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IN THE BOARDROOM

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December 15, 2017: Mr. Gregg Gosch, Institutional Client Service & Mr. Anthony Brooks, Equity Portfolio Analyst made their first appearance before the Board of Trustees since Sawgrass Asset management was retained in June 2017. Sawgrass was one of three managers retained after Garcia Hamilton closed their large cap growth equity product. The assets were diversified between two active managers and a passive index manager. Its reviewed by the representatives were: Account & Performance Review, Market Review, Current Portfolio Positioning and Looking Forward.


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December 15, 2017: Mr. Gregg Gosch, Institutional Client Service & Mr. Anthony Brooks, Equity Portfolio Analyst made their first appearance before the Board of Trustees since Sawgrass Asset management was retained in June 2017. Sawgrass was one of three managers retained after Garcia Hamilton closed their large cap growth equity product. The assets were diversified between two active managers and a passive index manager. Its reviewed by the representatives were: Account & Performance Review, Market Review, Current Portfolio Positioning and Looking Forward.


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November 17, 2017: John McCann (pictured) from AndCo Consulting presented the September 30, 2017 Investment Report to the Board of Trustees. The account balance was valued at $274,738,656. Broken down, $166,530,081 is domestic equities, $70,022,559 is fixed income, $28,700,466 in real estate and the balance is held in cash. The Fund exceed 11.00% on a fiscal year basis which exceeded the assumed rate of return. The Board of Trustees invite you to view investment reports back to 2001 on-line on our Investments Page.


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November 17, 2017: Janna Hamilton and the firm of Garcia Hamilton & Associates (GHA) of Houston, Texas was presented with a token of appreciation from the Board of Trustees for managing the Fund's Large Cap Growth Portfolio for the last 17 years. The GHA equity account was closed, but GHA still manages a portion of the Fund's fixed income portfolio.


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June 16, 2017: Mr. George Keller, Assistant City Manager - City Of Hollywood addresses the audience at the Mediation Meeting regarding the Supplemental Distribution Litigation.


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March 13, 2017: Attorney Robert Klausner spoke at two pension informational sessions March 9th and March 13th, 2017.

Topics covered were:

• Pension world overview and how our plan compares
• DB vs DC (why Jacksonville will fail)
• Does funding ratio matter - ARC
• 13th check lawsuit
• 185 Funds
• Our referendum lawsuit & how it ties to (Headley v Miami case)
• Pension Task Force
• Membership Q & A

Approximately 90 officers attended over the two evening sessions. The Board of Trustees would like to "Thank" Robert Klausner for his assistance.


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March 9, 2017: Attorney Robert Klausner spoke at two pension informational sessions March 9th and March 9th, 2017.

Topics covered were:

• Pension world overview and how our plan compares
• DB vs DC (why Jacksonville will fail)
• Does funding ratio matter - ARC
• 13th check lawsuit
• 185 Funds
• Our referendum lawsuit & how it ties to (Headley v Miami case)
• Pension Task Force
• Membership Q & A

Approximately 90 officers attended over the two evening sessions. The Board of Trustees would like to "Thank" Robert Klausner for his assistance.


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January 27, 2017: Mr. Mark A. Guariglia & Mr. Bryan Schneider of EntrustPermal appeared before the Board to provide an investment update. It was reported that the account was valued at $4,786,052. as of December 31, 2016. Since the inception date was July 31, 2015 the net rate of return for the was valued at -4.28%. This is relatively a short-term horizon and over the longer term, performance will continue to improve.

The representatives reminded the Trustees that EnTrustPermal is one of the world’s largest global hedge fund businesses. That EnTrustPermal leverages its position as a global top five hedge fund investor to negotiate even lower fees and better terms with our underlying managers on behalf of our investors.

Activist strategies range from “constructivism,” where the activist managers work collaboratively with the company’s management team, to “aggressive activism,” where managers employ a variety of hostile techniques that include replacing management teams and boards.


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January 27, 2017: Mr. Rick appeared before the Board and stated the market value of Eagle Account was at $23,829,029 as of December 31, 2016. Since inception (01-08-03) the Eagle Small Cap Account realized an annualized gross return of 12.02%, compared to the Russell 2000 of 10.72%.

For the quarter ending December 31, 2016, Eagle Small Cap Account returned 7.00%, compared to 8.83% for the Russell 2000. On a one year rolling basis, the portfolio returned 22.55% compared to the benchmark of 21.31%. The 3 & 5 Year returns were valued at 9.85% & 15.24% in comparison to the benchmark returns of 6.74% & 14.46% respectively.

Mr. Rick provided a market overview: The market saw a difficult start to the year as falling oil prices, fears of faltering growth, and a sharp depreciation of China’s currency slammed the value end of the market. The pain was surprisingly short-lived and from March to December it was generally a value led market.

Contributors to relative performance: Health Care - Healthcare outperformed this quarter due to selection effect. Biotechnology and pharmaceuticals holdings outperformed while being underweight the index.

Detractors from relative performance: Real Estate - Eagle continues to find growth utilities and growth REITs to be the most attractive, since the yield, not future opportunities dominate total valuations in these spaces.


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February 22, 2017: The Board of Trustees administered a pension election from February 15th at 9:00 AM thru February 22nd at 9:00 AM. The election was for three seats.

The results were tallied today as follows:

MEMBER VOTES
RECEIVED

Christopher Boyd - WON 187
Rhett Cady 69
Luis Ortiz 73
David Strauss – WON 214
Van Szeto - WON 190


(Pictured above) Members counting the ballots in a spirit of open government and transparency.

The Board would like to thank all of the members that ran for the open seats and those members who took the time to vote!


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February 17, 2017: After faithfully serving on the Board of Trustees since 2009, Chris O'Brien decided not to seek re-election. Chris (pictured center) was honored at his last pension meeting by his fellow Trustees. Thank you for your service Chris!



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