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HomeMy WebLinkAboutAgenda Fire Pension 050113THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND Meeting of Wednesday, May 1, 2013 Location: City Hall, Council Chambers Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 1 PM AGENDA 1. Call Meeting to Order 2. Welcome New Trustee Martin Cohen 3. Public Comments 4. Minutes: • Regular Meeting Held on March 11, 2013 • Special Meeting Held on March 18, 2013 5. Investment Manager Presentation: Agincourt Capital Management (Brad Coats) 6. Investment Monitor Report: The Bogdahn Group (Troy Brown) • Active Manager Search 7. Presentation of the September 30, 2012 Actuarial Valuation Report: Foster & Foster, Inc. (Doug Lozen) 8. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera) 9. Administrative Report: Resource Centers (Audrey Ross) • Disbursements • 2013 COLA Approval 10. Old Business 11. New Business 12. Other Business • Memo From the Division of Retirement Regarding Maintenance of Confidentiality for Firefighters’ Personal Indentifying Information (Public Records) 13. Schedule Next Meeting: Monday July 8, 2013 at 9:00 A.M. 14. Adjourn 2 PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting. May 1, 2013 Ag i n c o u r t C a p i t a l M a n a g e m e n t , L L C Pr e s e n t a t i o n t o : T h e C i t y o f P a l m B e a c h G a r d e n s T h e C i t y o f P a l m B e a c h G a r d e n s Fi r e f i g h t e r s ’ P e n s i o n P l a n Br a d P . C o a t s , C F A – M a n a g i n g D i r e c t o r Ag e n d a Pa l m B e a c h G a r d e n s F i r e f i g h t e r s  Or g a n i z a t i o n  Pe r f o r m a n c e  St r a t e g y  Pa l m B e a c h G a r d e n s F i r e f i g h t e r s ’ P o r t f o l i o 2 Ag i n c o u r t O v e r v i e w Pa l m B e a c h G a r d e n s F i r e f i g h t e r s  Ag i n c o u r t is a 1 0 0 % e m p l o y e e - o w n e d , S E C - re g i s t e r e d i n v e s t m e n t a d v i s o r  Ov e r $4 bi l l i o n i n c l i e n t a s s e t s ; s o l e f o c u s i s f i x e d i n c o m e  Co n s i s t e n t , “ v a l u e - b a s e d ” i n v e s t m e n t p h i l o s o p h y  Di s c i p l i n e d p r o c e s s ; r e s e a r c h - d r i v e n i n v e s t m e n t a p p r o a c h  Cu s t o m i z e d s o l u t i o n s f o r i n s t i t u t i o n a l c l ie n t s — m e e t e v e r y c l i e n t ’ s u n i q u e n e e d s  St a b l e , e x p e r i e n c e d i n v e s t m e n t t e a m 3 Ag i n c o u r t C l i e n t s Pa l m B e a c h G a r d e n s F i r e f i g h t e r s Pu b l i c No n Pr o f i t Co r p o r a t e Pu b l i c Ar i z o n a C o u n t i e s I n s u r a n c e P o o l Au s t i n ( T X ) E m p l o y e e s Ba r t o w ( F L ) G e n e r a l E m p l o y e e s Ba r t o w ( F L ) M u n i c i p a l P o l i c e Be t h l e h e m ( P A ) Br o o k s v i l l e ( F L ) F i r e f i g h t e r s Co c o a ( F L ) G e n e r a l E m p l o y e e s Ch a t t a n o o g a (T N ) Fi r e & P o l i c e No n -Pr o f i t Am e r i c a n F a m i l y R a d i o Ba c k t o t h e B i b l e F o u n d a t i o n Bi b l i c a M i n i s t r i e s F o u n d a t i o n Ch a r l o t t e s v i l l e ( V A ) A r e a C o m m u n i t y F o u n d a t i o n Ch u r c h o f t h e B r e t h r e n B e n e f i t T r u s t Co m m u n i t y F o u n d a t i o n o f T a m p a B a y Co u n t y C o m m i s s i o n e r s A s s n . o f P A Ep i s c o p a l D i o c e s e o f B e t h l e h e m ( P A ) Co r p o r a t e At m o s E n e r g y C o r p o r a t i o n Cl a r i a n t C o r p o r a t i o n Co P o l y m e r R e t i r e e s T r u s t V E B A DS M U S A Er i c s s o n N . 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Fa i r f i e l d M a n u f a c t u r i n g C o m p a n y Ha l l i b u r t o n C o m p a n y Ha n t z m o n W i e b e l Ch a t t a n o o g a (T N ) Fi r e & P o l i c e Cr e s t v i e w ( F L ) P o l i c e & F i r e f i g h t e r s El e c t r i c P o w e r B o a r d o f C h a t t a n o o g a ( T N ) En g l e w o o d ( F L ) A r e a F i r e C o n t r o l D i s t r i c t Fe r n a n d i n a B e a c h ( F L ) G e n e r a l E m p l o y e e s Fe r n a n d i n a B e a c h ( F L ) P o l i c e & F i r e Fo r t L a u d e r d a l e ( F L ) P o l i c e & F i r e Gu l f p o r t ( F L ) M u n i c i p a l P o l i c e Kn o x v i l l e (T N ) Ut il i t i e s B o a r d Ep i s c o p a l D i o c e s e o f B e t h l e h e m ( P A ) Ep i s c o p a l D i o c e s e o f V i r g i n i a Fo r e s t d a l e Ge o r g i a B a p t i s t F o u n d a t i o n Th e G i d e o n s I n te r n a t i o n a l Gr a n d L o d g e o f F & A M a s o n s o f F l o r i d a Gr e a t e r A t l a n t a C h r i s t i a n F o u n d a t i o n Ha r v e y R a n d a l l W i c k e s F o u n d a t i o n He a r i n F o u n d a t i o n Ha n t z m o n W i e b e l KB R Mo r g a n i t e I n d u s t r i e s Ok l a h o m a G a s & E l e c t r i c Pe r d u e F a r m s Qu a d r a n t E P P , U S A Sc h i n d l e r E l e v a t o r C o r p o r a t i o n Th e W i l l i a m s C o m p a n i e s Kn o x v i l l e (T N ) Ut il i t i e s B o a r d La k e C i t y ( F L ) P o l i c e La u d e r h i l l ( F L ) F i r e f i g h t e r s Le e s b u r g ( F L ) M u n i c i p a l P o l i c e Le h i g h C o u n t y ( P A ) E m p l o y e e s ’ R e t i r e m e n t Me l b o u r n e ( F L ) G e n e r a l E m p l o y e e s Me t r o . W a s h i n g t o n A i r p o r t s A u t h o r i t y Mi l t o n ( F L ) M u n i c i p a l F i r e f i g h t e r s Mu n i c i p a l E le c t r i c A u t h o r i t y o f G e o r g i a He a r i n F o u n d a t i o n Hu m a n L i f e I n t e r n a t i o n a l In d i a n a W e s l e y a n U n i v e r s i t y In t e r n a t i o n a l C o u n c i l o f S h o p p i n g C e n t e r s Je w i s h F e d e r a t i o n o f C i n c i n n a t i Me n n o n i t e B r e t h r e n F o u n d a t i o n Mi s s i o n t o t h e W o r l d Pa l m H e a l t h c a r e F o u n d a t i o n Pe n n . C h a m b e r o f B u s i n e s s a n d I n d u s t r y He a l t h c a r e Al t o n M e m o r i a l H e a l t h S e r v i c e s F o u n d a t i o n De l t a D e n t a l Do n o r A l l i a n c e Ev a n g e l i c a l C o m m u n i t y H o s p i t a l Ge i s i n g e r H e a l t h C a r e In d i a n a H e a l t h c a r e R e c i p r o c a l RRG Mu n i c i p a l E le c t r i c A u t h o r i t y o f G e o r g i a Th e N a v a j o N a t i o n No r t h N a p l e s ( F L ) F i r e C o n t r o l & R e s c u e D i s t r i c t No r t h R i v e r ( F L ) F i r e D i s t r i c t Oc o e e ( F L ) G e n e r a l E m p l o y e e s Ok l a h o m a P o l i c e Pa l m B e a c h G a r d e n s ( F L ) F i r e f i g h t e r s St . A u g u s t i n e ( F L ) F i r e f i g h t e r s Sa n Joa qui n (CA ) Re gio n a l T r a n s i t D i s t r i c t Pe n n . C h a m b e r o f B u s i n e s s a n d I n d u s t r y Po t t e r C h i l d r e n ’ s H o m e Pr e s b y t e r i a n C h u r c h i n A m e r i c a Pr o j e c t H O M E Ra n d o l p h - M a c o n C o l l e g e St . P a t r i c k ’ s C a t h o l i c C h u r c h St . T h o m a s A q u i n a s C a t h o l i c C h u r c h Sa m H o u s t o n S t a t e U n i v e r s i t y Se r v a n t s o f t h e H o l y H e a r t o f M a r y In d i a n a H e a l t h c a r e R e c i p r o c a l RRG In d i a n a H o s p i t a l A s s o c i a t i o n Ma r i e t t a M e m o r i a l H o s p i t a l Me t h o d i s t L e B o n h e u r H e a l t h c a r e Mu n r o e R e g i o n a l M e d i c a l C e n t e r Pi n n a c l e H e a l t h S y s t e m Pr o v i d e n c e H e a l t h S y s t e m St . C l a i r H o s p i t a l Un i v e r s i t y H e a l t h S y s t e m Jq () g So u t h M i a m i ( F L ) So u t h P a s a d e n a ( F L ) F i r e f i g h t e r s Ta m a r a c ( F L ) G e n e r a l E m p l o y e e s VI A M e t r o p o l i t a n T r a n s i t A u t h o r i t y ( T X ) Ta f t - H a r t l e y DC 1 7 0 7 H o m e C a r e W o r k e r s L o c a l # 3 8 9 yy Sh a w n e e S t a t e U n i v e r s i t y Si s t e r s o f S t . D o m i n i c o f C a l d w e l l Si s t e r s o f S t . F r a n c i s St a b l e r F o u n d a t i o n Ta y l o r U n i v e r s i t y Tr a n s W o r l d R a d i o Vi r g i n i a A s s o c . o f C o u n t i e s S e l f I n s u r a n c e R i s k P o o l Vi r gin i a H o m e f o r B o ys & G i r l s Un i v e r s i t y H e a l t h S y s t e m Th e W a s h i n g t o n H o s p i t a l 4 In l a n d P e n s i o n F u n d I. U . O . E . L o c a l # 1 3 8 Pl u m b e r s & S t e a m f i t t e r s L o c a l # 4 3 Un i t e d T r a n s p o r t a t i o n U n i o n Ut a h S h e e t M e t a l P e n s i o n T r u s t F u n d gy Vi r g i n i a M u s e u m o f F i n e A r t s Vi r g i n i a T e c h F o u n d a t i o n Vi r g i n i a U n i t e d M e t h o d i s t H o m e s Xa v i e r U n i v e r s i t y o f L o u i s i a n a In v e s t m e n t P r o f e s s i o n a l s Ma n a g e m e n t T e a m Pa l m B e a c h G a r d e n s F i r e f i g h t e r s Ma n a g e m e n t T e a m Br a d P . C o a t s , C F A – M a n a g i n g D i r e c t o r M . B . A . , U n i v e r s i t y o f T e x a s 3 2 Y e a r s E x p e r i e n c e Po r t f o l i o M a n a g e r B . S . B . A . , O k l a h o m a S t a t e U n i v e r s i t y Pa t r i c k K . K e l l y , C F A – M a n a g i n g D i r e c t o r M . B . A . , V i r g i n i a P o l y t e c h n i c I n s t i t u t e 3 0 Y e a r s E x p e r i e n c e Po r t f o l i o M a n a g e r B . S . , V i r g i n i a P o l y t e c h n i c I n s t i t u t e L. D u n c a n B u o y e r , C F A – M a n a g i n g D i r e c t o r M . B . A . , E m o r y U n i v e r s i t y 2 5 Y e a r s E x p e r i e n c e Po r t f o l i o M a n a g e r B . A . , U n i v e r s i t y o f N o r t h C a r o l i n a Pa t r i c k T . O ’ H a r a , C F A – M a n a g i n g D i r e c t o r B . S . B . A . , U n i v e r s i t y o f R i c h m o n d 2 7 Y e a r s E x p e r i e n c e Cl i e n t S e r v i c e / M a r k e t i n g M a n a g e r Co r p o r a t e T e a m Ry o n H . A c e y , C F A – Se n i o r A s s o c i a t e M. B . A . , U n i v e r s i t y o f M a r y l a n d 1 4 Y e a r s E x p e r i e n c e In v e s t m e n t A n a l y s t B . S . , U n i v e r s i t y o f V i r g i n i a Ca t h e r i n e C . T e m ple – Se n i o r A s s o c i a t e M. B . A . , V i r gin i a C o m m o n w e a l t h U n i v e r s i t y 22 Ye a r s E x perience p ,g y p In v e s t m e n t A n a l y s t B . S . B . A . , U n i v e r s i t y o f R i c h m o n d St a c e y L . M a r g o l i s – A s s o c i a t e B . S . B . A . , L e h i g h U n i v e r s i t y 1 2 Y e a r s E x p e r i e n c e In v e s t m e n t A n a l y s t MB S / S t r u c t u r e d P r o d u c t T e a m Wi l l i a m M . A r m e s , C F A – D i r e c t o r M . B . A . , C a s e W e s t e r n R e s e r v e U n i v e r s i t y 3 2 Y e a r s E x p e r i e n c e Po r t f o l i o M a n a g e r B . S . , P e n n s y l v a n i a S t a t e U n i v e r s i t y B. S c o t t M a r s h a l l , C F A – D i r e c t o r B . S . B . A . , U n i v . o f T e n n e s s ee a t C h a t t a n o o g a 1 6 Y e a r s E x p e r i e n c e Po r t f o l i o M a n a g e r Sh a n n o n M . B o r u m , C F A – A s s o c i a t e B . S . , V i r g i n i a C o m m o n w e a l t h U n i v e r s i t y 1 2 Y e a r s E x p e r i e n c e In v e s t m e n t A n a l y s t Na n d a n A . S h a h – A s s o c i a t e B . S . , V i r g i n i a P o l y t e c h n i c I n s t i t u t e 3 Y e a r s E x p e r i e n c e In v e s t m e n t A n a l y s t Bu s i n e s s & T e c h n o l o g y T e a m La u r a W . H a y n i e – D i r e c t o r B . S . , V i r g i n i a C o m m o n w e a l t h U n i v e r s i t y 2 6 Y e a r s E x p e r i e n c e Bu s i n e s s M a n a g e r Er i k a D . N e a r y – A s s o c i a t e B . A . , S a l i s b u r y U n i v e r s i t y 1 5 Y e a r s E x p e r i e n c e Ma n a g e r , O p e r a t i o n s & S y s t e m s De l o r s e K . B r o w n – A s s o c i a t e P a n A m e r i c a n B u s i n e s s C o l l e g e 2 7 Y e a r s E x p e r i e n c e Op e r a t i o n s A n a l y s t Op e r a t i o n s A n a l y s t Jen i f e r M . T r o u p e – A s s o c i a t e 7 Y e a r s E x p e r i e n c e Cl i e n t S e r v i c e / M a r k e t i n g A n a l y s t Joh n M o n g e r – A s s o c i a t e B . S . , V i r g i n i a C o m m o n w e a l t h U n i v e r s i t y 8 Y e a r s E x p e r i e n c e Op e r a t i o n s A n a l y s t   5 In v e s t m e n t P h i l o s o p h y a n d O b j e c t i v e s Pa l m B e a c h G a r d e n s F i r e f i g h t e r s Co n s i s t e n c y L e a d s t o E x c e l l e n c e  Co n s i s t e n c y o f r e t u r n s i s p r i m a r y g o a l  Ac t i v e , v a l u e - b a s e d s t r a t e g i e s Pr o v i d e B e l o w A v e r a g e R i s k  Ri s k m a n a g e m e n t , n o t r i s k e l i m i n a t i o n  Be l o w a v e r a g e v o l a t i l i t y  “Y i e l d w i n s o v e r t i m e ” 16 % Ro l l i n g 3 Y e a r R e t u r n s ( Q u a r t e r l y ) , 1 9 9 0 - 2 0 1 3 12 % 14 % 16 % e Composite 6%8% 10 % ore Fixed Income 0%2%4% Agincourt Co 6 0% 0% 2 % 4 % 6 % 8 % 1 0 % 1 2 % 1 4 % 1 6 % Ba r c l a y s A g g r e g a t e I n d e x US T r e a s u r y Y i e l d C u r v e s & R e t u r n s b y M a t u r i t y Pa l m B e a c h G a r d e n s F i r e f i g h t e r s 2. 5 0 % 3. 0 0 % 3. 5 0 % ields M a r c h 3 1 , 2 0 1 3 De c e m b e r 3 1 , 2 0 1 2 De c e m b e r 3 1 , 2 0 1 1    Mo s t U S T r e a s u r y y i e l d s ba r e l y b u d g e d i n t h e f i r s t qu a r t e r , a s a m i x e d b a g o f ec o n o m i c s t a t i s t i c s k e pt t h e 1. 0 0 % 1. 5 0 % 2. 0 0 % US Treasury Yi p st a t u s q u o i n t a c t .  Th e o n l y m e a s u r a b l e c h a n g e s we r e w i t h l o n g e r r a t e s , a s 1 0 - an d 3 0 - y e a r y i e l d s r o s e b y 9 an d 1 5 b a s i s p o i n t s 0. 0 0 % 0. 5 0 % 12 3 5 7 1 0 3 0 Ye a r s t o M a t u r i t y 3. 0 % an d 1 5 b a s i s p o i n t s , re s p e c t i v e l y .  Sh o r t - a n d i n t e r m e d i a t e - 1. 0 % 2. 0 % 3 Total Returns US Treasuries High-Grade Corporates So u r c e : M e r r i l l L y n c h ma t u r i t y b o n d s p r o d u c e d me a g e r p o s i t i v e t o t a l r e t u r n s , al l c o m i n g f r o m c o u p o n in c o m e . R e t u r n s f o r l o n g e r ma t u r i t i e s w e r e n e g a t i v e , a s ri s i n g ra t e s p u s h e d t h e i r 20 % -1 . 0 % 0. 0 % First Quarter 201 ri s i n g ra t e s p u s h e d t h e i r pr i c e s d o w n .  Re t u r n s f o r c o r p o r a t e b o n d s we r e a b o v e t h o s e o f Tr e a s u r i e s , o n a v e r a g e , a l l -3 . 0 % -2.0% 1- 3 3 - 5 5 - 7 7 - 1 0 1 0 - 1 5 1 5 + Years to Maturity ac r o s s t h e m a t u r i t y r a n g e . 7 Ex c e s s R e t u r n C o m p a r i s o n Pa l m B e a c h G a r d e n s F i r e f i g h t e r s 10 . 0 % 12 . 5 % 15 . 0 % asuries D u r a t i o n - A d j u s t e d E x c e s s R e t u r n s , b y S e c t o r 1st Qtr 2013 Full Year 2012 So u r c e : B a r c l a y s  Yi e l d s o n " s p r e a d p r o d u c t " ch a n g e d v e r y l i t t l e r e l a t i v e t o Tr e a s u r i e s i n t h e f i r s t qu a r t e r r e s u l t i n g i n v e r y 2. 5 % 5. 0 % 7. 5 % Total Return vs. Trea qu a r t e r , r e s u l t i n g i n v e r y sm a l l p o s i t i v e i n c r e m e n t a l re t u r n s ( i f a t a l l ) i n t h e pe r i o d .  Th e s e r e s u l t s a r e i n c o n t r a s t -2 . 5 % 0. 0 % US A g e n c y MB S CM B S C r e d i t - Fi n a n c i a l s Cr e d i t - In d u s t r i a l s Credit-UtilitiesCredit-Non-Corp T  to w h a t w e ' v e s e e n o v e r mu c h o f t h e p a s t f e w qu a r t e r s , w h e n s p r e a d s ti g h t e n e d a n d c o r p o r a t e a n d mo r t g a g e - b a c k e d b o n d s 7. 5 % 10 . 0 % easuries D u r a t i o n - A d j u s t e d E x c e s s R e t u r n s , b y Q u a l i t y 1s t Q t r 2 0 1 3 F u l l Y e a r 2 0 1 2 So u r c e : B a r c l a y s (M B S ) p r o d u c e d e x c e l l e n t re l a t i v e r e t u r n s .  Th l i t t l i f 0. 0 % 2. 5 % 5. 0 % Total Return vs. Tre F u l l Y e a r 2 0 1 2  Th er e wa s l i t t l e, i f an y , re l a t i o n s h i p b e t w e e n q u a l i t y an d r e t u r n s i n t h e q u a r t e r .   -2 . 5 % AA A A A A B B B 8 Po r t f o l i o V a l u e Pa l m B e a c h G a r d e n s F i r e f i g h t e r s Ma r k e t V a l u e o n De c e m b e r 3 1 , 2 0 1 2 $5 , 6 8 7 , 4 2 6 Ma r k e t V a l u e o n De c e m b e r 3 1 , 2 0 1 2 $5 , 6 8 7 , 4 2 6 Ne t C o n t r i b u t i o n s ( W i t h d r a w a l s ) 0 In v e s t m e n t E a r n i n gs( 3 ,82 7 ) g , Ma r k e t V a l u e o n Ma r c h 3 1 , 2 0 1 3 $5 , 6 8 3 , 5 9 9 9 In v e s t m e n t P e r f o r m a n c e Pa l m B e a c h G a r d e n s F i r e f i g h t e r s An n u a l i z e d 1st Qt r S i n c e 20 1 3 1 Y r 3 Y r s 9 / 3 0 / 0 8 Pa l m B e a c h G a r d e n s F i r e f i g h t e r s - 0 . 0 7 4 . 5 6 % 6 . 2 6 % 7 . 9 7 % Ba r c l a y s A g g r e g a t e I n d e x - 0 . 1 2 % 3 . 7 7 % 5 . 5 2 % 6 . 4 5 % Re t u r n s p r e s e n t e d g r o s s o f f e e s 10 Ag i n c o u r t I n v e s t m e n t P r o c e s s Pa l m B e a c h G a r d e n s F i r e f i g h t e r s In v e s t m e n t S t r a t e g i e s “M a c r o ” E n v i r o n m e n t f o r B o n d s In v e s t m e n t S t r a t e g i e s Se c t o r M a n a g e m e n t ( 4 0 % )  Ac t i v e l y o v e r w e i g h t s e c t o r s j u d g e d t o h a v e t h e b e s t r e l a t i v e v a l u e  Em p h a s i z e t r a d i t i o n a l s e c t o r s ( c o r p o r a t e s , m o r t g a g e s , g o v e r n m e n t s )  No r i s k y d e r i v a t i v e s , a v e r a g e q u a l i t y o f “ A ” Se c u r i t y S e l e c t i o n ( 4 0 % )  “V a l u e - b a s e d ” s e c u r i t y s e l e c t i o n : T o p - d o w n + b o t t o m - u p  St res s y ield, q u a li ty , s t ruc t u re, li qu idity a nd d ive rsif i ca t ion  St e s s y e d , q u a t y , s t u c t u e , q u d t y a d d v e s c a t o Yi e l d C u r v e / D u r a t i o n M a n a g e m e n t ( 2 0 % )  Op t i m i z e i n d i v i d u a l m a t u r i t y a l l o c a t i o n s t o c a p t u r e r e l a t i v e v a l u e  De f e n s i v e a g a i n s t i n t e r e s t r a t e r i s k ; t y p i c a l l y 9 5 % t o 1 0 0 % o f i n d e x Po r t f o l i o C h a r a c t e r i s t i c s Yi e l d a d v a n t a g e Yi e l d a d v a n t a g e Hi g h q u a l i t y Di v e r s i f i e d Lo w e r v o l a t i l i t y 11 Ma c r o F a c t o r A n a l y s i s Pa l m B e a c h G a r d e n s F i r e f i g h t e r s St a t u s  At j u s t b e l o w 2 % , c o r e i n f l a t i o n i s n o t a c o n c e r n i n th e n e a r f u t u r e . C o n t i n u i n g Q E p r o g r a m s r a i s e lo n g e r - t e r m i n f l a t i o n e x p e c t a t i o n s , h o w e v e r . Ma c r o F a c t o r In f l a t i o n Po r t f o l i o I m p a c t Ke e p p o r t f o l i o d u r a t i o n s l i g h t l y d e f e n s i v e — 9 6 % f o r Co r e p o r t f o l i o s , 9 8 % f o r I n t e r mediate portfolios. Real Tr e a s u r y y i e l d s a t z e r o a r e p o o r v a l u e .  Fe d m o v i n g t o i n f l a t i o n - a n d u n e m p l o y m e n t - ta r g e t e d o b j e c t i v e s , a n d i n c r e a s e d t r a n s p a r e n c y . Mo n e t a r y p o l i c y r e m a i n s h i g h l y s t i m u l a t i v e .  US ec o n o m y i s gr o w i n g a t a t e p i d ra t e as f i s c a l Fe d P o l i c y Bu s i n e s s C y c l e Yi e l d c u r v e s h o u l d r e m a i n s t e e p . L o n g m a t u r i t i e s h a v e pe r f o r m e d w e l l , b u t l i k e l y h a v e r u n t h e i r c o u r s e f o r no w . E m p h a s i z e i n t e r m e d i a t e m a t u r i t i e s Ec o n o m i c gr o w t h wi l l re m a i n b e l o w t h e t r e n d o f t h e  US ec o n o m y i s gr o w i n g a t a t e p i d ra t e as f i s c a l st i m u l u s e n d s . H o u s i n g m a r k e t h a s b o t t o m e d , a n d is n o w b e g i n n i n g t o c o n t r i b u t e t o G D P .  Hi g h g r a d e b o n d i s s u e r s ’ b a l a n c e s h e e t s a r e i n v e r y goo d s h a pe; c a s h f l o w s a n d pro f i t s ar e st r o n gly Bu s i n e s s C y c l e Cr e d i t C y c l e Ec o n o m i c gr o w t h wi l l re m a i n b e l o w t h e t r e n d o f t h e pa s t f e w d e c a d e s . K e e p c r ed i t q u a l i t y h i g h , r e m a i n ve r y w e l l d i v e r s i f i e d . Co n t i n u e t o f a v o r c o m p a n i e s t h a t a r e n ’ t d e p e n d e n t o n a h i gh- gro w t h e c o n o m y; ca r e f u l credit selection gp ; p gy po s i t i v e .  Se n t i m e n t h a s i m p r o v e d o v e r t h e p a s t f e w m o n t h s , ye t w o r r i e s p e r s i s t : U S f i s c a l p o l i c y , m i x e d ec o n o m i c d a t a , a n d E u r o d e b t c r i s i s . In v e s t o r S e n t i m e n t g gy ; re m a i n s e s s e n t i a l i n t h i s f r a g i l e r e c o v e r y . Hi g h q u a l i t y c o r p o r a t e s o f f e r good value. Agency MBS of f e r o n l y f a i r v a l u e ; s h o r t C M B S r e m a i n a t t r a c t i v e .  He a v y T r e a s u r y s u p p l y f o r t h e n e x t f e w y e a r s . Fe d h a s r e s u m e d T r e a s u r y p u r c h a s e s , s u p p o r t i n g ul t r a - l o w T r e a s u r y y i e l d s f o r t h e t i m e b e i n g .  Li q u i d i t y is f a i r l y g o o d b u t p r o n e t o b o u t s o f Su p p l y / D e m a n d Li q u i d i t y Un d e r w e i g h t s h o r t - a n d i n t e r m e d i a t e - t e r m Go v e r n m e n t s , a s c o r p o r a t e b o n d s p o s s e s s s u p e r i o r va l u e . L o n g T r e a s u r i e s a r e O K . Ke e p a n e y e o n v o l a t i l i t y Co n s i d e r lower allocation to 12  Li q u i d i t y is f a i r l y g o o d , b u t p r o n e t o b o u t s o f ne r v o u s n e s s , r e l a t e d t o n e w s a n d d a t a f l o w .   Li q u i d i t y   Ke e p a n e y e o n v o l a t i l i t y . Co n s i d e r lower allocation to cr e d i t s i f s p r e a d s t i g h t e n s i g n i f i c a n t l y . 40 % Co r p o r a t e s Se c t o r / Y i e l d C u r v e S u m m a r y Pa l m B e a c h G a r d e n s F i r e f i g h t e r s 10 % 20 % 30 % 40 %  Us e s c e n a r i o a n a l y s i s t o e v a l ua t e y i e l d c u r v e o p p o r t u n i t i e s  Op t i m i z e a l l o c a t i o n s t o d u r a t i o n / m a t u r i t y c e l l s 0% 10 % Sh o r t In t e r m e d i a t e L o n g MBS/ AB S/ C M BS  Bi a s i s t o i m p r o v e o v e r a l l y i e l d 70 % To t a l P o r t f o l i o Ba r c l a y s A g g r e g a t e I n d e x 20 % 30 % 40 % MS / S / C M S 30 % 40 % 50 % 60 % Ba r c l a y s A g g r e g a t e I n d e x Pa l m B e a c h G a r d e n s F i r e f i ghters 0% 10 % Sh o r t I n t e r m e d i a t e L o n g Tr e a s u r i e s / A g e n c i e s 0% 10 % 20 % 30 % Sh o r t In t e r m e d i a t e L o n g 20 % 30 % 40 % Tr e a s u r i e s / A g e n c i e s g Sh o r t - T e r m : 0 - 3 y r s d u r a t i o n In t e r m e d i a t e : 3 7 y r s d u r a t i o n 0% 10 % Sh o r t I n t e r m e d i a t e L o n g In t e r m e d i a t e : 3 -7 y r s d u r a t i o n Lo n g - T e r m : 7 + y r s d u r a t i o n 13 Co r p o r a t e S e c t o r A n a l y s i s 8% Pa l m B e a c h G a r d e n s F i r e f i g h t e r s 4%6% r Treasuries (OAS) BB B S p r e a d A S p r e a d AA A / A A S p r e a d 0%2% 92 9 3 9 4 9 5 9 6 9 7 9 8 9 9 0 0 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 1 0 1 1 1 2 1 3 Yield Over 0%5% 10 % 15 % s Over Treasuries Q u a r t e r l y E x c e s s R e t u r n s - C o r p o r a t e s Ro l l i n g 3 - y r E x c e s s R e t u r n s , A n n u a l i z e d -1 5 % -1 0 % -5 %0% 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Excess Returns 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Se c t o r / R a t i n g A A A / A A A B B B T o t a l Fi n a n c e 0 . 7 % 1 3 . 4 % 1 . 6 % 1 5 . 7 % di l 39 91 14 6 27 6 Pe r c e n t o f P o r t f o l i o M a r k e t V a l u e a s o f A p r i l 9 , 2 0 1 3 In dus t r ial 3.9 9.1 14 .6 27 .6 Ut i l i t y 0 . 7 3 . 4 1 . 9 6 . 0 No n C o r p o r a t e 0 . 0 0 . 0 0 . 0 0 . 0 To t a l 5 . 3 % 2 5 . 9 % 1 8 . 1 % 4 9 . 3 % 14 Co r p o r a t e A l l o c a t i o n : O v e r w e i g h t / U n d e r w e i g h t Pa l m B e a c h G a r d e n s F i r e f i g h t e r s US T e l e c o m Pa l m B e a c h G a r d e n s F i r e f i g h t e r s C o n t r i b u t i o n t o D u r a t i o n ( I n d u s t r y D u r a t i o n X P e r c e n t a g e o f P o r t f o l i o ) R a i l r o a d s Fi n a n c e C o s . E l e c t r i c U t i l i t i e s In s u r a n c e Ca b l e / M e d i a Na t u r a l G a s Fo o d Te c h n o l o g y Ba n k i n g Su p e r m a r k e t s So v e r e i g n s F o r e i g n L o c a l G o v ' t Su p r a n a t i o n a l s Fo r e i g n A g e n c y Ae r o s p a c e / D e f e n s e -0 . 1 5 - 0 . 1 0 - 0 . 0 5 0 . 0 0 0 . 0 5 0 . 1 0 0 . 1 5 0 . 2 0 0 . 2 5 Ov e r w e i g h t / U n d e r w e i g h t v s . B a r c l a y s A g g r e g a t e I n d e x 15 Mo r t g a g e S e c t o r A n a l y s i s 2 . 0 % Pa l m B e a c h G a r d e n s F i r e f i g h t e r s 1 . 0 % 1 . 5 % ead (OAS) Over USTs M B S S p r e a d ( F i x e d V o l ) 0 . 0 % 0 . 5 % Yiled Spre S o u r c e : C i t i g r o u p 4. 5 % 0. 0 % 1. 5 % 3. 0 % rns Over Treasuries Qu a r t e r l y E x c e s s R e t u r n ( M B S / A B S / C M B S ) Ro l l i n g 3 - Y r E x c e s s R e t u r n s ( A n n u a l i z e d ) -4 . 5 % -3 . 0 % -1 . 5 % 92 9 3 9 4 9 5 9 6 9 7 9 8 9 9 0 0 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 1 0 1 1 1 2 1 3 Excess Retur So u r c e : B a r c l a y s Is s u e r / T y p e A B S / C M B S A R M / C M O 1 5 y r 3 0 y r T o t a l Ag e n c y 0 . 0 % 0 . 8 % 8 . 2 % 2 3 . 1 % 3 2 . 1 % Pe r c e n t o f P o r t f o l i o M a r k e t V a l u e a s o f A p r i l 9 , 2 0 1 3 No n - A g e n c y 6 . 0 0 . 0 0 . 0 0 . 0 6 . 0 % To t a l 6 . 0 % 0 . 8 % 8 . 2 % 2 3 . 1 % 3 8 . 1 % 16 Du r a t i o n M a n a g e m e n t 16 % Pa l m B e a c h G a r d e n s F i r e f i g h t e r s 10 % 12 % 14 % 16 % Te n - Y e a r T r e a s u r y Y i e l d CP I E x-F o o d & E n e r g y ( C o r e I n f l a t i o n ) US Tr e a s u r y y i e l d s re m a i n ne a r hi s t o r i c lo w s . Af t e r p e a k i n g i n e a r l y 2 0 1 2 a t 2 . 3 % (b o o s t e d b y h i g h e r e n e r g y a n d o t h e r di t i ) i fl t i 4%6%8% co m m o di t y pr ice s ), co r e i nfl ati on cu r r e n t l y s t a n d s a t 2 . 0 % . W e e x p e c t co r e C P I t o r e m a i n a r o u n d t h e s e cu r r e n t l e v e l s o v e r t h e n e a r - t e r m . Th e co m b i n a t i o n of u l t r a -lo w n o m i n a l 0%2% 60 6 3 6 6 6 9 7 2 7 5 7 8 8 1 8 4 8 7 9 0 9 3 9 6 9 9 0 2 0 5 0 8 1 1 10 % Th e co m b i n a t i o n of u l t r a lo w n o m i n a l Tr e a s u r y y i e l d s a n d h i g h e r C P I h a s pu s h e d “ r e a l , ” i n f l a t i o n - a d j u s t e d Tr e a s u r y y i e l d s t o z e r o , w h i c h re p r e s e n t s p o o r v a l u e f o r l o n g - t e r m in v e s t o r s . 4%6%8% 10 % US "Real" Rates No m i n a l U S T r e a s u r y 1 0 - y e a r y i e l d s ar e i n t h e m i d d l e o f t h e r a n g e co m p a r e d t o o u r G 7 p a r t n e r s :  It a l y 4 . 6 -2%0%2%4% y  Fr a n c e 1 . 9  Ca n a d a 1 . 8  US A 1 . 8  UK 1 . 7  Ge r m a n y 1 . 2 -6 % -4 %2% 60 6 3 6 6 6 9 7 2 7 5 7 8 8 1 8 4 8 7 9 0 9 3 9 6 9 9 0 2 0 5 0 8 1 1 17  Ja p a n 0 . 4   In v e s t m e n t S t r a t e g y O v e r v i e w Pa l m B e a c h G a r d e n s F i r e f i g h t e r s Pa l m B e a c h B a r c l a y s Ga r d e n s F i r e f i g h t e r s A g g r e g a t e I n d e x Se c t o r S t r a t e g y : US T r e a s u r i e s 10 % 37 % US T r e a s u r i e s 10 % 37 % US A g e n c y N o t e s 0 5 Mo r t g a g e - B a c k e d S e c u r i t i e s 3 1 2 9 AB S / C M B S 6 2 In d u s t r i a l s 2 8 1 2 Ut i l i t i e s 6 2 Fi n a n c e 1 6 7 No n C o r p o r a t e s 0 6 Ca s h E q u i v a l e n t s 3 0 To t a l 1 0 0 % 1 0 0 % l Yi e ld t o M a t u r i t y 2 . 3 % 1 . 9 % Av e r a g e Q u a l i t y A + A A Du r a t i o n S t r a t e g y : Co r p o r a t e s 2 . 6 Y r s 1 . 9 Y r s Mo r t g a g e s 14 12 Mo r t g a g e s 1.4 1.2 AB S / C M B S 0 . 2 0 . 1 Go v e r n m e n t s 0 . 9 2. 1 To t a l D u r a t i o n 5 . 1 Y r s 5 . 3 Y r s Av e r a ge M a t u r i t y 6. 9 Y r s 7 . 2 Y r s gy Yi e l d C u r v e S t r a t e g y Mo d e r a t e B u l l e t 18 Ci t y o f P a l m B e a c h G a r d e n F i r e f i g h t e r s ' R e t i r e m e n t S y s t e m Cl i e n t A s s e t L i s t i n g i n D e t a i l As o f D a t e : 4 / 1 5 / 2 0 1 3 Is s u e r C u s i p C o u p o n M a t u r i t y Q u a n t i t y Ma r k e t Pr i c e Ma r k e t V a l u e + A c c r u e d I n t % M V Y T W D u r a t i o n C T D Mo o d y S& P F i t c AB S BS C M S 0 5 - P W R 9 A 2 0 7 3 8 7 B A E 3 4 . 7 3 5 9 / 1 1 / 2 0 4 2 1 0 , 8 2 0 1 0 1 . 5 5 1 1 1 , 0 0 8 0 . 1 9 A a a A A A 3 . 3 2 1 . 1 5 0 . 0 0 2 N.R. CO M M 0 7 - C 9 A 4 2 0 0 4 7 R A E 3 5 . 9 9 3 1 2 / 1 0 / 2 0 4 9 4 5 , 0 0 0 1 1 7 . 1 8 0 5 2 , 8 3 6 0 . 9 3 A a a A A 1 . 5 7 3 . 7 1 0 . 0 3 4 N.R. CO M M 0 7 - C 9 A 3 2 0 0 4 7 R A C 7 5 . 9 9 3 1 2 / 1 0 / 2 0 4 9 3 0 , 0 0 0 1 0 3 . 8 7 5 3 1 , 2 3 2 0 . 5 5 A a a A A A 2 . 4 5 1 . 1 4 0 . 0 0 6 N.R. JP M C C 0 5 - L D P 1 A 2 4 6 6 2 5 Y G L 1 4 . 6 2 5 3 / 1 5 / 2 0 4 6 9 , 4 6 1 1 0 0 . 8 9 7 9 , 5 6 3 0 . 1 7 A a a A A A 3 . 5 6 0 . 9 8 0 . 0 0 2 AAA JP M C C 0 7 C B 1 9 A 4 4 6 6 3 0 V A D 4 5 . 7 1 4 2 / 1 2 / 2 0 4 9 2 5 , 0 0 0 1 1 5 . 3 2 1 2 8 , 8 8 6 0 . 5 1 A a 2 A + 1 . 7 6 3 . 5 8 0 . 0 1 8 N.R. JP M C C 0 7 L D 1 1 A 3 4 6 6 3 1 B A D 7 5 . 8 0 7 6 / 1 5 / 2 0 4 9 5 0 , 0 0 0 1 0 6 . 5 6 8 5 3 , 3 9 7 0 . 9 4 A a a A A A 2 . 1 0 1 . 7 5 0 . 0 1 6 N.R. JP M C C 0 7 - L D P X A 2 4 6 6 3 0 J A B 5 5 . 4 3 4 1 / 1 5 / 2 0 4 9 3 7 , 7 6 0 1 0 3 . 8 6 9 3 9 , 3 0 1 0 . 6 9 A a a 4 . 0 5 2 . 7 8 0 . 0 1 9 N. R . A A A JP M C C 2 0 1 1 - C 5 A 2 4 6 6 3 6 V A B 2 3 . 1 4 9 1 0 / 1 5 / 2 0 1 6 1 5 , 0 0 0 1 0 6 . 9 0 8 1 6 , 0 5 5 0 . 2 8 A a a 1 . 0 0 3 . 1 6 0 . 0 0 9 N. R . A A A JP M C C 0 4 - C B 9 ┴A4 46 6 2 5 M 6 W 4 5 . 5 8 5 6 / 1 2 / 2 0 4 1 2 9 , 8 3 8 1 0 4 . 8 7 4 3 1 , 3 5 7 0 . 5 5 A A A 1 . 2 4 1 . 1 1 0 . 0 0 6 N. R . A A A MS C 0 5 - H Q 6 A 4 A 6 1 7 4 5 M 6 G 3 4 . 9 8 9 8 / 1 3 / 2 0 4 2 3 0 , 0 0 0 1 0 7 . 6 4 4 3 2 , 3 5 1 0 . 5 7 A A A 1 . 1 8 1 . 9 7 0 . 0 1 1 N. R . A A A WB C M T 0 7 - C 3 2 A 2 9 2 9 7 8 Y A B 6 5 . 7 2 7 6 / 1 5 / 2 0 4 9 3 0 , 7 0 2 1 0 2 . 6 4 8 3 1 , 5 8 4 0 . 5 6 A a a A A A 5 . 0 2 3 . 2 7 0 . 0 1 8 N.R. 31 3 , 5 8 1 3 3 7 , 5 7 0 5 . 9 3 AB S CA S H PR I N C I P A L C A S H - C A S H - 1 2 / 3 1 / 1 9 9 9 0 1 . 0 0 0 1 6 9 , 5 7 1 2 . 9 8 0 . 0 0 0 . 0 0 0 . 0 0 0 N. R . N . R . 0 1 6 9 , 5 7 1 2 . 9 8 CA S H FI N A N C E AL L S T A T E C O R P 0 2 0 0 0 2 A X 9 7 . 4 5 0 5 / 1 6 / 2 0 1 9 2 0 , 0 0 0 1 3 1 . 4 7 7 2 6 , 9 1 2 0 . 4 7 A 3 A - 1 . 9 7 5 . 0 8 0 . 0 2 4 BBB+ AM E R I P R I S E F I N A N C I A L I N C 0 3 0 7 6 C A E 6 5 . 3 0 0 3 / 1 5 / 2 0 2 0 2 5 , 0 0 0 1 1 8 . 9 6 1 2 9 , 8 5 1 0 . 5 2 A 3 A 2 . 3 3 6 . 0 1 0 . 0 3 2 N.R. AM E R I C A N E X P R E S S 0 2 5 8 1 6 B A 6 7 . 2 5 0 5 / 2 0 / 2 0 1 4 5 5 , 0 0 0 1 0 7 . 3 3 1 6 0 , 6 3 8 1 . 0 7 A 3 B B B + 0 . 7 6 1 . 0 8 0 . 0 1 2 A+ AM E R E X P R E S S 0 2 5 8 1 6 A Y 5 7 . 0 0 0 3 / 1 9 / 2 0 1 8 3 0 , 0 0 0 1 2 4 . 8 6 9 3 7 , 6 1 2 0 . 6 6 A 3 B B B + 1 . 7 5 4 . 3 4 0 . 0 2 9 A+ BA N K O F A M E R I C A C O R P - G L O B A L 0 6 0 5 1 G D Y 2 7 . 3 7 5 5 / 1 5 / 2 0 1 4 1 5 , 0 0 0 1 0 7 . 0 1 8 1 6 , 5 1 4 0 . 2 9 B a a 2 A - 1 . 0 6 1 . 0 7 0 . 0 0 3 A BA N K O F A M E R I C A C O R P - G L O B A L 0 6 0 5 1 G E U 9 3 . 3 0 0 1 / 1 1 / 2 0 2 3 5 , 0 0 0 9 8 . 6 0 6 4 , 9 7 3 0 . 0 9 B a a 2 A - 3 . 4 7 8 . 4 8 0 . 0 0 7 A BA N K O F A M E R I C A C O R P 0 6 0 5 1 G E A 3 6 . 5 0 0 8 / 1 / 2 0 1 6 4 5 , 0 0 0 1 1 5 . 1 6 8 5 2 , 4 2 7 0 . 9 2 B a a 2 A - 1 . 7 9 3 . 0 2 0 . 0 2 8 A ME R R I L L L Y N C H & C O . 5 9 0 1 8 Y J 6 9 6 . 4 0 0 8 / 2 8 / 2 0 1 7 3 0 , 0 0 0 1 1 7 . 3 6 9 3 5 , 4 6 1 0 . 6 2 B a a 2 A - 2 . 2 4 3 . 9 1 0 . 0 2 4 A BE R K S H I R E H A T H A W A Y 0 8 4 6 7 0 B D 9 1 . 9 0 0 1 / 3 1 / 2 0 1 7 4 0 , 0 0 0 1 0 3 . 1 5 9 4 1 , 4 2 2 0 . 7 3 A a 2 A A + 1 . 0 6 3 . 7 0 0 . 0 2 7 CI T I G R O U P ( A S S O C C O R P ) 0 4 6 0 0 3 J U 4 6 . 9 5 0 1 1 / 1 / 2 0 1 8 1 0 , 0 0 0 1 2 2 . 1 2 8 1 2 , 5 2 9 0 . 2 2 B a a 2 A - 2 . 6 6 4 . 6 8 0 . 0 1 0 A CI T I G R O U P I N C 1 7 2 9 6 7 F T 3 4 . 5 0 0 1 / 1 4 / 2 0 2 2 1 0 , 0 0 0 1 1 1 . 1 8 1 1 1 , 2 3 2 0 . 2 0 B a a 2 A - 3 . 0 4 7 . 4 4 0 . 0 1 5 A CI T I G R O U P I N C 1 7 2 9 6 7 E M 9 6 . 1 2 5 1 1 / 2 1 / 2 0 1 7 3 0 , 0 0 0 1 1 8 . 2 3 7 3 6 , 2 0 6 0 . 6 4 B a a 2 A - 1 . 9 9 4 . 0 6 0 . 0 2 6 A CA P I T A L O N E F I N L ( S U B ) 1 4 0 4 0 H A N 5 6 . 1 5 0 9 / 1 / 2 0 1 6 5 , 0 0 0 1 1 4 . 9 5 8 5 , 7 8 5 0 . 1 0 B a a 2 B B B - 1 . 6 3 3 . 1 2 0 . 0 0 3 BBB+ CA P I T A L O N E B A N K 1 4 0 4 0 H A R 6 6 . 7 5 0 9 / 1 5 / 2 0 1 7 4 0 , 0 0 0 1 2 0 . 8 1 4 4 8 , 5 5 1 0 . 8 5 B a a 1 B B B 1 . 8 6 3 . 9 5 0 . 0 3 4 A- CA P I T A L O N E B A N K 1 4 0 4 0 E H G 0 6 . 5 0 0 6 / 1 3 / 2 0 1 3 1 0 , 0 0 0 1 0 1 . 1 7 8 1 0 , 3 3 8 0 . 1 8 B a a 1 B B B 0 . 5 8 0 . 2 0 0 . 0 0 0 BBB+ GO L D M A N S A C H S & C O 3 8 1 4 1 G F M 1 6 . 1 5 0 4 / 1 / 2 0 1 8 2 5 , 0 0 0 1 1 7 . 8 3 7 2 9 , 5 1 9 0 . 5 2 A 3 A - 2 . 3 5 4 . 4 1 0 . 0 2 3 A GO L D M A N S A C H S & C O 3 8 1 4 1 G R C 0 2 . 3 7 5 1 / 2 2 / 2 0 1 8 5 , 0 0 0 1 0 1 . 3 6 3 5 , 0 6 8 0 . 0 9 A 3 A - 2 . 0 8 4 . 5 4 0 . 0 0 4 A GO L D M A N S A C H S G P 3 8 1 4 1 E A 3 3 6 . 0 0 0 5 / 1 / 2 0 1 4 2 0 , 0 0 0 1 0 5 . 4 0 6 2 1 , 6 2 8 0 . 3 8 A 3 A - 0 . 9 7 1 . 0 4 0 . 0 0 4 A 19 Is s u e r C u s i p C o u p o n M a t u r i t y Q u a n t i t y Ma r k e t Pr i c e Ma r k e t V a l u e + A c c r u e d I n t % M V Y T W D u r a t i o n C T D Mo o d y S& P F i t c HC P I N C 4 0 4 1 4 L A A 7 6 . 7 0 0 1 / 3 0 / 2 0 1 8 2 0 , 0 0 0 1 2 1 . 3 8 3 2 4 , 5 5 6 0 . 4 3 B a a 1 B B B + 2 . 0 3 4 . 2 2 0 . 0 1 8 BBB+ JP M O R G A N C H A S E 0 7 3 9 0 2 P R 3 6 . 4 0 0 1 0 / 2 / 2 0 1 7 6 5 , 0 0 0 1 1 9 . 3 8 1 7 7 , 7 4 8 1 . 3 7 A 2 A 1 . 8 9 3 . 9 1 0 . 0 5 3 A+ JP M ( B E A R S T E A R N S ) 0 7 3 8 5 T A J 5 5 . 7 0 0 1 1 / 1 5 / 2 0 1 4 1 5 , 0 0 0 1 0 7 . 7 7 7 1 6 , 5 2 3 0 . 2 9 A 2 A 0 . 8 6 1 . 5 4 0 . 0 0 4 A+ LI N C O L N N A T L C O R P 5 3 4 1 8 7 A Z 2 4 . 3 0 0 6 / 1 5 / 2 0 1 5 4 5 , 0 0 0 1 0 7 . 0 8 0 4 8 , 8 3 1 0 . 8 6 B a a 2 A - 1 . 0 4 2 . 1 0 0 . 0 1 8 BBB+ LI N C O L N N A T I O N A L C O R P 5 3 4 1 8 7 B B 4 4 . 8 5 0 6 / 2 4 / 2 0 2 1 5 , 0 0 0 1 1 2 . 7 7 8 5 , 7 1 4 0 . 1 0 B a a 2 A - 3 . 0 8 6 . 9 3 0 . 0 0 7 BBB+ ME T L I F E I N C 5 9 1 5 6 R A T 5 7 . 7 1 7 2 / 1 5 / 2 0 1 9 2 0 , 0 0 0 1 2 9 . 8 5 3 2 6 , 2 2 8 0 . 4 6 A 3 A - 2 . 2 6 4 . 9 3 0 . 0 2 3 A- PR U D E N T I A L F I N A N C I A L 7 4 4 3 2 Q B G 9 7 . 3 7 5 6 / 1 5 / 2 0 1 9 1 5 , 0 0 0 1 2 8 . 3 9 7 1 9 , 6 2 8 0 . 3 5 B a a 2 A 2 . 4 2 5 . 1 4 0 . 0 1 8 BBB+ PR U D E N T I A L F I N A N C I A L 7 4 4 3 2 Q B R 5 3 . 0 0 0 5 / 1 2 / 2 0 1 6 3 5 , 0 0 0 1 0 5 . 7 1 4 3 7 , 4 4 6 0 . 6 6 B a a 2 A 1 . 1 3 2 . 9 6 0 . 0 1 9 BBB+ UN I T E D H E A L T H C A R E 9 1 3 2 4 P B K 7 6 . 8 7 5 2 / 1 5 / 2 0 3 8 1 5 , 0 0 0 1 3 4 . 5 8 1 2 0 , 3 5 9 0 . 3 6 A 3 A 4 . 5 4 1 3 . 9 0 0 . 0 5 0 A- WA C H O V I A C O R P 9 2 9 7 6 W B J 4 5 . 5 0 0 5 / 1 / 2 0 1 3 2 0 , 0 0 0 1 0 0 . 4 2 2 2 0 , 5 8 6 0 . 3 6 A 2 A + 0 . 4 5 0 . 0 8 0 . 0 0 0 AA- WA C H O V I A C O R P 9 2 9 7 6 W B H 8 5 . 7 5 0 2 / 1 / 2 0 1 8 6 0 , 0 0 0 1 1 9 . 0 2 5 7 2 , 1 2 4 1 . 2 7 A 2 A + 1 . 6 4 4 . 3 0 0 . 0 5 5 AA- WE L L P O I N T I N C 9 4 9 7 3 V A Y 3 4 . 6 2 5 5 / 1 5 / 2 0 4 2 5 , 0 0 0 1 0 0 . 3 9 4 5 , 1 1 6 0 . 0 9 B a a 2 A - 4 . 6 0 1 6 . 2 0 0 . 0 1 5 BBB+ WE L L P O I N T I N C 9 4 9 7 3 V A R 8 7 . 0 0 0 2 / 1 5 / 2 0 1 9 2 5 , 0 0 0 1 2 5 . 0 6 0 3 1 , 5 5 7 0 . 5 5 B a a 2 A - 2 . 4 0 4 . 9 8 0 . 0 2 8 BBB+ 76 5 , 0 0 0 8 9 3 , 0 8 2 1 5 . 7 0 FI N A N C E GO V E R N M E N T S US T R E A S U R Y 9 1 2 8 2 8 J T 8 2 . 0 0 0 1 1 / 3 0 / 2 0 1 3 3 0 , 0 0 0 1 0 1 . 2 2 7 3 0 , 5 9 2 0 . 5 4 A a a A A + 0 . 1 5 0 . 6 6 0 . 0 0 4 AAA US T R E A S U R Y 9 1 2 8 2 8 N T 3 2 . 6 2 5 8 / 1 5 / 2 0 2 0 3 2 5 , 0 0 0 1 0 9 . 2 2 7 3 5 6 , 3 7 7 6 . 2 6 A a a A A + 1 . 3 1 6 . 8 4 0 . 4 2 8 AAA US T R E A S U R Y B O N D 9 1 2 8 1 0 E W 4 6 . 0 0 0 2 / 1 5 / 2 0 2 6 2 5 , 0 0 0 1 4 2 . 3 4 4 3 5 , 8 3 0 0 . 6 3 A a a A A + 2 . 2 0 1 0 . 0 2 0 . 0 6 3 AAA US T R E A S U R Y B O N D 9 1 2 8 1 0 Q C 5 4 . 5 0 0 8 / 1 5 / 2 0 3 9 1 0 0 , 0 0 0 1 2 7 . 6 8 8 1 2 8 , 4 2 1 2 . 2 6 A a a A A + 2 . 9 8 1 7 . 4 3 0 . 3 9 3 AAA 48 0 , 0 0 0 5 5 1 , 2 2 0 9 . 6 9 GO V E R N M E N T S IN D U S T R I A L AB B O T T L A B O R A T O R I E S 0 0 2 8 2 4 A U 4 5 . 1 2 5 4 / 1 / 2 0 1 9 3 0 , 0 0 0 1 1 9 . 2 2 1 3 5 , 8 2 6 0 . 6 3 A 1 A + 1 . 7 4 5 . 3 2 0 . 0 3 3 A+ AR C H E R D A N I E L S 0 3 9 4 8 3 A S 1 7 . 0 0 0 2 / 1 / 2 0 3 1 1 0 , 0 0 0 1 3 1 . 4 4 2 1 3 , 2 8 8 0 . 2 3 A 2 A 4 . 4 3 1 1 . 4 4 0 . 0 2 7 A AR C H E R - D A N I E L S - M I D L A N D 0 3 9 4 8 3 A H 5 8 . 3 7 5 4 / 1 5 / 2 0 1 7 5 , 0 0 0 1 2 6 . 7 8 6 6 , 3 3 9 0 . 1 1 A 2 A 1 . 5 1 3 . 4 6 0 . 0 0 4 A AM G E N I N C 0 3 1 1 6 2 B C 3 5 . 7 5 0 3 / 1 5 / 2 0 4 0 1 5 , 0 0 0 1 1 5 . 4 4 4 1 7 , 3 8 8 0 . 3 1 B a a 1 A + 4 . 7 3 1 4 . 9 4 0 . 0 4 6 BBB BO E I N G C O 0 9 7 0 2 3 A M 7 7 . 2 5 0 6 / 1 5 / 2 0 2 5 1 0 , 0 0 0 1 3 6 . 2 6 3 1 3 , 8 6 8 0 . 2 4 A 2 A 3 . 5 6 8 . 9 0 0 . 0 2 2 A BA X T E R I N T E R N A T I O N A L I N C 0 7 1 8 1 3 B A 6 4 . 5 0 0 8 / 1 5 / 2 0 1 9 5 , 0 0 0 1 1 5 . 4 8 8 5 , 8 1 2 0 . 1 0 A 3 A 1 . 9 1 5 . 6 6 0 . 0 0 6 A BU R L I N G T O N N O R T H S A N T A F E 1 2 1 8 9 T B A 1 5 . 7 5 0 3 / 1 5 / 2 0 1 8 3 0 , 0 0 0 1 2 0 . 1 7 5 3 6 , 1 9 6 0 . 6 4 A 3 B B B + 1 . 5 1 4 . 4 3 0 . 0 2 8 N.R. BR I T I S H T E L P L C 1 1 1 0 2 1 A E 1 9 . 6 2 5 1 2 / 1 5 / 2 0 3 0 1 0 , 0 0 0 1 5 5 . 0 0 2 1 5 , 8 2 1 0 . 2 8 B a a 2 B B B 4 . 9 3 1 0 . 3 4 0 . 0 2 9 BBB CL I F F S N A T U R A L R E S O U R C E S 1 8 6 8 3 K A D 3 4 . 8 7 5 4 / 1 / 2 0 2 1 1 5 , 0 0 0 9 8 . 5 4 4 1 4 , 8 1 0 0 . 2 6 B a a 3 B B B - 5 . 1 0 6 . 6 5 0 . 0 1 7 N.R. CO M C A S T C O R P 2 0 0 3 0 N B D 2 3 . 1 2 5 7 / 1 5 / 2 0 2 2 3 0 , 0 0 0 1 0 2 . 3 1 7 3 0 , 9 2 9 0 . 5 4 A 3 A - 2 . 8 4 8 . 2 2 0 . 0 4 5 BBB+ CO M C A S T C O R P 2 0 0 3 0 N A L 5 5 . 9 0 0 3 / 1 5 / 2 0 1 6 3 0 , 0 0 0 1 1 4 . 4 1 6 3 4 , 4 7 2 0 . 6 1 A 3 A - 0 . 9 4 2 . 7 6 0 . 0 1 7 BBB+ TC I C O M M I N C 8 7 2 2 8 7 A C 1 8 . 7 5 0 8 / 1 / 2 0 1 5 2 0 , 0 0 0 1 1 8 . 1 0 2 2 3 , 9 8 0 0 . 4 2 A 3 A - 0 . 8 9 2 . 1 4 0 . 0 0 9 BBB+ CA N A D I A N N A T U R A L R E S O U R C E S 1 3 6 3 8 5 A K 7 5 . 7 0 0 5 / 1 5 / 2 0 1 7 1 0 , 0 0 0 1 1 6 . 7 7 0 1 1 , 9 1 4 0 . 2 1 B a a 1 B B B + 1 . 4 9 3 . 6 9 0 . 0 0 8 N.R. CO N O C O P H I L L I P S 2 0 8 2 5 1 A E 8 6 . 9 5 0 4 / 1 5 / 2 0 2 9 5 , 0 0 0 1 3 5 . 0 9 4 6 , 7 5 5 0 . 1 2 A 1 A 3 . 9 7 1 0 . 7 2 0 . 0 1 3 A CO N O C O P H I L L I P S 2 0 8 2 5 C A Q 7 6 . 5 0 0 2 / 1 / 2 0 3 9 5 , 0 0 0 1 3 3 . 7 2 3 6 , 7 5 3 0 . 1 2 A 1 A 4 . 3 2 1 4 . 5 5 0 . 0 1 7 A CO N O C O F U N D I N G C O R P 2 0 8 2 5 U A C 8 7 . 2 5 0 1 0 / 1 5 / 2 0 3 1 5 , 0 0 0 1 4 2 . 5 8 0 7 , 1 2 9 0 . 1 3 A 1 A 3 . 9 8 1 1 . 6 9 0 . 0 1 5 A CI S C O S Y S T E M S I N C 1 7 2 7 5 R A F 9 5 . 5 0 0 1 / 1 5 / 2 0 4 0 1 5 , 0 0 0 1 1 9 . 3 2 9 1 8 , 1 0 6 0 . 3 2 A 1 A + 4 . 2 8 1 5 . 4 0 0 . 0 4 9 N.R.20 Is s u e r C u s i p C o u p o n M a t u r i t y Q u a n t i t y Ma r k e t Pr i c e Ma r k e t V a l u e + A c c r u e d I n t % M V Y T W D u r a t i o n C T D Mo o d y S& P F i t c CS X C O R P 1 2 6 4 0 8 B L 6 7 . 9 0 0 5 / 1 / 2 0 1 7 3 0 , 0 0 0 1 2 4 . 0 7 8 3 8 , 3 0 3 0 . 6 7 B a a 2 B B B 1 . 7 6 3 . 5 2 0 . 0 2 4 N.R. CS X C O R P 1 2 6 4 0 8 G M 9 6 . 2 5 0 3 / 1 5 / 2 0 1 8 1 0 , 0 0 0 1 2 1 . 5 9 2 1 2 , 2 1 1 0 . 2 1 B a a 2 B B B 1 . 6 9 4 . 3 9 0 . 0 0 9 N.R. CV S C A R E M A R K 1 2 6 6 5 0 B Z 2 2 . 7 5 0 1 2 / 1 / 2 0 2 2 2 0 , 0 0 0 9 8 . 5 8 4 1 9 , 9 2 5 0 . 3 5 B a a 2 B B B + 2 . 9 2 8 . 6 0 0 . 0 3 0 N.R. DI S N E Y ( W A L T ) C O . 2 5 4 6 8 P C B 0 5 . 8 7 5 1 2 / 1 5 / 2 0 1 7 2 0 , 0 0 0 1 2 1 . 0 2 0 2 4 , 5 9 6 0 . 4 3 A 2 A 1 . 2 6 4 . 1 7 0 . 0 1 8 A DO W C H E M I C A L 2 6 0 5 4 3 B X 0 8 . 5 5 0 5 / 1 5 / 2 0 1 9 2 5 , 0 0 0 1 3 4 . 4 1 7 3 4 , 4 9 5 0 . 6 1 B a a 2 B B B 2 . 4 6 4 . 9 5 0 . 0 3 0 BBB DE V O N E N E R G Y 2 5 1 7 9 M A G 8 5 . 6 2 5 1 / 1 5 / 2 0 1 4 5 , 0 0 0 1 0 3 . 9 0 7 5 , 2 6 6 0 . 0 9 B a a 1 B B B + 0 . 6 5 0 . 7 7 0 . 0 0 1 BBB+ DE V O N F I N A N C I N G 2 5 1 7 9 S A D 2 7 . 8 7 5 9 / 3 0 / 2 0 3 1 1 5 , 0 0 0 1 3 5 . 6 1 1 2 0 , 3 9 1 0 . 3 6 B a a 1 B B B + 4 . 9 2 1 1 . 2 7 0 . 0 4 0 BBB+ EN T E R P R I S E P R O D U C T S 2 9 3 7 9 V A F 0 5 . 2 5 0 1 / 3 1 / 2 0 2 0 3 0 , 0 0 0 1 1 7 . 0 9 1 3 5 , 4 5 6 0 . 6 2 B a a 1 B B B + 2 . 5 1 5 . 8 8 0 . 0 3 7 BBB FE D E X E E T C 9 8 1 A 3 1 3 3 1 F A X 9 6 . 7 2 0 1 / 1 5 / 2 0 2 2 1 1 , 0 4 3 1 2 2 . 0 0 0 1 3 , 6 5 8 0 . 2 4 A 2 B B B + 2 . 2 5 4 . 5 8 0 . 0 1 1 N.R. GE C A P I T A L C O R P 3 6 9 6 2 G 3 H 5 5 . 6 2 5 9 / 1 5 / 2 0 1 7 1 0 , 0 0 0 1 1 7 . 1 9 8 1 1 , 7 6 7 0 . 2 1 A 1 A A + 1 . 6 1 4 . 0 2 0 . 0 0 8 N.R. GE N E R A L E L E C T R I C C A P C O R P 3 6 9 6 2 G 2 G 8 5 . 4 0 0 2 / 1 5 / 2 0 1 7 1 0 0 , 0 0 0 1 1 4 . 8 6 0 1 1 5 , 7 6 0 2 . 0 3 A 1 A A + 1 . 4 4 3 . 5 4 0 . 0 7 2 N.R. GE N E R A L M I L L S 3 7 0 3 3 4 B H 6 5 . 6 5 0 2 / 1 5 / 2 0 1 9 5 , 0 0 0 1 2 0 . 3 8 4 6 , 0 6 6 0 . 1 1 B a a 1 B B B + 1 . 9 6 5 . 1 3 0 . 0 0 5 BBB+ GL A X O S M I T H K L I N E C A P I T A L 3 7 7 3 7 2 A D 9 5 . 6 5 0 5 / 1 5 / 2 0 1 8 1 0 , 0 0 0 1 2 0 . 8 8 6 1 2 , 3 2 4 0 . 2 2 A 1 A + 1 . 4 1 4 . 5 0 0 . 0 1 0 A+ HE W L E T T - P A C K A R D C O 4 2 8 2 3 6 B Q 5 4 . 3 7 5 9 / 1 5 / 2 0 2 1 1 5 , 0 0 0 1 0 1 . 9 5 3 1 5 , 3 4 8 0 . 2 7 B a a 1 B B B + 4 . 1 0 7 . 1 7 0 . 0 1 9 A- HE W L E T T - P A C K A R D C O 4 2 8 2 3 6 B M 4 4 . 3 0 0 6 / 1 / 2 0 2 1 2 0 , 0 0 0 1 0 1 . 5 1 6 2 0 , 6 2 3 0 . 3 6 B a a 1 B B B + 4 . 0 8 6 . 8 8 0 . 0 2 5 A- HE W L E T T - P A C K A R D C O 4 2 8 2 3 6 A T 0 6 . 1 2 5 3 / 1 / 2 0 1 4 5 , 0 0 0 1 0 4 . 6 6 8 5 , 2 7 1 0 . 0 9 B a a 1 B B B + 0 . 9 9 0 . 9 0 0 . 0 0 1 A- IN T U I T I N C 4 6 1 2 0 2 A B 9 5 . 7 5 0 3 / 1 5 / 2 0 1 7 1 5 , 0 0 0 1 1 4 . 5 2 1 1 7 , 2 5 0 0 . 3 0 B a a 1 B B B 1 . 9 2 3 . 5 9 0 . 0 1 1 N.R. IN T E R N A T I O N A L P A P E R 4 6 0 1 4 6 C A 9 7 . 9 5 0 6 / 1 5 / 2 0 1 8 2 5 , 0 0 0 1 2 8 . 6 9 9 3 2 , 8 3 7 0 . 5 8 B a a 3 B B B 2 . 1 0 4 . 3 8 0 . 0 2 5 N.R. IN T E R P U B L I C G R O U P C O S 4 6 0 6 9 0 A V 2 6 . 2 5 0 1 1 / 1 5 / 2 0 1 4 1 0 , 0 0 0 1 0 7 . 2 5 0 1 0 , 9 8 5 0 . 1 9 B a a 3 B B + 1 . 7 0 1 . 5 2 0 . 0 0 3 BBB KE L L O G G C O 4 8 7 8 3 6 B J 6 3 . 1 2 5 5 / 1 7 / 2 0 2 2 2 0 , 0 0 0 1 0 3 . 5 8 6 2 0 , 9 7 4 0 . 3 7 B a a 1 B B B + 2 . 6 8 8 . 0 6 0 . 0 3 0 BBB+ KI N D E R M O R G A N E N E R G Y P A R T 4 9 4 5 5 0 A Y 2 5 . 9 5 0 2 / 1 5 / 2 0 1 8 4 5 , 0 0 0 1 1 9 . 2 2 6 5 4 , 0 9 8 0 . 9 5 B a a 2 B B B 1 . 8 1 4 . 3 2 0 . 0 4 1 BBB KR O G E R C O 5 0 1 0 4 4 C L 3 7 . 5 0 0 1 / 1 5 / 2 0 1 4 1 5 , 0 0 0 1 0 5 . 3 4 5 1 6 , 0 8 3 0 . 2 8 B a a 2 B B B 0 . 6 9 0 . 7 7 0 . 0 0 2 BBB KR O G E R C O 5 0 1 0 4 4 C G 4 6 . 4 0 0 8 / 1 5 / 2 0 1 7 1 0 , 0 0 0 1 1 9 . 4 4 1 1 2 , 0 5 1 0 . 2 1 B a a 2 B B B 1 . 7 6 3 . 8 9 0 . 0 0 8 BBB KO H L ` S C O R P 5 0 0 2 5 5 A P 9 6 . 2 5 0 1 2 / 1 5 / 2 0 1 7 2 0 , 0 0 0 1 1 6 . 0 2 2 2 3 , 6 2 1 0 . 4 2 B a a 1 B B B + 2 . 6 1 4 . 1 0 0 . 0 1 7 BBB+ LI F E T E C H C O R P 5 3 2 1 7 V A B 5 4 . 4 0 0 3 / 1 / 2 0 1 5 2 0 , 0 0 0 1 0 5 . 4 6 1 2 1 , 2 0 0 0 . 3 7 B a a 3 B B B + 1 . 5 0 1 . 8 4 0 . 0 0 7 BBB NO R F O L K S O U T H E R N 6 5 5 8 4 4 A J 7 7 . 8 0 0 5 / 1 5 / 2 0 2 7 1 0 , 0 0 0 1 3 8 . 5 7 5 1 4 , 1 8 2 0 . 2 5 B a a 1 B B B + 4 . 1 6 9 . 5 5 0 . 0 2 4 N.R. NE W S A M E R I C A I N C . 6 5 2 4 8 2 B J 8 6 . 2 0 0 1 2 / 1 5 / 2 0 3 4 2 0 , 0 0 0 1 1 8 . 2 8 6 2 4 , 0 7 1 0 . 4 2 B a a 1 B B B + 4 . 8 3 1 2 . 8 6 0 . 0 5 4 BBB+ NE W S A M E R I C A I N C . 6 5 2 4 8 2 B T 6 6 . 9 0 0 3 / 1 / 2 0 1 9 1 5 , 0 0 0 1 2 5 . 8 8 4 1 9 , 0 0 9 0 . 3 3 B a a 1 B B B + 2 . 2 1 5 . 0 5 0 . 0 1 7 BBB+ OW E N S & M I N O R 6 9 0 7 3 2 A C 6 6 . 3 5 0 4 / 1 5 / 2 0 1 6 2 0 , 0 0 0 1 0 9 . 4 4 8 2 1 , 8 9 0 0 . 3 8 B a 1 B B B 3 . 0 7 2 . 7 1 0 . 0 1 0 BBB- BO T T L I N G G R O U P L L C 1 0 1 3 8 M A K 1 5 . 1 2 5 1 / 1 5 / 2 0 1 9 4 0 , 0 0 0 1 1 8 . 1 5 2 4 7 , 7 7 3 0 . 8 4 A a 3 A 1 . 8 1 5 . 1 0 0 . 0 4 3 A WY E T H 9 8 3 0 2 4 A F 7 6 . 4 5 0 2 / 1 / 2 0 2 4 5 , 0 0 0 1 3 3 . 2 3 3 6 , 7 2 8 0 . 1 2 A 1 A A 2 . 8 6 8 . 4 6 0 . 0 1 0 A+ PH I L I P M O R R I S I N T E R N A T I O N A L I N 7 1 8 1 7 2 A A 7 5 . 6 5 0 5 / 1 6 / 2 0 1 8 2 0 , 0 0 0 1 2 0 . 0 7 5 2 4 , 4 8 3 0 . 4 3 A 2 A 1 . 5 6 4 . 5 0 0 . 0 1 9 A RO P E R I N D U S T R I E S I N C 7 7 6 6 9 6 A C 0 6 . 2 5 0 9 / 1 / 2 0 1 9 3 0 , 0 0 0 1 2 1 . 1 2 8 3 6 , 5 6 7 0 . 6 4 B a a 2 B B B 2 . 6 5 5 . 4 6 0 . 0 3 5 N.R. SA F E W A Y I N C 7 8 6 5 1 4 B P 3 6 . 3 5 0 8 / 1 5 / 2 0 1 7 5 , 0 0 0 1 1 6 . 7 0 8 5 , 8 8 8 0 . 1 0 B a a 3 B B B 2 . 3 1 3 . 8 8 0 . 0 0 4 BBB- SA F E W A Y I N C 7 8 6 5 1 4 B Q 1 6 . 2 5 0 3 / 1 5 / 2 0 1 4 1 0 , 0 0 0 1 0 4 . 8 8 6 1 0 , 5 4 1 0 . 1 9 B a a 3 B B B 1 . 0 9 0 . 9 4 0 . 0 0 2 BBB- SY M A N T E C C O R P 8 7 1 5 0 3 A G 3 2 . 7 5 0 9 / 1 5 / 2 0 1 5 3 5 , 0 0 0 1 0 3 . 4 4 6 3 6 , 2 8 6 0 . 6 4 B a a 2 B B B 1 . 3 2 2 . 3 8 0 . 0 1 5 N.R. SY M A N T E C C O R P 8 7 1 5 0 3 A J 7 2 . 7 5 0 6 / 1 5 / 2 0 1 7 1 0 , 0 0 0 1 0 3 . 1 2 9 1 0 , 4 0 5 0 . 1 8 B a a 2 B B B 1 . 9 6 3 . 9 2 0 . 0 0 7 N.R. AT & T I N C 0 0 2 0 6 R A N 2 6 . 4 0 0 5 / 1 5 / 2 0 3 8 3 0 , 0 0 0 1 2 1 . 5 3 0 3 7 , 2 5 9 0 . 6 5 A 3 A - 4 . 9 0 1 3 . 6 9 0 . 0 9 0 A AT & T I N C 0 0 2 0 6 R A R 3 5 . 8 0 0 2 / 1 5 / 2 0 1 9 2 5 , 0 0 0 1 2 0 . 5 9 6 3 0 , 3 9 1 0 . 5 3 A 3 A - 2 . 0 6 5 . 1 1 0 . 0 2 7 A PA C I F I C B E L L T E L E P H O N E 6 9 4 0 3 2 A X 1 6 . 6 2 5 1 0 / 1 5 / 2 0 3 4 5 , 0 0 0 1 0 3 . 7 4 3 5 , 1 8 7 0 . 0 9 A 3 A - 1 . 7 0 0 . 6 7 0 . 0 0 1 A 21 Is s u e r C u s i p C o u p o n M a t u r i t y Q u a n t i t y Ma r k e t Pr i c e Ma r k e t V a l u e + A c c r u e d I n t % M V Y T W D u r a t i o n C T D Mo o d y S& P F i t c TC P I P E L I N E S L P 8 7 2 3 3 Q A A 6 4 . 6 5 0 6 / 1 5 / 2 0 2 1 1 0 , 0 0 0 1 0 7 . 3 5 3 1 0 , 8 9 0 0 . 1 9 B a a 2 B B B 3 . 5 8 6 . 8 5 0 . 0 1 3 N.R. TI M E W A R N E R C A B L E I N C 8 8 7 3 2 J A L 2 6 . 7 5 0 7 / 1 / 2 0 1 8 3 0 , 0 0 0 1 2 3 . 0 5 7 3 7 , 5 0 2 0 . 6 6 B a a 2 B B B 2 . 0 9 4 . 5 2 0 . 0 3 0 BBB TI M E W A R N E R E N T 8 8 7 3 1 E A F 7 8 . 3 7 5 3 / 1 5 / 2 0 2 3 1 0 , 0 0 0 1 3 6 . 7 1 9 1 3 , 7 4 2 0 . 2 4 B a a 2 B B B 3 . 8 9 7 . 4 4 0 . 0 1 8 BBB AO L T I M E W A R N E R 0 0 1 8 4 A A G 0 7 . 7 0 0 5 / 1 / 2 0 3 2 1 5 , 0 0 0 1 3 6 . 2 7 5 2 0 , 9 6 7 0 . 3 7 B a a 2 B B B 4 . 7 8 1 1 . 3 4 0 . 0 4 2 BBB TI M E W A R N E R I N C 8 8 7 3 1 5 A Y 5 6 . 8 7 5 6 / 1 5 / 2 0 1 8 5 , 0 0 0 1 2 4 . 7 7 1 6 , 3 5 3 0 . 1 1 B a a 2 B B B 1 . 8 6 4 . 4 7 0 . 0 0 5 BBB UN I O N P A C I F I C C O 9 0 7 8 1 8 C U 0 6 . 2 5 0 5 / 1 / 2 0 3 4 5 , 0 0 0 1 2 6 . 3 6 2 6 , 4 6 0 0 . 1 1 B a a 1 A - 4 . 3 3 1 2 . 8 9 0 . 0 1 5 N.R. UN I T E D T E C H N O L O G I E S 9 1 3 0 1 7 B Q 1 6 . 1 2 5 2 / 1 / 2 0 1 9 1 0 , 0 0 0 1 2 4 . 7 3 3 1 2 , 5 9 9 0 . 2 2 A 2 A 1 . 6 6 5 . 0 6 0 . 0 1 1 A UN I T E D T E C H N O L O G I E S 9 1 3 0 1 7 B V 0 3 . 1 0 0 6 / 1 / 2 0 2 2 1 0 , 0 0 0 1 0 4 . 8 0 8 1 0 , 5 9 6 0 . 1 9 A 2 A 2 . 5 1 8 . 1 3 0 . 0 1 5 A GO O D R I C H C O R P 3 8 2 3 8 8 A V 8 6 . 1 2 5 3 / 1 / 2 0 1 9 1 0 , 0 0 0 1 2 5 . 0 7 1 1 2 , 5 8 2 0 . 2 2 A 1 . 6 6 5 . 1 4 0 . 0 1 1 N. R . A VA L E R O E N E R G Y 9 1 9 1 3 Y A L 4 6 . 6 2 5 6 / 1 5 / 2 0 3 7 1 0 , 0 0 0 1 2 1 . 8 4 9 1 2 , 4 0 6 0 . 2 2 B a a 2 B B B 5 . 0 5 1 3 . 2 6 0 . 0 2 9 BBB VE R I Z O N G L O B A L 9 2 3 4 4 G A M 8 7 . 7 5 0 1 2 / 1 / 2 0 3 0 5 , 0 0 0 1 3 6 . 6 1 1 6 , 9 7 5 0 . 1 2 A 3 A - 4 . 6 8 1 0 . 9 1 0 . 0 1 3 A VE R I Z O N C O M M U N I C A T I O N S 9 2 3 4 3 V A X 2 4 . 6 0 0 4 / 1 / 2 0 2 1 1 0 , 0 0 0 1 1 1 . 8 3 3 1 1 , 2 0 1 0 . 2 0 A 3 A - 2 . 9 3 6 . 8 9 0 . 0 1 4 A VE R I Z O N C O M M U N 9 2 3 4 3 V A K 0 6 . 4 0 0 2 / 1 5 / 2 0 3 8 2 5 , 0 0 0 1 2 0 . 2 7 7 3 0 , 3 3 6 0 . 5 3 A 3 A - 4 . 9 7 1 3 . 7 3 0 . 0 7 3 A VE R I Z O N C O M M U N 9 2 3 4 3 V A Q 7 8 . 7 5 0 1 1 / 1 / 2 0 1 8 1 7 , 0 0 0 1 3 4 . 4 8 3 2 3 , 5 4 0 0 . 4 1 A 3 A - 2 . 1 6 4 . 5 6 0 . 0 1 9 A WA S T E M A N A G E M E N T I N C . 9 4 1 0 6 L A S 8 6 . 1 0 0 3 / 1 5 / 2 0 1 8 5 , 0 0 0 1 1 9 . 7 2 6 6 , 0 1 2 0 . 1 1 B a a 3 B B B 1 . 9 1 4 . 3 9 0 . 0 0 5 BBB WA S T E M A N A G E M E N T I N C . 9 4 1 0 6 L A U 3 7 . 3 7 5 3 / 1 1 / 2 0 1 9 1 5 , 0 0 0 1 2 6 . 5 9 0 1 9 , 0 9 3 0 . 3 4 B a a 3 B B B 2 . 5 3 5 . 0 2 0 . 0 1 7 BBB WA L - M A R T S T O R E S 9 3 1 1 4 2 C M 3 6 . 2 0 0 4 / 1 5 / 2 0 3 8 1 5 , 0 0 0 1 3 1 . 9 1 8 1 9 , 7 8 8 0 . 3 5 A a 2 A A 4 . 1 4 1 4 . 4 1 0 . 0 5 0 AA WA L - M A R T S T O R E S 9 3 1 1 4 2 D D 2 4 . 2 5 0 4 / 1 5 / 2 0 2 1 1 5 , 0 0 0 1 1 4 . 6 3 1 1 7 , 1 9 5 0 . 3 0 A a 2 A A 2 . 2 5 6 . 9 2 0 . 0 2 1 AA XE R O X C O R P 9 8 4 1 2 1 B P 7 6 . 4 0 0 3 / 1 5 / 2 0 1 6 3 0 , 0 0 0 1 1 2 . 6 8 3 3 3 , 9 6 5 0 . 6 0 B a a 2 B B B - 1 . 9 6 2 . 7 2 0 . 0 1 6 BBB YU M B R A N D S 9 8 8 4 9 8 A C 5 6 . 2 5 0 3 / 1 5 / 2 0 1 8 2 0 , 0 0 0 1 1 9 . 6 4 7 2 4 , 0 3 4 0 . 4 2 B a a 3 B B B 2 . 0 6 4 . 3 7 0 . 0 1 8 BBB 1, 3 1 3 , 0 4 3 1 , 5 6 6 , 8 4 1 2 7 . 5 4 IN D U S T R I A L MB S FG C I E 0 9 0 1 5 3 1 2 9 4 U A Q 6 2 . 5 0 0 1 2 / 1 / 2 0 2 7 1 0 5 , 4 9 5 1 0 3 . 7 3 2 1 0 9 , 5 3 4 1 . 9 3 A a a A A + 1 . 7 0 3 . 7 6 0 . 0 7 2 AAA FG C I G 1 3 6 6 6 3 1 2 8 M C J K 2 4 . 5 0 0 9 / 1 / 2 0 2 4 7 2 , 9 3 5 1 0 6 . 4 8 0 7 7 , 7 8 9 1 . 3 7 A a a A A + 1 . 8 3 1 . 7 7 0 . 0 2 4 AAA FG C I G 1 8 3 0 3 3 1 2 8 M M K R 4 . 5 0 0 3 / 1 / 2 0 2 4 2 5 , 0 3 6 1 0 6 . 4 8 0 2 6 , 7 0 3 0 . 4 7 A a a A A + 1 . 7 8 1 . 7 7 0 . 0 0 8 AAA FG C I J 1 0 7 2 7 3 1 2 8 P P Y Y 3 4 . 5 0 0 1 0 / 1 / 2 0 2 4 3 2 , 2 6 3 1 0 6 . 4 8 0 3 4 , 4 1 0 0 . 6 0 A a a A A + 1 . 8 2 1 . 7 7 0 . 0 1 1 AAA FG C I J 1 1 7 2 2 3 1 2 8 P Q 4 F 5 4 . 5 0 0 2 / 1 / 2 0 2 5 5 2 , 9 3 3 1 0 6 . 6 6 7 5 6 , 5 5 5 0 . 9 9 A a a A A + 2 . 0 0 1 . 7 7 0 . 0 1 8 AAA FG L M C A 9 1 5 3 8 3 1 2 9 3 9 V 7 3 4 . 5 0 0 3 / 1 / 2 0 4 0 4 6 , 4 8 0 1 0 7 . 0 4 3 4 9 , 8 3 5 0 . 8 8 A a a A A + 2 . 0 7 2 . 6 8 0 . 0 2 3 AAA FG L M C C 0 4 4 4 4 3 1 2 9 2 L 5 D 3 3 . 0 0 0 1 / 1 / 2 0 4 3 1 1 8 , 5 4 5 1 0 2 . 7 7 0 1 2 1 , 9 6 7 2 . 1 4 A a a A A + 2 . 6 0 6 . 1 6 0 . 1 3 2 AAA FG L M C C 0 9 0 0 0 3 1 2 9 2 R 7 M 8 3 . 5 0 0 6 / 1 / 2 0 4 2 4 1 , 0 6 8 1 0 5 . 5 3 8 4 3 , 3 9 8 0 . 7 6 A a a A A + 2 . 2 1 4 . 7 6 0 . 0 3 6 AAA FG L M C C 0 9 0 0 4 3 1 2 9 2 S A D 2 3 . 5 0 0 7 / 1 / 2 0 4 2 4 0 9 , 5 3 8 1 0 5 . 5 3 8 4 3 2 , 7 7 4 7 . 6 1 A a a A A + 2 . 2 5 4 . 7 6 0 . 3 6 2 AAA FG L M C C 0 9 0 2 2 3 1 2 9 2 S A X 8 3 . 0 0 0 1 / 1 / 2 0 4 3 1 7 7 , 6 9 0 1 0 2 . 7 7 0 1 8 2 , 8 1 8 3 . 2 1 A a a A A + 2 . 5 7 6 . 1 6 0 . 1 9 8 AAA FH A R M 8 4 7 6 4 6 3 1 2 8 J R P 7 5 5 . 7 7 0 1 1 / 1 / 2 0 3 6 3 7 , 4 7 1 1 0 7 . 5 0 0 4 0 , 5 5 0 0 . 7 1 A a a A A + 1 . 0 6 0 . 1 5 0 . 0 0 1 AAA FN A R M 8 9 3 9 1 7 3 1 4 1 0 Q D W 2 . 8 8 0 1 0 / 1 / 2 0 3 6 6 , 5 3 7 1 0 6 . 6 2 7 6 , 9 9 4 0 . 1 2 A a a A A + 1 . 7 0 1 . 2 7 0 . 0 0 2 AAA FN C I A H 3 4 3 1 3 1 3 8 A 4 Y 5 8 3 . 5 0 0 1 / 1 / 2 0 2 6 2 7 , 6 7 2 1 0 6 . 0 4 5 2 9 , 4 6 6 0 . 5 2 A a a A A + 1 . 3 5 1 . 8 3 0 . 0 0 9 AAA FN C I A H 2 6 5 9 3 1 3 8 A 3 5 V 5 3 . 5 0 0 1 / 1 / 2 0 2 6 4 1 , 4 5 5 1 0 6 . 0 4 5 4 4 , 1 4 4 0 . 7 8 A a a A A + 1 . 3 5 1 . 8 3 0 . 0 1 4 AAA FN C I A H 2 3 6 6 3 1 3 8 A 3 T Y 3 3 . 5 0 0 1 / 1 / 2 0 2 6 8 3 , 5 0 0 1 0 6 . 0 4 5 8 8 , 9 1 2 1 . 5 6 A a a A A + 1 . 4 2 1 . 8 3 0 . 0 2 9 AAA FN C L A B 2 0 9 2 3 1 4 1 6 X K E 9 4 . 0 0 0 1 / 1 / 2 0 4 1 1 1 9 , 7 2 3 1 0 8 . 3 6 3 1 3 0 , 3 2 5 2 . 2 9 A a a A A + 2 . 1 6 2 . 8 7 0 . 0 6 6 AAA FN C L 9 9 5 0 2 3 3 1 4 1 6 B L C 0 5 . 5 0 0 8 / 1 / 2 0 3 7 1 1 3 , 0 4 6 1 0 9 . 6 9 9 1 2 4 , 7 9 5 2 . 1 9 A a a A A + 1 . 9 5 2 . 2 9 0 . 0 5 0 AAA 22 Is s u e r C u s i p C o u p o n M a t u r i t y Q u a n t i t y Ma r k e t Pr i c e Ma r k e t V a l u e + A c c r u e d I n t % M V Y T W D u r a t i o n C T D Mo o d y S& P F i t c FN C L 9 8 4 9 7 5 3 1 4 1 5 P F Q 6 6 . 0 0 0 7 / 1 / 2 0 3 8 3 8 , 5 2 7 1 0 9 . 6 6 8 4 2 , 5 5 0 0 . 7 5 A a a A A + 1 . 7 3 1 . 5 8 0 . 0 1 2 AAA FN C L 7 4 5 2 7 5 3 1 4 0 3 C 6 L 0 5 . 0 0 0 2 / 1 / 2 0 3 6 2 2 , 4 5 4 1 0 8 . 5 8 4 2 4 , 5 2 4 0 . 4 3 A a a A A + 1 . 6 9 1 . 8 8 0 . 0 0 8 AAA FN C L 7 2 5 7 0 5 3 1 4 0 2 D G N 4 5 . 0 0 0 8 / 1 / 2 0 3 4 5 8 , 8 8 7 1 0 8 . 6 8 5 6 4 , 3 7 4 1 . 1 3 A a a A A + 1 . 8 3 2 . 0 9 0 . 0 2 4 AAA FN C L M A 0 5 3 3 3 1 4 1 7 Y S X 6 4 . 0 0 0 1 0 / 1 / 2 0 4 0 7 3 , 5 2 5 1 0 6 . 6 5 9 7 8 , 7 9 0 1 . 3 8 A a a A A + 1 . 8 9 2 . 8 7 0 . 0 4 0 AAA FN C L 7 3 5 5 0 2 3 1 4 0 2 R D F 3 6 . 0 0 0 4 / 1 / 2 0 3 5 1 2 , 2 9 0 1 1 1 . 5 1 1 1 3 , 7 9 7 0 . 2 4 A a a A A + 2 . 1 3 2 . 7 2 0 . 0 0 7 AAA 1, 7 1 7 , 0 7 0 1 , 8 2 5 , 0 0 4 3 2 . 0 8 MB S UT I L I T Y AT M O S E N E R G Y 0 4 9 5 6 0 A J 4 8 . 5 0 0 3 / 1 5 / 2 0 1 9 5 , 0 0 0 1 3 4 . 9 2 0 6 , 7 8 1 0 . 1 2 B a a 1 B B B + 2 . 2 1 4 . 9 5 0 . 0 0 6 A- DO M I N I O N R E S O U R C E I N C 2 5 7 4 6 U B G 3 8 . 8 7 5 1 / 1 5 / 2 0 1 9 4 5 , 0 0 0 1 3 6 . 0 9 0 6 2 , 2 3 9 1 . 0 9 B a a 2 A - 2 . 2 0 4 . 7 6 0 . 0 5 2 BBB+ DT E E N E R G Y C O 2 3 3 3 3 1 A M 9 6 . 3 5 0 6 / 1 / 2 0 1 6 1 0 , 0 0 0 1 1 5 . 9 4 6 1 1 , 8 3 1 0 . 2 1 B a a 1 B B B 1 . 2 0 2 . 8 8 0 . 0 0 6 BBB DE T R O I T E D I S O N ( 1 S T M T G E ) 2 5 0 8 4 7 E E 6 6 . 4 0 0 1 0 / 1 / 2 0 1 3 2 0 , 0 0 0 1 0 2 . 8 3 7 2 0 , 6 1 7 0 . 3 6 A 1 A 0 . 7 0 0 . 5 0 0 . 0 0 2 A FL O R I D A P O W E R - F M B 3 4 1 0 9 9 C L 1 6 . 4 0 0 6 / 1 5 / 2 0 3 8 5 , 0 0 0 1 3 3 . 4 2 7 6 , 7 7 8 0 . 1 2 A 2 A 4 . 2 3 1 4 . 3 9 0 . 0 1 7 A DU K E E N E R G Y 2 6 4 3 9 9 E Q 5 6 . 3 0 0 2 / 1 / 2 0 1 4 1 0 , 0 0 0 1 0 4 . 6 1 3 1 0 , 5 9 1 0 . 1 9 B a a 2 B B B 0 . 7 4 0 . 8 2 0 . 0 0 2 BBB+ PR O G R E S S E N E R G Y C A R O L I N A 1 4 4 1 4 1 C Z 9 5 . 3 0 0 1 / 1 5 / 2 0 1 9 1 0 , 0 0 0 1 2 0 . 2 6 6 1 2 , 1 5 9 0 . 2 1 A 1 A 1 . 6 2 5 . 1 0 0 . 0 1 1 A+ EQ T C O R P 2 6 8 8 4 L A A 7 8 . 1 2 5 6 / 1 / 2 0 1 9 1 0 , 0 0 0 1 2 4 . 1 4 1 1 2 , 7 1 7 0 . 2 2 B a a 3 B B B 3 . 7 1 4 . 9 6 0 . 0 1 1 BBB- MI D A M E R I C A N E N E R G Y 5 9 5 6 2 V A M 9 6 . 1 2 5 4 / 1 / 2 0 3 6 1 5 , 0 0 0 1 2 4 . 2 9 1 1 8 , 6 7 9 0 . 3 3 B a a 1 B B B + 4 . 4 3 1 3 . 8 2 0 . 0 4 5 BBB+ MI D A M E R I C A N E N E R G Y H L D G S 5 9 5 6 2 V A P 2 5 . 9 5 0 5 / 1 5 / 2 0 3 7 1 5 , 0 0 0 1 2 3 . 2 3 2 1 8 , 8 5 7 0 . 3 3 B a a 1 B B B + 4 . 3 8 1 4 . 0 7 0 . 0 4 7 BBB+ NA T L R U R A L U T I L 6 3 7 4 3 2 H T 5 5 . 4 5 0 4 / 1 0 / 2 0 1 7 5 , 0 0 0 1 1 6 . 6 0 7 5 , 8 3 4 0 . 1 0 A 1 A + 1 . 2 1 3 . 6 1 0 . 0 0 4 N.R. NA T L R U R A L U T I L 6 3 7 4 3 2 L R 4 1 0 . 3 7 5 1 1 / 1 / 2 0 1 8 2 0 , 0 0 0 1 4 5 . 9 4 2 3 0 , 1 3 4 0 . 5 3 A 1 A + 1 . 7 1 4 . 4 7 0 . 0 2 4 N.R. PA C I F I C G A S & E L E C 6 9 4 3 0 8 G N 1 8 . 2 5 0 1 0 / 1 5 / 2 0 1 8 1 0 , 0 0 0 1 3 4 . 1 0 6 1 3 , 4 1 1 0 . 2 4 A 3 B B B 1 . 7 6 4 . 5 7 0 . 0 1 1 A- PG & E C O R P 6 9 3 3 1 C A E 8 5 . 7 5 0 4 / 1 / 2 0 1 4 1 0 , 0 0 0 1 0 4 . 7 4 0 1 0 , 4 9 6 0 . 1 8 B a a 1 B B B - 0 . 9 8 0 . 9 8 0 . 0 0 2 BBB+ DE L M A R V A P O W E R & L I G H T C O F M 2 4 7 1 0 9 B Q 3 6 . 4 0 0 1 2 / 1 / 2 0 1 3 1 5 , 0 0 0 1 0 3 . 6 8 4 1 5 , 9 1 0 0 . 2 8 A 3 A 0 . 8 5 0 . 6 5 0 . 0 0 2 A PU G E T S O U N D E N E R 7 4 5 3 3 2 C B 0 5 . 7 9 5 3 / 1 5 / 2 0 4 0 5 , 0 0 0 1 2 6 . 9 1 5 6 , 3 7 0 0 . 1 1 A 3 A - 4 . 1 3 1 5 . 5 5 0 . 0 1 7 N.R. PU G E T S O U N D E N E R 7 4 5 3 3 2 C C 8 5 . 7 6 4 7 / 1 5 / 2 0 4 0 5 , 0 0 0 1 2 6 . 9 7 3 6 , 4 2 1 0 . 1 1 A 3 A - 4 . 1 1 1 5 . 5 8 0 . 0 1 8 N.R. PU G E T S O U N D E N E R 7 4 5 3 3 2 B V 7 5 . 1 9 7 1 0 / 1 / 2 0 1 5 1 5 , 0 0 0 1 1 0 . 1 8 6 1 6 , 5 5 8 0 . 2 9 A 3 A - 1 . 0 6 2 . 3 7 0 . 0 0 7 N.R. SE M P R A E N E R G Y 8 1 6 8 5 1 A J 8 6 . 1 5 0 6 / 1 5 / 2 0 1 8 1 5 , 0 0 0 1 2 2 . 0 2 6 1 8 , 6 1 1 0 . 3 3 B a a 1 B B B + 1 . 7 1 4 . 5 3 0 . 0 1 5 BBB+ SO U T H E R N C A L I F G A S C O F M B 8 4 2 4 3 4 C H 3 5 . 5 0 0 3 / 1 5 / 2 0 1 4 5 , 0 0 0 1 0 4 . 6 1 5 5 , 2 5 4 0 . 0 9 A a 3 A + 0 . 6 5 0 . 9 4 0 . 0 0 1 AA- SO U T H E R N C A L I F G A S C O F M B 8 4 2 4 3 4 C D 2 5 . 4 5 0 4 / 1 5 / 2 0 1 8 3 0 , 0 0 0 1 2 0 . 2 9 1 3 6 , 0 8 7 0 . 6 3 A a 3 A + 1 . 2 8 4 . 4 4 0 . 0 2 8 AA- 28 0 , 0 0 0 3 4 6 , 3 3 5 6 . 0 9 UT I L I T Y To t a l P o r t f o l i o : C i t y o f P a l m B e a c h G a r d e n F i r e f i g h t e r s ' 4 , 8 6 8 , 6 9 4 5 , 6 8 9 , 6 2 3 1 0 0 . 0 0 23 Please direct all correspondence to: Division of Retirement Municipal Police Officers’ & Firefighters’ Trust Funds’ Office PO Box 3010 Tallahassee, Florida 32315-3010 Toll Free: 877.738.6737 ⁄ Tel: 850.922.0667 ⁄ Fax: 850.921.2161 www.frs.MyFlorida.com TO: All participating Chapters 175 & 185 Cities and Districts (Mayors and Fire District Commissioners) FROM Patricia F. Shoemaker, Benefits Administrator Municipal Police Officers’ and Firefighters’ Retirement Trust Funds Division of Retirement SUBJECT: Public Records – Maintenance of confidentiality for police officers’ and firefighters’ personal identifying information, Ch. 119, Florida Statutes Section 119.071(4)(d)2 a and b, Florida Statutes (F.S.), provides an exemption for certain personal identifying information for police officers and firefighters. In addition to social security numbers, this exemption applies to home addresses, telephone numbers, dates of birth, etc. which may be provided to our office on the Annual Reports or in other information. In order for our office to maintain the confidentiality of this information, section 119.071(4)(d)3, F.S., requires the custodial agency (the Division of Retirement) to obtain a written request from the employing agency (your City or Special Fire District) for maintenance of the exemption. If you wish for our office to protect the personal identifying information regarding your police officers and firefighters, please have one of your City or Fire District officials sign and return the confirmation statement below. Our agency will maintain the confidentiality of the personal identifying information specified in Chapter 119, F. S., until such time as the City or Fire District rescinds this authorization. Thank you for your cooperation and assistance in this matter. If you have any questions, please contact our office. Pursuant to Chapter 119, F. S., this provides authorization to the Division of Retirement to maintain the personal information relating to our police officers and/or firefighters to the extent provided under the law. ________________________________________/____________ Employing Agency Official (Please sign, and identify position) _______________________________________/_____________ (Name of City or Special Fire Control District) (Date)