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2nd Quarter ending 6-30-2020
Nwfts ww�i Sebastian Police Officers' Pension Fund Investment Review Period Ending June 30, 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 11 Performance Returns for Various Periods Page 12 Equity Sector Allocation and Returns Page 13 Top Ten Holdings Page 15 International ADR Country Allocation Page 16 Fixed Income Characteristics Page 18 Portfolio Holdings Page 22 Purchases and Sales Page 34 Period Ending 6/30/2020 Hi bland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund 2Q20 Equity Commentary Period Ending 6/30/2020 The second quarter of 2020 will be remembered for unprecedented GDP for Q1 2020 contracted at a 5% rate, but did not capture the events that saw the US in the continuing grips of a pandemic, social impacts of Covid 19 for the full quarter. The Q2 will bear the brunt upheaval, protests, and the beginning of a recession. The bear of the shutdown, and the Fed's GDP Now model is forecasting a market that was entered in March lasted a mere 4 weeks. There has decline of 39.5%. GDP for 2020 will probably be down between 5 — never been a bear market associated with a recession that lasted 8%. such a short time. As unsettling as the events have been, the market managed to rebound strongly from the near 20% drop in Q1, and posted a gain of 20.5% for Q2, making it the best quarter since 1998. In the midst of such uncertainty, dire unemployment, and GDP numbers, we are frequently asked how can this be? The simple answer is that money has flooded into the system from both the Fed and Congress. The Fed came to the rescue by pumping roughly $2.8 trillion of liquidity into the economy from mid March to the end of June. Congress has passed three different measures that have added another $3 T through various programs such as Paycheck Protection, expanded unemployment insurance benefits, and cash relief payments. The combined efforts amount to almost 23% of US GDP! And if that isn't enough, the House is working on another $3 T (The HEROES Act). The goal of all this money is to provide a bridge of support until the economy can fully re -open, which most likely means help is needed until an effective vaccine can be produced. The current unemployment rate is 11.1%, as a surprising 4.8 million jobs were added back in June. However, the U6 unemployment rate, which includes part time workers seeking full time employment as well as discouraged workers no longer seeking jobs, is at 18% for June. While improving, these numbers are ugly, and the fortunes of the economy moving forward will depend on how quickly these displaced workers can return to the payrolls. What can we expect in the months ahead? The pandemic is highly uncertain, and companies have withdrawn earnings guidance. As a result, forecasts are more nebulous than ever. What is certain is that the Covid 19 curve will drive the outcome, either good or bad. We believe that it is highly unlikely that a total shutdown of the economy will occur again. The damage it imposes is simply too great. If the curve flattens we will see the economy continue to reopen, with jobs returning and consumer confidence improving. If not, more American's will choose to shelter in place on their own, and the economy will struggle to regain its footing until an effective therapeutic is found or a vaccine is developed. The back half of 2020 is likely to be volatile as these events unfold, and as each data point is scrutinized to ascertain if it means the economy is recovering in a V (best case scenario with a quick move up), U (stays down longer before moving up), or W (up and down, up and down). We think the odds of a V recovery are slim, but do continue to hold that there is a finite timeline to the end of this situation. The market has moved positively on news of vaccine advances, but we tend to believe that a more likely timeframe for mass production and inoculation of a large portion of the population is probably a spring 2021 event. Highland Capital MANAGEMENT, LLC An ArgentCompany Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 2Q20 Equity Commentary Second Quarter Market Recap: The S&P return of just over 20% in "work from home" environment that has developed in the era of the quarter was driven by the Technology and Consumer Covid, a number of tech companies have become "all weather" Discretionary components of the index. Amazon, Microsoft, Apple, Google, and Facebook now comprise almost 22% of the S&P. Consumer Discretionary was the top performing sector for the quarter gaining 32.9% (driven by Amazon +41%), and Technology was the second best performing group adding 30.5%. There was a clear cyclical tilt to performance in Q2 as both Energy and Materials posted respective returns of 30.5% and 26% as commodity prices recovered, with oil bouncing off its lows and gaining over 90% for the quarter. As you would expect in a "risk on" market environment, the more defensive sectors such as Consumer Staples and Utilities lagged returning 8.1% and 2.7%. The Tech sector is up 15% YTD, and Consumer Discretionary is up 7.2%. Every other sector of the market is negative for the year, indicating the very narrow breadth of the market. For the first half of 2020 the S&P returned -3.1% including dividends. The outsized returns that Tech has generated in 2020 has created great disparity in returns. For instance, while the S&P is down just over 3% YTD, the equal weighted S&P (each company held in the same proportion) is down 10.8%. Perhaps nowhere is the impact of the Tech dominance more widely seen than in the spread of performance between the Growth and Value styles. Year to date the Large Cap Growth Index is up 9.8% (highly tech weighted), while the Large Cap Value Index is down 16.2% (heavily weighted in Financials and Cyclicals). Whether or not this can continue is one of the toughest calls that investment managers are having to make. With their strong balance sheets and ability to accommodate the holdings, exhibiting the ability to thrive in almost any scenario. However, in every recession over the past 40 years, value stocks have led the market coming out of the recession. We should soon know if this time is going to be different. Outlook: In the current environment it's difficult to be anything but cautious with the level of uncertainty in the global economy. While we are all glad that the market has recovered, we must admit that it's uncomfortable that the market is only 7% below its all time high given the elevated unemployment and contraction in GDP. The Fed has simply answered the bell and indicated they will provide liquidity as needed, and the market has viewed the Fed as providing a backstop to the market. As a result, even though we would view upside on the market as limited from this level, we also don't expect a significant drawdown. If the next move in the market is down, it would likely be triggered by earnings reports and outlooks that are worse than expected. However, we doubt strongly that the market lows of March would be retested in any pullback. It's fairly safe though to say that volatility will continue. And yes, there is money on the sidelines as many investors are holding some cash.. Yet today, money market assets represent just 20.5% of the capitalization of the S&P, well below the levels of money market assets in the Great Recession, and after the Tech Bubble, when money market assets represented 63.7% and 31.3% of the S&P market cap. This level of cash is unlikely to drive the market higher. Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund 2Q20 Equity Commentary In addition, individual investors have continued to on balance take money out of stocks and put it into bond funds. The next major move in the equity market will likely be driven by investors rotating out of bonds and into stocks. The money supply is growing at a 20% plus rate year over year, indicative of the Fed easy money policy, yet the velocity of money is plummeting, making it difficult for those funds to spur growth. So, while the bull case sees the Fed and fiscal stimulus as bridging the gap until the economy can fully reopen, the bears view it as simply plugging a hole in the dam that will eventually burst. None of us has a crystal ball, but we will be monitoring the weekly initial unemployment claims and the monthly jobs numbers as perhaps our best indicators as to where we may be headed. The reason for this is simple — the US economy is 70% consumer driven. If people have jobs they spend money, and GDP expands. If not, consumption slows and savings rates increase to provide the cushion to weather the storm. And while it may only be July, the market will start to discount the 2020 election at some point in the third quarter. Potential changes in tax rates and economic policy will begin to be factored into their impacts on earnings in 2021 and beyond. Valuation: As we said in last quarter's report, valuation is tough when you really don't know what earnings will be. That has not changed any in the last three months. The number of companies willing to offer earnings guidance is half the norm. Just since March 31st, estimated S&P earnings for Q2 have been cut by 36.6%. Period Ending 6/30/2020 This is the largest quarterly decrease in estimates since Factset began tracking the data in 2002, and the worst since the Q4 of 2008. Q2 eps is now expected to be down 43.9% from Q2 of 2019. Full year 2020 earnings are forecasted to decline 21.6%, and this is down from a projected decline of just 3.4% as of March 31st. The second quarter should mark the low point for earnings this cycle, as Q3 is projected at-25.4%, and Q4 at-12.8%. The market should get back on track with positive earnings in 2021, as Q1 2021 is currently expected to show an increase of 12.6%, and full year 2021 eps should grow almost 29% coming off a depressed 2020. The current 12 month forward price earnings ratio for the market is 21.7X, versus the 5 year average of 16.9X, and the 25 year average of 16.4X. On a price to cash flow basis the market is selling at 14.9X cash flow versus the 25 year average of 10.6X. We all understand that earnings are depressed for 2020 due to the shutdown of the economy for a portion of the year. In that context, we must discount 2020, and look ahead to a more normalized 2021. The challenge for the rest of this year will be to determine how much, or how little, the damage of 2020 will impact companies profit statements moving forward. Navigating the markets is never easy, and the next several quarters could be challenging. We will continue to focus our efforts on identifying and owning companies that have the financial metrics to withstand the vagaries of the economic cycle, and can position themselves to compete effectively with their competition. 3 Hi Mond Capital MANAGEMENT, LLC An ArgentCompany Sebastian Police Officers' Pension Fund 2Q20 Equity Commentary Period Ending 6/30/2020 It's quite an understatement to say that this has been a strange year for everyone. But, first and foremost, we hope that you will continue to stay safe and healthy. Always remember that we are here to serve you, and to answer any questions or concerns that you may have. Again, thank you for your trust, and reach out to us if we can assist you in any way. Highland Capital MANAGEMENT, LLC An ArgentCompany Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 2Q20 Large Cap Value Equity Commentary Second quarter portfolio performance was in line with the advance in the benchmark off the February lows. Recalling our commentary during the first quarter, we were busy rotating the portfolio out of the more defensive names and into those that would benefit from the anticipated bounce. Looking back, we should have been more aggressive in our positioning, targeting companies that were not necessarily statistically cheap, but rather more sensitive to extreme fed stimulus. Extreme underweighting in Consumer Staples, Utilities and Real Estate sectors proved fruitful, but was offset by over weights in Consumer Discretionary, Industrials and Info Tech, that were strategically correct, yet tactically lagged in the names chosen by the model. Examples in the Consumer Discretionary Sector include Las Vegas Sands, Ford and GM, each of which failed to rally in the quarter despite attractive valuation and future outlook. Same story in the Industrial Sector where defense names like Northrop Grumman, Raytheon and Honeywell remained depressed during an explosive quarter for the benchmarks. The disparity in performance between the growth and value benchmarks has been spoken about in these quarterly pages ad nauseum. Nonetheless, the annual rebalancing of the Russell benchmarks was noteworthy for the extreme positioning resulting from the performance gap. Looking forward into the rest of 2020, Technology has risen to 9.94% of the index from 6.2% during the first half. Companies like Google, Twitter and Zillow have been put into the Russell Value indexes Telecom Services Sector. Starbucks (P/E 28.7) is now a "value" Consumer Discretionary company. Quantitative processes like ours are indifferent to the individual choices periodically moved into or out of our indexes, but at this writing the value index is 839 names diversified across 11 economic sectors versus printed here: Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 2Q20 Large Cap Value Equity Commentary If one were to begin investing today with a multi year forward outlook, it seems difficult to imagine the growth index continuing its climb relative to the value index much longer. What may serve as the trigger is difficult to pinpoint, but unless growth index companies have reached a permanent new high in the markets, then it seems reasonable to think "value" may be recognized as an opportunity rather than a mistake. Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund 2Q20 Large Cap Growth Equity Commentary Markets rebounded in dramatic fashion during the 2nd quarter, with the Russell 1000 Growth Index up 27.84%. The combination of record fiscal stimulus and aggressive action from the Federal Reserve led investors to look through a continued pandemic, social unrest, and poor (but better than expected) economic data. With the Federal Government and Federal Reserve all but guaranteeing extraordinary economic support through this crisis; investors focused on 2021 and the return to growth. By Sector All sectors were positive during the quarter, reversing Q1 trends. Energy went from worst to first. After being the worst performing sector in Q1, the group led the way in Q2, up almost 41%. The first quarter's headwinds, COVID related demand destruction and a Saudi/Russia price war, largely abated allowing the group to rally. Consumer Discretionary stocks were the next best performing group, up 38% on a resilient US consumer. Retail stocks rebounded, with massive gains in online shopping players like Wayfair, Etsy, and Carvana (up 270%, 176%, 118% respectively). Of course, the largest online retailer, Amazon, rose 41.5% in Q2. At 6.6% of the Index; AMZN contributed almost half of the sector's total return. Information Period Ending 6/30/2020 By Factor Factor performance was choppy during the quarter. There appeared to be a tug of war between value and growth stocks within the Russell 1000 Growth Index. Quantitative investors have been looking for a rotation into value factors which have underperformed for several years. While this quarter saw some bursts of value outperformance; we believe this was a function of the "economy re -opening trade" and not a shift of investors actively rotating into low valuation. Strong value performance bursts were also correlated with strong returns for equities with the highest leverage and highest trailing 1-month volatility (Airlines, Cruise Lines, Banks, Theme Parks). Ultimately, growth factors ended up winning in the quarter, ramping during the month of June while value/leverage/volatility sold off. 14 12 — lU a 4 Technology stocks rose 33.6%, as the sector provided an ideal combination z of growth and strong balance sheets. Investors continued to seek out 0z strong growth within the sector despite climbing valuations. The software _4 group's forward Price to Sales ratio rose from 5.7x to almost 9x during the qyo atio otia Quo otia �yo tia gtio qyo a otio Qya �,yo �yo o ago rya second quarter. ti11� oA`' �41 �1� 1 ti41 41 o�y" titi1� �4" ti-1q �1� 1 �_r o41 �1ti �$1� rytK1 �Cyn Factor Performance vs Benchmark Generic Growth Excess Return Generic Value Excess Return �Hnhland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 2Q20 Large Cap Growth Equity Commentary Highland Large Cap Growth Performance The Russell Rebalance, cont: Large Cap Growth outperformed during the second quarter. In early April, Of the 72 names added; most were smaller market cap additions in the we were able to aggressively rotate within our quantitative process, Technology and Healthcare sectors. The average market cap of the new adding more active factor exposure to growth. The portfolio benefited securities is —$18B vs the Index average at —$60B; with a 1Y forward Price to from this increased exposure throughout the quarter. This shift included a Sales Ratio of 16.4x vs the Index at 4.0x. larger weighting Information Technology, where we gained the most alpha throughout Q2. Software was source of strength, generating returns from both an overweight allocation and strong security selection within the model. Healthcare performed well, producing outperformance in Pharmaceuticals and Biotechnology. Health Care Equipment was a slight drag within the sector. The biggest source of underperformance was cash drag early in the quarter. Uncertain conditions and reduced visibility led us to hold slightly higher cash as dry powder. We corrected course mid -way in Q2, but the market's strong rebound made any amount of cash a performance net negative. The Russell Rebalance Hitting a Moving Target Every year, the Russell Indices are rebalanced after the close of trading on the last Friday of June. This year was the one of the most dramatic growth index reconstitutions since inception in 1992. The top three security weightings (MSFT, AAPL, AMZN) now account for 28.6% of the Index. 173 securities were removed from the index and 72 new names were added. Net, the index went from 536 securities to 435, the lowest security since at least 1995. The index now contains zero exposure to Banks or Airlines. We did gain one whole utility company and are down to two energy names. Outlook The growth index is now at all-time highs in the face of unprecedented economic uncertainty. Virtually of the gains have come from valuation expansion. This combination provides limited visibility into future returns. On the other hand, federal and fiscal policy is extremely accommodative and will likely continue. Low interest rates and extraordinary monetary policy push valuations higher. The fact also remains that a large portion of the growth universe is benefitting from the pandemic and investment around cloud computing/work from home trends. When constructing the portfolio, we will continue to follow our discipline, but tilt our process to be more selective around stocks with extreme valuations. Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 2Q20 Fixed Income Portfolio Manager Commentary The unprecedented stimulus provided by the Federal Reserve Toyota, Apple, and AT&T as part of its emergency lending program in helped deliver stability in the bond market during the second quarter, a much -needed break from the chaos in March. The Federal Reserve is trying to keep credit flowing for all aspects of the economy including: small/large business, municipalities and households. The Federal Reserve's balance sheet has ballooned since March, increasing to over $7 trillion from about $4 trillion. Additionally, the Federal Reserve is contemplating new forms of "stimulus" such as targeting specific yields on Treasury securities (i.e. yield curve control). This type of stimulus has been used in Japan since late 2016 as a way to stimulate their economy. Many market forecasters believe the Federal Reserve will adopt a yield response to the pandemic. Since the Federal Reserve attempted to unfreeze the credit markets in March, the spread (or additional yield) on investment grade debt has declined by approximately 60%. US corporations continue to benefit from exceptionally low rates within international markets. For example, the 10-year German Treasury equivalent yields-0.41%. Foreign investors looking for incremental yield have gravitated towards the US investment grade market to enhance income and the trade has been more advantageous with currency hedging costs declining. Outside of the corporate bond market, the Federal Reserve now owns more than $2 trillion in agency mortgage backed securities. In March, agency mortgage curve control policy later this year. In May, the Federal Reserve Bank spreads traded at the widest level since the global financial crisis. of New York President John Williams said policy makers are Within just seven weeks (starting March 161"), the Fed purchased "thinking very hard" about targeting specific yields on Treasury securities as a way of keeping borrowing cost low for the foreseeable future. We do not believe the Fed will implement negative interest rates, as that policy has been deemed somewhat ineffective to stimulate growth. On June 10th, Federal Reserve Chairman Jerome Powell held a press conference after the two-day meeting of the FOMC ended. The Fed left interest rates unchanged. However, they signaled to the market that short-term rates are projected to stay low until 2022. Along with the decision on rates, the Fed projects the US economy will shrink 6.5% in 2020 and grow by 5% in 2021. On June 16th, the Federal Reserve started buying bonds issued by companies including over $600 billion in mortgage securities bringing spreads back to reasonable levels. However, mortgage spreads are still wide by historical standards and offer value compared to the Treasury market. The Fed currently owns approximately 30% of the agency mortgage market and is projected to own 40% by the end of 2020. Companies insulated from the pandemic have been able to tap the bond market at historically low interest rates. For example, Amazon borrowed $10 billion in June at one of the cheapest ever borrowing costs. They issued three-year debt that yielded only 0.4%. This is in stark contrast to airlines/hotels/cruise lines who have been forced to raise cash in some instances above 10%. Corporations have already raised more than $1 trillion in 2020 doubling the pace in 2019. Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 2Q20 Fixed Income Portfolio Manager Commentary Approximately 70% of the new issuance was brought to market in The driver of interest rates going forward will be a combination of the nine weeks since the Fed announced it would support corporate several factors including (1) the containment of Covid-19 (2) the bonds on March 23rd. The second quarter generated another positive rate of return for the bond market as interest rates remain close to historical lows. Treasuries are up 8.7% in 2020, generating the best first-half performance in the Bloomberg Barclays US Treasury index since 1995. The Bloomberg Barclays Aggregate increased 2.90% during the quarter bringing year-to-date performance to 6.14%. The Bloomberg Barclays Intermediate US Gov/Credit index increased 2.81% during the quarter bringing year- to-date performance to 5.28%. Benefiting from the actions of the ongoing stimulus provided by the Federal Reserve (3) growth rebounding not only in the US, but also in Europe/Asia and (4) increased inflation expectations. Current inflation readings are below trend and well-off targeted levels of the Federal Reserve. We believe the Federal Reserve will continue to keep rates low until inflation is consistently approaching 2%. The US government has provided more than $3 trillion to stimulate the economy, interest rates are currently pricing in very little upside to economic growth in the foreseeable future. We believe investors should be cautious about potential Federal Reserve, risky credit assets outperformed during the quarter surprises regarding growth/inflation that are not currently priced into helping to offset the awful relative performance during the first the market. quarter. For example, junk bonds appreciated 10.18% during the quarter which was the best three-month period since September 2009. The Municipal bond market was up 2.72% during the quarter, which brings performance to positive levels for the year (+2.08%). Similar to the corporate bond market, investors were compensated for taking incremental risk this quarter. After a challenging first quarter, muni investor inflows have picked back up on possible higher levels of comfort surrounding the large state budget shortfalls. The Federal Reserve has also provided liquidity to the market via the Municipal Liquidity Facility. The Fed is attempting to ease borrowing pressures on state and local governments. 10 Hnhland Capital MANAGEMENT, LLC An Argent Compary Sebastian Police Officers' Pension Fund Total Return Summary Quarter $10,546,882 $12,077,430 $1,530,548 (4/1/20 - 6/30/20) Fiscal Year to Date (10/1/19 - 6/30/20) $11,665,527 $12,077,430 $411,903 Five Year Five 5 - 6/30/2 $11,918,893 $12,077,430 $158,537 Period Ending 6/30/2020 $86 -$13,778 $1,544,240 14.65% $4,117 -$43,067 $450,852 3.87% $5,536,838 -$9,112,289 $3,733,987 37.38% Asset Allocation o Cash u Value u Growth u International J Fixed Income 6.56% o Cash o Value V Growth u International Fixed Income Cash $235,588 2.2% Cash $722,683 6.0% Value $2,670,160 25.3% Value $2,998,120 24.8% Growth $3,199,440 30.3% Growth $4,012,022 33.2% International $563,193 5.3% International $670,541 5.6% Fixed Income $3,878,501 36.8% Fixed Income $3,674,065 30.4% Hihlmd Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Performance Returns for Various Periods 0%©10% 20% 30% 40% -20% -10% 0% 10% 20% 30% Total Total / Value Value 1�1 Growth Growth International International Fixed Income Fixed Income Total Value Growth International Fixed Income Period Ending 6/30/2020 0% 5% 10% 15% 20% Total Quarter 1 . 1 1 14.65 % 1 • 1 1 3.87 % . 1 1 6.56% Total Benchmark 13.21% 5.01% 7.11% Value R1000V 14.25% 14.29% -11.08% -10.07% 4.39% 4.63% Growth 29.21 % 19.17% 12.22 % R1000G 27.84% 21.47 % 15.89 % International MSCI EAFE MSCI ACWI ex US 18.20% 15.15% 16.12% -6.61% -3.69% -3.06% 1.23% 2.56% 2.26% Fixed Income 2.63% 5.57% 4.57% BCAG 2.90% 6.33% 4.30% BCGC 3.71% 7.20% 4.74% Hi 9land Capital 12 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Domestic Equity Sector Allocation vs. R1000V 25% --------------------------------------------------------------------- 22.7 20% 15.4 15%--------------------------------------------------------- 14.1 ---- 12.3 10.4 10%------------------------ ---- 9.2............ 6.7 r � 0 6.7 5% -- 0% Period Ending 6/30/2020 18.5 ---------------------------------------------- ---------------------------------------------- 10.3 10.2 9.3 6.8 5.9 5.9 4.8 - -- - --�- -- 3.2 0 -. ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE DISCRETION STAPLES Domestic Equity Quarterly Sector Returns vs. R1000V ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE DISCRETION STAPLES o Account o R1000V Hi 9land Capital 13 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 Domestic Equity Sector Allocation vs. R1000G 50% 45% 44.6 43.9 --- ----------------------------------- 40%------------------------------------------------------------------------------- -------------------------------- 35% 30% ------------------------------------------------------------------------------ 25% ------------------------------------------------------------------------------ 20%-----------------------------------------------------17.1------------------ ----------------------------------- 15.1 15.4 15.0 - --12.4 ------------------------ 11.1 10% ----------------------------------- ------------------------------ ------------------------ 3.8 --- - -- ---- o.a ---- 3.8 4.6 3.7 48 ------- ----------- ---- 1.4- 2.1---- 1.6 0.0 0.1 0.3 0.0 0.0 0% 16i—m� ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE DISCRETION STAPLES 45% r------------------•--------- 40% ;----------------------------- 35% ;------------------- •--------- 30% ------------------ •--------- 25% ------------------- •--------- 20% --------------------- •--------1 15% T------------------•--- 12.1 10% Y------------------ •-- 5% -'-- - ------- 0.0 0.0 0% ENERGY Domestic Equity Quarterly Sector Returns vs. R1000G 38.3 37.8 MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. DISCRETION STAPLES O Account o R1000G •------------------ ---- ---- -- 14.7 14.8 ----------------------- 3.1 --- --- - 0.0 UTILITIES REAL ESTATE Hi 9land Capital 14 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund NTOP TEN HOLDINGS vOTHER HOLDINGS Top Ten Domestic Equity Holdings MTOP TEN HOLDINGS v OTHER HOLDINGS MICROSOFT CORP 6.96 29.38 BERKSHIRE HATHAWAY INC-CL B 2.46 -2.36 APPLE INC 5.80 43.96 JOHNSON & JOHNSON 2.27 7.99 AMAZON COM INC 4.36 41.43 JP MORGAN CHASE & CO 2.02 5.60 FACEBOOK INC 2.18 36.13 INTEL CORP 1.80 11.17 HOME DEPOT INC 2.03 32.00 VERIZON COMMUNICATIONS 1.62 3.70 BERKSHIRE HATHAWAY INC 2.01 -2.23 AT&T INC 1.53 5.51 JOHNSON & JOHNSON 1.91 8.85 WALT DISNEY CO/THE 1.43 15.43 ALPHABET INC 1.75 21.35 CISCO SYSTEMS INC 1.10 0.71 VISA INC 1.57 19.74 EXXPN MOBIL CORP 1.34 20.10 ALPHABET INC 1.51 21.79 BANK OF AMERICA CORP 1.30 12.62 Period Ending 6/30/2020 u TOP TEN HOLDINGS j OTHER HOLDINGS Security Weight % • MICROSOFT CORP 10.42 29.40 APPLE INC 10.21 43.84 AMAZON.COM INC 8.00 41.50 FACEBOOK INC-A 3.73 36.13 ALPHABET INC-CLA 2.26 22.01 VISA INC-CLASS A SHARES 2.23 20.10 ALPHABET INC-CL C 2.22 21.57 MASTERCARD INC - A 1.78 22.59 UNITEDHEALTH GROUP INC 1.58 18.78 NVIDIA CORP 1.53 44.19 Highland Capital 15 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Top Ten International Equity Holdings ,I �...,.. AQ 11 1 UTOP TEN HOLDINGS 61 OTHER HOLDINGS Security Weight % SONY CORP AMER SH NEW ADR 7.43 17.11 STMICROELECTRONICS NV -NY SHS 5.94 28.43 BROADCOM LTD 5.87 34.49 KONINKLIJKE PHILIPS ELECTRS N V SPOI 5.00 16.33 SIEMENS AG SPONS ADR 4.77 40.45 GLAXOSMITHKLINE PLC ADR 4.67 9.77 SAP SE 4.27 27.93 KYOCERA CORP 4.07 -7.14 HITACHI LIMITED 3.85 11.24 HONDA MOTOR CO LTD ADR 3.24 14.79 `ITOPTEN HOLDINGS w OTHER HOLDINGS Security Weight % NESTLE 2.51 10.01 ROCHE HOLDING GENUSS 1.86 6.93 NOVARTIS 1.43 5.93 ASML HLDG 1.19 41.37 SAP 1.11 28.59 ASTRAZE N ECA 1.04 18.43 TOYOTA MOTOR CORP 1.01 4.74 LVMH MOET HENNESSY 0.93 18.84 SANOFI 0.88 21.00 NOVO NORDISK B 0.87 8.77 Period Ending 6/30/2020 w TOP TEN HOLDINGS LJ OTHER HOLDINGS Security Weight % QTD Return ALIBABA GROUP HLDG ADR 2.01 10.91 TENCENT HOLDINGS LI 1.83 30.73 NESTLE 1.63 10.01 TAIWAN SEMICONDUCTOR Mf 1.29 19.68 ROCHE HOLDING GENUSS 1.21 6.93 SAMSUNG ELECTRONICS CO 1.04 12.18 NOVARTIS 0.92 5.93 ASML HLDG 0.77 41.37 SAP 0.72 28.59 ASTRAZE N E CA 0.68 18.43 Hi 9land Capital 16 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund International Equity Country Allocation 0.0% 5.0% 10.0% 15.0% Period Ending 6/30/2020 20.0% BELGIUM 2.3% BERMUDA J 0.5% BRAZIL - 0.9% CANADA 1.7% CHINA 8.1% GERMANY IRELAND 12.4% 2.5% JAPAN 22.9% LIBERIA 2.0% LUXEMBOURG 1.4% NETHERLANDS 10.8% NORWAY i 0.3% PANAMA 0.5% SWEDEN 5.4% SWITZERLAND 4.2% TAIWAN 2.1% UNITED KINGDOM 15.4% UNITED STATES 4.8% EMG.MARKETS 0.0% CASH 1.7% 25.0% Hi 9land Capital 17 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Fixed Income Sector Allocation Yield: 2.56% 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 Ending 6/30/2020 Barclays Capital Aggregate Index o Corporate Bonds u US Treasuries L! Gov't Sponsored a CMBS ABS J US MBS 38.5% Corporate Bonds 38.8% Corporate Bonds 27.45 1.5% US Treasuries 52.7% US Treasuries 37.25 5.1% Gov't Sponsored 8.5% Gov't Sponsored 6.05 48.9% Total 100% CMBS 2.20, 6.09/c ABS 0.45 US MBS 26.85 Other 0.05 Hi 9land Capital 18 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Fixed Income Portfolio o Aaa LJ Aa A Baa Other Aaa 59.8% Aa 10.0% A 22.6% Baa 0.8% Other Total00 6.8% , Bond Quality Allocation Barclays Capital Government/Credit Index Aaa Aa A Baa Other Aaa 57.5% Aa 4.7% A 17.5% Baa 20.3% Other Total00 0.0% , im Period Ending 6/30/2020 Barclays Capital Aggregate Index ® Aaa Aa A Baa Other Aaa 69.7% Aa 3.5% A 12.4% Baa 14.4% 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 18.2% 3-5 Yrs 6.4% 5-7 Yrs 14.7% 7-10 Yrs 11.3% >10 Yrs Total00 49.5% , Bond Maturity Allocation Average Maturity: 9.92 Years 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 26.4% 3-5 Yrs 20.3 % 5-7 Yrs 13.0% 7-10 Yrs 12.7% >10 Yrs Total00 27.7% , 20 Period Ending 6/30/2020 Barclays Capital Aggregate Index o <3 Yrs u 3-5 Yrs u 5-7 Yrs J 7-10 Yrs J >10 Yrs <3 Yrs 24.8% 3-5 Yrs 33.7% 5-7 Yrs 12.2% 7-10 Yrs 9.7% >10 Yrs Total00 19.6% , 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 J 7-10 Yrs J >10 Yrs <3 Yrs 44.8% 3-5 Yrs 16.3% 5-7 Yrs 15.5% 7-10 Yrs 5.8 % >10 Yrs Total00 17.6% , Duration Allocation Barclays Capital Government/Credit Index o <3 Yrs L! 3-5 Yrs J 5-7 Yrs J 7-10 Yrs J >10 Yrs <3 Yrs 28.1% 3-5 Yrs 21.6% 5-7 Yrs 14.1 % 7-10 Yrs 10.1% >10 Yrs Total00 26.0% , 1.8% Portfolio Duration vs. Index Duration (Ratio) 1.4% 1.0% 0.6% Period Ending 6/30/2020 Barclays Capital Aggregate Index o <3 Yrs t! 3-5 Yrs a 5-7 Yrs J 7-10 Yrs J >10 Yrs <3 Yrs 40.7% 3-5 Yrs 22.7% 5-7 Yrs 10.6% 7-10 Yrs 7.7% >10 Yrs Total00 18.4% , 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 21 Index Acct 3/31/2020 6/30/2020 �Hnhland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund CASH AND EQUIVALENTS (USD) CASH Dividend Accrual COMMON STOCK (USD) Energy 741 CHEVRON CORP 660 CONOCOPHILLIPS 300 EOG RESOURCES INC 1165 EXXON MOBIL CORP 2040 MARATHON OIL CORP 490 MURPHY OIL CORP 400 OCCIDENTAL PETE CORP DEL 750 SCHLUMBERGER LTD Materials 198 CORTEVA INC 198 DOW INC 98 DUPONT DE NEMOURS INC 1745 GRAPHIC PACKAGING HOLDING CO 440 LYONDELLBASELL INDUSTRIES N V 950 OLIN CORP 20 SHERWIN WILLIAMS CO Portfolio Holdings 721,789.50 721,789.50 6.0 1.7 ------------------------------------------------------------------------- 893.10 893.10 0.0 722,682.60 722,682.60 6.0 1.7 113.90 84,400.88 89.23 66,119.43 0.5 5.8 55.27 36,477.78 42.02 27,733.20 0.2 4.0 91.53 27,458.97 50.66 15,198.00 0.1 3.0 85.05 99,084.06 44.72 52,098.80 0.4 7.8 24.48 49,946.95 6.12 12,484.80 0.1 0.0 46.17 22,625.60 13.80 6,762.00 0.1 3.6 68.18 27,271.21 18.30 7,320.00 0.1 0.2 64.96 ------------------------------------------------------------------------- 48,720.67 18.39 13,792.50 0.1 2.7 395,986.10 201,508.70 1.7 5.0 36.03 7,134.48 26.79 5,304.42 0.0 1.9 58.82 11,647.31 40.76 8,070.48 0.1 6.9 80.31 7,870.23 53.13 5,206.74 0.0 2.3 12.87 22,458.17 13.99 24,412.55 0.2 2.1 92.61 40,749.64 65.72 28,916.80 0.2 6.4 18.38 17,456.35 11.49 10,915.50 0.1 7.0 573.48 11,469.59 577.85 11,557.00 0.1 0.9 ------------------------------------------------------------------------- 118,785.80 94,383.49 0.8 4.3 Industrials 275 CARRIER GLOBAL CORP 21.45 5,898.59 22.22 6,110.50 0.1 0.0 200 CATERPILLAR INC DEL 117.70 23,539.36 126.50 25,300.00 0.2 3.3 49 COSTAR GROUP INC 634.85 31,107.44 710.67 34,822.83 0.3 0.0 200 CUMMINS INC 154.48 30,895.26 173.26 34,652.00 0.3 3.0 400 EATON CORP PLC 67.47 26,987.48 87.48 34,992.00 0.3 3.3 250 FORTIVE CORP 70.36 17,590.65 67.66 16,915.00 0.1 0.4 2362 GENERAL ELEC CO 27.70 65,437.62 6.83 16,132.46 0.1 0.6 250 HONEYWELL INTL INC 154.53 38,632.08 144.59 36,147.50 0.3 2.5 62 LOCKHEED MARTIN CORP 359.83 22,309.73 364.92 22,625.04 0.2 2.6 Period Ending 6/30/2020 Hihlmd Capital 22 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 Portfolio Holdings 250 NORFOLK SOUTHERN CORP 102.68 25,671.16 175.57 43,892.50 0.4 2.1 100 NORTHROP GRUMMAN CORP 293.21 29,321.47 307.44 30,744.00 0.3 1.9 210 OSHKOSH CORP 88.86 18,660.60 71.62 15,040.20 0.1 1.7 137 OTIS WORLDWIDE CORPORATION 64.19 8,793.87 56.86 7,789.82 0.1 1.4 525 RAYTHEON TECHNOLOGIES CORP 64.56 33,892.43 61.62 32,350.50 0.3 3.1 205 UNION PACIFIC CORP 138.88 28,470.28 169.07 34,659.35 0.3 2.3 300 UNITED AIRLINES HOLDINGS INC 84.35 25,304.21 34.61 10,383.00 0.1 0.0 159 UNITED PARCEL SERVICE INC 111.39 17,710.75 111.18 17,677.62 0.1 3.6 3091 VERTIV HOLDINGS CO 13.51 41,774.25 13.56 41,913.96 0.3 12 WABTEC CORP 211.59 2,539.08 57.57 690.84 0.0 0.8 ---------------------------------------------------------------- 494,536.30 462,839.10 ------ 3.8 --- 1.9 Consumer Discretionary 111 AMAZON COM INC 1,243.17 137,991.70 2,758.82 306,229.00 2.5 0.0 100 CAPRI HOLDINGS LTD 34.68 3,468.17 15.63 1,563.00 0.0 0.0 407 CARMAX INC 87.04 35,426.54 89.55 36,446.85 0.3 0.0 1520 FORD MOTOR CO 12.57 19,108.26 6.08 9,241.60 0.1 0.0 805 GENERAL MOTORS CO 39.11 31,485.92 25.30 20,366.50 0.2 0.0 569 HOME DEPOT INC 212.82 121,095.80 250.51 142,540.20 1.2 2.4 1050 JOHNSON CONTROLS INTERNATIONAL PLC 28.41 29,826.09 34.14 35,847.00 0.3 3.0 900 LAS VEGAS SANDS CORP 57.18 51,458.32 45.54 40,986.00 0.3 0.0 327 MCDONALDS CORP 185.82 60,763.71 184.47 60,321.69 0.5 2.7 322 NIKE INC 78.90 25,405.23 98.05 31,572.10 0.3 1.0 950 PULTE GROUP INC 29.63 28,144.80 34.03 32,328.50 0.3 1.4 462 STARBUCKS CORP 71.53 33,048.75 73.59 33,998.58 0.3 2.2 400 TARGET CORP 85.54 34,214.92 119.93 47,972.00 0.4 2.2 36 TESLA MOTORS INC 745.75 26,847.15 1,079.81 38,873.16 0.3 0.0 738 YUM CHINA HOLDINGS INC 43.65 32,211.12 48.07 35,475.66 0.3 0.0 ------------------------------------------------------------------------- 670,496.50 873,761.90 7.2 1.0 Consumer Staples 813 COCA COLA CO 54.80 44,550.91 44.68 36,324.84 0.3 3.7 110 COSTCO WHOLESALE CORP 278.45 30,629.63 303.21 33,353.10 0.3 0.9 194 ESTEE LAUDER COS INC 174.44 33,841.17 188.68 36,603.92 0.3 0.0 300 INGREDION INC 93.92 28,176.90 83.00 24,900.00 0.2 3.0 450 KELLOGG CO 56.00 25,199.06 66.06 29,727.00 0.2 3.5 595 PEPSICO INC 129.42 77,004.60 132.26 78,694.70 0.7 3.1 23 Hihlmd Capital MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Portfolio Holdings 600 PROCTER & GAMBLE CO 87.03 52,220.71 119.57 71,742.00 0.6 2.6 1350 US FOODS HOLDING CORP 27.17 36,676.37 19.72 26,622.00 0.2 0.0 200 WALGREENS BOOTS ALLIANCE INC 78.63 ------------------------------------------------------------------------- 15,726.85 42.39 8,478.00 0.1 4.3 344,026.20 346,445.60 2.9 2.3 Health Care 372 ABBVIE INC 88.34 32,864.26 98.18 36,522.96 0.3 4.8 360 AMGEN INC 207.51 74,705.12 235.86 84,909.60 0.7 2.7 200 ANTHEM INC 242.57 48,513.51 262.98 52,596.00 0.4 1.4 100 BIOGEN IDEC INC 288.50 28,850.22 267.55 26,755.00 0.2 0.0 1389 BRISTOL-MYERS SQUIBB CO 50.05 69,522.72 58.80 81,673.20 0.7 3.1 130 CIGNA CORP 40.82 5,306.63 187.65 24,394.50 0.2 0.0 600 CVS HEALTH CORPORATION 55.51 33,306.18 64.97 38,982.00 0.3 3.1 253 ELI LILLY & CO 140.88 35,642.46 164.18 41,537.54 0.3 1.8 1190 EXELIXIS INC 24.99 29,738.46 23.74 28,250.60 0.2 0.0 471 GUARDANT HEALTH INC 74.44 35,061.15 81.13 38,212.23 0.3 0.0 210 HCA HEALTHCARE INC 84.22 17,686.02 97.06 20,382.60 0.2 0.0 753 HORIZON THERAPEUTICS PLC 34.50 25,980.83 55.58 41,851.74 0.3 0.0 190 INSULET CORP 180.96 34,382.06 194.26 36,909.40 0.3 0.0 953 JOHNSON & JOHNSON 137.75 131,272.10 140.63 134,020.40 1.1 2.9 200 LABRATORY CORPORATION OF AMERICA HOLE 195.11 39,022.04 166.11 33,222.00 0.3 0.0 724 MERCK & CO INC 85.38 61,816.96 77.33 55,986.92 0.5 3.2 227 NEUROCRINE BIOSCIENCES INC 92.61 21,022.83 122.00 27,694.00 0.2 0.0 160 PENUMBRA INC 177.87 28,459.46 178.82 28,611.20 0.2 0.0 1460 PFIZER INC 35.51 51,851.07 32.70 47,742.00 0.4 4.6 260 SAREPTA THEROPEUTICS INC 159.78 41,543.06 160.34 41,688.40 0.3 0.0 167 THERMO FISHER SCIENTIFIC INC 305.01 50,935.93 362.34 60,510.78 0.5 0.2 309 UNITEDHEALTH GROUP INC 260.48 80,489.74 294.95 91,139.55 0.8 1.7 224 VERTEX PHARMACEUTICALS INC 230.54 51,640.65 290.31 65,029.44 0.5 0.0 ---------------------------------------------------------------- 1,029,613.00 1,138,622.00 ------ 9.4 --- 1.7 Financials 37 ALLEGHANY CORP 545.94 20,199.71 489.14 18,098.18 0.1 0.0 1100 AMERICAN INTERNATIONAL GROUP INC 41.93 46,119.88 31.18 34,298.00 0.3 4.1 2509 BANK OF AMERICA CORP 23.35 58,597.31 23.75 59,588.75 0.5 3.0 790 BERKSHIRE HATHAWAY INC 172.06 135,924.50 178.51 141,022.90 1.2 0.0 250 CHUBB LIMITED 145.79 36,447.35 126.62 31,655.00 0.3 2.5 Period Ending 6/30/2020 Hihlmd Capital 24 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 Portfolio Holdings 1000 CITIGROUP INC 59.37 59,371.32 51.10 51,100.00 0.4 4.0 750 CITIZENS FINANCIAL GROUP INC 36.50 27,371.40 25.24 18,930.00 0.2 6.2 150 CME GROUP INC 172.42 25,863.65 162.54 24,381.00 0.2 2.1 230 GOLDMAN SACHS GROUP INC 232.91 53,568.81 197.62 45,452.60 0.4 2.5 250 HANOVER INSURANCE GROUP 133.94 33,485.46 101.33 25,332.50 0.2 2.6 865 JP MORGAN CHASE & CO 80.24 69,404.86 94.06 81,361.90 0.7 3.8 131 LENDING TREE INC 204.17 26,746.57 289.53 37,928.43 0.3 0.0 360 LINCOLN NATL CORP IND 53.31 19,190.45 36.79 13,244.40 0.1 4.3 300 NASDAQ STK MKT INC 90.71 27,212.97 119.47 35,841.00 0.3 1.6 2640 REGIONS FINANCIAL CORP 15.19 40,105.32 11.12 29,356.80 0.2 5.6 650 TRUIST FINANCIAL CORP 44.03 28,619.48 37.55 24,407.50 0.2 4.8 885 US BANCORP 46.16 40,847.69 36.82 32,585.70 0.3 4.6 1490 WELLS FARGO CO 55.41 82,558.00 25.60 38,144.00 0.3 8.0 ------------------------------------------------------------------------- 831,634.80 742,728.70 6.1 2.8 Information Technology 50 ACCENTURE PLC 203.40 10,170.13 214.72 10,736.00 0.1 1.5 122 ADOBE INC 297.35 36,276.22 435.31 53,107.82 0.4 0.0 980 ADVANCED MICRO DEVICES INC 49.95 48,946.88 52.61 51,557.80 0.4 0.0 1145 ANAPLAN INC 48.49 55,518.09 45.31 51,879.95 0.4 0.0 1117 APPLE INC 162.19 181,163.40 364.80 407,481.60 3.4 0.9 211 AUTODESK INC 183.14 38,643.25 239.19 50,469.09 0.4 0.0 21 BOOKING HOLDINGS INC 1,476.47 31,005.97 1,592.34 33,439.14 0.3 0.0 695 CISCO SYS INC 36.45 25,331.45 46.64 32,414.80 0.3 3.1 1130 CORNING INC 27.53 31,110.74 25.90 29,267.00 0.2 3.4 103.9998 DELL TECHNOLOGIES INC 81.75 8,501.97 54.94 5,713.75 0.0 0.0 113 DXC TECHNOLOGY CO 70.91 8,012.95 16.50 1,864.50 0.0 0.0 250 FIDELITY NATIONAL INFORMATION SERVICES 117.07 29,266.30 134.09 33,522.50 0.3 1.0 2610 HEWLETT PACKARD ENTERPRISE CO 13.66 35,663.90 9.73 25,395.30 0.2 4.9 790 INTEL CORP 23.02 18,185.30 59.83 47,265.70 0.4 2.2 298 MASTERCARD INC 242.51 72,269.15 295.70 88,118.60 0.7 0.5 270 MICRON TECHNOLOGY INC 42.61 11,504.70 51.52 13,910.40 0.1 0.0 2404 MICROSOFT CORP 91.61 220,226.40 203.51 489,238.00 4.1 1.0 147 NVIDIA CORP 256.76 37,743.28 379.91 55,846.77 0.5 0.2 871 ORACLE CORP 50.77 44,222.92 55.27 48,140.17 0.4 1.7 330 PAYPAL HOLDINGS INC 103.91 34,290.13 174.23 57,495.90 0.5 0.0 56 PERSPECTA INC 19.45 1,089.26 23.23 1,300.88 0.0 1.2 25 Hihlmd Capital MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund 289 PROOFPOINT 1944 PURE STORAGE INC 640 QUALCOMM INC 323 SALESFORCE.COM INC 96 SERVICENOW INC 350 SKYWORKS SOLUTIONS INC 699 SMARTSHEET INC 241 SYNOPSYS INC COM 285 UNIVERSAL DISPLAY CORP 570 VISA INC Communication Services 400 ACTIVISION BLIZZARD INC 87 ALPHABETINC 75 ALPHABETINC 1430 AT&T INC 700 COMCAST CORP 676 FACEBOOK INC 125 FOX CORP 106 NETFLIX.COM INC 1606 SWITCH INC 920 VERIZON COMMUNICATIONS INC 573.9995 WALT DISNEY CO 3561 ZYNGA INC CL A Portfolio Holdings 116.74 33,736.99 111.12 32,113.68 0.3 0.0 16.99 33,035.95 17.33 33,689.52 0.3 0.0 81.35 52,067.08 91.21 58,374.40 0.5 2.9 151.74 49,013.48 187.33 60,507.59 0.5 0.0 274.65 26,366.75 405.06 38,885.76 0.3 0.0 109.09 38,181.22 127.86 44,751.00 0.4 1.4 46.16 32,267.03 50.92 35,593.08 0.3 0.0 141.15 34,017.80 195.00 46,995.00 0.4 0.0 148.05 42,194.88 149.62 42,641.70 0.4 0.4 156.57 ---------------------------------------------------------------- 89,244.39 193.17 110,106.90 0.9 ------ 0.6 --- 1,409,268.00 2,091,824.00 17.3 0.9 54.84 21,934.16 75.90 30,360.00 0.3 0.5 1,042.37 90,686.59 1,413.61 122,984.10 1.0 0.0 975.35 73,151.01 1,418.05 106,353.80 0.9 0.0 38.07 54,433.90 30.23 43,228.90 0.4 6.9 40.63 28,438.86 38.98 27,286.00 0.2 2.4 142.52 96,343.11 227.07 153,499.30 1.3 0.0 91.78 11,472.05 26.84 3,355.00 0.0 1.7 357.01 37,843.05 455.04 48,234.24 0.4 0.0 18.28 29,352.86 17.82 28,618.92 0.2 0.7 53.49 49,213.90 55.13 50,719.60 0.4 4.5 115.88 66,515.28 111.51 64,006.68 0.5 0.0 7.48 26,641.27 9.54 33,971.94 0.3 0.0 ------------------------------------------------------------------------- 586,026.00 712,618.40 5.9 0.9 Utilities 400 AMERICAN ELEC PWR INC 72.15 28,861.36 79.64 31,856.00 0.3 3.5 400 DOMINION ENERGY INC 85.81 34,324.60 81.18 32,472.00 0.3 4.6 450 DUKE ENERGY CORP 75.56 33,999.93 79.89 35,950.50 0.3 4.7 1130 EXELON CORP 36.79 41,567.60 36.29 41,007.70 0.3 4.2 150 NEXTERA ENERGY INC 210.55 ------------------------------------------------------------------------- 31,582.80 240.17 36,025.50 0.3 2.3 170,336.30 177,311.70 1.5 3.9 Period Ending 6/30/2020 Hihlmd Capital 26 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Real Estate 159 AMERICAN TOWER CORP 250 CROWN CASTLE INTERNATIONAL CORP 560 PROLOGIS INC 349 SIMON PROPERTY GROUP INC INTERNATIONAL EQUITY (USD) Portfolio Holdings 186.52 29,655.90 258.54 41,107.86 0.3 1.7 129.42 32,355.23 167.35 41,837.50 0.3 2.9 54.87 30,727.03 93.33 52,264.80 0.4 2.5 66.67 23,266.82 68.38 23,864.62 0.2 12.3 ---------------------------------------------------------------- 116,005.00 159,074.80 ----- 1.3 ---- 3.9 --------------------------------------------- 6,166,714.00 ---------------- 7,001,119.00 --------- 58.0 --- 1.7 Energy 635 BP PLC SPONSORED ADR 34.28 21,766.94 23.32 14,808.20 0.1 10.7 300 OVINTIV INC 58.09 17,428.01 9.55 2,865.00 0.0 4.0 810 PETROLEO BRASILEIRO S A 10.87 8,801.10 8.27 6,698.70 0.1 1.1 200 ROYAL DUTCH SHELL PLC - ADR B 65.08 13,016.36 30.45 6,090.00 0.1 4.2 ------------------------------------------------------------------------- 61,012.41 30,461.90 0.3 6.7 Materials 183 ARCELORMITTAL S A 45.61 8,346.23 10.73 1,963.59 0.0 0.0 545 BARRICK GOLD CORP 12.43 6,774.45 26.94 14,682.30 0.1 1.0 285 CRH PLC ADR ONE ADR REPSTG ONE ORD SHS 24.24 6,908.05 34.31 9,778.35 0.1 4.0 50 LINDE PLC 177.60 ------------------------------------------------------------------------- 8,879.80 212.11 10,605.50 0.1 1.8 30,908.53 37,029.74 0.3 2.0 Industrials 65 COPA HOLDINGS SA CL A 110.89 7,207.68 50.56 3,286.40 0.0 0.0 700 KONINKLIJKE PHILIPS ELECTRS N V SPON ADR 29.75 20,823.19 46.84 32,788.00 0.3 0.0 125 SENSATA TECHNOLOGIES HOLDING PLC 55.53 6,940.82 37.23 4,653.75 0.0 0.0 530 SIEMENS AG SPONS ADR 58.17 30,831.74 58.99 31,264.70 0.3 2.6 ------------------------------------------------------------------------- 65,803.43 71,992.85 0.6 1.1 Consumer Discretionary 350 BRIGHT SCHOLAR EDUCATION HOLDINGS LTD 14.83 5,188.95 7.86 2,751.00 0.0 1.1 320 DAIMLERAG 85.24 27,277.20 40.70 13,024.00 0.1 2.2 830 HONDA MOTOR CO LTD ADR 35.59 29,542.69 25.56 21,214.80 0.2 3.6 324.9996 INTERCONTINENTAL HOTELS ADR 47.83 15,544.11 44.36 14,416.98 0.1 0.0 250 JD.COM INC 29.85 7,462.38 60.18 15,045.00 0.1 0.0 255 ROYAL CARIBBEAN CRUISES LTD 76.38 19,477.89 50.30 12,826.50 0.1 0.0 Period Ending 6/30/2020 Hihlmd Capital 27 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund 705 SONY CORP AMER SH NEW ADR 200 YUM CHINA HOLDINGS INC Consumer Staples 360 ANHEUSER-BUSCH INBEV NV SPN ADR 115 DIAGEO PLC SPONSORED ADR NEW 120 MOWI ASA 290 UNILEVER NV Health Care 750 GLAXOSMITHKLINE PLC ADR 100 NOVARTIS AG ADR 180 SMITH AND NEPHEW PLC SPON ADR Financials 675 AEGON N V ORD AMER REG ADR 1175 CREDIT SUISSE GROUP 325 DEUTSCHE BANK AG 1035 ING GROEP N V 325 INVESCO LTD 200 PRUDENTIAL PLC SPON ADR 250 TORONTO DOMINION BK ONT NEW (USD) 775 UBS GROUP AG Information Technology 122 BROADCOM LTD 400 HITACHI LIMITED 490 KYOCERA CORP 50 NXP SEMICONDUCTOR NV 200 SAP SE 1420 STMICROELECTRONICS NV -NY SHS 250 TAIWAN SEMICONDUCTOR MFG Portfolio Holdings 24.17 17,041.84 69.13 48,736.65 0.4 0.4 46.71 9,342.82 48.07 9,614.00 0.1 0.0 130,877 .90 137,628.90 1.1 0.9 113.80 40,968.23 49.30 17,748.00 0.1 1.6 123.61 14,214.91 134.39 15,454.85 0.1 2.0 13.64 1,637.10 19.04 2,284.80 0.0 4.4 41.32 ------------------------------------------------------------------------- 11,982.90 53.27 15,448.30 0.1 2.8 68,803.14 50,935.95 0.4 2.2 39.62 29,712.45 40.79 30,592.50 0.3 4.6 93.04 9,303.78 87.34 8,734.00 0.1 2.3 37.47 --- 6,743.93 ...... 38.12 6,861.60 ------- 0.1 --------- 4.7 ------------------- 45,760.16 ------------------- ------- 46,188.10 0.4 --- 4.2 7.54 5,090.47 2.94 1,984.50 0.0 0.0 20.20 23,739.87 10.31 12,114.25 0.1 0.6 31.91 10,370.74 9.52 3,094.00 0.0 0.0 14.40 14,900.70 6.90 7,141.50 0.1 0.0 36.72 11,934.53 10.76 3,497.00 0.0 5.8 40.02 8,004.00 30.38 6,076.00 0.1 3.4 57.17 14,291.29 44.61 11,152.50 0.1 7.1 20.09 15,570.50 11.54 8,943.50 0.1 3.2 ------------------------------------------------------------------------- 103,902.10 54,003.25 0.4 2.9 269.22 32,844.65 315.61 38,504.42 0.3 4.1 62.76 25,104.00 63.14 25,256.00 0.2 2.1 49.36 24,184.21 54.44 26,678.05 0.2 2.4 100.56 5,028.22 114.04 5,702.00 0.0 1.3 80.33 16,065.47 140.00 28,000.00 0.2 0.9 8.84 12,559.46 27.41 38,922.20 0.3 0.7 52.56 13,138.83 56.77 14,192.50 0.1 2.3 2.3- 128,924.80 128,92:5Y ----------------- 177,255.20 1.5 2.1 Period Ending 6/30/2020 Hihlmd Capital 28 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Communication Services 50 ALIBABA GROUP HOLDING ADR 80 BAIDU INC ADR 150 IQIYI INC 770 NIPPON TELEG & TEL CORP 300 SOFTBANK GROUP CORP 264 VODAFONE GROUP PLC Utilities 108 NATIONAL GRID GROUP PLC SPONSORED ADR Portfolio Holdings 170.99 8,549.50 215.70 10,785.00 0.1 0.0 176.84 14,146.81 119.89 9,591.20 0.1 0.0 22.09 3,313.98 23.19 3,478.50 0.0 0.0 14.45 11,125.70 23.24 17,894.80 0.1 3.2 23.41 7,023.74 25.18 7,554.00 0.1 0.6 35.25 9,305.84 15.94 4,208.16 0.0 6.0 ------------------------------------------------------------------------- 53,465.57 53,511.66 0.4 1.6 76.81 8,295.27 60.74 6,559.92 0.1 3.5 Period Ending 6/30/2020 350 iSHARES MSCI EMERGING MKT IN 43.43 ---------------------0---------------------------------- 15,202.25 39.99 13,996.50 0.1 3.3 712,955.6 .00 679,5642 5.---------6 2.-------2 CORPORATE BONDS (USD) 40000 BURLINGTON NORTH SANTA FE LLC SE BD CAL 106.65 42,659.20 102.12 40,846.80 0.3 4.0 A3 4.100% 6/1/21 20000 SUMITOMO MITSUI FINL GRP 100.00 20,000.00 101.70 20,340.80 0.2 2.0 Al 2.060% 7/14/21 55000 BANK OF MONTREAL 99.81 54,896.05 101.80 55,990.00 0.5 1.9 Aa2 1.900% 8/27/21 35000 AMERICAN HONDA FINANCE 99.80 34,930.00 101.37 35,479.85 0.3 1.7 A3 1.700% 9/9/21 40000 COCA -COLA CO/THE 99.80 39,920.80 103.47 41,389.60 0.3 2.1 Al 2.200% 5/25/22 25000 BLACKROCK INC 103.95 25,987.75 105.67 26,417.00 0.2 3.2 Aa3 3.380% 6/1/22 40000 CANADIAN IMPERIAL BK COMM SR NT 100.58 40,230.80 104.10 41,641.60 0.3 2.4 Aa2 2.550% 6/16/22 35000 GILEAD SCIENCES INC 101.83 35,639.45 105.93 37,075.50 0.3 3.1 A3 3.250% 9/1/22 20000 FRANKLIN RES INC SR NT 102.16 20,431.60 104.32 20,863.60 0.2 2.7 A2 2.800% 9/15/22 40000 PECO ENERGY CO 98.84 39,538.00 103.64 41,456.40 0.3 2.3 Aa3 2.380% 9/15/22 35000 GOLDMAN SACHS GROUP INC 100.00 35,000.00 99.98 34,994.05 0.3 2.1 A3 2.150% 10/31/22 40000 PNC FINANCIAL SERVICES GROUP INC 101.59 40,638.00 105.26 42,104.80 0.3 2.7 A3 2.850% 11/9/22 30000 AT&T BROADBAND CORP 134.68 40,403.70 120.98 36,294.60 0.3 7.8 A3 9.460% 11/15/22 35000 WESTPAC BANKING CORP 100.00 35,000.00 99.98 34,991.95 0.3 2.2 Aa3 2.220% 1/13/23 39000 AMERICAN HONDA FINANCE 100.00 39,000.00 98.95 38,590.89 0.3 2.1 A3 2.050% 5/10/23 35000 BANK OF AMERICA CORP 100.00 35,000.00 99.75 34,911.45 0.3 2.8 A2 2.820% 3/5/24 40000 ATHENE GLOBAL FUNDING 100.78 40,314.00 101.23 40,492.00 0.3 2.7 NR 2.750% 6/25/24 10000 EMERSON ELECTRIC CO 99.68 9,968.40 110.90 11,090.20 0.1 2.8 A2 3.150% 6/1/25 25000 BOEING CO 129.16 32,291.25 118.97 29,742.75 0.2 6.1 Baal 7.250% 6/15/25 Hihlmd Capital 29 MANAGEMENT, LLC An Argent Corn pary Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 6/30/2020 35000 NORTHERN TRUST CORP 104.64 36,624.35 116.18 40,663.00 0.3 3.4 A2 3.950% 10/30/25 20000 STATE STREET CORP 100.00 20,000.00 105.81 21,161.80 0.2 2.2 Al 2.350% 11/1/25 70000 WELLS FARGO & CO 105.20 73,640.00 112.86 79,000.60 0.7 3.6 A3 4.100% 6/3/26 40000 NATIONAL AUSTRLIA BK/NY 99.27 39,709.20 107.92 43,168.40 0.4 2.3 Aa3 2.500% 7/12/26 40000 SUMITOMO MITSUI FINANCIAL GROUP INC 100.00 40,000.00 106.38 42,552.00 0.4 2.5 Al 2.630% 7/14/26 38000 RELIANCE STAND LIFE II 99.72 37,894.36 100.73 38,278.54 0.3 2.7 A2 2.750% 1/21/27 40000 BLACKROCK INC 99.59 39,838.00 113.29 45,315.60 0.4 2.8 Aa3 3.200% 3/15/27 40000 MANULIFE FINANCIAL CORP 100.00 40,000.00 106.04 42,415.20 0.4 3.8 NR 4.060% 2/24/32 20000 FIRST UNION CORP 123.80 24,759.40 134.34 26,868.40 0.2 4.9 A3 6.550% 10/15/35 50000 MICROSOFT CORP 99.61 49,806.50 120.82 60,411.50 0.5 2.9 Aaa 3.450% 8/8/36 35000 JOHNSON AND JOHNSON SR BIND CALL 99.70 34,896.05 118.37 41,430.20 0.3 2.9 Aaa 3.400% 1/15/38 13000 SOUTHERN CALIF EDISON CO 140.26 18,234.45 136.18 17,702.88 0.1 4.4 A3 6.050% 3/15/39 8000 MANULIFE FINANCIAL CORP SR BD 99.64 7,971.60 133.14 10,651.52 0.1 4.0 NR 5.380% 3/4/46 6000 DUKE ENERGY CAROLINAS LLC 99.65 5,978.82 120.06 7,203.36 0.1 3.2 Aa2 3.880% 3/15/46 16000 SAN DIEGO GAS & ELECTRIC CO 99.55 15,928.64 115.51 18,482.40 0.2 3.2 A2 3.750% 6/1/47 30000 COMMONSPIRIT HEALTH 100.00 30,000.00 107.81 32,344.20 0.3 3.5 A2 3.820% 10/1/49 40000 MEMORIAL SLOAN-KETTERING 100.00 40,000.00 107.98 43,192.80 0.4 2.7 2.960% 1/1/50 55000 KKR GROUP FINANCE CO VII 99.47 54,710.70 99.74 54,859.20 0.5 3.6 NR 3.630% 2/25/50 29000 PRUDENTIAL FINANCIAL INC 99.76 28,931.27 120.17 34,849.01 0.3 3.6 A3 4.350% 2/25/50 40000 INTEL CORP 99.34 39,736.40 110.79 44,316.00 0.4 2.8 Al 3.100% 2/15/60 Accrued Interest 6,659.57 0.1 ------------------------------------------------------------------------- 1,340,509.00 1,416,240.00 11.7 3.1 MUNICIPAL BONDS (USD) 35000 WASHINGTON ST 109.51 38,328.15 107.94 37,777.95 0.3 4.3 Aaa 4.640% 8/1/22 30000 UNIV OF NC CHAPEL HIL 101.04 30,312.00 103.42 31,026.00 0.3 1.9 Aaa 2.000% 12/1/22 25000 COMMONWEALTH FING AUTH PA 100.00 25,000.00 110.45 27,612.00 0.2 5.1 Al 5.650% 6/1/24 15000 SAN FRANCISCO CA CITY & CNTY PUB UTILS 100.00 15,000.00 112.29 16,843.05 0.1 3.3 Aa2 3.700% 11/1/32 6000 METRO GOVT NASH & DAVD CNTY TN WTR &! 134.47 8,067.96 154.75 9,284.94 0.1 4.2 Aa2 6.570% 7/1/37 35000 SAN FRANCISCO CALIF CITY & CNTY CMNTY 97.21 34,023.85 104.91 36,717.80 0.3 3.6 NR 3.750% 9/1/37 20000 MIAMI-DADE CNTY FLA AVIATION 100.00 20,000.00 102.36 20,471.40 0.2 3.6 NR 3.730% 10/1/37 10000 VIRGINIA PORT AUTH PORT FAC 100.00 10,000.00 104.54 10,453.60 0.1 4.3 Al 4.480% 7/1/45 25000 UNIV OF TEXAS TX PERM UNIV FND REV 100.00 25,000.00 123.17 30,792.50 0.3 2.7 Aaa 3.380% 7/1/47 Accrued Interest 419.66 0.0 ------------------------------------------------------------------------- 205,732.00 221,398.90 1.8 3.6 30 Hihlmd Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 6/30/2020 GOVERNMENT BONDS (USD) 6000 US TREASURYN/B 99.56 5,973.78 103.57 6,213.98 0.1 1.7 Aaa 1.750% 9/30/22 35000 US TREASURYN/B 111.21 38,922.46 134.26 46,990.23 0.4 2.2 Aaa 3.000% 5/15/45 Accrued Interest 157.36 0.0 ------------------------------------------------------------------------- 44,896.24 53,361.58 0.4 2.2 GOVERNMENT SPONSORED BOND (USD) 40000 PROVINCE OF QUEBEC 99.74 39,897.60 103.18 41,273.60 0.3 2.3 Aaa 2.380% 1/31/22 40000 MANITOBA PROV OF 99.23 39,692.80 107.60 43,040.40 0.4 2.0 Aa2 2.130% 6/22/26 18000 FNMA 135.47 24,384.95 161.63 29,092.68 0.2 3.5 Aaa 5.630% 7/15/37 43000 TENNESSEE VALLEY AUTH 137.08 58,943.80 171.94 73,933.77 0.6 3.1 Aaa 5.380% 4/1/56 Accrued Interest 1,450.18 0.0 ------------------------------------------------------------------------- 162,919.20 188,790.60 1.6 2.7 MORTGAGE POOLS (USD) 45.31 FGCI #G12205 96.88 43.89 100.08 45.35 0.0 4.5 Aaa 4.500% 6/15/21 35000 FHMS KBX1 Al 99.69 34,890.63 108.34 37,920.31 0.3 2.7 Aaa 2.920% 9/25/24 2895.04 FHMS KJ17 Al 100.00 2,895.03 101.23 2,930.66 0.0 2.4 Aaa 2.400% 10/25/24 14144.56 FIN AD4398 106.25 15,028.59 106.25 15,028.59 0.1 3.8 Aaa 4.000% 6/1/25 32144.75 FIN AM9049 102.66 32,998.76 103.38 33,230.89 0.3 3.0 Aaa 3.050% 6/25/25 20000 FHMS KJ 17 A2 102.00 20,399.94 109.24 21,848.44 0.2 2.7 Aaa 2.980% 11/25/25 75000 FHMS KCO3 A2 102.01 76,510.15 112.66 84,495.12 0.7 3.1 Aaa 3.500% 1/25/26 35000 FHMS KG01 A7 103.00 36,048.64 109.72 38,402.93 0.3 2.6 Aaa 2.880% 4/25/26 35788.58 FHMSK068Al 102.00 36,504.07 107.82 38,588.76 0.3 2.7 Aaa 2.950% 2/25/27 57000 FHMSK068A2 103.00 58,708.12 114.43 65,224.92 0.5 2.8 Aaa 3.240% 8/25/27 11227.5 FIN MA1387 103.69 11,641.52 105.01 11,790.19 0.1 2.9 Aaa 3.000% 3/25/28 40000 FIN AN9038 100.66 40,262.50 110.48 44,192.19 0.4 3.1 Aaa 3.460% 5/1/28 30000 FIN 109515 104.34 31,303.13 111.82 33,546.09 0.3 3.6 Aaa 3.990% 9/1/28 20000 FIN 387873 102.66 20,531.25 113.21 22,642.97 0.2 3.3 Aaa 3.750% 11/1/28 32000 FIN BL0484 105.99 33,917.50 111.05 35,535.00 0.3 3.8 Aaa 4.220% 11/1/28 18000 FHMS K088 A2 103.00 18,539.21 119.35 21,483.28 0.2 3.1 Aaa 3.690% 1/25/29 44070.61 FIN BL1409 103.84 45,764.53 111.68 49,216.20 0.4 3.4 Aaa 3.800% 1/25/29 37000 FHLMC MF KG01 103.00 38,109.45 113.30 41,919.84 0.3 2.6 Aaa 2.940% 4/25/29 86590.94 FHR4823LV 103.31 89,459.42 103.66 89,763.69 0.7 3.9 Aaa 4.000% 10/15/29 24215.42 FG J34676 105.50 25,547.27 106.36 25,754.42 0.2 2.8 Aaa 3.000% 7/1/31 30779.93 FIN A57986 103.06 31,722.56 104.87 32,278.05 0.3 2.4 Aaa 2.500% 9/1/31 16132.51 FG G30701 111.00 17,907.09 109.92 17,733.16 0.1 4.5 Aaa 5.000% 11/1/31 31 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 6/30/2020 35518.43 FN AS8448 99.50 35,341.03 104.00 36,939.17 0.3 1.9 Aaa 2.000% 12/25/31 12727.76 FN MA0976 103.12 13,125.41 107.43 13,673.39 0.1 3.3 Aaa 3.500% 2/25/32 29435.33 G2 784739 102.12 30,060.54 105.97 31,193.40 0.3 3.8 Aaa 4.000% 5/20/34 22856.93 FHR 3342 PZ 104.94 23,985.49 113.76 26,001.54 0.2 4.4 Aaa 5.000% 6/15/37 15000 FNR 2017 134VD 94.00 14,100.00 108.05 16,207.03 0.1 2.8 Aaa 3.000% 4/20/38 2781.64 FN 889579 109.39 3,042.85 119.03 3,310.91 0.0 5.0 Aaa 6.000% 5/1/38 3690.4 G2 4194 106.13 3,916.44 116.04 4,282.16 0.0 4.7 Aaa 5.500% 7/20/38 1419.84 GNMA 4195 99.89 1,418.29 119.20 1,692.44 0.0 5.0 Aaa 6.000% 7/20/38 10312.7 GNMA4447 104.81 10,809.00 113.75 11,731.10 0.1 4.4 Aaa 5.000% 5/20/39 16509.07 G2 4496 109.58 18,090.33 113.75 18,779.71 0.2 4.4 Aaa 5.000% 7/20/39 2529.09 GNSF 714005 106.16 2,684.79 110.87 2,804.13 0.0 5.0 Aaa 5.500% 10/15/39 8694.08 FNR 2010-64 KA 103.05 8,958.92 106.70 9,276.86 0.1 4.2 Aaa 4.500% 6/25/40 6783.04 FG A95828 104.89 7,114.47 111.42 7,557.79 0.1 4.0 Aaa 4.500% 12/15/40 18679.69 FN 783307 101.38 18,936.60 110.31 20,606.03 0.2 3.6 Aaa 4.000% 4/15/41 16479.84 FHR 4667 DA 103.70 17,090.11 101.87 16,788.84 0.1 3.4 Aaa 3.500% 6/15/41 32256.76 FNR 2012-6 MA 103.41 33,355.51 102.56 33,082.08 0.3 3.9 Aaa 4.000% 10/25/41 6503.18 GN AW7430 104.65 6,805.39 112.09 7,289.40 0.1 4.0 Aaa 4.500% 1/25/42 10253.95 FNR 2012 110KJ 99.00 10,151.40 103.73 10,636.47 0.1 2.9 Aaa 3.000% 3/20/42 40005 FNR 2012-90 DA 100.31 40,130.02 99.63 39,856.55 0.3 1.5 Aaa 1.500% 3/25/42 21787.13 FN MA 3024 102.16 22,256.66 105.70 23,027.98 0.2 3.3 Aaa 3.500% 6/1/42 6670.82 FN MA1136 102.12 6,812.49 105.70 7,050.74 0.1 3.3 Aaa 3.500% 8/25/42 10000 FNR 2013-111 PL 102.12 10,212.50 103.67 10,366.80 0.1 1.9 Aaa 2.000% 12/25/42 14408.75 FHR 4863 LA 101.34 14,602.19 102.15 14,718.31 0.1 3.9 Aaa 4.000% 2/15/43 23679.81 GNR 2013-100 ME 99.11 23,469.33 101.67 24,074.78 0.2 2.2 Aaa 2.250% 2/20/43 12935.75 FN 2017 13 CA 100.09 12,948.00 101.83 13,172.23 0.1 2.5 Aaa 2.500% 10/25/43 28859.82 FN 2015 2PA 98.92 28,548.68 102.83 29,677.14 0.2 2.2 Aaa 2.250% 3/25/44 15027.76 FHR 4710 QA 102.16 15,351.70 103.41 15,539.64 0.1 3.4 Aaa 3.500% 4/15/44 32170.52 FHR 4388 MC 99.50 32,010.36 102.92 33,110.50 0.3 2.4 Aaa 2.500% 7/15/44 5670.06 FHR 4832 DA 103.17 5,849.99 102.65 5,820.45 0.0 4.4 Aaa 4.500% 11/15/44 17765.62 FNR 2016-90 CA 96.25 17,099.41 103.52 18,390.89 0.2 2.9 Aaa 3.000% 2/25/45 25676.38 FNR 2016 31 PC 97.45 25,021.59 106.91 27,451.66 0.2 2.8 Aaa 3.000% 3/25/45 16790.98 FHR 4546 TH 95.41 16,019.66 103.48 17,374.88 0.1 2.4 Aaa 2.500% 12/15/45 9840.89 FNR 2017 56 PA 98.84 9,727.09 104.24 10,257.97 0.1 2.9 Aaa 3.000% 12/25/45 19613.87 GNR 2017 59P 97.97 19,215.32 102.07 20,019.94 0.2 2.9 Aaa 3.000% 4/20/46 23901.26 G2 MA3725 98.06 23,437.94 104.12 24,886.25 0.2 2.9 Aaa 3.000% 6/20/46 24273.4 FN MA2743 101.31 24,591.63 103.89 25,218.74 0.2 2.9 Aaa 3.000% 9/25/46 6135.59 FN MA2777 101.00 6,196.98 103.89 6,374.54 0.1 2.9 Aaa 3.000% 10/25/46 Hi bland Capital 32 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 Portfolio Holdings 30000 FNR 2017-55 HW 93.47 28,040.63 107.25 32,173.83 0.3 2.8 Aaa 3.000% 11/25/46 8340.41 FIN BE2951 101.81 8,491.31 104.76 8,737.56 0.1 2.9 Aaa 3.000% 1/25/47 9801.83 FHR4682LID 94.86 9,297.72 103.59 10,154.08 0.1 2.7 Aaa 2.750% 5/15/47 14160.68 FNR 2018 69 PA 99.32 14,064.33 101.96 14,438.36 0.1 3.4 Aaa 3.500% 5/25/47 13153.13 GNR 2017 991E 100.31 13,194.51 106.29 13,979.82 0.1 2.6 Aaa 2.750% 6/20/47 17897.93 FHR 4713 YH 93.94 16,812.87 102.82 18,403.41 0.2 2.4 Aaa 2.500% 7/15/47 36468.89 FHR 2017 72 GH 99.19 36,172.58 103.21 37,638.46 0.3 2.4 Aaa 2.500% 8/25/47 24323.59 GNR 2017 134PT 98.31 23,912.82 105.52 25,666.12 0.2 2.4 Aaa 2.500% 9/20/47 9748.2 FG T65441 98.94 9,644.68 102.98 10,039.12 0.1 2.9 Aaa 3.000% 10/1/47 40000 FNR 2018 1 HB 95.66 38,262.50 106.31 42,523.44 0.4 2.4 Aaa 2.500% 1/20/48 29105.71 FNR 2018-11 KE 98.84 28,769.31 101.67 29,592.32 0.2 2.0 Aaa 2.000% 3/25/48 28000 FNR 2018 59D 94.75 26,530.00 105.36 29,501.72 0.2 2.8 Aaa 3.000% 4/20/48 36000 GNR 2019-133 EB 92.50 33,300.00 102.71 36,974.53 0.3 1.9 Aaa 2.000% 4/20/49 16538.16 GNR 2019-162 GA 100.75 16,662.20 104.15 17,224.88 0.1 2.9 Aaa 3.000% 10/20/49 35028.96 GNMA 18-26 AD 98.56 34,525.86 103.70 36,323.39 0.3 2.4 Aaa 2.500% 3/16/52 24212.57 GNR 2013-17 AC 98.25 23,788.87 102.53 24,824.50 0.2 1.7 Aaa 1.790% 5/16/53 Accrued Interest 4,264.55 0.0 1,692,692 00 1,794,274.00 14.9 3.0 ------------------------------------------------------------------------- 11,049,100.00 12,077,430.00 100.0 2.1 TOTAL PORTFOLIO ------------------------------------------------------------------------- 11,049,100.00 12,077,430.00 100.0 2.1 Hihlmd Capital 33 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Purchases BARCLAYS-EQ Period Ending 6/30/2020 4/9/20 4/14/20 59.00 ADOBE INC 317.99 18,761.62 0.04 2.36 5/15/20 5/19/20 2.00 ALPHABET INC 1,371.46 2,742.92 0.04 0.08 5/15/20 5/19/20 2.00 ALPHABET INC 1,370.57 2,741.15 0.04 0.08 5/15/20 5/19/20 1.00 AMAZON COM INC 2,401.90 2,401.90 0.04 0.04 5/15/20 5/19/20 13.00 AUTODESK INC 180.44 2,345.69 0.04 0.52 4/30/20 5/4/20 389.00 CARMAX INC 73.99 28,781.95 0.04 15.56 5/20/20 5/22/20 1,770.00 CIT GROUP INC 16.35 28,943.57 0.04 70.80 5/20/20 5/22/20 1,190.00 EXELIXIS INC 24.99 29,738.46 0.04 47.60 4/9/20 4/14/20 211.00 HOME DEPOT INC 202.49 42,725.75 0.04 8.44 4/21/20 4/23/20 131.00 LENDING TREE INC 204.17 26,746.57 0.04 5.24 5/15/20 5/19/20 30.00 MICROSOFT CORP 181.72 5,451.56 0.04 1.20 6/30/20 7/2/20 265.00 MICROSOFT CORP 202.32 53,615.75 0.04 10.60 4/6/20 4/8/20 50.00 NORFOLK SOUTHERN CORP 151.80 7,590.04 0.04 2.00 6/3/20 6/5/20 289.00 PROOFPOINT 116.74 33,736.99 0.04 11.56 4/13/20 4/15/20 114.00 SALESFORCE.COM INC 152.18 17,349.04 0.04 4.56 6/30/20 7/2/20 260.00 SAREPTA THEROPEUTICS INC 159.78 41,543.06 0.04 10.40 4/8/20 4/13/20 462.00 STARBUCKS CORP 71.53 33,048.75 0.04 18.48 4/16/20 4/20/20 250.00 TAIWAN SEMICONDUCTOR MFG 52.56 13,138.83 0.04 10.00 4/17/20 4/21/20 600.00 US FOODS HOLDING CORP 17.33 10,400.34 0.04 24.00 6/24/20 6/26/20 117.00 VISA INC 192.43 22,514.49 0.04 4.68 4/30/20 5/4/20 217.00 WEX INC 132.69 28,793.62 0.04 8.68 COWEN & CO ------------- ------------------ 5/20/20 5/22/20 1,606.00 SWITCH INC 18.28 29,352.86 0.03 48.18 DEUTSCHE 5/20/20 5/22/20 1,243.00 BOSTON SCIENTIFIC CORP 37.28 46,333.07 0.02 24.86 4/30/20 5/4/20 3,145.00 MATTEL INC 8.78 27,608.07 0.02 62.90 5/20/20 5/22/20 1,671.00 SINCLAIR BROADCAST GROUP INC 17.58 29,377.85 0.02 33.42 6/30/20 7/2/20 3,091.00 VERTIV HOLDINGS CO 13.51 41,774.25 0.02 61.82 4/15/20 4/17/20 3,561.00 ZYNGA INC CL A 7.48 26,641.27 0.02 71.22 ------------- -------- ------------------ --------------------- 171,734.50 --------------- 0.02 ------ 254.22 DREXEL HAMILTON 4/16/20 4/20/20 235,000.00 COSTCO WHOLESALE CORP 99.77 234,471.30 0.00 0.00 1.375% Due 06-20-27 34 Hi 9land Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Purchases Period Ending 6/30/2020 FTN FINANCIAL 4/13/20 4/20/20 11,750.73 FIN MA1387 103.69 12,184.04 0.00 0.00 3.000% Due 03-25-28 6/18/20 6/23/20 40,005.00 FNR 2012-90 DA 100.31 40,130.02 0.00 0.00 1.500% Due 03-25-42 4/23/20 4/28/20 10,000.00 FNR 2013-111 PL 102.12 10,212.50 0.00 0.00 2.000% Due 12-25-42 ________ 62,526 56___________ 0.00 ____________ 0.00 GS 6/9/20 6/17/20 40,000.00 MEMORIALSLOAN-KETTERING 100.00 40,000.00 0.00 0.00 2.955% Due 01-01-50 Jones Trading 6/29/20 7/1/20 980.00 ADVANCED MICRO DEVICES INC 49.95 48,946.88 0.01 9.80 6/24/20 6/26/20 374.00 ANAPLAN INC 43.91 16,421.18 0.01 3.74 6/11/20 6/15/20 400.00 BERKSHIRE HATHAWAY INC 179.16 71,663.20 0.01 4.00 6/23/20 6/25/20 135.00 BOEING CO 188.31 25,421.73 0.01 1.35 4/21/20 4/23/20 652.00 CANTEL MEDICAL CORP 27.22 17,750.05 0.01 6.52 6/11/20 6/15/20 407.00 CARMAX INC 87.04 35,426.54 0.01 4.07 6/24/20 6/26/20 1,596.000ITGROUP INC 21.10 33,681.35 0.01 15.96 4/13/20 4/15/20 313.00 DOCUSIGN INC 94.05 29,437.74 0.01 3.13 4/7/20 4/9/20 1,050.00 JOHNSON CONTROLS INTERNATIONAL PL, 28.41 29,826.09 0.01 10.50 6/26/20 6/30/20 244.00 L3HARRIS TECHNOLOGIES INC 170.22 41,534.34 0.01 2.44 6/1/20 6/3/20 1,944.00 PURE STORAGE INC 16.99 33,035.95 0.01 19.44 4/6/20 4/8/20 250.00 RAYTHEON TECHNOLOGIES CORP 57.19 14,296.45 0.01 2.50 6/4/20 6/8/20 699.00 SMARTSHEET INC 46.16 32,267.03 0.01 6.99 5/22/20 5/27/20 738.00 YUM CHINA HOLDINGS INC 43.65 32,211.12 0.01 7.38 JPMORGAN 6/8/20 6/10/20 255,000.00 BRIXMOR OPERATING PART 99.78 254,428.80 0.00 0.00 4.050% Due 07-01-30 4/13/20 4/15/20 230,000.00 EXXON MOBIL CORP 100.00 230,000.00 0.00 0.00 3.452% Due 04-15-51 5/26/20 5/29/20 155,000.00 MICROCHIP TECHNOLOGY INC 100.00 155,000.00 0.00 0.00 2.670% Due 09-01-23 _______ 639,428 80______----- 0.00-------------- 0.00 35 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 Purchases REDI 6/3/20 6/5/20 37.00 ALLEG HA NY CORP 545.94 20,199.71 0.01 0.37 4/3/20 4/7/20 302.00 ALTERYX INC 81.48 24,608.08 0.01 3.02 4/9/20 4/14/20 78.00 AM GEN INC 218.26 17,024.48 0.01 0.78 4/8/20 4/13/20 189.00 AN APLA N INC 35.75 6,756.39 0.01 1.89 4/15/20 4/17/20 212.00 ATLASSIAN CORP PLC 143.62 30,446.53 0.01 2.12 4/8/20 4/13/20 78.00 AVALARAINC 75.42 5,882.70 0.01 0.78 4/30/20 5/4/20 21.00 BOOKING HOLDINGS INC 1,476.47 31,005.97 0.01 0.21 4/9/20 4/14/20 297.00 BRISTOL-MYERS SQUIBB CO 59.05 17,537.17 0.01 2.97 4/7/20 4/9/20 350.00 CITIG ROUPINC 42.84 14,995.12 0.01 3.50 4/9/20 4/14/20 49.00 COSTAR GROUP INC 634.85 31,107.44 0.01 0.49 4/15/20 4/17/20 180.00 COUPA SOFTWARE INC 158.54 28,537.33 0.01 1.80 4/6/20 4/8/20 106.00 ESTEE LAUDER COS INC 160.77 17,042.11 0.01 1.06 6/3/20 6/5/20 190.00INSU LET CORP 180.96 34,382.06 0.01 1.90 4/15/20 4/17/20 56.00 INTUITIVE SURGICAL INC 510.35 28,579.70 0.01 0.56 4/15/20 4/17/20 61.00 NVIDIA CORP 282.07 17,206.55 0.01 0.61 4/17/20 4/21/20 160.00 PENUMBRA INC 177.87 28,459.46 0.01 1.60 4/15/20 4/17/20 295.00 QU ALCO M M INC 75.66 22,320.14 0.01 2.95 4/17/20 4/21/20 87.00 ROPER INDS INC NEW COM 321.16 27,940.84 0.01 0.87 4/8/20 4/13/20 96.00 SERVICEN OW INC 274.65 26,366.75 0.01 0.96 4/30/20 5/4/20 349.00 SIMON PROPERTY GROUP INC 66.67 23,266.82 0.01 3.49 4/3/20 4/7/20 492.00 TERADYNE INC 52.79 25,971.75 0.01 4.92 ------------ ---------- ------------------------------------ 479,637.10 0.01 36.85 strategas 6/29/20 7/1/20 353.00 JOHNSON & JOHNSON 138.53 48,901.94 0.03 10.59 6/24/20 6/26/20 285.00 UNIVERSAL DISPLAY CORP 148.05 42,194.88 0.03 8.55 -------- 91,096 82----------- 0.03-----------19.14 PURCHASES SUBTOTAL 2,663,280.00 0.00 713.09 ---------------------------- ---------- 0.00 713.09 Hihlmd Capital 36 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund BARCLAYS-EQ Sales 4/29/20 4/29/20 65,000.00 FFCB 100.00 65,000.00 1.620% Due 02-10-22 4/1/20 4/1/20 35,000.00 NEW YORK N Y 100.00 35,000.00 5.676% Due 10-01-34 6/22/20 6/22/20 35,000.00 PINNACLE WEST CAP CORP SR NT 100.89 35,309.92 2.250% Due 11-30-20 Period Ending 6/30/2020 135,309.90 0.00 0.00 4/9/20 4/14/20 160.00 ACCENTURE PLC 177.98 28,476.44 0.04 6.40 6/11/20 6/15/20 31.00 ADOBE INC 388.70 12,049.56 0.04 1.24 6/11/20 6/15/20 17.00 ADOBE INC 388.70 6,607.82 0.04 0.68 6/11/20 6/15/20 12.00 ADOBE INC 388.70 4,664.35 0.04 0.48 6/11/20 6/15/20 21.00 ADOBE INC 388.70 8,162.60 0.04 0.84 6/11/20 6/15/20 12.00 ADOBE INC 388.70 4,664.35 0.04 0.48 6/11/20 6/15/20 11.00 ADOBE INC 388.70 4,275.65 0.04 0.44 4/30/20 5/4/20 302.00 ALTERYX INC 113.65 34,321.30 0.04 12.08 4/17/20 4/21/20 528.00 ALTRIA GROUP INC 40.83 21,558.61 0.04 21.12 4/17/20 4/21/20 120.00 ALTRIA GROUP INC 40.83 4,899.68 0.04 4.80 4/3/20 4/7/20 441.00 BERRY PLASTICS GROUP 32.23 14,213.42 0.04 17.64 4/7/20 4/9/20 50.00 BLACKROCK INC 451.06 22,552.96 0.04 2.00 4/13/20 4/15/20 564.00 CDK GLOBAL INC 34.63 19,531.78 0.04 22.56 6/5/20 6/9/20 1,770.00 CIT GROUP INC 26.44 46,795.81 0.04 70.80 6/29/20 7/1/20 1,596.00 CIT GROUP INC 20.45 32,640.82 0.04 63.84 4/15/20 4/17/20 464.00 COMCAST CORP 37.14 17,230.99 0.04 18.56 4/15/20 4/17/20 62.00 COMCAST CORP 37.14 2,302.42 0.04 2.48 4/2/20 4/6/20 229.00 DISCOVER FINANCIAL SERVICES 30.53 6,991.21 0.04 9.16 4/30/20 5/4/20 313.00 DOCUSIGN INC 105.11 32,899.14 0.04 12.52 4/2/20 4/6/20 64.00 ECOLABINC 149.28 9,553.87 0.04 2.56 6/3/20 6/5/20 296.00 EQUIFAX INC 172.22 50,978.00 0.04 11.84 4/15/20 4/17/20 1,161.00 EXELIXIS INC 18.30 21,250.46 0.04 46.44 5/1/20 5/1/20 55.00 GLAXOSMITHKLINE PLC ADR 40.96 2,252.75 0.04 2.20 4/6/20 4/8/20 189.00 GRAND CANYON EDUCATION INC 72.92 13,781.02 0.04 7.56 6/29/20 7/1/20 224.00 HONEYWELL INTL INC 141.93 31,792.30 0.04 8.96 6/2/20 6/4/20 50.00INTELCORP 61.34 3,067.19 0.04 2.00 Hi bland Capital 37 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2020 Sales 6/2/20 6/4/20 500.00 INTEL CORP 61.34 30,671.87 0.04 20.00 6/2/20 6/4/20 200.00 INTEL CORP 61.34 12,268.75 0.04 8.00 4/30/20 5/4/20 385.00 INTERCONTINENTAL EXCHANGE GROUP II 89.67 34,521.60 0.04 15.40 6/30/20 7/2/20 244.00 L3HARRIS TECHNOLOGIES INC 170.10 41,505.46 0.04 9.76 4/8/20 4/13/20 239.00 NORDSON CORP 147.12 35,161.09 0.04 9.56 6/23/20 6/25/20 21.00 NVIDIA CORP 382.26 8,027.52 0.04 0.84 6/23/20 6/25/20 99.00 NVIDIA CORP 382.26 37,844.02 0.04 3.96 4/9/20 4/14/20 20.00 PHILLIPS 66 62.34 1,246.71 0.04 0.80 4/9/20 4/14/20 100.00 PHILLIPS 66 62.34 6,233.53 0.04 4.00 4/9/20 4/14/20 100.00 PHILLIPS 66 62.34 6,233.52 0.04 4.00 4/9/20 4/14/20 100.00 PHILLIPS 66 62.34 6,233.53 0.04 4.00 6/26/20 6/30/20 87.00 ROPER INDS INC NEW COM 386.39 33,615.52 0.04 3.48 4/2/20 4/6/20 150.00 TRANE TECHNOLOGIES PLC 80.90 12,135.24 0.04 6.00 4/17/20 4/21/20 100.00 UNITEDHEALTH GROUP INC 289.93 28,992.71 0.04 4.00 4/9/20 4/14/20 120.00 VALERO ENERGY CORPORATION 50.19 6,023.00 0.04 4.80 4/9/20 4/14/20 150.00 VALERO ENERGY CORPORATION 50.19 7,528.75 0.04 6.00 4/9/20 4/14/20 50.00 VALERO ENERGY CORPORATION 50.19 2,509.59 0.04 2.00 4/15/20 4/17/20 481.00 VOYA FINANCIAL INC 42.53 20,455.56 0.04 19.24 6/3/20 6/5/20 217.00 WEX INC 166.93 36,224.45 0.04 8.68 ------------- -------------- 0.04 ---------- ----- 484.20 COWEN & CO 4/9/20 4/14/20 192.00 LOWES COS INC 95.43 18,321.86 0.03 5.76 4/9/20 4/14/20 245.00 LOWES COS INC 95.43 23,379.46 0.03 7.35 4/9/20 4/14/20 519.00 SSANDC TECHNOLOGIES HOLDINGS INC 49.41 25,641.66 0.03 15.57 -------------------------------------------------- 67,342.98 0.03 28.68 DEUTSCHE 6/29/20 7/1/20 1,243.00 BOSTON SCIENTIFIC CORP 34.21 42,526.93 0.02 24.86 Jones Trading 5/15/20 5/19/20 30.00 APPLE INC 306.63 9,199.01 0.01 0.30 4/7/20 4/9/20 250.00 AT&T INC 30.44 7,609.38 0.01 2.50 4/7/20 4/9/20 330.00 AT&T INC 30.44 10,044.39 0.01 3.30 4/7/20 4/9/20 100.00 AT&T INC 30.44 3,043.75 0.01 1.00 38 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Leerink partners REDI Period Ending 6/30/2020 Sales 4/7/20 4/9/20 20.00 AT&T INC 30.44 608.75 0.01 0.20 6/29/20 7/1/20 5.00 BOEING CO 183.16 915.78 0.01 0.05 6/29/20 7/1/20 49.00 BOEING CO 183.16 8,974.65 0.01 0.49 6/29/20 7/1/20 28.00 BOEING CO 183.16 5,128.37 0.01 0.28 6/29/20 7/1/20 51.00 BOEING CO 183.16 9,340.97 0.01 0.51 6/29/20 7/1/20 135.00 BOEING CO 183.16 24,726.08 0.01 1.35 4/29/20 5/1/20 652.00 CANTEL MEDICAL CORP 37.23 24,271.14 0.01 6.52 6/29/20 7/1/20 593.00 CISCO SYS INC 46.00 27,278.82 0.01 5.93 6/29/20 7/1/20 429.00 CISCO SYS INC 46.00 19,734.59 0.01 4.29 6/29/20 7/1/20 83.00 CISCO SYS INC 46.00 3,818.12 0.01 0.83 4/13/20 4/15/20 571.00 GoDaddy INC 62.16 35,494.86 0.01 5.71 5/20/20 5/22/20 3,145.00 MATTEL INC 8.18 25,712.95 0.01 31.45 6/17/20 6/19/20 80.00 MERCK & CO INC 76.33 6,106.47 0.01 0.80 6/17/20 6/19/20 125.00 MERCK & CO INC 76.33 9,541.35 0.01 1.25 6/17/20 6/19/20 250.00 MERCK & CO INC 76.33 19,082.70 0.01 2.50 4/2/20 4/6/20 485.00 PARSLEY ENERGY INC 6.66 3,231.92 0.01 4.85 4/2/20 4/6/20 770.00 SINCLAIR BROADCAST GROUP INC 12.51 9,628.86 0.01 7.70 4/2/20 4/6/20 195.00 SINCLAIR BROADCAST GROUP INC 12.51 2,438.48 0.01 1.95 6/24/20 6/26/20 492.00 TERADYNE INC 81.80 40,244.02 0.01 4.92 6,175.40 ___________ ___________ 0.0188.68 ____- 6/23/20 6/25/20 180.000OUPA SOFTWARE INC 265.43 47,777.76 0.02 3.60 4/8/20 4/13/20 121.00 ANTHEM INC 246.66 29,846.20 0.01 1.21 4/17/20 4/21/20 302.00 ARMSTRONG WORLD INDUSTRIES 83.21 25,129.10 0.01 3.02 5/20/20 5/22/20 212.00 ATLASSIAN CORP PLC 183.40 38,881.76 0.01 2.12 5/20/20 5/22/20 261.00 AVALARA INC 103.46 27,003.32 0.01 2.61 5/20/20 5/22/20 78.00 AVALARAINC 103.46 8,069.96 0.01 0.78 4/3/20 4/7/20 105.00 BURLINGTON STORES INC 140.17 14,718.03 0.01 1.05 5/20/20 5/22/20 389.00 CARMAX INC 78.26 30,443.82 0.01 3.89 4/2/20 4/6/20 111.00 CROWN CASTLE INTERNATIONAL CORP 144.62 16,053.00 0.01 1.11 4/30/20 5/4/20 10.00 EQUINIX INC 672.44 6,724.38 0.01 0.10 4/30/20 5/4/20 6.00 EQUINIX INC 672.44 4,034.63 0.01 0.06 4/30/20 5/4/20 15.00 EQUINIX INC 672.44 10,086.58 0.01 0.15 39 Hihlmd Capital MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2020 4/3/20 4/7/20 121.00 EURONET SVCS INC 72.09 8,722.65 0.01 1.21 4/3/20 4/7/20 53.00 EURONET SVCS INC 72.09 3,820.66 0.01 0.53 4/3/20 4/7/20 20.00 EURONET SVCS INC 72.09 1,441.76 0.01 0.20 4/15/20 4/17/20 247.00 FISERV INC 93.67 23,137.11 0.01 2.47 4/2/20 4/6/20 153.00 INGERSOLL RAND INC 22.92 3,507.15 0.01 1.53 4/8/20 4/13/20 136.00 INTERNATIONAL BUSINESS MACHINE 119.19 16,209.51 0.01 1.36 6/3/20 6/5/20 56.00 INTUITIVE SURGICAL INC 577.61 32,346.32 0.01 0.56 4/8/20 4/13/20 227.00 IQVIA HOLDINGS INC 127.01 28,831.29 0.01 2.27 4/6/20 4/8/20 100.00 KONINKLIJKE PHILIPS ELECTRS N V SPON ! 39.80 3,979.86 0.01 1.00 4/6/20 4/8/20 454.00 LENNAR CORP 39.10 17,753.27 0.01 4.54 4/9/20 4/14/20 124.00 NORFOLK SOUTHERN CORP 159.72 19,805.25 0.01 1.24 4/3/20 4/7/20 365.00 PLANT FITNESS INC CL A 36.93 13,479.22 0.01 3.65 4/3/20 4/7/20 191.00 POLARIS INDUSTRIES INC 39.03 7,454.22 0.01 1.91 4/3/20 4/7/20 143.00 POLARIS INDUSTRIES INC 39.03 5,580.91 0.01 1.43 6/29/20 7/1/20 1,671.00 SINCLAIR BROADCAST GROUP INC 17.66 29,506.03 0.01 16.71 4/15/20 4/17/20 264.00 TEMPUR SEALY INTERNATIONAL INC 41.79 11,031.57 0.01 2.64 4/8/20 4/13/20 352.00 UNITED AIRLINES HOLDINGS INC 27.27 9,597.83 0.01 3.52 5/20/20 5/22/20 369.00 XYLEM INC 62.06 22,899.11 0.01 3.69 -------------------------------------------------- 470,094.50 0.01 66.56 Royal Bank of Canada 4/16/20 4/20/20 235,000.00 COSTCO WHOLESALE CORP 99.96 234,901.30 0.00 0.00 1.375% Due 06-20-27 STIFEL 6/8/20 6/10/20 255,000.00 BRIXMOR OPERATING PART 100.16 255,410.60 0.00 0.00 4.050% Due 07-01-30 4/13/20 4/15/20 230,000.00 EXXON MOBIL CORP 100.72 231,646.80 0.00 0.00 3.452% Due 04-15-51 5/26/20 5/29/20 155,000.00 MICROCHIP TECHNOLOGY INC 100.13 155,195.30 0.00 0.00 2.670% Due 09-01-23 642,252.70 0.00 0.00 Hihlmd Capital 40 MANAGEMENT, LLC An Argent Com pary Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2020 strategas 4/21/20 4/23/20 737.00 DYNATRACE INC 25.68 18,922.87 0.03 22.11 4/15/20 4/17/20 411.00 RAYMOND JAMES FINANCIAL INC 63.08 25,924.94 0.03 12.33 4/6/20 4/8/20 23.00 UNITEDHEALTH GROUP INC 238.31 5,481.19 0.03 0.69 4/6/20 4/8/20 21.00 UNITEDHEALTH GROUP INC 238.31 5,004.56 0.03 0.63 4/6/20 4/8/20 20.00 UNITEDHEALTH GROUP INC 238.31 4,766.25 0.03 0.60 4/6/20 4/8/20 72.00 UNITEDHEALTH GROUP INC 238.31 17,158.51 0.03 2.16 4/6/20 4/8/20 27.00 UNITEDHEALTH GROUP INC 238.31 6,434.44 0.03 0.81 4/6/20 4/8/20 2.00 UNITEDHEALTH GROUP INC 238.31 476.62 0.03 0.06 ------------- -------------------------------------------------- ------------------ 84,169.38 0.03 39.39 SUNTRUST MARKET AXESS 4/7/20 4/9/20 77,000.00 JPMORGAN CHASE & CO 103.40 79,621.08 0.00 0.00 3.200% Due 01-25-23 UNASSIGNED 4/7/20 4/7/20 0.50 OTIS WORLDWIDE CORPORATION 43.00 21.50 0.00 0.00 WACHOVIA SECURITIES INC-0 6/1/20 6/1/20 5,000.00 COMMONWEALTH FING AUTH PA 100.00 5,000.00 0.00 0.00 5.653% Due 06-01-24 4/15/20 4/15/20 2,000.00 FHR 3795 YY 100.00 2,000.00 0.00 0.00 4.500% Due 10-15-40 7,000.00 0.00 0.00 -------------------------------------------------- SALES SUBTOTAL 2,942,140.00 0.00 735.97 ------ ------------ -------------------------------------------------- 0.00 735.97 Hihlmd Capital 41 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