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Home My WebLink AboutHighland Investment ReviewSebastian Police Officers' Pension Fund Investment Review Period Ending June 30, 2021 Hi�hland Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Commentary Page 1 Total Return Summary and Portfolio Allocation Page 8 Performance Returns for Various Periods Page 9 Equity Sector Allocation and Returns Page 16 Top Ten Holdings = Page 11 International ADR Country Allocation Page 13 Fixed Income Characteristics Page 14 Portfolio Holdings Page 18 Purchase d Sales Page 28 FEP, and Capital )MANAGEMENT, LLC An Argent Company and Cap idtal AAIA E EDIT, LL n Argent Company This page intentionally left blank. Sebastian Police Officers' Pension Fund 2Q21 Equity Commentary The second quarter of 2021 saw the equity market continue to move upward (34 new highs for the S&P in 2021) with the index gaining another 8.5%, bringing the mid -year total return to 15.2%. This was the second best first half performance for the market since the dot corn bubble. The market has benefited from stronger earnings, progress in vaccinations, and improving consumer confidence. The final reported earnings for Q1 were up 52.4% versus the prior year. This more than doubled the March 31St consensus forecast of an earnings gain of 23.8%. The US has also benefited from a faster vaccine rollout relative to other countries, with 46.1% of Americans now fully vaccinated. And while it has not been a straight -up trend, consumer confidence has improved to a level of 127.3, which is the highest since the start of the pandemic. GDP has not disappointed either, with first quarter GDP growing at 6.4%, and the second quarter forecasted to have grown 8.3% according to the Atlanta Fed. The Conference Board consensus forecast for GDP growth for full year 2021 has risen to 6.6%, up from 5.5% at the end of Q1. What has been somewhat surprising given the strength of the economy and the consumer, is that interest rates have remained subdued, even as whiffs of inflation have percolated as the economy reopens. The yield on the 10-year US Treasury bond started the second quarter at 1.74%, and subsequently fell to 1.45% at quarter end. Commodity prices have rallied with crude oil up 53% in the past six months, while metals such as copper and aluminum are both up over 20%. The price increases are not limited to industrial commodities, as food commodities such as corn (+41%), and cattle (+13%) have moved higher. Inflation is apparent in both the Consumer and the Producer price indices. The CPI for May rose 5% over the past year, and ex food and energy was up 3.8% (the fastest core growth since June of 1992). The May Producer Price Index increased 6.6% in the past year (a record), with its core up Period Ending 6/30/2021 5.3%. The Federal Reserve focuses on "Core PCE" as their preferred inflation barometer, but even the Core PCE is increasing with the May number at 3.4%, up from 3.1% in April. The Fed has stated they will allow inflation to "run hot" (above their 2% target) until the economy can recover the jobs lost to Covid. How long and how much above the Fed's 2% target will likely be determined by how fast wage inflation grows. Wage inflation is currently at 2%, and with the April and May jobs reports coming in below forecasts the Fed may have some breathing room in their insistence that the current inflation we are experiencing is "transitory". Wage inflation historically is the major transmission mechanism that drives inflation, and while there is labor slack at present with an unemployment rate of 5.8%, there are also over 9 million job openings that are unfilled. As Federal unemployment benefits end we will find out how quickly these jobs are filled, or if we have a mismatch in skills required to fill those jobs. We believe that the course of inflation will be the key metric to watch as we move through the second half of the year. Second Quarter Market Recap: The Q2 was the fifth consecutive quarter of market gains, but a mixed bag in terms of what worked from a sector standpoint, without a clear differentiating trend. If there was any trend at all it was that quality growth stocks reasserted themselves to a degree over value as interest rates fell. The month of June was especially perplexing as the stocks that had been the bottom 20% of performers over the previous six months became the best performers in June (+5.7%), while the 20% best performers of the prior six months swapped places and were the worst performers (-2%). The best performing sector in the quarter was Real Estate gaining 13.1%, followed by Technology at 11.6%. The Tech sector was a good example of the "flip flop" that occurred in Q2 as Tech was only up 1.7% in Q1. Highland Capital 1, Argen[ Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 2Q21 Equity Commentary Energy maintained its place near the top of the leaderboard in Q2 as crude historically producing a return of 1.4%. We believe that inflation will hold prices continued to climb, and the sector gained 11.3%. A noteworthy milestone reached at the end of the quarter was Facebook (+18% in Q2) piercing the $1 trillion market capitalization level, becoming only the fifth company to reach such rarified air. Cyclical sectors such as Industrials lagged the index with a 4.5% return, along with Materials and Consumer the key to market returns in the second half. Inflation has an impact on market valuations as higher inflation leads to higher interest rates which reduce the present value of future cash flows. Whether or not companies will pass on their higher costs to consumers or absorb those costs themselves will have impacts on consumer psychology, consumer spending, Discretionary at 5.0% and 6.9% respectively. Financials were just narrowly corporate profit margins, and eventually corporate earnings. Inflation behind the index at 8.4%, even with the decline in interest rates. The "risk on" nature of the market was still evident, as the defensive categories Consumer Staples and Utilities lagged returning just 3.8% and -0.4%. Our opinion is that if interest rates were going to stay low for an extended period, we would likely see a dividend yielding sector such as Utilities exhibiting better relative performance, not worse. Year to date Energy and Financials are the best performing sectors with gains of 45.6% and 25.7%, while Consumer Staples and Utilities are the worst at 5% and 2.4% respectively. impacts the value of the dollar and its purchasing power. Inflation could offset gains in wages that have been difficult to achieve. But perhaps most importantly, an inflation level of 2 — 4% historically has aligned with a market price earnings multiple of 17.4X on average over the last seven decades, in contrast to a 0 -2% inflation rate that has supported a multiple of 18.6X. With the current market multiple at 21.5X, the market could face valuation compression if inflation were to persist at higher levels. The Federal Reserve believes that inflation will moderate as we lap the easy comparisons of last year. It's true that the extremely easy comps will roll off the calendar, but we don't see prices falling in the near term as global What can we expect in the months ahead? After a strong first half of 2021, demand remains strong and supply chains are stretched. The Fed could be and with GDP growth solid and expected to show continued growth into 2022, the outlook for the economy appears to be on solid footing. Whil that is a positive, the economy will be growing at a slower rate in 2022 pointing to retail sales for May that fell by 1.3% as the benefits of stimulus e payments ebbed, but nevertheless sales were still up 18% above February 2020 levels. Job reports for April and May were strong, but below versus 2021, and we have seen the "peak" rate of change in manufacturing consensus expectations. Only time will tell which theory is right. But we and services indices. In short, while the economy will continue to move also have the issues of the M2 money supply growing at an elevated level of ahead at a positive rate, we are now growing at a decelerating rate versus 18% (down from over 30%), and a Fed balance sheet that has ballooned the easy comparisons coming out of the shutdown. We know from history that the second year coming off a major market bottom (spring of 2020), is usually more volatile than the first year, and produces lower returns, with the market typically moving sideways for a period. We are now in that time frame and would expect market returns to be muted over the next few months. The third quarter is also seasonally the weakest quarter from $4 trillion pre Covid to $8 trillion currently. The Fed continues to buy $120 billion of securities in the fixed income market each month. Fiscal stimulus that was provided to consumers through the pandemic to replace lost income will go away, but an infrastructure program is also likely to be approved as well as additional social spending. As the Fed tries to begin the process of normalizing, will they begin to taper (cut back on securities Highland Capital 1, Argen[ Company Sebastian Police Officers' Pension Fund 2Q21 Equity Commentary purchased each month) in late 2021 or early 2022? The data will dictate the timing. We know from the taper tantrum that occurred in 2013 that volatility could increase, and that cyclical sectors such as Industrials, Consumer Discretionary, and Financials were the best performers during that period. And don't forget that there is also a possibility that tax rates will be increasing on corporations, individuals, and capital gains. Whether or not any of the proposed tax rates will be retroactive is unknown. Valuation: Period Ending 6/30/2021 We are encouraged by the reopening of the US economy and the return to an almost normal environment for most. We are excited to see spectators and patrons at sporting events and concerts, indoor dining, and the return of leisure air travel. There will continue to be challenges as variants of Covid evolve, but with vaccinations and acquired immunity we are closer to Covid becoming an endemic virus, but hopefully one that will be less virulent and widespread. Progress in these situations is never as fast as any of us would like, but now 16 months or so past the initial onslaught, we have made significant progress. As always, we thank you for your trust and confidence, and we are here to answer any investment questions that you may have. The market is currently trading at a P/E multiple of 21.5X forward 12- Stay well. month earnings, above the 5 and 10 year average of 18.3X and 16.3X respectively. The price to cash flow multiple is also above historical averages at 15.8X versus the long-term average of 10.9X. While the valuations levels are not cheap, they are also not excessive. We need to keep in mind that earnings are growing at a rapid clip, with the Q2 earnings estimated to have increased 62%, which would be the highest year over year growth rate for the S&P since Q4 2009. Earnings for full year 2021 are forecasted to increase by 35%, with another gain of 11% in 2022. It is now appearing that the strong eps growth of 2021 could be taking away from the projected growth in 2022, as 2022 earnings estimates have come down from their March 31st forecasted growth rate of 15%. With this level of earnings strength, the market is growing into its valuation. In the earlier periods of the pandemic, it was thought by many that it could take the market until 2023 to recover to the 2019 level of earnings. It now appears that we will eclipse 2019 earnings this year. The one caveat that could lower earnings which is not currently embedded in estimates would be the implementation of new taxes. Hip -Wand Capital 1, Argen[ Company Sebastian Police Officers' Pension Fund 2Q21 Large Cap Value Equity Commentary For the 2nd quarter the large cap value portfolio slightly underperformed the Russell 1000 Value index by 18 basis points, however the portfolio is still well ahead of the benchmark for the year by close to 300 basis points. The quarter can best be described of the haves and have nots. The portfolio was ahead of the index by over 100 basis points, up until Chairman Powell's' comments on June 16th' led by financials and basic material securities. That all reversed when Chairman Powell stated that the committee believes inflation is transitory and will ebb as the reopening of the economy continues and the bottlenecks in the supply chain erode. These comments resulted in a collapse in ten-year treasury rates toward the 1.27% level at the time of this writing. Equity investors responded by selling Banks, which tend to be interest rate sensitive and buying Technology, which benefits from lower rates.. The old adage, "don't fight the fed" sure played out. Reviewing the following chart, one can see the violent shift in market direction over the three-month period. The XLF (Financials), represented by the white line compared to the XLK (Technology), yellow line had a complete roll reversal for the remainder of the quarter. One aspect of our model that we believe should have been true as interest rates fall, is that it Period Ending 6/30/2021 As the quarter ended the model began sorrowing on the banks and as such we have been tactically moving in a different direction in the sector. The model still has the sector rated in the top quartile of the index, but it has been showing strength in credit favors dividend paying securities. We had an anticipation that the banks cards and asset managers, which is consistent with the direction would be a major benefactor of this trade, nonetheless it hasn't panned of the markets now. out yet. On June 28, all major banks, with the exception of CitiGroup On another note and a major shift in the Russell 1000 Value index increased their dividends and in some instances doubled them. We took was the reconstitution at the end of the quarter. The largest move this as a good sign of the health of the banks and their willingness to came in the Health Care sector where it went from a 12.5% reward investors and distribute some of their reserve cash. Unfortunately, weighting on June 25th to a 17.6% on June 28th. What this has the markets didn't respond favorably, and the banks barely moved on this caused is for us to assess what securities show up in our model news. and adjusting our weights. By way of example, prior to the rebalance we were equal weight staples; after we were 200 basis points underweight; discretionary, we were equal weight, now Hi Wand Capital MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund 2Q21 Large Cap Value Equity Commentary 200 basis point overweight; lastly, basic materials fell from the mid 5% to the mid 3% weighting. Additionally, some of our favorite names are no longer in our index and therefore will not show up in our quantitative model and we will be working diligently on finding new names as a replacement. What we see moving forward is opportunities. We believe the equity markets will continue to be robust and as more people return to work, schools reopen, and more vaccinations are administered the US economy will continue to grow. However, we are cognizant of the fears of inflation and rising interest rates, which we believe must eventually happen and as our model detects changes in corporate fundamentals we will adjust appropriately. As always, please feel free to contact us with any questions as we are here to serve you. 5 Period Ending 6/30/2021 Hi Wand Capital Ar Argem Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 2Q21 Fixed Income Portfolio Manager Commentary The Federal Reserve provided some volatility to the bond market after The biggest year -on -increases came from the following: food away from delivering a hawkish surprise following the June FOMC meeting. The projected path for interest rate decisions now shows two hikes by 2023, compared to zero following the previous FOMC meeting in March. The Federal Reserve also increased GDP growth expectations for 2021 to reach 7%, core inflation rising to 3% and the unemployment rate would end the year at approximately 4.5%. The signal from the meeting was that the economy appears progressing towards stated goals and the days of ultra - accommodation might be coming to an end. The Federal Reserve did not end the monthly asset purchase program (Treasuries and Mortgage -Backed Securities), however it did appear that the Federal Reserve is starting to discuss the timing of winding this program down. Considering the statements on June 16th from the Fed, many investment banks are pulling forward the timing of the first interest rate hike (approximately third quarter of 2023). Many market participants believe the Federal Reserve will communicate significant policy change at the Fed's annual symposium in Jackson Hole, Wyoming, in August. However, some influential members of the Federal Reserve have spoken recently about the need to curb asset purchases fearing a risk of upside inflation. Dallas Fed President Robert Kaplan stated, "I think we'd be healthier, as we're making progress in home (4%), hotels (10%), gasoline (56%), used cars (30%), car and truck rentals (110%) and airfares (24%). The parts of the economy that shut down the longest are experiencing the most inflation, because shortages developed and are hard to alleviate when demand suddenly returns to normal all at once after a hiatus. Consumer spending on durable goods has risen to levels above trend due to the boost to disposable income from fiscal support. Consumer Price Inflation was not the only metric that pointed towards higher levels of inflation. US homes prices jumped the most in more than 30 years in April. Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data since 1988. Additionally, forty percent of small businesses reported raised selling prices during the month of May, which is the highest reading in monthly data going back to 1986. According to Bill Dunkelberg, chief economist at the National Federation of Independent Business, "Inflation on Main Street is rampant and small business owners are uncertain about future business conditions." Contributing to the uncertainty is that small business owners have been unable to fill positions which corresponds to the record high level of job openings. The number of available positions in April rose to a record high of 9.3 million. Employers are competing with very weathering the pandemic and achieving our goals, to start adjusting these attractive unemployment benefits tied to the pandemic. The hiring purchases (Treasuries and mortgage -backed securities), sooner rather than challenges might soon be coming to an end as the federal government will later." be phasing out the enhancement in an effort to encourage people to re - Inflation is always the main concern for bond investors. Probably the most enter the work force. anticipated piece of economic news during the quarter was the release of May Consumer Price Inflation (CPI). Prices rose 0.6% month over month, the 2nd largest increase in more than a decade. Core inflation, which excludes food and energy, was the highest in 29 years. The increased inflation can mostly be attributed to sectors heavily impacted by COVID-19. Bond investors were able to look past the inflation fears in the market and for the time being are in the same "transitory inflation camp" as the Federal Reserve. The 10-year Treasury ended the quarter yielding 1.45% a decline of 29 basis points since the end of March. Most bond indices generated Highland Capital An Argent Company Sebastian Police Officers' Pension Fund 2Q21 Fixed Income Portfolio Manager Commentary Period Ending 6/30/2021 positive returns in the quarter. The Bloomberg Barclays Aggregate (Federal Reserve was 42% of the total). The relative pace of growth in these increased +1.83% during the quarter. The Bloomberg Barclays Intermediate various markets looks likely to shift in 2021 and beyond. Negative yields in US Gov/Credit index increased +0.98% during the quarter. Longer dated Europe and near -zero yields in Japan have also pushed many international securities outperformed this quarter as the slope of the Treasury curve investors into US corporate debt. reversed course and flattened. One of the biggest challenges for investors is what to do with idle cash. With the Fed keeping short term rates at zero, To combat the fear of rising inflation, the Federal Reserve has been attaining attractive returns for cash strategies has become a difficult task. communicating to the market that the recent spike in prices will prove to be Single -A rated 1-to-3-year bonds are at the richest valuation in over 5 transitory. Supply chain disruptions have created large problems related to years. During the quarter, 3-month Libor reached an all-time low of 11.8 both output and inflation. It is difficult to predict exactly when the supply - basis points on June 14th. Most companies continue to term out short demand imbalances will normalize. Industry experts believe the term debt and issue longer dated maturities to lock in attractive financing. semiconductor chip shortage will be resolved by early next year. However, it Municipal bonds continue to benefit from extraordinary investor demand helping to generate positive returns in a challenging bond environment. The Bloomberg Barclays Municipal index increased +1.42% during the quarter and is now up +1.06% YTD. The threat of future tax increases has brought more attention and inflows into the market. Municipalities have sold more than $224 billion during the first six months of 2021, surpassing the previous record in 2007. Most municipalities are in better financial shape as the economy has reopened from the pandemic and most received an influx in federal aid through the American Rescue Plan Act. The net supply of debt securities surged during the first year of the pandemic at a pace rarely seen. From March 2020 through March 2021, US Treasury debt grew by $4.4 trillion or 23%. Corporate and foreign debt securities rose $1.3 trillion or 9%. The record issuance in debt was easily absorbed by the market. The Federal Reserve, banks, mutual funds, money market funds and international investors absorbed 94% of the total growth might take until mid-2022 to fully restore auto inventories. We remain optimistic regarding growth prospects for the next twelve months. However, the path of interest rates will not be smooth and will probably be heavily influenced by the potential reduction in the Federal Reserve's bond buying program. We have been rotating out of positions in which valuations appear stretched. We continue to search for relative value opportunities and seek investments that will perform well in varying interest rate environments. Hip -Wand Capital An Argent Company Sebastian Police Officers' Pension Fund Total Return Summary Quarter $9,680,545 $9,900,575 $220,030 $7 (4/1/21 - 6/30/21) Fiscal Year to Date Fiscal 20 - 6o Date) I $12,908,198 $9,900,585-$3,007,613 $503,579 Vive Year (7/1/16 - 6/30/21) $12,104,139 $9,900,585-$2,203,554 $5,767,415 Asset Allocation Period Ending 6/30/2021 -$100,813 $320,836 3.32% -$5,555,960 $2,044,769 18.46% -$14,321,817 $6,350,848 70.27% 11.23% ■ Cash W Cash o Value I Value o International I International N Fixed Income I Fixed Income - 753,404 $278,433 2.8% Value $4,131,224 1 42.7% Value $4,269,196 43.1% Internationa $890,969 International Fixed Income 53.904.948 1 40.3% Fixed Income 54.308.824 43.5% FEP, and Capital $ ) MANAGEMENT, LLt An Argent Company Sebastian Police Officers' Pension Fund Performance Returns for Various Periods 0% 2% 4% 6% -20% 0% 20% 40% 60% Value International Fixed Income Value International Fixed Income Period Ending 6/30/2021 0% 5% 10% 15% Value International Fixed Income Value 5.09% 38.33% 11.86% R1000V 5.21% 36.05% 11.86% International 1.89% 27.09% 10.09% MSCI EAFE 5.35% 26.71% 10.79% MSCI ACWI ex US 5.48% 27.73% 11.08% Fixed Income 1.98% 1.14% 3.62% * BBCAG 1.83 % -0.95 % 3.03% *BBCGC 2.42% -1.16% 3.31% *Source: Bl000mberg Index Services Limited FEP, and Capital 9 ) MANAGEMENT, LLt An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Domestic Equity Sector Allocation vs. R1000V 25% --------------------------------------------------------------- 21.2 20.9 20% ---- - 17.3 i 15% 13.1 ----------------••----------• ----- 12.0 12.6 -74 9.8 10% ----- -- -- -- 7.9-----••----------• - - -- --- ----- 10.2 - -- 8.8 8.5-------------- ---- 6.3 7.2 5.5 5.1 5.7 5.6 5% 3.8 -- - - -- 4.2 4.8 5.0 4.5 oro J Lt �J ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE DISCRETION STAPLES Domestic Equity Quarterly Sector Returns vs. R1000V ------ � 12.6 11.8 10% 5% 0% i i i -5% 1-------- ENERGY 10.9 -------------------------------•-------------------- -•------------------•----------------------------- 7.8 7.6 8.1 6.7 5.9 4.7 3.5 2.8 3.8--------------- 3.4 - ----------------------------- 3.7 - - - - - - - - - - 'A 2.5 0:0 1.3 I 1.0 1.9 0.2 MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE DISCRETION STAPLES J Account IR1000V Highland Capital 10 ) MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Top Ten Domestic Equity Holdings NTOP TEN HOLDINGS LJ OTHER HOLDINGS Security Weight % QTD Return JP MORGAN CHASE & CO 2.89 2.92 BANK OF AMERICA CORP 2.32 7.16 JOHNSON & JOHNSON 2.21 0.94 ALPHABET INC CL A 2.04 11.50 GOLDMAN SACHS GROUP INC 1.85 16.45 WALT DISNEY CO 1.76 -4.78 PROCTER & GAMBLE CO 1.73 0.30 ANTHEM INC 1.69 6.68 CHEVRON CORP 1.65 1.26 CONOCOPHILLIPS 1.58 15.75 17.29 I W TOP TEN HOLDINGS LJ OTHER HOLDINGS Security Weight % BERKSHIRE HATHAWAY INC-CL B 2.59 8.79 JPMORGAN CHASE & CO 2.33 2.77 JOHNSON & JOHNSON 2.16 0.86 UNITEDHEALTH GROUP INC 1.74 8.03 PROCTER & GAMBLE CO/THE 1.63 0.27 BANK OF AMERICA CORP 1.55 7.01 WALT DISNEY CO 1.51 -4.74 EXXON MOBIL CORP 1.33 14.62 COMCAST CORP - CLASS A 1.29 5.86 VERIZON COMMUNICATIONS INC 1.16 -2.60 iff Period Ending 6/30/2021 w TOP TEN HOLDINGS LJOTHER HOLDINGS Security eight % QTD Return APPLE INC 5.90 12.31 MICROSOFT CORP 5.60 15.16 AMAZON.COM INC 4.05 11.19 FACEBOOK INC-A 2.29 18.06 ALPHABET INC-CL A 2.02 18.39 ALPHABET INC-CL C 1.96 21.16 BERKSHIRE HATHAWAY INC CL-B 1.45 8.79 TESLA INC 1.44 1.76 NVIDIA CORP 1.37 49.89 JP MORGAN CHASE & CO 1.29 2.77 Highland Capital } MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Top Ten International Equity Holdings 41.36 W TOP TEN HOLDINGS J OTHER HOLDINGS Security Weight % SONY GROUP 6.48 -9.02 STMICROELECTRONICS NV -NY SHS 4.88 -4.95 HITACHI LIMITED 4.87 24.93 SIEMENS AG SPONS ADR 3.99 -3.23 KONINKLIJKE PHILIPS ELECTRS 3.82 -12.05 GLAXOSMITHKLINE PLC ADR 3.58 12.80 DAIMLER AG 3.57 2.12 KYOCERA CORP 3.44 -3.59 TAIWAN SEMICONDUCTOR 3.41 2.20 SAP SE 3.32 13.62 11TOP TEN HOLDINGS IJOTHERHOLDINGS Security Weight % NESTLE 2.12 14.75 ASML HLDG 1.70 12.22 ROCHE HOLDING GENUSS 1.56 15.85 LVMH MOET HENNESSY 1.28 18.65 NOVARTIS 1.20 6.74 TOYOTA MOTOR CORP 1.10 12.03 ASTRAZENECA 0.93 20.47 UNILEVER PLC (GB) 0.91 5.67 AIA GROUP 0.89 2.31 SAP 0.87 16.30 Period Ending 6/30/2021 88.17 11TOP TEN HOLDINGS LJOTHER HOLDINGS Security Weight % TAIWAN SEMICONDUCTOR MF 1.91 1.97 TENCENT HOLDINGS LI 1.58 -5.38 ALIBABA GRP HLDG 1.56 0.02 NESTLE 1.31 14.75 SAMSUNG ELECTRONICS 1.25 -1.15 ASML HLDG 1.05 12.22 ROCHE HOLDING GENUSS 0.96 15.85 LVMH MOET HENNESSY 0.79 18.65 NOVARTIS 0.74 6.74 TOYOTA MOTOR CORP 0.68 12.03 Hnhland Capital 12 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 International Equity Country Allocation 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% BELGIUM 2.8% CANADA 4.1% CHINA 5.7% GERMANY 11.5% IRELAND 3.0% JAPAN 21.4% LIBERIA 2.5% LUXEMBOURG 2.1% NETHERLANDS 7.4% NORWAY d 0.3% PANAMA 0.5% SWEDEN 6.1% SWITZERLAND 3.7% TAIWAN 3.4% UNITED KINGDOM ` 19.3% UNITED STATES •.6% CASH 1.3% Highland Capital 13 ) MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund *Source: Bloomberg Index Services Limited Fixed Income Sector Allocation Yield: 2.27% Fixed Income Portfolio Bloomberg Barclays Capital Government/Credit Index o Corporate Bonds L! US Treasuries LJ Gov't Sponsored _J Mortgage Pools I Other Corporate Bonds 36.8% US Treasuries 0.3% Gov't Sponsored 3.1% Mortgage Pools 49.6% Other 10.3% o Corporate Bonds I Gov't Sponsored Corporate Bonds US Treasuries Gov't Sponsored LJ US Treasuries Period Ending 6/30/2021 Bloomberg Barclays Capital Aggregate Index o Corporate Bonds V US Treasuries LJ Gov't Sponsored LJ CMBS -a ABS I US MBS 37.7% Corporate Bonds 53.8% US Treasuries 737.89%. 8.5% Gov't Sponsored 6.0% CMBS 2.1% ABS -ww 0.3%m US MBS 27.3% Other 0.0% Total 00% Highland Capital 14 ) MANAGEMENT, LLt An Argent Company Sebastian Police Officers' Pension Fund Source: Bloomberg Index Services Limited Fixed Income Portfolio E Aaa o Aa WA o Baa w Other W Aa 5.7 1 Baa 4.1 Other - Bond Quality Allocation Bloomberg Barclays Capital Government/Credit Index ■ Aaa o Aa WA LJ Baa I Other 58.7% Aa 4.7% 15.8% Baa 20.9%1 0.0% Total 00, Period Ending 6/30/2021 Bloomberg Barclays Capital Aggregate Index o Aaa o Aa o A o Baa V Other Aa 3.4% Baa 14.7% Other Hnhland Capital 15 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Source: Bloomber Index Services Limited Average Maturity: 13.01 Years Fived . ,, - Portfolio U <3 Yrs LJ 3-5 Yrs LJ 5-7 Yrs 17-10 Yrs I >10 Yrs Bond Maturity Allocation Bloomberg Barclays Capital Government/Credit Index o <3 Yrs o 3-5 Yrs o 5-7 Yrs 7-10 Yrs ' I >10 Yrs <3 Yrs 9.3% <3 Yrs 26.3% 3-5 Yrs 20.4% 3-5 Yrs 20.6% 5-7 Yrs 17.2% 5-7 Yrs 13.3% 7-10 Yrs 10.4% 7-10 Yrs 12.3% >10 Yrs 42.7% >10 Yrs 27.5% Period Ending 6/30/2021 Average Maturity: 8.53 Years Bloomberg Barclays Capital Aggregate Index LJ <3 Yrs o 3-5 Yrs o 5-7 Yrs V 7-10 Yrs W >10 Yrs <3 Yrs 19.8/ 3-5 Yrs 26.2% 5-7 Yrs 19.0% 7-10 Yrs 15.7% >10 Yrs 19.406 Total 00% Highland Capital 16 ) MANAGEMENT, LLt An Argent Company Sebastian Police Officers' Pension Fund Source: Bloomberg Index Services Limited Fixed Income Portfolio Duration Allocation Bloomberg Barclays Capital Gov/Credit Index o <3 Yrs W 3-5 Yrs U 5-7 Yrs o <3 Yrs u 3-5 Yrs LJ 5-7 Yrs LJ 7-10 Yrs _I >10 Yrs 17-10 Yrs .-I >10 Yrs <3 Yrs 26.1% <3 Yrs 27.5% 3-5 Yrs 39.5 % 3-5 Yrs 21.6% 5-7 Yrs 15.9% 5-7 Yrs 14.6% 7-10 Yrs 2.1% 7-10 Yrs 10.1% >10 Yrs 16.4% >10 Yrs 26.2% Totalii i1 Portfolio Duration vs. Index Duration (Ratio) 1.8% 1.4% 1.0% 0.6% 0.2% 6/30/2019 9/3/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 17 Period Ending 6/30/2021 Bloomberg Barclays Capital Aggregate Index o <3 Yrs W 3-5 Yrs U 5-7 Yrs LJ 7-10 Yrs I >10 Yrs <3 Yrs 25.6% 3-5 Yrs 30.3% 5-7 Yrs 17.2% 7-10 Yrs 8.4% >10 Yrs 18.5% tlndex t 12/31/2020 3/31/2021 — Acct 6/30/2021 Hi Wand Capital MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Portfolio Holdings CASH AND EQUIVALENTS (USD) CASH 278,432.90 278,432.90 2.8 1.7 COMMON STOCK (USD) Energy 679 CHEVRON CORP 112.82 76,603.17 104.74 71,118.46 0.7 5.1 1118 CONOCOPHILLIPS 48.39 54,097.15 60.90 68,086.20 0.7 2.8 900 EXXON MOBIL CORP 59.41 53,466.93 63.08 56,772.00 0.6 5.5 2012 MARATHON OIL CORP 19.39 39,017.12 13.62 27,403.44 0.3 1.2 380 OCCIDENTAL PETE CORP DEL 60.91 -------------------- 23,144.22 ------------------------- 31.27 11,882.60 ----------------- 0.1 ----------- 0.1 246,328.60 235,262.70 2.4 3.8 Materials 380 EASTMAN CHEMICAL CO 83.28 31,645.87 116.75 44,365.00 0.4 2.4 190 FMC CORPORATION 108.92 20,694.71 108.20 20,558.00 0.2 1.8 1600 FREEPORT McMORAN COPPER & GOLD INC 27.96 44,737.51 37.11 59,376.00 0.6 0.8 455 LYONDELLBASELL INDUSTRIES N V 90.15 41,019.39 102.87 46,805.85 0.5 4.4 350 NEWMONT MINING CORPORATION 63.64 22,275.57 63.38 22,183.00 0.2 3.5 911 OLIN CORP 18.33 16,696.77 46.26 42,142.86 0.4 1.7 640 WESTROCK COMPANY 38.85 24,864.45 53.22 34,060.80 0.3 1.8 •-------------------------------------------------------------------------- 201,934.30 269,491.50 2.7 2.2 Industrials 250 BOEING CO 165.12 41,279.45 239.56 59,890.00 0.6 0.0 575 CARRIER GLOBAL CORP 35.45 20,384.58 48.60 27,945.00 0.3 1.0 200 CATERPILLAR INC DEL 214.44 42,888.60 217.63 43,526.00 0.4 1.9 235 CUMMINS INC 178.18 41,873.21 243.81 57,295.35 0.6 2.2 370 EATON CORP PLC 71.04 26,282.96 148.18 54,826.60 0.6 2.1 240 FORTIVE CORP 61.28 14,707.22 69.74 16,737.60 0.2 0.4 240 HONEYWELL INTL INC 157.18 37,723.45 219.35 52,644.00 0.5 1.7 230 L3HARRIS TECHNOLOGIES INC 180.01 41,402.18 216.15 49,714.50 0.5 1.9 233 NORFOLK SOUTHERN CORP 113.09 26,349.93 265.41 61,840.53 0.6 1.5 113 NORTHROP GRUMMAN CORP 298.17 33,692.74 363.43 41,067.59 0.4 1.7 637 RAYTHEON TECHNOLOGIES CORP 66.19 42,161.35 85.31 54,342.47 0.5 2.4 725 UNITED AIRLINES HOLDINGS INC 43.97 31,881.65 52.29 37,910.25 0.4 0.0 •-------------------------------------------------------------------------- 400,627.30 557,739.90 5.6 1.5 18 Hi�hland Capital MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Portfolio Holdings Consumer Discretionary 200 ADVANCE AUTO PARTS INC 199.50 39,899.60 205.14 41,028.00 0.4 1.9 100 CAPRI HOLDINGS LTD 34.68 3,468.17 57.19 5,719.00 0.1 0.0 1340 FORD MOTOR CO 12.16 16,300.75 14.86 19,912.40 0.2 0.0 695 GENERAL MOTORS CO 38.93 27,059.54 59.17 41,123.15 0.4 0.0 325 HILTON WORLDWIDE HOLDINGS INC 81.43 26,463.24 120.62 39,201.50 0.4 0.0 180 HOME DEPOT INC 229.55 41,319.29 318.89 57,400.20 0.6 2.1 879 LAS VEGAS SANDS CORP 55.79 49,041.07 52.69 46,314.51 0.5 0.0 881 PULTE GROUP INC 31.79 28,008.88 54.57 48,076.17 0.5 1.0 178 TARGET CORP 102.67 18,275.62 241.74 43,029.72 0.4 1.1 •------------------------------------------------------------------------- 249,836.20 341,804.70 3.5 0.9 Consumer Staples 130 COSTCO WHOLESALE CORP 384.64 50,003.55 395.67 51,437.10 0.5 0.8 295 INGREDION INC 94.08 27,752.53 90.50 26,697.50 0.3 2.8 293 PEPSICO INC 120.48 35,299.71 148.17 43,413.81 0.4 2.9 551 PROCTER & GAMBLE CO 92.92 51,197.61 134.93 74,346.43 0.8 2.6 855 WALGREENS BOOTS ALLIANCE INC 43.85 37,489.96 52.61 44,981.55 0.5 3.6 •-------------------------------------------------------------------------- 201,743.40 240,876.40 2.4 2.5 Health Care 420 ABBVIE INC 112.16 47,105.39 112.64 47,308.80 0.5 4.6 190 ANTHEM INC 253.17 48,101.72 381.80 72,542.00 0.7 1.2 200 BECTON DICKINSON & CO 247.31 49,462.42 243.19 48,638.00 0.5 1.4 731 BRISTOL-MYERS SQUIBB CO 48.78 35,654.96 66.82 48,845.42 0.5 2.9 75 CIGNA CORP 43.43 3,256.88 237.07 17,780.25 0.2 1.7 576 CVS HEALTH CORPORATION 56.24 32,394.71 83.44 48,061.44 0.5 2.4 200 HCA HEALTHCARE INC 90.19 18,038.92 206.74 41,348.00 0.4 0.9 220 JAZZ PHARMACEUTICALS PLC 155.35 34,177.55 177.64 39,080.80 0.4 0.0 576 JOHNSON & JOHNSON 138.13 79,565.35 164.74 94,890.24 1.0 2.6 190 LABRATORY CORPORATION OF AMERICA HOLE 195.85 37,211.03 275.85 52,411.50 0.5 0.0 68 UNITEDHEALTH GROUP INC 292.35 •-------------------------------------------------------------------------- 19,879.88 400.44 27,229.92 0.3 1.2 404,848.80 538,136.40 5.4 1.8 Financials 225 AMERICAN EXPRESS CO 106.22 23,899.17 165.23 37,176.75 0.4 1.0 766 AMERICAN INTERNATIONAL GROUP INC 38.55 29,531.24 47.60 36,461.60 0.4 2.7 19 Fh hland Capital Ar Argem Company Sebastian Police Officers' Pension Fund 160 AMERIPRISE FINANCIAL INC 2422 BANK OF AMERICA CORP 150 BERKSHIRE HATHAWAY INC 60 BLACKROCK INC 225 CHUBB LIMITED 952 CITIGROUP INC 726 CITIZENS FINANCIAL GROUP INC 183 CME GROUP INC 210 GOLDMAN SACHS GROUP INC 799 JP MORGAN CHASE & CO 330 LINCOLN NATLCORP IND 310 NASDAQ STK MKT INC 646 TRUIST FINANCIAL CORP 821 USBANCORP 1367 WELLS FARGO CO Information Technology 50 ACCENTURE PLC 190 ALLIANCE DATA SYSTEMS CORP 100 BROADCOM INC 1064 CORNING INC 355.9998 DELL TECHNOLOGIES INC 233 FIDELITY NATIONAL INFORMATION SERVICES 2506 HEWLETT PACKARD ENTERPRISE CO 255 MICRON TECHNOLOGY INC 353 ORACLE CORP 330 QORVO INC 230 SKYWORKS SOLUTIONS INC 240 TEXAS INSTRUMENTS INC Portfolio Holdings 165.21 26,433.97 248.88 39,820.80 0.4 1.8 24.53 59,407.39 41.23 99,859.06 1.0 1.7 182.43 27,364.82 277.92 41,688.00 0.4 0.0 643.15 38,589.02 874.97 52,498.20 0.5 1.9 145.24 32,678.20 158.94 35,761.50 0.4 2.0 56.34 53,634.34 70.75 67,354.00 0.7 2.9 35.43 25,719.34 45.87 33,301.62 0.3 3.4 171.27 31,341.93 212.68 38,920.44 0.4 1.7 232.98 48,924.91 379.53 79,701.30 0.8 1.3 88.12 70,405.08 155.54 124,276.50 1.3 2.3 51.85 17,111.97 62.84 20,737.20 0.2 2.7 98.29 30,470.97 175.80 54,498.00 0.6 1.2 41.86 27,042.50 55.50 35,853.00 0.4 3.2 46.24 37,966.44 56.97 46,772.37 0.5 2.9 53.92 73,705.06 45.29 61,911.43 0.6 0.9 654,226.40 906,591.70 9.2 1.9 203.40 10,170.13 294.79 14,739.50 0.1 1.2 71.30 13,546.51 104.19 19,796.10 0.2 0.8 377.97 37,796.92 476.84 47,684.00 0.5 0.3 28.86 30,702.39 40.90 43,517.60 0.4 2.3 67.79 24,132.48 99.67 35,482.50 0.4 0.0 118.60 27,633.62 141.67 33,009.11 0.3 1.1 13.13 32,902.38 14.58 36,537.48 0.4 3.3 44.30 11,295.30 84.98 21,669.90 0.2 0.0 50.52 17,835.13 77.84 27,477.52 0.3 1.6 173.70 57,320.14 195.65 64,564.50 0.7 0.0 109.09 25,090.52 191.75 44,102.50 0.4 1.0 154.12 36,988.20 192.30 46,152.00 0.5 2.1 -------------------------------------------------------------------------- 325,413.70 434,732.70 4.4 1.1 Communication Services 395 ACTIVISION BLIZZARD INC 59.05 23,325.88 95.44 37,698.80 0.4 0.5 35 ALPHABET INC 2,265.76 79,301.77 2,506.32 87,721.20 0.9 0.0 1344 AT&T INC 35.73 48,017.69 28.78 38,680.32 0.4 7.2 678 COMCAST CORP 42.46 28,784.95 57.02 38,659.56 0.4 1.8 Period Ending 6/30/2021 Highland Capital 20 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund 240 ELECTRONIC ARTS INC 125 FOX CORP 1090 VERIZON COMMUNICATIONS INC 554.9995 WALT DISNEY CO Utilities 360 AMERICAN ELEC PWR INC 431 DUKE ENERGY CORP 1050 EXELON CORP 510 NEXTERA ENERGY INC 860 NISOURCE INC Real Estate 400 BOSTON PROPERTIES INC 390 DIGITAL REALTY TRUST INC 940 GAMING AND LEISURE PROPERTIES INC 220 JONES LANG LASALLE INC 183 PROLOGIS INC INTERNATIONAL EQUITY (USD) Energy 785 BP PLC SPONSORED ADR 350 OVINTIV INC 250 ROYAL DUTCH SHELL PLC - ADR B 650 TENARIS SA Period Ending 6/30/2021 Portfolio Holdings 131.45 31,546.85 143.83 34,519.20 0.3 0.5 91.78 11,472.05 35.20 4,400.00 0.0 1.3 56.53 61,613.76 56.03 61,072.70 0.6 4.5 117.13 •-------------------- 65,008.77 ------------------------- 175.77 97,552.26 ----------------------------• 1.0 0.0 349,071.70 400,304.00 4.0 1 .7 73.47 26,448.90 84.59 30,452.40 0.3 3.5 77.73 33,502.84 98.72 42,548.32 0.4 3.9 41.10 43,155.79 44.31 46,525.50 0.5 3.5 57.52 29,337.02 73.28 37,372.80 0.4 2.1 25.64 22,048.42 24.50 21,070.00 0.2 3.6 •-------------------------------------------------------------------------- 154,493.00 177,969.00 1.8 3.3 102.39 40,957.84 114.59 45,836.00 0.5 3.4 150.00 58,498.09 150.46 58,679.40 0.6 3.1 43.94 41,304.34 46.33 43,550.20 0.4 5.8 137.35 30,218.04 195.46 43,001.20 0.4 0.8 71.92 13,162.03 119.53 21,873.99 0.2 2.1 •-------------------------------------------------------------------------- •-------------------------------------------------------------------------- 184,140.30 212,940.80 2.2 3.2 3,372,664.00 4,315,850.00 43.6 1.9 32.79 25,736.69 26.42 20,739.70 0.2 4.7 53.49 18,721.01 31.47 11,014.50 0.1 1.2 59.61 14,902.36 38.83 9,707.50 0.1 3.6 23.39 15,203.50 21.90 14,235.00 0.1 2.6 •-------------------------------------------------------------------------- 74,563.56 55,696.70 0.6 3.3 Materials 233 ARCELORMITTAL S A 42.73 645 BARRICK GOLD CORP 14.14 335 CRH PLC ADR ONE ADR REPSTG ONE ORD SHS 28.11 50 LINDE PLC 177.60 9,955.73 31.06 7,236.98 0.1 5.3 9,123.45 20.68 13,338.60 0.1 1.7 9,417.55 50.84 17,031.40 0.2 3.7 8,879.80 289.10 ---------------------------------------------------- 14,455.00 0.1 ------ 1.5 --- 37,376.53 52,061.98 0.5 2.8 Hi�hland Capital 21 MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Portfolio Holdings Industrials 200 ATLAS COPCO AB 55.07 11,014.87 61.66 12,332.00 0.1 1.2 65 COPA HOLDINGS SA CL A 110.89 7,207.68 75.33 4,896.45 0.0 0.0 814 KONINKLIJKE PHILIPS ELECTRS N V SPON ADR 32.65 26,579.60 49.70 40,455.80 0.4 7.1 125 SENSATA TECHNOLOGIES HOLDING PLC 55.53 6,940.82 57.97 7,246.25 0.1 0.0 530 SIEMENS AG SPONS ADR 58.17 30,831.74 79.64 42,208.67 0.4 1.9 82,574.71 107,139.20 1.1 3.6 Consumer Discretionary 420 DAIMLER AG 85.86 36,062.20 89.90 37,758.00 0.4 1.4 50 FERRARI NV 199.87 9,993.50 206.05 10,302.50 0.1 0.4 980 HONDA MOTOR CO LTD ADR 34.82 34,125.19 32.18 31,536.40 0.3 5.5 425 INTERCONTINENTAL HOTELS ADR 53.03 22,537.62 66.69 28,343.25 0.3 0.0 200 JD.COM INC 29.85 5,969.90 79.81 15,962.00 0.2 0.0 305 ROYAL CARIBBEAN CRUISES LTD 77.02 23,492.39 85.28 26,010.40 0.3 0.0 705 SONY GROUP CORPORATION - ADR 24.17 17,041.84 97.22 68,540.10 0.7 0.5 200 YUM CHINA HOLDINGS INC 46.71 -------------------------------------------------------------------------- 9,342.82 66.25 13,250.00 0.1 0.7 158,565.50 231,702.70 2.3 1.2 Consumer Staples 410 ANHEUSER-BUSCH INBEV NV SPN ADR 109.07 44,719.73 72.01 29,524.10 0.3 1.2 165 DIAGEO PLC SPONSORED ADR NEW 141.04 23,272.41 191.69 31,628.85 0.3 1.6 120 MOWI ASA 13.64 1,637.10 25.40 3,048.00 0.0 6.1 340 UNILEVER PLC 44.02 14,965.40 2 58.50 ------------- 19,890.00 0.2 3.5 84,090.95 0.8 2.1 Health Care 950 GLAXOSMITHKLINE PLC ADR 39.24 37,277.95 39.82 37,829.00 0.4 5.2 100 NOVARTIS AG ADR 93.04 9,303.78 91.24 9,124.00 0.1 2.3 180 SMITH AND NEPHEW PLC SPON ADR 37.47 -------------------------------------------------------------------------- 6,743.93 43.44 7,819.20 0.1 2.1 53,325.66 54,772.20 0.6 4.3 Financials 825 AEGON N V ORD AMER REG ADR 7.02 5,789.47 4.13 3,407.25 0.0 10.2 1425 CREDIT SUISSE GROUP 18.47 26,317.37 10.49 14,948.25 0.2 0.9 425 DEUTSCHE BANK AG 27.64 11,745.74 13.08 5,559.00 0.1 0.0 FlWand Capital 22 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 6/30/2021 1235 ING GROEP N V 14.18 17,506.70 13.24 16,351.40 0.2 1.9 375 INVESCO LTD 35.53 13,324.03 26.73 10,023.75 0.1 2.5 250 PRUDENTIAL PLC SPON ADR 40.70 10,176.00 38.10 9,525.00 0.1 1.1 300 TORONTO DOMINION BK ONT NEW (USD) 59.36 17,806.79 70.05 21,015.00 0.2 4.5 975 UBS GROUP AG 19.16 -------------------------------------------------------------------------- 18,681.50 15.34 14,956.50 0.2 1.2 121,347.60 95,786.15 1.0 2.4 Information Technology 450 HITACHI LIMITED 66.76 30,040.50 114.54 51,543.00 0.5 1.5 590 KYOCERA CORP 51.60 30,446.21 61.69 36,397.10 0.4 1.7 250 SAP SE 92.47 23,118.03 140.46 35,115.00 0.4 1.2 1420 STMICROELECTRONICS NV -NY SHS 8.84 12,559.46 36.38 51,659.60 0.5 0.5 300 TAIWAN SEMICONDUCTOR MFG 63.25 18,974.33 120.16 36,048.00 0.4 1.2 115,138.50 210,762.70 2.1 1.2 Communication Services 50 ALIBABA GROUP HOLDING ADR 170.99 8,549.50 226.78 11,339.00 0.1 0.0 80 BAIDUINC ADR 176.84 14,146.81 203.90 16,312.00 0.2 0.0 2001QIYIINC 20.08 4,016.98 15.58 3,116.00 0.0 0.0 920 NIPPON TELEG & TEL CORP 16.27 14,965.70 26.19 24,097.56 0.2 3.2 350 SOFTBANK GROUP CORP 26.58 9,304.24 34.87 12,203.80 0.1 0.4 364 VODAFONE GROUP PLC 31.04 11,297.34 17.13 6,235.32 0.1 6.2 62,280.57 73,303.68 0.7 1.7 Utilities 158 NATIONAL GRID GROUP PLC SPONSORED ADR 70.86 11,195.37 63.94 10,102.52 0.1 7.1 Equitys ETF 400 iSHARES MSCI EMERGING MKT IN 44.77 -------------------------------------------------------------------------- 17,906.75 55.15 22,060.00 0.2 1.9 818,869.40 997,478.70 10.1 2.1 CORPORATE BONDS (USD) 20000 SUMITOMO MITSUI FINLGRP 100.00 20,000.00 100.07 20,013.40 0.2 2.1 Al 2.060% 7/14/21 35000 AMERICAN HONDA FINANCE 99.80 34,930.00 100.27 35,095.58 0.4 1.7 A3 1.700% 9/9/21 35000 GILEAD SCIENCES INC 101.83 35,639.45 102.85 35,997.81 0.4 3.2 A3 3.250% 9/1/22 40000 PECO ENERGY CO 98.84 39,538.00 101.96 40,783.28 0.4 2.3 Aa3 2.380% 9/15/22 30000 AT&T BROADBAND CORP 134.68 40,403.70 112.49 33,748.47 0.3 8.4 A3 9.460% 11/15/22 50000 ATHENE GLOBAL FUNDING 144A 99.97 49,985.50 101.11 50,555.80 0.5 1.2 NR 1.200% 10/13/23 25000 XCEL ENERGY INC 99.91 24,976.50 99.97 24,991.50 0.3 0.5 Baal 0.500% 10/15/23 25000 PROASSURANCE CORP 107.50 26,875.00 107.85 26,961.80 0.3 4.9 Baa3 5.300% 11/15/23 40000 ATHENE GLOBAL FUNDING 100.78 40,314.00 104.83 41,930.80 0.4 2.6 NR 2.750% 6/25/24 45000 GA GLOBAL FUNDING TRUST 144A 99.89 44,949.60 100.23 45,103.68 0.5 1.0 A3 1.000% 7/8/24 Highland Capital 23 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Portfolio Holdings 45000 TRUIST FINANCIAL CORP 100.00 45,000.00 99.96 44,982.00 0.5 0.4 A3 0.410% 6/9/25 25000 BOEING CO 129.16 32,291.25 120.33 30,081.67 0.3 6.0 Baa2 7.250% 6/15/25 40000 CUMMINS INC 99.82 39,927.20 99.22 39,688.28 0.4 0.8 A2 0.750% 9/1/25 35000 NORTHERN TRUST CORP 104.64 36,624.35 112.73 39,454.03 0.4 3.5 A2 3.950% 10/30/25 20000 STATE STREET CORP 100.00 20,000.00 105.14 21,028.50 0.2 2.2 Al 2.350% 11/1/25 25000 FS KKR CAPITAL CORP 98.83 24,707.50 103.44 25,860.70 0.3 3.3 Baa3 3.400% 1/15/26 40000 FIDUS INVESTMENT CORP 100.00 40,000.00 104.45 41,778.88 0.4 4.5 NR 4.750% 1/31/26 25000 MONROE CAPITAL CORP 99.44 24,860.50 101.13 25,283.22 0.3 4.7 NR 4.750% 2/15/26 20000 BRIGHTHSE FIN GLOBAL FUND 144A 99.77 19,955.00 100.91 20,182.50 0.2 1.5 A3 1.550% 5/24/26 70000 WELLS FARGO & CO 105.20 73,640.00 112.36 78,649.06 0.8 3.6 A3 4.100% 6/3/26 45000 NEW YORK LIFE GLOBAL 100.00 45,000.00 100.10 45,044.55 0.5 0.5 NR 0.490% 6/9/26 40000 NATIONAL AUSTRLIA BK/NY 99.27 39,709.20 106.46 42,585.52 0.4 2.3 Aa3 2.500% 7/12/26 40000 SUMITOMO MITSUI FINANCIAL GROUP INC 100.00 40,000.00 106.31 42,522.08 0.4 2.5 Al 2.630% 7/14/26 65000 PROSPECT CAPITAL CORP 98.76 64,194.65 100.23 65,148.39 0.7 3.4 Baa3 3.360% 11/15/26 54000 JPMORGAN CHASE & CO 100.00 54,000.00 98.77 53,338.34 0.5 1.1 A2 1.050% 11/19/26 38000 RELIANCE STAND LIFE II 99.72 37,894.36 105.47 40,078.90 0.4 2.6 A2 2.750% 1/21/27 40000 BLACKROCK INC 99.59 39,838.00 110.93 44,370.16 0.4 2.9 Aa3 3.200% 3/15/27 40000 BANK OF AMERICA CORP 110.40 44,161.60 108.43 43,370.80 0.4 3.0 A2 3.250% 10/21/27 34000 VERSBANK 144A 100.00 34,000.00 100.83 34,280.94 0.3 5.0 NR 5.000% 5/1/31 40000 MANULIFE FINANCIAL CORP 100.00 40,000.00 110.40 44,159.48 0.4 3.7 NR 4.060% 2/24/32 20000 FIRST UNION CORP 123.80 24,759.40 138.15 27,629.08 0.3 4.7 A3 6.550% 10/15/35 50000 MICROSOFT CORP 99.61 49,806.50 115.74 57,869.90 0.6 3.0 Aaa 3.450% 8/8/36 35000 JOHNSON AND JOHNSON SR BND CALL 99.70 34,896.05 113.86 39,851.14 0.4 3.0 Aaa 3.400% 1/15/38 13000 SOUTHERN CALIF EDISON CO 140.26 18,234.45 134.52 17,487.11 0.2 4.5 A3 6.050% 3/15/39 38000 KAISER FOUNDATION HOSPITAL 100.00 38,000.00 102.09 38,795.72 0.4 2.8 NR 2.810% 6/1/41 8000 MANULIFE FINANCIAL CORP SR 99.64 7,971.60 140.35 11,227.91 0.1 3.8 NR 5.380% 3/4/46 6000 DUKE ENERGY CAROLINAS LLC 99.65 5,978.82 115.41 6,924.50 0.1 3.4 Aa3 3.880% 3/15/46 16000 SAN DIEGO GAS & ELECTRIC CO 99.55 15,928.64 114.21 18,273.30 0.2 3.3 Al 3.750% 6/1/47 30000 COMMONSPIRIT HEALTH 100.00 30,000.00 112.05 33,613.77 0.3 3.4 A2 3.820% 10/1/49 40000 MEMORIAL SLOAN-KETTERING 100.00 40,000.00 101.61 40,644.88 0.4 2.9 Aa3 2.960% 1/1/50 20000 KKR GROUP FINANCE CO VII 99.47 19,894.80 107.08 21,416.70 0.2 3.4 NR 3.630% 2/25/50 43000 CALIFORNIA ENDOWMENT 100.00 43,000.00 96.33 41,421.64 0.4 2.6 Aaa 2.500% 4/1/51 40000 INTEL CORP 99.34 39,736.40 102.27 40,907.80 0.4 3.0 Al 3.100% 2/15/60 35000 WESTERN & SOUTHERN LIFE 99.53 34,834.45 106.27 37,195.13 0.4 3.5 A2 3.750% 4/28/61 58000 PENN MUTUAL LIFE INS CO 144A 100.00 58,000.00 103.56 60,067.24 0.6 3.7 A2 3.800% 4/29/61 Accrued Interest 11,898.48 0.1 1,614,456.00 1,682,294.00 17.0 2.9 Highland Capital 24 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings MUNICIPAL BONDS (USD) Period Ending 6/30/2021 35000 WASHINGTON ST 109.51 38,328.15 104.83 36,692.25 0.4 4.4 Aaa 4.640% 8/1/22 30000 UNIV OF NC CHAPEL HIL 101.04 30,312.00 102.49 30,748.20 0.3 1.9 Aaa 2.000% 12/1/22 20000 COMMONWEALTH FING AUTH PA 100.00 20,000.00 108.53 21,706.00 0.2 5.2 Al 5.650% 6/1/24 15000 SAN FRANCISCO CA CITY & CNTY PUB UTILS 100.00 15,000.00 112.02 16,803.00 0.2 3.3 Aa2 3.700% 11/1/32 6000 METRO GOVT NASH & DAVD CNTY TN WTR &! 134.47 8,067.96 149.67 8,980.20 0.1 4.4 Aa2 6.570% 7/1/37 35000 SAN FRANCISCO CALIF CITY & CNTY CMNTY 97.21 34,023.85 107.19 37,516.85 0.4 3.5 NR 3.750% 9/1/37 20000 MIAMI-DADE CNTY FLA AVIATION 100.00 20,000.00 108.17 21,634.60 0.2 3.5 NR 3.730% 10/1/37 10000 VIRGINIA PORT AUTH PORT FAC 100.00 10,000.00 109.27 10,927.00 0.1 4.1 Al 4.480% 7/1/45 25000 UNIV OF TEXAS TX PERM UNIV FND REV 100.00 25,000.00 115.38 28,844.50 0.3 2.9 Aaa 3.380% 7/1/47 Accrued Interest 2,358.53 0.0 200,732.00 216,211.30 2.2 3.6 GOVERNMENT BONDS (USD) 12000 US TREASURY N/B 96.18 11,541.09 97.17 11,660.63 0.1 1.2 Aaa 1.130% 2/15/31 Accrued Interest •-------------------------------------------------------------------------- 50.62 0.0 11,541.09 11,711.25 0.1 1.2 GOVERNMENT SPONSORED BOND (USD) 40000 MANITOBA PROV OF 99.23 39,692.80 105.02 42,008.40 0.4 2.0 Aa2 2.130% 6/22/26 18000 FNMA 135.47 24,384.95 152.17 27,390.15 0.3 3.7 Aaa 5.630% 7/15/37 43000 TENNESSEE VALLEY AUTH 137.08 58,943.80 161.76 69,557.66 0.7 3.3 Aaa 5.380% 4/1/56 Accrued Interest 1,054.34 0.0 123,021.60 140,030.60 1- 3.0 MORTGAGE POOLS (USD) 35000 FHMS KBX1 Al 99.69 34,890.63 106.38 37,232.35 0.4 2.7 Aaa 2.920% 9/25/24 8257.81 FN AD4398 106.25 8,773.92 106.26 8,774.51 0.1 3.8 Aaa 4.000% 6/1/25 31485.48 FN AM9049 102.66 32,321.97 102.59 32,301.71 0.3 3.0 Aaa 3.050% 6/25/25 18437.58 FHMS KJ 17 A2 102.00 18,806.28 106.92 19,713.64 0.2 2.8 Aaa 2.980% 11/25/25 60000 HERTZ 2021-1A A 99.98 59,990.52 100.25 60,150.00 0.6 1.2 Aaa 1.210% 12/25/25 75000 FHMS KCO3 A2 102.01 76,510.15 106.91 80,179.01 0.8 3.3 Aaa 3.500% 1/25/26 100000 CRDBL 2021-1A A 101.09 101,089.80 100.74 100,742.70 1.0 2.4 Aaa 2.390% 4/15/26 35000 FHMS KGO1 A7 103.00 36,048.64 108.10 37,836.43 0.4 2.7 Aaa 2.880% 4/25/26 32786.93 FHMS K068 Al 102.00 33,442.41 106.71 34,985.34 0.4 2.8 Aaa 2.950% 2/25/27 100000 AVIS BUDGET RENTAL 21-1A A 99.97 99,965.96 99.90 99,896.85 1.0 1.4 A2 1.390% 8/20/27 57000 FHMS K068 A2 103.00 58,708.12 111.40 63,498.66 0.6 2.9 Aaa 3.240% 8/25/27 100000 CROP 2021-T1 A 100.00 99,997.74 100.00 100,000.00 1.0 2.4 Aaa 2.430% 11/15/27 50000 FHMS KHG1 A3 110.48 55,242.19 109.01 54,507.37 0.6 3.1 Aaa 3.340% 12/25/27 8086.95 FN MA1387 103.69 8,385.16 105.61 8,540.67 0.1 2.8 Aaa 3.000% 3/25/28 Highland Capital 25 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Portfolio Holdings Period Ending 6/30/2021 40000 FN AN9038 100.66 40,262.50 109.63 43,850.85 0.4 3.2 Aaa 3.460% 5/1/28 100000 FKH 2O21-SFR1 A 100.00 99,999.41 100.00 100,000.00 1.0 1.5 Aaa 1.540% 8/17/28 100000 SCFET 2021-1A A3 100.00 99,998.35 99.33 99,327.14 1.0 0.8 Aaa 0.830% 8/21/28 30000 FN 109515 104.34 31,303.13 112.06 33,617.08 0.3 3.6 Aaa 3.990% 9/1/28 20000 FN 387873 102.66 20,531.25 113.83 22,766.42 0.2 3.3 Aaa 3.750% 11/1/28 32000 FN BL0484 105.99 33,917.50 113.85 36,433.47 0.4 3.7 Aaa 4.220% 11/1/28 18000 FHMS K088 A2 103.00 18,539.21 115.53 20,794.57 0.2 3.2 Aaa 3.690% 1/25/29 43375.1 FN BL1409 103.84 45,042.29 111.24 48,251.01 0.5 3.4 Aaa 3.800% 1/25/29 37000 FHLMC MF KG01 103.00 38,109.45 110.49 40,882.34 0.4 2.7 Aaa 2.940% 4/25/29 16799.17 FG J34676 105.50 17,723.13 105.33 17,695.00 0.2 2.8 Aaa 3.000% 7/1/31 20849.52 FN A57986 103.06 21,488.04 104.73 21,834.80 0.2 2.4 Aaa 2.500% 9/1/31 11224.63 FG G30701 111.00 12,459.34 112.24 12,598.58 0.1 4.5 Aaa 5.000% 11/1/31 25632.44 FN A58448 99.50 25,504.42 103.58 26,549.91 0.3 1.9 Aaa 2.000% 12/25/31 8583.36 FN MA0976 103.12 8,851.53 106.65 9,154.29 0.1 3.3 Aaa 3.500% 2/25/32 19380.72 G2 784739 102.12 19,792.37 106.73 20,685.28 0.2 3.7 Aaa 4.000% 5/20/34 19042.78 FHR 3342 PZ 104.94 19,983.02 112.98 21,514.12 0.2 4.4 Aaa 5.000% 6/15/37 15000 FNR 2017 134VD 94.00 14,100.00 106.75 16,011.79 0.2 2.8 Aaa 3.000% 4/20/38 2210.44 FN 889579 109.39 2,418.01 118.67 2,623.22 0.0 5.1 Aaa 6.000% 5/1/38 45000 BCP TRUST 21-330N B VR 99.26 44,666.00 100.00 45,000.00 0.5 1.3 Aaa 1.300% 6/15/38 2678.04 G2 4194 106.13 2,842.07 113.45 3,038.36 0.0 4.8 Aaa 5.500% 7/20/38 1048.77 GNMA 4195 99.89 1,047.62 117.09 1,228.04 0.0 5.1 Aaa 6.000% 7/20/38 7653.21 GNMA 4447 104.81 8,021.52 112.27 8,592.06 0.1 4.5 Aaa 5.000% 5/20/39 11707.78 G2 4496 109.58 12,829.17 111.38 13,040.40 0.1 4.5 Aaa 5.000% 7/20/39 39613.84 HINTT 2020-AA 99.98 39,607.82 100.96 39,993.00 0.4 1.4 Aaa 1.390% 10/9/39 5880.56 FNR 2010-64 KA 103.05 6,059.70 105.41 6,198.77 0.1 4.3 Aaa 4.500% 6/25/40 4808.01 FG A95828 104.89 5,042.93 111.69 5,370.06 0.1 4.0 Aaa 4.500% 12/15/40 12760.23 FN 783307 101.38 12,935.73 110.85 14,144.28 0.1 3.6 Aaa 4.000% 4/15/41 13700.56 FNR 2012-6 MA 103.41 14,167.24 101.75 13,940.88 0.1 3.9 Aaa 4.000% 10/25/41 3931.54 GN AW7430 104.65 4,114.24 110.39 4,340.05 0.0 4.1 Aaa 4.500% 1/25/42 4161.55 FNR 2012 110KJ 99.00 4,119.93 102.72 4,274.89 0.0 2.9 Aaa 3.000% 3/20/42 18706.7 FNR 2012-90 DA 100.31 18,765.16 100.34 18,770.28 0.2 1.5 Aaa 1.500% 3/25/42 12574.28 FN MA 3024 102.16 12,845.26 104.00 13,077.26 0.1 3.4 Aaa 3.500% 6/1/42 3200.38 FN MA1136 102.12 3,268.35 104.04 3,329.55 0.0 3.4 Aaa 3.500% 8/25/42 10000 FNR 2013-111 PL 102.12 10,212.50 103.06 10,305.85 0.1 1.9 Aaa 2.000% 12/25/42 9399.44 GNR 2013-100 ME 99.11 9,315.89 102.71 9,653.74 0.1 2.2 Aaa 2.250% 2/20/43 19014.23 FN 2015 2PA 98.92 18,809.23 103.16 19,614.30 0.2 2.2 Aaa 2.250% 3/25/44 2339.61 FHR 4710 CA 102.16 2,390.04 100.64 2,354.60 0.0 3.5 Aaa 3.500% 4/15/44 Highland Capital 26 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Period Ending 6/30/2021 Portfolio Holdings 14775.16 FHR 4388 MC 99.50 14,701.60 103.96 15,360.29 0.2 2.4 Aaa 2.500% 7/15/44 9378.63 FNR 2016-90 CA 96.25 9,026.93 102.89 9,649.91 0.1 2.9 Aaa 3.000% 2/25/45 10051.84 FNR 2016 31 PC 97.45 9,795.50 102.30 10,283.40 0.1 2.9 Aaa 3.000% 3/25/45 52910.2 FNR 2015-51 KC 101.31 53,604.65 102.08 54,013.25 0.5 2.9 Aaa 3.000% 6/25/45 10301.7 FHR 4546 TH 95.41 9,828.48 103.55 10,667.92 0.1 2.4 Aaa 2.500% 12/15/45 7875.58 FNR 2017 56 PA 98.84 7,784.51 105.82 8,334.28 0.1 2.8 Aaa 3.000% 12/25/45 96688.1 CLIF 2021-1A A 100.00 96,686.28 99.17 95,888.83 1.0 1.7 NR 1.640% 2/18/46 97329.41 TMCL 21-1A 99.97 97,299.71 98.97 96,323.97 1.0 2.6 Aaa 2.620% 2/20/46 3138.24 GNR 2017 59P 97.97 3,074.47 100.90 3,166.44 0.0 3.0 Aaa 3.000% 4/20/46 7800.85 G2 MA3725 98.06 7,649.63 102.86 8,023.74 0.1 2.9 Aaa 3.000% 6/20/46 9195.37 FN MA2743 101.31 9,315.92 102.66 9,440.26 0.1 2.9 Aaa 3.000% 9/25/46 2186.44 FN MA2777 101.00 2,208.32 102.67 2,244.72 0.0 2.9 Aaa 3.000% 10/25/46 30000 FNR 2017-55 HW 93.47 28,040.63 105.28 31,584.67 0.3 2.8 Aaa 3.000% 11/25/46 4345 FN BE2951 101.81 4,423.61 103.61 4,501.80 0.0 2.9 Aaa 3.000% 1/25/47 5164.45 FHR 4682 LID 94.86 4,898.84 105.00 5,422.88 0.1 2.6 Aaa 2.750% 5/15/47 2893.29 FNR 2018 69 PA 99.32 2,873.60 100.99 2,922.07 0.0 3.5 Aaa 3.500% 5/25/47 4084.08 GNR 2017 991E 100.31 4,096.93 104.32 4,260.33 0.0 2.6 Aaa 2.750% 6/20/47 10337.78 FHR 4713 YH 93.94 9,711.05 103.09 10,657.53 0.1 2.4 Aaa 2.500% 7/15/47 15818.41 FHR 2017 72 GH 99.19 15,689.89 100.08 15,830.64 0.2 2.5 Aaa 2.500% 8/25/47 21023.2 GNR 2017 134PT 98.31 20,668.17 105.40 22,157.42 0.2 2.4 Aaa 2.500% 9/20/47 3353.5 FG T65441 98.94 3,317.89 103.81 3,481.10 0.0 2.9 Aaa 3.000% 10/1/47 40000 FNR 2018 1 HB 95.66 38,262.50 103.18 41,272.23 0.4 2.4 Aaa 2.500% 1/20/48 12538.52 FNR 2018-11 KE 98.84 12,393.60 102.71 12,878.70 0.1 1.9 Aaa 2.000% 3/25/48 22408.36 FNR 2018 59D 94.75 21,231.92 107.76 24,147.12 0.2 2.8 Aaa 3.000% 4/20/48 75000 GOOD 2021-3C5 A 99.95 74,965.08 99.37 74,531.25 0.8 2.1 Aaa 2.100% 5/20/48 36000 GNR 2019-133 EB 92.50 33,300.00 100.60 36,214.63 0.4 2.0 Aaa 2.000% 4/20/49 6277 GNR 2019-162 GA 100.00 6,277.00 101.94 6,399.04 0.1 2.9 Aaa 3.000% 10/20/49 18228.66 GNMA18-26AD 98.56 17,966.85 102.57 18,696.56 0.2 2.4 Aaa 2.500% 3/16/52 12293.23 GNR 2013-17 AC 98.25 12,078.11 101.27 12,449.18 0.1 1.8 Aaa 1.790% 5/16/53 34000 SORT 2021-1A Al 99.98 33,993.53 100.72 34,243.31 0.3 1.5 Aaa 1.530% 3/15/61 Accrued Interest 4,333.54 0.0 •------------------------------------------------------------------------- 2,190,422.00 2,258,596.00 22.8 2.5 8,610,139.00 9,900,585.00 100.0 2.3 TOTAL PORTFOLIO •-------------------------------------------------------------------------- 8,610,139.00 9,900,585.00 100.0 2.3 Highland Capital 27 MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Purchases BAC 5/11/21 5/18/21 100,000.00 AVIS BUDGET RENTAL 21-1A A 1.391% Due 08-20-27 4/29/21 5/6/21 50,000.00 NEWZ 2021-1 A 0.860% Due 05-25-55 5/13/21 5/20/21 100,000.00 NSLT 2021 A APT1 1.360% Due 04-20-62 5/6/21 5/12/21 500,000.00 SBAP 2021-20E 1 1.370% Due 05-01-41 4/8/21 4/14/21 550,000.00 SBAP 2021-25D 1 1.660% Due 04-01-46 BARCLAYS-EQ 6/23/21 6/25/21 200.00 CATERPILLAR INC DEL 5/24/21 5/26/21 130.00 COSTCO WHOLESALE CORP 5/11/21 5/13/21 100.00 QORVO INC BARCLAYS CAPITAL 6/24/21 6/30/21 60,000.00 HERTZ 2021-1A A 1.210% Due 12-25-25 4/29/21 5/14/21 45,000.00 SBA TOWER TRUST 1.631% Due 05-15-51 DEUTSCHE 6/11/21 6/15/21 200.00 ADVANCE AUTO PARTS INC 5/27/21 6/1/21 300.00 CARRIER GLOBAL CORP 5/21/21 5/25/21 500.00 GAMING AND LEISURE PROPERTIES INC DREXEL HAMILTON 4/15/21 4/22/21 45,000.00 JPMORGAN CHASE & CO 3.157% Due 04-22-42 Period Ending 6/30/2021 99.97 99,965.96 0.00 0.00 100.00 50,000.00 0.00 0.00 99.98 99,982.75 0.00 0.00 100.00 500,000.00 0.00 0.00 100.00 550,000.00 0.00 0.00 ----------------- --------------------------------- 1,299,949.00 0.00 0.00 214.44 42,888.60 0.04 8.00 384.64 50,003.55 0.04 5.20 171.46 17,146.19 0.04 4.00 ----------,yii-3-----------------------------17.20 110,038.30 0.04 17.20 99.98 59,990.52 0.00 0.00 100.00 45,000.00 0.00 0.00 -------- ------------------------------------------� 104,990.50 0.00 0.00 199.50 39,899.60 0.02 4.00 45.38 13,614.69 0.02 6.00 46.00 22,997.65 0.02 10.00 ----------------- ------- 76,511.94 --------------------------' 0.02 20.00 100.00 45,000.00 0.00 0.00 Hi Wand Capital 2s MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund FTN FINANCIAL 4/30/21 GS 6/9/21 6/8/21 5/19/21 GUGGENHEIM SECS 6/4/21 Jones Trading 5/6/21 4/8/21 5/6/21 5/6/21 5/6/21 5/6/21 5/19/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/18/21 5/21/21 5/6/21 5/6/21 5/6/21 5/6/21 Purchases 5/5/21 57,449.35 FNR 2015-51 KC 3.000% Due 06-25-45 6/30/21 75,000.00 GOOD 2021-3CS A 2.100% Due 05-20-48 6/15/21 38,000.00 KAISER FOUNDATION HOSPITAL 2.810% Due 06-01-41 5/26/21 100,000.00 LFT 2021-1A A 1.900% Due 11-20-31 6/11/21 100,000.00 CROP 2021-T1 A 2.430% Due 11-15-27 5/10/21 150.00 AEGON N V ORD AMER REG ADR 4/12/21 35.00 ALPHABETINC 5/10/21 50.00 ANHEUSER-BUSCH INBEV NV SPN ADR 5/10/21 50.00 ARCELORMITTAL S A 5/10/21 50.00 ATLAS COPCO AB 5/10/21 100.00 BARRICK GOLD CORP 5/21/21 200.00 BOSTON PROPERTIES INC 5/10/21 150.00 BP PLC SPONSORED ADR 5/10/21 250.00 CREDIT SUISSE GROUP 5/10/21 50.00 CRH PLC ADR ONE ADR REPSTG ONE ORD 5/10/21 100.00 DAIMLERAG 5/10/21 100.00 DEUTSCHE BANK AG 5/10/21 50.00 DIAGEO PLC SPONSORED ADR NEW 5/20/21 400.00 DIGITAL REALTY TRUST INC 5/25/21 930.00 EXXON MOBIL CORP 5/10/21 50.00 FERRARI NV 5/10/21 200.00 GLAXOSMITHKLINE PLC ADR 5/10/21 50.00 HITACHI LIMITED 5/10/21 150.00 HONDA MOTOR CO LTD ADR 29 Period Ending 6/30/2021 101.31 58,203.38 0.00 0.00 99.95 74,965.08 0.00 0.00 100.00 38,000.00 0.00 0.00 99.98 99,981.89 0.00 0.00 -------- --------------------- ----------------- ---- 212,947.00 0.00 0.00 100.00 99,997.74 0.00 0.00 4.66 699.00 0.01 1.50 2,265.76 79,301.77 0.01 0.35 75.03 3,751.50 0.01 0.50 32.19 1,609.50 0.01 0.50 62.24 3,111.92 0.01 0.50 23.49 2,349.00 0.01 1.00 109.07 21,813.54 0.01 2.00 26.46 3,969.75 0.01 1.50 10.31 2,577.50 0.01 2.50 50.19 2,509.50 0.01 0.50 87.85 8,785.00 0.01 1.00 13.75 1,375.00 0.01 1.00 181.15 9,057.50 0.01 0.50 150.00 59,998.04 0.01 4.00 59.41 55,249.16 0.01 9.30 199.87 9,993.50 0.01 0.50 37.83 7,565.50 0.01 2.00 98.73 4,936.50 0.01 0.50 30.55 4,582.50 0.01 1.50 Hihland Capital �MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/27/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 5/6/21 JP MORGAN MARKET AXE55 6/2/21 JP MORGAN_0 4/22/21 4/21/21 JPMORGAN 5/17/21 Purchases 5/10/21 200.00 ING GROEP N V 5/10/21 100.00 INTERCONTINENTAL HOTELS ADR 5/10/21 50.00 INVESCO LTD 5/10/21 50.00 IQIYI INC 5/10/21 50.00 iSHARES MSCI EMERGING MKT IN 5/10/21 100.00 KONINKLIJKE PHILIPS ELECTRS N V SPON F 5/10/21 100.00 KYOCERA CORP 5/10/21 150.00 NIPPON TELEG & TEL CORP 6/1/21 870.00 NISOURCE INC 5/10/21 50.00 OVINTIV INC 5/10/21 50.00 PRUDENTIAL PLC SPON ADR 5/10/21 50.00 ROYAL CARIBBEAN CRUISES LTD 5/10/21 50.00 ROYAL DUTCH SHELL PLC - ADR B 5/10/21 50.00 SAP SE 5/10/21 50.00 SOFTBANK GROUP CORP 5/10/21 50.00 TAIWAN SEMICONDUCTOR MFG 5/10/21 650.00 TENARIS SA 5/10/21 50.00 TORONTO DOMINION BK DINT NEW (USD 5/10/21 200.00 UBS GROUP AG 5/10/21 50.00 UNILEVER PLC 5/10/21 100.00 VODAFONE GROUP PLC 6/9/21 45,000.00 NEW YORK LIFE GLOBAL 0.490% Due 06-09-26 4/29/21 58,000.00 PENN MUTUAL LIFE INS CO 144A 3.800% Due 04-29-61 4/28/21 35,000.00 WESTERN & SOUTHERN LIFE 3.750% Due 04-28-61 5/24/21 20,000.00 BRIGHTHSE FIN GLOBAL FUND 144A 1.550% Due 05-24-26 Period Ending 6/30/2021 13.03 2,606.00 0.01 2.00 69.93 6,993.50 0.01 1.00 27.79 1,389.50 0.01 0.50 14.06 703.00 0.01 0.50 54.09 2,704.50 0.01 0.50 57.63 5,763.50 0.01 1.00 62.62 6,262.00 0.01 1.00 25.60 3,840.00 0.01 1.50 25.64 22,304.80 0.01 8.70 25.86 1,293.00 0.01 0.50 43.44 2,172.00 0.01 0.50 80.29 4,014.50 0.01 0.50 37.72 1,886.00 0.01 0.50 141.05 7,052.56 0.01 0.50 45.61 2,280.50 0.01 0.50 116.71 5,835.50 0.01 0.50 23.39 15,203.50 0.01 6.50 70.31 3,515.50 0.01 0.50 15.55 3,111.00 0.01 2.00 59.65 2,982.50 0.01 0.50 19.91 1,991.50 0.01 1.00 387,140.50 0.01 61.85 100.00 45,000.00 0.00 0.00 100.00 58,000.00 0.00 0.00 99.53 34,834.45 0.00 0.00 ---------------- ---------------------------------- 92,834.45 0.00 0.00 99.77 19,955.00 0.00 0.00 Hi�hland Capital 30 MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Purchases Period Ending 6/30/2021 MISCHLER FINANCIAL GROUP 4/6/21 4/9/21 45,000.00 GENERAL MOTORS FINL CO 100.00 45,000.00 0.00 0.00 0.770% Due 03-08-24 MORGAN STANLEY 6/16/21 6/29/21 45,000.00 BCP TRUST 21-33ON B VR 99.26 44,666.00 0.00 0.00 1.297% Due 06-15-38 6/29/21 7/15/21 100,000.00 FKH 2O21-SFR1 A 100.00 99,999.41 0.00 0.00 1.538% Due 08-17-28 6/8/21 6/11/21 125,000.00 OLD REPUBLIC INTL CORP 99.93 124,911.30 0.00 0.00 3.850% Due 06-11-51 269,576.70 0.00 0.00 RAYMOND JAMES 4/21/21 4/30/21 34,000.00 VERSBANK 144A 100.00 34,000.00 0.00 0.00 5.000% Due 05-01-31 REDI 6/29/21 7/1/21 200.00 BECTON DICKINSON & CO 247.31 49,462.42 0.01 2.00 Royal Bank of Canada 5/20/21 5/27/21 65,000.00 PROSPECT CAPITAL CORP 98.76 64,194.65 0.00 0.00 3.364% Due 11-15-26 5/14/21 5/18/21 65,000.00 SECURITY BENEFIT GL FUND 99.96 64,975.30 0.00 0.00 1.250% Due 05-17-24 129,170.00 0.00 0.00 SIEBERT WILLIAMS SHANK 6/3/21 6/8/21 57,000.00 TRAVELERS COS INC 99.71 56,832.99 0.00 0.00 3.050% Due 06-08-51 SUNTRUST 5/25/21 5/27/21 100,000.00 CRDBL 2021-1A A 101.09 101,089.80 0.00 0.00 2.390% Due 04-15-26 6/2/21 6/7/21 45,000.00 TRUIST FINANCIAL CORP 100.00 45,000.00 0.00 0.00 0.410% Due 06-09-25 146,089.80 0.00 0.00 31 Hi�hland Capital MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund WELLS WELLS FARGO Period Ending 6/30/2021 Purchases 3/31/21 4/8/21 45,000.00 GA GLOBAL FUNDING TRUST 144A 99.89 44,949.60 0.00 0.00 1.000% Due 07-08-24 4/29/21 4/30/21 18,000.00 US TREASURY N/B 99.36 17,884.69 0.00 0.00 0.750% Due 04-30-26 PURCHASES SUBTOTAL 3,345,534.00 0.00 101.05 0.00 101.05 Hi Wand Capital 32 MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2021 BAC 5/10/21 5/12/21 98,689.32 MHELA 2021 1 A1A 99.88 98,565.96 0.00 0.00 1.750% Due 01-25-61 5/6/21 5/10/21 50,000.00 NEWZ 2021-1 A 100.15 50,076.17 0.00 0.00 0.860% Due 05-25-55 5/17/21 5/20/21 100,000.00 NSLT 2021 A APT1 100.16 100,156.30 0.00 0.00 1.360% Due 04-20-62 5/3/21 5/4/21 18,000.00 US TREASURY N/B 99.65 17,936.72 0.00 0.00 0.750% Due 04-30-26 ----------- --------------------------------------- 266,735.10 0.00 0.00 BARCLAYS-EQ 6/23/21 6/25/21 340.00 DOMINION ENERGY INC 74.61 25,365.84 0.04 13.60 6/23/21 6/25/21 38.00 DOMINION ENERGY INC 74.61 2,835.01 0.04 1.52 6/23/21 6/25/21 10.00 DOMINION ENERGY INC 74.60 746.05 0.04 0.40 5/21/21 5/25/21 30.00 THERMO FISHER SCIENTIFIC INC 464.59 13,937.56 0.04 1.20 5/21/21 5/25/21 5.00 THERMO FISHER SCIENTIFIC INC 464.59 2,322.93 0.04 0.20 ---------- ---------------------------------------- 45,207.39 0.04 16.92 BMO CAPITAL MARKET AXESS 4/26/21 4/28/21 55,000.00 BANK OF MONTREAL 100.57 55,312.40 0.00 0.00 1.900% Due 08-27-21 6/4/21 6/8/21 40,000.00 CANADIAN IMPERIAL BK COMM SR NT 102.42 40,969.60 0.00 0.00 2.550% Due 06-16-22 ----------- --------------------------------------- 96,282.00 0.00 0.00 DEUTSCHE 5/18/21 5/20/21 110.00 HANOVER INSURANCE GROUP 140.70 15,477.07 0.02 2.20 5/18/21 5/20/21 50.00 HANOVER INSURANCE GROUP 140.70 7,035.03 0.02 1.00 5/18/21 5/20/21 50.00 HANOVER INSURANCE GROUP 140.70 7,035.04 0.02 1.00 5/18/21 5/20/21 48.00 HANOVER INSURANCE GROUP 140.70 6,753.63 0.02 0.96 5/18/21 5/20/21 10.00 HANOVER INSURANCE GROUP 140.70 1,407.01 0.02 0.20 --------------------------------------------------- 37,707.78 0.02 5.36 FTN FINANCIAL 5/6/21 5/12/21 500,000.00 SBAP 2021-20E 1 100.22 501,093.80 0.00 0.00 1.370% Due 05-01-41 4/8/21 4/14/21 550,000.00 SBAP 2021-25D 1 100.16 550,859.40 0.00 0.00 1.660% Due 04-01-46 ----------- --------------------------------------- 1,051,953.00 0.00 0.00 33 Hi�hland MANAGEMENT, Capital LLC Ar Argem Company Sebastian Police Officers' Pension Fund Sales Jones Trading Period Ending 6/30/2021 4/8/21 4/12/21 230.00 ALLIANCE DATA SYSTEMS CORP 112.09 25,780.34 0.01 2.30 5/11/21 5/13/21 200.00 AMERICAN INTERNATIONAL GROUP INC 50.44 10,087.21 0.01 2.00 5/21/21 5/25/21 220.00 BERKSHIRE HATHAWAY INC 287.69 63,291.24 0.01 2.20 5/21/21 5/25/21 310.00 MASTEC INC 116.13 35,999.25 0.01 3.10 6/28/21 6/30/21 200.00 MURPHY OIL CORP 23.38 4,675.43 0.01 2.00 6/28/21 6/30/21 110.00 MURPHY OIL CORP 23.38 2,571.49 0.01 1.10 6/28/21 6/30/21 100.00 MURPHY OIL CORP 23.38 2,337.72 0.01 1.00 6/28/21 6/30/21 60.00 MURPHY OIL CORP 23.38 1,402.63 0.01 0.60 5/6/21 5/10/21 50.00 NXP SEMICONDUCTOR NV 191.51 9,575.49 0.01 0.50 6/30/21 7/2/21 1,020.00 REGIONS FINANCIAL CORP 20.11 20,513.32 0.01 10.20 6/30/21 7/2/21 600.00 REGIONS FINANCIAL CORP 20.11 12,066.66 0.01 6.00 6/30/21 7/2/21 600.00 REGIONS FINANCIAL CORP 20.11 12,066.66 0.01 6.00 6/30/21 7/2/21 145.00 REGIONS FINANCIAL CORP 20.11 2,916.11 0.01 1.45 6/30/21 7/2/21 90.00 REGIONS FINANCIAL CORP 20.11 1,810.00 0.01 0.90 5/24/21 5/26/21 560.00 US FOODS HOLDING CORP 38.30 21,446.83 0.01 5.60 5/24/21 5/26/21 600.00 US FOODS HOLDING CORP 38.30 22,978.75 0.01 6.00 5/24/21 5/26/21 157.00 US FOODS HOLDING CORP 38.30 6,012.77 0.01 1.57 5/24/21 5/26/21 80.00 US FOODS HOLDING CORP 38.30 3,063.83 0.01 0.80 6/9/21 6/11/21 540.00 WEYERHAEUSER CO 35.72 19,289.62 0.01 5.40 6/9/21 6/11/21 340.00 WEYERHAEUSER CO 35.72 12,145.32 0.01 3.40 --------------------------------------------------- 290,030.70 0.01 62.12 MARKET AXESS MARKET AXE55 4/29/21 5/3/21 35,000.00 BANK OF AMERICA CORP 100.91 35,317.63 0.00 0.00 1.015% Due 03-05-24 4/21/21 4/23/21 10,000.00 EMERSON ELECTRIC CO 108.58 10,857.90 0.00 0.00 3.150% Due 06-01-25 4/7/21 4/9/21 45,000.00 GENERAL MOTORS FINL CO 100.05 45,020.93 0.00 0.00 0.770% Due 03-08-24 4/22/21 4/26/21 45,000.00 JPMORGAN CHASE & CO 100.53 45,239.40 0.00 0.00 3.157% Due 04-22-42 4/21/21 4/23/21 29,000.00 PRUDENTIAL FINANCIAL INC 119.21 34,570.61 0.00 0.00 4.350% Due 02-25-50 5/3/21 5/14/21 45,000.00 SBA TOWER TRUST 100.23 45,102.60 0.00 0.00 1.631% Due 05-15-51 Hi�hland Capital 34 MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2021 6/11/21 6/15/21 19,000.00 TRAVELERS COS INC 102.74 19,520.22 0.00 0.00 3.050% Due 06-08-51 5/11/21 5/13/21 35,000.00 WESTPAC BANKING CORP 100.48 35,167.06 0.00 0.00 2.220% Due 01-13-23 ----------- --------------------------------------- 270,796.40 0.00 0.00 MORGAN STANLEY MARKET AXESS 4/9/21 4/13/21 25,000.00 BLACKROCK INC 103.53 25,881.75 0.00 0.00 3.375% Due 06-01-22 RBC MARKET AXESS 5/11/21 5/13/21 35,000.00 GOLDMAN SACHS GROUP INC 100.29 35,101.22 0.00 0.00 0.994% Due 10-31-22 REDI 5/25/21 5/27/21 10.00 ABBVIE INC 114.95 1,149.49 0.01 0.10 5/25/21 5/27/21 10.00 ACTIVISION BLIZZARD INC 96.66 966.60 0.01 0.10 5/25/21 5/27/21 10.00 AMERICAN ELEC PWR INC 86.11 861.10 0.01 0.10 5/25/21 5/27/21 10.00 AMERICAN EXPRESS CO 158.81 1,588.09 0.01 0.10 5/14/21 5/18/21 130.00 AMERICAN INTERNATIONAL GROUP INC 51.51 6,696.27 0.01 1.30 5/25/21 5/27/21 20.00 AMERICAN INTERNATIONAL GROUP INC 51.51 1,030.19 0.01 0.20 6/25/21 6/29/21 10.00 AMERICAN INTERNATIONAL GROUP INC 48.85 488.49 0.01 0.10 5/19/21 5/21/21 100.00 AMERIPRISE FINANCIAL INC 250.00 25,000.48 0.01 1.00 5/25/21 5/27/21 30.00 AT&T INC 29.32 879.60 0.01 0.30 6/25/21 6/29/21 10.00 AT&T INC 28.82 288.19 0.01 0.10 5/25/21 5/27/21 50.00 BANK OF AMERICA CORP 42.50 2,124.99 0.01 0.50 6/25/21 6/29/21 20.00 BANK OF AMERICA CORP 41.48 829.59 0.01 0.20 5/25/21 5/27/21 10.00 BOEING CO 240.03 2,400.29 0.01 0.10 5/25/21 5/27/21 10.00 BOSTON PROPERTIES INC 113.99 1,139.89 0.01 0.10 5/25/21 5/27/21 20.00 BRISTOL-MYERS SQUIBB CO 66.86 1,337.29 0.01 0.20 6/25/21 6/29/21 10.00 BRISTOL-MYERS SQUIBB CO 66.04 660.39 0.01 0.10 5/25/21 5/27/21 10.00 CARRIER GLOBAL CORP 44.85 448.50 0.01 0.10 6/25/21 6/29/21 10.00 CARRIER GLOBAL CORP 46.42 464.19 0.01 0.10 5/25/21 5/27/21 20.00 CHEVRON CORP 103.71 2,074.19 0.01 0.20 6/25/21 6/29/21 10.00 CHEVRON CORP 107.32 1,073.19 0.01 0.10 5/25/21 5/27/21 10.00 CHUBB LIMITED 166.36 1,663.59 0.01 0.10 5/25/21 5/27/21 20.00 CITIGROUP INC 78.23 1,564.59 0.01 0.20 35 Hi�hland Capital MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2021 6/25/21 6/29/21 10.00 CITIGROUP INC 71.33 713.29 0.01 0.10 5/25/21 5/27/21 20.00 CITIZENS FINANCIAL GROUP INC 49.21 984.19 0.01 0.20 6/25/21 6/29/21 10.00 CITIZENS FINANCIAL GROUP INC 47.08 470.79 0.01 0.10 5/25/21 5/27/21 10.00 COMCAST CORP 55.61 556.10 0.01 0.10 6/25/21 6/29/21 10.00 COMCAST CORP 56.21 562.09 0.01 0.10 5/25/21 5/27/21 20.00 CONOCOPHILLIPS 54.83 1,096.59 0.01 0.20 6/25/21 6/29/21 10.00 CONOCOPHILLIPS 61.33 613.29 0.01 0.10 5/25/21 5/27/21 20.00 CORNING INC 43.74 874.80 0.01 0.20 6/25/21 6/29/21 10.00 CORNING INC 41.20 411.99 0.01 0.10 5/27/21 6/1/21 51.33 CORTEVA INC 45.16 2,317.99 0.01 0.51 5/27/21 6/1/21 116.67 CORTEVA INC 45.16 5,268.19 0.01 1.17 5/27/21 6/1/21 30.00 CORTEVA INC 45.16 1,354.68 0.01 0.30 5/25/21 5/27/21 10.00 CUMMINS INC 255.09 2,550.88 0.01 0.10 5/25/21 5/27/21 10.00 CVS HEALTH CORPORATION 89.03 890.30 0.01 0.10 6/25/21 6/29/21 10.00 CVS HEALTH CORPORATION 84.08 840.79 0.01 0.10 5/25/21 5/27/21 10.00 DELL TECHNOLOGIES INC 100.00 1,000.01 0.01 0.10 5/25/21 5/27/21 10.00 DIGITAL REALTY TRUST INC 152.12 1,521.19 0.01 0.10 5/25/21 5/27/21 10.00 DOMINION ENERGY INC 75.94 759.40 0.01 0.10 5/25/21 5/27/21 10.00 DUKE ENERGY CORP 101.32 1,013.19 0.01 0.10 5/25/21 5/27/21 10.00 EASTMAN CHEMICAL CO 124.76 1,247.59 0.01 0.10 5/25/21 5/27/21 10.00 EATON CORP PLC 143.07 1,430.69 0.01 0.10 5/25/21 5/27/21 10.00 ELECTRONIC ARTS INC 142.97 1,429.74 0.01 0.10 5/25/21 5/27/21 20.00 EXELON CORP 45.16 903.20 0.01 0.20 6/25/21 6/29/21 10.00 EXELON CORP 44.35 443.49 0.01 0.10 5/25/21 5/27/21 20.00 EXXON MOBIL CORP 58.16 1,163.19 0.01 0.20 6/25/21 6/29/21 10.00 EXXON MOBIL CORP 64.72 647.19 0.01 0.10 5/25/21 5/27/21 30.00 FORD MOTOR CO 12.84 385.20 0.01 0.30 6/25/21 6/29/21 10.00 FORD MOTOR CO 15.37 153.69 0.01 0.10 5/25/21 5/27/21 10.00 FORTIVE CORP 71.70 717.00 0.01 0.10 5/25/21 5/27/21 40.00 FREEPORT McMORAN COPPER & GOLD IN 40.79 1,631.59 0.01 0.40 6/25/21 6/29/21 20.00 FREEPORT McMORAN COPPER & GOLD IN 37.93 758.59 0.01 0.20 5/25/21 5/27/21 20.00 GAMING AND LEISURE PROPERTIES INC 46.31 926.20 0.01 0.20 6/25/21 6/29/21 10.00 GAMING AND LEISURE PROPERTIES INC 45.87 458.69 0.01 0.10 5/25/21 5/27/21 20.00 GENERAL MOTORS CO 56.87 1,137.39 0.01 0.20 6/25/21 6/29/21 10.00 GENERAL MOTORS CO 60.36 603.59 0.01 0.10 5/25/21 5/27/21 60.00 HEWLETT PACKARD ENTERPRISE CO 16.03 961.80 0.01 0.60 6/25/21 6/29/21 20.00 HEWLETT PACKARD ENTERPRISE CO 14.73 294.69 0.01 0.20 Hi�hland Capital 36 MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2021 5/25/21 5/27/21 10.00 HILTON WORLDWIDE HOLDINGS INC 123.56 1,235.59 0.01 0.10 5/25/21 5/27/21 10.00 HONEYWELL INTL INC 223.75 2,237.49 0.01 0.10 5/25/21 5/27/21 10.00 INGREDION INC 95.65 956.50 0.01 0.10 5/25/21 5/27/21 10.00 JOHNSON& JOHNSON 170.22 1,702.19 0.01 0.10 6/25/21 6/29/21 10.00 JOHNSON& JOHNSON 163.77 1,637.69 0.01 0.10 5/25/21 5/27/21 20.00 JP MORGAN CHASE & CO 163.36 3,267.18 0.01 0.20 6/25/21 6/29/21 10.00 JP MORGAN CHASE & CO 153.86 1,538.59 0.01 0.10 5/25/21 5/27/21 10.00 L3HARRIS TECHNOLOGIES INC 216.32 2,163.19 0.01 0.10 5/25/21 5/27/21 20.00 LAS VEGAS SANDS CORP 57.18 1,143.59 0.01 0.20 6/25/21 6/29/21 10.00 LAS VEGAS SANDS CORP 52.25 522.49 0.01 0.10 5/25/21 5/27/21 10.00 LINCOLN NATL CORP IND 68.63 686.30 0.01 0.10 5/25/21 5/27/21 10.00 LYONDELLBASELL INDUSTRIES N V 110.71 1,107.10 0.01 0.10 5/25/21 5/27/21 40.00 MARATHON OIL CORP 11.74 469.60 0.01 0.40 6/25/21 6/29/21 20.00 MARATHON OIL CORP 13.88 277.59 0.01 0.20 5/25/21 5/27/21 10.00 MICRON TECHNOLOGY INC 80.05 800.50 0.01 0.10 5/25/21 5/27/21 10.00 MURPHY OIL CORP 20.99 209.90 0.01 0.10 5/25/21 5/27/21 10.00 NASDAQ STK MKT INC 165.78 1,657.79 0.01 0.10 5/25/21 5/27/21 10.00 NEWMONT MINING CORPORATION 73.17 731.70 0.01 0.10 5/25/21 5/27/21 10.00 NEXTERA ENERGY INC 73.66 736.63 0.01 0.10 6/25/21 6/29/21 10.00 NISOURCE INC 24.84 248.39 0.01 0.10 5/25/21 5/27/21 10.00 OCCIDENTAL PETE CORP DEL 24.75 247.50 0.01 0.10 5/25/21 5/27/21 20.00 OLIN CORP 48.38 967.62 0.01 0.20 6/25/21 6/29/21 10.00 OLIN CORP 47.43 474.29 0.01 0.10 5/25/21 5/27/21 5.00 ORACLE CORP 78.83 394.15 0.01 0.05 5/25/21 5/27/21 5.00 ORACLE CORP 78.83 394.15 0.01 0.05 5/25/21 5/27/21 10.00 PEPSICO INC 147.74 1,477.39 0.01 0.10 5/25/21 5/27/21 10.00 PROCTER & GAMBLE CO 137.81 1,378.09 0.01 0.10 6/25/21 6/29/21 10.00 PROCTER & GAMBLE CO 133.69 1,336.89 0.01 0.10 5/25/21 5/27/21 20.00 PULTE GROUP INC 56.72 1,134.39 0.01 0.20 6/25/21 6/29/21 20.00 PULTE GROUP INC 53.24 1,064.79 0.01 0.20 5/25/21 5/27/21 10.00 QORVO INC 179.92 1,799.17 0.01 0.10 5/25/21 5/27/21 10.00 RAYTHEON TECHNOLOGIES CORP 86.09 860.90 0.01 0.10 6/25/21 6/29/21 10.00 RAYTHEON TECHNOLOGIES CORP 86.89 868.89 0.01 0.10 5/25/21 5/27/21 50.00 REGIONS FINANCIAL CORP 22.84 1,141.99 0.01 0.50 6/25/21 6/29/21 20.00 REGIONS FINANCIAL CORP 20.49 409.79 0.01 0.20 5/25/21 5/27/21 10.00 TEXAS INSTRUMENTS INC 188.25 1,882.49 0.01 0.10 5/25/21 5/27/21 10.00 TRUIST FINANCIAL CORP 60.88 608.80 0.01 0.10 Highland Capital 37 ) MANAGEMENT, LLC An Argent Company Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2021 6/25/21 6/29/21 10.00 TRUIST FINANCIAL CORP 55.84 558.40 0.01 0.10 4/13/21 4/14/21 150.00 UNITED AIRLINES HOLDINGS INC 56.13 8,419.96 0.01 1.50 5/25/21 5/27/21 20.00 UNITED AIRLINES HOLDINGS INC 57.89 1,157.79 0.01 0.20 6/25/21 6/29/21 10.00 UNITED AIRLINES HOLDINGS INC 53.96 539.59 0.01 0.10 5/25/21 5/27/21 20.00 US BANCORP 60.34 1,206.79 0.01 0.20 6/25/21 6/29/21 10.00 US BANCORP 57.50 574.99 0.01 0.10 5/25/21 5/27/21 20.00 VERIZON COMMUNICATIONS INC 56.64 1,132.79 0.01 0.20 6/25/21 6/29/21 10.00 VERIZON COMMUNICATIONS INC 56.31 563.09 0.01 0.10 5/25/21 5/27/21 20.00 WALGREENS BOOTS ALLIANCE INC 54.35 1,086.99 0.01 0.20 6/25/21 6/29/21 10.00 WALGREENS BOOTS ALLIANCE INC 52.22 522.19 0.01 0.10 5/25/21 5/27/21 10.00 WALT DISNEY CO 175.65 1,756.49 0.01 0.10 5/25/21 5/27/21 30.00 WELLS FARGO CO 46.48 1,394.39 0.01 0.30 6/25/21 6/29/21 10.00 WELLS FARGO CO 46.28 462.79 0.01 0.10 5/25/21 5/27/21 10.00 WESTROCK COMPANY 57.85 578.50 0.01 0.10 6/25/21 6/29/21 10.00 WESTROCK COMPANY 53.79 537.89 0.01 0.10 5/25/21 5/27/21 20.00 WEYERHAEUSER CO 37.55 751.00 0.01 0.20 -------------------------------------------------- 154,837.40 0.01 21.38 Royal Bank of Canada 5/20/21 5/26/21 100,000.00 LFT 2021-1A A 100.22 100,218.80 0.00 0.00 1.900% Due 11-20-31 5/24/21 5/26/21 65,000.00 SECURITY BENEFIT GL FUND 100.32 65,206.70 0.00 0.00 1.250% Due 05-17-24 ----------- -------------------------------------- 165,425.50 0.00 0.00 STIFEL 6/8/21 6/11/21 125,000.00 OLD REPUBLIC INTL CORP 101.01 126,257.50 3.850% Due 06-11-51 strategas 5/27/21 6/1/21 12.00 OTIS WORLDWIDE CORPORATION 78.86 946.28 5/27/21 6/1/21 5.00 OTIS WORLDWIDE CORPORATION 78.86 394.28 5/27/21 6/1/21 25.00 OTIS WORLDWIDE CORPORATION 78.86 1,971.41 5/27/21 6/1/21 75.00 OTIS WORLDWIDE CORPORATION 78.86 5,914.25 5/27/21 6/1/21 25.00 OTIS WORLDWIDE CORPORATION 78.86 1,971.41 5/27/21 6/1/21 10.00 OTIS WORLDWIDE CORPORATION 78.86 788.57 --------11,986.20 0.00 0.00 0.03 0.36 0.03 0.15 0.03 0.75 0.03 2.25 0.03 0.75 0.03 0.30 ____________ 0.03 4.56 Hi�hland Capital 38 MANAGEMENT, LLC Ar Argem Company Sebastian Police Officers' Pension Fund Sales Period Ending 6/30/2021 SUSQUEHANNA MARKET AXESS 4/15/21 4/19/21 35,000.00 ENTERGY ARKANSAS LLC 92.15 32,251.45 0.00 0.00 2.650% Due 06-15-51 TD SECURITIES MARKET AXESS 4/16/21 4/20/21 40,000.00 PNC FINANCIAL SERVICES GROUP INC 103.79 41,514.80 0.00 0.00 2.854% Due 11-09-22 6/3/21 6/7/21 40,000.00 PROVINCE OF QUEBEC 101.43 40,572.40 0.00 0.00 2.375% Due 01-31-22 ----------- -------------------------------------- 82,087.20 0.00 0.00 US BANK MARKET AXESS 4/23/21 4/27/21 20,000.00 FRANKLIN RES INC SR NT 103.37 20,673.60 0.00 0.00 2.800% Due 09-15-22 6/8/21 6/10/21 38,000.00 TRAVELERS COS INC 100.97 38,370.12 0.00 0.00 3.050% Due 06-08-51 ----------- -------------------------------------- 59,043.72 0.00 0.00 WACHOVIA SECURITIES INC-0 6/1/21 6/1/21 5,000.00 COMMONWEALTH FING AUTH PA 100.00 5,000.00 0.00 0.00 5.653% Due 06-01-24 SALES SUBTOTAL ----------- -------------------------------------- 2,756,584.00 0.00 110.34 -------------------------------------------------- 0.00 110.34 39 Hi Wand Capital Ar Argem Company f 1 1 1 i Y 1 Y L 6075 Poplar Avenue, Suite 703, Memphis, TN 38119 Tel: 407-839-8440 1 Fax: 407-841-2814