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HomeMy WebLinkAbout1st Quarter ending 3-31-2020Nwfts ww�i Sebastian Police Officers' Pension Fund Investment Review Period Ending March 31, 2020 Hiland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Table of • Commentary Page 1 Total Return Summary and Portfolio Allocation Page 9 Performance Returns for Various Periods Page 11 Equity Sector Allocation and Returns Page 12 Top Ten Holdings Page 14 International ADR Country Allocation Page 16 Fixed Income Characteristics Page 17 Portfolio Holdings Page 21 Purchases and Sales Page 33 Period Ending 3/31/2020 Hi bland Capital MANAGEMENT, LLC An Argent Company H and Capital MANAGEMENT, LLC An Argent Company This page intentionally left blank. Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 1Q20 Equity Commentary The first quarter of 2020 witnessed market movements and Why is this different from the financial crisis in 2008? economic events that none of us have ever witnessed before. After First, this is a public health issue and not an issue emanating from the establishing a new all time high for the market in late February, we financial markets or the economy. The economy was strong prior to then proceeded straight into a bear market in the shortest time the onset of Covid 19, and the ensuing slowdown in the economy has frame since the Great Depression, with the market falling 35% from been due to government fiat to stop the spread of the virus. Yes, peak to trough over a mere 23 trading days. The culprit was two many companies have and will experience liquidity issues as a result. pronged, with the Covid 19 pandemic, and the oil supply shock initiated by Russia and the Saudis. The pandemic resulted in an unprecedented shut down of economic activity, impacting roughly 92% of global GDP. In the coming weeks we will see economic numbers that previously were unthinkable. Just this week the US recorded 6.6 million initial unemployment claims (up from almost 3.3 million last week), as employers in industries such as retail, travel and leisure, and food service had no choice but to release workers. The multi decade low unemployment rate of 3.5% is now destined to rise to near double digits or greater in the next few months. We would not be shocked to see GDP for the second quarter contract at a 10% or greater rate, with some estimates as high as 34%. The uncertainties related to the pandemic are many. How long will the near total shutdown of the economy last? Will parts of the country be able to return to work on a limited basis? We don't have the answers to those questions, and expect those to be dictated by progress on the healthcare front as containment measures prove to be successful, or as therapeutic remedies are found. Regardless, the US economy will come back. We expect improvement to begin in the third quarter, with a more dramatic improvement in Q4. Some could lead to solvency issues, but most should not given the quick actions taken by the government. In effect, the lessons learned by the Federal Reserve and our Congressional leaders during the 2008 Financial Crisis have been instrumental in responding to this crisis, ensuring that it doesn't develop into anything more than a sharp, and hopefully brief recession. The Fed has provided liquidity within the fixed income markets by instituting facilities to stand behind money market mutual funds, commercial paper, and investment grade bonds. This helps to support the flow of credit to households and businesses. In addition, the Fed has lowered reserve requirements on banks and lowered short term rates to near zero to encourage lending in the financial system. The US Congress has acted responsibly through fiscal measures to (1) provide emergency supplemental funding in the amount of $8.3 billion for federal agencies to respond to the outbreak, (2) enhanced the safety net provisions for paid sick and family leave, better unemployment benefits, aid to states for Medicaid, free virus testing, and lowered restrictions on food stamps, and (3) Congress has passed a $2 trillion relief package aimed at providing even more support for public health ($153B), local and state governments ($339B), individuals ($560B), small business ($377B), and big corporations ($50013). Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund 1Q20 Equity Commentary Period Ending 3/31/2020 To say that the Federal government has fired a bazooka at the Russia and Saudi Arabia that saw oil prices drop 60% from the end of problem would be an understatement: its more like a nuclear their failed March 6t" meeting. Financials also suffered in the quarter missile. And even as the ink was drying on the recent legislation, Congressional leaders were already talking about the possibility of yet another aid package if needed. In short, helicopter money has arrived, and while there are numerous debates as to the long term impacts on debt, inflation, and interest rates, we will save that for another day. The Fed and the US Government have committed to do whatever is necessary to bridge the gap for the American worker and business to get beyond the pandemic. First Quarter Market Recap: The S&P dropped 19.6 % in the first quarter of 2020 making this the worst first quarter in history, and the biggest quarterly loss since 2008. The five day rally experienced near quarter end of 17.4% was the second best five day rally in history. The best performing sector for the quarter was Technology which fell by 12.2%. It seems that the trend of what was working or not working going into the market downdraft continued. Defensive sectors like Healthcare and Consumer Staples lived up to their billing falling 13.1% and 13.4% respectively. Healthcare seems to have generated more investor appreciation given the urgent needs for therapeutic treatments and vaccine development. The most economically sensitive areas such as Energy and Financials were the worst performing sectors, with Energy down 51.1%, and Financials off 32.3%. Energy was crushed in a very short time as it suffered the dual hits of demand destruction as economies shut down (estimated demand destruction of 20+ million barrels per day), along with an ill timed price war between as lower interest rates will negatively impact margins, and loan losses are set to rise as the economy enters recession. Outlook: So where do we go from here since we are in unchartered territory? We expect both the market and the economy to bounce back. However, we don't know when and to what extent. Our thought is that the strength of the recovery and the market rebound will be inversely proportional to the time it takes to contain the virus. The longer it takes to contain the virus the weaker the recovery, the shorter the time frame to control the outbreak the stronger the rebound. With the market declining 35% from its peak, the decline is very much in line with the long term bear market average declines of 38%. The end of March bounce of 17.9% was welcome, but also indicative of a deeply oversold market that had witnessed indiscriminate selling in order to raise liquidity. Rallies like this are not unusual in a bear market, and history tells us that after this type of rally the market is usually higher by almost 10% over the next 125 days, and up by 24% over the next 240 days. The market could still retest the lows of March 23, as market bottoms are usually a process and require time to complete. With economic numbers that will be extremely weak over the next several months we expect volatility to remain elevated, but to calm as rates of new infection plateau. In many respects we are all flying blind as this is an unprecedented scenario with a near total shut down of global economic activity. Highland Capital MANAGEMENT, LLC An ArgentCompany Sebastian Police Officers' Pension Fund 1Q20 Equity Commentary We do know that it will end, its just the timing that's uncertain. The global healthcare community is working tirelessly to develop tests, vaccines, antibodies, and therapies that will help to treat and prevent future outbreaks. Our bet is on scientific innovation to succeed. Covid 19 may or may not be slowed by warmer weather, might come back in the fall or winter, and could become another seasonal strain . But regardless, the next iteration of this virus will be met with better preparation, treatments, and protocols that will Valuation and Portfolio Positioning: Valuation is tough to determine when you don't what the earnings are likely to be. That's the position all of us find ourselves in at present. The current consensus numbers for 2020 earnings have come down from an expected increase of 9.2% at December 31, to a decline of 1.2% as of last week. We think that number will probably move lower as more companies withdraw earnings guidance. Again, the timing of the shut down is the critical unknown element. The market valuation using the current consensus earnings has the market selling at 15.5X earnings, almost in line with the 10 year average of 15X, and below the five year average of 16.7X. However, that multiple rises to almost 18X if S&P earnings come in at $140 for 2020. The use of valuation metrics at this point is somewhat spurious. So what is our portfolio approach in a period like this? ? For long term investors the market pullback provides opportunities. High quality companies that were previously too expensive to purchase are now attractive. It's a chance to upgrade holdings in Period Ending 3/31/2020 the portfolios. We know from experience that quality usually wins in the long term, and typically bounces back faster. While defensive sectors have worked in the pullback, it might be time to trim some of those positions. As we look ahead to the recovery (and it will come), more cyclical sectors and names will become leaders as the market moves to a less defensive posture. This can be a delicate balancing act with the current level of volatility, but one that we believe makes sense. At Highland we have always taken a long term approach to investing. Since our inception in 1987 we have endured the market crash in October of that year, the Iraq war, foreign sovereign defaults, a tech market bubble, a US debt downgrade, the Great Financial Crisis, and many other "crises" that were important at the time, but not worth mentioning now. The market has always moved on to new highs. We will come through this crisis as well, and quality holdings that are beaten down today will recover nicely over time. These periods of market upheaval can be disquieting. But calm, rational behavior is what is required. We are here to assist you in any way, and to answer your questions. We appreciate the opportunity to serve you, and value the trust and confidence that you have placed in us. Stay safe and well. 3 Hi Mond Capital MANAGEMENT, LLC An ArgentCompany H and Capital MANAGEMENT, LLC An Argent Company This page intentionally left blank. Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 1Q2O Large Cap Value Equity Commentary First quarter performance was disappointing to us who would have expected "value" to hold up better during a broad market sell off like we witnessed. Nonetheless, the persistent pattern of "growth" bettering "value" continued as detailed in this graph comparing the two styles. R1000 Value & R1000 Growth Keturns 20 10 0 4Ip O`PI QCPI �1+1 4Cp �'l� O ''��iv ytiiv Iry �,�•v 50C -40 -50 -RLV Index -RLG Index 5 �Hnhland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 1Q20 Large Cap Value Equity Commentary Drilling down further, the lack of downside protection of the "value" style is shown here by comparing returns by Price to Book value deciles. Q1 Return by P/BV Decile 0 -10 -z0 -30 -40 -50 -60 The overwhelming majority of the time during the business cycle, there is investment uncertainty concerning where we are and where we are heading next. During long expansions, attention surrounds how long the advance can last and how high it will get. At tops, the discussion typically turns to factors that will serve to support a permanent new high. As the cycle slows, investors argue whether the expansion is over or whether it represents an economic pause supporting a "buy the dip" opportunity. All of these points covering the typical cycle are fraught with uncertainty about how to structure investment portfolios to take advantage. Yet there is one and only one time during the cycle that there are no doubts about where one is and what will follow and that is during recessions like we are in today. Historically, new leadership emerges out of US recessions and we would look forward to the emergence of companies more cyclically tied to the recovery of the economy for the next leg up in the market. We believe it likely that this move to come will act to close the performance gap between Growth and Value styles as it has done in the past. Our portfolios are structured to take advantage of such a rotation by overweighting industrials, select energy and consumer discretionary sectors of the index. 6 �Hnhland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 1Q20 Fixed Income Portfolio Manager Commentary What didn't the Federal Reserve announce over the past thirty days? Here is a quick review of the monumental stimulus/liquidity being provided to the market by the Federal Reserve: - On March 3rd, the Federal Reserve announced the first emergency cut to interest rates since 2008. A 50 basis point reduction to short term interest rates. - On Sunday March 14' , the Fed announced another emergency rate cut. This time dropping interest rates by a full 1% bringing the rate to essentially 0%. Additionally, they announced a bond buying program ($700 billion in Treasuries and $200 billion in agency mortgage -backed securities). - On Monday March 23rd, the Fed announced essentially unlimited quantitative easing (purchasing of bonds) in order to calm financial markets. The Fed dramatically expanded a bond buying program that was announced just eight days ago. o The other major initiative announced on the 23'd was the Federal Reserve would also start purchasing investment grade corporate bonds. Purchasing investment grade corporate bonds has been adopted by other central banks, however this was the first endeavor for the United States. o The program will last until September 2020 and is attempting to calm the stressed credit markets. o The Federal Reserve Bank of New York hired Blackrock to purchase bonds on the Fed's behalf. The above actions are the major initiatives announced by the Federal We're moving much faster than we moved in 2008. We're being more Reserve; however, the full list is much longer and probably will evolve over aggressive. Is there more we can do? Yes. Is there more we may end up the coming quarters as the virus could impact other markets. The Fed is doing? Yes. But I think we're being very aggressive. I think that's the right not acting alone in this stimulus, as during March we also saw major thing." initiatives announced in Japan, Canada, Europe and China to name a few. Risk assets not only performed poorly in the stock market during the Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, quarter, but that also carried over into the bond market. Investors only had gave an informative interview on March 22" d noting how aggressive the a couple of places to hide and preserve money during the quarter..... most Fed will be during this time of market stress. Mr. Kashkari was an notably Treasury bonds. As investors rushed to sell assets, investment instrumental Treasury official during the 2008 financial crisis and helped managers were forced to sell the most liquid securities in the market which formulate a plan to save the banks. Here is Mr. Kashkari stating what the forced those values down in price. During the week of March 16th, the Fed has done and will do in order to bring market stability ...... We're being bond market faced a spike in volatility, massive liquidations from mutual very aggressive. And I think our chairman, Jay Powell, has learned from the funds and investors being forced to sell into a completely illiquid market. experience of 2008. Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund 1Q20 Fixed Income Portfolio Manager Commentary To put this into perspective, liquidity was poor in every market including the United States Treasury market. We trade Treasuries electronically, and in the past these markets were efficient and liquid. However, during the week of March 16t" we noticed dealers stepping away from the Treasury market and the bid/ask spread on Treasuries was over 10 times wider than prior periods. Large bond ETF's traded at a steep discount to the net asset value as sellers outpaced any demand in the market. For example, on March 12t", the iShares Core US Aggregate ETF traded at a 4.4% discount to NAV, a distinct difference from the five-year average (0.04% premium). Investor outflows in the municipal bond market were the most pronounced. Retail investors pulled over $10 billion from the market in three straight weeks. During the week of March 18t", municipal bonds experienced $19 billion in outflows the previous weekly high before March was only $4.5 billion. Where did the money go during this spike in volatility... US government money-market funds. During the week of March 16th investors poured a record $249 billion into government money market funds which now yield approximately 10 basis points and is probably headed lower. This outflow from both corporate and muni funds created great opportunities for investors with cash. For example, during this heightened volatility investors were able to buy pre -refunded municipal bonds at yields that exceeded Treasuries by approximately 2.5%. As a reminder, these are bonds that are backed by Treasuries and the security has zero credit risk. These are the type of inefficiencies that were created during this mad scramble for cash. Fortunately within the Cares Act, $150 billion will be allocated to state and city governments in order to address expenses incurred to deal with the coronavirus Period Ending 3/31/2020 public health emergency. Additionally, a bill introduced in the Senate would amend the Federal Reserve Act to allow the Fed to purchase municipal bonds as well. The 2 year Treasury started the year at 1.58% and ended the quarter yielding only 0.23%. During the month of March, the 2 year bond declined 67 basis points which was the largest monthly decline since January 2008. Treasuries have produced gains each month this quarter far outpacing returns in other fixed income asset classes. To make matters worse with corporate bonds, the bond rating agencies have been adding to the pressure by downgrading a wide range of bonds during the quarter related to the pandemic. Moody's has already downgraded 405 credits year-to- date, marking the highest level in almost a decade. Historic actions taken by the Federal Reserve have started to calm the bond market and opened up better liquidity conditions for investors. However, with the volatility index (VIX) still at considerably high levels, we believe the next few months might present similar challenges to the trading environment of March. We still see tremendous opportunities in countless sectors and markets, but we are cognizant that many industries/companies will come under pressure from this pandemic and investment decisions will be factoring in changes to consumption patterns. Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund Total Return Summary Quarter $12,359,773 $10,546,882-$1,812,891 $2,304-$14,956 (1/1/20 - 3/31/20) Fiscal Year to Date Fiscal 1e - 3o Date $11,665,527 $10,546,882-$1,118,645 $4,031-$29,288 Five Year Fiv1/15 - 3/31/20) $12,057,022 $10,546,882-$1,510,140 $5,573,034-$9,222,045 Asset Allocation o Cash u Value u Growth u International J Fixed Income Period Ending 3/31/2020 -$1,800,239-14.58% --■ -$1,093,388 -9.40% '------- $2,138,872 19.31% 3.59% o Cash o Value V Growth u International Fixed Income Cash $426,903 3.5% Cash $235,588 2.2% Value $3,658,819 29.6% Value $2,670,160 25.3% Growth $3,817,065 30.9% Growth $3,199,440 30.3% International $799,688 6.5% International $563,193 5.3% Fixed Income $3,657,298 29.6% Fixed Income $3,878,501 36.8% Hihlmd Capital 9 MANAGEMENT, LLC An Argent Company H and Capital MANAGEMENT, LLC An Argent Company This page intentionally left blank. 10 Sebastian Police Officers' Pension Fund Performance Returns for Various Periods -40% -30% -20% -10% 0% 10% -30% -20% -10% 0% 10% Total Value Growth International Fixed Income Total Value Growth International Fixed Income Period Ending 3/31/2020 -5% 0% 5% Total Value Growth I International �® Fixed Income �J L—J Total -14.58% -9.40% 3.59% Total Benchmark -11.22% -6.88% 4.39% Value -27.93% -22.17% 1.53% R1000V -26.73 % -21.32 % 1.89 % Growth -15.95% -7.77 % 7.15 % R1000G -14.10% -4.98% 10.36% International -28.52% -20.99% -1.88% MSCI EAFE -22.72% -16.36% -0.14% MSCI ACWI ex US -23.36% -16.52% -0.65% Fixed Income 2.69% 2.86% 3.67% BCAG 3.15% 3.33% 3.36% BCGC 3.37% 3.36% 3.54% 10% 15% Hihlmd Capital 11 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Domestic Equity Sector Allocation vs. R1000V 25% 21.0 21.3 20% 15%----------- 10%-------- 6.9 5.4 5% -- ---- no/ - Period Ending 3/31/2020 ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. DISCRETION STAPLES Domestic Equity Quarterly Sector Returns vs. R1000V -10% i-� -15% --12.5 - - 12.5 Ai-- -20% ; --- .--------------------- -------------- ------- 17.� � -19.0 -19.3 -19.5 -25% �- ------------------ ---------- - - - - -- --- —----------------- --- -30% ---------- ---028.5----- ' -29.1 -35% +---------- --- -31.0 -------- --- -30.5 --- . --- —----------------- ------------------- - _ 34.3 -40% 35.5 T- - - - -37.4 ---------------------------------- -- ------------------------------------ 35., i --------------------------------------------- -45% ------•------------------ ----------------- -50% ;-------•------------------ ----------------- 1 -55% -L---52.; -51.3---------------------- ----------------- ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS DISCRETION STAPLES o Account u R1000V UTILITIES REAL ESTATE -1s.. -14.2 ------------ --- 22.9 ------------------------ ---- -29.1 INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE Hi 9land Capital 12 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 Domestic Equity Sector Allocation vs. R1000G 45% ---------------------------------------------------------------------------------------------------- --------------------- 39.3 39.8 40% ------------------------------------------------------------------------------- 35% ------------------------------------------------------------------------------- 30%------------------------------------------------------------------------------- ----------------------------------- 25% ------------------------------------------------------------------- 20% ------------------------------------------------------------------------------ 14.7 15.4 15.1 14.1 _ _ _ _ 12.7 10%------------------------- 7.9.8.0.---------------------------------- 4.5 4.6 5%-------------- 1.1 1.3'---- ------------------- ---- 2.7 - 2.9 ---- - -- ------ -- 1.6 2.5 -- 0.1 0.1 0.0 0.0 0% ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE DISCRETION STAPLES Domestic Equity Quarterly Sector Returns vs. R1000G 0% . -5%- - -- -10% --- --- --- - IN 10.' -15% T-- - - ---- ------ - - ----- ----- 11.a - --- ° -13.5 -1- - 14.i_-12.4 13.9 -20/0 �- - ---•-- --- --- --- --------- ------------ -- --............ --- ------------------ --- -16.'i --- ' -18.7 -17.i -25% i--- - -20.6 --- --- ------------- ----------------------------------- --- -20.0 .-------------------- ------------------ -30% - - --- -- -26.3-------- -40% a- - --- •------------------ -45% Y- 42.9 --- ------------------- - -50%,--------- --- •------------------ -55% 1------- --- ------------------- -53.0 ENERGY MATERIALS ---� -26.0 29.4 --. -35.1 INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS DISCRETION STAPLES ■ Account o R1000G 0.0 0.0 -------- -30.0 .--. INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE Hi 9land Capital 13 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund 73.98 wTOP TEN HOLDINGS V OTHER HOLDINGS Top Ten Domestic Equity Holdings w TOP TEN HOLDINGS LfOTHER HOLDINGS MICROSOFT CORP 5.65 0.26 BERKSHIRE HATHAWAY INC-CL B 3.42 -19.28 APPLE INC 4.96 -13.23 JOHNSON & JOHNSON 2.83 -9.52 AMAZON COM INC 3.65 5.51 JP MORGAN CHASE & CO 2.69 -35.00 UNITEDHEALTH GROUP INC 2.43 -14.70 PROCTER & GAMBLE CO/THE 2.41 -11.40 FACEBOOK INC 1.92 -18.73 INTEL CORP 2.22 -9.13 ALPHABET INC 1.68 -13.03 VERIZON COMMUNICATIONS 2.13 -11.58 MERCK & CO INC 1.54 -14.83 AT&T INC 2.04 -24.41 ALPHABET INC 1.44 -13.25 PFIZER INC 1.74 -15.84 INTEL CORP 1.42 -9.05 BANK OF AMERICA CORP 1.63 -39.32 JOHNSON & JOHNSON 1.34 -12.06 WALT DISNEY CO,THE 1.61 -33.21 Period Ending 3/31/2020 w TOP TEN HOLDINGS LJOTHER HOLDINGS Security Weight % • MICROSOFT CORP 9.18 0.28 APPLE INC 8.07 -13.20 AMAZON.COM INC 6.27 5.51 FACEBOOK INC-A 3.07 -18.73 ALPHABET INC-CL C 2.68 -13.03 ALPHABET INC-CL A 2.68 -13.25 VISA INC-CLASS A SHARES 2.12 -14.13 UNITEDHEALTH GROUP INC 1.81 -14.83 MASTERCARD INC - A 1.65 -18.99 MERCK & CO INC 1.43 -14.73 Hihlmd Capital 14 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Top Ten International Equity Holdings UTOP TEN HOLDINGS 61 OTHER HOLDINGS Security Weig SONY CORP AMER SH NEW ADR 7.60 -12.97 KONINKLIJKE PHILIPS ELECTRS N V SPOI 5.85 -17.70 GLAXOSMITHKLINE PLC ADR 5.S6 -18.49 STMICROELECTRONICS NV -NY SHS 5.53 -20.40 BROADCOM LTD 5.27 -25.36 KYOCERA CORP 5.23 -14.23 HITACHI LIMITED 4.19 -31.96 SIEMENS AG SPONS ADR 4.06 -33.33 SAP SE 4.03 -17.53 HONDA MOTOR CO LTD ADR 3.40 -19.90 `ITOPTEN HOLDINGS w OTHER HOLDINGS Security Weight % NESTLE 2.69 -4.87 ROCHE HOLDING GENUSS 2.00 2.69 NOVARTIS 1.56 -9.71 TOYOTA MOTOR CORP. 1.21 -14.65 ASTRAZENACA 1.03 -8.54 HSBC HOLDINGS (GB) 1.00 -28.34 ASML HLDG 0.99 -11.59 SAP 0.97 -17.53 AIA GROUP 0.96 -14.49 NOVO NORDISK B 0.93 5.44 Period Ending 3/31/2020 w TOP TEN HOLDINGS LJ OTHER HOLDINGS Security Weight % QTD Return ALIBABA GROUP HLDG ADR 1.96 -8.31 NESTLE 1.77 -4.87 TENCENT HOLDINGS LI 1.63 2.25 ROCHE HOLDING GENUSS 1.32 2.69 TAIWAN SEMICONDUCTOR MI 1.29 -19.65 SAMSUNG ELECTRONICS CO 1.09 -17.73 NOVARTIS 1.03 -9.71 TOYOTA MOTOR CORP 0.80 -14.65 ASTRAZENACA 0.68 -8.54 HSBS HOLDINGS (GB) 0.66 -28.34 Hi 9land Capital 15 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund International Equity Country Allocation Period Ending 3/31/2020 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 1 BELGIUM 2.8% BERMUDA 0.5% BRAZIL `j 0.8% CANADA 1.9% CHINA 7.3% GERMANY 11.3% IRELAND 2.8% JAPAN 23.7i') LIBERIA 1.4% LUXEMBOURG 0.3% NETHERLANDS - 11.2% NORWAY 0.3% PANAMA 0.5% SWEDEN 5.3% SWITZERLAND 4.4% UNITED KINGDOM UNITED STATES 1 4.5% EMG.MARKETS = 2.1% CASH 5% 17.6% Hi 9land Capital 16 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Fixed Income Sector Allocation Yield: 2.71% Fixed Income Portfolio Barclays Capital Government/Credit Index o Corporate Bonds V US Treasuries L! Gov't Sponsored a Mortgage Pools Other Corporate Bonds US Treasuries Gov't Sponsored Mortgage Pools Other N Corporate Bonds L! US Treasuries J Gov't Sponsored Period Endinga 3/31/2020 Barclays Capital Aggregate Index o Corporate Bonds u US Treasuries L! Gov't Sponsored a CMBS ABS J US MBS 36.6% Corporate Bonds 34.0% Corporate Bonds 24.15 1.4% US Treasuries 57.7% US Treasuries 40.95 6.6% Gov't Sponsored 8.3% Gov't Sponsored 5.95 48.8% Total 100% CMBS 2.15 66 / ABS 0.45 ddUS MBS 26.65 Other 0.05 Hi 9land Capital 17 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Fixed Income Portfolio o Aaa LJ Aa A Baa Other Aaa 60.6% Aa 8.6% A 25.0% Baa 0.7% Other Total00 5.2% , Bond Quality Allocation Barclays Capital Government/Credit Index Aaa Aa A Baa Other Aaa 62.4% Aa 4.0% A 15.7% Baa 17.4% Other Total00 0.0% , in Period Ending 3/31/2020 Barclays Capital Aggregate Index ® Aaa Aa A Baa Other Aaa 73.1 % Aa 3.3% A 11.2% Baa 12.3% Other Total00 0.0% , Hi bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Fixed Income Portfolio o <3 Yrs t! 3-5 Yrs u 5-7 Yrs u 7-10 Yrs J >10 Yrs <3 Yrs 21.4% 3-5 Yrs 5.3% 5-7 Yrs 15.5% 7-10 Yrs 10.6% >10 Yrs Total00 47.3% , Bond Maturity Allocation Barclays Capital Government/Credit Index o <3 Yrs V 3-5 Yrs u 5-7 Yrs J 7-10 Yrs J >10 Yrs <3 Yrs 28.7% 3-5 Yrs 20.0% 5-7 Yrs 13.1% 7-10 Yrs 11.7% >10 Yrs Total00 26.4% , 19 Period Ending 3/31/2020 Barclays Capital Aggregate Index o <3 Yrs u 3-5 Yrs u 5-7 Yrs J 7-10 Yrs >10 Yrs <3 Yrs 31.0% 3-5 Yrs 31.1% 5-7 Yrs 10.1% 7-10 Yrs 9.0% >10 Yrs Total0i 18.7% , Hi bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Fixed Income Portfolio o <3 Yrs N 3-5 Yrs u 5-7 Yrs L17-10 Yrs J >10 Yrs <3 Yrs 49.6% 3-5 Yrs 11.7% 5-7 Yrs 15.4% 7-10 Yrs 8.9 % >10 Yrs 14.3% Duration Allocation Barclays Capital Government/Credit Index o <3 Yrs N 3-5 Yrs J 5-7 Yrs u 7-10 Yrs J >10 Yrs Period Ending 3/31/2020 Barclays Capital Aggregate Index o <3 Yrs t! 3-5 Yrs a 5-7 Yrs J 7-10 Yrs J >10 Yrs <3 Yrs 30.3 % <3 Yrs 47.5% 3-5 Yrs 21.7% 3-5 Yrs 17.4% 5-7 Yrs 14.0% 5-7 Yrs 10.5% 7-10 Yrs 9.7% 7-10 Yrs 7.4% >10 Yrs 24.4% >10 Yrs 17.3% 1.8% Portfolio Duration vs. Index Duration (Ratio) 1.4% 1.0% At 0.6% 0.2% 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 20 ♦Index fAcct i � ► 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Hi bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 Portfolio Holdings CASH AND EQUIVALENTS (USD) CASH 234,397.00 234,397.00 2.2 1.7 Dividend Accrual 1,191.01 1,191.01 0.0 ------------------------------------------------------------------------- 235,588.00 235,588.00 2.2 1.7 COMMON STOCK (USD) Energy 741 CHEVRON CORP 113.90 84,400.88 72.46 53,692.86 0.5 7.1 660 CONOCOPHILLIPS 55.27 36,477.78 30.80 20,328.00 0.2 5.5 300 EOG RESOURCES INC 91.53 27,458.97 35.92 10,776.00 0.1 4.2 1165 EXXON MOBIL CORP 85.05 99,084.06 37.97 44,235.05 0.4 9.2 2040 MARATHON OIL CORP 24.48 49,946.95 3.29 6,711.60 0.1 6.1 490 MURPHY OIL CORP 46.17 22,625.60 6.13 3,003.70 0.0 16.3 400 OCCIDENTAL PETE CORP DEL 68.18 27,271.21 11.58 4,632.00 0.0 27.3 485 PARSLEY ENERGY INC 16.52 8,012.35 5.73 2,779.05 0.0 3.5 320 PHILLIPS 66 83.53 26,728.78 53.65 17,168.00 0.2 6.7 750 SCHLUMBERGER LTD 64.96 48,720.67 13.49 10,117.50 0.1 14.8 320 VALERO ENERGY CORPORATION 84.81 27,140.80 45.36 14,515.20 0.1 8.6 ------------------------------------------------------------------------- 457,868.10 187,959.00 1.8 8.3 Materials 441 BERRY PLASTICS GROUP 37.52 16,548.08 33.71 14,866.11 0.1 0.0 198 CORTEVA INC 36.03 7,134.48 23.50 4,653.00 0.0 2.2 198 DOW INC 58.82 11,647.31 29.24 5,789.52 0.1 9.6 98 DUPONT DE NEMOURS INC 80.31 7,870.23 34.10 3,341.80 0.0 3.5 64 ECOLAB INC 200.34 12,821.85 155.83 9,973.12 0.1 1.2 1745 GRAPHIC PACKAGING HOLDING CO 12.87 22,458.17 12.20 21,289.00 0.2 2.5 440 LYONDELLBASELL INDUSTRIES N V 92.61 40,749.64 49.63 21,837.20 0.2 8.5 950 OLIN CORP 18.38 17,456.35 11.67 11,086.50 0.1 6.9 20 SHERWIN WILLIAMS CO 573.48 11,469.59 459.52 9,190.40 0.1 1.2 ------------------------------------------------------------------------- 148,155.70 102,026.70 1.0 4.1 Industrials 133 BOEING CO 357.11 47,495.34 149.14 19,835.62 0.2 5.5 200 CATERPILLAR INC DEL 117.70 23,539.36 116.04 23,208.00 0.2 3.6 200 CUMMINS INC 154.48 30,895.26 135.32 27,064.00 0.3 3.9 400 EATON CORP PLC 67.47 26,987.48 77.69 31,076.00 0.3 3.8 296 EQUIFAX INC 152.14 45,033.50 119.45 35,357.20 0.3 1.3 250 FORTIVE CORP 70.36 17,590.65 55.19 13,797.50 0.1 0.5 21 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund 2362 GENERAL ELEC CO 474 HONEYWELL INTL INC 153 INGERSOLL RAND INC 62 LOCKHEED MARTIN CORP 239 NORDSON CORP 324 NORFOLK SOUTHERN CORP 100 NORTHROP GRUMMAN CORP 210 OSHKOSH CORP 150 TRANE TECHNOLOGIES PLC 205 UNION PACIFIC CORP 652 UNITED AIRLINES HOLDINGS INC 159 UNITED PARCEL SERVICE INC 275 UNITED TECHNOLOGIES CORP 12 WABTEC CORP 369 XYLEM INC Consumer Discretionary 110 AMAZON COM INC 302 ARMSTRONG WORLD INDUSTRIES 105 BURLINGTON STORES INC 100 CAPRI HOLDINGS LTD 1520 FORD MOTOR CO 805 GENERAL MOTORS CO 189 GRAND CANYON EDUCATION INC 358 HOME DEPOT INC 900 LAS VEGAS SANDS CORP 454 LENNAR CORP 437 LOWES COS INC 327 MCDONALDS CORP 322 NIKE INC 365 PLANT FITNESS INC CL A 334 POLARIS INDUSTRIES INC 950 PULTE GROUP INC 400 TARGET CORP 264 TEMPUR SEALY INTERNATIONAL INC 36 TESLA MOTORS INC Portfolio Holdings 27.70 65,437.62 7.94 18,754.28 0.2 0.5 158.81 75,276.08 133.79 63,416.46 0.6 2.7 34.53 5,282.57 24.80 3,794.40 0.0 0.0 359.83 22,309.73 338.95 21,014.90 0.2 2.8 146.16 34,931.91 135.07 32,281.73 0.3 1.1 124.51 40,341.91 146.00 47,304.00 0.4 2.6 293.21 29,321.47 302.55 30,255.00 0.3 1.7 88.86 18,660.60 64.33 13,509.30 0.1 1.9 90.87 13,630.41 82.59 12,388.50 0.1 2.6 138.88 28,470.28 141.04 28,913.20 0.3 2.8 71.11 46,365.29 31.55 20,570.60 0.2 0.0 111.39 17,710.75 93.42 14,853.78 0.1 4.3 124.79 34,317.20 94.33 25,940.75 0.2 3.1 211.59 2,539.08 48.13 577.56 0.0 1.0 81.56 --- ------------------- 30,094.16 ...... 65.13 ------------------ 24,032.97 --------------- 0.2 --------- 1.6 --- 656,230.60 507,945.80 4.8 2.4 1,232.63 135,589.80 1,949.72 214,469.20 2.0 0.0 105.29 31,797.46 79.42 23,984.84 0.2 1.0 217.03 22,788.21 158.46 16,638.30 0.2 0.0 34.68 3,468.17 10.79 1,079.00 0.0 0.0 12.57 19,108.26 4.83 7,341.60 0.1 12.4 39.11 31,485.92 20.78 16,727.90 0.2 7.3 78.88 14,907.94 76.28 14,417.86 0.1 0.0 218.91 78,370.01 186.71 66,842.18 0.6 3.2 57.18 51,458.32 42.47 38,223.00 0.4 7.4 64.79 29,415.48 38.20 17,342.80 0.2 1.3 113.28 49,505.30 86.05 37,603.85 0.4 2.6 185.82 60,763.71 165.35 54,069.45 0.5 3.0 78.90 25,405.23 82.74 26,642.28 0.3 1.2 68.91 25,152.26 48.70 17,775.50 0.2 0.0 92.22 30,800.90 48.15 16,082.10 0.2 5.2 29.63 28,144.80 22.32 21,204.00 0.2 2.2 85.54 34,214.92 92.97 37,188.00 0.4 2.8 78.54 20,735.72 43.71 11,539.44 0.1 0.0 745.75 ------------------------------------------------------------------------- 26,847.15 524.00 18,864.00 0.2 0.0 719,959.60 658,035.30 6.2 2.0 Period Ending 3/31/2020 Hihlmd Capital 22 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 Portfolio Holdings Consumer Staples 648 ALTRIA GROUP INC 45.85 29,711.11 38.67 25,058.16 0.2 8.7 813 COCA COLA CO 54.80 44,550.91 44.25 35,975.25 0.3 3.7 110 COSTCO WHOLESALE CORP 278.45 30,629.63 285.13 31,364.30 0.3 0.5 88 ESTEE LAUDER COS INC 190.90 16,799.06 159.34 14,021.92 0.1 1.2 300 INGREDION INC 93.92 28,176.90 75.50 22,650.00 0.2 3.3 450 KELLOGG CO 56.00 25,199.06 59.99 26,995.50 0.3 3.8 595 PEPSICO INC 129.42 77,004.60 120.10 71,459.50 0.7 3.2 600 PROCTER & GAMBLE CO 87.03 52,220.71 110.00 66,000.00 0.6 2.7 750 US FOODS HOLDING CORP 35.03 26,276.03 17.71 13,282.50 0.1 0.0 200 WALGREENS BOOTS ALLIANCE INC 78.63 15,726.85 45.75 9,150.00 0.1 4.0 ------------------------------------------------------------------------- 346,294.90 315,957.10 3.0 3.2 Health Care 372 ABBVIE INC 88.34 32,864.26 76.19 28,342.68 0.3 6.2 282 AMGEN INC 204.54 57,680.64 202.73 57,169.86 0.5 3.2 321 ANTHEM INC 250.40 80,377.53 227.04 72,879.84 0.7 1.7 100 BIOGEN IDEC INC 288.50 28,850.22 316.38 31,638.00 0.3 0.0 1092 BRISTOL-MYERS SQUIBB CO 47.61 51,985.55 55.74 60,868.08 0.6 3.2 130 CIGNA CORP 40.82 5,306.63 177.18 23,033.40 0.2 0.0 600 CVS HEALTH CORPORATION 55.51 33,306.18 59.33 35,598.00 0.3 3.4 253 ELI LILLY & CO 140.88 35,642.46 138.72 35,096.16 0.3 2.1 1161 EXELIXIS INC 18.95 22,003.62 17.22 19,992.42 0.2 0.0 471 GUARDANT HEALTH INC 74.44 35,061.15 69.60 32,781.60 0.3 0.0 210 HCA HEALTHCARE INC 84.22 17,686.02 89.85 18,868.50 0.2 1.9 753 HORIZON THERAPEUTICS PLC 34.50 25,980.83 29.62 22,303.86 0.2 0.0 227 IQVIA HOLDINGS INC 143.41 32,553.53 107.86 24,484.22 0.2 0.0 600 JOHNSON & JOHNSON 137.28 82,370.13 131.13 78,678.00 0.7 2.9 200 LABRATORY CORPORATION OF AMERICA HOL[ 195.11 39,022.04 126.39 25,278.00 0.2 0.0 1179 MERCK & CO INC 74.00 87,247.91 76.94 90,712.26 0.9 3.2 227 NEUROCRINE BIOSCIENCES INC 92.61 21,022.83 86.55 19,646.85 0.2 0.0 1460 PFIZER INC 35.51 51,851.07 32.64 47,654.40 0.5 4.7 167 THERMO FISHER SCIENTIFIC INC 305.01 50,935.93 283.60 47,361.20 0.4 0.3 574 UNITEDHEALTH GROUP INC 254.79 146,249.20 249.38 143,144.10 1.4 1.7 224 VERTEX PHARMACEUTICALS INC 230.54 ---------------------------------------------------------------- 51,640.65 237.95 53,300.80 0.5 ------ 0.0 --- 989,638.40 968,832.30 9.2 2.0 23 Hihlmd Capital MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 Portfolio Holdings Financials 1100 AMERICAN INTERNATIONAL GROUP INC 41.93 46,119.88 24.25 26,675.00 0.3 5.3 2509 BANK OF AMERICA CORP 23.35 58,597.31 21.23 53,266.07 0.5 3.4 390 BERKSHIRE HATHAWAY INC 164.77 64,261.34 182.83 71,303.70 0.7 0.0 50 BLACKROCK INC 403.59 20,179.35 439.97 21,998.50 0.2 3.3 250 CHUBB LIMITED 145.79 36,447.35 111.69 27,922.50 0.3 2.7 650 CITIGROUP INC 68.27 44,376.20 42.12 27,378.00 0.3 4.8 750 CITIZENS FINANCIAL GROUP INC 36.50 27,371.40 18.81 14,107.50 0.1 8.3 150 CME GROUP INC 172.42 25,863.65 172.91 25,936.50 0.2 2.0 229 DISCOVER FINANCIAL SERVICES 65.43 14,983.54 35.67 8,168.43 0.1 4.9 230 GOLDMAN SACHS GROUP INC 232.91 53,568.81 154.59 35,555.70 0.3 3.2 250 HANOVER INSURANCE GROUP 133.94 33,485.46 90.58 22,645.00 0.2 2.9 385 INTERCONTINENTAL EXCHANGE GROUP INC 94.20 36,266.11 80.75 31,088.75 0.3 1.5 865 JP MORGAN CHASE & CO 80.24 69,404.86 90.03 77,875.95 0.7 4.0 360 LINCOLN NATL CORP IND 53.31 19,190.45 26.32 9,475.20 0.1 6.1 300 NASDAQ STK MKT INC 90.71 27,212.97 94.95 28,485.00 0.3 0.9 411 RAYMOND JAMES FINANCIAL INC 82.37 33,852.84 63.20 25,975.20 0.2 2.3 2640 REGIONS FINANCIAL CORP 15.19 40,105.32 8.97 23,680.80 0.2 6.9 650 TRUIST FINANCIAL CORP 44.03 28,619.48 30.84 20,046.00 0.2 5.8 885 US BANCORP 46.16 40,847.69 34.45 30,488.25 0.3 4.9 481 VOYA FINANCIAL INC 54.43 26,178.62 40.55 19,504.55 0.2 1.5 1490 WELLS FARGO CO 55.41 82,558.00 28.70 42,763.00 0.4 7.1 ------------------------------------------------------------------------- 829,490.60 644,339.60 6.1 3.5 Information Technology 210 ACCENTURE PLC 206.74 43,415.15 163.26 34,284.60 0.3 2.0 167 ADOBE INC 245.44 40,988.78 318.24 53,146.08 0.5 0.0 582 ANAPLAN INC 55.57 32,340.52 30.26 17,611.32 0.2 0.0 1147 APPLE INC 160.89 184,545.20 254.29 291,670.60 2.8 1.2 198 AUTODESK INC 183.32 36,297.56 156.10 30,907.80 0.3 0.0 261 AVALARA INC 81.33 21,227.36 74.60 19,470.60 0.2 0.0 564 CDK GLOBAL INC 45.39 25,597.87 32.85 18,527.40 0.2 1.8 1800 CISCO SYS INC 47.88 86,187.14 39.31 70,758.00 0.7 3.7 1130 CORNING INC 27.53 31,110.74 20.54 23,210.20 0.2 4.3 103.9998 DELL TECHNOLOGIES INC 81.75 8,501.97 39.55 4,113.19 0.0 0.0 113 DXC TECHNOLOGY CO 70.91 8,012.95 13.05 1,474.65 0.0 6.4 24 Hi bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund 737 DYNATRACEINC 31 EQUINIX INC 194 EURONET SVCS INC 250 FIDELITY NATIONAL INFORMATION SERVICES 247 FISERV INC 2610 HEWLETT PACKARD ENTERPRISE CO 1540 INTEL CORP 136 INTERNATIONAL BUSINESS MACHINE 298 MASTERCARD INC 270 MICRON TECHNOLOGY INC 2109 MICROSOFT CORP 206 NVIDIA CORP 871 ORACLE CORP 330 PAYPAL HOLDINGS INC 56 PERSPECTA INC 345 QUALCOMM INC 209 SALESFORCE.COM INC 350 SKYWORKS SOLUTIONS INC 519 SSANDC TECHNOLOGIES HOLDINGS INC 241 SYNOPSYS INC COM 453 VISA INC Communication Services 400 ACTIVISION BLIZZARD INC 85 ALPHABETINC 73 ALPHABETINC 2130 AT&T INC 1226 COMCAST CORP 676 FACEBOOK INC 125 FOX CORP 571 GoDaddyINC 106 NETFLIX.COM INC 965 SINCLAIR BROADCAST GROUP INC 920 VERIZON COMMUNICATIONS INC 573.9995 WALT DISNEY CO Portfolio Holdings 27.85 20,526.04 23.84 17,570.08 0.2 0.0 414.00 12,834.03 624.57 19,361.67 0.2 1.7 149.00 28,905.37 85.72 16,629.68 0.2 0.0 117.07 29,266.30 121.64 30,410.00 0.3 1.2 111.06 27,432.81 94.99 23,462.53 0.2 0.0 13.66 35,663.90 9.71 25,343.10 0.2 4.9 20.13 30,996.18 54.12 83,344.80 0.8 2.4 146.68 19,948.58 110.93 15,086.48 0.1 5.8 242.51 72,269.15 241.56 71,984.88 0.7 0.7 42.61 11,504.70 42.06 11,356.20 0.1 0.0 76.41 161,159.10 157.71 332,610.40 3.2 1.3 217.54 44,812.39 263.60 54,301.60 0.5 0.2 50.77 44,222.92 48.33 42,095.43 0.4 2.0 103.91 34,290.13 95.74 31,594.20 0.3 0.0 19.45 1,089.26 18.24 1,021.44 0.0 1.3 86.22 29,746.94 67.65 23,339.25 0.2 3.8 151.50 31,664.44 143.98 30,091.82 0.3 0.0 109.09 38,181.22 89.38 31,283.00 0.3 2.0 63.92 33,174.89 43.82 22,742.58 0.2 1.1 141.15 34,017.80 128.79 31,038.39 0.3 0.0 147.31 66,729.90 161.12 72,987.36 0.7 0.7 ---------------------------------------------------------------- 1,326,661.00 1,552,829.00 ------ 14.7 --- 1.4 54.84 21,934.16 59.48 23,792.00 0.2 2.8 1,034.63 87,943.67 1,162.81 98,838.85 0.9 0.0 964.52 70,409.86 1,161.95 84,822.35 0.8 0.0 37.35 79,554.51 29.15 62,089.50 0.6 7.1 41.57 50,961.52 34.38 42,149.88 0.4 2.7 142.52 96,343.11 166.80 112,756.80 1.1 0.0 91.78 11,472.05 22.88 2,860.00 0.0 2.0 68.42 39,070.50 57.11 32,609.81 0.3 0.0 357.01 37,843.05 375.50 39,803.00 0.4 0.0 29.35 28,322.77 16.08 15,517.20 0.1 5.0 53.49 49,213.90 53.73 49,431.60 0.5 4.6 115.88 66,515.28 96.60 55,448.35 0.5 1.8 ---------------------------------------------------------------- 639,584.40 620,119.30 ...... 5.9 --- 1.7 Period Ending 3/31/2020 Hihlmd Capital 25 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Utilities 400 AMERICAN ELEC PWR INC 400 DOMINION ENERGY INC 450 DUKE ENERGY CORP 1130 EXELON CORP 150 NEXTERA ENERGY INC Real Estate 159 AMERICAN TOWER CORP 361 CROWN CASTLE INTERNATIONAL CORP 560 PROLOGIS INC INTERNATIONAL EQUITY (USD) Energy 635 BP PLC SPONSORED ADR 300 OVINTIV INC 810 PETROLEO BRASILEIRO S A 200 ROYAL DUTCH SHELL PLC - ADR B Materials 183 ARCELORMITTAL S A 545 BARRICK GOLD CORP 285 CRH PLC ADR ONE ADR REPSTG ONE ORD SHS 50 LINDE PLC Industrials 65 COPA HOLDINGS SA CL A 800 KONINKLIIKE PHILIPS ELECTRS N V SPON ADR 125 SENSATA TECHNOLOGIES HOLDING PLC 530 SIEMENS AG SPONS ADR Portfolio Holdings 72.15 28,861.36 79.98 31,992.00 0.3 3.5 85.81 34,324.60 72.19 28,876.00 0.3 5.2 75.56 33,999.93 80.88 36,396.00 0.3 4.7 36.79 41,567.60 36.81 41,595.30 0.4 4.2 210.55 ------------------------------------------------------------------------- 31,582.80 240.62 36,093.00 0.3 2.3 170,336.30 174,952.30 1.7 3.9 186.52 29,655.90 217.75 34,622.25 0.3 1.9 125.36 45,255.28 144.40 52,128.40 0.5 3.3 54.87 30,727.03 80.37 45,007.20 0.4 2.9 ------------------------------------------------------------------------- 105,638.20 131,757.90 1.2 2.8 --------------------------------------------- 6,389,858.00 ---------------- 5,864,754.00 --------- 55.6 --- 2.4 34.28 21,766.94 24.39 15,487.65 0.1 10.3 58.09 17,428.01 2.70 810.00 0.0 13.9 10.87 8,801.10 5.50 4,455.00 0.0 0.0 65.08 ------------------------------------------------------------------------- 13,016.36 32.66 6,532.00 0.1 11.5 61,012.41 27,284.65 0.3 9.0 45.61 8,346.23 9.33 1,707.39 0.0 1.8 12.43 6,774.45 18.32 9,984.40 0.1 1.5 24.24 6,908.05 26.84 7,649.40 0.1 5.2 177.60 8,879.80 173.00 8,650.00 0.1 2.2 ------------------------------------------------------------------------- 30,908.53 27,991.19 0.3 2.8 110.89 7,207.68 45.29 2,943.85 0.0 7.1 30.56 24,446.19 40.16 32,128.00 0.3 2.0 55.53 6,940.82 28.93 3,616.25 0.0 0.0 58.17 30,831.74 42.00 22,260.00 0.2 3.7 ---------------------------------------------------------------- 69,426.43 60,948.10 ------ 0.6 --- 2.8 Period Ending 3/31/2020 Hihlmd Capital 26 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Consumer Discretionary 350 BRIGHT SCHOLAR EDUCATION HOLDINGS LTD 320 DAIMLERAG 830 HONDA MOTOR CO LTD ADR 325 INTERCONTINENTAL HOTELS ADR 250 JD.com 255 ROYAL CARIBBEAN CRUISES LTD 705 SONY CORP AMER SH NEW ADR 200 YUM CHINA HOLDINGS INC Portfolio Holdings 14.83 5,188.95 6.73 2,355.50 0.0 1.3 85.24 27,277.20 29.85 9,552.00 0.1 3.0 35.59 29,542.69 22.46 18,641.80 0.2 4.1 47.83 15,544.11 42.15 13,698.73 0.1 4.0 29.85 7,462.38 40.50 10,125.00 0.1 0.0 76.38 19,477.89 32.17 8,203.35 0.1 9.7 24.17 17,041.84 59.18 41,721.90 0.4 0.5 46.71 9,342:82 42.63 8,526.00 0.1 1.1 ------------------------------------------------------------------------- 130,877.90 112,824.30 1.1 2.4 Consumer Staples 360 ANHEUSER-BUSCH INBEV NV SPN ADR 113.80 40,968.23 44.12 15,883.20 0.2 3.0 115 DIAGEO PLC SPONSORED ADR NEW 123.61 14,214.91 127.12 14,618.80 0.1 2.2 120 MOWI ASA 13.64 1,637.10 15.11 1,813.20 0.0 5.6 290 UNILEVER NV 41.32 11,982.90 48.79 14,149.10 0.1 3.2 68,803.14 46,464.30 0.4 2.9 Health Care 805 GLAXOSMITHKLINE PLC ADR 39.62 31,892.59 37.89 30,501.45 0.3 6.3 100 NOVARTIS AG ADR 93.04 9,303.78 82.45 8,245.00 0.1 2.4 180 SMITH AND NEPHEW PLC SPON ADR 37.47 6,743:93 35.87 6,456.60 0.1 2.5 ------------------------------------------------------------------------. 47,940.30 45,203.05 0.4 5.0 Financials 675 AEGON N V ORD AMER REG ADR 7.54 5,090.47 2.49 1,680.75 0.0 11.2 1175 CREDIT SUISSE GROUP 20.20 23,739.87 8.09 9,505.75 0.1 3.2 325 DEUTSCHE BANK AG 31.91 10,370.74 6.42 2,086.50 0.0 0.0 1035 ING GROEP N V 14.40 14,900.70 5.15 5,330.25 0.1 8.5 325 INVESCO LTD 36.72 11,934.53 9.08 2,951.00 0.0 13.7 200 PRUDENTIAL PLC SPON ADR 40.02 8,004.00 24.78 4,956.00 0.0 4.2 250 TORONTO DOMINION BK DINT NEW (USD) 57.17 14,291.29 42.39 10,597.50 0.1 7.5 775 UBS GROUP AG 20.09 15,570.50 9.26 7,176.50 0.1 7.9 ------------------------------------------------------------------------. 103,902.10 44,284.25 0.4 6.6 Period Ending 3/31/2020 Hihlmd Capital 27 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 3/31/2020 Information Technology 122 BROADCOM LTD 269.22 32,844.65 237.10 28,926.20 0.3 5.5 400 HITACHI LIMITED 62.76 25,104.00 57.45 22,980.00 0.2 2.3 490 KYOCERA CORP 49.36 24,184.21 58.63 28,729.92 0.3 2.2 50 NXP SEMICONDUCTOR NV 100.56 5,028.22 82.93 4,146.50 0.0 1.8 200 SAP SE 80.33 16,065.47 110.50 22,100.00 0.2 1.1 1420 STMICROELECTRONICS NV -NY SHS 8.84 ------------------------------------------------------------------------- 12,559.46 21.37 30,345.40 0.3 0.9 115,786.00 137,228.00 1.3 2.5 Communication Services 50 ALIBABA GROUP HOLDING ADR 170.99 8,549.50 194.48 9,724.00 0.1 0.0 80 BAIDU INC ADR 176.84 14,146.81 100.79 8,063.20 0.1 0.0 1501QIYIINC 22.09 3,313.98 17.80 2,670.00 0.0 0.0 770 NIPPON TELEG & TEL CORP 14.45 11,125.70 23.62 18,187.40 0.2 3.2 300 SOFTBANK GROUP CORP 23.41 7,023.74 17.64 5,292.00 0.1 0.9 264 VODAFONE GROUP PLC 35.25 9,305.84 13.77 3,635.28 0.0 7.0 ------------------------------------------------------------------------- 53,465.57 47,571.88 0.5 1.9 Utilities 108 NATIONAL GRID GROUP PLC SPONSORED ADR 76.81 8,295.27 58.27 6,293.16 0.1 3.6 350 iSHARES MSCI EMERGING MKT IN 43.43 ------------------------------------------------------------------------- 15,202.25 34.13 11,945.50 0.1 3.9 705,619.90 568,038.40 5.4 3.4 CORPORATE BONDS (USD) 35000 PINNACLE WEST CAP CORP SR NT 99.94 34,977.95 99.49 34,821.85 0.3 2.3 A3 2.250% 11/30/20 40000 BURLINGTON NORTH SANTA FIE LLC SE BD CAL 106.65 42,659.20 100.88 40,351.20 0.4 4.1 A3 4.100% 6/1/21 20000 SUMITOMO MITSUI FINL GRP 100.00 20,000.00 99.32 19,863.20 0.2 2.1 Al 2.060% 7/14/21 55000 BANK OF MONTREAL 99.81 54,896.05 100.33 55,180.40 0.5 1.9 A2 1.900% 8/27/21 35000 AMERICAN HONDA FINANCE 99.80 34,930.00 98.42 34,448.75 0.3 1.7 A2 1.700% 9/9/21 40000 COCA -COLA CO/THE 99.80 39,920.80 101.97 40,787.60 0.4 2.2 Al 2.200% 5/25/22 25000 BLACKROCK INC 103.95 25,987.75 103.26 25,814.50 0.2 3.3 Aa3 3.380% 6/1/22 40000 CANADIAN IMPERIAL BK COMM SR NT 100.58 40,230.80 101.08 40,432.80 0.4 2.5 Aa2 2.550% 6/16/22 35000 GILEAD SCIENCES INC 101.83 35,639.45 102.94 36,030.75 0.3 3.2 A3 3.250% 9/1/22 20000 FRANKLIN RES INC SR NT 102.16 20,431.60 100.71 20,142.20 0.2 2.8 A2 2.800% 9/15/22 40000 PECO ENERGY CO 98.84 39,538.00 101.43 40,572.40 0.4 2.3 Aa3 2.380% 9/15/22 28 Hihlmd Capital MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Period Ending 3/31/2020 Portfolio Holdings 35000 GOLDMAN SACHS GROUP INC 100.00 35,000.00 96.70 33,845.00 0.3 2.2 A3 2.150% 10/31/22 40000 PNC FINANCIAL SERVICES GROUP INC 101.59 40,638.00 101.27 40,509.20 0.4 2.8 A3 2.850% 11/9/22 30000 AT&T BROADBAND CORP 134.68 40,403.70 118.22 35,464.80 0.3 8.0 A3 9.460% 11/15/22 35000 WESTPAC BANKING CORP 100.00 35,000.00 95.80 33,529.65 0.3 2.3 Aa3 2.220% 1/13/23 77000 JPMORGAN CHASE & CO 99.30 76,458.69 103.51 79,705.01 0.8 3.1 A2 3.200% 1/25/23 39000 AMERICAN HONDA FINANCE 100.00 39,000.00 92.36 36,020.79 0.3 2.2 A2 2.050% 5/10/23 35000 BANK OF AMERICA CORP 100.00 35,000.00 93.64 32,773.30 0.3 3.0 A2 2.820% 3/5/24 40000 ATHENE GLOBAL FUNDING 100.78 40,314.00 99.97 39,990.00 0.4 2.8 NR 2.750% 6/25/24 10000 EMERSON ELECTRIC CO 99.68 9,968.40 102.21 10,221.50 0.1 3.1 A2 3.150% 6/l/25 25000 BOEING CO 129.16 32,291.25 108.61 27,152.50 0.3 6.7 Baal 7.250% 6/15/25 35000 NORTHERN TRUST CORP 104.64 36,624.35 105.48 36,919.05 0.4 3.7 A2 3.950% 10/30/25 20000 STATE STREET CORP 100.00 20,000.00 98.21 19,642.60 0.2 2.4 Al 2.350% ll/l/25 70000 WELLS FARGO & CO 105.20 73,640.00 105.85 74,098.50 0.7 3.9 A3 4.100% 6/3/26 40000 NATIONAL AUSTRLIA BK/NY 99.27 39,709.20 100.82 40,327.20 0.4 2.5 Aa3 2.500% 7/12/26 40000 SUMITOMO MITSUI FINANCIAL GROUP INC 100.00 40,000.00 100.08 40,031.20 0.4 2.6 Al 2.630% 7/14/26 38000 RELIANCE STAND LIFE II 99.72 37,894.36 94.12 35,765.22 0.3 2.9 A2 2.750% 1/21/27 40000 BLACKROCK INC 99.59 39,838.00 106.82 42,727.20 0.4 3.0 Aa3 3.200% 3/15/27 40000 MANULIFE FINANCIAL CORP 100.00 40,000.00 113.00 45,201.60 0.4 3.6 NR 4.060% 2/24/32 20000 FIRST UNION CORP 123.80 24,759.40 145.13 29,025.40 0.3 4.5 A3 6.550% 10/15/35 50000 MICROSOFTCORP 99.61 49,806.50 113.11 56,556.00 0.5 3.1 Aaa 3.450% 8/8/36 35000 JOHNSON AND JOHNSON SR BND CALL 99.70 34,896.05 114.19 39,965.80 0.4 3.0 Aaa 3.400% 1/15/38 13000 SOUTHERN CALIF EDISON CO 140.26 18,234.45 126.92 16,500.12 0.2 4.8 A3 6.050% 3/15/39 8000 MANULIFE FINANCIAL CORP SR BD 99.64 7,971.60 121.76 9,740.88 0.1 4.4 NR 5.380% 3/4/46 6000 DUKE ENERGY CAROLINAS LLC 99.65 5,978.82 110.35 6,620.82 0.1 3.5 Aa2 3.880% 3/15/46 16000 SAN DIEGO GAS & ELECTRIC CO 99.55 15,928.64 107.09 17,134.08 0.2 3.5 A2 3.750% 6/1/47 30000 COMMONSPIRIT HEALTH 100.00 30,000.00 101.90 30,570.90 0.3 3.7 A2 3.820% 10/1/49 55000 KKR GROUP FINANCE CO VII 99.47 54,710.70 83.72 46,044.35 0.4 4.3 NR 3.630% 2/25/50 29000 PRUDENTIAL FINANCIAL INC 99.76 28,931.27 101.78 29,515.91 0.3 4.3 A3 4.350% 2/25/50 400001NTELCORP 99.34 39,736.40 105.01 42,002.80 0.4 3.0 Al 3.100% 2/15/60 Accrued Interest ------------------------------------------------------------------------- 5,542.22 0.1 1,411,945.00 1,421,589.00 13.5 3.2 MUNICIPAL BONDS (USD) 35000 WASHINGTON ST 109.51 38,328.15 107.71 37,700.25 0.4 4.3 Aaa 4.640% 8/1/22 30000 UNIV OF NC CHAPEL HIL 101.04 30,312.00 101.77 30,532.20 0.3 2.0 Aaa 2.000% 12/1/22 30000 COMMONWEALTH FING AUTH PA 100.00 30,000.00 109.65 32,894.10 0.3 5.2 Al 5.650% 6/1/24 15000 SAN FRANCISCO CA CITY & CNTY PUB UTILS 100.00 15,000.00 101.42 15,212.70 0.1 3.6 Aa2 3.700% ll/l/32 Hi bland Capital 29 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 3/31/2020 35000 NEW YORK N Y 111.97 39,188.10 100.00 35,000.00 0.3 5.7 Aa1 5.680% 10/1/34 6000 METRO GOVT NASH & DAVD CNTY TN WTR &! 134.47 8,067.96 142.39 8,543.22 0.1 4.6 Aa2 6.570% 7/1/37 35000 SAN FRANCISCO CALIF CITY & CNTY CMNTY 97.21 34,023.85 106.46 37,261.70 0.4 3.5 NR 3.750% 9/1/37 20000 MIAMI-DADE CNTY FLA AVIATION 100.00 20,000.00 109.05 21,810.20 0.2 3.4 NR 3.730% 10/1/37 10000 VIRGINIA PORT AUTH PORT FAC 100.00 10,000.00 106.96 10,696.10 0.1 4.2 Al 4.480% 7/1/45 25000 UNIV OF TEXAS TX PERM UNIV FND REV 100.00 25,000.00 105.76 26,439.75 0.3 3.2 Aaa 3.380% 7/1/47 Accrued Interest ------------------------------------------------------------------------- 211.00 0.0 249,920.10 256,301.20 2.4 4.0 GOVERNMENT BONDS (USD) 6000 US TREASURY N/B 99.56 5,973.78 103.71 6,222.42 0.1 1.7 Aaa 1.750% 9/30/22 35000 US TREASURY N/B 111.21 38,922.46 136.10 47,635.55 0.5 2.2 Aaa 3.000% 5/15/45 Accrued Interest 395.19 0.0 ------------------------------------------------------------------------- 44,896.24 54,253.16 0.5 2.1 GOVERNMENT SPONSORED BOND (USD) 40000 PROVINCE OF QUEBEC 99.74 39,897.60 103.00 41,202.00 0.4 2.3 Aaa 2.380% 1/31/22 65000 FFCB 99.87 64,915.50 100.01 65,007.80 0.6 1.6 Aaa 1.620% 2/10/22 40000 MANITOBA PROV OF 99.23 39,692.80 106.75 42,698.40 0.4 2.0 Aa2 2.130% 6/22/26 18000 FNMA 135.47 24,384.95 157.92 28,426.14 0.3 3.6 Aaa 5.630% 7/15/37 43000 TENNESSEE VALLEY AUTH 137.08 58,943.80 181.03 77,841.61 0.7 3.0 Aaa 5.380% 4/1/56 Accrued Interest 1,910.63 0.0 ------------------------------------------------------------------------- 227,834.70 257,086.60 2.4 2.4 MORTGAGE POOLS (USD) 158.87 FGCI #G12205 96.88 153.91 100.21 159.21 0.0 4.5 Aaa 4.500% 6/15/21 35000 FHMS KBX1 Al 99.69 34,890.63 105.32 36,860.74 0.3 2.8 Aaa 2.920% 9/25/24 23723.13 FHMS KJ17 Al 100.00 23,723.06 103.06 24,448.72 0.2 2.3 Aaa 2.400% 10/25/24 15638.3 FN AD4398 106.25 16,615.69 105.46 16,492.91 0.2 3.8 Aaa 4.000% 6/1/25 32301.59 FN AM9049 102.66 33,159.76 106.50 34,402.46 0.3 2.9 Aaa 3.050% 6/25/25 20000 FHMS KJ 17 A2 102.00 20,399.94 106.11 21,221.87 0.2 2.8 Aaa 2.980% 11/25/25 75000 FHMS KCO3 A2 102.01 76,510.15 108.82 81,618.16 0.8 3.2 Aaa 3.500% 1/25/26 35000 FHMS KG01 A7 103.00 36,048.64 107.18 37,511.52 0.4 2.7 Aaa 2.880% 4/25/26 36356.77 FHMS K068 Al 102.00 37,083.61 104.92 38,146.20 0.4 2.8 Aaa 2.950% 2/25/27 57000 FHMS K068 A2 103.00 58,708.12 111.49 63,550.55 0.6 2.9 Aaa 3.240% 8/25/27 40000 FN AN9038 100.66 40,262.50 112.96 45,185.94 0.4 3.1 Aaa 3.460% 5/1/28 30000 FN 109515 104.34 31,303.13 114.87 34,461.33 0.3 3.5 Aaa 3.990% 9/1/28 30 Hihlmd Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 3/31/2020 20000 FN 387873 102.66 20,531.25 115.48 23,096.09 0.2 3.2 Aaa 3.750% 11/1/28 32000 FN BL0484 105.99 33,917.50 117.55 37,615.00 0.4 3.6 Aaa 4.220% 11/1/28 18000 FHMS K088 A2 103.00 18,539.21 114.67 20,640.94 0.2 3.2 Aaa 3.690% 1/25/29 44234.78 FN BL1409 103.84 45,935.01 115.23 50,973.67 0.5 3.3 Aaa 3.800% 1/25/29 37000 FHLMC MF KG01 103.00 38,109.45 108.69 40,214.37 0.4 2.7 Aaa 2.940% 4/25/29 88369 FHR 4823 LV 103.31 91,296.38 105.10 92,877.20 0.9 3.8 Aaa 4.000% 10/15/29 25672.94 FG 134676 105.50 27,084.95 105.18 27,001.72 0.3 2.9 Aaa 3.000% 7/1/31 33018.7 FN A57986 103.06 34,029.90 103.97 34,329.13 0.3 2.4 Aaa 2.500% 9/1/31 17247.52 FG G30701 111.00 19,144.75 109.00 18,799.12 0.2 4.6 Aaa 5.000% 11/1/31 37065.34 FN AS8448 99.50 36,880.22 102.86 38,125.18 0.4 1.9 Aaa 2.000% 12/25/31 13550.38 FN MA0976 103.12 13,973.73 106.35 14,410.51 0.1 3.3 Aaa 3.500% 2/25/32 42609.01 G2 784739 102.12 43,514.03 105.36 44,890.92 0.4 3.8 Aaa 4.000% 5/20/34 24707.62 FHR 3342 PZ 104.94 25,927.56 110.83 27,383.96 0.3 4.5 Aaa 5.000% 6/15/37 15000 FNR 2017 134VD 94.00 14,100.00 108.61 16,290.82 0.2 2.8 Aaa 3.000% 4/20/38 2913.16 FN 889579 109.39 3,186.72 116.50 3,393.72 0.0 5.2 Aaa 6.000% 5/1/38 3872.39 G2 4194 106.13 4,109.57 113.63 4,400.15 0.0 4.8 Aaa 5.500% 7/20/38 1475.45 GNMA 4195 99.89 1,473.84 116.25 1,715.27 0.0 5.2 Aaa 6.000% 7/20/38 10890.04 GNMA4447 104.81 11,414.12 112.59 12,261.08 0.1 4.4 Aaa 5.000% 5/20/39 17478.04 G2 4496 109.58 19,152.11 112.59 19,678.50 0.2 4.4 Aaa 5.000% 7/20/39 2546.58 GNSF 714005 106.16 2,703.35 109.16 2,779.75 0.0 5.0 Aaa 5.500% 10/15/39 9923.63 FNR 2010-64 KA 103.05 10,225.93 106.61 10,579.91 0.1 4.2 Aaa 4.500% 6/25/40 2000 FHR 3795 YY 99.81 1,996.25 100.41 2,008.12 0.0 4.5 Aaa 4.500% 10/15/40 7238.89 FG A95828 104.89 7,592.59 110.15 7,973.52 0.1 4.1 Aaa 4.500% 12/15/40 19845.96 FN 783307 101.38 20,118.91 109.42 21,715.05 0.2 3.7 Aaa 4.000% 4/15/41 21407.08 FHR 4667 DA 103.70 22,199.81 101.94 21,821.84 0.2 3.4 Aaa 3.500% 6/15/41 32879.7 FNR 2012-6 MA 103.41 33,999.67 102.80 33,800.59 0.3 3.9 Aaa 4.000% 10/25/41 7148.31 GN AW7430 104.65 7,480.50 110.17 7,875.15 0.1 4.1 Aaa 4.500% 1/25/42 10932.74 FNR 2012 110K1 99.00 10,823.40 103.15 11,277.38 0.1 2.9 Aaa 3.000% 3/20/42 27252.81 FN MA 3024 102.16 27,840.13 105.35 28,711.26 0.3 3.3 Aaa 3.500% 6/1/42 7224.85 FN MA1136 102.12 7,378.29 105.35 7,611.49 0.1 3.3 Aaa 3.500% 8/25/42 24671.59 FHR 4863 LA 101.34 25,002.82 102.57 25,305.73 0.2 3.9 Aaa 4.000% 2/15/43 25920.3 GNR 2013-100 ME 99.11 25,689.90 101.81 26,389.09 0.3 2.2 Aaa 2.250% 2/20/43 16617.37 FN 2017 13 CA 100.09 16,633.11 101.54 16,873.12 0.2 2.5 Aaa 2.500% 10/25/43 30841.51 FN 2015 2PA 98.92 30,509.00 103.04 31,780.01 0.3 2.2 Aaa 2.250% 3/25/44 18723.74 FHR 4710 QA 102.16 19,127.35 103.57 19,392.24 0.2 3.4 Aaa 3.500% 4/15/44 35703.75 FHR 4388 MC 99.50 35,526.00 103.04 36,788.81 0.3 2.4 Aaa 2.500% 7/15/44 8028.4 FHR 4832 DA 103.17 8,283.17 103.12 8,278.97 0.1 4.4 Aaa 4.500% 11/15/44 Hi bland Capital 31 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 3/31/2020 19021.37 FNR 2016-90 CA 96.25 18,308.07 103.10 19,611.33 0.2 2.9 Aaa 3.000% 2/25/45 30355.15 FNR 2016 31 PC 97.45 29,581.04 106.67 32,379.22 0.3 2.8 Aaa 3.000% 3/25/45 18599.56 FHR 4546 TH 95.41 17,745.16 103.15 19,185.47 0.2 2.4 Aaa 2.500% 12/15/45 10393.51 FNR 2017 56 PA 98.84 10,273.32 104.52 10,862.84 0.1 2.9 Aaa 3.000% 12/25/45 24140.12 GNR 2017 59P 97.97 23,649.60 103.15 24,900.16 0.2 2.9 Aaa 3.000% 4/20/46 28346.36 G2 MA3725 98.06 27,796.88 105.43 29,886.59 0.3 2.8 Aaa 3.000% 6/20/46 27450.1 FIN MA2743 101.31 27,809.98 104.13 28,583.49 0.3 2.9 Aaa 3.000% 9/25/46 6977.51 FIN MA2777 101.00 7,047.32 104.13 7,265.60 0.1 2.9 Aaa 3.000% 10/25/46 30000 FNR 2017-55 HW 93.47 28,040.63 104.19 31,257.42 0.3 2.9 Aaa 3.000% 11/25/46 8687.25 FIN BE2951 101.81 8,844.43 105.14 9,133.83 0.1 2.9 Aaa 3.000% 1/25/47 11182.49 FHR4682LID 94.86 10,607.38 103.73 11,600.09 0.1 2.7 Aaa 2.750% 5/15/47 18816.36 FNR 2018 69 PA 99.32 18,688.34 102.07 19,205.92 0.2 3.4 Aaa 3.500% 5/25/47 16007.88 GNR 2017 991E 100.31 16,058.24 105.25 16,847.67 0.2 2.6 Aaa 2.750% 6/20/47 18373.159 FHR 4713 YH 93.94 17,259.29 102.96 18,917.18 0.2 2.4 Aaa 2.500% 7/15/47 42554.64 FHR 2017 72 GH 99.19 42,208.88 103.07 43,862.86 0.4 2.4 Aaa 2.500% 8/25/47 25203.21 GNR 2017 134PT 98.31 24,777.59 104.95 26,450.49 0.3 2.4 Aaa 2.500% 9/20/47 11975.79 FG T65441 98.94 11,848.61 104.60 12,526.86 0.1 2.9 Aaa 3.000% 10/1/47 40000 FNR 2018 1 HB 95.66 38,262.50 106.39 42,554.69 0.4 2.3 Aaa 2.500% 1/20/48 34482.69 FNR 2018-11 KE 98.84 34,084.14 101.01 34,830.21 0.3 2.0 Aaa 2.000% 3/25/48 28000 FNR 2018 59D 94.75 26,530.00 105.78 29,617.66 0.3 2.8 Aaa 3.000% 4/20/48 36000 GNR 2019-133 EB 92.50 33,300.00 101.85 36,665.16 0.3 2.0 Aaa 2.000% 4/20/49 28738.139 GNR 2019-162 GA 100.75 28,953.68 106.79 30,689.19 0.3 2.8 Aaa 3.000% 10/20/49 35665.99 GNMA 18-26 AD 98.56 35,153.74 103.06 36,756.87 0.3 2.4 Aaa 2.500% 3/16/52 27770.82 GNR 2013-17 AC 98.25 27,284.86 100.23 27,834.82 0.3 1.8 Aaa 1.790% 5/16/53 Accrued Interest 4,726.48 0.0 1,788,423 00 1,889,271.00 17.9 3.0 ------------------------------------------------------------------------- 11,054,085.00 10,546,882.00 100.0 2.7 TOTAL PORTFOLIO ------------------------------------------------------------------------- 11,054,085.00 10,546,882.00 100.0 2.7 Hihlmd Capital 32 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Purchases BARCLAYS-EQ 3/17/20 3/19/20 150.00 AMERICAN INTERNATIONAL GROUP INC 2/3/20 2/5/20 1,490.00 CAPRI HOLDINGS LTD 3/26/20 3/30/20 150.00 CME GROUP INC 3/4/20 3/6/20 200.00 CUMMINS INC 3/3/20 3/5/20 1,161.00 EXELIXIS INC 2/25/20 2/27/20 50.00 HANOVER INSURANCE GROUP 3/3/20 3/5/20 753.00 HORIZON THERAPEUTICS PLC 2/14/20 2/19/20 200.00 LABRATORY CORPORATION OF AMERICA 2/3/20 2/5/20 486.00 MODERNA INC 2/20/20 2/24/20 50.00 NEXTERA ENERGY INC 1/16/20 1/21/20 350.00 TRUIST FINANCIAL CORP CITICORP 2/18/20 2/25/20 55,000.00 KKR GROUP FINANCE CO VII 3.625% Due 02-25-50 COWEN & CO 3/3/20 3/5/20 564.00 CDK GLOBAL INC 2/3/20 2/5/20 657.00 CENTENE CORP 2/3/20 2/5/20 711.00 SERVICE CORP INTERNATIONAL 3/3/20 3/5/20 481.00 VOYA FINANCIAL INC DEUTSCHE 2/3/20 2/5/20 770.00 SINCLAIR BROADCAST GROUP INC 1/9/20 1/13/20 994.00 UNDER ARMOUR INC FTN FINANCIAL 3/3/20 3/6/20 88,369.00 FHR 4823 LV 4.000% Due 10-15-29 1/24/20 1/29/20 28,846.00 FHR 4863 LA 4.000% Due 02-15-43 1/3/20 1/14/20 8,821.00 FIN BE2951 3.000% Due 01-25-47 33 Period Ending 3/31/2020 21.23 3,184.11 0.04 6.00 29.93 44,592.72 0.04 59.60 172.42 25,863.65 0.04 6.00 154.48 30,895.26 0.04 8.00 18.95 22,003.62 0.04 46.44 130.95 6,547.46 0.04 2.00 34.50 25,980.83 0.04 30.12 195.11 39,022.04 0.04 8.00 20.51 9,966.79 0.04 19.44 274.31 13,715.50 0.04 2.00 55.77 19,518.98 0.04 14.00 -------------------------------------------------- 241,291.00 0.04 201.60 99.47 54,710.70 0.00 0.00 45.39 25,597.87 0.03 16.92 62.92 41,341.46 0.03 19.71 48.49 34,475.47 0.03 21.33 54.43 26,178.62 0.03 14.43 -------------------------------- 127,593.40 ............ 0.03 ------ 72.39 30.63 23,584.41 0.02 15.40 19.90 19, 779.21 0.02 19.88 -------------------------------------------------- 43,363.62 0.02 35.28 103.31 91,296.38 0.00 0.00 101.34 29,233.27 0.00 0.00 101.81 8,980.60 0.00 0.00 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund GS Jones Trading Period Ending 3/31/2020 Purchases 1/16/20 1/22/20 50,297.00 G2 784739 102.12 51,365.31 0.00 0.00 4.000% Due 05-20-34 1/3/20 1/8/20 36,000.00 GNR 2019-133 EB 92.50 33,300.00 0.00 0.00 2.000% Due 04-20-49 2/24/20 2/27/20 50,469.44 GNR 2019-162 GA 100.75 50,847.96 0.00 0.00 3.000% Due 10-20-49 -------------------------------------------------- 265,023.50 0.00 0.00 2/10/20 2/13/20 40,000.00 INTEL CORP 99.34 39,736.40 0.00 0.00 3.100% Due 02-15-60 1/28/20 2/4/20 40,000.00 NYU HOSPITALS CENTER 100.00 40,000.00 0.00 0.00 3.380% Due 07-01-55 --------- ----------------------------------------- 79,736.40 0.00 0.00 2/3/20 2/5/20 528.00 ALTRIA GROUP INC 46.62 24,617.52 0.01 5.28 2/3/20 2/5/20 442.00 ANAPLAN INC 59.16 26,148.54 0.01 4.42 3/3/20 3/5/20 302.00 ARMSTRONG WORLD INDUSTRIES 105.29 31,797.46 0.01 3.02 3/3/20 3/5/20 441.00 BERRY PLASTICS GROUP 37.52 16,548.08 0.01 4.41 1/9/20 1/13/20 672.00 CHARLES SCHWAB CORPORATION 48.16 32,366.54 0.01 6.72 3/4/20 3/6/20 400.00 DOMINION ENERGY INC 85.81 34,324.60 0.01 4.00 3/3/20 3/5/20 296.00 EQUIFAX INC 152.14 45,033.50 0.01 2.96 3/3/20 3/5/20 471.00 GUARDANT HEALTH INC 74.44 35,061.15 0.01 4.71 3/10/20 3/12/20 250.00 HONEYWELL INTL INC 154.53 38,632.08 0.01 2.50 3/3/20 3/5/20 385.00 INTERCONTINENTAL EXCHANGE GROUP II 94.20 36,266.11 0.01 3.85 3/5/20 3/9/20 200.00 JOHNSON & JOHNSON 140.50 28,100.18 0.01 2.00 3/3/20 3/5/20 454.00 LENNAR CORP 64.79 29,415.48 0.01 4.54 3/12/20 3/16/20 300.00 NASDAQ STK MKT INC 90.71 27,212.97 0.01 3.00 3/13/20 3/17/20 100.00 NORTHROP GRUMMAN CORP 293.21 29,321.47 0.01 1.00 2/3/20 2/5/20 485.00 PARSLEY ENERGY INC 16.52 8,012.35 0.01 4.85 3/3/20 3/5/20 365.00 PLANT FITNESS INC CL A 68.91 25,152.26 0.01 3.65 3/3/20 3/5/20 411.00 RAYMOND JAMES FINANCIAL INC 82.37 33,852.84 0.01 4.11 3/10/20 3/12/20 100.00 THERMO FISHER SCIENTIFIC INC 298.70 29,870.21 0.01 1.00 3/12/20 3/16/20 300.00 TRUIST FINANCIAL CORP 30.33 9,100.50 0.01 3.00 2/3/20 2/5/20 432.00 UBER TECHNOLOGIES INC 37.39 16,153.99 0.01 4.32 3/3/20 3/5/20 352.00 UNITED AIRLINES HOLDINGS INC 59.83 21,061.08 0.01 3.52 34 Hi bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Purchases 1/24/20 1/28/20 400.00 WEC ENERGY GROUP INC 2/3/20 2/5/20 514.00 WYNDHAM HOTELS & RESORTS INC 3/3/20 3/5/20 369.00 XYLEM INC JP MORGAN BB 1/13/20 1/21/20 38,000.00 RELIANCE STAND LIFE II 2.750% Due 01-21-27 Leerink partners 2/3/20 2/5/20 359.00 AMETEK INC 2/3/20 2/5/20 348.00 CERIDAN HCM HOLDINGS INC 3/3/20 3/5/20 571.00 GoDaddy INC 2/3/20 2/5/20 516.00 ORACLE CORP 2/3/20 2/5/20 345.00 QUALCOMM INC 2/3/20 2/5/20 366.00 WR GRACE & CO MISCHLER FINANCIAL GROUP 1/7/20 1/10/20 39,000.00 AMERICAN HONDA FINANCE 2.047% Due 05-10-23 REDI Period Ending 3/31/2020 99.13 39,651.04 0.01 4.00 58.25 29,938.14 0.01 5.14 81.56 ------- 30,094.16 ------------------------------------------- 0.01 3.69 677,732.30 0.01 89.69 99.72 37,894.36 0.00 0.00 97.95 35,162.51 0.02 7.18 75.19 26,167.51 0.02 6.96 68.42 39,070.50 0.02 11.42 53.19 27,443.61 0.02 10.32 86.22 29,746.94 0.02 6.90 66.81 24,451.62 0.02 7.32. 182,042.70 0.02 50.10 100.00 39,000.00 2/3/20 2/5/20 160.00 ACCENTURE PLC 207.78 33,245.02 3/24/20 3/26/20 400.00 ACTIVISION BLIZZARD INC 54.84 21,934.16 2/3/20 2/5/20 51.00 ALIGN TECHNOLOGY INC 253.65 12,936.24 3/3/20 3/5/20 120.00 ALTRIA GROUP INC 42.45 5,093.59 1/9/20 1/13/20 132.00 AMGEN INC 238.66 31,502.86 3/3/20 3/5/20 140.00 ANAPLAN INC 44.23 6,191.98 1/9/20 1/13/20 120.00 ANTHEM INC 307.30 36,876.07 3/3/20 3/5/20 121.00 ANTHEM INC 263.34 31,864.02 2/3/20 2/5/20 8.00 APPLE INC 309.84 2,478.70 3/3/20 3/5/20 198.00 AUTODESK INC 183.32 36,297.56 3/3/20 3/5/20 261.00 AVALARA INC 81.33 21,227.36 2/3/20 2/5/20 27.00 BROADCOM LTD 305.35 8,244.56 3/3/20 3/5/20 105.00 BURLINGTON STORES INC 217.03 22,788.21 2/3/20 2/5/20 176.00 CARLISLE COS INC 158.51 27,897.41 0.00 0.00 0.01 1.60 0.01 4.00 0.01 0.51 0.01 1.20 0.01 1.32 0.01 1.40 0.01 1.20 0.01 1.21 0.01 0.08 0.01 1.98 0.01 2.61 0.01 0.27 0.01 1.05 0.01 1.76 Hi 9land Capital 35 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Purchases Period Ending 3/31/2020 2/3/20 2/5/20 160.00 CINTAS CORP 282.19 45,150.19 0.01 1.60 3/3/20 3/5/20 155.00 COCA COLA CO 56.43 8,747.21 0.01 1.55 2/19/20 2/21/20 50.00 CONOCOPHILLIPS 59.07 2,953.71 0.01 0.50 3/3/20 3/5/20 229.00 DISCOVER FINANCIAL SERVICES 65.43 14,983.54 0.01 2.29 2/3/20 2/5/20 64.00 ECOLABINC 200.34 12,821.85 0.01 0.64 2/3/20 2/5/20 253.00 ELILILLY & CO 140.88 35,642.46 0.01 2.53 3/3/20 3/5/20 88.00 ESTEE LAUDER COS INC 190.90 16,799.06 0.01 0.88 2/3/20 2/5/20 53.00 EURONET SVCS INC 156.64 8,301.71 0.01 0.53 3/3/20 3/5/20 20.00 EURONET SVCS INC 123.47 2,469.33 0.01 0.20 3/24/20 3/26/20 250.00 FIDELITY NATIONAL INFORMATION SERVI 117.07 29,266.30 0.01 2.50 3/3/20 3/5/20 247.00 FISERV INC 111.06 27,432.81 0.01 2.47 3/3/20 3/5/20 189.00 GRAND CANYON EDUCATION INC 78.88 14,907.94 0.01 1.89 2/19/20 2/21/20 50.00 HANOVER INSURANCE GROUP 137.82 6,890.84 0.01 0.50 3/3/20 3/5/20 224.00 HONEYWELL INTL INC 163.59 36,644.00 0.01 2.24 2/3/20 2/5/20 112.00 HUMANA INC 334.83 37,501.28 0.01 1.12 2/3/20 2/5/20 174.00 INGERSOLL-RAND COMPANY 135.87 23,642.22 0.01 1.74 2/3/20 2/5/20 136.00 INTERNATIONAL BUSINESS MACHINE 146.68 19,948.58 0.01 1.36 3/3/20 3/5/20 227.00 IQVIA HOLDINGS INC 143.41 32,553.53 0.01 2.27 2/3/20 2/5/20 182.00 0HARRIS TECHNOLOGIES INC 221.52 40,317.51 0.01 1.82 3/5/20 3/9/20 250.00 LAS VEGAS SANDS CORP 55.60 13,899.50 0.01 2.50 2/3/20 2/5/20 295.00 LKQ CORP 32.84 9,686.83 0.01 2.95 2/3/20 2/5/20 192.00 LOWES COS INC 118.21 22,697.11 0.01 1.92 3/3/20 3/5/20 245.00 LOWES COS INC 109.42 26,808.19 0.01 2.45 3/3/20 3/5/20 31.00 MASTERCARD INC 299.02 9,269.63 0.01 0.31 3/3/20 3/5/20 127.00 MCDONALDS CORP 200.22 25,428.35 0.01 1.27 2/3/20 2/5/20 14.00 MICROSOFT CORP 173.53 2,429.48 0.01 0.14 2/3/20 2/5/20 59.00 NETFLIX.COM INC 357.60 21,098.19 0.01 0.59 3/3/20 3/5/20 227.00 NEUROCRINE BIOSCIENCES INC 92.61 21,022.83 0.01 2.27 3/3/20 3/5/20 239.00 NORDSON CORP 146.16 34,931.91 0.01 2.39 3/3/20 3/5/20 124.00 NORFOLK SOUTHERN CORP 179.52 22,260.79 0.01 1.24 2/3/20 2/5/20 82.00 NVIDIA CORP 240.14 19,691.69 0.01 0.82 2/3/20 2/5/20 288.00 OKTA INC 128.26 36,938.88 0.01 2.88 2/3/20 2/5/20 37.00 PAYPAL HOLDINGS INC 116.77 4,320.62 0.01 0.37 2/3/20 2/5/20 295.00 PEPSICO INC 142.38 42,002.37 0.01 2.95 3/3/20 3/5/20 143.00 POLARIS INDUSTRIES INC 83.96 12,005.64 0.01 1.43 2/3/20 2/5/20 305.00 POST HOLDINGS INC 105.23 32,094.24 0.01 3.05 2/3/20 2/5/20 20.00 SHERWIN WILLIAMS CO 573.48 11,469.59 0.01 0.20 Hi -bland Capital 36 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Purchases 3/3/20 3/5/20 195.00 SINCLAIR BROADCAST GROUP INC 3/3/20 3/5/20 241.00 SYNOPSYS INC COM 3/3/20 3/5/20 264.00 TEMPUR SEALY INTERNATIONAL INC 2/3/20 2/5/20 36.00 TESLA MOTORS INC 2/3/20 2/5/20 234.00 TEXAS INSTRUMENTS INC 2/3/20 2/5/20 116.00 THE TRADE DESK INC 3/3/20 3/5/20 67.00 THERMO FISHER SCIENTIFIC INC 2/3/20 2/5/20 51.00 UNION PACIFIC CORP 3/4/20 3/6/20 50.00 UNITED AIRLINES HOLDINGS INC 2/3/20 2/5/20 125.00 UNITEDHEALTH GROUP INC 3/3/20 3/5/20 62.00 UNITEDHEALTH GROUP INC 3/3/20 3/5/20 224.00 VERTEX PHARMACEUTICALS INC 2/3/20 2/5/20 281.00 WABTEC CORP strategas 2/3/20 2/3/20 1/9/20 3/17/20 2/3/20 TD SECS 1/9/20 Tradeweb Direct LLC 1/3/20 PURCHASES SUBTOTAL 2/5/20 2/5/20 1/13/20 3/19/20 2/5/20 1/16/20 1/8/20 607.00 AGIOS PHARMACEUTICALS 558.00 CHARLES SCHWAB CORPORATION 1,129.00 DYNATRACE INC 250.00 JOHNSON & JOHNSON 603.00 SSANDC TECHNOLOGIES HOLDINGS INC 35,000.00 WESTPAC BANKING CORP 2.220% Due 01-13-23 Period Ending 3/31/2020 24.30 4,738.36 0.01 1.95 141.15 34,017.80 0.01 2.41 78.54 20,735.72 0.01 2.64 745.75 26,847.15 0.01 0.36 123.01 28,784.36 0.01 2.34 270.77 31,408.95 0.01 1.16 314.41 21,065.72 0.01 0.67 180.59 9,210.17 0.01 0.51 58.48 2,924.21 0.01 0.50 273.44 34,179.45 0.01 1.25 266.09 16,497.34 0.01 0.62 230.54 51,640.65 0.01 2.24 75.98 21,350.91 0.01 2.81 ------ ----------------------- 1,387,008.00 ---------------- 0.01 ----- 98.01 49.42 29,996.91 0.03 18.21 46.01 25,673.36 0.03 16.74 27.85 31,443.55 0.03 33.87 132.55 33,136.83 0.03 7.50 63.92 38,544.24 0.03 18.09 ---------------- ------------- 158,794.90 ---------------- 0.03 ----• 94.41 100.00 35,000.00 0.00 0.00 26,835.00 GNR 2013-100 ME 99.11 26,596.47 0.00 0.00 2.250% Due 02-20-43 -------------------------------------------------- 3,355,788.00 0.00 641.48 -------------------------------------------------- 0.00 641.48 Hihlmd Capital 37 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Sales Period Ending 3/31/2020 3/15/20 3/15/20 32,000.00 AMERIPRISE FINANCIAL INC 100.00 32,000.00 5.300% Due 03-15-20 1/10/20 1/10/20 38,000.00 FFCB 100.00 38,000.00 2.070% Due 06-29-23 70,000.00 0.00 0.00 1/0/00 1/15/20 1/15/20 2,000.00 FHR 3795 YY 100.00 2,000.00 0.00 0.00 4.500% Due 10-15-40 2/18/20 2/18/20 1,000.00 FHR 3795 YY 100.00 1,000.00 0.00 0.00 4.500% Due 10-15-40 3,000.00 0.00 0.00 BARCLAYS-EQ 2/4/20 2/5/20 1.00 ADOBE INC 364.04 364.04 0.04 0.04 3/10/20 3/12/20 350.00 AMERICAN ELEC PWR INC 92.35 32,323.32 0.04 14.00 3/10/20 3/12/20 50.00 AMERICAN FINANCIAL GROUP INC 84.17 4,208.67 0.04 2.00 3/10/20 3/12/20 110.00 AMERICAN FINANCIAL GROUP INC 84.17 9,259.08 0.04 4.40 2/4/20 2/5/20 124.00 AMETEK INC 99.52 12,340.31 0.04 4.96 2/3/20 2/5/20 923.00 APPLIED MATERIALS INC 59.73 55,127.98 0.04 36.92 2/3/20 2/5/20 75.00 APPLIED MATERIALS INC 59.73 4,479.52 0.04 3.00 2/4/20 2/5/20 76.00 CINTAS CORP 285.64 21,708.39 0.04 3.04 2/3/20 2/5/20 1,705.00 ELEMENT SOLUTIONS INC 11.79 20,105.45 0.04 68.20 3/3/20 3/5/20 1,084.00 LKQ CORP 29.02 31,457.09 0.04 43.36 3/3/20 3/5/20 295.00 LKQ CORP 29.02 8,560.74 0.04 11.80 3/3/20 3/5/20 1,234.00 MODERNA INC 27.53 33,973.98 0.04 49.36 3/3/20 3/5/20 486.00 MODERNA INC 27.53 13,380.35 0.04 19.44 3/3/20 3/5/20 945.00 NCR CORPORATION 25.14 23,755.54 0.04 37.80 3/10/20 3/12/20 240.00 OMEGA HEALTHCARE INVS INC 34.14 8,194.30 0.04 9.60 3/10/20 3/12/20 250.00 OMEGA HEALTHCARE INVS INC 34.14 8,535.73 0.04 10.00 2/3/20 2/5/20 994.00 UNDER ARMOUR INC 20.40 20,280.25 0.04 39.76 3/19/20 3/23/20 100.00 UNILEVER NV 48.89 4,888.72 0.04 4.00 3/24/20 3/26/20 400.00 WEC ENERGY GROUP INC 77.95 31,178.67 0.04 16.00 -------------------------------------------------- 344,122.10 0.04 377.68 38 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Sales CITICORP 1/16/20 1/22/20 17,911.75 FHLMC MF K058 Al 2.340% Due 07-25-26 COWEN & CO 2/3/20 2/5/20 667.00 GENPACT LTD 2/3/20 2/5/20 56.00 GENPACT LTD 2/3/20 2/5/20 297.00 TJX COS INC NEW 2/3/20 2/5/20 186.00 TJX COS INC NEW 2/3/20 2/5/20 41.00 TJX COS INC NEW 2/3/20 2/5/20 122.00 TJX COS INC NEW 3/3/20 3/5/20 530.00 WESTERN ALLIANCE BANCORP 3/3/20 3/5/20 514.00 WYNDHAM HOTELS & RESORTS INC DEUTSCHE 3/3/20 3/5/20 498.00 CAPRI HOLDINGS LTD 3/3/20 3/5/20 1,490.00 CAPRI HOLDINGS LTD 2/3/20 2/5/20 831.00 HORIZON THERAPEUTICS PLC 3/3/20 3/5/20 1,976.00 JETBLUE AIRWAYS CORP Jones Trading 2/3/20 2/5/20 137.00 ABBVIE INC 1/9/20 1/13/20 449.00 AMPHENOL CORP 1/9/20 1/13/20 39.00 AMPHENOL CORP 1/9/20 1/13/20 627.00 ATHENE HOLDING LTD 3/25/20 3/27/20 650.00 CAMPBELL SOUP CO 3/3/20 3/5/20 125.00 CARLISLE COS INC 3/3/20 3/5/20 176.00 CARLISLE COS INC 3/3/20 3/5/20 348.00 CERIDAN HCM HOLDINGS INC 3/17/20 3/19/20 900.00 COMCAST CORP 1/21/20 1/23/20 600.00 DELTA AIR LINES INC 1/21/20 1/23/20 50.00 DELTA AIR LINES INC 1/9/20 1/13/20 791.00 EBAYINC 1/9/20 1/13/20 64.00 EBAYINC 2/3/20 2/5/20 365.00 HERBALIFE NUTRITION LTD Period Ending 3/31/2020 100.98 18,088.07 0.00 0.00 44.46 29,655.07 0.03 20.01 44.46 2,489.78 0.03 1.68 60.48 17,963.85 0.03 8.91 60.48 11,250.09 0.03 5.58 60.48 2,479.86 0.03 1.23 60.48 7,379.09 0.03 3.66 45.32 24,017.84 0.03 15.90 51.00 26,216.30 0.03 15.42 -------------------------------------------------- 121,451.90 0.03 72.39 24.39 12,144.01 0.02 9.96 24.39 36,334.48 0.02 29.80 34.26 28,470.63 0.02 16.62 15.23 30,097.96 0.02 39.52 -------------------------------------------------- 107,047.10 0.02 95.90 82.16 11,255.38 0.01 1.37 108.80 48,852.57 0.01 4.49 108.80 4,243.32 0.01 0.39 47.70 29,906.09 0.01 6.27 42.07 27,347.89 0.01 6.50 148.69 18,585.73 0.01 1.25 148.69 26,168.70 0.01 1.76 71.51 24,886.04 0.01 3.48 37.04 33,336.43 0.01 9.00 59.15 35,492.98 0.01 6.00 59.15 2,957.75 0.01 0.50 35.07 27,738.12 0.01 7.91 35.07 2,244.30 0.01 0.64 39.75 14,508.99 0.01 3.65 Hihlmd Capital 39 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Sales 2/18/20 2/20/20 390.00 JP MORGAN CHASE & CO 2/18/20 2/20/20 10.00 JP MORGAN CHASE & CO 2/3/20 2/5/20 530.00 LENNAR CORP 2/3/20 2/5/20 430.00 LPL FINANCIAL HOLDINGS INC 3/3/20 3/5/20 288.00 OKTA INC 3/3/20 3/5/20 305.00 POST HOLDINGS INC 3/20/20 3/24/20 600.00 SERVICE PROPERTIES TRUST 3/20/20 3/24/20 650.00 SERVICE PROPERTIES TRUST 2/20/20 2/24/20 350.00 SIX FLAGS ENTERTAINMENT CORP 3/3/20 3/5/20 26.00 STARBUCKS CORP 3/3/20 3/5/20 136.00 STARBUCKS CORP 3/3/20 3/5/20 119.00 STARBUCKS CORP 3/3/20 3/5/20 24.00 STARBUCKS CORP 3/3/20 3/5/20 432.00 UBER TECHNOLOGIES INC 3/3/20 3/5/20 281.00 WABTEC CORP 3/3/20 3/5/20 366.00 WR GRACE & CO Leerink partners 3/3/20 3/5/20 607.00 AGIOS PHARMACEUTICALS 3/3/20 3/5/20 657.00 CENTENE CORP MARKET AXESS MARKET AXESS 2/10/20 2/12/20 40,000.00 NYU HOSPITALS CENTER 3.380% Due 07-01-55 MESIROW 2/18/20 2/20/20 40,000.00 CONSOLIDATED EDISON CO 5.700% Due 06-15-40 MITSUBISHI UFJ MARKET AXESS 1/28/20 1/30/20 40,000.00 COMCAST CORP 3.450% Due 02-01-50 PIPERJAFFRAY 1/16/20 1/21/20 15,000.00 SAN FRANCISCO CA CITY & CNTY PUB UTII 3.700% Due 11-01-32 40 Period Ending 3/31/2020 135.54 52,859.78 0.01 3.90 135.54 1,355.38 0.01 0.10 66.77 35,390.70 0.01 5.30 91.60 39,387.09 0.01 4.30 132.90 38,275.27 0.01 2.88 101.94 31,090.92 0.01 3.05 5.66 3,394.19 0.01 6.00 5.66 3,677.03 0.01 6.50 31.30 10,953.49 0.01 3.50 79.66 2,071.26 0.01 0.26 79.66 10,834.31 0.01 1.36 79.66 9,480.02 0.01 1.19 79.66 1,911.94 0.01 0.24 33.07 14,285.96 0.01 4.32 66.41 18,662.40 0.01 2.81 57.77 -------------------------------------------------- 21,145.25 0.01 3.66 602,299.30 0.01 102.58 47.25 28,682.23 0.02 12.14 54.98 36,122.64 0.02 13.14 -------------------------------------------------- 64,804.87 0.02 25.28 102.87 41,147.20 0.00 0.00 139.29 55,717.20 0.00 0.00 106.19 42,477.60 0.00 107.85 16,177.65 0.00 0.00 0.00 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund REDI Period Ending 3/31/2020 Sales 2/3/20 2/5/20 21.00 ADOBE INC 356.31 7,482.46 0.01 0.21 2/3/20 2/5/20 21.00 ADOBE INC 356.31 7,482.46 0.01 0.21 3/3/20 3/5/20 4.00 ADOBE INC 354.07 1,416.28 0.01 0.04 3/3/20 3/5/20 7.00 ADOBE INC 354.07 2,478.49 0.01 0.07 3/3/20 3/5/20 71.00 ALIGN TECHNOLOGY INC 228.58 16,229.29 0.01 0.71 3/3/20 3/5/20 51.00 ALIGN TECHNOLOGY INC 228.58 11,657.66 0.01 0.51 3/3/20 3/5/20 232.00 AMERIPRISE FINANCIAL INC 142.55 33,071.09 0.01 2.32 3/3/20 3/5/20 235.00 AMETEK INC 88.54 20,806.49 0.01 2.35 2/3/20 2/5/20 120.00 ANTHEM INC 266.01 31,921.14 0.01 1.20 2/3/20 2/5/20 115.00 AUTOMATIC DATA PROCESSING INC 173.87 19,994.65 0.01 1.15 2/3/20 2/5/20 237.00 AVALARA INC 87.05 20,630.80 0.01 2.37 3/26/20 3/30/20 90.00 BERKSHIRE HATHAWAY INC 182.09 16,388.45 0.01 0.90 3/26/20 3/30/20 110.00 BERKSHIRE HATHAWAY INC 182.09 20,030.32 0.01 1.10 1/16/20 1/21/20 50.00 BLACKROCK INC 534.89 26,744.52 0.01 0.50 2/3/20 2/5/20 1.00 BOEING CO 316.89 316.89 0.01 0.01 2/3/20 2/5/20 16.00 BOEING CO 316.89 5,070.30 0.01 0.16 2/3/20 2/5/20 5.00 BOEING CO 316.89 1,584.47 0.01 0.05 2/3/20 2/5/20 5.00 BOEING CO 316.89 1,584.47 0.01 0.05 2/3/20 2/5/20 41.00 BOEING CO 316.89 12,992.64 0.01 0.41 2/3/20 2/5/20 267.00 BRISTOL-MYERS SQUIBB CO 63.50 16,955.50 0.01 2.67 2/3/20 2/5/20 36.00 CIGNA CORP 192.76 6,939.46 0.01 0.36 3/3/20 3/5/20 143.00 CIGNA CORP 191.51 27,386.61 0.01 1.43 3/3/20 3/5/20 110.00 CIGNA CORP 191.51 21,066.62 0.01 1.10 3/3/20 3/5/20 84.00 CINTAS CORP 277.00 23,267.91 0.01 0.84 2/3/20 2/5/20 126.00 COCA COLA CO 58.73 7,399.62 0.01 1.26 2/3/20 2/5/20 295.00 COMCAST CORP 42.92 12,661.63 0.01 2.95 2/3/20 2/5/20 1.00 COSTCO WHOLESALE CORP 304.03 304.03 0.01 0.01 2/3/20 2/5/20 38.00 COSTCO WHOLESALE CORP 304.03 11,552.96 0.01 0.38 2/3/20 2/5/20 25.00 COSTCO WHOLESALE CORP 304.03 7,600.63 0.01 0.25 2/3/20 2/5/20 8.00 COSTCO WHOLESALE CORP 304.02 2,432.20 0.01 0.08 2/3/20 2/5/20 190.00 DYNATRACE INC 29.83 5,668.04 0.01 1.90 3/3/20 3/5/20 202.00 DYNATRACE INC 31.60 6,383.19 0.01 2.02 2/3/20 2/5/20 109.00 EDWARDS LIFESCIENCES CORP 220.75 24,061.46 0.01 1.09 2/3/20 2/5/20 92.00 ESTEE LAUDER COS INC 196.78 18,104.20 0.01 0.92 2/3/20 2/5/20 6.00 HOME DEPOT INC 232.27 1,393.64 0.01 0.06 2/3/20 2/5/20 20.00 HOME DEPOT INC 232.27 4,645.46 0.01 0.20 41 Hi -bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Sales Period Ending 3/31/2020 2/3/20 2/5/20 29.00 HOME DEPOT INC 232.27 6,735.91 0.01 0.29 2/3/20 2/5/20 90.00 HOME DEPOT INC 232.27 20,904.56 0.01 0.90 2/3/20 2/5/20 46.00 HOME DEPOT INC 232.27 10,684.55 0.01 0.46 2/3/20 2/5/20 9.00 HOME DEPOT INC 232.27 2,090.46 0.01 0.09 2/3/20 2/5/20 47.00 HOME DEPOT INC 232.27 10,916.82 0.01 0.47 2/3/20 2/5/20 5.00 HOME DEPOT INC 232.27 1,161.36 0.01 0.05 1/9/20 1/13/20 100.00 HUMANA INC 367.62 36,762.26 0.01 1.00 3/3/20 3/5/20 112.00 HUMANA INC 333.01 37,297.16 0.01 1.12 2/3/20 2/5/20 71.00 IAC / INTERACTIVECORP 247.35 17,561.94 0.01 0.71 3/3/20 3/5/20 250.00 JAZZ PHARMACEUTICALS PLC 117.48 29,369.10 0.01 2.50 2/3/20 2/5/20 333.00 JETBLUE AIRWAYS CORP 20.03 6,668.95 0.01 3.33 2/3/20 2/5/20 259.00 KEYSIGHT TECHNOLOGIES INC 93.47 24,209.83 0.01 2.59 2/3/20 2/5/20 44.00 KEYSIGHT TECHNOLOGIES INC 93.47 4,112.87 0.01 0.44 3/3/20 3/5/20 182.00 L3HARRIS TECHNOLOGIES INC 202.02 36,767.62 0.01 1.82 2/3/20 2/5/20 177.00 LAM RESH CORP 307.58 54,442.07 0.01 1.77 2/3/20 2/5/20 15.00 LAM RESH CORP 307.58 4,613.73 0.01 0.15 2/3/20 2/5/20 28.00 LOCKHEED MARTIN CORP 425.08 11,902.25 0.01 0.28 2/3/20 2/5/20 25.00 LOCKHEED MARTIN CORP 425.08 10,627.01 0.01 0.25 2/3/20 2/5/20 57.00 LOCKHEED MARTIN CORP 425.08 24,229.57 0.01 0.57 2/3/20 2/5/20 8.00 MASTERCARD INC 323.33 2,586.66 0.01 0.08 2/3/20 2/5/20 10.00 MASTERCARD INC 323.33 3,233.33 0.01 0.10 2/3/20 2/5/20 39.00 MASTERCARD INC 323.33 12,609.99 0.01 0.39 2/3/20 2/5/20 45.00 MASTERCARD INC 323.33 14,549.99 0.01 0.45 2/3/20 2/5/20 106.00 NORTHROP GRUMMAN CORP 365.03 38,693.23 0.01 1.06 3/3/20 3/5/20 68.00 NVIDIA CORP 270.99 18,427.23 0.01 0.68 3/3/20 3/5/20 49.00 NVIDIA CORP 270.99 13,278.45 0.01 0.49 1/9/20 1/13/20 215.00 PAYLOCITY HOLDING CORP 132.67 28,523.24 0.01 2.15 2/3/20 2/5/20 76.00 PIONEER NATURAL RESOURCES CO 133.50 10,145.75 0.01 0.76 2/3/20 2/5/20 46.00 PIONEER NATURAL RESOURCES CO 133.50 6,140.85 0.01 0.46 2/3/20 2/5/20 79.00 PIONEER NATURAL RESOURCES CO 133.50 10,546.24 0.01 0.79 2/3/20 2/5/20 62.00 PIONEER NATURAL RESOURCES CO 133.50 8,276.80 0.01 0.62 3/20/20 3/24/20 350.00 RYDER SYS INC 26.84 9,392.74 0.01 3.50 2/3/20 2/5/20 43.00 SALESFORCE.COM INC 184.99 7,954.53 0.01 0.43 2/3/20 2/5/20 33.00 SALESFORCE.COM INC 184.99 6,104.64 0.01 0.33 2/3/20 2/5/20 12.00 SALESFORCE.COM INC 184.99 2,219.87 0.01 0.12 2/3/20 2/5/20 24.00 SALESFORCE.COM INC 184.99 4,439.73 0.01 0.24 3/3/20 3/5/20 67.00 SERVICENOW INC 336.42 22,539.92 0.01 0.67 Hi bland Capital 42 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Sales 3/3/20 3/5/20 48.00 SERVICENOW INC 2/3/20 2/5/20 233.00 SKYWORKS SOLUTIONS INC 2/3/20 2/5/20 187.00 SPIRIT AEROSYSTEMS HOLDINGS INC 3/3/20 3/5/20 84.00 SSANDC TECHNOLOGIES HOLDINGS INC 2/3/20 2/5/20 228.00 SYSCO CORP 2/3/20 2/5/20 195.00 T-MOBILE US INC 3/3/20 3/5/20 234.00 TEXAS INSTRUMENTS INC 3/3/20 3/5/20 116.00 THE TRADE DESK INC 2/3/20 2/5/20 115.00 THERMO FISHER SCIENTIFIC INC 2/3/20 2/5/20 300.00 UNITED AIRLINES HOLDINGS INC 2/3/20 2/5/20 159.00 VISA INC 2/3/20 2/5/20 48.00 VISA INC 2/3/20 2/5/20 5.00 VISA INC strategas 2/3/20 2/5/20 618.00 ACTIVISION BLIZZARD INC 2/3/20 2/5/20 532.00 ADVANCED MICRO DEVICES INC 3/3/20 3/5/20 672.00 CHARLES SCHWAB CORPORATION 3/3/20 3/5/20 558.00 CHARLES SCHWAB CORPORATION 3/3/20 3/5/20 711.00 SERVICE CORP INTERNATIONAL 3/10/20 3/12/20 550.00 VENTASINC 3/24/20 3/26/20 20.00 VERIZON COMMUNICATIONS INC 3/24/20 3/26/20 300.00 VERIZON COMMUNICATIONS INC 3/24/20 3/26/20 180.00 VERIZON COMMUNICATIONS INC SUSQUEHANNA MARKET AXESS 1/13/20 1/15/20 38,000.00 AFLAC INC 3.625% Due 11-15-24 UNASSIGNED 3/10/20 3/10/20 0.54 INGERSOLL RAND INC 3/3/20 3/5/20 24.00 TRANE TECHNOLOGIES PLC WACHOVIA SECURITIES INC-0 3/16/20 3/16/20 2,000.00 FHR 3795 YY 4.500% Due 10-15-40 SALES SUBTOTAL 43 Period Ending 3/31/2020 336.42 16,148.00 0.01 0.48 114.75 26,736.59 0.01 2.33 64.63 12,085.34 0.01 1.87 56.06 4,709.36 0.01 0.84 76.88 17,528.54 0.01 2.28 79.62 15,524.99 0.01 1.95 114.77 26,855.88 0.01 2.34 283.84 32,925.84 0.01 1.16 318.82 36,664.56 0.01 1.15 75.41 22,623.70 0.01 3.00 200.65 31,903.83 0.01 1.59 200.65 9,631.34 0.01 0.48 200.65 1,003.27 0.01 0.05 -------------------------------------------------- 1,280,768 0 0.01 83.47 58.38 36,081.49 0.03 18.54 47.51 25,276.87 0.03 15.96 39.13 26,293.03 0.03 20.16 39.13 21,832.61 0.03 16.74 50.21 35,701.65 0.03 21.33 42.58 23,419.53 0.03 16.50 49.91 998.15 0.03 0.60 49.91 14,972.25 0.03 9.00 49.91 8,983.35 0.03 5.40 -------------------------------------------------- 193,558.90 0.03 124.23 107.05 40,680.14 0.00 0.00 30.65 16.48 0.00 0.00 105.17 2,524.11 0.00 0.00 -------------------------------------------------- 2,540.59 0.00 0.00 100.00 2,000.00 0.00 0.00 -------------------------------------------------- --------------------------------- 3,005,881.00 0.00 881.53 ----------- ------ 0.00 881.53 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary r r r 1 I ■ 4 a 6075 Poplar Avenue, Suite 703, Memphis, TN 38119 Tel: 407-839-8440 1 Fax: 407-841-2814