BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common...

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BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA TUESDAY, SEPTEMBER 11, 2018 @ 1:30 P.M. COMMISSIONERS CHAMBERS 515 CENTER AVENUE - 4 TH FLOOR BAY CITY, MI 48708 PAGE I. CALL TO ORDER II. ROLL CALL III. MINUTES 1 8 . . . . . . . A. AUGUST 14, 2018 (APPROVE) IV. PUBLIC INPUT V. PETITIONS & COMMUNICATIONS 9 - 11. . . . . . . . . . . . . . . A. MONTHLY REPORTS RES NO: 2018-24 1. PORTFOLIO VALUE - 1/1/18 - 8/31/18 2. CHANGE IN NET ASSETS 8/31/18 3. MONEY MANAGERS ON WATCH - (EFFECTIVE DATE) a. NONE 4. MONEY MANAGER REPORTS a. BARINGS ENDING 7/31/18 b. COLUMBIA ENDING 7/31/18 c. EAGLE ASSET MGMT - ENDING 7/31/18 12 - 36 . . . . . . . . . . . . . . . d. GENEVA ENDING 7/31/18 e. LOOMIS SAYLES - ENDING 7/31/18 f. MACKAY SHIELDS ENDING 7/31/18 g. MFS INVESTMENT REPORTS ENDING 7/31/18 h. MFS HERITAGE TRUST REPORTS - ENDING 7/31/18 i. PRISA 2Q 2018, PRISA LP FS 2Q2018 (AVALABLE UPON REQUEST), PRISA UHC CONSOLIDATED FS 2Q 2018 (AVAILABLE UPON REQUEST) 5. RECAPTURE SERVICES 37 - 40 . . . . . . . . . . . . . . . . . a. ABEL/NOSER - SUMMARY ENDING 7/31/18 b. CAPIS - SUMMARY ENDING 7/31/18 6. COMERICA 41 56 . . . . . . a. SUMMARY EARNINGS - ENDING 7/31/18 57. . . . . . . . . . . . . . . . . . . 7. REFUNDS/RETIREMENTS ENDING 8/31/18

Transcript of BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common...

Page 1: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

BAY COUNTY RETIREMENT BOARD OF TRUSTEES

AGENDA

TUESDAY, SEPTEMBER 11, 2018 @ 1:30 P.M.

COMMISSIONERS CHAMBERS

515 CENTER AVENUE - 4TH

FLOOR

BAY CITY, MI 48708

PAGE I. CALL TO ORDER

II. ROLL CALL

III. MINUTES

1 – 8 . . . . . . . A. AUGUST 14, 2018 (APPROVE)

IV. PUBLIC INPUT

V. PETITIONS & COMMUNICATIONS

9 - 11. . . . . . . . . . . . . . . A. MONTHLY REPORTS – RES NO: 2018-24

1. PORTFOLIO VALUE - 1/1/18 - 8/31/18

2. CHANGE IN NET ASSETS – 8/31/18

3. MONEY MANAGERS ON WATCH - (EFFECTIVE

DATE)

a. NONE

4. MONEY MANAGER REPORTS

a. BARINGS – ENDING 7/31/18

b. COLUMBIA – ENDING 7/31/18

c. EAGLE ASSET MGMT - ENDING 7/31/18

12 - 36 . . . . . . . . . . . . . . . d. GENEVA – ENDING 7/31/18

e. LOOMIS SAYLES - ENDING 7/31/18

f. MACKAY SHIELDS – ENDING 7/31/18

g. MFS INVESTMENT REPORTS – ENDING

7/31/18

h. MFS HERITAGE TRUST REPORTS -

ENDING 7/31/18

i. PRISA – 2Q 2018, PRISA LP FS 2Q2018

(AVALABLE UPON REQUEST), PRISA UHC

CONSOLIDATED FS 2Q 2018 (AVAILABLE

UPON REQUEST)

5. RECAPTURE SERVICES

37 - 40 . . . . . . . . . . . . . . . . . a. ABEL/NOSER - SUMMARY ENDING 7/31/18

b. CAPIS - SUMMARY ENDING 7/31/18

6. COMERICA

41 – 56 . . . . . . a. SUMMARY EARNINGS - ENDING 7/31/18

57. . . . . . . . . . . . . . . . . . . 7. REFUNDS/RETIREMENTS ENDING 8/31/18

Page 2: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

BAY COUNTY RETIREMENT BOARD OF TRUSTEES

AGENDA

TUESDAY, SEPTEMBER 11, 2018 @1:30 P.M.

COMMISSIONERS CHAMBERS

515 CENTER AVENUE – 4TH

FLOOR

BAY CITY, MI 48708

58 - 62 . . . . . . . . . . . . . . . . 8. BCERS YTD BUDGET REPORT – ENDING 8/31/18

63 . . . . . . . . 9. INVOICES APPROVED – 8/31/18

64 . . . . . . B. CORRESPONDENCE MFS – REBALANCE FOR BAY CO

CASH. (MOTION TO RECEIVE)

65 . . . . . . C. CORRESPONDENCE – TOM PAIGE APPEAL DENIAL

LETTER (RECEIVE)

66 -70. . . . . D. PROPOSED 2019 BUDGET (RECEIVE)

(TO BE APPROVED AT A LATER MEETING)

VI. ANNOUNCEMENTS

A. NEXT REGULAR MEETING – OCTOBER 9, 2018 AT 1:30

P.M., COMMISSIONERS CHAMBERS, 515 CENTER AVENUE

4TH

FLOOR, BAY CITY, MI 48708

B. MAPERS FALL CONFERENCE SATURDAY, SEPTEMBER 22,

2018 TO TUESDAY, SEPTEMBER 25, 2018 AT THE GRAND

TRAVERSE RESORT IN ACME, MI.

VII. UNFINISHED BUSINESS

VIII. NEW BUSINESS

IX. MISCELLANEOUS BUSINESS

X. ADJOURNMENT

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No. 2018 - 24

BAY COUNTY RETIREMENT BOARD 9/11/2018

RESOLUTION BY: BAY COUNTY RETIREMENT BOARD RESOLVED By the Bay County Retirement Board that the following reports are received:

1. PORTFOLIO VALUE - 1/1/18 - 8/31/18 2. CHANGE IN NET ASSETS – 8/31/18 3. MONEY MANAGERS ON WATCH - NONE 4. MONEY MANAGER REPORTS

a. BARINGS - ENDING 7/31/18 b. COLUMBIA - ENDING 7/31/18, COMMISSIONS REPORT 7/31/18, FIN STMT

7/31/18, FS SPREADSHEET 7/31/18(AVAILABLE UPON REQUEST) c. EAGLE - ENDING 7/31/18 d. GENEVA – ENDING 7/31/18 e. LOOMIS SAYLES - ENDING 7/31/18 f. MACKAY SHIELDS – ENDING 7/31/18

g. MFS INVESTMENT REPORTS- ENDING 7/31/18, h. MFS HERITAGE TRUST REPORTS- ENDING 7/31/18 i. PRISA- ENDING 2Q 2018 PRISA LP FS 2Q2018 (AVALABLE UPON REQUEST),

PRISA UHC CONSOLIDATED FS 2Q 2018 (AVAILABLE UPON REQUEST) 5. RECAPTURE SERVICES

a. ABEL/NOSER - SUMMARY ENDING 7/31/18 b. CAPIS - SUMMARY ENDING 7/31/18

6. COMERICA SUMMARY EARNINGS -7/28/18 7. REFUNDS/RETIREMENTS –ENDING 8/31/18 8. BCERS YTD BUDGET REPORT – ENDING 8/31/18 9. APPROVED EXPENSES – 8/31/18

STEVE GRAY, CHAIR

AND BOARD MONTHLY REPORTS SEPTEMBER MOVED BY TRUSTEE ________________________ SUPPORTED BY TRUSTEE _____________________

TRUSTEE Y N E TRUSTEE Y N E TRUSTEE Y N E

Richard Brzezinski Richard Gromaski Matthew Pett

Kristal Gonzales Thomas Herek Thomas Ryder

Steve Gray Jon Morse Sandy Shutt

Vote Totals: Roll Call: Yeas_____ Nays_____ Excused _____ Voice: Yeas_____ Nays_____ Excused _____ Disposition: Adopted_____ Defeated_____ Withdrawn_____

Amended_____ Corrected_____ Referred _____

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RET.

2018 BAIRD

BARINGS

(formally

Cornerstone) EAGLE (RJFN) GENEVA

HOTCHKIS &

WILEY LOOMIS SAYLES

MACKAY

SHIELDS MFS

MFS INTER-

NATIONAL INTEGRITY SCHRODERS COLUMBIA VANGUARD PRISA CASH TOTAL

Jan-18 26,592,160.06 6,024,303.45 10,507,741.49 23,186,266.99 9,922,456.15 40,117,674.58 13,591,648.18 39,029,530.08 33,839,541.62 23,141,419.85 38,489,027.56 39,901,404.72 40,827,845.02 16,902,901.08 760,628.97 362,834,549.80

Feb-18 26,292,327.33 5,608,762.96 9,926,953.59 22,602,960.76 9,255,507.10 39,433,001.05 13,472,668.99 38,295,390.18 35,275,817.99 21,490,705.63 40,264,419.32 36,753,686.93 39,322,517.50 16,902,901.08 1,602,639.89 356,500,260.30

Mar-18 26,475,806.68 5,769,466.48 9,612,561.05 22,725,086.82 9,473,599.85 39,590,555.91 13,546,958.89 37,572,200.56 33,784,148.04 21,149,879.57 38,822,169.16 35,192,752.66 38,321,814.11 16,902,901.08 1,901,920.02 350,841,820.88

Apr-18 26,324,359.44 5,841,544.17 9,665,288.20 22,475,625.96 9,988,725.96 39,220,386.95 13,617,336.60 37,904,766.77 33,515,093.52 21,315,970.48 38,189,963.48 35,471,227.17 38,468,329.80 17,267,884.13 845,197.17 350,111,699.80

May-18 26,568,393.76 5,994,651.61 10,240,798.38 23,419,161.62 10,555,555.74 39,361,507.90 13,983,332.94 38,940,039.52 34,185,751.49 21,638,880.03 38,913,829.68 35,766,832.04 38,403,098.36 17,267,884.13 1,138,593.54 356,378,310.74

Jun-18 26,549,185.53 6,164,031.30 10,224,869.64 23,280,604.86 10,201,589.71 39,143,183.86 13,922,643.69 39,583,154.56 34,488,437.83 21,632,839.82 38,442,670.05 35,825,124.02 38,636,212.88 17,267,884.13 1,043,014.04 356,405,445.92

Jul-18 26,448,873.05 6,257,305.18 10,513,271.58 23,896,469.53 10,274,171.40 39,502,108.25 14,141,723.12 40,354,542.58 35,368,800.06 22,301,196.72 36,253,807.58 37,437,427.13 40,074,057.01 17,530,430.93 1,304,392.08 361,658,576.20

Aug-18 26,645,523.89 6,445,641.80 11,374,654.69 25,041,031.07 10,654,936.99 39,679,773.59 14,614,660.76 39,663,342.62 35,368,800.06 22,587,449.08 36,253,807.58 37,505,608.13 41,377,785.52 17,530,430.93 1,716,062.35 366,459,509.06

Sep-18 -

Oct-18 -

Nov-18 -

Dec-18 -

2018 BAIRD BARINGS. EAGLE GENEVA

HOTCHKIS &

WILEY LOOMIS SAYLES

MACKAY

SHIELDS MFS MFS INT'L INTEGRITY SCHRODER COLUMBIA . PRISA TOTAL

1ST QTR 16,635.96 8,686.99 19,244.58 38,836.00 23,900.09 29,910.49 14,919.55 52,972.78 60,237.24 44,907.00 72,161.33 44,657.14 427,069.15

2ND QTR 9,280.64 20,455.17 39,213.00 25,530.57 29,678.39 15,332.43 54,735.21 61,324.82 70,834.24 42,290.24 368,674.71

3RD QTR -

4TH QTR -

0.00

2018 YTD 16,635.96 17,967.63 39,699.75 78,049.00 49,430.66 59,588.88 30,251.98 107,707.99 121,562.06 44,907.00 142,995.57 86,947.38 0.00 0.00 795,743.86

BAIRD GOVERNMENTAL FIXED INCOME MANAGER

COLUMBIA LARGE CAP DEEP VALUE MANAGER

BARINGS REAL ESTATE INVESTMENT TRUST MANAGER

EAGLE SMALL-CAP GROWTH MANAGER

GENEVA MID-CAP GROWTH MANAGERHOTCHKIS &

WILEY SMALL CAP VALUE MANAGER

INTEGRITY MID-CAP VALUE MANAGER

LOOMIS

SAYLES CORPORATE BOND MANAGER MACKAY

SHIELDS CONVERTIBLE BOND MANAGER

MFS LARGE CAP GROWTH EQUITY MANAGER

SCHRODER INTERNATIONAL SMALL/MID CAP EQUITY MANAGER

WENTWORTH LARGE CAP CORE MANAGER

PRISA REAL ESTATE INVESTMENT TRUST MANAGER

VANGUARD MUTUAL FUND

INVESTMENT MANAGERS

PORTFOLIO VALUE

MONEY MANAGER FEES

G:\Retirement\AGENDA ITEMS\RETIREMENT PORTFOLIO 201810

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PERFORMANCE HISTORYBay County Employees' Retirement SystemU.S. REIT Strategy

Percent Total ReturnPer Period

Time Period 7/31/2018 FTSE/NAREITGross Net Equity REIT Index

1 Month 1.15% 1.10% 0.80%

YTD 1.31% 0.95% 1.83%

1 Year 3.97% 3.35% 3.07%

3 Year 6.18% 5.54% 6.39%

5 Year 9.47% 8.82% 8.28%

Inception (October 21, 2008) 13.40% 12.72% 12.01%

Portfolio

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Columbia Management Investment Advisers Page 1

DATE PRINTED: 08/10/2018 C o m m i s s i o n T o t a l s b y C l i e n t

FROM 07/01/2018 TO 07/31/2018

VALUATION CURRENCY: USD

CLIENT ID CLIENT NAME BROKER ID BRANCH NAME MONTH OF 07/2018 TOTAL

53D-E BAY COUNTY EMPLOYEES RETIREMENT SYSTEM

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Bay County Employees Retirement System

Portfolio performance as of July 31, 2018

Base Currency: USD

1 Inception Date: 01/27/2001

Source: Columbia Management Investment Advisers, LLC, Factset Past performance does not guarantee future results. Please refer to the Disclosures at the end of this presentation for more information.

For Existing Institutional Client Use Only. © 2018 Columbia Management Investment Advisers, LLC. All rights reserved. 3

Market Values

Beginning Market Value 07/01/2018 $ 35,854,518

Ending Market Value 07/31/2018 $ 37,480,988

1 Month

(%) 3 Month

(%)

Year-to-Date

(%) 1 Year

(%) 3 Year

(%) 5 Year

(%) 10 Year

(%)

Since

Inception1

(%)

Bay County Employees Retirement System (Gross) 4.54 5.52 2.53 15.82 12.89 12.52 11.11 8.28

Russell 1000 Value Index 3.96 4.83 2.20 9.54 9.51 10.04 8.95 6.90

0%

5%

10%

15%

20%

1 Month 3 Month Year-to-Date 1 Year 3 Year 5 Year 10 Year Since Inception¹

Bay County Employ Ret (Gross) Russell 1000 Value

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Bay County Employees Retirement SystemBase Currency: USD as of July 31, 2018

ASSET CLASS SECTOR ASSET TYPE SECURITY DESCRIPTION CUSIP TICKER ISIN

SHARES/

PAR COST PRICE

ACC

INCOME MARKET VALUE

UNREALIZED

GAIN/(LOSS)

% OF

ASSETS

CASH AND EQUIVALENTS CASH US DOLLAR USD 433,704 433,704 1.00 0 433,704 0 1.16%

EQUITIES CONSUMER DISCRETIONARYCOMMON STOCK LOWE'S COS INC 548661107 LOW US5486611073 12,100 291,427 99.34 5,808 1,202,014 910,587 3.21%

EQUITIES CONSUMER DISCRETIONARYCOMMON STOCK QURATE RETAIL GROUP CORP SERIES 74915M100 38,100 863,613 21.29 0 811,149 (52,464) 2.17%

EQUITIES CONSUMER STAPLES COMMON STOCK ALTRIA GROUP INC 02209S103 MO US02209S1033 13,000 371,660 58.68 0 762,840 391,180 2.04%

EQUITIES CONSUMER STAPLES COMMON STOCK COSTCO WHOLESALE CORP 22160K105 COST US22160K1051 2,300 98,146 218.71 0 503,033 404,887 1.34%

EQUITIES CONSUMER STAPLES COMMON STOCK PHILIP MORRIS INTERNATIONAL 718172109 PM US7181721090 11,000 376,465 86.30 0 949,300 572,835 2.54%

EQUITIES CONSUMER STAPLES COMMON STOCK TYSON FOODS INC-CL A 902494103 TSN US9024941034 16,935 446,751 57.65 0 976,303 529,552 2.61%

EQUITIES ENERGY COMMON STOCK ANADARKO PETROLEUM CORP 032511107 APC US0325111070 16,200 1,061,783 73.15 0 1,185,030 123,247 3.17%

EQUITIES ENERGY COMMON STOCK CHEVRON CORP 166764100 CVX US1667641005 8,791 537,809 126.27 0 1,110,040 572,230 2.97%

EQUITIES ENERGY COMMON STOCK HALLIBURTON CO 406216101 HAL US4062161017 19,000 656,034 42.42 0 805,980 149,946 2.15%

EQUITIES ENERGY COMMON STOCK MARATHON PETROLEUM CORP 56585A102 MPC US56585A1025 6,700 137,231 80.83 0 541,561 404,330 1.45%

EQUITIES ENERGY COMMON STOCK VALERO ENERGY CORP 91913Y100 VLO US91913Y1001 8,300 202,191 118.35 0 982,305 780,114 2.62%

EQUITIES ENERGY COMMON STOCK WILLIAMS COS INC 969457100 WMB US9694571004 26,600 704,564 29.75 0 791,350 86,786 2.11%

EQUITIES FINANCIALS COMMON STOCK AMERICAN INTERNATIONAL GROUP 026874784 AIG US0268747849 21,500 1,287,228 55.21 0 1,187,015 (100,213) 3.17%

EQUITIES FINANCIALS COMMON STOCK BANK OF AMERICA CORP 060505104 BAC US0605051046 46,000 712,584 30.88 0 1,420,480 707,896 3.79%

EQUITIES FINANCIALS COMMON STOCK CITIGROUP INC 172967424 C US1729674242 16,400 575,126 71.89 0 1,178,996 603,870 3.15%

EQUITIES FINANCIALS COMMON STOCK JPMORGAN CHASE& CO 46625H100 JPM US46625H1005 10,800 599,283 114.95 0 1,241,460 642,177 3.32%

EQUITIES FINANCIALS COMMON STOCK METLIFE INC 59156R108 MET US59156R1086 18,300 898,066 45.74 0 837,042 (61,024) 2.24%

EQUITIES FINANCIALS COMMON STOCK MORGAN STANLEY 617446448 MS US6174464486 22,200 756,189 50.56 6,660 1,122,432 366,243 3.00%

EQUITIES FINANCIALS COMMON STOCK UNUM GROUP 91529Y106 UNM US91529Y1064 20,500 475,024 39.73 5,330 814,465 339,441 2.18%

EQUITIES FINANCIALS COMMON STOCK WELLS FARGO& CO 949746101 WFC US9497461015 20,400 673,491 57.29 0 1,168,716 495,225 3.12%

EQUITIES HEALTH CARE COMMON STOCK BAXTER INTERNATIONAL INC 071813109 BAX US0718131099 13,600 440,727 72.45 0 985,320 544,593 2.63%

EQUITIES HEALTH CARE COMMON STOCK BRISTOL-MYERS SQUIBB CO 110122108 BMY US1101221083 20,600 674,899 58.75 8,240 1,210,250 535,351 3.23%

EQUITIES HEALTH CARE COMMON STOCK EXPRESS SCRIPTS HOLDING CO 30219G108 ESRX US30219G1085 6,000 473,104 79.46 0 476,760 3,656 1.27%

EQUITIES HEALTH CARE COMMON STOCK HUMANA INC 444859102 HUM US4448591028 4,300 214,666 314.18 0 1,350,974 1,136,308 3.61%

EQUITIES INDUSTRIALS COMMON STOCK CSX CORP 126408103 CSX US1264081035 17,400 138,025 70.68 0 1,229,832 1,091,807 3.29%

EQUITIES INDUSTRIALS COMMON STOCK HONEYWELL INTERNATIONAL INC 438516106 HON US4385161066 7,300 197,243 159.65 0 1,165,445 968,202 3.11%

EQUITIES INDUSTRIALS COMMON STOCK UNION PACIFIC CORP 907818108 UNP US9078181081 4,400 77,242 149.89 0 659,516 582,274 1.76%

EQUITIES INDUSTRIALS COMMON STOCK UNITED TECHNOLOGIES CORP 913017109 UTX US9130171096 6,500 311,609 135.74 0 882,310 570,701 2.36%

EQUITIES INFORMATION TECHNOLOGYCOMMON STOCK APPLIED MATERIALS INC 038222105 AMAT US0382221051 18,200 255,066 48.63 0 885,066 630,000 2.36%

EQUITIES INFORMATION TECHNOLOGYCOMMON STOCK CORNING INC 219350105 GLW US2193501051 34,700 763,497 33.18 0 1,151,346 387,849 3.08%

EQUITIES INFORMATION TECHNOLOGYCOMMON STOCK QUALCOMM INC 747525103 QCOM US7475251036 20,959 1,093,578 64.09 0 1,343,262 249,685 3.59%

EQUITIES INFORMATION TECHNOLOGYCOMMON STOCK TERADATA CORP 88076W103 TDC US88076W103625,600 916,886 38.29 0 980,224 63,338 2.62%

EQUITIES MATERIALS COMMON STOCK FMC CORP 302491303 FMC US3024913036 18,300 935,919 89.88 0 1,644,804 708,885 4.39%

EQUITIES TELECOMMUNICATION SERVICESCOMMON STOCK VERIZON COMMUNICATIONS INC 92343V104 VZ US92343V1044 29,700 1,415,478 51.64 17,523 1,533,708 118,230 4.10%

EQUITIES UTILITIES COMMON STOCK AES CORP 00130H105 AES US00130H1059 75,500 806,730 13.36 0 1,008,680 201,950 2.69%

EQUITIES UTILITIES COMMON STOCK NEXTERA ENERGY INC 65339F101 NEE US65339F1012 5,400 544,836 167.54 0 904,716 359,880 2.42%

TOTAL PORTFOLIO 21,417,873 43,561 37,437,427 16,019,554 100.00%

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QTD 3

Years

5

Years

YTDAnnualized

Since

Inception

Performance Summary

MTD 1

Year

2.79

2.60

1.72

13.85

12.95

13.14

12.22

17.36

16.68

16.85

15.89

2.79

2.60

1.72 11.58RU20GRTR1

11.08 12.38 16.58

27.25

26.27

22.91

Gross

Net

1

Bay County Employees' Retirement System - 05231100

Investment period ending: 07/31/2018

Top Ten Holdings

% of Market ValueSecurity Description Total Market Value

QUAKER CHEMICAL CORP 3.83%402,838.26

CANADA GOOSE HOLDINGS INC 3.30%347,279.21

PLANET FITNESS INC - CL A 2.99%314,677.44

CHART INDUSTRIES INC 2.68%282,139.17

TREX COMPANY INC 2.38%250,556.02

REALPAGE INC 2.15%226,516.10

MSA SAFETY INC 1.93%202,667.92

CORNERSTONE ONDEMAND INC 1.88%197,550.60

EVOLENT HEALTH INC - A 1.86%195,455.20

FIRSTCASH INC 1.77%185,948.00

Currency Valuation: USD

Portfolio Style: SmallCap Growth Equity

Portfolio Summary

Month To Date Year To Date

Beginning Market Value

Contributions

Withdrawals

Dividend and Interest Income

Change in Market Value

Ending Market Value

10,227,586.14

0.00

0.00

5,210.02

280,475.42

10,513,271.58

10,064,781.50

0.00

1,200,026.98

31,838.71

1,616,678.35

10,513,271.58

Industry Weightings

Portfolio inception date: 09/02/2010

Page 2 of 1916

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Time Weighted Return

Date to Date

12/31/2017 to 07/31/2018 10.67 11.60 7.66

Inception to Date

01/17/2013 to 07/31/2018 90.26 101.72 110.10

Annualized 12.32 13.52 14.36

Percent Return Per Period

Time Period Total EquitiesRussell Midcap

Growth Index

12/31/2017 to 01/31/2018 6.39 6.78 5.66

01/31/2018 to 02/28/2018 -2.49 -2.57 -3.14

02/28/2018 to 03/31/2018 0.52 0.54 -0.16

03/31/2018 to 04/30/2018 -1.26 -1.11 -0.94

04/30/2018 to 05/31/2018 4.23 4.34 3.74

05/31/2018 to 06/30/2018 0.62 0.64 0.39

06/30/2018 to 07/31/2018 2.48 2.74 2.15

Performance History

Geneva Capital Management

Bay County Employees' Retirement System XXXX2219 (bcers)

Performance History - YTDNet of Fees | US Dollar

7/31/201812/31/2017 -

717

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Bay County Employees' Retirement System XXXX2219 (bcers)

Transaction Summary7/1/2018 - 7/31/2018

US Dollar

Purchases

Trade Date Settle Date Quantity SecurityUnit

Cost Total Cost

7/11/2018 7/13/2018 1,753 BEACON ROOFING SUPPLY INC COM 39.78 69,738.72

7/19/2018 7/23/2018 119 BURLINGTON STORES INC COM 156.43 18,614.58

7/19/2018 7/23/2018 185 BURLINGTON STORES INC COM 156.04 28,866.59

7/19/2018 7/23/2018 805 REALPAGE INC COM 59.62 47,994.66

7/19/2018 7/23/2018 176 TELEFLEX INC COM 277.85 48,901.04

7/24/2018 7/26/2018 249 COOPER COS INC COM NEW 252.53 62,879.40

7/24/2018 7/26/2018 547 WABCO HLDGS INC COM 120.48 65,901.85

Total Purchases 342,896.84

Sales

Trade Date Settle Date Quantity SecurityUnit

Cost Total CostUnit

Price Proceeds

7/24/2018 7/26/2018 1,591 AFFILIATED MANAGERS GROUP COM 122.37 194,689.23 152.02 241,859.40

7/24/2018 7/26/2018 1,007 MIDDLEBY CORP COM 76.75 77,284.59 100.03 100,733.32

7/24/2018 7/26/2018 1,268 MIDDLEBY CORP COM 76.75 97,315.66 99.92 126,703.88

7/24/2018 7/26/2018 1,617 SCHEIN HENRY INC COM 86.02 139,090.90 77.04 124,573.83

Total Sales 508,380.38 593,870.43

Geneva Capital Management

818

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Bay

Cou

nty

Empl

oyee

s Ret

Sys

tem

performanceTRAILING RETURNS AS OF 7/31/2018 (%)

Excess Return(Gross)

PORTFOLIO VALUATION (USD)

Portfolio6/30/2018

Portfolio7/31/2018 Increase/Decrease

Total 39,485,422 39,843,487 358,065

Data Source: Barclays CapitalBenchmarks: FTSE Broad Inv-Grade (BIG) ( 1/31/1997 - 6/30/1999 ). BBG BARC Credit ( 6/30/1999 - 2/29/2012 ). BBG BARC U.S. Corporate Investment Grade ( 2/29/2012 -7/31/2018 ).The current benchmark is Bloomberg Barclays Corporate Index. Returns over one year are annualized. Information is reported on a trade date basis.* Net returns only available from 12/31/2000.

Sources: Loomis, Sayles & Company, L.P. and others For Institutional Investor Use Only. Not for Further Distribution July 31, 2018

219

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Bay

Cou

nty

Empl

oyee

s Ret

Sys

tem

performanceCALENDAR YEAR RETURNS AS OF 7/31/2018 (%)

Excess Return(Gross)

Data Source: Barclays CapitalBenchmarks: FTSE Broad Inv-Grade (BIG) ( 1/31/1997 - 6/30/1999 ). BBG BARC Credit ( 6/30/1999 - 2/29/2012 ). BBG BARC U.S. Corporate Investment Grade ( 2/29/2012 -7/31/2018 ).The current benchmark is Bloomberg Barclays Corporate Index. Returns over one year are annualized. Information is reported on a trade date basis.

Sources: Loomis, Sayles & Company, L.P. and others For Institutional Investor Use Only. Not for Further Distribution July 31, 2018

320

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Bay

Cou

nty

Empl

oyee

s Ret

Sys

tem

performance attribution by sector6/30/2018 TO 7/31/2018 (%)

TOTAL RETURNS

Total Return

Portfolio Return 0.91

Benchmark Return 0.83

Excess Return 0.08

Data Source: Barclays CapitalFigures on the bar chart may not add up to total excess return as they exclude impact of trading and pricing differences. Excess Return by sector excludes yield curve impact. Values shown include impact of hedgingif utilized. Unless otherwise noted, the performance shown is gross of management fees.The current benchmark is Bloomberg Barclays Corporate Index.

Sources: Loomis, Sayles & Company, L.P. and others For Institutional Investor Use Only. Not for Further Distribution July 31, 2018

421

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3

Portfolio Composition and Performance — Account 1256July 31, 2018

BAY COUNTY EMPLOYEES RETIREMENT SYSTEM

Year

Annualized

Performance Latest Latest 3 To Latest 12 3 Years 5 Years Since Since

Month Months Date Months Annualized Annualized 10/1/2003 10/1/2003

Total Fund (Gross of fees) 1.58% 3.79% 7.32% 10.45% 9.05% 9.17% 180.84% 7.20%

CUSTOM BENCHMARK I 0.65% 4.65% 6.94% 10.47% 8.37% 9.73% 142.19% 6.14%

Expressed in USD

Note: The Custom Benchmarks consists of the ICE BofAML All Convt (Inc Mand) since 8/31/15. Previously, it was the BofAML Convt Inv Grade Bds (Inc Mand) Index.

Past performance is not indicative of future results.

Composition Market Percent Value of Total

Fixed Income 12,009,976 84.38

Equity 1,598,784 11.23

Cash & Equivalents 624,004 4.38

Total Portfolio $14,232,765 100.00%

22

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4

BAY COUNTY EMPLOYEES RETIREMENT SYSTEM

Portfolio Composition and Performance — Account 1256July 31, 2018

Year

Annualized

Performance Latest Latest 3 To Latest 12 3 Years 5 Years Since Since

Month Months Date Months Annualized Annualized 10/1/2003 10/1/2003

Total Fund (Net of fees) 1.54% 3.68% 7.04% 9.96% 8.57% 8.66% 161.25% 6.68%

CUSTOM BENCHMARK I 0.65% 4.65% 6.94% 10.47% 8.37% 9.73% 142.19% 6.14%

Expressed in USD

Note: The Custom Benchmarks consists of the ICE BofAML All Convt (Inc Mand) since 8/31/15. Previously, it was the BofAML Convt Inv Grade Bds (Inc Mand) Index.

Past performance is not indicative of future results.

Net of fee performance is estimated. It is calculated by reducing the gross return by the portion of the management fee applicable to the period shown.

Composition Market Percent Value of Total

Fixed Income 12,009,976 84.38

Equity 1,598,784 11.23

Cash & Equivalents 624,004 4.38

Total Portfolio $14,232,765 100.00%

23

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5

BAY COUNTY EMPLOYEES RETIREMENT SYSTEM

Summary Report — Account 1256July 31, 2018

Total Percent Yield Market Percent Yield Annual Cost at Cost at Cost Value of Assets at Market Income

Bonds 10,360,239 88.67 1.50 11,972,391 84.12 1.30 155,722

Stocks 1,323,496 11.33 1.66 1,586,000 11.14 1.39 21,988

Cash & Equivalents 0 0.00 624,004 4.38 0.00 0

Accrued Income 50,370 0.35

Total Portfolio 11,683,735 100.00% 1.52 $14,232,765 100.00% 1.25 177,710

24

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Cost Market Value Accrued Income Total Value Total Value

OPENING CASH AS OF 6/30/2018 453,278.79 453,278.79 0.00 453,278.79 1.14 %

CLOSING CASH AS OF 7/31/2018 501,797.01 501,797.01 0.00 501,797.01 1.24 %

COMMON STOCK 22,215,453.85 39,465,856.91 7,422.15 39,473,279.06 97.80 %

ADR 359,949.42 386,765.31 0.00 386,765.31 .96 %

23,077,200.28 40,354,419.23 7,422.15 40,361,841.38 100.00 %

Accrued Income: 7,422.15

Total Value: 40,361,841.38

This report contains trade date position values, calculated by MFS. This is not the official book of record for the account. Cash is a net cash balance comprised of cash on deposit, and payables and receivables that have not settled.

Page 1 of 1Run Date: 8/3/2018 9:42:09 PM

Bay County Employees' Retirement System - Growth Equity BCS

Valuation Summary 31-Jul-18 Portfolio Currency: USD

25

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Bay County Employees' Retirement System

Growth Equity

Report as of 31 July 2018

Performance results (%) gross and net of fees (USD)

Period Portfolio gross Portfolio net Benchmark^ Excess^^

July 1.94 1.89 2.94 -1.04

2Q 2018 6.67 6.52 5.76 0.77

1Q 2018 4.96 4.81 1.42 3.40

2018 YTD 14.14 13.76 10.40 3.36

1 year 23.88 23.18 22.84 0.33

3 year 14.99 14.33 14.81 -0.47

5 year 16.20 15.52 15.83 -0.31

Since client inception (04-Sep-12) 17.63 16.94 16.53 0.41

Source for benchmark performance SPAR, FactSet Research Systems Inc.

All periods greater than one year are annualized.

Past performance is no guarantee of future results.

^ Russell 1000® Growth Index

^^ Excess return net vs benchmark (%)

FOR EXISTING INSTITUTIONAL CLIENT USE ONLY.

MFS Institutional Advisors, Inc.

31016

26

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Currency:

CUSIP/SEDOL Ticker Holding Name Price Shares Held Market Value (mm) Equivalent Exposure (mm) Market Value % Equivalent Exposure % Market Cap (mm) MFS Sector Global Sector GICS Sector MFS Industry MFS Country ISIN ID w/Check

712387 NESN SW Nestle SA 81.50 620,049 50,535,731.25 50,535,731.25 3.78 3.78 249,643.09 Consumer Staples Consumer Staples Consumer Staples Food & Beverage Switzerland CH0038863350 7123870

711038 ROG SW Roche Holding AG 245.47 180,562 44,322,167.45 44,322,167.45 3.32 3.32 209,672.20 Health Care Health Care Health Care Pharmaceuticals Switzerland CH0012032048 7110388

484628 SAP GY SAP SE 116.76 357,009 41,684,227.14 41,684,227.14 3.12 3.12 143,439.67 Technology Technology Information Technology Computer Software Germany DE0007164600 4846288

87403910 TSM US Taiwan

Semiconductor

Manufacturing Co

Ltd ADR

41.21 1,010,447 41,640,520.87 41,640,520.87 3.12 3.12 213,718.19 Technology Technology Information Technology Electronics Taiwan US8740391003 874039100

B4TX8S 1299 HK AIA Group Ltd 8.73 4,578,000 39,952,987.94 39,952,987.94 2.99 2.99 105,391.50 Financial Services Financial Services Financials Insurance Hong Kong HK0000069689 B4TX8S1

G1151C10 ACN US Accenture PLC 159.33 243,358 38,774,230.14 38,774,230.14 2.90 2.90 102,112.84 Special Products & Services Technology Information Technology Business Services United States IE00B4BNMY34 G1151C101

405780 OR FP L'Oreal SA 244.98 144,384 35,371,022.67 35,371,022.67 2.65 2.65 137,740.63 Consumer Staples Consumer Staples Consumer Staples Consumer Products France FR0000120321 4057808

13637510 CNI US Canadian National

Railway Co

89.15 374,221 33,361,802.15 33,361,802.15 2.50 2.50 65,418.27 Transportation Capital Goods Industrials Railroad & Shipping Canada CA1363751027 136375102

406141 MC FP LVMH Moet

Hennessy Louis

Vuitton SE

349.46 92,293 32,252,734.62 32,252,734.62 2.42 2.42 176,486.94 Retailing Consumer Cyclicals Consumer Discretionary Apparel Manufacturers France FR0000121014 4061412

05675210 BIDU US Baidu Inc ADR 247.18 118,452 29,278,965.36 29,278,965.36 2.19 2.19 86,058.93 Technology Technology Information Technology Internet China US0567521085 056752108

B1Y9TB BN FP Danone SA 78.59 364,856 28,674,767.68 28,674,767.68 2.15 2.15 53,839.87 Consumer Staples Consumer Staples Consumer Staples Food & Beverage France FR0000120644 B1Y9TB3

468232 RI FP Pernod Ricard SA 161.31 174,364 28,126,976.36 28,126,976.36 2.11 2.11 42,815.64 Consumer Staples Consumer Staples Consumer Staples Alcoholic Beverage France FR0000120693 4682329

506921 BAYN GY Bayer AG 111.39 238,810 26,601,590.63 26,601,590.63 1.99 1.99 103,879.11 Health Care Health Care Health Care Pharmaceuticals Germany DE000BAY0017 5069211

721247 EI FP Essilor International

Cie Generale

d'Optique SA

147.57 178,881 26,397,821.57 26,397,821.57 1.98 1.98 32,338.57 Health Care Health Care Health Care Medical Equipment France FR0000121667 7212477

023740 DGE LN Diageo PLC 36.78 711,309 26,160,274.16 26,160,274.16 1.96 1.96 90,524.56 Consumer Staples Consumer Staples Consumer Staples Alcoholic Beverage United Kingdom GB0002374006 0237400

01609W10 BABA US Alibaba Group

Holding Ltd ADR

187.23 139,412 26,102,108.76 26,102,108.76 1.95 1.95 481,083.37 Technology Technology Information Technology Internet China US01609W1027 01609W102

B5Q3JZ HDFCB IN HDFC Bank Ltd 31.78 812,951 25,833,555.63 25,833,555.63 1.93 1.93 83,996.04 Financial Services Financial Services Financials Other Banks and Diversified

Financials

India INE040A01026 B5Q3JZ5

710306 NOVN SW Novartis AG 84.07 300,903 25,296,334.62 25,296,334.62 1.89 1.89 214,426.18 Health Care Health Care Health Care Pharmaceuticals Switzerland CH0012005267 7103065

B24CGK RB/ LN Reckitt Benckiser

Group PLC

89.21 277,573 24,763,404.15 24,763,404.15 1.85 1.85 63,027.10 Consumer Staples Consumer Staples Consumer Staples Consumer Products United Kingdom GB00B24CGK77 B24CGK7

BF8K6K LINU GY Linde AG 246.85 96,872 23,912,832.37 23,912,832.37 1.79 1.79 0.00 Basic Materials Capital Goods Materials Specialty Chemicals Germany DE000A2E4L75 BF8K6K8

545831 AKZA NA Akzo Nobel NV 92.50 250,015 23,125,283.68 23,125,283.68 1.73 1.73 23,661.26 Basic Materials Capital Goods Materials Specialty Chemicals Netherlands NL0000009132 5458314

483410 SU FP Schneider Electric

SE

80.50 272,678 21,950,048.37 21,950,048.37 1.64 1.64 46,604.89 Industrial Goods & Services Capital Goods Industrials Electrical Equipment France FR0000121972 4834108

550507 KER FP Kering SA 533.22 39,814 21,229,764.41 21,229,764.41 1.59 1.59 67,335.10 Retailing Consumer Cyclicals Consumer Discretionary Apparel Manufacturers France FR0000121485 5505072

BRJL17 UBSG SW UBS Group AG 16.48 1,248,362 20,569,636.95 20,569,636.95 1.54 1.54 63,513.23 Financial Services Financial Services Financials Major Banks Switzerland CH0244767585 BRJL176

B3MSM2 AMS SM Amadeus IT Group

SA

85.36 235,053 20,064,723.47 20,064,723.47 1.50 1.50 37,459.03 Technology Technology Information Technology Computer Systems Spain ES0109067019 B3MSM28

B1YXBJ AI FP Air Liquide SA 128.04 150,017 19,208,750.50 19,208,750.50 1.44 1.44 54,837.47 Basic Materials Capital Goods Materials Specialty Chemicals France FR0000120073 B1YXBJ7

B63H84 RR/ LN Rolls-Royce

Holdings PLC

13.01 1,411,201 18,356,014.26 18,356,014.26 1.37 1.37 24,318.52 Industrial Goods & Services Capital Goods Industrials Aerospace & Defense United Kingdom GB00B63H8491 B63H849

512907 FME GY Fresenius Medical

Care AG & Co

KGaA

97.69 180,398 17,622,629.44 17,622,629.44 1.32 1.32 30,108.84 Health Care Health Care Health Care Medical Services Germany DE0005785802 5129074

B19NLV EXPN LN Experian PLC 24.60 662,872 16,304,786.54 16,304,786.54 1.22 1.22 22,582.69 Special Products & Services Technology Industrials Business Services United Kingdom GB00B19NLV48 B19NLV4

617520 DBS SP DBS Group

Holdings Ltd

19.65 823,600 16,183,420.87 16,183,420.87 1.21 1.21 50,380.33 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Singapore SG1L01001701 6175203

677062 9984 JP SoftBank Group

Corp

82.82 191,300 15,842,579.26 15,842,579.26 1.19 1.19 91,151.63 Utilities & Communications Telecom / CATV Telecommunication Services Wireless Communications Japan JP3436100006 6770620

647453 2914 JP Japan Tobacco Inc 28.40 523,100 14,858,163.93 14,858,163.93 1.11 1.11 56,808.20 Consumer Staples Consumer Staples Consumer Staples Tobacco Japan JP3726800000 6474535

242104 GFNORTE

O

Grupo Financiero

Banorte SAB de CV

6.97 2,031,106 14,162,789.81 14,162,789.81 1.06 1.06 20,106.05 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Mexico MXP370711014 2421041

65365610 NICE US Nice Ltd ADR 109.40 129,209 14,135,464.60 14,135,464.60 1.06 1.06 6,712.02 Technology Technology Information Technology Computer Systems Israel US6536561086 653656108

648380 4452 JP Kao Corp 72.77 176,700 12,858,810.54 12,858,810.54 0.96 0.96 36,022.14 Consumer Staples Consumer Staples Consumer Staples Consumer Products Japan JP3205800000 6483809

BYXS69 QIA GY QIAGEN NV 36.24 350,936 12,717,273.69 12,717,273.69 0.95 0.95 8,210.01 Health Care Health Care Health Care Medical Equipment Germany NL0012169213 BYXS699

665760 OSH AU Oil Search Ltd 6.67 1,892,183 12,624,060.29 12,624,060.29 0.95 0.95 10,165.21 Energy Energy Energy Energy - Independent Australia PG0008579883 6657604

688507 4543 JP Terumo Corp 54.82 230,000 12,609,220.59 12,609,220.59 0.94 0.94 20,819.50 Health Care Health Care Health Care Medical Equipment Japan JP3546800008 6885074

59268810 MTD US Mettler-Toledo

International Inc

592.51 21,188 12,554,101.88 12,554,101.88 0.94 0.94 14,939.55 Industrial Goods & Services Capital Goods Health Care Electrical Equipment United States US5926881054 592688105

642910 6501 JP Hitachi Ltd 6.96 1,795,000 12,499,101.19 12,499,101.19 0.94 0.94 33,656.86 Technology Technology Information Technology Computer Systems Japan JP3788600009 6429104

B8KF9B WPP LN WPP PLC 15.65 797,899 12,483,605.40 12,483,605.40 0.93 0.93 19,868.86 Leisure Consumer Cyclicals Consumer Discretionary Broadcasting United Kingdom JE00B8KF9B49 B8KF9B4

317430 BRBY LN Burberry Group PLC 27.66 449,715 12,437,061.03 12,437,061.03 0.93 0.93 11,567.57 Retailing Consumer Cyclicals Consumer Discretionary Apparel Manufacturers United Kingdom GB0031743007 3174300

BYZWX7 CRDA LN Croda International

PLC

67.47 184,285 12,432,800.43 12,432,800.43 0.93 0.93 8,881.31 Basic Materials Capital Goods Materials Specialty Chemicals United Kingdom GB00BYZWX769 BYZWX76

B0JGGP ITC IN ITC Ltd 4.34 2,808,094 12,188,588.58 12,188,588.58 0.91 0.91 53,036.71 Consumer Staples Consumer Staples Consumer Staples Tobacco India INE154A01025 B0JGGP5

681789 9989 JP Sundrug Co Ltd 39.98 300,800 12,025,005.59 12,025,005.59 0.90 0.90 4,770.47 Retailing Consumer Cyclicals Consumer Staples Food & Drug Stores Japan JP3336600006 6817895

B1JB4K SY1 GY Symrise AG 90.37 129,634 11,714,683.38 11,714,683.38 0.88 0.88 11,730.83 Basic Materials Capital Goods Materials Specialty Chemicals Germany DE000SYM9999 B1JB4K8

533004 DSY FP Dassault Systemes

SE

149.44 76,789 11,475,573.15 11,475,573.15 0.86 0.86 39,085.48 Technology Technology Information Technology Computer Software France FR0000130650 5330047

B4YVF5 BNR GY Brenntag AG 59.96 185,739 11,137,703.17 11,137,703.17 0.83 0.83 9,264.48 Special Products & Services Technology Industrials Business Services Germany DE000A1DAHH0 B4YVF56

689746 5332 JP TOTO Ltd 46.59 238,300 11,103,546.04 11,103,546.04 0.83 0.83 8,246.41 Autos & Housing Capital Goods Industrials Homebuilding & Materials Japan JP3596200000 6897466

603773 8570 JP AEON Financial

Service Co Ltd

20.60 538,500 11,091,226.58 11,091,226.58 0.83 0.83 4,644.72 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Japan JP3131400008 6037734

BD6K45 CPG LN Compass Group

PLC

21.52 513,034 11,040,110.62 11,040,110.62 0.83 0.83 34,080.44 Special Products & Services Technology Consumer Discretionary Business Services United Kingdom GB00BD6K4575 BD6K457

HTG - MFS Heritage Trust Company Collective USD

Month End Date: 07/31/2018

ME Full Holdings Report

Run Date: Page 1 of 2

27

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Currency: HTG - MFS Heritage Trust Company Collective USD

ME Full Holdings Report

98850P10 YUMC US Yum China Holdings

Inc

36.08 304,593 10,989,715.44 10,989,715.44 0.82 0.82 13,929.77 Leisure Consumer Cyclicals Consumer Discretionary Restaurants China US98850P1093 98850P109

BHC8X9 NOVOB

DC

Novo Nordisk AS 49.93 213,736 10,670,784.60 10,670,784.60 0.80 0.80 122,016.94 Health Care Health Care Health Care Pharmaceuticals Denmark DK0060534915 BHC8X90

656039 035420 KS NAVER Corp 640.06 16,330 10,452,134.27 10,452,134.27 0.78 0.78 21,098.01 Technology Technology Information Technology Internet South Korea KR7035420009 6560393

B1W4V6 PRY IM Prysmian SpA 25.67 406,068 10,422,641.77 10,422,641.77 0.78 0.78 6,850.34 Industrial Goods & Services Capital Goods Industrials Electrical Equipment Italy IT0004176001 B1W4V69

B1FJ0C BXB AU Brambles Ltd 7.34 1,418,873 10,415,018.75 10,415,018.75 0.78 0.78 11,685.19 Basic Materials Capital Goods Industrials Containers Australia AU000000BXB1 B1FJ0C0

613674 4684 JP Obic Co Ltd 85.68 121,000 10,366,945.40 10,366,945.40 0.78 0.78 8,533.45 Technology Technology Information Technology Computer Software Japan JP3173400007 6136749

234539 RBA CN Ritchie Bros

Auctioneers Inc

33.26 304,009 10,112,210.81 10,112,210.81 0.76 0.76 3,584.74 Industrial Goods & Services Capital Goods Industrials Machinery & Tools Canada CA7677441056 2345390

BWXC0Z PPB LN Paddy Power

Betfair PLC

108.81 92,311 10,044,396.37 10,044,396.37 0.75 0.75 9,204.71 Leisure Consumer Cyclicals Consumer Discretionary Gaming & Lodging Ireland IE00BWT6H894 BWXC0Z1

455710 G1A GY GEA Group AG 39.06 254,392 9,935,607.73 9,935,607.73 0.74 0.74 7,049.36 Industrial Goods & Services Capital Goods Industrials Machinery & Tools Germany DE0006602006 4557104

697245 291 HK China Resources

Beer Holdings Co

Ltd

4.50 2,094,000 9,417,470.90 9,417,470.90 0.71 0.71 14,590.36 Consumer Staples Consumer Staples Consumer Staples Alcoholic Beverage China HK0291001490 6972459

B3NB1P SU CN Suncor Energy Inc 42.11 220,011 9,264,867.26 9,264,867.26 0.69 0.69 68,804.16 Energy Energy Energy Energy - Integrated Canada CA8672241079 B3NB1P2

653551 1193 HK China Resources

Gas Group Ltd

4.74 1,930,000 9,147,094.23 9,147,094.23 0.68 0.68 10,540.49 Utilities & Communications Energy Utilities Natural Gas Distribution China BMG2113B1081 6535517

438042 PUB FP Publicis Groupe SA 63.92 136,389 8,717,530.84 8,717,530.84 0.65 0.65 15,033.08 Leisure Consumer Cyclicals Consumer Discretionary Broadcasting France FR0000130577 4380429

223287 BAP US Credicorp Ltd 228.77 36,910 8,443,900.70 8,443,900.70 0.63 0.63 18,246.92 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Peru BMG2519Y1084 2232878

B4R2R5 BAER SW Julius Baer Group

Ltd

54.98 148,002 8,137,382.09 8,137,382.09 0.61 0.61 12,305.40 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Switzerland CH0102484968 B4R2R50

BF2DSG SIKA SW Sika AG 142.30 56,650 8,061,389.69 8,061,389.69 0.60 0.60 21,688.30 Basic Materials Capital Goods Materials Specialty Chemicals Switzerland CH0418792922 BF2DSG3

316383 ITRK LN Intertek Group PLC 77.18 102,349 7,899,084.98 7,899,084.98 0.59 0.59 12,455.98 Special Products & Services Technology Industrials Business Services United Kingdom GB0031638363 3163836

B11ZRK LR FP Legrand SA 73.48 93,039 6,836,687.52 6,836,687.52 0.51 0.51 19,634.18 Industrial Goods & Services Capital Goods Industrials Electrical Equipment France FR0010307819 B11ZRK9

616150 CTX AU Caltex Australia Ltd 24.19 247,176 5,979,299.16 5,979,299.16 0.45 0.45 6,313.72 Energy Energy Energy Energy - Independent Australia AU000000CTX1 6161503

B0JDQD 7832 JP Bandai Namco

Holdings Inc

39.93 147,100 5,874,001.70 5,874,001.70 0.44 0.44 8,864.90 Leisure Consumer Cyclicals Consumer Discretionary Leisure & Toys Japan JP3778630008 B0JDQD4

02319V10 ABEV US Ambev SA ADR 5.14 1,095,289 5,629,785.46 5,629,785.46 0.42 0.42 80,787.17 Consumer Staples Consumer Staples Consumer Staples Alcoholic Beverage Brazil US02319V1035 02319V103

637248 2454 TT MediaTek Inc 8.30 638,000 5,293,395.18 5,293,395.18 0.40 0.40 13,103.04 Technology Technology Information Technology Electronics Taiwan TW0002454006 6372480

M5136311 MLNX US Mellanox

Technologies Ltd

78.50 61,077 4,794,544.50 4,794,544.50 0.36 0.36 4,155.01 Technology Technology Information Technology Electronics United States IL0011017329 M51363113

451944 KOMB CP Komercni banka as 43.41 90,075 3,910,538.41 3,910,538.41 0.29 0.29 8,250.84 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Czech Republic CZ0008019106 4519449

B7FNMQ EFN CN Element Fleet

Management Corp

4.81 625,318 3,009,179.14 3,009,179.14 0.23 0.23 1,830.35 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Canada CA2861812014 B7FNMQ2

282239 GFINBURO Grupo Financiero

Inbursa SAB de CV

1.65 1,681,731 2,770,138.12 2,770,138.12 0.21 0.21 10,981.93 Financial Services Financial Services Financials Other Banks and Diversified

Financials

Mexico MXP370641013 2822398

B28XXH ADSEZ IN Adani Ports &

Special Economic

Zone Ltd

5.83 464,455 2,707,042.39 2,707,042.39 0.20 0.20 12,070.34 Transportation Capital Goods Industrials Railroad & Shipping India INE742F01042 B28XXH2

G5727910 LXFT US Luxoft Holding Inc 38.00 50,907 1,934,466.00 1,934,466.00 0.14 0.14 1,292.08 Technology Technology Information Technology Computer Systems United States VGG572791041 G57279104

264367 GMEXICO

B

Grupo Mexico SAB

de CV

3.14 321,104 1,009,601.18 1,009,601.18 0.08 0.08 24,477.60 Basic Materials Capital Goods Materials Metals & Mining Mexico MXP370841019 2643674

CASH CASH Cash & Cash

Equivalents

1.00 15,547,690 15,547,690.28 15,547,690.28 1.16 1.16 0.00 Cash & Cash Equivalents Cash & Cash Equivalents Cash & Cash Equivalents Cash & Cash Equivalents Cash & Cash

Equivalents

Portfolio characteristics reflect its market value, and is not based on equivalent exposure, which may differ.

Run Date: Page 2 of 2

28

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Bay County Employees' Retirement System

MFS® Heritage Trust Company CIT - MFS International Growth Fund

Class 1 Shares

Report as of 31 July 2018

Performance results (%) class 1 shares net of fees (USD)

Period Portfolio net Benchmark^ Excess^^

July 2.74 1.72 1.03

2Q 2018 2.47 -1.42 3.89

1Q 2018 -1.13 -0.87 -0.26

2018 YTD 4.09 -0.60 4.69

1 year 13.62 8.04 5.58

3 year 9.91 7.07 2.83

Since client inception (06-Aug-14) 8.05 5.60 2.45

Source for benchmark performance SPAR, FactSet Research Systems Inc.

All periods greater than one year are annualized.

Past performance is no guarantee of future results.

^ MSCI All Country World (ex-US) Growth Index (net div)

^^ Excess return net vs benchmark (%)

FOR EXISTING INSTITUTIONAL CLIENT USE ONLY.

MFS Heritage Trust Company

31012

29

Page 32: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

FOR MORE INFORMATION CONTACT

Thomas Shanley, Client Service Manager

Phone: 617-954-7492

Email: [email protected]

Kimberly Hyland, Managing Director, Global Client Group

Phone: 617-954-5575

Email: [email protected]

Benchmark^PortfolioPerformance results (%) class 1 shares net of fees (USD) Excess returns

July 2018 1.722.74 1.02

2018 YTD -0.604.09 4.69

1 year 8.0413.62 5.58

3 year 7.079.91 2.84

Since client inception (06-Aug-14) 5.608.05 2.45

31 July 2018

Bay County Employees' Retirement SystemMFS® Heritage Trust Company CIT - MFS International Growth Fund

(Class 1 Shares)

MFS ® Heritage Trust Company CIT - MFS International Growth Fund

33470PSR-HTG–31-Jul-18

Source for benchmark performance SPAR, FactSet Research Systems Inc.

All periods greater than one year are annualized.Past performance is no guarantee of future results.

FOR EXISTING INSTITUTIONAL CLIENT USE ONLY.

MSCI All Country World (ex-US) Growth Index (net div)

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's

performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

Asset summary (USD)

Beginning value as of 30-Jun-18 34,403,369

Contributions 0

Withdrawals 0

Change in market value +965,431

Ending value as of 31-Jul-18 35,368,800

Top 10 issuers Sector

Consumer StaplesNESTLE SA

Health CareROCHE HOLDING AG

TechnologySAP SE

TechnologyTAIWAN SEMICONDUCTOR

MANUFACTURING CO LTD

Financial ServicesAIA GROUP LTD

Special Products & ServicesACCENTURE PLC

Consumer StaplesL'OREAL SA

TransportationCANADIAN NATIONAL RAILWAY CO

RetailingLVMH MOET HENNESSY

TechnologyBAIDU INC

Characteristics Portfolio Benchmark^^

Fundamentals - weighted median

IBES long-term EPS growth 9.1% 10.3%IBES long-term EPS growth

Price/earnings (12 months forward ex-negative earnings)20.0x 19.8xPrice/earnings (12 months forward ex-negative

earnings)

Return on invested capital 11.3% 10.9%Return on invested capital

Market capitalization

Market capitalization (USD) 54.9 bn 32.4 bnMarket capitalization (USD) 1

Diversification

Number of holdings 80 1,143Number of holdings

Turnover

Trailing 1 year turnover 22% –Trailing 1 year turnover 2

Risk profile (current)

Barra predicted tracking error 2.65% –Barra predicted tracking error 3

Risk/reward (since inception)

Information ratio 0.98 –Information ratio 4

Weighted median.

(Lesser of Purchase or Sales)/Average Month End Market Value

Source: Barra

Since inception, based on first full month of performance.

No forecasts can be guaranteed.

Portfolio characteristics are based on equivalent exposure, which measures how

a portfolio's value would change due to price changes in an asset held either

directly or, in the case of a derivative contract, indirectly. The market value of the

holding may differ.

MSCI All Country World (ex-US) Growth Index^^

^

1 Weighted median.2 (Lesser of Purchase or Sales)/Average Month End Market Value3 Source: Barra4 Since inception, based on first full month of performance.

130

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FOR EXISTING INSTITUTIONAL CLIENT USE ONLY.

MFS Heritage Trust Company

31 July 2018

Bay County Employees' Retirement SystemMFS® Heritage Trust Company CIT - MFS International Growth Fund

(Class 1 Shares)

MFS ® Heritage Trust Company CIT - MFS International Growth Fund

PSR-HTG–31-Jul-18

Sectors (%) Portfolio Benchmark^^

Consumer Staples 18.6 12.1

Technology 17.2 19.1

Health Care 13.2 9.3

Financial Services 11.5 12.0

Basic Materials 8.2 7.7

Industrial Goods & Services 6.8 8.8

Special Products & Services 6.4 4.1

Retailing 5.8 8.1

Leisure 3.6 4.7

Transportation 2.7 3.8

Energy 2.1 2.3

Utilities & Communications 1.9 3.9

Autos & Housing 0.8 4.1

Regions (%) Portfolio Benchmark^^

Europe ex-U.K. 46.9 35.7

Emerging Markets 16.4 24.8

United Kingdom 10.6 8.4

Japan 8.9 16.0

North America 8.5 6.6

Asia/Pacific ex-Japan 6.4 8.1

Developed - Middle East/Africa 1.1 0.3

1.2% Cash & cash equivalents

MSCI All Country World (ex-US) Growth Index^^

FOR MORE INFORMATION CONTACT

Thomas Shanley, Client Service Manager

Phone: 617-954-7492

Email: [email protected]

Kimberly Hyland, Managing Director, Global Client Group

Phone: 617-954-5575

Email: [email protected]

Portfolio and benchmark data shown is based on MFS' sector/industry classification methodology, which differs from the benchmark's.

231

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MFS HERITAGE TRUST COMPANY

Account Statement07/01/2018 - 07/31/2018

Page 1 of 2

Registration: BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM (BCERS)

Account Number: 193

193 BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

IDXA00041 3BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM (BCERS)

IDXBPETER BROWN

IDX320180731

IDX4193

193

386255925

MFS HERITAGE TRUST COMPANY

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

(BCERS)

PETER BROWNC/O THE BOGDAHN GROUP5000 ROCKSIDE RD, STE 320INDEPENDENCE, OH 44131

Account Summary - Period

Fund Name07/31/2018

NAVBeginning

Market ValuePeriod

PurchasesPeriod

RedemptionsEnding

UnitsEnding

Market Value

MFS INTERNATIONAL GROWTH FUND CL 1 $178.78 $34,403,369.12 $0.00 ($0.00) 197,834.210 $35,368,800.06

Account Total $34,403,369.12 $35,368,800.06

Account Summary - YTD

Fund NameYTD

PurchasesYTD

RedemptionsAccountInception

MFS INTERNATIONAL GROWTH FUND CL 1 $0.00 ($0.00) 08/06/14

32

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MFS HERITAGE TRUST COMPANY

Account Statement07/01/2018 - 07/31/2018

Page 2 of 2

193 BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Transaction History

Trade Date Transaction TypeGross

AmountNet

Amount NAVTransaction

UnitsTotalUnits

MFS INTERNATIONAL GROWTH FUND CL 1— There are no transactions for this section —

Message

Please contact your MFS relationship team for any questions regarding your account statementor transaction confirm.

33

Page 36: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

PRISA | 2Q 2018 | REF: 18BSERR-B3EKNS

Confi dential information. Not for further distribution.

PRISA Composite

4

-2%

0%

2%

4%

6%

8%

10%

12%

14%

1.80%2.05%

8.62% 8.44%

9.67% 9.37%

11.35% 11.04% 11.59% 11.39%

4.78%5.29%

8.96% 8.72%

9.01%

N/A

Current

Quarter

1-Year 3-Year 5-Year 10-Year7-Year Since PRISA

Inception

Since NFI-ODCE

Inception

Income Appreciation

PRISA NFI-ODCE

PRISA NFI-ODCE

PRISA NFI-ODCE

PRISA NFI-ODCE

PRISA NFI-ODCE

PRISA NFI-ODCE

PRISA NFI-ODCE

PRISA NFI-ODCE

1.12%

0.69%1.00%1.05%

4.56%

3.92% 4.01%

4.29% 4.63%

4.87% 4.76%

4.44% 4.83%

6.29% 6.13%

4.68% 5.00%

6.35% 6.28%

4.87% 5.48%

-0.69%

5.20%

7.58%

1.30% 1.44%

7.19% 7.64%

1.30%

0.08%

PRISA Composite Portfolio Overview1

Transaction Activity 2Q18 YTD

Acquisitions (Gross) $597.4M $622.5M

Dispositions (Gross) 273.2M 296.0M

Client Activity 2Q18 YTD

Deposits $269.5M $486.8M

Cash Flow Reinvested 85.0M 166.4M

Withdrawals 353.1M 643.5M

Cash Flow Distributions 94.3M 185.5M

PRISA Composite Snapshot 2Q18

Gross Asset Value $25.1B

Net Asset Value $20.1B

Cash Balance (as a % of NAV) 3.0%

Leverage Ratio2 20.3%

Number of Investments 269

Number of Investors 332

Portfolio Results 2Q18 YTD 2018 Target

Income Return 1.12% 2.22% 4.50% – 5.00%

Appreciation Return 0.69% 2.01% 1.50% – 3.00%

Total Return3 1.80% 4.26% 6.00% – 8.00%

Cash Flow Return 0.90% 1.78% 3.50% – 4.00%

PRISA Composite PerformancePerformance Highlights

PRISA’s income return exceeded the NFI-ODCE benchmark by 7 bps, but appreciation trailed, resulting in total return underperformance of 25 bps for the quarter. However, the Fund’s one-year return of 8.62% outperformed by 18 bps. PRISA’s longer-term relative performance also remains positive. Total returns exceed NFI-ODCE’s in the three, fi ve, seven-year and since-NFI-ODCE-inception time periods, with income returns exceeding the benchmark across all key time periods.

PERFORMANCE VS. BENCHMARK4 FOR THE PERIODS ENDING JUNE 30, 2018

1 PRISA Composite represents combined assets held by PRISA SA and PRISA LP.

2 The Fund leverage ratio calculation is prepared and presented in this report in accordance with the portfolio investment guidelines. Detailed calculations and/or reconciliations to the balance

sheet of the Fund can be found in the Appendix.

3 Total net target returns of 5.0% to 7.0%. Target returns are not guaranteed.

4 Benchmark represents NFI-ODCE. NFI-ODCE returns based on the fi nal report published by NCREIF on July 30, 2018.

Note: Past performance is not a guarantee or a reliable indicator of future results. For illustrative purposes only; Investors should not rely on the PRISA Composite information for any reason.

34

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PRISA | 2Q 2018 | REF: 18BSERR-B3EKNS

Confi dential information. Not for further distribution.

PRISA Composite

5

James GlenPortfolio Manager

Catherine MinorAssistant

Portfolio Manager

Letter From the Portfolio Managers

Frank E. GarciaSr. Portfolio Manager

Joanna MulfordPortfolio Manager,

PRISA Chief

Financial Offi cer

To Our Clients and Their Consultants:

Core real estate returns decelerated modestly in the second quarter, following a strong start to

the year. The NFI-ODCE Index continues to post healthy performance with annualized returns at

normalized levels in the high single-digit territory, driven more by income than appreciation. The

macro backdrop remains supportive, characterized by an acceleration of economic growth this year

coupled with broad based job growth. Overall, real estate market fundamentals are in good shape,

evidenced by stable occupancies near historically high levels and rising rents. Interest rates are

edging upward, but generally remain low by historical standards and cap rates are stable.

In this environment, PRISA’s income return of 1.12% again exceeded the benchmark’s,

but slower appreciation of 0.69% for the quarter led to the Fund’s total return of 1.80%

underperforming by 25 bps. Despite slight underperformance in the second quarter, PRISA

continues to outperform the benchmark on the one, three, fi ve and seven-year and since NFI-

ODCE inception time periods. The Fund’s income return also continues to outperform across all

key time periods.

We are pleased with the Fund’s outperformance this cycle given our sound risk positioning.

PRISA’s leverage remains below the benchmark at 20.3%, and our non-core exposure is just

inside of our 10% guideline based on total committed dollars, which is about average versus our

peer group based on invested exposure. We remain committed to our strategy of positioning the

Fund for this mature phase of the cycle and are not stretching in search of yield.

Transactions activity picked up in the second quarter, allowing us to make further progress with

the Fund’s strategic weightings. We increased our exposure to apartments and industrial through

several key acquisitions including: the purchase of a four-property workforce housing apartment

portfolio in South Florida; the commencement of vertical construction on a trophy build-to-core

apartment development in Redwood City, CA; and, a new JV providing the opportunity to develop

up to an 8-building industrial portfolio (6M sf) within the largest inland port in North America,

the CenterPoint Intermodal Center in the Chicago metro area.

Over the past year, we have increased PRISA’s exposure to apartments by 380 bps and

industrial by 130 bps. We remain underweight to retail and, after lowering our exposure to offi ce

by 350 bps over the past year, are now positioned slightly below the benchmark. The sale of

1111 Brickell in Miami, FL this quarter was consistent with our strategy of moving back to an

underweight to offi ce through the sale of tactical investments.

Leasing was active across the portfolio this quarter. Same-property occupancy climbed almost

100 bps year-over-year to 92.7%. Recent gains were widespread, led by Apartments, Industrial

and Offi ce. Gains in occupancy are supporting steady same-property NOI growth, which rose

5.5% YTD, exceeding our budget. Industrial continues to outperform in terms of NOI growth and

total returns - a trend that has been consistent since 2011. Increased supply in the apartment

and storage sectors has led to a deceleration in NOI growth, but we remain optimistic about

these property types’ risk-adjusted returns long term. The retail sector is facing more structural

headwinds, which was a drag on appreciation this quarter.

We continue to see signifi cant interest in the Fund from prospective investors, including many

non-U.S. clients. Capital fl ow activity is still elevated while remaining roughly neutral overall for

the quarter and year to date. We currently do not have an entry nor exit queue but continue to

monitor capital fl ow activity and the fund’s cash closely.

Going forward, we expect economic growth to continue to support favorable real estate

fundamentals, but we also recognize the cycle is past its midpoint and returns are likely to

remain at more normalized levels. As such, we continue to focus on durable income, our long-

term strategic positioning and our risk guidelines. We believe the Fund is well positioned in this

environment and expect to deliver returns at or above the midpoint of the 6.0% to 8.0%1 range

for 2018, led by income.

We appreciate the opportunity to invest on your behalf and thank you for your continued support.

1 Total net target returns of 5.0% to 7.0%. Target returns are not guaranteed.

Note: Targets are not guaranteed. Past performance is not a guarantee or a reliable indicator of future results. There is no guarantee that returns for these or similar investments in the future

will be achieved.

35

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PRISA | 2Q 2018 | REF: 18BSERR-B3EKNS

Confi dential information. Not for further distribution.

PRISA Composite

6

PRISA Composite Diversifi cationGeographic & Property Type

PROPERTY TYPE DIVERSIFICATION2

1 NFI-ODCE does not publish detailed property information. Market information is based on CSA defi nitions and calculated by extracting NFI-ODCE property data from the NCREIF Research

Database. Final NFI-ODCE data is based on the fi nal report published by NCREIF on July 30, 2018.

2 Based on PRISA’s share of gross market value in properties and debt investments.

3 Diversifi cation as of 2Q18 is based on gross market value in the NCREIF Performance Attribution Report. Data is preliminary and subject to change.

4 Other includes Harbor Garage, Land, and tax incentive notes connected to real estate investments.

5 NCREIF Region.

PRISA

NFI-

ODCE3

Relative

Exposure

Offi ce 17.3M SF 36.8% 37.3% -50 bps

Apartment 14,875 Units 24.2% 25.5% -130 bps

Retail 12.4M SF 15.7% 18.1% -240 bps

Industrial 27.7M SF 14.6% 15.0% -40 bps

Storage 7.9M SF 6.5% 2.2% 430 bps

Other4 N/A 2.2% 1.9% 30 bps

PRISA

NFI-

ODCE3

Relative

Exposure

Pacifi c 32.9% 34.2% -130 bps

Northeast 26.8% 23.6% 320 bps

Southeast 14.0% 8.9% 510 bps

Mideast 12.1% 9.1% 300 bps

E.N. Central 6.8% 8.0% -120 bps

Southwest 4.8% 9.6% -480 bps

Mountain 1.5% 5.4% -390 bps

W.N. Central 1.1% 1.2% -10 bps

Geographic Diversifi cation by Strategic Markets

PRISA is focused on investing in strategic markets where supply constraints and economic drivers of demand are likely to result in strong long-term operating fundamentals and superior risk adjusted returns. PRISA’s strategic markets are the gateway markets of New York, Los Angeles, Washington D.C., San Francisco, Chicago, Boston and Miami. PRISA overweights its Strategic Markets at 76% relative to NFI-ODCE (66%).1 PRISA also invests in select dynamic, secondary markets in order to achieve diversifi cation benefi ts, as well as to participate in outsized performance during diff erent points in the cycle.

GEOGRAPHIC DIVERSIFICATION2,5

PROPERTY LIFECYCLE2 INVESTMENT STRUCTURE2

92.2% Operating

4.1% Leasing

2.1% Development

1.3% Pre-Development

0.3% Debt Investments

53.4% Wholly Owned

46.3% Joint Venture

0.3% Debt Investments

36

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>

>

Abel Noser LLC One Battery Park Plaza, 6th Floor New York, NY 10004-1405 phone: 646.432.4000 800.322.2610 fax: 212.363.7571 website: www.abelnoser.com

Date 8/21/2018Page 1 of 1

Commission Program ReviewRep: MARY DAVIDSON

Ms. Crystal HerbertBay County Financial OfficerBay County Retirement System515 Center AvenueSuite 701Bay City, MO 48708

Month Summary: BAY COUNTY EMPLOYEES RETIREMENT SYSTEM

Period: July 1, 2018 To July 31, 2018

July 2018 Year To DateOpening Balance: $0.00 $0.00*

Commission: $0.00 $0.00Credit: $0.00$0.00Payments: $0.00 $0.00Adjustments: $0.00 $0.00Ending Balance: $0.00$0.00*Previous Year's closing balance

Are you considering making a portfolio change soon? Contact your Abel Noser representative [email protected] for information about our Transition Service which was rated #1 in the'Overall Service' category in the 2013 aiCIO Global TM Survey.

In order to comply with ERISA; It is our understanding that the monies disbursed from your commission recapture account are for the exclusive benefit of the plan's participants and their beneficiaries. Please contact us if you see there are any exceptions to this compliance.

Member New York Stock Exchange and other Principle Exchanges, FINRA/SIPC37

Page 40: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

July YTD July YTD July YTD

Beginning Balance $285.67 $335.61

U.S. Equity - 607.96 - 174.20 - 433.76

International Equity - - - - - -

Fixed Income - - - - - -

International Fixed Income - - - - - -

New Issues - - - - - -

Options - - - - - -

Futures - - - - - -

Foreign Currency - - - - - -

Syndicates - - - - - -

U.S. Correspondent Equity - 1,791.04 - 919.84 - 871.20

Recapture Subtotals $ 0.00 $ 2,399.00 $ 0.00 $ 1,094.04 $ 0.00 $ 1,304.96

TOTAL COMMISSION COMMISSION ALLOCATION

Execution Recapture

Total Earned $ 0.00 $ 1,304.96

Total Redeemed $ 285.67 $ 1,640.57

Execution $ 0.00 $ 0.00

Directed $ 0.00 $ 0.00

Correspondent Broker/Dealer $ 0.00 $ 0.00

Total $ 0.00 $ 2,399.00

$ 0.00 $ 0.00Balance as of 7/31/2018

Account Executive: Jon Lantz

Phone: (214) 978-4778

Page 1Sales Assistant: Caran Chaney

Phone: (214) 978-4721

Bay County Employees' Ret. Sys.CAPIS Account: 10263

Member NYSE, FINRA, NFA, SIPCWBENC Certified Women-Owned

1700 Pacific Avenue, Suite 1100Dallas, Texas 75201

214.720.0055800.247.6729 .

.

Founded 1977

Settlement Month Ending: 7/31/2018

38

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Summary of Segregated Account Detail

July YTD

Payment from Segregated Account $ 285.67 $ 1,640.57

$ 285.67 $ 1,640.57

Segregated Account DetailVoucher Amount

ServicePeriod Comments/Notes Vendor Invoice # Date Paid* July Prior Months YTD

MixedUse %

Payment from Segregated Account

December 2017 Commission Recapture 317025Bay Count 01/12/2018 $ 335.61

January 2018 Commission Recapture 317501Bay Count 02/15/2018 $ 134.46

March 2018 Commission Recapture 318299Bay Count 04/13/2018 $ 523.12

April 2018 Commission Recapture 318716Bay Count 05/15/2018 $ 361.71

June 2018 Commission Recapture 319508Bay Count 07/13/2018 $ 285.67

Payment from Segregated Account Total $ 285.67 $ 1,354.90 $ 1,640.57

*An asterick next to the paid date reflects the approved date. Payment currently pending. Grand Total $ 285.67 $ 1,354.90 $ 1,640.57

Account Executive: Jon Lantz

Phone: (214) 978-4778

Page 2Sales Assistant: Caran Chaney

Phone: (214) 978-4721

Bay County Employees' Ret. Sys.CAPIS Account: 10263

Member NYSE, FINRA, NFA, SIPCWBENC Certified Women-Owned

1700 Pacific Avenue, Suite 1100Dallas, Texas 75201

214.720.0055800.247.6729 .

.

Founded 1977

Settlement Month Ending: 7/31/2018

39

Page 42: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

Summary of Directed Commission by Manager

Columbia Threadneedle Investments 0 $0.00 $1,791.04 $0.00 $871.20

Henderson Geneva 0 0.00 607.96 0.00 433.76

0 $ 0.00 $ 2,399.00 $ 0.00 $ 1,304.96

July

Recapture Allocation

July

Commission

Shares YTD YTD

Account Executive: Jon Lantz

Phone: (214) 978-4778

Page 3Sales Assistant: Caran Chaney

Phone: (214) 978-4721

Bay County Employees' Ret. Sys.CAPIS Account: 10263

Member NYSE, FINRA, NFA, SIPCWBENC Certified Women-Owned

1700 Pacific Avenue, Suite 1100Dallas, Texas 75201

214.720.0055800.247.6729 .

.

Founded 1977

Settlement Month Ending: 7/31/2018

40

Page 43: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

SECURITIES LOAN STATEMENT

July 2018

Account Officer : DANIEL BERD

TOTAL EARNINGS $16,692.90

LESS TOTAL REBATE $15,272.93

TOTAL GROSS $1,419.97

LESS BANK FEE $354.49

TOTAL NET EARNINGS $1,065.48

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page1 of 15

41

Page 44: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

Account: 1055082193

G0408V10207/10/2018

AON PLC,

3,072 146.00 448,512.00 07/10/2018 1.9100 2.03408 23.80 25.34

Total Earnings 25.34

Less Total Rebate 23.80

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 0.38

DTC USD Citigroup Global Markets Inc 418 95276 07/11/2018 Net Earnings 1.16

33773810807/26/2018

FISERV INC,

4,234 80.00 338,720.00 07/26/2018 1.8100 2.03762 17.03 19.17

4,234 79.00 334,486.00 07/27/2018 1.8100 2.03897 16.82 18.94

4,234 79.00 334,486.00 07/28/2018 1.8100 2.03141 16.82 18.87

4,234 79.00 334,486.00 07/29/2018 1.8100 2.03141 16.82 18.87

4,234 78.00 330,252.00 07/30/2018 1.8100 2.04290 16.60 18.74

4,234 76.00 321,784.00 07/31/2018 1.8100 2.04434 16.18 18.27

Total Earnings 112.86

Less Total Rebate 100.27

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 3.13

DTC USD Citigroup Global Markets Inc 418 96782 08/06/2018 Net Earnings 9.46

57190320207/17/2018

MARRIOTT INTERNATIONAL -CL A,

2,742 134.00 367,428.00 07/17/2018 1.8100 2.05584 18.47 20.98

2,742 134.00 367,428.00 07/18/2018 1.8100 2.03723 18.47 20.79

2,742 136.00 372,912.00 07/19/2018 1.8100 2.03602 18.75 21.09

2,742 136.00 372,912.00 07/20/2018 1.8100 2.02973 18.75 21.03

2,742 136.00 372,912.00 07/21/2018 1.8100 2.02973 18.75 21.03

2,742 136.00 372,912.00 07/22/2018 1.8100 2.02973 18.75 21.03

Total Earnings 125.95

Less Total Rebate 111.94

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 3.50

DTC USD Citigroup Global Markets Inc 418 95937 07/23/2018 Net Earnings 10.51

71426420707/05/2018

PERNOD-RICARD SA-UNSPON ADR,

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page2 of 15

42

Page 45: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

1,900 33.00 62,700.00 07/05/2018 -10.3750 2.04460 -18.07 3.56

1,900 33.00 62,700.00 07/06/2018 -10.3750 2.02212 -18.07 3.52

1,900 33.00 62,700.00 07/07/2018 -10.3750 2.02212 -18.07 3.52

1,900 33.00 62,700.00 07/08/2018 -10.3750 2.02212 -18.07 3.52

1,900 34.00 64,600.00 07/09/2018 -10.3750 2.02256 -18.62 3.63

100 33.00 3,300.00 07/10/2018 -10.3750 2.03408 -0.95 0.19

Total Earnings 17.94

Less Total Rebate -91.85

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 27.45

DTC USD J.P. Morgan Clearing Corp. 352 94795 07/11/2018 Net Earnings 82.34

71426420707/31/2018

PERNOD-RICARD SA-UNSPON ADR,

1,000 33.00 33,000.00 07/31/2018 -13.2500 2.04434 -12.15 1.87

Total Earnings 1.87

Less Total Rebate -12.15

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 3.50

DTC USD J.P. Morgan Clearing Corp. 352 97064 08/02/2018 Net Earnings 10.52

79466L30207/11/2018

SALESFORCE.COM INC,

7,036 146.00 1,027,256.00 07/11/2018 1.8100 2.04181 51.65 58.26

Total Earnings 58.26

Less Total Rebate 51.65

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 1.65

DTC USD Citigroup Global Markets Inc 418 95375 07/17/2018 Net Earnings 4.96

Account : 1055082193 Total Earnings 342.22

Less Total Rebate 183.66

Total Gross 158.56

Less Bank Fee at 25 39.61

Net Earnings 118.95

Account: 1055082219

33773810807/26/2018

FISERV INC,

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page3 of 15

43

Page 46: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

8,997 80.00 719,760.00 07/26/2018 1.8100 2.03762 36.19 40.74

8,997 79.00 710,763.00 07/27/2018 1.8100 2.03897 35.74 40.26

8,997 79.00 710,763.00 07/28/2018 1.8100 2.03141 35.74 40.11

8,997 79.00 710,763.00 07/29/2018 1.8100 2.03141 35.74 40.11

8,997 78.00 701,766.00 07/30/2018 1.8100 2.04290 35.28 39.82

8,997 76.00 683,772.00 07/31/2018 1.8100 2.04434 34.38 38.83

Total Earnings 239.87

Less Total Rebate 213.07

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 6.69

DTC USD Citigroup Global Markets Inc 418 96782 08/06/2018 Net Earnings 20.11

Account : 1055082219 Total Earnings 239.87

Less Total Rebate 213.07

Total Gross 26.80

Less Bank Fee at 25 6.69

Net Earnings 20.11

Account: 1055082228

81752R10006/18/2018

SERITAGE GROWTH PROP- A REIT,

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page4 of 15

44

Page 47: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

11,700 44.00 514,800.00 07/01/2018 0.5000 2.03453 7.15 29.09

11,700 44.00 514,800.00 07/02/2018 0.5000 2.07293 7.15 29.64

11,700 44.00 514,800.00 07/03/2018 0.5000 2.04925 7.15 29.30

11,700 44.00 514,800.00 07/04/2018 0.5000 2.04925 7.15 29.30

11,700 45.00 526,500.00 07/05/2018 0.5000 2.04460 7.31 29.90

11,700 45.00 526,500.00 07/06/2018 0.5000 2.02212 7.31 29.57

11,700 45.00 526,500.00 07/07/2018 0.5000 2.02212 7.31 29.57

11,700 45.00 526,500.00 07/08/2018 0.5000 2.02212 7.31 29.57

11,700 45.00 526,500.00 07/09/2018 0.5000 2.02256 7.31 29.58

11,700 45.00 526,500.00 07/10/2018 0.5000 2.03408 7.31 29.75

11,700 44.00 514,800.00 07/11/2018 0.5000 2.04181 7.15 29.20

11,700 44.00 514,800.00 07/12/2018 0.5000 2.04485 7.15 29.24

11,700 45.00 526,500.00 07/13/2018 0.5000 2.03808 7.31 29.81

11,700 45.00 526,500.00 07/14/2018 0.5000 2.03808 7.31 29.81

11,700 45.00 526,500.00 07/15/2018 0.5000 2.03808 7.31 29.81

11,700 45.00 526,500.00 07/16/2018 0.5000 2.03425 7.31 29.75

11,700 44.00 514,800.00 07/17/2018 0.5000 2.05584 7.15 29.40

11,700 44.00 514,800.00 07/18/2018 0.5000 2.03723 7.15 29.13

11,700 44.00 514,800.00 07/19/2018 0.5000 2.03602 7.15 29.12

11,700 44.00 514,800.00 07/20/2018 0.5000 2.02973 7.15 29.03

11,700 44.00 514,800.00 07/21/2018 0.5000 2.02973 7.15 29.03

11,700 44.00 514,800.00 07/22/2018 0.5000 2.02973 7.15 29.03

11,700 44.00 514,800.00 07/23/2018 0.5000 2.03072 7.15 29.04

11,700 45.00 526,500.00 07/24/2018 0.5000 2.05020 7.31 29.98

11,700 45.00 526,500.00 07/25/2018 0.5000 2.05472 7.31 30.05

11,700 44.00 514,800.00 07/26/2018 0.5000 2.03762 7.15 29.14

11,700 44.00 514,800.00 07/27/2018 0.5000 2.03897 7.15 29.16

11,700 44.00 514,800.00 07/28/2018 0.5000 2.03141 7.15 29.05

11,700 44.00 514,800.00 07/29/2018 0.5000 2.03141 7.15 29.05

11,700 43.00 503,100.00 07/30/2018 0.5000 2.04290 6.99 28.55

11,700 43.00 503,100.00 07/31/2018 0.5000 2.04434 6.99 28.57

Total Earnings 910.22

Less Total Rebate 223.25

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 171.68

DTC USD J.P. Morgan Clearing Corp. 352 93225 Net Earnings 515.29

Account : 1055082228 Total Earnings 910.22

Less Total Rebate 223.25

Total Gross 686.97

Less Bank Fee at 25 171.68

Net Earnings 515.29

Account: 1055082237

81752R10006/18/2018

SERITAGE GROWTH PROP- A REIT,

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page5 of 15

45

Page 48: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

3,088 44.00 135,872.00 07/01/2018 0.5000 2.03453 1.89 7.68

3,088 44.00 135,872.00 07/02/2018 0.5000 2.07293 1.89 7.82

3,088 44.00 135,872.00 07/03/2018 0.5000 2.04925 1.89 7.73

3,088 44.00 135,872.00 07/04/2018 0.5000 2.04925 1.89 7.73

3,088 45.00 138,960.00 07/05/2018 0.5000 2.04460 1.93 7.89

3,088 45.00 138,960.00 07/06/2018 0.5000 2.02212 1.93 7.81

3,088 45.00 138,960.00 07/07/2018 0.5000 2.02212 1.93 7.81

3,088 45.00 138,960.00 07/08/2018 0.5000 2.02212 1.93 7.81

3,088 45.00 138,960.00 07/09/2018 0.5000 2.02256 1.93 7.81

3,088 45.00 138,960.00 07/10/2018 0.5000 2.03408 1.93 7.85

3,088 44.00 135,872.00 07/11/2018 0.5000 2.04181 1.89 7.71

3,088 44.00 135,872.00 07/12/2018 0.5000 2.04485 1.89 7.72

3,088 45.00 138,960.00 07/13/2018 0.5000 2.03808 1.93 7.87

3,088 45.00 138,960.00 07/14/2018 0.5000 2.03808 1.93 7.87

3,088 45.00 138,960.00 07/15/2018 0.5000 2.03808 1.93 7.87

3,088 45.00 138,960.00 07/16/2018 0.5000 2.03425 1.93 7.85

3,088 44.00 135,872.00 07/17/2018 0.5000 2.05584 1.89 7.76

3,088 44.00 135,872.00 07/18/2018 0.5000 2.03723 1.89 7.69

3,088 44.00 135,872.00 07/19/2018 0.5000 2.03602 1.89 7.68

3,088 44.00 135,872.00 07/20/2018 0.5000 2.02973 1.89 7.66

3,088 44.00 135,872.00 07/21/2018 0.5000 2.02973 1.89 7.66

3,088 44.00 135,872.00 07/22/2018 0.5000 2.02973 1.89 7.66

3,088 44.00 135,872.00 07/23/2018 0.5000 2.03072 1.89 7.66

3,088 45.00 138,960.00 07/24/2018 0.5000 2.05020 1.93 7.91

3,088 45.00 138,960.00 07/25/2018 0.5000 2.05472 1.93 7.93

3,088 44.00 135,872.00 07/26/2018 0.5000 2.03762 1.89 7.69

3,088 44.00 135,872.00 07/27/2018 0.5000 2.03897 1.89 7.70

3,088 44.00 135,872.00 07/28/2018 0.5000 2.03141 1.89 7.67

3,088 44.00 135,872.00 07/29/2018 0.5000 2.03141 1.89 7.67

3,088 43.00 132,784.00 07/30/2018 0.5000 2.04290 1.84 7.54

3,088 43.00 132,784.00 07/31/2018 0.5000 2.04434 1.84 7.54

Total Earnings 240.25

Less Total Rebate 58.97

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 45.27

DTC USD J.P. Morgan Clearing Corp. 352 93225 Net Earnings 136.01

Account : 1055082237 Total Earnings 240.25

Less Total Rebate 58.97

Total Gross 181.28

Less Bank Fee at 25 45.27

Net Earnings 136.01

Account: 1055082255

9128284N707/06/2018

US TREASURY N/B2.875, 05/15/2028

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page6 of 15

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CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

135,000 102.75 138,712.50 07/06/2018 2.0200 2.02212 7.78 7.79

135,000 102.75 138,712.50 07/07/2018 2.0200 2.02212 7.78 7.79

135,000 102.75 138,712.50 07/08/2018 2.0200 2.02212 7.78 7.79

135,000 102.75 138,712.50 07/09/2018 1.9800 2.02256 7.63 7.79

135,000 102.75 138,712.50 07/10/2018 1.9800 2.03408 7.63 7.84

135,000 102.75 138,712.50 07/11/2018 1.8500 2.04181 7.13 7.87

135,000 102.75 138,712.50 07/12/2018 1.9100 2.04485 7.36 7.88

135,000 102.75 138,712.50 07/13/2018 1.8700 2.03808 7.21 7.85

135,000 102.75 138,712.50 07/14/2018 1.8700 2.03808 7.21 7.85

135,000 102.75 138,712.50 07/15/2018 1.8700 2.03808 7.21 7.85

135,000 102.75 138,712.50 07/16/2018 1.9800 2.03425 7.63 7.84

Total Earnings 86.14

Less Total Rebate 82.35

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 0.93

FBE USD Citigroup Global Markets Inc 418 94961 07/31/2018 Net Earnings 2.86

Account : 1055082255 Total Earnings 86.14

Less Total Rebate 82.35

Total Gross 3.79

Less Bank Fee at 25 0.93

Net Earnings 2.86

Account: 1055082264

912810QA907/20/2018

US TREASURY N/B3.500, 02/15/2039

1,050,000 112.88 1,185,187.50 07/20/2018 1.9800 2.02973 65.19 66.82

1,050,000 112.88 1,185,187.50 07/21/2018 1.9800 2.02973 65.19 66.82

1,050,000 112.88 1,185,187.50 07/22/2018 1.9800 2.02973 65.19 66.82

1,050,000 112.88 1,185,187.50 07/23/2018 1.9700 2.03072 64.86 66.86

1,050,000 110.75 1,162,875.00 07/24/2018 1.9900 2.05020 64.28 66.23

1,050,000 110.75 1,162,875.00 07/25/2018 1.9700 2.05472 63.64 66.37

1,050,000 110.75 1,162,875.00 07/26/2018 2.0100 2.03762 64.93 65.82

1,050,000 110.75 1,162,875.00 07/27/2018 1.9800 2.03897 63.96 65.86

1,050,000 110.75 1,162,875.00 07/28/2018 1.9800 2.03141 63.96 65.62

1,050,000 110.75 1,162,875.00 07/29/2018 1.9800 2.03141 63.96 65.62

1,050,000 110.75 1,162,875.00 07/30/2018 1.9700 2.04290 63.64 65.99

1,050,000 110.75 1,162,875.00 07/31/2018 2.0300 2.04434 65.57 66.04

Total Earnings 794.87

Less Total Rebate 774.37

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 5.12

FBE USD Citigroup Global Markets Inc 418 96281 Net Earnings 15.38

912810RB607/20/2018

US TREASURY N/B2.875, 05/15/2043

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page7 of 15

47

Page 50: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

1,050,000 101.00 1,060,500.00 07/20/2018 1.9800 2.02973 58.33 59.79

1,050,000 101.00 1,060,500.00 07/21/2018 1.9800 2.02973 58.33 59.79

1,050,000 101.00 1,060,500.00 07/22/2018 1.9800 2.02973 58.33 59.79

1,050,000 101.00 1,060,500.00 07/23/2018 1.9700 2.03072 58.03 59.82

1,050,000 98.88 1,038,187.50 07/24/2018 1.9900 2.05020 57.39 59.12

1,050,000 98.88 1,038,187.50 07/25/2018 1.9700 2.05472 56.81 59.26

1,050,000 98.88 1,038,187.50 07/26/2018 2.0100 2.03762 57.97 58.76

1,050,000 98.88 1,038,187.50 07/27/2018 1.9800 2.03897 57.10 58.80

1,050,000 98.88 1,038,187.50 07/28/2018 1.9800 2.03141 57.10 58.58

1,050,000 98.88 1,038,187.50 07/29/2018 1.9800 2.03141 57.10 58.58

1,050,000 98.88 1,038,187.50 07/30/2018 1.9700 2.04290 56.81 58.91

1,050,000 98.88 1,038,187.50 07/31/2018 2.0300 2.04434 58.54 58.96

Total Earnings 710.16

Less Total Rebate 691.84

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 4.55

FBE USD Citigroup Global Markets Inc 418 96277 Net Earnings 13.77

912828J7607/06/2018

US TREASURY N/B1.750, 03/31/2022

3,050,000 99.13 3,023,312.50 07/06/2018 2.0200 2.02212 169.64 169.82

3,050,000 99.13 3,023,312.50 07/07/2018 2.0200 2.02212 169.64 169.82

3,050,000 99.13 3,023,312.50 07/08/2018 2.0200 2.02212 169.64 169.82

3,050,000 99.13 3,023,312.50 07/09/2018 1.9800 2.02256 166.28 169.86

3,050,000 99.13 3,023,312.50 07/10/2018 1.9800 2.03408 166.28 170.82

3,050,000 99.13 3,023,312.50 07/11/2018 1.9700 2.04181 165.44 171.47

3,050,000 99.13 3,023,312.50 07/12/2018 1.9800 2.04485 166.28 171.73

3,050,000 99.13 3,023,312.50 07/13/2018 1.9800 2.03808 166.28 171.16

3,050,000 99.13 3,023,312.50 07/14/2018 1.9800 2.03808 166.28 171.16

3,050,000 99.13 3,023,312.50 07/15/2018 1.9800 2.03808 166.28 171.16

3,050,000 99.13 3,023,312.50 07/16/2018 2.0500 2.03425 172.16 170.84

3,050,000 99.13 3,023,312.50 07/17/2018 2.0200 2.05584 169.64 172.65

3,050,000 99.13 3,023,312.50 07/18/2018 1.9800 2.03723 166.28 171.09

3,050,000 99.13 3,023,312.50 07/19/2018 1.9900 2.03602 167.12 170.99

3,050,000 99.13 3,023,312.50 07/20/2018 1.9800 2.02973 166.28 170.46

3,050,000 99.13 3,023,312.50 07/21/2018 1.9800 2.02973 166.28 170.46

3,050,000 99.13 3,023,312.50 07/22/2018 1.9800 2.02973 166.28 170.46

3,050,000 99.13 3,023,312.50 07/23/2018 1.9700 2.03072 165.44 170.54

3,050,000 99.00 3,019,500.00 07/24/2018 1.9900 2.05020 166.91 171.96

3,050,000 99.00 3,019,500.00 07/25/2018 1.9700 2.05472 165.23 172.34

3,050,000 99.00 3,019,500.00 07/26/2018 2.0100 2.03762 168.59 170.91

3,050,000 99.00 3,019,500.00 07/27/2018 1.9800 2.03897 166.07 171.02

3,050,000 99.00 3,019,500.00 07/28/2018 1.9800 2.03141 166.07 170.38

3,050,000 99.00 3,019,500.00 07/29/2018 1.9800 2.03141 166.07 170.38

3,050,000 99.00 3,019,500.00 07/30/2018 1.9700 2.04290 165.23 171.35

3,050,000 99.00 3,019,500.00 07/31/2018 2.0300 2.04434 170.27 171.47

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

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48

Page 51: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

Total Earnings 4,444.12

Less Total Rebate 4345.96

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 24.50

FBE USD Citigroup Global Markets Inc 418 94959 Net Earnings 73.66

912828M5607/06/2018

US TREASURY N/B2.250, 11/15/2025

1,175,000 98.63 1,158,843.75 07/06/2018 2.0200 2.02212 65.02 65.09

1,175,000 98.63 1,158,843.75 07/07/2018 2.0200 2.02212 65.02 65.09

1,175,000 98.63 1,158,843.75 07/08/2018 2.0200 2.02212 65.02 65.09

1,175,000 98.63 1,158,843.75 07/09/2018 1.9800 2.02256 63.74 65.11

1,175,000 98.63 1,158,843.75 07/10/2018 1.9800 2.03408 63.74 65.48

1,175,000 98.63 1,158,843.75 07/11/2018 1.9700 2.04181 63.41 65.73

1,175,000 98.63 1,158,843.75 07/12/2018 1.9800 2.04485 63.74 65.82

1,175,000 98.63 1,158,843.75 07/13/2018 1.9800 2.03808 63.74 65.61

1,175,000 98.63 1,158,843.75 07/14/2018 1.9800 2.03808 63.74 65.61

1,175,000 98.63 1,158,843.75 07/15/2018 1.9800 2.03808 63.74 65.61

1,175,000 98.63 1,158,843.75 07/16/2018 2.0500 2.03425 65.99 65.48

1,175,000 98.63 1,158,843.75 07/17/2018 2.0200 2.05584 65.02 66.18

1,175,000 98.63 1,158,843.75 07/18/2018 1.9800 2.03723 63.74 65.58

1,175,000 98.63 1,158,843.75 07/19/2018 1.9900 2.03602 64.06 65.54

1,175,000 98.63 1,158,843.75 07/20/2018 1.9800 2.02973 63.74 65.34

1,175,000 98.63 1,158,843.75 07/21/2018 1.9800 2.02973 63.74 65.34

1,175,000 98.63 1,158,843.75 07/22/2018 1.9800 2.02973 63.74 65.34

1,175,000 98.63 1,158,843.75 07/23/2018 1.9700 2.03072 63.41 65.37

1,175,000 98.00 1,151,500.00 07/24/2018 1.9900 2.05020 63.65 65.58

1,175,000 98.00 1,151,500.00 07/25/2018 1.9700 2.05472 63.01 65.72

1,175,000 98.00 1,151,500.00 07/26/2018 2.0100 2.03762 64.29 65.18

1,175,000 98.00 1,151,500.00 07/27/2018 1.9800 2.03897 63.33 65.22

1,175,000 98.00 1,151,500.00 07/28/2018 1.9800 2.03141 63.33 64.98

1,175,000 98.00 1,151,500.00 07/29/2018 1.9800 2.03141 63.33 64.98

1,175,000 98.00 1,151,500.00 07/30/2018 1.9700 2.04290 63.01 65.34

1,175,000 98.00 1,151,500.00 07/31/2018 2.0300 2.04434 64.93 65.39

Total Earnings 1,700.80

Less Total Rebate 1663.23

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 9.38

FBE USD Citigroup Global Markets Inc 418 94943 Net Earnings 28.19

912828U2407/06/2018

US TREASURY N/B2.000, 11/15/2026

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page9 of 15

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Page 52: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

475,000 96.00 456,000.00 07/06/2018 2.0200 2.02212 25.59 25.61

475,000 96.00 456,000.00 07/07/2018 2.0200 2.02212 25.59 25.61

475,000 96.00 456,000.00 07/08/2018 2.0200 2.02212 25.59 25.61

475,000 96.00 456,000.00 07/09/2018 1.9800 2.02256 25.08 25.62

475,000 96.00 456,000.00 07/10/2018 1.9800 2.03408 25.08 25.77

475,000 96.00 456,000.00 07/11/2018 1.9700 2.04181 24.95 25.86

475,000 96.00 456,000.00 07/12/2018 1.9800 2.04485 25.08 25.90

475,000 96.00 456,000.00 07/13/2018 1.9800 2.03808 25.08 25.82

475,000 96.00 456,000.00 07/14/2018 1.9800 2.03808 25.08 25.82

475,000 96.00 456,000.00 07/15/2018 1.9800 2.03808 25.08 25.82

475,000 96.00 456,000.00 07/16/2018 2.0500 2.03425 25.97 25.77

475,000 96.00 456,000.00 07/17/2018 2.0200 2.05584 25.59 26.04

475,000 96.00 456,000.00 07/18/2018 1.9800 2.03723 25.08 25.80

475,000 96.00 456,000.00 07/19/2018 1.9900 2.03602 25.21 25.79

475,000 96.00 456,000.00 07/20/2018 1.9800 2.02973 25.08 25.71

475,000 96.00 456,000.00 07/21/2018 1.9800 2.02973 25.08 25.71

475,000 96.00 456,000.00 07/22/2018 1.9800 2.02973 25.08 25.71

475,000 96.00 456,000.00 07/23/2018 1.9700 2.03072 24.95 25.72

475,000 95.38 453,031.25 07/24/2018 1.9900 2.05020 25.04 25.80

475,000 95.38 453,031.25 07/25/2018 1.9700 2.05472 24.79 25.86

475,000 95.38 453,031.25 07/26/2018 2.0100 2.03762 25.29 25.64

475,000 95.38 453,031.25 07/27/2018 1.9800 2.03897 24.92 25.66

475,000 95.38 453,031.25 07/28/2018 1.9800 2.03141 24.92 25.56

475,000 95.38 453,031.25 07/29/2018 1.9800 2.03141 24.92 25.56

475,000 95.38 453,031.25 07/30/2018 1.9700 2.04290 24.79 25.71

475,000 95.38 453,031.25 07/31/2018 2.0300 2.04434 25.55 25.73

Total Earnings 669.21

Less Total Rebate 654.46

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 3.64

FBE USD Citigroup Global Markets Inc 418 94947 Net Earnings 11.11

912828W8907/13/2018

US TREASURY N/B1.875, 03/31/2022

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page10 of 15

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Page 53: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

2,600,000 99.63 2,590,250.00 07/13/2018 1.9800 2.03808 142.46 146.64

2,600,000 99.63 2,590,250.00 07/14/2018 1.9800 2.03808 142.46 146.64

2,600,000 99.63 2,590,250.00 07/15/2018 1.9800 2.03808 142.46 146.64

2,600,000 99.63 2,590,250.00 07/16/2018 2.0500 2.03425 147.50 146.37

2,600,000 99.63 2,590,250.00 07/17/2018 2.0200 2.05584 145.34 147.92

2,600,000 99.63 2,590,250.00 07/18/2018 1.9800 2.03723 142.46 146.58

2,600,000 99.63 2,590,250.00 07/19/2018 1.9900 2.03602 143.18 146.49

2,600,000 99.63 2,590,250.00 07/20/2018 1.9800 2.02973 142.46 146.04

2,600,000 99.63 2,590,250.00 07/21/2018 1.9800 2.02973 142.46 146.04

2,600,000 99.63 2,590,250.00 07/22/2018 1.9800 2.02973 142.46 146.04

2,600,000 99.63 2,590,250.00 07/23/2018 1.9700 2.03072 141.74 146.11

2,600,000 99.50 2,587,000.00 07/24/2018 1.9900 2.05020 143.00 147.33

2,600,000 99.50 2,587,000.00 07/25/2018 1.9700 2.05472 141.57 147.65

2,600,000 99.50 2,587,000.00 07/26/2018 2.0100 2.03762 144.44 146.43

2,600,000 99.50 2,587,000.00 07/27/2018 1.9800 2.03897 142.29 146.52

2,600,000 99.50 2,587,000.00 07/28/2018 1.9800 2.03141 142.29 145.98

2,600,000 99.50 2,587,000.00 07/29/2018 1.9800 2.03141 142.29 145.98

2,600,000 99.50 2,587,000.00 07/30/2018 1.9700 2.04290 141.57 146.81

2,600,000 99.50 2,587,000.00 07/31/2018 2.0300 2.04434 145.88 146.91

Total Earnings 2,785.12

Less Total Rebate 2718.31

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 16.67

FBE USD Citigroup Global Markets Inc 418 95611 Net Earnings 50.14

912828WJ507/06/2018

US TREASURY N/B2.500, 05/15/2024

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page11 of 15

51

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CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

2,200,000 100.88 2,219,250.00 07/06/2018 2.0200 2.02212 124.52 124.65

2,200,000 100.88 2,219,250.00 07/07/2018 2.0200 2.02212 124.52 124.65

2,200,000 100.88 2,219,250.00 07/08/2018 2.0200 2.02212 124.52 124.65

2,200,000 100.88 2,219,250.00 07/09/2018 1.9800 2.02256 122.06 124.68

2,200,000 100.88 2,219,250.00 07/10/2018 1.9800 2.03408 122.06 125.39

2,200,000 100.88 2,219,250.00 07/11/2018 1.9700 2.04181 121.44 125.87

2,200,000 100.88 2,219,250.00 07/12/2018 1.9800 2.04485 122.06 126.06

2,200,000 100.88 2,219,250.00 07/13/2018 1.9800 2.03808 122.06 125.64

2,200,000 100.88 2,219,250.00 07/14/2018 1.9800 2.03808 122.06 125.64

2,200,000 100.88 2,219,250.00 07/15/2018 1.9800 2.03808 122.06 125.64

2,200,000 100.88 2,219,250.00 07/16/2018 2.0500 2.03425 126.37 125.40

2,200,000 100.88 2,219,250.00 07/17/2018 2.0200 2.05584 124.52 126.73

2,200,000 100.88 2,219,250.00 07/18/2018 1.9800 2.03723 122.06 125.59

2,200,000 100.88 2,219,250.00 07/19/2018 1.9900 2.03602 122.68 125.51

2,200,000 100.88 2,219,250.00 07/20/2018 1.9800 2.02973 122.06 125.12

2,200,000 100.88 2,219,250.00 07/21/2018 1.9800 2.02973 122.06 125.12

2,200,000 100.88 2,219,250.00 07/22/2018 1.9800 2.02973 122.06 125.12

2,200,000 100.88 2,219,250.00 07/23/2018 1.9700 2.03072 121.44 125.19

2,200,000 100.50 2,211,000.00 07/24/2018 1.9900 2.05020 122.22 125.92

2,200,000 100.50 2,211,000.00 07/25/2018 1.9700 2.05472 120.99 126.19

2,200,000 100.50 2,211,000.00 07/26/2018 2.0100 2.03762 123.45 125.14

2,200,000 100.50 2,211,000.00 07/27/2018 1.9800 2.03897 121.61 125.23

2,200,000 100.50 2,211,000.00 07/28/2018 1.9800 2.03141 121.61 124.76

2,200,000 100.50 2,211,000.00 07/29/2018 1.9800 2.03141 121.61 124.76

2,200,000 100.50 2,211,000.00 07/30/2018 1.9700 2.04290 120.99 125.47

2,200,000 100.50 2,211,000.00 07/31/2018 2.0300 2.04434 124.68 125.56

Total Earnings 3,259.68

Less Total Rebate 3187.77

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 17.93

FBE USD Citigroup Global Markets Inc 418 94951 Net Earnings 53.98

Account : 1055082264 Total Earnings 14,363.96

Less Total Rebate 14035.94

Total Gross 328.02

Less Bank Fee at 25 81.79

Net Earnings 246.23

Account: 1055082326

33793210705/14/2018

FIRSTENERGY CORP,

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page12 of 15

52

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CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

117 37.00 4,329.00 07/01/2018 1.5000 2.03453 0.18 0.24

117 37.00 4,329.00 07/02/2018 1.5000 2.07293 0.18 0.25

117 37.00 4,329.00 07/03/2018 1.5000 2.04925 0.18 0.25

117 37.00 4,329.00 07/04/2018 1.5000 2.04925 0.18 0.25

117 38.00 4,446.00 07/05/2018 1.5000 2.04460 0.19 0.25

117 38.00 4,446.00 07/06/2018 1.5000 2.02212 0.19 0.25

117 38.00 4,446.00 07/07/2018 1.5000 2.02212 0.19 0.25

117 38.00 4,446.00 07/08/2018 1.5000 2.02212 0.19 0.25

117 38.00 4,446.00 07/09/2018 1.5000 2.02256 0.19 0.25

117 37.00 4,329.00 07/10/2018 1.5000 2.03408 0.18 0.24

117 37.00 4,329.00 07/11/2018 1.5000 2.04181 0.18 0.25

Total Earnings 2.73

Less Total Rebate 2.03

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 0.15

DTC USD Citigroup Global Markets Inc 418 89963 07/12/2018 Net Earnings 0.55

40414L10907/09/2018

HCP INC,

10,890 27.00 294,030.00 07/09/2018 1.9100 2.02256 15.60 16.52

10,890 27.00 294,030.00 07/10/2018 1.9100 2.03408 15.60 16.61

10,890 27.00 294,030.00 07/11/2018 1.9100 2.04181 15.60 16.68

10,890 27.00 294,030.00 07/12/2018 1.9100 2.04485 15.60 16.70

10,890 27.00 294,030.00 07/13/2018 1.9100 2.03808 15.60 16.65

10,890 27.00 294,030.00 07/14/2018 1.9100 2.03808 15.60 16.65

10,890 27.00 294,030.00 07/15/2018 1.9100 2.03808 15.60 16.65

10,890 27.00 294,030.00 07/16/2018 1.9100 2.03425 15.60 16.61

10,890 27.00 294,030.00 07/17/2018 1.9100 2.05584 15.60 16.79

10,890 27.00 294,030.00 07/18/2018 1.9100 2.03723 15.60 16.64

10,890 27.00 294,030.00 07/19/2018 1.9100 2.03602 15.60 16.63

10,890 27.00 294,030.00 07/20/2018 1.9100 2.02973 15.60 16.58

10,890 27.00 294,030.00 07/21/2018 1.9100 2.02973 15.60 16.58

10,890 27.00 294,030.00 07/22/2018 1.9100 2.02973 15.60 16.58

10,890 27.00 294,030.00 07/23/2018 1.9100 2.03072 15.60 16.59

10,890 27.00 294,030.00 07/24/2018 1.9100 2.05020 15.60 16.74

Total Earnings 266.20

Less Total Rebate 249.60

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 4.12

DTC USD Citigroup Global Markets Inc 418 95149 07/26/2018 Net Earnings 12.48

50025510405/24/2018

KOHLS CORP,

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page13 of 15

53

Page 56: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

1,700 76.00 129,200.00 07/01/2018 1.9000 2.03453 6.82 7.30

1,700 75.00 127,500.00 07/02/2018 1.9000 2.07293 6.73 7.34

1,700 73.00 124,100.00 07/03/2018 1.9000 2.04925 6.55 7.06

1,700 73.00 124,100.00 07/04/2018 1.9000 2.04925 6.55 7.06

1,700 74.00 125,800.00 07/05/2018 1.9000 2.04460 6.64 7.14

1,700 74.00 125,800.00 07/06/2018 1.9000 2.02212 6.64 7.07

1,700 74.00 125,800.00 07/07/2018 1.9000 2.02212 6.64 7.07

1,700 74.00 125,800.00 07/08/2018 1.9000 2.02212 6.64 7.07

1,700 73.00 124,100.00 07/09/2018 1.9000 2.02256 6.55 6.97

1,700 73.00 124,100.00 07/10/2018 1.9000 2.03408 6.55 7.01

1,700 73.00 124,100.00 07/11/2018 1.9000 2.04181 6.55 7.04

1,700 72.00 122,400.00 07/12/2018 1.9000 2.04485 6.46 6.95

1,700 71.00 120,700.00 07/13/2018 1.9000 2.03808 6.37 6.83

1,700 71.00 120,700.00 07/14/2018 1.9000 2.03808 6.37 6.83

1,700 71.00 120,700.00 07/15/2018 1.9000 2.03808 6.37 6.83

1,700 71.00 120,700.00 07/16/2018 1.9000 2.03425 6.37 6.82

1,700 73.00 124,100.00 07/17/2018 1.9000 2.05584 6.55 7.09

1,700 73.00 124,100.00 07/18/2018 1.9000 2.03723 6.55 7.02

1,700 74.00 125,800.00 07/19/2018 1.9000 2.03602 6.64 7.11

1,700 76.00 129,200.00 07/20/2018 1.9000 2.02973 6.82 7.28

1,700 76.00 129,200.00 07/21/2018 1.9000 2.02973 6.82 7.28

1,700 76.00 129,200.00 07/22/2018 1.9000 2.02973 6.82 7.28

1,700 76.00 129,200.00 07/23/2018 1.9000 2.03072 6.82 7.29

1,700 76.00 129,200.00 07/24/2018 1.9000 2.05020 6.82 7.36

1,700 75.00 127,500.00 07/25/2018 1.9000 2.05472 6.73 7.28

1,700 76.00 129,200.00 07/26/2018 1.9000 2.03762 6.82 7.31

1,700 76.00 129,200.00 07/27/2018 1.9000 2.03897 6.82 7.32

1,700 76.00 129,200.00 07/28/2018 1.9000 2.03141 6.82 7.29

1,700 76.00 129,200.00 07/29/2018 1.9000 2.03141 6.82 7.29

1,700 74.00 125,800.00 07/30/2018 1.9000 2.04290 6.64 7.14

1,700 76.00 129,200.00 07/31/2018 1.9000 2.04434 6.82 7.34

Total Earnings 221.07

Less Total Rebate 206.11

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 3.69

DTC USD Citigroup Global Markets Inc 418 91061 Net Earnings 11.27

50025510407/13/2018

KOHLS CORP,

1,000 71.00 71,000.00 07/13/2018 1.8100 2.03808 3.57 4.02

1,000 71.00 71,000.00 07/14/2018 1.8100 2.03808 3.57 4.02

1,000 71.00 71,000.00 07/15/2018 1.8100 2.03808 3.57 4.02

1,000 71.00 71,000.00 07/16/2018 1.8100 2.03425 3.57 4.01

1,000 73.00 73,000.00 07/17/2018 1.8100 2.05584 3.67 4.17

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page14 of 15

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CLIENT EARNINGS REPORT

For the Period

7/1/2018 To 7/31/2018

BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

Total Earnings 20.24

Less Total Rebate 17.95

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 0.56

DTC USD Citigroup Global Markets Inc 418 95684 07/18/2018 Net Earnings 1.73

Account : 1055082326 Total Earnings 510.24

Less Total Rebate 475.69

Total Gross 34.55

Less Bank Fee at 25 8.52

Net Earnings 26.03

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page15 of 15

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Detailed Earnings Summary

Total Earnings : $16,692.90

Total Rebate Expense : $15,272.93

Total Gross : $1,419.97

Total Bank Fees : $354.49

Total Net Earnings : $1,065.48

8/14/2018 6:14 AM

CMB0200-Client Detailed Earnings

Page1 of 1

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FOR THE MONTH ENDED: August 31, 2018

EMPLOYEE/BENEFICIARY CONTRIBUTIONS PROCESSED DEPARTMENT TERMINATION

DAMBRO, MATTHEW 1,804.93 8/16/2018 BMCF 8/7/2017

PRZYGOCKI, KRISTIN 1,621.08 8/16/2018 BMCF 5/30/2018

TOTAL REFUNDS: 3,426.01$

NEW CONTRIBUTIONS RETIREMENT GROUP/ EFFECTIVE

RETIREE TRANSFERRED COUNTY DEPT DATE

CONNORS, WILLIAM 4,863.21 GENERAL 8/1/2018

DENAY, CORINN 44,288.34 GENERAL 8/8/2018

MATHIS, SHARON 94,976.72 BABH 7/28/2018

WOKLENS, LORI 42,732.66 BABH 8/4/2018

DECEASED EMPLOYEE/ BENEFICIARY REFUND/ DATE OF DEATH DIVISION/

RETIREE PENSION DEPARTMENT

ARGUMEDO, ALFONSO ARGUMEDO, BARBARA 634.85 8/28/2018 BABH

KOT, IRENE 478.58 8/10/2018 ROAD

NO REFUNDS ACCUMULATED UNION DATE

EMPLOYEE NAME CONTRIBUTIONS GROUP TERMINATED

NAYLOR, LYNN 755.36 GEN USW FT 7/12/2018

RABIDEAU, CARL 3,105.99 GEN BCAMPS 6/29/2018

BARTKOWIAK, RAEANNA 6,095.49 BMC USW 7/2/2018

HILBERRY, TONI 15,304.55 BMC RN/LPN 8/2/2018

MACGREGOR, STEPHANIE 6,515.68 BMC NON-UNION 7/11/2018

57

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ACCOUNT DESCRIPTION

ORIGINAL

APPROP TRANFRS/ADJSMTS

REVISED

BUDGET YTD ACTUAL ENCUMBRANCES

AVAILABLE

BUDGET % USED

FUND BALANCE - - - - - - 0%

FUND BALANCE-RESRVS/DSGNATIONS - - - - - - 0%

NET ASSETS - RESERVES 6,356,625.00 - 6,356,625.00 - - 6,356,625.00 0%

Total RA FUND BALANCE, NET AS 6,356,625.00 - 6,356,625.00 - - 6,356,625.00 0%

ER CONTR-BEHAVE.HEALTH (1,048,375.00) - (1,048,375.00) (524,190.00) - (524,185.00) 50%

ER CONTR-MOSQUITO CONT (13,650.00) - (13,650.00) (220.05) - (13,429.95) 2%

ER CONTR-HEALTH FUND (63,000.00) - (63,000.00) (1,475.96) - (61,524.04) 2%

ER CONTR-ROAD COMMISS. (687,636.00) - (687,636.00) (291,967.97) - (395,668.03) 42%

ER CONTR-LIBRARY (74,780.00) - (74,780.00) (37,784.15) - (36,995.85) 51%

ER CONTR-GOLF COURSE (5,250.00) - (5,250.00) (72.21) - (5,177.79) 1%

ER CONTR-GENERAL FUND (393,750.00) - (393,750.00) (8,949.84) - (384,800.16) 2%

ER CONTR-DWS (496,647.00) - (496,647.00) (287,637.11) - (209,009.89) 58%

ER CONTR-911 SERVICE (47,250.00) - (47,250.00) (747.91) - (46,502.09) 2%

ER CONTR-CHILD CARE (42,000.00) - (42,000.00) (791.10) - (41,208.90) 2%

ER CONTR-DIV ON AGING (45,150.00) - (45,150.00) (959.36) - (44,190.64) 2%

ER CONTR-RETIRE SYSTEM (1,995.00) - (1,995.00) (49.38) - (1,945.62) 2%

ER CONTR-HOMELAND S FD (3,150.00) - (3,150.00) - - (3,150.00) 0%

ER CONTR-GYPSY MOTH (2,100.00) - (2,100.00) (40.25) - (2,059.75) 2%

ER CONTR-HOME REHABIL. (189.00) - (189.00) (1.66) - (187.34) 1%

ER CONTR-100% TAX PYMT (3,465.00) - (3,465.00) (65.10) - (3,399.90) 2%

ER CONTR-MED CARE FAC. (287,636.00) - (287,636.00) (136,834.11) - (150,801.89) 48%

ER CONTR-SELF INSURANC (630.00) - (630.00) (18.98) - (611.02) 3%

ER CONTR-COMM.CORRECT. (2,205.00) - (2,205.00) (42.33) - (2,162.67) 2%

ER CONTR-F.O.C. FUND (2,625.00) - (2,625.00) (49.98) - (2,575.02) 2%

ER CONTR-HOUSING FUND (6,300.00) - (6,300.00) (184.31) - (6,115.69) 3%

ER CONTR-LOCAL CFO TR (315.00) - (315.00) - - (315.00) 0%

ER CONTRIB-CONC PISTOL - - - (9.57) - 9.57 0%

ER CONTR-SHERIFF DEPT (5,250.00) - (5,250.00) - - (5,250.00) 0%

EE CONTR-BEHAVE.HEALTH (525,000.00) - (525,000.00) (221,436.39) - (303,563.61) 42%

EE CONTR-MOSQUITO CONT (13,387.50) - (13,387.50) (7,603.86) - (5,783.64) 57%

EE CONTR-HEALTH FUND (63,000.00) - (63,000.00) (42,424.97) - (20,575.03) 67%

EE CONTR-ROAD COMMISS. (136,500.00) - (136,500.00) (62,489.37) - (74,010.63) 46%

BCERS YTD BUDGET REPORT

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ACCOUNT DESCRIPTION

ORIGINAL

APPROP TRANFRS/ADJSMTS

REVISED

BUDGET YTD ACTUAL ENCUMBRANCES

AVAILABLE

BUDGET % USED

BCERS YTD BUDGET REPORT

EE CONTR-LIBRARY (78,750.00) - (78,750.00) (30,227.35) - (48,522.65) 38%

EE CONTR-GOLF COURSE (4,410.00) - (4,410.00) (3,421.23) - (988.77) 78%

EE CONTR-GENERAL FUND (472,500.00) - (472,500.00) (255,983.79) - (216,516.21) 54%

EE CONTR-DWS (84,000.00) - (84,000.00) (77,166.23) - (6,833.77) 92%

EE CONTR-911 SERVICE (63,000.00) - (63,000.00) (36,135.57) - (26,864.43) 57%

EE CONTR-CHILD CARE (42,000.00) - (42,000.00) (26,849.52) - (15,150.48) 64%

EE CONTR-DIV ON AGING (45,150.00) - (45,150.00) (29,185.67) - (15,964.33) 65%

EE CONTR-RETIRE SYSTEM (2,310.00) - (2,310.00) (1,537.91) - (772.09) 67%

EE CONTR-HOMELAND S FD - - - - - - 0%

EE CONTR-GYPSY MOTH (1,995.00) - (1,995.00) (1,641.63) - (353.37) 82%

EE CONTR-HOME REHABIL. (210.00) - (210.00) (3.08) - (206.92) 1%

EE CONTR-100% TAX PYMT (3,255.00) - (3,255.00) (2,070.69) - (1,184.31) 64%

EE CONTR-MED CARE FAC. (420,000.00) - (420,000.00) (130,265.47) - (289,734.53) 31%

EE CONTR-SELF INSURANC 472.50 - 472.50 (273.09) - 745.59 -58%

EE CONTR-COMM.CORRECT. (1,575.00) - (1,575.00) (1,326.06) - (248.94) 84%

EE CONTR-F.O.C. FUND (2,625.00) - (2,625.00) (1,554.37) - (1,070.63) 59%

EE CONTR-HOUSING FUND (6,090.00) - (6,090.00) (3,657.91) - (2,432.09) 60%

EE CONTR.LOCAL CFO TR (315.00) - (315.00) (416.74) - 101.74 132%

EE CONTRIB-CONC PISTOL - - - (294.10) - 294.10 0%

EE CONTR-SHERIFF DEPT. (241,500.00) - (241,500.00) (151,428.02) - (90,071.98) 63%

Total RJ LOCAL UNIT CONTRIBUT (5,440,448.00) - (5,440,448.00) (2,379,484.35) - (3,060,963.65) 44%

INVESTMENT INTEREST/DIVIDENDS (4,247,363.00) - (4,247,363.00) (2,115.57) - (4,245,247.43) 0%

GAIN ON SALE OF INVESTMENTS (24,026,087.00) - (24,026,087.00) - - (24,026,087.00) 0%

UNREALIZED GAIN ON INVESTMENTS (3,000,000.00) - (3,000,000.00) - - (3,000,000.00) 0%

GAIN ON FOREIGN CURRENCY EXCH (40,000.00) - (40,000.00) - - (40,000.00) 0%

SECURITIES LENDING EARNINGS (180,000.00) - (180,000.00) (1,598.49) - (178,401.51) 1%

Total RP INTEREST & RENTALS (31,493,450.00) - (31,493,450.00) (3,714.06) - (31,489,735.94) 0%

MISCELLANOUS REVENUES - - - - - - 0%

REIMBURSEMENTS - - - - - - 0%

REIMBURSEMENT - INDIVIDUALS - - - - - - 0%

TRADE-IN ALLOWANCE - - - - - - 0%

COMMISSION RECAPTURE (5,000.00) - (5,000.00) (285.67) - (4,714.33) 6%

59

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ACCOUNT DESCRIPTION

ORIGINAL

APPROP TRANFRS/ADJSMTS

REVISED

BUDGET YTD ACTUAL ENCUMBRANCES

AVAILABLE

BUDGET % USED

BCERS YTD BUDGET REPORT

CLAIMS/SETTLEMENTS/JUDGEMENTS (50,000.00) - (50,000.00) - - (50,000.00) 0%

Total RR OTHER REVENUE (55,000.00) - (55,000.00) (285.67) - (54,714.33) 1%

SALARIES-ELECTED OR APPOINTED 52,390.00 - 52,390.00 30,633.57 - 21,756.43 58%

WAGES-CLERICAL-OTHER FULL TIME 12,437.00 - 12,437.00 7,083.16 - 5,353.84 57%

PAY IN LIEU OF HEALTH INSURANC - - - - - - 0%

TEMPORARY HELP 9,000.00 - 9,000.00 - - 9,000.00 0%

PART TIME WAGES - - - - - - 0%

OVERTIME 2,809.00 - 2,809.00 48.60 - 2,760.40 2%

HOLIDAY PAY - - - 1,717.38 - (1,717.38) 0%

PER DIEM 3,420.00 - 3,420.00 1,307.73 - 2,112.27 38%

VACATION PAY - - - 2,073.97 - (2,073.97) 0%

SICK PAY - - - 455.56 - (455.56) 0%

TERMINATION SICK PAY - - - - - - 0%

TERMINATION VACTION PAY - - - - - - 0%

Total XE WAGES & SALARIES 80,056.00 - 80,056.00 43,319.97 - 36,736.03 54%

SOCIAL SECURITY 4,962.00 - 4,962.00 3,101.75 - 1,860.25 63%

HEALTH INSURANCE 10,586.00 - 10,586.00 7,633.52 - 2,952.48 72%

RETIREE HEALTH CARE CONTRIBUT. 2,594.00 - 2,594.00 1,484.33 - 1,109.67 0%

EMPLOYEE INCENTIVE BENEFITS - - - - - - 0%

LIFE INSURANCE 106.00 - 106.00 72.90 - 33.10 69%

RETIREMENT 2,594.00 - 2,594.00 1,576.96 - 1,017.04 61%

OTHER FRINGE BENEFITS (DETAIL) 1,487.00 - 1,487.00 - - 1,487.00 0%

SIF ADMINISTRATION - - - - - - 0%

WORKERS' COMPENSATION 98.00 - 98.00 65.18 - 32.82 67%

SICK AND ACCIDENT INSURANCE 876.00 - 876.00 585.69 - 290.31 67%

UNEMPLOYMENT COMPENSATION 98.00 - 98.00 65.18 - 32.82 67%

Total XF FRINGES 23,401.00 - 23,401.00 14,585.51 - 8,815.49 62%

OFFICE SUPPLIES 1,000.00 - 1,000.00 45.64 - 954.36 5%

BOOK SUPPLIES - - - - - - 0%

PRINTING AND BINDING 500.00 - 500.00 69.54 - 430.46 14%

POSTAGE 600.00 - 600.00 194.10 - 405.90 32%

MAGAZINES AND PERIODICALS 100.00 - 100.00 - - 100.00 0%

60

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ACCOUNT DESCRIPTION

ORIGINAL

APPROP TRANFRS/ADJSMTS

REVISED

BUDGET YTD ACTUAL ENCUMBRANCES

AVAILABLE

BUDGET % USED

BCERS YTD BUDGET REPORT

COPIER / FAX SUPPLIES 100.00 - 100.00 - - 100.00 0%

FOOD SUPPLIES 150.00 - 150.00 310.65 - (160.65) 207%

PHOTO & MICROFILM/FICHE SUPPLY - - - - - - 0%

GAS, OIL AND GREASE - - - - - - 0%

COMPUTER SUPPLIES 500.00 - 500.00 493.79 - 6.21 99%

Total XI SUPPLIES 2,950.00 - 2,950.00 1,113.72 - 1,836.28 38%

PROFESSIONAL SERVICES 1,750,000.00 - 1,750,000.00 934,408.23 - 815,591.77 53%

ACTUARIAL SERVICES 50,000.00 - 50,000.00 34,742.86 - 15,257.14 69%

CONTRACTUAL SERVICES - - - - - - 0%

MEDICAL SERVICES 1,000.00 - 1,000.00 - - 1,000.00 0%

INVESTMENT/BANK SERVICE CHARGE 55,000.00 - 55,000.00 (302.14) - 55,302.14 -1%

LEGAL FEES 5,000.00 - 5,000.00 - - 5,000.00 0%

AUDIT FEES 2,500.00 - 2,500.00 - - 2,500.00 0%

CONSULTANTS 175,000.00 - 175,000.00 115,500.00 - 59,500.00 66%

MEMBERSHIPS AND DUES 1,000.00 - 1,000.00 - - 1,000.00 0%

FILING FEES 200.00 - 200.00 - - 200.00 0%

HEALTH SERVICES - - - - - - 0%

TELEPHONE 200.00 - 200.00 61.25 - 138.75 31%

CONFERENCE FEES & EXPENSES 15,000.00 - 15,000.00 12,501.50 - 2,498.50 83%

STATE TRAVEL MILEAGE 2,700.00 - 2,700.00 739.70 - 1,960.30 27%

LOCAL TRAVEL MILEAGE 300.00 - 300.00 60.75 - 239.25 20%

PENSION PAYMENTS 18,000,000.00 - 18,000,000.00 9,235,653.81 - 8,764,346.19 51%

PRINTING/PUBLISHING/ADVERTISI 200.00 - 200.00 - - 200.00 0%

LEGAL NOTICES 500.00 - 500.00 - - 500.00 0%

EQUIPMENT REPAIR & MAINTENANCE 200.00 - 200.00 - - 200.00 0%

HARD/SOFTWARE REPAIR & MAINT 7,911.00 - 7,911.00 - - 7,911.00 0%

EQUIPMENT RENTAL-COPY MACHINES 3,813.00 - 3,813.00 241.99 - 3,571.01 6%

MISCELLANEOUS 500.00 - 500.00 - - 500.00 0%

INDIRECT COST EXPENSE 68,122.00 - 68,122.00 39,737.83 - 28,384.17 58%

EDUCATION AND TRAINING 1,500.00 - 1,500.00 - - 1,500.00 0%

LOSS ON DISPOSAL OF ASSET 9,000,000.00 - 9,000,000.00 - - 9,000,000.00 0%

UNREALIZED LOSS ON INVESTMENTS 1,000,000.00 - 1,000,000.00 - - 1,000,000.00 0%

61

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ACCOUNT DESCRIPTION

ORIGINAL

APPROP TRANFRS/ADJSMTS

REVISED

BUDGET YTD ACTUAL ENCUMBRANCES

AVAILABLE

BUDGET % USED

BCERS YTD BUDGET REPORT

LOSS ON FOREIGN CURRENCY EXCH 100,000.00 - 100,000.00 - - 100,000.00 0%

CONTRIB REFUND-GENERAL 60,000.00 - 60,000.00 - - 60,000.00 0%

CONTRIB REFUND-SHERIFF 5,000.00 - 5,000.00 - - 5,000.00 0%

CONTRIB REFUND-ROAD COMMISSION 5,000.00 - 5,000.00 - - 5,000.00 0%

CONTRIB REFUND-MED CARE FACIL. 50,000.00 - 50,000.00 - - 50,000.00 0%

CONTRIB REFUND-B.A.B.H.A. 125,000.00 - 125,000.00 - - 125,000.00 0%

CONTRIB REFUND-D.W.S 5,000.00 - 5,000.00 - - 5,000.00 0%

CONTRIB REFUND-LIBRARY 5,000.00 - 5,000.00 - - 5,000.00 0%

INSURANCE AND BONDS 25,000.00 - 25,000.00 21,538.83 - 3,461.17 86%

MACHINERY & EQUIPMENT EXPENSE - - - - - - 0%

OFFICE EQUIP.& FURN. EXPENSE 800.00 - 800.00 - - 800.00 0%

COMPUTER HARDWARE EXPENSE 4,420.00 - 4,420.00 1,595.20 - 2,824.80 0%

COMPUTER SOFTWARE EXPENSE - - - - - - 0%

BOOK EXPENSE - - - - - - 0%

BUDGET REDUCTION TARGET - - - - - - 0%

Total XL OTHER SERVICES AND C 30,525,866.00 - 30,525,866.00 10,396,479.81 - 20,129,386.19 34%

COMPUTER SOFTWARE - - - - - -

Total XQ CAPITAL OUTLAY - - - - - -

Revenue Total (30,632,273.00) - (30,632,273.00) (2,383,484.08) -

Expense Total 30,632,273.00 - 30,632,273.00 10,455,499.01 -

Grand Total - - - 8,072,014.93 -

62

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BCERS Invoices Approved: Aug-18

Invoice Date Vendor Amount Description

7/20/2018 ANDCO CONSULTING $38,500.00 3Q CONSULTING FEES

7/28/2018 BARINGS $9,280.64 2Q 2018 FEES

7/10/2018 COLUMBIA $42,290.24 2Q 2018 FEES

7/18/2018 EAGLE $20,455.17 2Q 2018 FEES

7/18/2018 GENEVA $39,213.00 2Q 2018 FEES

6/29/2018 GABRIEL ROEDER SMITH $7,750.00 2Q 2018 ACTUARIAL SERVICES FEES

6/29/2018 GABRIEL ROEDER SMITH $8,100.00

DATA MAINT FEE AND BENEFIT CALCULATOR MAINT FEE 7/1/18

TO 6/30/19

7/19/2018 HOTCHKIS & WILEY $25,530.57 2Q 2018 FEES

4/10/2018 LOOMIS SAYLES $29,910.49 1Q 2018 FEES

7/11/2018 LOOMIS SAYLES $29,678.39 2Q 2018 FEES

7/12/2018 MFS HERITAGE $61,324.82 2Q 2018 FEES

7/13/2018 MFS INVESTMENT $54,735.21 2Q 2018 FEES

7/30/2018 SCHRODERS 70,834.24 2Q 2018 FEES

7/28/2018 SHAY WATER CO $9.00 WATER COOLER RENT

8/17/2018 SHAY WATER CO $20.00 BOTTLED WATER

63

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Jan HistedSecretary

BAY COUNTY EMPLOYEES' RETIREMENT SYSTEM

BAY COUNTY VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATIONBAY COUNTY BUILDING

5,15 CENTER AVENUEBAY CITY. MICHIGAN 48708-5128

4f/"tul

BOARD OF IRUSTEESSteven Gray, Chairperson

Richard BzezinskiKristal Gonzales

Richard GromaskiThomas M. Herek

Jon MorseMatthew Pett

Thomas RyderThomas Starkweather

ADMiNISTRATIVE STAFFKatie Meeth

Tracy Cederquist(989) 89Wr3

TDD (989) 8914049FAX (989) 89s-2076

August 13, 2018

Ms. Kimberly Hyland

MFS Investment Management

lll Huntington Avenue

Boston, MA 02199-7618

Dear Ms. Hyland:

There is a need for the Bay County Employee's Retirement System to rebalance its asset

allocation therefore, I am requesting that MFS Investment Management divest themselves of$2,500,000.00 (two million five hundred thousand dollars) and make funds available for

Comerica Bank on Friday, August 24, 2018.

Ifyou have any questions or concems regarding the above, please contact me at (989) 895-4030-

Sincerely,

al7-Jan Histed

Bay County Finance Offrcer/Secretary

VIA E-MAIL -ORIGINAL TO BE SENT SURFACE MAIL

c: Bay County Employees' Retirement System Board of Trustees

Howard Pohl, AndCo Consulting

Peter Brown, AndCo Consulting

Daniel Berd, Comerica Bank

Kathleen Meeth, Retirement Admini strator

64

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65

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2019 BAY COUNTY EMPLOYEES' RETIREMENT SYSTEM BUDGET PROPOSAL

ACCOUNTS FOR: 2015 2016 2017 2018 2018 PCT

7310 RETIREMENT SYSTEM FUND ACTUALS ACTUALS ACTUALS ACTUALS BUDGET PROJECTION CHANGE NOTES

73127400 40004 NET ASSETS - RESERVES - - - - 6,356,625.00 6,356,625.00 0%

73127400 59401 ER CONTR-BEHAVE.HEALTH (3,010,073.52) (1,243,668.00) (990,600.00) (524,190.00) (1,048,375.00) (1,048,375.00) 0% Will Change Based on Valuation ARC

73127400 59402 ER CONTR-MOSQUITO CONT (12,877.26) (12,360.61) (12,301.46) (220.05) (13,650.00) (13,650.00) 0%

73127400 59403 ER CONTR-HEALTH FUND (60,743.22) (62,732.51) (72,508.27) (1,475.96) (63,000.00) (63,000.00) 0%

73127400 59404 ER CONTR-ROAD COMMISS. (583,225.95) (545,993.22) (583,710.16) (291,967.97) (687,636.00) (687,636.00) 0% Will Change Based on Valuation ARC

73127400 59406 ER CONTR-LIBRARY (132,837.45) (77,794.32) (70,454.81) (37,784.15) (74,780.00) (74,780.00) 0% Will Change Based on Valuation ARC

73127400 59407 ER CONTR-GOLF COURSE (3,908.00) (3,648.96) (3,869.82) (72.21) (5,250.00) (5,250.00) 0%

73127400 59408 ER CONTR-GENERAL FUND (374,458.56) (383,387.30) (430,015.53) (8,949.84) (393,750.00) (393,750.00) 0%

73127400 59409 ER CONTR-DWS (416,981.33) (439,880.78) (424,343.62) (287,637.11) (496,647.00) (496,647.00) 0% Will Change Based on Valuation ARC

73127400 59410 ER CONTR-911 SERVICE (43,996.74) (41,816.25) (46,155.85) (747.91) (47,250.00) (47,250.00) 0%

73127400 59411 ER CONTR-CHILD CARE (39,359.02) (39,173.25) (47,161.07) (791.10) (42,000.00) (42,000.00) 0%

73127400 59412 ER CONTR-DIV ON AGING (43,038.94) (46,346.75) (47,235.67) (959.36) (45,150.00) (45,150.00) 0%

73127400 59413 ER CONTR-RETIRE SYSTEM (2,425.47) (2,012.74) (2,603.17) (49.38) (1,995.00) (1,995.00) 0%

73127400 59414 ER CONTR-HOMELAND S FD - - - - (3,150.00) - -100% No longer an account

73127400 59415 ER CONTR-GYPSY MOTH (1,986.36) (1,856.35) (1,912.45) (40.25) (2,100.00) (2,100.00) 0%

73127400 59416 ER CONTR-HOME REHABIL. (215.78) (69.90) (103.25) (1.66) (189.00) - -100% No longer an account

73127400 59418 ER CONTR-100% TAX PYMT (3,243.89) (3,253.89) (3,412.58) (65.10) (3,465.00) (3,465.00) 0%

73127400 59419 ER CONTR-MED CARE FAC. (437,655.73) (286,706.00) (26,904.45) (136,834.11) (287,636.00) (287,636.00) 0% Will Change Based on Valuation ARC

73127400 59424 ER CONTR-SELF INSURANC (652.93) (426.11) (442.37) (18.98) (630.00) (630.00) 0%

73127400 59427 ER CONTR-COMM.CORRECT. (1,289.74) (1,667.55) (2,845.59) (42.33) (2,205.00) (2,205.00) 0%

73127400 59429 ER CONTR-F.O.C. FUND (2,664.31) (2,681.63) (2,624.64) (49.98) (2,625.00) (2,625.00) 0%

73127400 59430 ER CONTR-HOUSING FUND (5,640.29) (5,720.46) (5,549.60) (184.31) (6,300.00) (6,300.00) 0%

73127400 59434 ER CONTR-LOCAL CFO TR (326.57) (227.67) (169.81) - (315.00) (315.00) 0%

73127400 59435 ER CONTRIB-CONC PISTOL - (448.16) (498.11) (9.57) - - 0%

73127400 59499 ER CONTR-SHERIFF DEPT 2,165.71 - - - (5,250.00) (5,250.00) 0%

73127400 59501 EE CONTR-BEHAVE.HEALTH (420,482.48) (515,920.70) (434,012.71) (221,436.39) (525,000.00) (525,000.00) 0%

73127400 59502 EE CONTR-MOSQUITO CONT (12,877.26) (12,360.61) (12,350.15) (7,603.86) (13,387.50) (13,387.50) 0%

73127400 59503 EE CONTR-HEALTH FUND (61,053.93) (62,421.80) (72,779.01) (42,424.97) (63,000.00) (63,000.00) 0%

73127400 59504 EE CONTR-ROAD COMMISS. (141,384.42) (152,595.74) (141,161.56) (62,489.37) (136,500.00) (136,500.00) 0%

73127400 59506 EE CONTR-LIBRARY (63,447.34) (58,934.00) (56,363.97) (30,227.35) (78,750.00) (78,750.00) 0%

73127400 59507 EE CONTR-GOLF COURSE (3,908.00) (3,648.96) (3,869.82) (3,421.23) (4,410.00) (4,410.00) 0%

73127400 59508 EE CONTR-GENERAL FUND (382,889.92) (420,045.93) (442,734.70) (255,983.79) (472,500.00) (472,500.00) 0%

73127400 59509 EE CONTR-DWS (110,616.44) (224,607.60) (131,680.76) (77,166.23) (84,000.00) (84,000.00) 0%

73127400 59510 EE CONTR-911 SERVICE (61,141.43) (56,636.42) (60,137.80) (36,135.57) (63,000.00) (63,000.00) 0%

73127400 59511 EE CONTR-CHILD CARE (39,359.03) (39,173.25) (47,873.49) (26,849.52) (42,000.00) (42,000.00) 0%

73127400 59512 EE CONTR-DIV ON AGING (43,038.94) (46,346.74) (47,369.08) (29,185.67) (45,150.00) (45,150.00) 0%

73127400 59513 EE CONTR-RETIRE SYSTEM (2,425.48) (2,012.75) (2,603.17) (1,537.91) (2,310.00) (2,310.00) 0%

73127400 59515 EE CONTR-GYPSY MOTH (1,986.36) (1,856.35) (1,912.45) (1,641.63) (1,995.00) (1,995.00) 0%

66

Page 69: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

2019 BAY COUNTY EMPLOYEES' RETIREMENT SYSTEM BUDGET PROPOSAL

ACCOUNTS FOR: 2015 2016 2017 2018 2018 PCT

7310 RETIREMENT SYSTEM FUND ACTUALS ACTUALS ACTUALS ACTUALS BUDGET PROJECTION CHANGE NOTES

73127400 59516 EE CONTR-HOME REHABIL. (215.78) (69.90) (103.25) (3.08) (210.00) - -100% No longer an account

73127400 59518 EE CONTR-100% TAX PYMT (3,243.89) (3,253.89) (3,449.26) (2,070.69) (3,255.00) (3,255.00) 0%

73127400 59519 EE CONTR-MED CARE FAC. (421,969.14) (399,590.39) (398,565.32) (130,265.47) (420,000.00) (420,000.00) 0%

73127400 59524 EE CONTR-SELF INSURANC (652.92) (426.12) (442.37) (273.09) 472.50 472.50 0%

73127400 59527 EE CONTR-COMM.CORRECT. (1,412.68) (1,667.55) (2,845.59) (1,326.06) (1,575.00) (1,575.00) 0%

73127400 59529 EE CONTR-F.O.C. FUND (2,541.37) (2,681.63) (2,624.64) (1,554.37) (2,625.00) (2,625.00) 0%

73127400 59530 EE CONTR-HOUSING FUND (5,640.29) (5,720.46) (5,569.56) (3,657.91) (6,090.00) (6,090.00) 0%

73127400 59534 EE CONTR.LOCAL CFO TR (326.58) (227.67) (169.81) (416.74) (315.00) (315.00) 0%

73127400 59535 EE CONTRIB-CONC PISTOL - (448.16) (498.11) (294.10) - - 0%

73127400 59599 EE CONTR-SHERIFF DEPT. (230,934.03) (265,101.96) (229,487.94) (151,428.02) (241,500.00) (241,500.00) 0%

73127400 66400 INVESTMENT INTEREST/DIVIDENDS (5,601,459.58) (5,471,878.81) (6,001,523.65) (2,115.57) (4,247,363.00) (5,500,000.00) 29%

73127400 66500 GAIN ON SALE OF INVESTMENTS (28,485,927.89) (15,073,242.78) (15,651,710.94) - (24,026,087.00) (24,026,087.00) 0%

73127400 66501 UNREALIZED GAIN ON INVESTMENTS - (10,132,411.87) (41,651,313.79) - (3,000,000.00) (3,000,000.00) 0%

73127400 66502 GAIN ON FOREIGN CURRENCY EXCH (333.93) (1,025.59) (406.03) - (40,000.00) (1,000.00) -98%

73127400 66600 SECURITIES LENDING EARNINGS (159,813.33) (204,605.85) (193,084.18) (1,598.49) (180,000.00) (13,200.00) -93%

73127400 67104 MISCELLANOUS REVENUES (0.10) (62.32) - - - - 0%

73127400 69000 COMMISSION RECAPTURE (3,366.14) (3,647.59) (6,696.79) (285.67) (5,000.00) (5,000.00) 0%

73127400 69200 CLAIMS/SETTLEMENTS/JUDGEMENTS (37,602.39) (6,238.96) (35,559.72) - (50,000.00) (50,000.00) 0%

73127400 70300 SALARIES-ELECTED OR APPOINTED 43,323.48 34,871.99 45,576.38 28,612.77 52,390.00 52,390.00 0%

73127400 70400 WAGES-CLERICAL-OTHER FULL TIME 1,244.04 9,922.71 10,560.61 6,844.92 12,437.00 12,437.00 0%

73127400 70401 PAY IN LIEU OF HEALTH INSURANC - 1,031.31 1,382.88 - - - 0%

73127400 70500 TEMPORARY HELP 5,364.89 - - - 9,000.00 9,000.00 0%

73127400 70501 PART TIME WAGES 6,841.41 - - - - - 0%

73127400 70600 OVERTIME 371.62 - 194.41 48.60 2,809.00 2,809.00 0%

73127400 70800 HOLIDAY PAY 2,935.18 2,513.43 2,873.20 1,717.38 - - 0%

73127400 71000 PER DIEM 2,475.00 2,295.00 3,100.00 1,307.73 3,420.00 3,420.00 0%

73127400 71200 VACATION PAY 3,232.66 2,054.27 4,140.35 1,835.73 - - 0%

73127400 71202 SICK PAY 491.85 114.02 591.46 455.56 - - 0%

73127400 71500 SOCIAL SECURITY 4,435.81 3,763.46 4,906.46 2,917.69 4,962.00 4,962.00 0%

73127400 71600 HEALTH INSURANCE 11,778.60 6,125.14 6,127.20 7,165.29 10,586.00 10,586.00 0%

73127400 71603 RETIREE HEALTH CARE CONTRIBUT. 10,293.00 (40,894.12) - 1,484.33 2,594.00 2,594.00 0%

73127400 71700 LIFE INSURANCE 119.93 106.20 129.60 64.80 106.00 106.00 0%

73127400 71800 RETIREMENT (18,968.02) 4,322.88 11,457.44 1,477.07 2,594.00 2,594.00 0%

73127400 71900 OTHER FRINGE BENEFITS (DETAIL) - - - - 1,487.00 1,487.00 0%

73127400 72100 WORKERS' COMPENSATION 95.51 75.53 97.73 61.43 98.00 98.00 0%

73127400 72200 SICK AND ACCIDENT INSURANCE 520.75 480.96 878.45 551.98 876.00 876.00 0%

73127400 72500 UNEMPLOYMENT COMPENSATION 283.51 75.53 97.73 61.43 98.00 98.00 0%

73127400 72700 OFFICE SUPPLIES 807.04 142.56 585.00 45.64 1,000.00 1,000.00 0%

67

Page 70: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

2019 BAY COUNTY EMPLOYEES' RETIREMENT SYSTEM BUDGET PROPOSAL

ACCOUNTS FOR: 2015 2016 2017 2018 2018 PCT

7310 RETIREMENT SYSTEM FUND ACTUALS ACTUALS ACTUALS ACTUALS BUDGET PROJECTION CHANGE NOTES

73127400 72800 PRINTING AND BINDING 675.87 34.94 214.37 69.54 500.00 500.00 0%

73127400 72900 POSTAGE 454.33 480.39 1,251.17 194.10 600.00 600.00 0%

73127400 73000 MAGAZINES AND PERIODICALS - - - - 100.00 100.00 0%

73127400 73301 COPIER / FAX SUPPLIES - - - - 100.00 100.00 0%

73127400 74200 FOOD SUPPLIES 21.20 45.95 143.23 290.65 150.00 400.00 167% Added Trustee Education

73127400 75000 GAS OIL AND GREASE - 17.62 - - - - 0%

73127400 75100 COMPUTER SUPPLIES 882.42 133.45 41.75 493.79 500.00 500.00 0%

73127400 80100 PROFESSIONAL SERVICES 1,567,485.21 1,323,756.95 1,550,530.24 934,408.23 1,750,000.00 1,750,000.00 0%

73127400 80101 ACTUARIAL SERVICES 39,500.00 66,200.00 65,433.64 34,742.86 50,000.00 70,000.00 40%

73127400 81200 MEDICAL SERVICES - 960.00 - - 1,000.00 1,000.00 0%

73127400 81400 INVESTMENT/BANK SERVICE CHARGE 276,961.19 290,838.79 205,658.50 (302.14) 55,000.00 55,000.00 0%

73127400 81700 LEGAL FEES (3,983.00) - - - 5,000.00 5,000.00 0%

73127400 81800 AUDIT FEES - 2,000.00 2,000.00 - 2,500.00 2,500.00 0%

73127400 81900 CONSULTANTS 140,000.00 154,000.00 154,000.00 115,500.00 175,000.00 175,000.00 0%

73127400 82000 MEMBERSHIPS AND DUES 110.00 1,050.00 750.00 - 1,000.00 1,000.00 0% NCPERS - 250, NAPPA - 300, MAPERS - 100

73127400 82900 FILING FEES 85.00 - - - 200.00 200.00 0%

73127400 85200 TELEPHONE 116.67 138.14 43.42 61.25 200.00 200.00 0%

73127400 86100 CONFERENCE FEES & EXPENSES 11,228.12 17,467.10 15,998.28 11,807.59 15,000.00 15,000.00 0% MAPERS Bellaire & Kalamazoo, MI

73127400 86500 STATE TRAVEL MILEAGE 1,637.82 2,628.74 3,167.06 739.70 2,700.00 3,500.00 30%

73127400 86600 LOCAL TRAVEL MILEAGE 252.41 206.24 196.94 60.75 300.00 300.00 0%

73127400 87500 PENSION PAYMENTS 16,234,641.86 16,953,467.80 17,637,593.91 9,235,653.81 18,000,000.00 19,000,000.00 6%

73127400 90000 PRINTING/PUBLISHING/ADVERTISI - - 1,756.50 - 200.00 200.00 0%

73127400 90100 LEGAL NOTICES - - - - 500.00 500.00 0%

73127400 93100 EQUIPMENT REPAIR & MAINTENANCE - - - - 200.00 200.00 0%

73127400 93700 HARD/SOFTWARE REPAIR & MAINT 11,175.00 7,700.00 7,900.00 - 7,911.00 8,000.00 1%

73127400 94601 EQUIPMENT RENTAL-COPY MACHINES 763.84 597.18 535.27 241.99 3,813.00 800.00 -79%

73127400 95500 MISCELLANEOUS 8,363.30 2,273.53 - - 500.00 500.00 0%

73127400 95600 INDIRECT COST EXPENSE 110,094.00 259,947.00 196,335.00 39,737.83 68,122.00 104,060.00 53% Per Finance

73127400 96000 EDUCATION AND TRAINING 2,997.50 - - - 1,500.00 1,500.00 0%

73127400 96200 LOSS ON DISPOSAL OF ASSET 5,860,705.96 6,415,592.22 3,343,221.71 - 9,000,000.00 8,994,980.00 0%

73127400 96201 UNREALIZED LOSS ON INVESTMENTS 24,081,437.22 - - - 1,000,000.00 1,000,000.00 0%

73127400 96203 LOSS ON FOREIGN CURRENCY EXCH 9.09 654.31 - - 100,000.00 100,000.00 0%

73127400 96401 CONTRIB REFUND-GENERAL 33,470.27 57,582.23 29,081.58 - 60,000.00 60,000.00 0%

73127400 96402 CONTRIB REFUND-SHERIFF - 40,559.14 3,462.27 - 5,000.00 5,000.00 0%

73127400 96403 CONTRIB REFUND-ROAD COMMISSION - 3,757.53 - - 5,000.00 5,000.00 0%

73127400 96404 CONTRIB REFUND-MED CARE FACIL. 54,709.33 30,809.29 47,252.55 - 50,000.00 50,000.00 0%

73127400 96405 CONTRIB REFUND-B.A.B.H.A. 102,822.94 121,029.50 47,325.29 - 125,000.00 125,000.00 0%

73127400 96406 CONTRIB REFUND-D.W.S - 14,854.97 - - 5,000.00 5,000.00 0%

68

Page 71: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

2019 BAY COUNTY EMPLOYEES' RETIREMENT SYSTEM BUDGET PROPOSAL

ACCOUNTS FOR: 2015 2016 2017 2018 2018 PCT

7310 RETIREMENT SYSTEM FUND ACTUALS ACTUALS ACTUALS ACTUALS BUDGET PROJECTION CHANGE NOTES

73127400 96407 CONTRIB REFUND-LIBRARY - - - - 5,000.00 5,000.00 0%

73127400 96500 INSURANCE AND BONDS 21,769.43 22,223.86 21,491.05 21,538.83 25,000.00 25,000.00 0%

73127400 96730 MACHINERY & EQUIPMENT EXPENSE 99.45 - - - - - 0%

73127400 96740 OFFICE EQUIP.& FURN. EXPENSE - - - - 800.00 - -100%

73127400 96741 COMPUTER HARDWARE EXPENSE - - 2,942.28 1,595.20 4,420.00 - -100%

73127400 98001 COMPUTER SOFTWARE 34,000.00 - - - - - 0%

TOTAL RETIREMENT SYSTEM FUND 7,192,646.27 (10,552,727.02) (44,983,296.99) 8,068,002.25 - 536.00

TOTAL REVENUES (41,475,486.42) (36,370,734.76) (68,414,321.90) (2,383,484.08) (30,632,273.00) (31,675,561.00)

TOTAL EXPENSES 48,668,132.69 25,818,007.74 23,431,024.91 10,451,486.33 30,632,273.00 31,676,097.00

GRAND TOTAL 7,192,646.27 (10,552,727.02) (44,983,296.99) 8,068,002.25 - 536.00

69

Page 72: BAY COUNTY RETIREMENT BOARD OF TRUSTEES AGENDA … · 2018-09-11 · equities financials common stock unum group 91529y106 unm us91529y1064 20,500 475,024 39.73 5,330 814,465 339,441

2019 BCERS PROPOSED BUDGET- INDIRECT COSTS

(2019 Indirect is based on 2017 Activity)

2018 2019 Increase /

Allocated Department Budget Budget (Decrease) Allocation Basis

Building Depreciation 334$ 213$ (121)$ Assigned Square Footage by benefiting Department

County Commission 1,470$ 1,629$ 159$ Annual Audit - Number of Acctg Transactions by Dept.

Accounting / Finance 55,981$ 59,089$ 3,108$ Number of Accounting Transaction by Department - Part-Time Acct + Dir. Time

Payroll 26,210$ 5,036$ (21,174)$ Average Number of Employees by Benefiting Dept.

Budget 2,588$ 3,532$ 944$ Number of Budget, A/P, and Acctg Transactions by Department

Administrative Services 219$ 373$ 154$ Average Number of FTE's by benefiting Department

Information Services 1,908$ -$ (1,908)$ Number of Work Orders and Devices by benefiting Dept.

Financial System - MUNIS 1,921$ 3,838$ 1,917$ Number of Accounting Transaction by Department

Purchasing 294$ -$ (294)$ Number of Purchase Orders issued by Department

Treasurer 907$ 5,204$ 4,297$ Number of Cash Receipts and Banking Transactions by Dept.

Building & Grounds 8,690$ 11,343$ 2,653$ Assigned Square Footage by benefiting Department

Corporation Counsel 20,505$ 28,866$ 8,361$ Dollar Amount of Staff Attorney Wages & Legal Fees by Dept.

Personnel 1,319$ 1,393$ 74$ Average Number of FTE's & Union FTE's by benefiting Dept.

Print / Postage - Mail Room 214$ 533$ 319$ Number of print jobs and dollar amount of postage by Benefiting Department

Risk Management 196$ 1,302$ 1,106$ Insurances - Avg. Number of FTE's, and Assigned Square Footage by Dept.

Wellness Program -$ 495$ 495$ Average Number of FTE's by benefiting Department

Retiree Insurance 3,266$ 3,329$ 63$ Dollar Amount of Health & Life Ins. And amount of Wages by Dept.

TOTAL ALLOCATED COSTS 126,022$ 126,175$ 153$

Roll Forwards (Prior Period Adj) (57,900)$ (22,115)$ 35,785$ Smoothing effect from year to year if something major happens

TOTAL INDIRECT COSTS 68,122$ 104,060$ 35,938$

Total Allocated for 2018 is .011% of $6,763,037 Bay County Total Allocated Costs

Total Allocated for 2019 is .016% of $6,725,772 Bay County Total Allocated Costs

2017 Activity

RFP Process - Custodian Bank

Implementation of a New Custodian Bank

New staff member in Finance responsible for Retirement Reporting

70