyInformation Technology MaterialsMaterials Real EstateReal Estate UtilitiesUtilities 0.08.016.024.032.040.048.00.05.010.015.020.025.030.0 Highland - Intl Value MSCI EAFE NetHighland - Intl Value MSCI EAFE Net Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -3.2-2.8-2.4-2.0-1.6-1.2-0.8-0.40.00.40.81.21.62.0 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Intl Value - Quarterly Performance Attributes as of March 31, 2019 Performance - Quarter Ending Allocation - 01/01/2019Attribution March 31, 2019 PortfolioBenchmarkPortfolioBenchmarkSectorStockInteractionTotal Communication Services9.165.552.254.75-0.19-0.14-0.09-0.42 Consumer Discretionary27.7511.232.607.48-0.42-0.55-0.81-1.77 Consumer Staples11.8811.5718.2812.250.010.700.020.72 Energy8.505.8619.4310.450.010.530.240.77 Financials9.5119.497.726.920.310.16-0.080.38 Health Care10.8611.1813.7811.480.000.26-0.010.25 Industrials7.8414.310.7710.52-0.03-1.400.63-0.80 Information Technology9.265.9612.7915.220.17-0.14-0.08-0.05 Materials4.247.386.8513.20-0.10-0.470.20-0.37 Real Estate0.003.720.0014.07-0.150.000.00-0.15 Utilities1.013.7616.388.990.030.28-0.200.10 Total100.00100.008.6810.01-0.37-0.78-0.18-1.33 All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) terms 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Intl Value - Portfolio Characteristics as of March 31, 2019 Portfolio CharacteristicsTop Ten Equity Holdings PortfolioBenchmarkPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturn Wtd. Avg. Mkt. Cap ($000)97,881,494.6261,529,682.72 (%)(%)(%)(%) Median Mkt. Cap ($000)41,379,938.0910,328,381.30 Sony Corp6.440.396.05-12.51 Price/Earnings ratio13.5413.96 Philips Electronics NV5.910.285.6316.38 Price/Book ratio2.352.24 SAP AG5.530.834.7015.98 5 Yr. EPS Growth Rate (%)5.488.68 Glaxosmithkline PLC5.370.764.6110.98 BetaN/A1.00 Anheuser-Busch InBev SA/NV4.830.474.3627.59 Number of Stocks47920 Royal Caribbean Cruises Ltd4.670.004.6717.91 Debt to Equity1.291.10 Siemens AG4.560.603.960.42 BP PLC4.431.073.3616.99 Hitachi Ltd4.140.233.9121.06 Unilever NV3.630.662.979.21 % of Portfolio49.515.2944.22 Ten Best PerformersTen Worst Performers PortfolioBenchmarkActiveQuarterlyPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturnWeightWeightWeightReturn (%)(%)(%)(%)(%)(%)(%)(%) Softbank Group Corp1.160.590.5745.80Sony Corp6.440.396.05-12.51 Alibaba Group Holding Ltd1.460.001.4633.11Vodafone Group PLC0.770.360.41-5.70 Anheuser-Busch InBev SA/NV4.830.474.3627.59BT Group PLC2.980.182.80-2.70 Encana Corp1.450.001.4525.58UBS Group AG1.500.341.16-2.18 Petrobras2.060.002.0622.37Arcelormittal SA0.600.100.50-1.40 Hitachi Ltd4.140.233.9121.06Deutsche Bank AG0.420.120.30-0.37 CRH PLC1.410.191.2219.90Sensata Tech0.900.000.900.40 Royal Caribbean Cruises Ltd4.670.004.6717.91Siemens AG4.560.603.960.42 Invesco Ltd1.000.001.0017.23Walt Disney Co (The)2.210.002.211.26 BP PLC4.431.073.3616.99Honda Motor Co Ltd3.600.323.282.72 % of Portfolio26.612.5524.06% of Portfolio23.982.4121.57 City of Sebastian Police Officers' Retirement Plan Renaissance - International Growth - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 30.0 4.0 15.0 2.0 0.0 0.0 -15.0 ) % ( -30.0 n r -2.0 Current Fiscal 1Since u t e YTD QuarterYearInception R Manager Annualized Performance -4.0 CurrentFiscal1Inception QuarterYTDYear08/01/2017 Renaissance - International Growth11.06-7.27-11.49-4.18 -6.0 MSCI AC World ex US Net10.31-2.33-4.071.05 Differences0.75-4.94-7.42-5.23 Historic Asset Growth -8.0 -6.0-3.00.03.06.09.012.015.018.021.0 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear08/01/2017 Renaissance - International Growth Renaissance - International GrowthMSCI AC World ex US Net Beginning Market Value9531,1441,0651,016 90-Day T-Bills Net Contributions--1130129 Fees/Expenses-2-3-7-10 Income262434 Gain/Loss103-89-156-112 Ending Market Value1,0561,0561,0561,056 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Renaissance - International Growth-4.1813.911.12-24.3183.42114.52-5.16-0.360.9408/01/2017 MSCI AC World ex US Net1.0512.011.00-18.72100.00100.000.000.001.0008/01/2017 90-Day T-Bills1.750.140.000.006.33-4.251.75N/A0.0208/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Renaissance - International Growth - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $1.4 $1.2 $1.2 $1.1 $1.1 $1.0 $0.8 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Renaissance - International GrowthMSCI AC World ex US NetNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Renaissance - International Growth952,866.66-263,860.19-264,162.41-1,564.05-105,367.031,056,367.42 Distribution of Returns 9 6 6 4 3 2222 11 0000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Renaissance - International Growth - Quarterly Performance Attributes as of March 31, 2019 AllocationPerformance Communication ServicesCommunication Services Consumer DiscretionaryConsumer Discretionary Consumer StaplesConsumer Staples EnergyEnergy FinancialsFinancials Health CareHealth Care IndustrialsIndustrials Information TechnologyInformation Technology MaterialsMaterials Real EstateReal Estate UtilitiesUtilities 0.06.012.018.024.030.036.00.05.010.015.020.025.030.0 Renaissance - International GrowthRenaissance - International Growth MSCI AC World ex US NetMSCI AC World ex US Net Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.8-1.5-1.2-0.9-0.6-0.30.00.30.60.91.21.51.8 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Renaissance - International Growth - Quarterly Performance Attributes as of March 31, 2019 Performance - Quarter Ending Allocation - 01/01/2019Attribution March 31, 2019 PortfolioBenchmarkPortfolioBenchmarkSectorStockInteractionTotal Communication Services8.317.635.417.23-0.02-0.14-0.01-0.17 Consumer Discretionary11.1410.563.1210.820.00-0.81-0.04-0.85 Consumer Staples6.999.8514.4011.05-0.020.33-0.100.21 Energy5.617.3018.5512.36-0.040.45-0.100.31 Financials17.7022.167.057.500.12-0.100.020.04 Health Care12.178.3613.3211.180.040.180.080.30 Industrials18.4911.6914.5510.17-0.010.510.300.80 Information Technology10.558.0215.8114.400.100.110.040.25 Materials9.047.6712.4011.350.010.080.010.11 Real Estate0.003.350.0014.43-0.140.000.00-0.14 Utilities0.003.390.008.260.070.000.000.07 Total100.00100.0011.1910.260.120.610.190.93 All the values for Allocation, Performance and Attribution are expresssed in Percentage(%) terms 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Renaissance - International Growth - Portfolio Characteristics as of March 31, 2019 Portfolio CharacteristicsTop Ten Equity Holdings PortfolioBenchmarkPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturn Wtd. Avg. Mkt. Cap ($000)32,526,508.8966,549,977.50 (%)(%)(%)(%) Median Mkt. Cap ($000)21,063,490.867,841,429.21 Oil Co LUKOIL PJSC3.150.222.9324.55 Price/Earnings ratio12.0113.72 Eni SpA2.540.222.3211.87 Price/Book ratio1.922.20 Teck Resources Ltd2.510.062.457.80 5 Yr. EPS Growth Rate (%)11.6810.02 CRH PLC2.430.132.3019.90 BetaN/A1.00 Credicorp Ltd2.410.082.338.25 Number of Stocks542,148 YY Inc2.380.022.3640.34 Debt to Equity0.591.07 Check Point Software2.360.082.2823.22 Bridgestone Corp2.280.122.16-0.18 Smc Corp2.280.112.1723.85 Acs, Actividades De Construccion Y Servicios SA2.270.062.2115.19 % of Portfolio24.611.1023.51 Ten Best PerformersTen Worst Performers PortfolioBenchmarkActiveQuarterlyPortfolioBenchmarkActiveQuarterly WeightWeightWeightReturnWeightWeightWeightReturn (%)(%)(%)(%)(%)(%)(%)(%) YY Inc2.380.022.3640.34Seven & I Holdings Co Ltd1.670.141.53-13.46 WH Group Ltd2.230.052.1838.93Sony Corp1.760.261.50-12.51 Yum China Holdings Inc2.170.082.0934.33Kddi Corp1.780.191.59-9.90 Bancolombia2.110.012.1034.02SK Telecom Co Ltd1.740.021.72-8.62 Lenovo Group Ltd2.110.032.0833.11Tim Participacoes SA1.950.011.94-0.43 Fresenius Medical Care1.740.091.6525.13Bridgestone Corp2.280.122.16-0.18 Oil Co LUKOIL PJSC3.150.222.9324.55Sensata Tech1.740.001.740.40 Smc Corp2.280.112.1723.85Infineon Technologies1.690.111.581.41 Check Point Software2.360.082.2823.22Carnival PLC1.770.041.733.11 Capgemini SE2.060.101.9622.33United Overseas Bank Ltd2.060.121.943.17 % of Portfolio22.590.7921.80% of Portfolio18.441.0117.43 City of Sebastian Police Officers' Retirement Plan Highland - Fixed Income - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 8.0 2.8 6.0 2.6 4.0 2.4 2.0 2.2 ) % ( 0.0 n r 2.0 Current Fiscal 1Since u t e YTD QuarterYearInception R 1.8 Manager Annualized Performance CurrentFiscal1Inception 1.6 QuarterYTDYear08/01/2017 Highland - Fixed Income2.974.734.652.40 1.4 Barclays Aggregate2.944.634.482.25 Differences0.030.100.170.15 Historic Asset Growth -1.5-1.0-0.50.00.51.01.52.02.53.03.54.04.5 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear08/01/2017 Highland - Fixed Income Barclays Aggregate Highland - Fixed Income Beginning Market Value3,6093,5493,5613,980 90-Day T-Bills Net Contributions--1-1-387 Fees/Expenses-3-3-12-26 Income3060116204 Gain/Loss7710849-58 Ending Market Value3,7133,7133,7133,713 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Highland - Fixed Income2.402.800.95-2.2097.9791.940.250.250.9908/01/2017 Barclays Aggregate2.252.931.00-2.46100.00100.000.000.191.0008/01/2017 90-Day T-Bills1.750.140.020.0018.98-23.981.70N/A0.2008/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Highland - Fixed Income - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $24.0 $16.0 $8.0 $3.7 $0.6 $0.0 ($1.4) ($8.0) 1/117/111/127/121/137/131/147/141/157/151/167/161/177/171/187/183/19 Barclays Aggregate Highland - Fixed Income Net Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Highland - Fixed Income3,609,109.97-842,425.00-842,682.24-2,708.84-107,038.923,713,182.81 Distribution of Returns 40 30 25 22 20 17 10 10 8 5 33 22 1 0 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Center Coast - MLP - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 30.0 3.2 20.0 2.4 10.0 1.6 0.0 0.8 -10.0 ) -20.0 %0.0 ( Current Fiscal 1Since n r YTD QuarterYearInception u t e -0.8 R Manager Annualized Performance -1.6 CurrentFiscal1Inception QuarterYTDYear08/01/2017 Center Coast - MLP19.730.7117.92-1.24 -2.4 Alerian MLP Index16.82-3.3815.11-1.81 Differences2.914.092.810.57 -3.2 Historic Asset Growth CurrentFiscal1Inception -4.0 QuarterYTDYear08/01/2017 -8.0-4.00.04.08.012.016.020.024.028.032.0 Center Coast - MLP Risk (Standard Deviation %) Beginning Market Value544648556672 Center Coast - MLPAlerian MLP Index90-Day T-Bills Net Contributions--1-1-2 Fees/Expenses-1-2-3-4 Income11224580 Gain/Loss97-1754-95 Ending Market Value651651651651 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Center Coast - MLP-1.2421.461.03-18.96102.0799.540.74-0.030.9708/01/2017 Alerian MLP Index-1.8120.601.00-18.59100.00100.000.00-0.071.0008/01/2017 90-Day T-Bills1.750.140.000.003.08-2.871.75N/A0.0208/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Center Coast - MLP - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $0.8 $0.7 $0.7 $0.7 $0.6 $0.6 $0.5 $0.4 7/178/179/1710/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Center Coast - MLPAlerian MLP IndexNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Center Coast - MLP544,329.88-246,879.47-247,246.69-686.00-107,353.64650,630.30 Distribution of Returns 6 44 4 222 2 111111 0 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Intercontinental - Private Real Estate - Executive Summary as of March 31, 2019 Manager Performance ChartManager Risk & Return 16.0 15.0 12.0 12.0 8.0 9.0 4.0 ) % ( 0.0 n r 6.0 Current Fiscal 1Since u t e YTD QuarterYearInception R Manager Annualized Performance 3.0 CurrentFiscal1Inception QuarterYTDYear10/01/2017 Intercontinental - Private Real Estate1.984.1610.4110.94 0.0 NCREIF Property Idx1.803.196.826.94 Differences0.180.973.594.00 Historic Asset Growth -3.0 -1.4-0.70.00.71.42.12.83.54.24.95.66.3 CurrentFiscal1Inception Risk (Standard Deviation %) QuarterYTDYear10/01/2017 Intercontinental - Private Real Estate Intercontinental - Private Real EstateNCREIF Property Idx Beginning Market Value696691669112 90-Day T-Bills Net Contributions-4-8-22515 Fees/Expenses-2-7-11-13 Income---- Gain/Loss14286890 Ending Market Value704704704704 Modern Portfolio Statistics UpDown StandardMaximumSharpeInception ReturnBetaMarketMarketAlphaR-Squared DeviationDrawdownRatioDate CaptureCapture Intercontinental - Private Real Estate10.944.151.030.00155.31N/A3.582.100.4810/01/2017 NCREIF Property Idx6.942.781.000.00100.00N/A0.001.791.0010/01/2017 90-Day T-Bills1.830.130.010.0026.80N/A1.79N/A0.0110/01/2017 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 a guarantee of future results. City of Sebastian Police Officers' Retirement Plan Intercontinental - Private Real Estate - Change in Assets & Distribution of Returns as of March 31, 2019 Historic Change in Assets $1.2 $0.9 $0.7 $0.7 $0.6 $0.6 $0.3 $0.0 ($0.3) 10/1711/1712/171/182/183/184/185/186/187/188/189/1810/1811/1812/181/192/193/19 Intercontinental - Private Real EstateNCREIF Property IdxNet Cash Flow Quarterly Change in Assets Market ValueMarket Value NetReturn On As ofContributionsDistributionsFeesExpensesAs of TransfersInvestment 01/01/201903/31/2019 Intercontinental - Private Real Estate696,012.00---3,662.00-1,763.00-13,653.00704,240.00 Distribution of Returns 20 15 12 10 5 4 1 000000000 0 < -5-5 To -4-4 To -3-3 To -2-2 To -1-1 To 00 To 11 To 22 To 33 To 44 To 5> 5 Returns (%) 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 a guarantee of future results. Performance Appendix 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. 13510SinceInception Account NameQTDYTDYearYearsYearsYearsInceptionDate Boston Partners - SMID Value13.45-6.67-------1.5007/01/2017 13.45 Center Coast - MLP19.6117.36-------1.8807/01/2017 19.61 Fiera Capital - SMID Growth19.173.41------11.0107/01/2017 19.17 Highland - Fixed Income2.894.315.724.74--5.6601/01/2011 2.89 Highland - Intl Value7.84-7.32-------0.5707/01/2017 7.84 Highland - Large Cap Growth14.558.34------11.5107/01/2017 14.55 Highland - Large Cap Value10.515.03------6.0307/01/2017 10.51 Intercontinental - Private Real Estate1.728.71------9.4110/01/2017 1.72 Receipt & Disbursement-1.85-6.77-------3.3107/01/2017 -1.85 Renaissance - International Growth10.89-12.05-------4.3107/01/2017 10.89 All performance above are Time Weighted(TWR) performance Core: Refers to an investment strategy mandate that is blend of growth and value styles without a Glossary of Terms pronounced tilt toward either style. Active Contribution Return: The gain or loss percentage of an investment relative to the performance of Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified the investment benchmark. period of time. Active Exposure: The percentage difference in weight of the portfolio compared to its policy benchmark. 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, Active Return: Arithmetic difference between the managers return and the benchmarks return over a and/or return of capital. specified time period. Down Market Capture: The ratio of average portfolio returns over the benchmark during periods of Actual Correlation: A measure of the correlation (linear dependence) between two variables X and Y, with negative benchmark return. Lower values indicate better product performance. a value between +1 and -1 inclusive. This is also referred to as coefficient of correlation. Downside Risk: A measure similar to standard deviation, but focuses only on the negative movements of Alpha: A measure of a portfolio's time weighted return in excess of the markets return, both adjusted for the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The risk. A positive alpha indicates that the portfolio outperformed the market on a risk-adjusted basis, and a higher the value, the more risk the product has. negative alpha indicates the portfolio did worse than the market. Downside Semi Deviation:A statistical calculation that measures the volatility of returns below a Best Quarter: The highest quarterly return for a certain time period. minimum acceptable return. This return measure isolates the negative portion of volatility: the larger the Beta: A measure of the sensitivity of a portfolios time weighted return (net of fees) against that of the number, the greater the volatility. market. A beta greater than 1.00 indicates volatility greater than the market. Drawdown:A drawdown is the peak-to-trough decline during a specific period of an investment, fund or Consistency: The percentage of quarters that a product achieved a rate of return higher than that of its commodity. benchmark. The higher the consistency figure, the more value a manager has contributed to the products performance. Excess over Benchmark: The percentage gain or loss of an investment relative to the investment's Performance Statistics: A generic term for various measures of investment performance measurement terms. benchmark. Portfolio Characteristics: A generic term for various measures of investment portfolio characteristics. Excess Return: Arithmetic difference between the managers return and the risk-free return over a specified time period. Preferred Return:A term used in the private equity (PE) world, and also referred to as a Hurdle Rate. It refers to the threshold return that the limited partners of a private equity fund must receive, prior to the PE Growth: A diversified investment strategy which includes investment selections that have capital firm receiving its carried interest or "carry." appreciation as the primary goal, with little or no dividend payouts. These strategies can include Ratio of Cumulative Wealth: A defined ratio of the Cumulative Return of the portfolio divided by the reinvestment in expansion, acquisitions, and/or research and development opportunities. Cumulative Return of the benchmark for a certain time period. Growth of Dollar: The aggregate amount an investment has gained or lost over a certain time period, also Regression Based Analysis:A statistical process for estimating the relationships among variables. It referred to as Cumulative Return, stated in terms of the amount to which an initial dollar investment would includes many techniques for modeling and analyzing several variables, when the focus is on the have grown over the given time period. relationship between a dependent variable and one or more independent variables Investment Decision Process (IDP): A model for structuring the investment process and implementing the Residual Correlation: Within returns-based style analysis, residual correlation refers to the portion of a correct attribution methodologies. The IDP includes every decision made concerning the division of thestrategys return pattern that cannot be explained by its correlation to the asset-class benchmarks to which it is being compared. assets under management over the various asset categories. To analyze each decisions contribution to the total return, a modeling approach must measure the marginal value of every individual decision. In this Return: A rate of investment performance for the specified period. 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. Rolling Percentile Ranking:A measure of an investment portfolios ranking versus a peer group for a specific rolling time period (i.e. Last 3 Years, Last 5 years, etc.). 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. R-Squared: The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. Jensens Alpha: The Jensen's alpha measure is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model SA/CF (Separate Account/Comingled Fund): Represents an acronym for Separate Account and (CAPM) given the portfolio's or investment's beta and the average market return. This metric is also Commingled Fund investment vehicles. commonly referred to as alpha.. Sector Benchmark: A market index that serves as a proxy for a sector within an asset class. Kurtosis: A statistical measure that is used to describe the distribution, or skewness, of observed data around the mean, sometimes referred to as the volatility of volatility. Sharpe Ratio:Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, Maximum Drawdown: The drawdown is defined as the percent retrenchment from a fund's peak to the the better the products historical risk-adjusted performance results in. fund's trough value. It is in effect from the time the fund's retrenchment begins until a new fund high is reached. The maximum drawdown encompasses both the period from the fund's peak to the fund's valley Standard Deviation: A statistical measure of the range of a portfolio's performance; the variability of a (length), and the time from the fund's valley to a new fund high (recovery). It measures the largest return around its average return over a specified time period. percentage drawdown that has occurred in any fund's data record. Total Fund Benchmark:The policy benchmark for a complete asset pool that could consist of multiple Modern Portfolio Theory (MPT):An investment analysis theory on how risk-averse investors can investment mandates. construct 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. Total Fund Composite: The aggregate of multiple portfolios within an asset pool or household. Mutual Fund (MF):An investment program funded by shareholders that trade in diversified holdings and Tracking Error: A measure of standard deviation for a portfolio's investment performance, relative to the is professionally managed. performance of an appropriate market benchmark. Peer Group: A combination of funds that share the same investment style combined as a group for Treynor Ratio: A ratio that divides the excess return (above the risk free rate) by the portfolios beta to comparison purposes. arrive at a unified measure of risk adjusted return. It is generally used to rank portfolios, funds and benchmarks. A higher ratio is indicative of higher returns per unit of market risk. This measurement can Peer/ Plan Sponsor Universe: A combination of asset pools of total plan investments by specific sponsor help determine if the portfolio is reaching its goal of increasing returns while managing market risk. and plan types for comparison purposes. Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate benchmark return. Higher values indicate better product performance. valuations and transaction data for these assets are not processed or maintained by us. Common examples of these include life insurance, some annuities and some assets held externally. Upside Semi Deviation: A statistical calculation that measures the volatility of returns above an acceptable return. This return measure isolates the positive portion of volatility: the larger the number, the greater thesame interest rate, inflation and credit risks that are associated with the underlying bonds owned by the volatility. 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 Value: A diversified investment strategy that includes investment selections which tend to trade at a lower and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and price relative to its dividends, earnings, and sales. Common attributes are stocks that include high dividend, accounting standards. International investing may not be for everyone. These risks may be magnified in low price-to-book ratio, and/or low price-to-earnings ratio. 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 Worst Quarter: The lowest rolling quarterly return for a certain time period. 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, Information Disclosures 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 Performance results are annualized for time periods greater than one year and include all cash and cash (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The interests (limited partnership units or limited liability company units) are traded on securities exchanges like investment results depicted herein represent historical performance. As a result of recent market activity, shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate current performance may vary from the figures shown. Past performance is not a guarantee of future sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the results. 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 Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts interest rate and property value fluctuations, as well as risks related to general and economic conditions. and/or any applicable brokerage account trade confirmation statements for a full disclosure of the Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon underlying assets and tend to be more volatile than investments that diversify across many sectors and request. 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 Benchmark indices and blends included in this material are for informational purposes only, are risk, conflict of interests, and limited call rights related to acquisitions. 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 Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than investment. Index returns do not take into account fees or other charges. Such fees and charges would expected on underlying mortgage loans can dramatically alter the yield-to-maturity of a mortgage-backed reduce performance. security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. The performance data shown reflects past performance, which does not guarantee future results. Investment return and principal will fluctuate so that an investors shares when redeemed may be worth Tax managed funds may not meet their objective of being tax-efficient. 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 Real estate investments are subject to special risks, including interest rate and property value fluctuations, Financial Advisor or visit the funds company website. 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 Investors should carefully consider the funds investment objectives, risks, charges and expenses before investment grade fixed income securities. 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 Credit quality is a measure of a bond issuers creditworthiness, or ability to repay interest and principal to carefully. To obtain a prospectus, please contact your Financial Advisor or visit the funds company bondholders in a timely manner. The credit ratings shown are based on security rating as provided by website. Standard & Poors, Moodys 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 Past performance is no guarantee of future results. 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 Fitchs classification (the equivalent of Aaa and C, Investing involves market risk, including possible loss of principal.Growth investing does not guarantee a respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moodys) are profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these considered to be investment grade-quality securities. If two or more of the agencies have assigned different high valuations, an investment in a growth stock can be more risky than an investment in a company with ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are more modest growth expectations.Value investing involves the risk that the market may not recognize that listed as NR. 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 Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the companies. The securities of small capitalization companies may not trade as readily as, and be subject to S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the higher volatility than those of larger, more established companies.Bond funds and bond holdings have 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.purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a Custom Account Index:The Custom Account Index is an investment benchmark based on your historicalclient has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, or target allocations and/or manager selection that you may use to evaluate the performance of your account. factual circumstances of any investor in any fund(s). Before making any investment, each investor should The Custom Account index does take into consideration certain changes that may have occurred in your carefully consider the risks associated with the investment, as discussed in the applicable offering portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some memorandum, and make a determination based upon their own particular circumstances, that the investment circumstances, it may not be an appropriate benchmark for use with your specific account composition. For is consistent with their investment objectives and risk tolerance. detailed report of the historical composition of this blend please contact your Financial Advisor. This information is being provided as a service of your Graystone Institutional Consultant and does not Peer Groups supersede or replace your Morgan Stanley customer statement. The information is as of the date(s) noted and subject to daily market fluctuation. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information Peer Groups are a collection of similar investment strategies that essentially group investment products that provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) share the same investment approach. Peer Groups are used for comparison purposes to compare and is derived from you or another external source for which we are not responsible, and may have been illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair actual investment can be ranked versus its peer across various quantitative metrics. value 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 Individual Retirement Account (IRA), such positions are held by Morgan Stanley Smith Barney LLC as the All Peer Group data are provided by Investment Metrics, LLC. custodian of your Morgan Stanley IRA; and 2) if your Alternative Investment positon(s) is held by us and is registered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) is The URL below provides all the definitions and methodology about the various Peer Groups covered by SIPC. https://www.invmetrics.com/style-peer-groups Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Peer Group Ranking Methodology Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may A percentile rank denotes the value of a product in which a certain percent of observations fall within a peerinclude, but are not limited to, Open or Closed End Mutual Funds, Exchange-Traded and Closed-End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and Partnerships (MLPs). These non-traditional alternative strategy vehicles also seek alternative-like exposure 100 represents a low statistical value. but have significant differences from traditional alternative investment vehicles. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the techniques for both hedging and more speculative purposes such as short-selling, leverage, derivatives, and 65th percentile is the value in which 65% of the highest observations may be found, and so on. options, which can increase volatility and the risk of investment loss. Characteristics such as correlation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products traditional security being classified as alternative. in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated statistical value. It is important to note that the same ranking methodology applies to all statistics, implying valuation provided will be as of the most recent date available and will be included in summaries of your that a ranking of 1 will always mean highest value across all statistics. assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile value. We are not required to take any action with respect to your investment unless valid instructions are ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation received from you in a timely manner. Some positions reflected herein may not represent interests in the denotes highest risk among peers. fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also assets. Morgan Stanley provides periodic information to you including the market value of an alternative known as the 75th percentile, and the median is the 50th percentile. investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Alternatives Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. (Morgan Stanley) This Investors should carefully review and consider potential risks before investing. Certain of these risks may material is not to be reproduced or distributed to any other persons (other than professional advisors of the include but are not limited to: Loss of all or a substantial portion of the investment due to leveraging, short- investors) and is intended solely for the use of the persons to whom it has been delivered. This material is selling, or other speculative practices; Lack of liquidity in that there may be no secondary market for a not for distribution to the general public. fund; Volatility of returns; Restrictions on transferring interests in a fund; Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to Absence 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,cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanleybe worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend sales Wealth Management engages in a broad spectrum of activities including financial advisory services,if liquidity falls below required minimums. During suspensions, shares would not be available for investment management activities, sponsoring and managing private investment funds, engaging in broker-purchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by dealer transactions and principal securities, commodities and foreign exchange transactions, researchthe Federal Deposit Insurance Corporation or other government agency. publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Managements interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.5%), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program account will be charged an asset-based wrap fee every quarter (the Fee). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fund invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5% annual fee, if the gross performance is 5% per year over a three year period, the compounding 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 clients portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at <http://www.morganstanley.com/ADV> or from your Financial Advisor/Private Wealth Advisor. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, 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 retail funds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they