HomeMy WebLinkAbout3rd Quarter Highland ReportSebastian Police Officers' Pension Fund
Investment Review
Period Ending
September 30, 2023
Hi�hland Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Commentary
Total Return Summary and Portfolio Allocation
Performance Returns for Various Periods'
Equity Sector Allocation and Returns
p Ten Holdings
International ADR Country Allocation
Fixed Income Characteristics
Portfolio Holdings
Purchasesad Sales
Page 9
Page 11
Page 12
Page 14
Page 15
Page 19
Page 29
Period Ending 9/30/2023
HiehNand Capital
MANAGEMENT, LLC
An Argent Company
and Capital
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Sebastian Police Officers' Pension Fund
3Q23 Equity Commentary
The third quarter was a period of negative equity and fixed income returns,
with the S&P 500 posting a return of -3.2%, and the Aggregate Bond Index
also declining by 3.2%. YTD the S&P 500 is up 13% and the Aggregate Bond
Index is down 2.1%. Just as the Federal Reserve (Fed) remained "on
pause" and reiterated their stance of being data dependent, investors also
seemed to be in a holding pattern waiting for clues as to which direction
the economy and interest rates might take next. There are arguments for
better markets (declining inflation, solid job market, resilient consumer,
improving earnings in Q4 and into 2024), while simultaneously there are
also valid reasons to be cautious (potentially reaccelerating inflation,
higher oil prices, resumption of student loan payments, and the UAW
strike). The Fed has repeated their mantra of "higher for longer" interest
rates and the markets have begun to take that message to heart. But the
fixed income market is also not necessarily believing the Fed's projections
as Fed Funds futures in 2024 currently expect 3 rate cuts, versus the Fed's
expectation of just two cuts. If one can attempt to boil the reason that
the economy has remained resilient down to one thing - it would be jobs.
How the job market fares going forward will determine whether the
economy slows or remains on solid ground. There are still 2 million fewer
people in the labor force today than February of 2020. Most of this can be
attributed to 3 million early retirements over the past few years. The
Labor Force Participation Rate for those over age 55 is just 38.6% versus
40.4% in February of 2020. These workers are unlikely to return to the
workplace due to sizeable real estate nest eggs and accumulated savings.
Historically, small businesses have accounted for almost 2/3 of job
creation. We have witnessed a sizeable step up in small business creation
over the past two years, with over 10 million new business applications
filed, which has undoubtedly led to strong job creation. Given the rapid
rise in interest rates and tightening credit, it will become harder for these
Period Ending 9/30/2023
companies to obtain financing which could lead to job cuts. While the
16-24-year-old age cohort has returned to its pre Covid participation rate,
it's possible the resumption of student loan payments and the depletion of
excess savings will force more of this group back into the labor pool.
Regardless, labor tightness is likely to be with us for some time to come and
potentially exert upward pressure on inflation.
The Economy — Stronger GDP, Rising Rates, and Soft Landings: The
US economy grew at a 2.1% rate in Q2, which was better than
consensus forecast of 1.8%, and similar to the Q1 pace of 2.0%. The
better-than-expected growth was driven by consumer spending and
fixed investment, while inventories were a drag. The third quarter is
poised to show some acceleration, with The Blue Chip Consensus
expecting GDP growth of just under 3.0%. Inflation at the CPI
headline level increased slightly in August and was up 3.7% year over
year. The Core CPI (ex food and energy) also increased at a 0.3% rate
in August compared to 0.2% in July, but the year over year rate
dropped to 4.3% from 4.7% in July, and along with the Core PCE in
August at 3.9% the Fed felt that pausing rate hikes and assessing new
incoming data is the appropriate course for now. Even as inflation
has declined, the 10-year US Treasury yield has risen from its low of
the year on April 6th at 3.28%, to approximately 4.59% at quarter
end. Part of this rate increase is reflective of a supply -demand
imbalance as the Treasury has increased their issuance, and former
large buyers such as the Fed and banks are out of the market or
participating at a much lower level. This move higher in rates also
coincides with the Fed's updated, more optimistic economic outlook,
which shows the US economy growing at 2.1% in 2023 versus their
Hizhtal land Capi
An Argent Company
Sebastian Police Officers' Pension Fund
3Q23 Equity Commentary
previous expectation of 1%, and unemployment ending the year at 3.8%
versus 4.1% previously. They also expect Core PCE Inflation to end 2023 at
3.7%, 0.2% lower than their June forecast, and see it continuing to decline
to 2.6% in 2024 and 2% by 2026. That is the glide path to the Fed's "soft
landing", and while we wish it could be true and would give it better odds
today than six months ago, we are cautiously skeptical. The Fed maintains
their view that one more hike is on the table for 2023 and pushed out the
timing of rate cuts into 2024. This could just be "jawboning" to maintain
tight financial conditions as a prerequisite for the economy to slow and
inflation to further cool. We still need to see the jobs market weaken and
in August the economy added 187,000 jobs with the 3-month average now
at 150,000. Weekly initial unemployment claims for the week of
September 15th fell to an 8-month low — a clear indicator that the jobs
Period Ending 9/30/2023
impact valuations negatively as a higher discount rate lowers the present
value of future cash flows. In theory this should have the most negative
impact on companies that carry the highest valuations (i.e., Tech). ). And
while equity returns for the year have been driven by a small number of
Technology companies, we are now seeing those stocks decline from their
highs as the impact of higher interest rates takes hold. The Nasdaq 100 fell
3.9% in Q3 and is down 7.1% from the 2023 peak in mid -July. Even with the
Q3 decline, Technology is still up 34.7% YTD. The worst performing sectors
in Q3 were Utilities and Real Estate (-9.2% and -8.9% respectively). These
are yield oriented sectors, and the level of interest rates now exceeds the
dividend yields of many of these companies, making it harder for them to
compete for the yield hungry investor. In a sign that the market is also
beginning to discount concerns over the consumer, the Consumer Staples
market remains tight. Average hourly earnings are up 4.2% year over year, and Consumer Discretionary sectors are both down approximately 8.9%
and the UAW strike and ultimate settlement will keep wages in keen focus
moving forward. Consumer confidence declined again in September as
survey respondents expressed concern over future expectations. The
primary worries were rising gasoline and food prices. And while you might
think this would cause consumers to pull back, we have yet to see tangible
evidence of that. Retail sales in August were up 2.5% y/y, and +0.6% for
the month. If food and gas continue to push higher, then we would expect
a retrenchment by the consumer. Conversely, if inflation continues to
move lower yet wages hold firm or show gains, then real incomes will
from their earlier summer highs. The only sectors that have been able to
move higher for the quarter in the face of rising rates have been Energy
(+12.2%) and Communications (+3.1%). Crude oil prices have benefited
from a tightening supply profile as Saudi Arabia extended supply cuts
through year end, and Russia initiated a crude products export ban for an
indefinite time period. West Texas Intermediate oil is up 33% since mid -
June and the Energy sector is up 13.4% over that period. While Large Cap
Growth has soundly beaten Large Cap Value YTD at +24.8% vs +0.1%, both
categories were down 3.1% for Q3. The Russell 2000 was down 5.1% in Q3
improve and could bolster economic growth. One of our favorite gauges of and is now up just 2.5% YTD. We give you this additional data to again show
forward inflation is the M2 money supply, and the latest data point shows
M2 down 3.6% y/y although the decline has moderated over the past few
months.
Third Quarter Market Recap: Without doubt the story for the equity
market in the third quarter centers around rising rates. Higher rates
how narrow the market has been in 2023. The median stock YTD is up a
paltry 1.86%, and the "Magnificent Seven" (Apple, Meta, Google, Nvidia,
Amazon, Microsoft, Tesla) have accounted for 94% of the S&P return this
year! We are glad to see the S&P with a low teens YTD return, but you can
understand why this narrow market breadth leaves investors less than
enthusiastic.
Hizhtal land Capi
An Argent Company
Sebastian Police Officers' Pension Fund
3Q23 Equity Commentary
Period Ending 9/30/2023
What to Expect Going Forward: There are more countervailing forces at with 40% of S&P 500 revenues generated outside the US this could prove to
work in markets today than we can ever remember. As we stated earlier in be a headwind for earnings, as would a slowdown in GDP growth.
the note, there is ample support for both the bull and bear case. For us, Recessions are kryptonite for earnings and consensus as of today seems to
the items that matter most at this point are jobs, inflation, and interest be ignoring that possibility. The market currently trades at 17.9X earnings,
rates. For the moment let's put aside geopolitics, energy prices,
regulation, election season, and potential government shutdowns. The
jobs market should weaken, slowing the economy and dampening
inflation, which should then allow the Fed to begin cutting rates by the
middle of 2024. Perhaps that is too linear, and the path will be more
circuitous, but we believe that will be the ultimate destination. The Fed
has already done the heavy lifting, and they are committed to bringing
inflation down. Unfortunately, this most likely means a period of below
trend growth with some level of job loss, not the "immaculate disinflation"
which is just slightly above the 10-year average of 17.5X. The last time the
10-year US Treasury was above 4.5% was in the fall of 2007 and the market
was cheaper than with the S&P trading at 15X forward earnings. The CPI
inflation rate was also lower in 2007 at 2.8% versus 3.7% today. We
highlight this comparison to show that there could be downside valuation
risk given the pressure from higher inflation and rates, and earnings growth
in 2024 is key to alleviating that risk. If we break the index down further,
we find that the top 10 stocks in the S&P trade at a multiple of 25.9X, and
the remaining stocks trade at a 16.8X multiple, which makes valuations
that some economists would like to believe. In the near term we must more reasonable. With the concentration of gains this year in the
deal with higher rates. Since 1990, the first 100 basis point (1%) move up "Magnificent Seven" we would not be surprised to see the market rotate to
in the 10-year Treasury yield has not derailed stocks. In fact, the market some of the laggard sectors that also sport a more attractive valuation,
has risen on average by 3.2% over the next 3 months, and 6.9% over the which would result in better median stock performance. So, our stance
next 6 months. Groups that lagged in those periods were higher dividend today is cautious but constructive. Yes, the outlook is cloudy, but we expect
yielders (the higher interest rates provide more competition), and the economy and jobs to slow, which will allow inflation to subside, and
Consumer Discretionary. That is consistent with what we are seeing today. ease some of the pressure we are currently experiencing on interest rates.
The difference however is that in the past most of those rate increases
were nearing the end of a recession, not near the start of one. In terms of
fundamentals, we are about to experience the 4t" consecutive quarter of
negative year -over -year earnings comparisons. The projection is for Q3
earnings to decline 0.2%, and then to see earnings become positive again
in Q4 with an 8.2% increase. This would result in 2023 earnings increasing
at just 1.1%. The consensus for 2024 is for earnings to rebound nicely with
growth of 12.2% (we remain skeptical of that level of improvement). The
dollar has strengthened over the past 6 months with US rates rising, and
But as always, keep your eye on earnings.
Hizhtal land Capi
An Argent Company
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Are Argent Company
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Sebastian Police Officers' Pension Fund
3Q23 Large Cap Value Equity Commentary
Large Cap Value clients enjoyed relative outperformance despite the
negative return of the indexes during Q3. Strong relative outperformance
in Communications (Social Media), Consumer Discretionary and Healthcare
outweighed relative underperformance in Materials, Industrials and Real
Estate. The underperformance in the traditionally more economically
cyclical sectors is likely a reflection of the year old theme of an impending
US recession that has consistently failed to materialize. More broadly, this
fear has driven investment away from the Value styles toward those of
Growth at level rarely witnessed before.
To date, the Growth Style has beaten Value by close to 25% leaving the
RLV index close to where it began the year despite improving financial
performance which in our analysis makes the investment case even more
compelling.
Period Ending 9/30/2023
The accompanying chart visually details the discrepancy between
predicted GDP and Actual for the quarter.
Evoludon of Atlanta Fed GDPHow real SDP estimate for 2023: Q3
Quarterly percent change (SAAR)
6
Atlanta Fed
Gli estimate
4
3
2
1 Blue Chip consensus
0
-i V
Ran of of top 10
and bottom 10
average forecasts
-2
27-Jun 6-Jul 15-Jul 24-Jul 2-Aug 11-Aug 20-Aug 29-Aug 7-Sep 16Sep 25-Sep 4-Oct
Date of forecast
5ouroW Biue Chip Economic Indicators and Blue Chip Financial Forecasts
NO: The top (bottom) 10 average forecast Is an average of the highest (lowest)10 forecasts in the Blue Chip survey.
Each quarter in 2023 has begun with a bearish consensus among
economists predicting economic contraction. Then, as data is
released, the community is forced to correct their predictions to
match the prevailing reality of continued expansion. If you stick to
a prediction long enough, you'll ultimately be right. Maybe not in
2023 though. Nonetheless, the effect on Value style investing is
becoming entrenched with investors taking a wait and see caution
toward asset allocation.
5 HiehNand Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Period Ending 9/30/2023
3Q23 Fixed Income Portfolio Manager Commentary
Coming into 2023, Wall Street was convinced of the following to occur: partially offset by the Bank of Japan's continued purchases. Additionally,
Inflation and Economic Outlook: It was widely believed that inflation had
peaked, and the U.S. economy would swiftly return to the Federal
Reserve's 2% target. However, this outlook has not materialized as
expected.
Monetary Policv and Recession Concerns: The consensus was that the
Federal Reserve had already tightened monetary policy too aggressively,
potentially pushing the economy into a recession by the latter half of 2023
Risk Assets vs. Bonds: Market sentiment anticipated poor performance in
U.S. commercial banks have been consistent net sellers of bonds for five
consecutive quarters. In September, Treasuries suffered their fifth
consecutive monthly loss, the most substantial decline since February, due
to the prospect of persistently high Federal Reserve interest rates and an
increase in bond supply, exacerbated by rising oil prices.
Notably, the latest Statement of Economic Projections (SEP) for this quarter
brings some significant changes to light:
Real GDP Growth: Projections for 2023 now estimate growth at more than
risk assets, driven by the belief that the bond market had finally created double the previous forecast, with 2024 GDP also expected to be higher.
risk -free alternatives. Unemplovment Proiections: The outlook for unemployment has been
Contrary to these consensus views, none of these macroeconomic trends revised lower for 2023, 2024, and 2025. It's now believed that
have unfolded as anticipated in 2023. On September 20th, the Federal unemployment would only need to rise to 4.1% to bring inflation back down
Reserve chose to maintain its benchmark interest rate within the current to the Fed's 2% target.
range of 5.25% to 5.5%. It also signaled that further rate hikes might be on Fed Funds Rate Proiections: The median year-end dots within the 2024 and
the horizon, challenging the belief that interest rates had already peaked.
While the Fed's pause in September doesn't conclusively indicate that
interest rates have peaked, a growing number of investors are hopeful that
the central bank may not need to raise rates further in this cycle. In
addition to its interest rate decision, the Federal Reserve pledged to allow
up to $60 billion in Treasury securities and $35 billion in agency mortgage -
backed securities (MBS) to mature and roll off its balance sheet, which
currently exceeds $8.1 trillion, as part of its ongoing efforts to combat
inflation.
A critical factor influencing the rates market today is the supply -demand
imbalance, chiefly driven by central bank quantitative tightening. In 2023,
central banks worldwide are expected to sell nearly $1 trillion in bonds,
with the Federal Reserve, European Central Bank, and Bank of England
reducing their balance sheets as bonds mature. This selling pressure is only
2025 dot plot projections for the Fed Funds rate were each raised by 50
basis points, effectively removing 50 basis points of potential rate cuts from
consideration in 2024.
Expected Rate Hike: Twelve out of nineteen FOMC members expect one
more rate hike this year.
Fixed -income index returns across various asset classes experienced
negative performance again in September, largely due to several factors:
Economic Surprises: Markets reacted to unexpected positive economic
developments.
Fed Sentiment: Surprisingly hawkish sentiment from the Federal Reserve
influenced market dynamics.
Market Technicals: Deteriorating market technicals added to the negative
sentiment.
Hizhtal land Capi
Ar Argem Company
Sebastian Police Officers' Pension Fund
3Q23 Fixed Income Portfolio Manager Commentary
Period Ending 9/30/2023
These factors led to a surge in Treasury yields to decade -high levels, The supply/demand imbalance has created unique opportunities in the
primarily driving the weakness observed in the third quarter. The bond market which we haven't seen in decades. Valuations in certain
Bloomberg Aggregate Index declined by 2.54% in September, resulting in a markets, mostly risk -free assets, appear extremely attractive compared to
quarterly loss of 3.23%. Longer -maturity Treasuries continued to long term historical averages. We have been actively rebalancing portfolios
experience sell -offs, with the market reassessing expectations regarding based on distinct trading anomalies, which we expect to perform well
the Federal Reserve's policy trajectory and discounting some anticipated regardless of the future path of interest rates.
rate cuts throughout 2024 and 2025. Notably, the 2-year/10-year yield
curve steepened by 28 basis points, largely driven by a 46 basis point
selloff in 10-year yields.
Hizhtal land Capi
Ar Argem Company
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and Capital
Are Argent Company
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Sebastian Police Officers' Pension Fund
Total Return Summary
Period Ending 9/30/2023
Quarter $7,602,109 $6,246,097-$1,356,011 $0-$1,166,785-$189,226 -2.61/0 ------- (7/1/23 - 9/30/23)
Fiscal Year to Date
$8,681,795 $6,246,097-$2,435,698 $442 m7-$3,318,373 r $882,233 10.81%-------
(10/1/22 - 9/30/23) a
Five Year $11,035,903 $6,246,097-$4,789,806 $1,585,960 I-$9,637,619 I $3,261,853 31.24% 5.59%
(10/1/18 - 9/30/23)
Asset Allocation
As of 6/30/2023 As of 9/30/2023
-A Cash V Cash
Value I Value
,AA i International I International
Z0001 I Fixed Income I Fixed Income
Cash $223,735 2.9% Cash 212,860
Value $4,063,613 53.5% Value $3,274,218 ' 52.4%
International International $958,535
Fixed Income 52.249.870 29.6% Fixed Income 91.800.484 1 28.8%
HiehNand Capital
9 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
i�
Performance Returns for Various Periods
-6% -4% -2% 0% 0% 10% 20% 30%
Period Ending 9/30/2023
Value 6==Value Value
International International International
Fixed Income Fixed Income Fixed Income
I
0% 2% 4% 6% 8%
Quarter Fiscal Year to Date Five Year (Annualized)
• 1 1 1 1 1
Value -2.82% 15.41% 6.01%
R1000V -3.16%
14.40%
6.20%
International -4.19% 28.57% 2.84%
MSCI EAFE -4.04% 26.31% 3.76%
MSCI ACWI ex US -3.77% 20.39% 2.58%
Fixed Income
-1.53%
1.42%
1.45%
*BBCGC
-3.00%
0.93%
0.41%
* BBCAG
-3.23 %
0.64%
0.10 %
*Source: Bl000mberg Index Services Limited
HiehNand Capital
10 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
25%
20%---------
15%---------
10% — - - 9.2
5% --
0%
ENERGY
MATERIALS INDUSTRIALS
Domestic Equity Sector Allocation vs. R1000V
14.8 15.3
13.2 -
---------••----------• -
6.----
-- ------ 7.5 --
8.3 ----
.5
64—
6. 7
5.0
CONS. CONSUMER HEALTH CARE
DISCRETION STAPLES
21.8
,in G
Period Ending 9/30/2023
FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE
Domestic Equity Quarterly Sector Returns vs. R1000V
15 % 12.1 12.3 — ------------------------------------------ •----------------
�
10 % T - -----------------------------------------------------------
5%
0%
i
i
-5% T----------- -----------
r
----------•--- -5.5
--------- ------ - 7.3
-9.3
-15% 1------------------•-------------------------------------- •----------------
ENERGY MATERIALS INDUSTRIALS CONS.
DISCRETION
0.17Wft
-1 -0.8
3.2----------------------•--- 2.5---•--------- 4.1 --------46---
--- --- ---
-4.9 -5.1 -5.3
----------------------------------------•------------------•----------------------- .- -7.8 -8.3 ----
-9.2
---------------- •------------------•------------------- •------------------•-------------------------------------- --------------------
CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE
STAPLES
11 Account LJ R1000V
HiehNand Capital
11 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Top Ten Domestic Equity Holdings
79.59
I TOP TEN HOLDINGS oOTHERHOLD INGS
Security
JP MORGAN CHASE & CO
Weight%
2.90 0.35
BERKSHIRE HATHAWAY INC
2.82
4.18
EXXON MOBIL CORP
2.49
10.68
JOHNSON &JOHNSON
2.12
-5.67
ELEVANCE HEALTH INC
1.95
-1.33
PROCTER & GAMBLE CO
1.88
-2.16
CHEVRON CORP
1.76
8.23
BANK OF AMERICA CORP
1.54
-2.74
MOLSON COORS BREWING CO
1.50
-2.40
NRG ENERGY
1.45
4.63
NTOP TEN HOLDINGS J OTHER HOLDINGS
Security Weight %
BERKSHIRE HATHAWAY INC-CL B 3.44 2.73
EXXON MOBIL CORP
2.52
10.55
JPMORGAN CHASE & CO
2.24
0.40
JOHNSON &JOHNSON
2.01
-5.23
CHEVRON CORP 1.60
8.18
PROCTER & GAMBLE CO 1.49
-3.27
WALMART INC
1.22
2.11
CISCO SYSTEMS INC
1.18
4.69
MERCK & CO INC
1.14
-10.18
BANK OF AMERICA CORP
1.02
3.77
Period Ending 9/30/2023
30.52
69.48
u TOP TEN HOLDINGS .JOTHER HOLDINGS
Security Weight %
APPLE INC 6.98 -11.61
MICROSOFT CORP
6.51
-7.08
AMAZON.COM INC
3.20
-2.49
NVIDIA CORP
2.98
2.84
ALPHABET INC-CL A
2.15
9.32
TESLA INC
1.92
-4.41
ALPHABET INC-CL C
1.85
8.99
META PLATFORMS INC
1.85
4.61
BERKSHIRE HATHAWAY INC-CL B
1.77
2.73
EXXON MOBIL CORP
1.31
10.55
Hinhland Capital
12
An Argent Company
Sebastian Police Officers' Pension Fund
Top Ten International Equity Holdings
NTOPTEN HOLDINGS LJOTHER HOLDINGS
Security Weight%
SONY GROUP CORP 5.99 -8.47
SIEMENS AG
4.68
-14.34
HONDA MOTOR CO
3.50
10.99
INTERCONTINENTAL HOTELS GROUP
3.42
6.80
ST MICROELECTRONICS NV
3.41
-13.56
MERCEDES-BENZ GROUP
3.14
-13.80
SAP SE
3.11
-5.47
NIPPON TELEG & TEL CORP
2.91
0.54
ROYAL CARIBBEAN CRUISES
2.70
-11.18
TAIWAN SEMICONDUCTOR MFG
2.51
-13.23
84.97
W TOP TEN HOLDINGS LJ OTHER HOLDINGS
Security Weight%
NESTLE 2.05 -5.97
NOVO NORDISK B
2.02
12.93
ASML HLDG
1.62
-18.59
SHELL
1.44
7.76
NOVARTIS
1.42
0.94
ASTRAZENECA
1.42
-4.75
LVMH MOET HENNESSY
1.42
-19.98
ROCHE HOLDING GENUSS
1.30
-11.18
TOYOTA MOTOR CORP
1.29
11.82
HSBC HOLDINGS (GB)
1.05
0.83
Period Ending 9/30/2023
11.23
p
88.77
w TOP TEN HOLDINGS LJ OTHER HOLDINGS
Security Weight %
TAIWAN SEMICONDUCTOR MF 1.73 -13.45
NESTLE
1.31
-5.97
NOVO NORDISK B
1.30
12.93
TENCENT HOLDINGS LI (CN)
1.14
-8.99
SAMSUNG ELECTRONICS
1.05
-8.06
ASML HLDG
1.04
-18.59
SHELL
0.93
7.76
NOVARTIS
0.91
0.94
ASTRAZENECA
0.91
-4.75
LVMH MOET HENNESSY
0.91
19.98
Hi Wand Capital
13 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
International Equity Country Allocation
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
BELGIUM
3.4%
CANADA
5.5%
CHINA
2.2%
FRANCE
1.5%
GERMANY
INDIA
1.3%
IRELAND
Wmmmmmmmmmommog
3.8%
ISRAEL
mml 0.8%
ITALY
1.4%
JAPAN
LIBERIA
2.7%
LUXEMBOURG
2.6%
NETHERLANDS
'I 8.0%
NORWAY
0.2%
SINGAPORE
0.2%
SWEDEN
1 4.4%
SWITZERLAND
3.4%
TAIWAN
2.5%
UNITED KINGDOM
UNITED STATES
3.5%
CASH
7.7 %
Period Ending 9/30/2023
14.0%
13.3 %
16.0%
14.9 %
16.6%
18.0%
Hi Wand Capital
14 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
*Source: Bloomberg Index Services Limited
Fixed Income Portfolio
o Corporate Bonds V US Treasuries
L.1 Gov't Sponsored LJ Mortgage Pools
I ABS _I Other
Corporate Bonds
8.4%
US Treasuries
0.0%
Gov't Sponsored
0.0%
Mortgage Pools
44.7%
ABS
36.8%
Other
Total
1 10.1%
00
Fixed Income Sector Allocation
Bloomberg Barclays Capital
Government/Credit Index
V Corporate Bonds L! US Treasuries
I Gov't Sponsored
Corporate Bonds
34.7%
US Treasuries
58.3%
Gov't Sponsored
7.0%
Total
100%
15
Period Ending 9/30/2023
Yield: 3.46%
Bloomberg Barclays Capital
Aggregate Index
o Corporate Bonds V US Treasuries
V Gov't Sponsored LJ CM BS
I ABS I US MBS
Corporate Bonds
24.7%
US Treasuries
41.5%
Gov't Sponsored
5.0%
CMBS
1.7%
ABS
0.5%
US MBS
26.6%
Other
Total
0.0%
100469
HiehNand Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Source: Bloomberg Index Services Limited
Fixed Income Portfolio
o Aaa V Aa u A LJ Baa -� Other
Bond Quality Allocation
Bloomberg Barclays Capital
Government/Credit Index
o Aaa V Aa LJ A IJ Baa -1 Other
Period Ending 9/30/2023
Average Quality: .. ..
Bloomberg Barclays Capital
Aggregate Index
o Aaa V Aa W A LJ Baa LJ Other
Aaa
89.4%
Aaa
3.0%
Aaa
3.8%
Aa
4.7%
Aa
63.4%
Aa
72.2%
A
0.9%
A
16.3%
A
11.6%
Baa
5.0%
Baa
17.4%
Baa
12.4%
Other
0.0%
Other
0.0%
Other
0.0%
Hi Wand Capital
16 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Source: Bloomber Index Services Limited
Fixed Income Portfolio
Bond Maturity Allocation
Bloomberg Barclays Capital
Government/Credit Index
Period Ending 9/30/2023
Average Maturity: 8.49 Years
Bloomberg Barclays
Capital Aggregate Index
o <3 Yrs LJ 3-5 Yrs
LJ 5-7 Yrs
o <3 Yrs U 3-5 Yrs
U 5-7 Yrs
o <3 Yrs o 3-5 Yrs
o 5-7 Yrs
17-10 Yrs I >10 Yrs
17-10 Yrs I >10 Yrs
LJ 7-10 Yrs Li >10 Yrs
<3 Yrs
4.6%
<3 Yrs
30.5%
<3 Yrs
22.9%
3-5 Yrs
16.0%
3-5 Yrs
21.3%
3-5 Yrs
17.2%
5-7 Yrs
7.6%
5-7 Yrs
12.5%
5-7 Yrs
13.0%
7-10 Yrs
7.8%
7-10 Yrs
11.9%
7-10 Yrs
22.6%
>10 Yrs
63.9%
>10 Yrs
23.8%
>10 Yrs
24.4%
Highland Capital
17 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Source: Bloomberg Index Services Limited
Fixed Income Portfolio
o <3 Yrs W 3-5 Yrs u 5-7 Yrs
-� 7-10 Yrs I >10 Yrs
<3 Yrs 14.0%
3-5 Yrs 39.7%
5-7 Yrs 11.7%
7-10 Yrs 13.4%
>10 Yrs 21.2%
Duration Allocation
Bloomberg Barclays Capital
Gov/Credit Index
o <3 Yrs W 3-5 Yrs
a 5-7 Yrs
17-10 Yrs _J >10 Yrs
<3 Yrs
32.3%
3-5 Yrs
23.4%
5-7 Yrs
13.9%
7-10 Yrs
9.4%
>10 Yrs
21.1%
Portfolio Duration vs. Index Duration (Ratio)
1.8%
1.4%
1.0% t
0.6%
0.2%
9/30/2021 12/31/2021 3/31/2022 6/30/2022
Period Ending 9/30/2023
Bloomberg Barclays
Capital Aggregate Index
o <3 Yrs M 3-5 Yrs LJ 5-7 Yrs
u 7-10 Yrs -� >10 Yrs
<3 Yrs
3-5 Yrs
5-7 Yrs
7-10 Yrs
>10 Yrs
tlnclex
f • �
9/30/2022 12/31/2022 3/31/2023
18
24.4 %
21.4 %
20.8%
18.4 %
15.0%
-.— AM
t T►
6/30/2023 9/30/2023
Highland Capital
MANAGEMENT, LLC
An Argen[ Company
Sebastian Police Officers' Pension Fund
CASH AND EQUIVALENTS (USD)
CASH
Dividend Accrual
COMMON STOCK (USD)
Portfolio Holdings
209,422.36 209,422.36 3.4 4.3
3,437.37 3,437.37 0.1 0.0
212,859.73 212,859.73 3.4 4.2
Energy
230 CHENIERE ENERGY INC
144.05
33,131.68
165.96
38,170.80
0.6
1.0
349 CHEVRON CORP
111.87
39,042.20
168.62
58,848.38
0.9
3.6
388 CONOCOPHILLIPS
42.40
16,451.32
119.80
46,482.40
0.7
1.7
710 EXXON MOBIL CORP
59.41
42,179.47
117.58
83,481.80
1.3
3.1
1022 MARATHON OIL CORP
11.94
12,201.14
26.75
27,338.50
0.4
1.5
300 OCCIDENTAL PETE CORP DEL
58.57
17,571.89
64.88
19,464.00
0.3
1.1
400 OVINTIV INC
51.82
20,727.01
47.57
19,028.00
0.3
2.5
260 VALERO ENERGY CORPORATION
133.26
--------------------------------------------------------------------------
34,646.40
141.71
36,844.60
0.6
2.9
215,951.10
329,658.48
5.3
2.4
Materials
170 ALBEMARLE CORP
198.65
33,771.18
170.04
28,906.80
0.5
0.9
280 EAGLE MATERIALS INC
127.72
35,761.23
166.52
46,625.60
0.7
0.6
355 LYONDELLBASELL INDUSTRIES N V
89.78
31,871.45
94.70
33,618.50
0.5
5.3
711 OLIN CORP
18.31
--------------------------------------------------------------------------
13,021.75
49.98
35,535.78
0.6
1.6
114,425.61
144,686.68
2.3
2.0
Industrials
200 BOEING CO
165.12
33,023.56
191.68
38,336.00
0.6
0.0
455 CARRIER GLOBAL CORP
39.15
17,812.88
55.20
25,116.00
0.4
1.3
160 CATERPILLAR INC DEL
214.44
34,310.88
273.00
43,680.00
0.7
1.9
185 CUMMINS INC
184.59
34,149.39
228.46
42,265.10
0.7
2.9
210 EATON CORP PLC
73.75
15,487.97
213.28
44,788.80
0.7
1.6
330 KNIGHT -SWIFT TRANSPORTATION
49.87
16,457.30
50.15
16,549.50
0.3
1.1
173 NORFOLK SOUTHERN CORP
126.89
21,951.84
196.93
34,068.89
0.5
2.7
477 RTX CORPORATION COM
69.21
33,011.63
71.97
34,329.69
0.5
3.3
400 TIMKEN CO
77.33
30,933.92
73.49
29,396.00
0.5
1.8
765 UNITED AIRLINES HOLDINGS INC
42.89
32,808.35
42.30
32,359.50
0.5
0.0
190 UNITED PARCEL SERVICE INC
174.79
--------------------------------------------------------------------------
33,209.51
155.87
29,615.30
0.5
4.2
303,157.23
370,504.78
5.9
1.9
Period Ending 9/30/2023
Hi�hland Capital
19 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund Period Ending 9/30/2023
Portfolio Holdings
Consumer Discretionary
2580 FORD MOTOR CO
12.81
33,060.24
12.42
32,043.60
0.5
4.8
255 HILTON WORLDWIDE HOLDINGS INC
81.69
20,830.58
150.18
38,295.90
0.6
0.4
150 LITHIA MOTORS INC CL A
324.27
48,640.70
295.33
44,299.50
0.7
0.7
170 LOWES COS INC
203.77
34,641.21
207.84
35,332.80
0.6
2.1
950 MGM RESORTS INT'L
34.56
32,834.85
36.76
34,922.00
0.6
0.0
1660 NEWELL BRANDS INC
21.13
35,083.64
9.03
14,989.80
0.2
3.1
1040 VF CORPORATION
29.19
30,355.21
17.67
18,376.80
0.3
6.8
--------------------------------------------------------------------------
235,446.43
218,260.40
3.5
2.0
Consumer Staples
720 ALTRIA GROUP INC
44.75
32,222.59
42.05
30,276.00
0.5
9.3
280 KIMBERLY CLARK CORP
126.22
35,341.07
120.85
33,838.00
0.5
3.9
890 KRAFT HEINZ COMPANY
39.93
35,534.68
33.64
29,939.60
0.5
4.8
790 MOLSON COORS BREWING CO
50.28
39,718.66
63.59
50,236.10
0.8
2.6
223 PEPSICO INC
121.67
27,131.91
169.44
37,785.12
0.6
3.0
431 PROCTER & GAMBLE CO
93.14
40,141.77
145.86
62,865.66
1.0
2.6
--------------------------------------------------------------------------
210,090.67
244,940.48
3.9
3.9
Health Care
581 BRISTOL-MYERS SQUIBB CO
49.46
28,735.34
58.04
33,721.24
0.5
3.9
135 CIGNA GROUP
218.53
29,500.91
286.07
38,619.45
0.6
1.7
456 CVS HEALTH CORPORATION
56.43
25,733.47
69.82
31,837.92
0.5
3.5
120 DANAHER CORP
266.65
31,998.29
248.10
29,772.00
0.5
0.4
890 DENTSPLY SIRONA INC
39.64
35,280.40
34.16
30,402.40
0.5
1.6
150 ELEVANCE HEALTH INC
261.37
39,205.25
435.42
65,313.00
1.0
1.4
700 ENVISTA HOLDINGS CORP
42.51
29,759.82
27.88
19,516.00
0.3
0.0
270 JAZZ PHARMACEUTICALS PLC
133.56
36,059.98
129.44
34,948.80
0.6
0.0
456 JOHNSON &JOHNSON
139.96
63,821.87
155.75
71,022.00
1.1
3.1
150 LABRATORY CORPORATION OF AMERICA HOLE
167.86
25,178.34
201.05
30,157.50
0.5
1.4
70 THERMO FISHER SCIENTIFIC INC
549.37
38,455.86
506.17
35,431.90
0.6
0.3
88 UNITEDHEALTH GROUP INC
423.47
--------------------------------------------------------------------------
37,265.80
504.19
44,368.72
0.7
1.5
420,995.34
465,110.93
7.4
1.7
Hi�hland Capital
20 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund Period Ending 9/30/2023
Portfolio Holdings
Financials
245 AMERICAN EXPRESS CO
131.85
32,304.02
149.19
36,551.55
0.6
1.6
676 AMERICAN INTERNATIONAL GROUP INC
37.88
25,607.49
60.60
40,965.60
0.7
2.4
1882 BANK OF AMERICA CORP
26.41
49,700.07
27.38
51,529.16
0.8
3.5
270 BERKSHIRE HATHAWAY INC
274.56
74,130.22
350.30
94,581.00
1.5
0.0
260 CBOE GLOBAL MARKETS INC
119.27
31,010.51
156.21
40,614.60
0.7
1.4
185 CHUBB LIMITED
146.54
27,110.71
208.18
38,513.30
0.6
1.7
592 CITIGROUP INC
58.06
34,372.89
41.13
24,348.96
0.4
5.2
110 GOLDMAN SACHS GROUP INC
275.31
30,284.14
323.57
35,592.70
0.6
3.4
669 JP MORGAN CHASE & CO
93.45
62,519.48
145.02
97,018.38
1.6
2.9
500 METLIFE INC
65.35
32,673.45
62.91
31,455.00
0.5
3.3
350 MORGAN STANLEY
99.54
34,840.54
81.67
28,584.50
0.5
4.2
560 PAYPAL HOLDINGS INC
72.01
40,325.02
58.46
32,737.60
0.5
0.0
90 S&P GLOBAL INC
333.45
30,010.21
365.41
32,886.90
0.5
1.0
690 SYNCHRONY FINANCIAL
49.09
33,875.35
30.57
21,093.30
0.3
3.3
1200 TPG INC CL A
29.40
35,279.31
30.12
36,144.00
0.6
3.9
1026 TRUIST FINANCIAL CORP
36.02
36,955.25
28.61
29,353.86
0.5
7.3
1057 WELLS FARGO CO
55.28
58,435.66
40.86
43,189.02
0.7
3.4
669,434.33
715,159.43
11.4
2.5
Information Technology
834 CORNING INC
30.04
25,050.23
30.47
25,411.98
0.4
3.7
645.9998 DELL TECHNOLOGIES INC
45.09
29,125.91
68.90
44,509.39
0.7
2.1
120 F5 NETWORKS INC
146.78
17,613.21
161.14
19,336.80
0.3
0.0
180 FIRST SOLAR INC
181.45
32,660.39
161.59
29,086.20
0.5
0.0
730 MARVELL TECHNOLOGY INC
74.18
54,148.35
54.13
39,514.90
0.6
0.4
555 MICRON TECHNOLOGY INC
55.53
30,817.24
68.03
37,756.65
0.6
0.7
393 ORACLE CORP
70.99
27,897.93
105.92
41,626.56
0.7
1.5
230 QORVO INC
173.24
39,844.09
95.47
21,958.10
0.4
0.0
180 SKYWORKS SOLUTIONS INC
109.09
--------------------------------------------------------------------------
19,636.06
98.59
17,746.20
0.3
2.8
276,793.42
276,946.78
4.4
1.2
Communication Services
270 ALPHABET INC
124.69
33,666.97
131.85
35,599.50
0.6
0.0
2134 AT&T INC
20.10
42,897.64
15.02
32,052.68
0.5
7.4
838 COMCAST CORP
48.39
40,551.66
44.34
37,156.92
0.6
2.6
360 LIVE NATION ENTERTAINMENT INC
92.67
33,360.51
83.04
29,894.40
0.5
0.0
Hi�hland Capital
21
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
120 META PLATFORMS INC
200 SHOPIFY INC CLA
840 VERIZON COMMUNICATIONS INC
331 WALT DISNEY CO
Utilities
1240 AES CORPORATION
520 AMERICAN ELEC PWR INC
341 DUKE ENERGY CORP
510 NEXTERA ENERGY INC
1260 NRG ENERGY INC
Real Estate
740 GAMING AND LEISURE PROPERTIES INC
190 JONES LANG LASALLE INC
270 PROLOGIS INC
540 REALTY INCOME TRUST
INTERNATIONAL EQUITY (USD)
Energy
285 BP PLC
600 EURONAV NV
300 SHELL PLC
700 TENARIS SA
Materials
183 ARCELORMITTAL S A
695 BARRICK GOLD CORP
50 LINDE PLC
Portfolio Holdings
137.98
16,557.74
300.21
36,025.20
0.6
0.0
53.15
10,630.10
54.57
10,914.00
0.2
0.0
58.50
49,139.07
32.41
27,224.40
0.4
8.2
126.88
•--------------------
41,998.21
-------------------------
81.05
26,827.55
-----------------
0.4
-----------•
0.0
268,801.91
235,694.65
3.8
2.4
20.24
25,097.97
15.20
18,848.00
0.3
4.4
81.84
42,555.36
75.22
39,114.40
0.6
4.4
78.31
26,702.86
88.26
30,096.66
0.5
4.6
67.51
34,429.85
57.29
29,217.90
0.5
3.3
38.31
•--------------------------------------------------------------------------
48,267.15
38.52
48,535.20
0.8
3.9
177,053.19
165,812.16
2.7
4.1
44.57
32,983.12
45.55
33,707.00
0.5
6.4
176.95
33,619.68
141.18
26,824.20
0.4
0.0
116.87
31,553.95
112.21
30,296.70
0.5
3.1
66.50
35,910.92
49.94
26,967.60
0.4
6.2
•--------------------------------------------------------------------------
•--------------------------------------------------------------------------
134,067.66
117,795.50
1.9
4.0
3,026,216.90
3,284,570.27
52.6
2.4
29.80
8,493.18
38.72
11,035.20
0.2
4.1
18.23
10,937.70
16.43
9,858.00
0.2
11.0
58.24
17,471.36
64.38
19,314.00
0.3
3.6
23.47
•--------------------------------------------------------------------------
16,429.00
31.60
22,120.00
0.4
3.2
53,331.24
62,327.20
1.0
4.7
40.00
7,319.48
25.03
4,580.49
0.1
1.5
14.54
10,105.89
14.55
10,112.25
0.2
3.1
177.60
•--------------------------------------------------------------------------
8,879.80
372.35
18,617.50
0.3
1.4
26,305.17
33,310.24
0.5
1.9
Period Ending 9/30/2023
Hi�hland Capital
22 MANAGEMENT, LLC
An Alger[ Company
Sebastian Police Officers' Pension Fund Period Ending 9/30/2023
Portfolio Holdings
Industrials
800 ATLAS COPCO AB
13.77
11,014.87
13.40
10,720.00
0.2
1.2
953.9997 KONINKLIJKE PHILIPS N V
31.32
29,876.69
19.94
19,022.75
0.3
0.0
175 SENSATA TECHNOLOGIES HOLDING PLC
56.43
9,875.82
37.82
6,618.50
0.1
1.3
680 SIEMENS AG
63.02
42,851.24
71.45
48,586.00
0.8
2.4
--------------------------------------------------------------------------
93,618.62
84,947.25
1.4
1.6
Consumer Discretionary
150 CAPRI HOLDINGS LTD
42.30
6,344.67
52.61
7,891.50
0.1
0.0
470 DAIMLER TRUCK HOLDINGS AG REG SHS
32.19
15,131.50
17.27
8,116.90
0.1
2.9
50 FERRARI NV NEW
199.87
9,993.50
295.54
14,777.00
0.2
0.7
1080 HONDA MOTOR CO LTD ADR
34.33
37,073.69
33.64
36,331.20
0.6
2.1
475 INTERCONTINENTAL HOTELS GROUP PLC
54.43
25,856.12
74.75
35,506.25
0.6
1.9
250 JD.COM INC
38.20
9,548.90
29.13
7,282.50
0.1
2.1
100 LVMH MOET HENNESSY LOUIS VUITTON SE
166.10
16,609.89
151.11
15,111.00
0.2
1.4
470 MERCEDES-BENZ GROUP AG
85.20
40,044.20
69.50
32,665.00
0.5
7.6
305 ROYAL CARIBBEAN CRUISES LTD
77.02
23,492.39
92.14
28,102.70
0.4
0.0
755 SONY GROUP CORPORATION - ADR
29.96
--------------------------------------------------------------------------
22,621.07
82.41
62,219.55
1.0
0.5
206,715.93
248,003.60
4.0
2.0
Consumer Staples
460 ANHEUSER BUSCH INBEV N V
104.25
47,956.30
55.30
25,438.00
0.4
1.1
165 DIAGEO PLC
141.04
23,272.41
149.18
24,614.70
0.4
2.7
120 MOWI ASA
13.64
1,637.10
17.72
2,126.40
0.0
3.0
390 UNILEVER PLC
45.03
--------------------------------------------------------------------------
17,561.40
49.40
19,266.00
0.3
3.6
90,427.21
71,445.10
1.1
2.4
Health Care
550 FRESENIUS MEDICAL CARE
19.28
10,606.04
21.54
11,847.00
0.2
1.9
240 GSK PLC
39.96
9,589.46
36.25
8,700.00
0.1
3.8
300 HALEON PLC
7.28
2,185.39
8.33
2,499.00
0.0
1.3
50 ICON PLC
254.65
12,732.37
246.25
12,312.50
0.2
0.0
400 MEDTRONIC PLC
113.93
45,571.78
78.36
31,344.00
0.5
3.5
100 NOVARTIS AG ADR
93.04
9,303.78
101.86
10,186.00
0.2
2.2
230 SMITH & NEPHEW PLC
36.68
8,436.43
24.77
5,697.10
0.1
2.9
800 TAKEDA PHARMACEUTIC COMPANY
16.32
13,056.28
15.47
12,376.00
0.2
----------
3.6
111,481.53
94,961.60 94,961.60
1.5
2.7
Highland Capital
23
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Financials
875 AEGON N.V.
400 BK NOVA SCOTIA HALIFAX
425 DEUTSCHE BANK AG
600 ICICI BANK LIMITED
1335 ING GROEP N V
1075 INVESCO LTD
1200 MITSUBISHI UFJ FINANCIAL GROUP INC SP ADS
250 PRUDENTIAL PLC SPON ADR
300 TORONTO DOMINION BK NEW
1025 UBS GROUP AG
Information Technology
50 ACCENTURE PLC
240 KYOCERA CORP
50 NICE LTD
250 SAP SE
820 ST MICROELECTRONICS N V
300 TAIWAN SEMICONDUCTOR MFG
Portfolio Holdings
6.94
6,074.97
4.80
4,200.00
0.1
5.0
64.36
25,745.87
45.59
18,236.00
0.3
6.8
27.64
11,745.74
10.99
4,670.75
0.1
3.0
22.91
13,747.80
23.12
13,872.00
0.2
0.7
14.23
18,997.70
13.18
17,595.30
0.3
5.8
22.69
24,386.78
14.52
15,609.00
0.2
5.5
8.85
10,614.48
8.49
10,188.00
0.2
2.1
39.45
9,862.07
21.92
5,480.00
0.1
1.8
59.36
17,806.79
60.26
18,078.00
0.3
4.8
19.15
19,629.50
24.65
25,266.25
0.4
1.1
•--------------------------------------------------------------------------
158,611.70
133,195.30
2.1
3.8
203.40
10,170.13
307.11
15,355.50
0.2
1.7
57.76
13,861.90
51.22
12,292.80
0.2
2.3
199.30
9,965.07
170.00
8,500.00
0.1
0.0
92.47
23,118.03
129.32
32,330.00
0.5
1.2
11.71
9,600.51
43.16
35,391.20
0.6
0.5
63.25
18,974.33
86.90
26,070.00
0.4
1.7
•--------------------------------------------------------------------------
85,689.97
129,939.50
2.1
1.2
Communication Services
50 ALIBABA GROUP HOLDING LTD
170.99
8,549.50
86.74
4,337.00
0.1
0.0
80 BAIDU INC
176.84
14,146.81
134.35
10,748.00
0.2
0.0
200 IQIYI INC
20.08
4,016.98
4.74
948.00
0.0
0.0
1020 NIPPON TELEG & TEL CORP
17.48
17,829.70
29.67
30,263.40
0.5
2.3
50 SEA LTD
149.25
7,462.57
43.95
2,197.50
0.0
0.0
400 SOFTBANK GROUP CORP
26.08
10,432.24
21.05
8,420.00
0.1
0.5
364 VODAFONE GROUP PLC
31.04
•-------------------------------------------------------------------------
11,297.34
9.48
3,450.72
0.1
10.0
73,735.14
60,364.62
1.0
1.8
Utilities
208 NATIONAL GRID PLC
70.41 14,644.83 60.63
•---------------------------------
914,561.35
24
12,611.04 0.2 5.5
931,105.45 14.9 2.4
Period Ending 9/30/2023
Hi Wand Capital
An Alger[ Company
Sebastian Police Officers' Pension Fund
Portfolio Holdings
ETF - EQUITY (USD)
Equitys ETF
450 ISHARES MSCI EMERGING MKTS INDEX 45.16 20,324.25 37.95 17,077.50 0.3 2.4
•-------------------------------------------------------------------------
20,324.25 17,077.50 0.3 2.4
CORPORATE BONDS (USD)
Period Ending 9/30/2023
40000 GEORGE WASHINGTON UNIVER
101.18
40,472.80
70.09
28,035.68
0.4
5.1
NR
3.550%
9/15/46
100000 COSERV SECURITIZATION 22 144A
100.00
99,996.80
92.92
92,917.48
1.5
5.7
Aaa
5.320%
2/15/48
16000 UNIVERSITY OF CHICAGO
64.90
10,383.36
61.85
9,895.29
0.2
4.1
Aa2
2.550%
4/1/50
43000 CALIFORNIA ENDOWMENT
100.00
43,000.00
57.92
24,905.51
0.4
4.3
Aaa
2.500%
4/1/51
Accrued Interest
1,460.92
0.0
•--------------------------------------------------------------------------
193,852.96
157,214.88
2.5
5.3
MUNICIPAL BONDS (USD)
8000 COMMONWEALTH FING AUTH PA
100.00
8,000.00
99.43
7,954.48
0.1
5.7
Al
5.650%
6/1/24
15000 SAN FRANCISCO CA CITY & CNTY PUB UTILS
100.00
15,000.00
87.39
13,107.90
0.2
4.2
Aa2
3.700%
11/1/32
6000 METRO GOVT NASH & DAVD CNTY TN WTR &!
134.47
8,067.96
105.49
6,329.46
0.1
6.2
Aa2
6.570%
7/1/37
35000 SAN FRANCISCO CALIF CITY & CNTY CMNTY
97.21
34,023.85
81.25
28,438.20
0.5
4.6
NR
3.750%
9/1/37
20000 MIAMI-DADE CNTY FLA AVIATION
100.00
20,000.00
80.83
16,166.20
0.3
4.6
NR
3.730%
10/1/37
10000 VIRGINIA PORT AUTH PORT FAC
100.00
10,000.00
82.44
8,243.90
0.1
5.4
Al
4.480%
7/1/45
15000 UNIV OF TEXAS TX REV
107.82
16,173.75
93.58
14,037.00
0.2
5.1
Aaa
4.790%
8/15/46
25000 UNIV OF TEXAS TX PERM UNIV FND REV
100.00
25,000.00
72.56
18,139.25
0.3
4.7
Aaa
3.380%
7/1/47
25000 CONNECTICUT ST HLTH & ED FACS AUTH REV
100.00
25,000.00
59.65
14,913.00
0.2
4.8
Aa3
2.870%
7/1/51
Accrued Interest
1,540.23
0.0
161,265.56
128,869.62
2.1
4.9
MORTGAGE POOLS (USD)
1573.128 FHLMC GIANT MBS GOLD COMB 15
101.62
1,598.69
98.72
1,553.04
0.0
4.1
Aaa
4.000% 7/1/24
29884.88 FNMA MBS BLLN MULTI 7+
102.66
30,678.85
95.80
28,630.82
0.5
3.2
Aaa
3.050% 6/1/25
1380.96 FNMA LIMBS INT 15 YEAR
106.25
1,467.27
96.92
1,338.40
0.0
4.1
Aaa
4.000% 6/1/25
10296.93 FHLMC REMIC SERIES K-J17
102.00
10,502.84
96.41
9,927.03
0.2
3.1
Aaa
2.980% 11/25/25
35000 FHLMC REMIC SERIES K-GO1
103.00
36,048.64
94.49
33,071.39
0.5
3.0
Aaa
2.880% 4/25/26
21824.68 FHLMC REMIC SERIES K-068
102.00
22,261.00
95.75
20,898.13
0.3
3.1
Aaa
2.950% 2/25/27
57000 FHLMC REMIC SERIES K-068
103.00
58,708.12
93.55
53,323.40
0.9
3.5
Aaa
3.240% 8/25/27
50000 FHLMC REMIC SERIES K-HG1
110.48
55,242.19
97.10
48,550.28
0.8
3.4
Aaa
3.340% 12/25/27
3688.62 FNMA MBS SF15 105-125
103.69
3,824.64
93.50
3,448.85
0.1
3.2
Aaa
3.000% 3/1/28
40000 FNMA MBS BLLN MULTI 7+
100.66
40,262.50
92.71
37,083.16
0.6
3.7
Aaa
3.460% 5/1/28
Highland Capital
25
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 9/30/2023
32000 FNMA MBS BLLN MULTI 7+
105.99
33,917.50
97.99
31,355.77
0.5
4.3
Aaa
4.220%
11/1/28
41683.13 FNMA MBS BLLN MULTI 7+
103.84
43,285.29
93.61
39,020.54
0.6
4.1
Aaa
3.800%
1/1/29
18000 FHLMC REMIC SERIES K-088
103.00
18,539.21
93.47
16,824.14
0.3
3.9
Aaa
3.690%
1/25/29
37000 FHLMC REMIC SERIES K-G01
103.00
38,109.45
89.48
33,107.63
0.5
3.3
Aaa
2.940%
4/25/29
7778.26 FHLMC MBS GOLD 15 YR
105.50
8,206.06
92.96
7,230.80
0.1
3.2
Aaa
3.000%
7/1/31
11933.41 FNMA LIMBS INT 15 YEAR
103.06
12,298.87
90.35
10,782.15
0.2
2.8
Aaa
2.500%
9/1/31
6021.11 FHLMC GIANT MBS GOLD COMB 20
111.00
6,683.43
97.15
5,849.75
0.1
5.1
Aaa
5.000%
11/1/31
15517.85 FNMA LIMBS INT 15 YEAR
99.50
15,440.35
88.81
13,781.48
0.2
2.3
Aaa
2.000%
12/1/31
4876.27 FNMA LIMBS INT20YEAR
103.12
5,028.62
92.29
4,500.45
0.1
3.8
Aaa
3.500%
2/1/32
24000 FHLMC REMIC SERIES K-158
94.90
22,776.24
90.80
21,793.17
0.3
4.5
Aaa
4.050%
7/25/33
7712.45 GNMA PASS-THRU M JUMBO 15YR
102.12
7,876.26
95.15
7,338.37
0.1
4.2
Aaa
4.000%
5/20/34
11995.02 FHLMC REMIC SERIES 3342
104.94
12,587.27
97.77
11,727.65
0.2
5.1
Aaa
5.000%
6/15/37
15000 GNMA REMIC TRUST 2017-134
94.00
14,100.00
87.80
13,170.09
0.2
3.4
Aaa
3.000%
4/20/38
1359.93 FNMA SUPER LONG 30 YEAR
109.39
1,487.64
101.71
1,383.14
0.0
5.9
Aaa
6.000%
5/1/38
33009.31 FNMA LIMBS INT 15 YEAR
100.00
33,009.31
97.48
32,177.26
0.5
S.1
Aaa
5.000%
7/1/38
1730.72 GNMA PASS-THRU M SINGLE FAMILY
106.13
1,836.73
100.39
1,737.46
0.0
5.5
Aaa
5.500%
7/20/38
713.87 GNMA PASS-THRU M SINGLE FAMILY
99.89
713.09
103.13
736.24
0.0
5.8
Aaa
6.000%
7/20/38
4891.86 GNMA PASS-THRU M SINGLE FAMILY
104.81
5,127.28
97.92
4,790.02
0.1
5.1
Aaa
5.000%
5/20/39
7300.33 GNMA PASS-THRU M SINGLE FAMILY
109.58
7,999.56
98.23
7,170.88
0.1
5.1
Aaa
5.000%
7/20/39
151.06 FNMA REMIC TRUST 2010-64
103.05
155.66
99.24
149.91
0.0
4.5
Aaa
4.500%
6/25/40
74682.84 FNMA REMIC TRUST 2020-67
95.00
70,948.70
79.68
59,507.21
1.0
1.6
Aaa
1.250%
9/25/40
3110.42 FHLMC MBS GOLD COMB 30
104.89
3,262.40
94.52
2,940.05
0.0
4.8
Aaa
4.500%
12/1/40
8300.91 GNMA PASS-THRU X PLATINUM 30 YEAR
101.38
8,415.08
92.78
7,701.78
0.1
4.3
Aaa
4.000%
4/15/41
1634.06 FNMA REMIC TRUST 2012-6
103.41
1,689.72
98.83
1,614.88
0.0
4.0
Aaa
4.000%
10/25/41
2228.63 FNMA LIMBS LONG 30 YEAR
104.65
2,332.20
94.54
2,107.06
0.0
4.8
Aaa
4.500%
1/1/42
1725.17 GNMA REMIC TRUST 2012-110
99.00
1,707.92
94.52
1,630.59
0.0
3.2
Aaa
3.000%
3/20/42
8339.104 FNMA REMIC TRUST 2012-90
100.31
8,365.16
86.61
7,222.80
0.1
1.7
Aaa
1.500%
3/25/42
5652.29 FNMA MBS JUMBO 30 YEAR
102.16
5,774.10
85.70
4,843.79
0.1
4.1
Aaa
3.500%
6/1/42
1786.19 FNMA MBS JUMBO 30 YEAR
102.12
1,824.12
85.73
1,531.30
0.0
4.1
Aaa
3.500%
8/1/42
6967.19 FNMA REMIC TRUST 2013-111
102.12
7,115.24
85.22
5,937.26
0.1
2.3
Aaa
2.000%
12/25/42
3473.06 GNMA REMIC TRUST 2013-100
99.11
3,442.19
92.41
3,209.46
0.1
2.4
Aaa
2.250%
2/20/43
9969.48 FNMA REMIC TRUST 2015-02
98.92
9,862.00
90.29
9,001.51
0.1
2.5
Aaa
2.250%
3/25/44
5645.19 FHLMC REMIC SERIES 4388
99.50
5,617.09
89.26
5,038.67
0.1
2.8
Aaa
2.500%
7/15/44
3276.38 FNMA REMIC TRUST 2016-90
96.25
3,153.52
91.98
3,013.68
0.0
3.3
Aaa
3.000%
2/25/45
4178.02 FNMA REMIC TRSUT 2016-31
97.45
4,071.47
92.04
3,845.45
0.1
3.3
Aaa
3.000%
3/25/45
17863.23 FNMA REMIC TRUST 2015-51
101.31
18,097.69
91.36
16,319.19
0.3
3.3
Aaa
3.000%
6/25/45
6954.6 FHLMC REMIC SERIES 4546
95.41
6,635.13
83.83
5,830.37
0.1
3.0
Aaa
2.500%
12/15/45
Hi�hland
Capital
26
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 9/30/2023
5366.82 FNMA REMIC TRUST 2017-56
98.84
5,304.76
89.85
4,821.97
0.1
3.3
Aaa
3.000%
12/25/45
3989.39 GNMA PASS-THRU M JUMBO FHA
98.06
3,912.06
84.28
3,362.36
0.1
3.6
Aaa
3.000%
6/20/46
5344.81 FNMA MBS JUMBO 30 YEAR
101.31
5,414.88
83.24
4,449.14
0.1
3.6
Aaa
3.000%
9/1/46
1202.03 FNMA MBS JUMBO 30 YEAR
101.00
1,214.06
83.24
1,000.60
0.0
3.6
Aaa
3.000%
10/1/46
30000 FNMA REMIC TRUST 2017-55
93.47
28,040.63
86.20
25,858.98
0.4
3.5
Aaa
3.000%
11/25/46
2324.9 FNMA MBS LNG RELOCTION
101.81
2,366.96
84.89
1,973.59
0.0
3.5
Aaa
3.000%
1/1/47
2499.18 FHLMC REMIC SERIES 4682
94.86
2,370.65
84.37
2,108.51
0.0
3.3
Aaa
2.750%
5/15/47
1525.62 GNMA REMIC TRUST 2017-099
100.31
1,530.42
84.22
1,284.81
0.0
3.3
Aaa
2.750%
6/20/47
4584.34 FHLMC REMIC SERIES 4703
93.94
4,306.41
82.85
3,797.94
0.1
3.0
Aaa
2.500%
7/15/47
7516.72 FNMA REMIC TRUST 2017-72
99.19
7,455.65
88.31
6,637.80
0.1
2.8
Aaa
2.500%
8/25/47
13052.6 GNMA REMIC TRUST 2017-134
98.31
12,832.17
84.53
11,032.92
0.2
3.0
Aaa
2.500%
9/20/47
1617.72 FHLMC MBS JUMBO 30 YEAR
98.94
1,600.54
85.78
1,387.73
0.0
4.1
Aaa
3.500%
10/1/47
40000 GNMA REMIC TRUST 2018-001
95.66
38,262.50
78.07
31,228.82
0.5
3.2
Aaa
2.500%
1/20/48
5029.932 FNMA REMIC TRUST 2018-11B
98.84
4,971.80
80.08
4,027.86
0.1
2.5
Aaa
2.000%
3/25/48
14604.71 GNMA REMIC TRUST 2018-059
94.75
13,837.96
89.47
13,066.79
0.2
3.4
Aaa
3.000%
4/20/48
36000 GNMA REMIC SERIES 2019-133
92.50
33,300.00
69.18
24,905.55
0.4
2.9
Aaa
2.000%
4/20/49
17167.28 GNMA PASS-THRU M SINGLE FAMILY
96.16
16,508.22
96.08
16,494.83
0.3
5.2
Aaa
5.000%
5/20/49
15492.04 GNMA PASS-THRU M SINGLE FAMILY
99.12
15,356.08
98.98
15,333.66
0.2
5.6
Aaa
5.500%
7/20/49
979.83 GINNIE MAE REMIC TR 2019-162
100.00
979.83
91.99
901.37
0.0
3.3
Aaa
3.000%
10/20/49
8609.37 GNMA REMIC TRUST 2018-026
98.56
8,485.72
90.46
7,787.83
0.1
2.8
Aaa
2.500%
3/16/52
5837.65 GNMA REMIC TRUST 2013-17
98.25
5,735.50
87.44
5,104.39
0.1
2.0
Aaa
1.790%
5/16/53
Accrued Interest
•--------------------------------------------------------------------------
554.86
0.0
925,873.07
830,868.74
13.3
3.5
ASSET BACKED (USD)
100000 ARM MASTER TRUST LLC 2021
100.00
99,997.74
94.20
94,200.52
1.5
2.6
Aaa
2.430% 11/15/27
17000 BA CR CARD TR 2023-1
99.98
16,996.15
98.57
16,756.56
0.3
4.9
NR
4.790% 5/15/28
14000 DISCOVER CARD EXE NT TR 2023-2
99.99
13,998.11
98.79
13,830.11
0.2
5.0
Aaa
4.930% 6/15/28
17000 MMAF EQUIP FIN LLC 2023-A
99.98
16,996.55
99.45
16,905.70
0.3
5.6
Aaa
5.540% 10/13/29
69470.62 VCP RRL ABS 2021-1 LTD (JAJO)
100.00
69,470.62
90.93
63,168.55
1.0
2.4
Aaa
2.150% 10/20/31
45000 BCP TR 2021-33ON
99.26
44,666.00
87.62
39,429.59
0.6
7.6
Aa2
6.640% 6/15/38
18001.18 HIN TIMESHARE TR 2020-A
99.98
17,998.44
91.28
16,432.24
0.3
1.5
Aaa
1.390% 10/9/39
99817.29 PROGRESS RESOURCES TRUST 2021-SFR7
100.00
99,814.44
82.02
81,870.42
1.3
2.1
Aaa
1.690% 8/17/40
79333.329 TEXTAINER MARI CONT VII 2021-1
99.97
79,309.12
84.34
66,911.07
1.1
2.0
Aaa
1.680% 2/20/46
25000 ALIGNED DT CEN ISS LLC 2021-1
100.00
25,000.00
87.49
21,871.72
0.4
2.2
Aaa
1.940% 8/15/46
83333.31 TEXTAINER MARINE CONTAINERS
99.98
83,318.94
81.93
68,270.86
1.1
2.4
Aaa
1.940% 8/20/46
57303.14 GOODLEAP SUS HOME TR 2021-3
99.95
57,276.46
74.48
42,680.32
0.7
2.8
Aaa
2.100% 5/20/48
Highland Capital
27
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 9/30/2023
66237.24 COMMONBOND STD LN TR 2021-BGS
99.98 66,222.70 81.10
53,715.74
0.9
1.4 Aaa
1.170% 9/25/51
75874.49 VELOCITY CAP LN TR 2021-3
99.60 75,569.65 77.06
58,465.63
0.9
2.5 Aaa
1.960% 10/25/51
32043.21 CF HIPPOLYTA ISSUER LLC 2021-1
99.98 32,037.11 87.80
28,135.43
0.5
1.7 Aaa
1.530% 3/15/61
Accrued Interest
886.66
0.0
•--------------------------------------------------------------------------
798,672.03
•--------------------------------------------------------------------------
683,531.11
10.9
2.7
6,253,625.85
6,246,097.30
100.0
2.8
TOTAL PORTFOLIO
6,253,625.85
6,246,097.30 100.0 2.8
Hital hland Capi
2s
An nrgen[ Company
Sebastian Police Officers' Pension Fund
Purchases
BANK OF MONTREAL
8/22/23
8/23/23
40,000.00 UNITED STATES TREASURY NOTES
4.000% Due 07-31-30
BARCLAYS-EQ
9/20/23
9/22/23
170.00 JAZZ PHARMACEUTICALS PLC
9/20/23
9/22/23
50.00 JOHNSON & JOHNSON
9/20/23
9/22/23
10.00 JP MORGAN CHASE & CO
9/20/23
9/22/23
10.00 LITHIA MOTORS INC CL A
9/20/23
9/22/23
120.00 NEWELL BRANDS INC
DEUTSCHE
7/7/23
7/11/23
740.00 TPG INC CL A
Jones Trading
9/21/23
9/25/23
1,200.00 MITSUBISHI UFJ FINANCIAL GROUP INC SF
8/29/23
8/31/23
610.00 NEXTERA ENERGY INC
6/30/23
7/5/23
710.00 TPG INC CL A
9/5/23
9/7/23
310.00 VALERO ENERGY CORPORATION
1P MORGAN MARKET
AXESS
8/8/23
8/17/23
24,000.00 FHLMC REMIC SERIES K-158
4.050% Due 07-25-33
1P MORGAN-0
7/11/23
7/21/23
17,000.00 MMAF EQUIP FIN LLC 2023-A
5.540% Due 10-13-29
REDI
8/22/23
8/24/23
600.00 EURONAV NV
8/29/23
8/31/23
40.00 GOLDMAN SACHS GROUP INC
9/22/23
9/26/23
200.00 SHOPIFY INC CL A
29
Period Ending 9/30/2023
97.46
38,984.38
0.00
0.00
133.07
22,622.50
0.04
6.80
163.22
8,161.00
0.04
2.00
149.70
1,497.05
0.04
0.40
305.22
3,052.25
0.04
0.40
9.61
1,153.80
0.04
4.80
36,486.60
0.04
14.40
29.40
21,756.00
0.02
14.80
8.85
10,614.48
0.01
12.00
67.51
41,180.80
0.01
6.10
29.40
20,872.94
0.01
7.10
133.26
41,309.17
0.01
3.10
113,977.39
0.01
28.30
94.90
22,776.24
0.00
0.00
99.98 16,996.55 0.00 0.00
18.23 10,937.70 0.01 6.00
332.13 13, 285.31 0.01 0.40
53.15 10,630.10 0.01 2.00
34,853.11 0.01 8.40
Highland Capital
MANAGEMENT, LLC
An ArgenL Company
Sebastian Police Officers' Pension Fund
Purchases
Period Ending 9/30/2023
strategas
8/29/23
8/31/23
220.00 FIRST SOLAR INC
181.45
39,918.25
0.03
6.60
8/23/23
8/25/23
650.00 INVESCO LTD
15.34
9,974.25
0.03
19.50
8/7/23
8/9/23
130.00 PAYPAL HOLDINGS INC
64.38
----------------0
8,368.80
-----------------------------.00
0.03
3.90
58,261.30
0.03
30.00
Tradeweb Direct LLC
8/18/23
8/18/23
17,345.00 GNMA PASS-THRU M SINGLE FAMILY
96.16
16,679.12
0.00
0.00
5.000% Due 05-20-49
PURCHASES SUBTOTAL
360,770.69
0.00
95.90
0.00
95.90
Highland Capital
30 MANAGEMENT, LLC
An ArgenL Company
Sebastian Police Officers' Pension Fund
Sales
BANK OF AMERICA BB
9/20/23 9/21/23 40,000.00 UNITED STATES TREASURY NOTES 97.48
4.000% Due 07-31-30
BANK OF MONTREAL
9/20/23
9/21/23
2,000.00 US TREASURY N/B 88.28
2.750% Due 08-15-32
9/20/23
9/21/23
7,000.00 US TREASURY N/B 80.04
1.125% Due 02-15-31
9/20/23
9/21/23
9,000.00 US TREASURY N/B 65.31
1.750% Due 08-15-41
9/20/23
9/21/23
7,000.00 US TREASURY N/B 88.26
2.750% Due 08-15-32
BARCLAYS-EQ
Period Ending 9/30/2023
38,993.75
0.00
0.00
1,765.70
0.00
0.00
5,602.46
0.00
0.00
5,877.77
0.00
0.00
6,178.32
0.00
0.00
-- --------------------------------------
19,424.25
0.00
0.00
9/20/23
9/22/23
250.00
AES CORPORATION
16.78
4,196.21
9/20/23
9/22/23
30.00
ALBEMARLE CORP
178.39
5,351.65
9/20/23
9/22/23
80.00
ALPHABET INC
136.72
10,937.51
9/20/23
9/22/23
160.00
ALTRIA GROUP INC
43.29
6,926.15
9/20/23
9/22/23
80.00
AMERICAN ELEC PWR INC
81.01
6,480.74
9/20/23
9/22/23
50.00
AMERICAN ELEC PWR INC
81.01
4,050.47
9/20/23
9/22/23
70.00
AMERICAN EXPRESS CO
159.56
11,169.11
9/20/23
9/22/23
80.00
AMERICAN INTERNATIONAL GROUP INC
62.66
5,012.98
9/20/23
9/22/23
400.00
AT&T INC
15.59
6,237.95
9/20/23
9/22/23
50.00
AT&TINC
15.59
779.74
9/20/23
9/22/23
490.00
BANK OF AMERICA CORP
28.84
14,133.93
9/20/23
9/22/23
80.00
BERKSHIRE HATHAWAY INC
370.29
29,623.46
9/20/23
9/22/23
50.00
BOEING CO
204.34
10,217.01
9/20/23
9/22/23
140.00
BRISTOL-MYERS SQUIBB CO
58.99
8,258.24
9/20/23
9/22/23
5.00
CARRIER GLOBAL CORP
54.33
271.67
9/20/23
9/22/23
50.00
CARRIER GLOBAL CORP
54.33
2,716.68
9/20/23
9/22/23
55.00
CARRIER GLOBAL CORP
54.33
2,988.35
9/20/23
9/22/23
40.00
CATERPILLAR INC DEL
283.55
11,341.90
9/20/23
9/22/23
60.00
CBOE GLOBAL MARKETS INC
156.85
9,410.92
9/20/23
9/22/23
50.00
CHENIERE ENERGY INC
162.52
8,125.79
9/20/23
9/22/23
70.00
CHEVRON CORP
167.74
11,741.70
0.04
10.00
0.04
1.20
0.04
3.20
0.04
6.40
0.04
3.20
0.04
2.00
0.04
2.80
0.04
3.20
0.04
16.00
0.04
2.00
0.04
19.60
0.04
3.20
0.04
2.00
0.04
5.60
0.04
0.20
0.04
2.00
0.04
2.20
0.04
1.60
0.04
2.40
0.04
2.00
0.04
2.80
Hi�hland Capital
31 MANAGEMENT, LLC
An ArgenL Company
Sebastian Police Officers' Pension Fund
Sales
Period Ending 9/30/2023
9/20/23
9/22/23
40.00
CHUBB LIMITED
215.41
8,616.33
0.04
1.60
9/20/23
9/22/23
20.00
CIGNA GROUP
287.68
5,753.55
0.04
0.80
9/20/23
9/22/23
150.00
CITIGROUP INC
42.99
6,447.95
0.04
6.00
9/20/23
9/22/23
110.00
COMCAST CORP
45.77
5,034.93
0.04
4.40
9/20/23
9/22/23
110.00
COMCAST CORP
45.77
5,034.93
0.04
4.40
9/20/23
9/22/23
80.00
CONOCOPHILLIPS
122.54
9,803.12
0.04
3.20
9/20/23
9/22/23
0.00
CONSTELLATION ENERGY CORP
111.43
0.39
0.00
0.00
9/20/23
9/22/23
1.00
CONSTELLATION ENERGY CORP
110.24
109.85
0.04
0.04
9/20/23
9/22/23
210.00
CORNING INC
31.95
6,708.89
0.04
8.40
9/20/23
9/22/23
50.00
CUMMINS INC
234.52
11,725.90
0.04
2.00
9/20/23
9/22/23
110.00
CVS HEALTH CORPORATION
72.05
7,926.04
0.04
4.40
9/20/23
9/22/23
20.00
DANAHER CORP
256.77
5,135.45
0.04
0.80
9/20/23
9/22/23
10.28
DELL TECHNOLOGIES INC
70.29
722.57
0.04
0.41
9/20/23
9/22/23
13.72
DELL TECHNOLOGIES INC
70.29
964.36
0.04
0.55
9/20/23
9/22/23
32.00
DELL TECHNOLOGIES INC
70.29
2,249.26
0.04
1.28
9/20/23
9/22/23
104.00
DELL TECHNOLOGIES INC
70.29
7,310.11
0.04
4.16
9/20/23
9/22/23
180.00
DENTSPLY SIRONA INC
35.62
6,412.04
0.04
7.20
9/20/23
9/22/23
80.00
DUKE ENERGY CORP
95.02
7,601.53
0.04
3.20
9/20/23
9/22/23
70.00
EAGLE MATERIALS INC
174.05
12,183.54
0.04
2.80
9/20/23
9/22/23
50.00
EATON CORP PLC
217.03
10,851.41
0.04
2.00
9/20/23
9/22/23
40.00
ELEVANCE HEALTH INC
443.06
17,722.25
0.04
1.60
9/20/23
9/22/23
180.00
ENVISTA HOLDINGS CORP
28.63
5,153.35
0.04
7.20
9/20/23
9/22/23
170.00
EXXON MOBIL CORP
117.08
19,903.93
0.04
6.80
9/20/23
9/22/23
20.00
F5 NETWORKS INC
161.88
3,237.64
0.04
0.80
9/20/23
9/22/23
40.00
FIRST SOLAR INC
171.72
6,868.74
0.04
1.60
9/20/23
9/22/23
660.00
FORD MOTOR CO
12.48
8,240.03
0.04
26.40
9/20/23
9/22/23
180.00
GAMING AND LEISURE PROPERTIES INC
48.62
8,752.42
0.04
7.20
9/20/23
9/22/23
20.00
GOLDMAN SACHS GROUP INC
342.71
6,854.19
0.04
0.80
9/20/23
9/22/23
60.00
HILTON WORLDWIDE HOLDINGS INC
153.45
9,207.22
0.04
2.40
8/23/23
8/25/23
50.00
HITACHI LIMITED
128.46
6,422.83
0.04
2.00
8/23/23
8/25/23
50.00
HITACHI LIMITED
128.46
6,422.84
0.04
2.00
9/20/23
9/22/23
40.00
JONES LANG LASALLE INC
154.95
6,197.95
0.04
1.60
9/20/23
9/22/23
110.00
KIMBERLY CLARK CORP
125.51
13,806.04
0.04
4.40
9/20/23
9/22/23
80.00
KNIGHT -SWIFT TRANSPORTATION
53.26
4,260.76
0.04
3.20
9/20/23
9/22/23
220.00
KRAFT HEINZ COMPANY
34.02
7,485.44
0.04
8.80
9/20/23
9/22/23
40.00
LABRATORY CORPORATION OF AMERICA 1
205.86
8,234.33
0.04
1.60
9/20/23
9/22/23
80.00
LIVE NATION ENTERTAINMENT INC
83.17
6,653.54
0.04
3.20
Hi�hland Capital
32 MANAGEMENT, LLC
An Argen[ Company
Sebastian Police Officers' Pension Fund
Sales
Period Ending 9/30/2023
9/20/23
9/22/23
30.00
LOWES COS INC
218.55
6,556.59
0.04
1.20
9/20/23
9/22/23
90.00
LYONDELLBASELL INDUSTRIES N V
98.83
8,894.62
0.04
3.60
9/20/23
9/22/23
140.00
MARATHON OIL CORP
26.49
3,709.27
0.04
5.60
9/20/23
9/22/23
40.00
MARATHON OIL CORP
26.49
1,059.79
0.04
1.60
9/20/23
9/22/23
170.00
MARVELL TECHNOLOGY INC
54.17
9,209.67
0.04
6.80
9/20/23
9/22/23
40.00
MEDTRONIC PLC
82.33
3,293.17
0.04
1.60
9/20/23
9/22/23
40.00
META PLATFORMS INC
304.89
12,195.50
0.04
1.60
9/20/23
9/22/23
90.00
METLIFE INC
66.77
6,009.25
0.04
3.60
9/20/23
9/22/23
150.00
MGM RESORTS INT'L
39.20
5,880.70
0.04
6.00
9/20/23
9/22/23
120.00
MICRON TECHNOLOGY INC
70.43
8,451.03
0.04
4.80
9/20/23
9/22/23
240.00
MOLSON COORS BREWING CO
64.90
15,575.46
0.04
9.60
9/20/23
9/22/23
140.00
MORGAN STANLEY
88.91
12,447.30
0.04
5.60
9/20/23
9/22/23
100.00
NEXTERA ENERGY INC
67.89
6,788.94
0.04
4.00
9/20/23
9/22/23
60.00
NORFOLK SOUTHERN CORP
205.61
12,336.62
0.04
2.40
9/20/23
9/22/23
270.00
NRG ENERGY INC
39.52
10,670.34
0.04
10.80
9/20/23
9/22/23
30.00
OCCIDENTAL PETE CORP DEL
65.11
1,953.28
0.04
1.20
9/20/23
9/22/23
40.00
OCCIDENTAL PETE CORP DEL
65.11
2,604.38
0.04
1.60
9/20/23
9/22/23
180.00
OLIN CORP
49.50
8,909.92
0.04
7.20
9/20/23
9/22/23
35.00
ORACLE CORP
114.47
4,006.42
0.04
1.40
9/20/23
9/22/23
115.00
ORACLE CORP
114.47
13,163.94
0.04
4.60
9/20/23
9/22/23
120.00
PAYPAL HOLDINGS INC
61.76
7,411.64
0.04
4.80
9/20/23
9/22/23
60.00
PEPSICO INC
178.84
10,730.31
0.04
2.40
9/20/23
9/22/23
110.00
PROCTER & GAMBLE CO
154.45
16,989.86
0.04
4.40
9/20/23
9/22/23
47.00
PROLOGIS INC
122.79
5,771.08
0.04
1.88
9/20/23
9/22/23
13.00
PROLOGIS INC
122.79
1,596.26
0.04
0.52
9/20/23
9/22/23
90.00
QORVO INC
96.35
8,671.53
0.04
3.60
9/20/23
9/22/23
140.00
REALTY INCOME TRUST
54.45
7,623.63
0.04
5.60
9/20/23
9/22/23
150.00
RTX CORPORATION COM
74.73
11,209.91
0.04
6.00
9/20/23
9/22/23
20.00
S&P GLOBAL INC
391.35
7,826.93
0.04
0.80
9/20/23
9/22/23
50.00
SKYWORKS SOLUTIONS INC
97.68
4,883.96
0.04
2.00
9/20/23
9/22/23
170.00
SYNCHRONY FINANCIAL
32.66
5,552.15
0.04
6.80
9/20/23
9/22/23
30.00
THERMO FISHER SCIENTIFIC INC
509.19
15,275.66
0.04
1.20
9/20/23
9/22/23
90.00
TIMKEN CO
73.93
6,653.64
0.04
3.60
9/20/23
9/22/23
250.00
TPG INC CL A
31.36
7,839.93
0.04
10.00
9/20/23
9/22/23
220.00
TRUIST FINANCIAL CORP
29.02
6,384.34
0.04
8.80
9/20/23
9/22/23
40.00
UNITED AIRLINES HOLDINGS INC
45.09
1,803.79
0.04
1.60
9/20/23
9/22/23
15.00
UNITED AIRLINES HOLDINGS INC
45.09
676.42
0.04
0.60
Hi�hland Capital
33 MANAGEMENT, LLC
An Argen[ Company
Sebastian Police Officers' Pension Fund
Jones Trading
REDI
STIFEL
Period Ending 9/30/2023
Sales
9/20/23
9/22/23
20.00
UNITED AIRLINES HOLDINGS INC
45.09
901.89
0.04
0.80
9/20/23
9/22/23
115.00
UNITED AIRLINES HOLDINGS INC
45.09
5,185.88
0.04
4.60
9/20/23
9/22/23
60.00
UNITED PARCEL SERVICE INC
158.61
9,516.87
0.04
2.40
9/20/23
9/22/23
50.00
VALERO ENERGY CORPORATION
144.43
7,221.44
0.04
2.00
9/20/23
9/22/23
120.00
VERIZON COMMUNICATIONS INC
33.79
4,055.36
0.04
4.80
9/20/23
9/22/23
110.00
VERIZON COMMUNICATIONS INC
33.79
3,717.42
0.04
4.40
9/20/23
9/22/23
200.00
VF CORPORATION
17.93
3,586.47
0.04
8.00
9/20/23
9/22/23
90.00
WALT DISNEY CO
82.52
7,426.93
0.04
3.60
9/20/23
9/22/23
280.00
WELLS FARGO CO
43.62
12
---------------------------------------
770,430.41
0.04
424.04
8/31/23
9/5/23
230.00
CRH PLC
57.67
13,263.13
0.01
2.30
8/31/23
9/5/23
55.00
CRH PLC
57.67
3,171.61
0.01
0.55
8/31/23
9/5/23
50.00
CRH PLC
57.67
2,883.29
0.01
0.50
8/16/23
8/18/23
1,160.00
EQUITABLE HOLDINGS INC
27.47
31,866.22
0.01
11.60
8/16/23
8/18/23
89.00
HITACHI LIMITED
126.74
11,280.05
0.01
0.89
8/17/23
8/21/23
111.00
HITACHI LIMITED
125.61
13,942.67
0.01
1.11
8/18/23
8/22/23
130.00
KYOCERA CORP
49.17
6,392.18
0.01
1.30
8/18/23
8/22/23
110.00
KYOCERA CORP
49.17
5,408.77
0.01
1.10
8/18/23
8/22/23
160.00
KYOCERA CORP
49.17
7,867.29
0.01
1.60
---------------------------------------------------
96,075.21
0.01
20.95
7/7/23
7/11/23
70.00
AMERIPRISE FINANCIAL INC
332.47
23,272.82
0.01
0.70
8/15/23
8/17/23
90.00
AMERIPRISE FINANCIAL INC
336.19
30,257.02
0.01
0.90
8/7/23
8/9/23
170.00
FORTREA HOLDINGS INC
30.25
5,142.70
0.01
1.70
8/7/23
8/9/23
10.00
FORTREA HOLDINGS INC
30.25
302.51
0.01
0.10
8/7/23
8/9/23
10.00
FORTREA HOLDINGS INC
30.25
302.51
0.01
0.10
---------------------------------------------------
59,277.56
0.01
3.50
9/21/23
9/25/23
80,228.37
BUSINESS JET SEC LLC 2022-1
93.00
74,612.40
0.00
0.00
4.455% Due 06-15-37
9/21/23
9/25/23
100,000.00
CREDIBLY ASSET SEC LLC 2021-1
96.00
96,000.00
0.00
0.00
2.390% Due 04-15-26
9/21/23
9/25/23
76,884.55
FLAGSTAR MTG TR 2021-91NV
82.50
63,429.75
0.00
0.00
34
Hi�hland Capital
MANAGEMENT, LLC
An Argen[
Company
Sebastian Police Officers' Pension Fund
Sales
Period Ending 9/30/2023
2.500% Due 10-25-41
9/21/23 9/25/23 59,202.43 SERVICE EXP ISSUER LLC 2021-1 90.00 53,282.19 0.00 0.00
2.670% Due 02-02-32
9/21/23 9/25/23 61,885.93 SERVICE EXP ISSUER LLC 2021-1 90.00 55,697.34 0.00 0.00
2.670% Due 02-02-32
--------------------------------------------------
343,021.68 0.00 0.00
strategas
8/7/23
8/9/23
30.00
BP PLC
36.98
1,109.30
0.03
0.90
8/7/23
8/9/23
55.00
BP PLC
36.98
2,033.71
0.03
1.65
8/7/23
8/9/23
200.00
BP PLC
36.98
7,395.30
0.03
6.00
8/7/23
8/9/23
265.00
BP PLC
36.98
9,798.77
0.03
7.95
7/7/23
7/11/23
300.00
EQUITABLE HOLDINGS INC
27.33
8
---------------------------------------
28,535.14
0.03
25.50
TO SECS
9/20/23
9/21/23
23,000.00
US TREASURY N/B
61.16
14,065.94
0.00
0.00
2.000% Due 08-15-51
9/20/23
9/21/23
20,000.00
US TREASURY N/B
59.13
11,826.56
0.00
0.00
1.875% Due 11-15-51
9/20/23
9/21/23
13,000.00
US TREASURY N/B
74.88
9,734.77
0.00
0.00
2.875% Due 05-15-52
---------------------------------------------------
35,627.27
0.00
0.00
SALES SUBTOTAL
---------------------------------------------------
---------------------------------------------------
1,391,385.27
0.00
473.99
0.00
473.99
Highland Capital
35 MANAGEMENT, LLC
An Argen[ Company
f
r
1
■
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850 Ridge Lake Blvd, Suite 205, Memphis, TN 38120
Tel: 901-761-9500 1 Fax: 901-761-5631