BAY COUNTY RETIREMENT BOARD OF TRUSTEES ... Sunstone Hotel Investors Inc Hotels 5,510 $73,051 $13.26...

BAY COUNTY RETIREMENT BOARD OF TRUSTEES

AGENDA

TUESDAY, APRIL10, 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 – 3 . . . . A. MARCH 13, 2018

IV. PUBLIC INPUT

V. PETITIONS & COMMUNICATIONS

A. MFS GROWTH & MFS INTERNATIONAL – CHRISTOPHER

ROONEY, CFA, ASSOCIATE DIRECTOR, RELATIONSHIP

MANAGEMENT & PETER LONCTO, INVESTMENT

PRODUCT SPECIALIST

4 - 6 . . . . . . . . . . . . . . . B. MONTHLY REPORTS – RES NO. 2018-9

1. PORTFOLIO VALUE - 1/1/16 - 3/31/18

2. CHANGE IN NET ASSETS – 3/31/18

3. MONEY MANAGERS ON WATCH

a. NONE

4. MONEY MANAGER REPORTS

a. BARINGS – ENDING 2/28/18

b. COLUMBIA – ENDING 2/28/18

c. EAGLE ASSET MGMT - ENDING 2/28/18

d. GENEVA – ENDING 2/28/18

7 - 29 . . . . . . . . . . . . . . . e. HOTCHKIS & WILEY – ENDING 2/28/18

f. LOOMIS SAYLES - ENDING 2/28/18

g. MFS INVESTMENT – ENDING 2/28/18

h. MFS HERITAGE TRUST - ENDING 2/28/18

i. MACKAY SHIELDS - ENDING 2/28/18

j. SCHRODERS – ENDING 2/28/18

5. RECAPTURE SERVICES

30 - 33 . . . . . . . . . . . . . . . . . a. ABEL/NOSER - SUMMARY ENDING 2/28/18

b. CAPIS - SUMMARY ENDING 2/28/18

6. COMERICA

34 - 44 a. SUMMARY EARNINGS – ENDING 2/28/18

45 . . . . . . . . . . . . . . . . . . . 7. REFUNDS/RETIREMENTS - ENDING 3/31/18

http://www.baycounty-mi.gov/Docs/Retirement/MoneyManager/BayCounty-MFS-Growth-Equity-10Apr18-BCERS-and-VEBA.pdf

http://www.baycounty-mi.gov/Docs/Retirement/MoneyManager/BayCounty-MFS-International-Growth-10Apr18.pdf

BAY COUNTY RETIREMENT BOARD OF TRUSTEES

AGENDA

TUESDAY, APRIL 10, 2018 @1:30 P.M.

COMMISSIONERS CHAMBERS

515 CENTER AVENUE – 4TH

FLOOR

BAY CITY, MI 48708

46 - 50. . . . . . . . . . . . . . . . 8. BCERS YTD BUDGET REPORT – ENDING 3/31/18

51 . . . . . . . . 9. INVOICES APPROVED – 3/31/18

52 – 55 . . . . C. CORRESPONDENCE – COMERICA, COLUMBIA, EAGLE,

INTEGRITY - REBALANCE BAYCO CASH

56 . . . . D. CORRESPONDENCE – PRISA LP CASH FLOW

DISTRIBUTION

57 . . . . . E. NON-DUTY DISABILITY RETIREMENT MATTHEW NEAL

GENERAL RES NO: 2018-10

Motion: To go into closed session pursuant to MCLA 15.268, Sec. 8 (h) to consider material exempt from discussion or disclosure by state or federal statute. (ROLL CALL VOTE)

VI. ANNOUNCEMENTS

A. NEXT REGULAR MEETING - MAY 8, 2018 AT 1:30 P.M.,

COMMISSIONERS CHAMBERS, 515 CENTER AVENUE 4TH

FLOOR, BAY CITY, MI 48708

B. THERE WILL BE A SPECIAL MEETING, TUESDAY, APRIL

17, 2017 AT 8:30 A.M. – MONEY MANAGER

PRESENTATIONS

C. MAPERS SPRING CONFERENCE MAY 19TH

– 22ND

AT THE

SOARING EAGLE IN MT. PLEASANT. PLEASE CONTACT

KATIE MEETH TO REGISTER.

VII. UNFINISHED BUSINESS

VIII. NEW BUSINESS

IX. MISCELLANEOUS BUSINESS

X. ADJOURNMENT

1 1

2 2

3 3

No. 2018 - 9

BAY COUNTY RETIREMENT BOARD 4/10/2018

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

a. BARINGS - ENDING 2/28/18 b. COLUMBIA - ENDING 2/28/18, COMMISSION TOTAL 2/28/18 c. EAGLE - ENDING 2/28/18 d. GENEVA – ENDING 2/28/18 e. HOTCHKIS & WILEY - ENDING 2/28/18 f. LOOMIS SAYLES - ENDING 2/28/18 g. MACKAY SHIELDS – ENDING 2/28/18

h. MFS INVESTMENT - ENDING 2/28/18 i. MFS HERITAGE TRUST - ENDING 2/28/18 j. SCHRODERS - ENDING 2/28/18

5. RECAPTURE SERVICES a. ABEL/NOSER - SUMMARY ENDING 2/28/18 b. CAPIS - SUMMARY ENDING 2/28/18

6. COMERICA SUMMARY EARNINGS -3/31/18 7. REFUNDS/RETIREMENTS –ENDING 3/31/18 8. BCERS YTD BUDGET REPORT – ENDING 3/31/18 9. APPROVED EXPENSES – 3/31/18

STEVE GRAY, CHAIR

AND BOARD MONTHLY REPORTS APRIL 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 _____

4

5 5

6 6

BARINGS

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

Percent Total ReturnPer Period

Time Period 2/28/2018 FTSE/NAREITGross Net Equity REIT Index

1 Month -6.91% -6.96% -7.71%

YTD -9.93% -10.02% -11.57%

1 Year -7.83% -8.39% -10.12%

3 Year 1.07% 0.46% 0.39%

5 Year 7.34% 6.70% 5.75%

Inception (October 21, 2008) 12.61% 11.94% 10.90%

Portfolio

7

BARINGS Bay County Employees' Retirement SystemU.S. REIT Strategy

Closing PercentageProperty Cost Per Price of Market Value Dividend

Symbol Description Type Shares Cost Share 2/28/2018 Portfolio 2/28/2018 Yield

CPT Camden Property Trust Apartment 2,350 $211,273 $89.90 $79.71 3.4% $187,319 3.8%ESS Essex Property Trust Inc Apartment 1,030 $271,426 $263.52 $223.83 4.1% $230,545 3.1%UDR UDR Inc Apartment 8,300 $300,416 $36.19 $33.62 5.0% $279,046 3.7%DLR Digital Realty Trust Inc Data Center 3,850 $423,405 $109.98 $100.64 7.0% $387,464 3.7%EQIX Equinix Inc Data Center 690 $300,906 $436.10 $392.10 4.9% $270,549 2.3%ADC Agree Realty Corp Free Standing 2,030 $95,448 $47.02 $47.10 1.7% $95,613 4.4%O Realty Income Corp Free Standing 1,620 $91,202 $56.30 $49.18 1.4% $79,672 5.3%STOR STORE Capital Corp Free Standing 2,990 $74,274 $24.84 $23.84 1.3% $71,282 5.2%DOC Physicians Realty Trust Healthcare 7,940 $139,986 $17.63 $14.37 2.1% $114,098 6.4%WELL Welltower Inc Healthcare 3,830 $247,741 $64.68 $52.50 3.6% $201,075 6.6%MPW Medical Properties Trust Inc Healthcare 5,080 $67,930 $13.37 $12.26 1.1% $62,281 7.8%NHI National Health Investors Inc Healthcare 937 $58,668 $62.61 $64.87 1.1% $60,783 5.9%HR Healthcare Realty Trust Inc Healthcare 2,130 $67,447 $31.67 $26.55 1.0% $56,552 4.5%CHSP Chesapeake Lodging Trust Hotels 3,570 $99,761 $27.94 $25.86 1.7% $92,320 6.2%SHO Sunstone Hotel Investors Inc Hotels 5,510 $73,051 $13.26 $14.43 1.4% $79,509 4.9%PK Park Hotels & Resorts Inc Hotels 2,520 $69,564 $27.60 $25.99 1.2% $65,495 8.5%HLT Hilton Worldwide Holdings Inc Hotels/Not Indexed 2,120 $130,207 $61.42 $80.79 3.1% $171,275 0.7%PLD Prologis Inc Industrial 7,180 $367,348 $51.16 $60.68 7.8% $435,682 2.9%FR First Industrial Realty Trust Industrial 6,790 $208,068 $30.64 $28.03 3.4% $190,324 3.0%CCI Crown Castle International Cor Infrastructure/Not Indexed 1,200 $122,641 $102.20 $110.06 2.4% $132,072 3.8%AMT American Tower Corp Infrastructure/Not Indexed 870 $122,576 $140.89 $139.33 2.2% $121,217 2.0%SUI Sun Communities Inc Manufactured Homes 1,910 $170,840 $89.44 $87.56 3.0% $167,240 3.1%BXP Boston Properties Inc Office 2,020 $253,703 $125.60 $118.87 4.3% $240,117 2.7%BDN Brandywine Realty Trust Office 4,480 $72,596 $16.20 $15.66 1.3% $70,157 4.6%CUZ Cousins Properties Inc Office 12,550 $108,038 $8.61 $8.34 1.9% $104,667 2.9%HPP Hudson Pacific Properties Inc Office 2,910 $97,499 $33.50 $31.57 1.7% $91,869 3.2%KRC Kilroy Realty Corp Office 2,562 $175,168 $68.37 $68.10 3.1% $174,472 2.5%PGRE Paramount Group Inc Office 3,990 $69,739 $17.48 $13.95 1.0% $55,661 2.7%MAC Macerich Co/The Regional Mall 1,100 $85,485 $77.71 $58.94 1.2% $64,834 5.0%SPG Simon Property Group Inc Regional Mall 2,098 $323,635 $154.26 $153.51 5.8% $322,064 5.1%AKR Acadia Realty Trust Shopping Centers 4,831 $153,520 $31.78 $24.08 2.1% $116,330 4.5%KIM Kimco Realty Corp Shopping Centers 3,810 $75,506 $19.82 $14.96 1.0% $56,998 7.5%RPAI Retail Properties of America I Shopping Centers 6,400 $85,844 $13.41 $11.96 1.4% $76,544 5.5%REG Regency Centers Corp Shopping Centers 3,344 $220,312 $65.88 $58.11 3.5% $194,320 3.8%INVH Invitation Homes Inc Single Family 6,053 $125,838 $20.79 $21.75 2.4% $131,653 2.0%GEO GEO Group Inc/The Specialty 3,320 $77,055 $23.21 $21.30 1.3% $70,716 8.8%GLPI Gaming and Leisure Properties Specialty 2,960 $101,406 $34.26 $33.26 1.8% $98,450 7.6%WY Weyerhaeuser Co Timber 2,520 $90,305 $35.84 $35.03 1.6% $88,276 3.7%

Total Equities 99.0% $5,508,537 4.0%Total Cash & Cash Equivalents 1.0% $55,463 Total Portfolio Value 100.0% $5,564,000

Equity Holdings

February 28, 2018

8

to. COLUMBIA

THREADNEEDLE

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Bay County Employees Retirement System

Portfolio performance as of February 28, 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 02/01/2018 $ 39,953,860

Ending Market Value 02/28/2018 $ 36,847,234

1 Month

(%) 3 Month

(%)

Year-to-Date

(%) 1 Year

(%) 3 Year

(%) 5 Year

(%) 10 Year

(%)

Since

Inception1

(%)

Bay County Employees Retirement System (Gross) -5.32 0.48 -1.49 14.37 10.86 15.03 10.34 8.24

Russell 1000 Value Index -4.78 0.35 -1.09 7.75 8.02 12.04 7.89 6.87

-10%

-5%

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

9

Columbia Management Investment Advisers Page 1

DATE PRINTED: 03/08/2018 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 02/01/2018 TO 02/28/2018

VALUATION CURRENCY: USD

CLIENT ID CLIENT NAME BROKER ID BRANCH NAME MONTH OF 02/2018 TOTAL

53D-E BAY COUNTY EMPLOYEES RETIREMENT SYSTEM

WEED WEEDEN & CO 588.00 588.00

10

EAGLE I Asset Management

Russell 2000 Growth Index

Performance is based on fiscal year end of portfolio

Materials 5.44%

Industrials 17.18%

Financials 4.39%

Information Technology 27.62%

Cash .55%

Consumer Discretionary 17.98%

Index 3.75%

Health Care 23.09%

QTD 3

Years

5

Years

YTDAnnualized

Since

Inception

Performance Summary

MTD 1

Year

3.52

3.32

.94

12.07

11.16

13.97

12.99

3.52

3.32

15.91

14.97

-.84

-.84

-2.85 .94RU20GRTR1

8.93 13.72 16.02

19.07

18.14

18.44

Gross

Net

1

Bay County Employees' Retirement System - 05231100

Investment period ending: 02/28/2018

Top Ten Holdings

% of Market ValueSecurity Description Total Market Value

QUAKER CHEMICAL CORP 3.31%328,816.71

PLANET FITNESS INC - CL A 2.51%248,986.34

REALPAGE INC 2.41%239,461.75

SUMMIT MATERIALS INC -CL A 2.13%211,320.03

COHERENT INC 2.07%205,813.44

CHART INDUSTRIES INC 2.04%202,419.03

HFF INC-CLASS A 2.03%201,588.90

UNIVERSAL ELECTRONICS INC 2.02%200,772.00

TELADOC INC 1.98%196,931.10

MERCURY SYSTEMS INC 1.97%195,280.56

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

10,508,044.69

0.00

500,000.50

10,685.58

-90,259.91

9,928,469.86

10,064,781.50

0.00

500,026.98

14,067.69

349,647.65

9,928,469.86

Industry Weightings

Portfolio inception date: 09/02/2010

Page 2 of 1311

= Total = Russell Midcap Growth Index

Tim

e W

eig

hted R

etu

rn

12/31/2017 - 1/31/2018 1/31/2018 - 2/28/2018

Time Period

Time Weighted Return

Date to Date

12/31/2017 to 02/28/2018 3.74 4.04 2.34

Inception to Date

01/17/2013 to 02/28/2018 78.35 88.06 99.71

Annualized 11.98 13.14 14.48

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

Performance History

Geneva Capital Management

Bay County Employees' Retirement System XXXX2219 (bcers)

Performance History - YTDNet of Fees | US Dollar

2/28/201812/31/2017 -

712

Bay County Employees' Retirement System XXXX2219 (bcers)

Transaction Summary2/1/2018 - 2/28/2018

US Dollar

Purchases

Trade Date Settle Date Quantity SecurityUnit

Cost Total Cost2/5/2018 2/7/2018 1,049 TRIMBLE INC COM 40.84 42,843.05

2/6/2018 2/8/2018 722 BEACON ROOFING SUPPLY INC COM 57.78 41,720.34

2/15/2018 2/20/2018 1,327 MICROCHIP TECHNOLOGY INC COM 82.55 109,547.17

2/15/2018 2/20/2018 784 WABCO HLDGS INC COM 142.79 111,947.75

Total Purchases 306,058.31

Sales


Cost Total CostUnit

Price Proceeds2/15/2018 2/20/2018 397 GARTNER INC COM 81.35 32,295.96 118.80 47,162.67

2/15/2018 2/20/2018 148 GARTNER INC COM 81.35 12,039.81 119.36 17,665.03

Total Sales 44,335.77 64,827.70

Contributions


Price Amount2/9/2018 2/9/2018 CASH ACCOUNT 27.27

Total Contributions 27.27

Geneva Capital Management

813

BAY COUNTY EMPLOYEES' RETIREMENT SYSTEM

Small Cap Value Total Market Value: $9,269,946 (2.4% Cash) Month Ended February 28, 2018

888-596-4926 Past performance is no guarantee of future performance Hotchkis & Wiley

Performance Returns - Gross of Fees Weighted Average Portfolio CharacteristicsMTD QTD YTD Since Incept. Portfolio Rus 2000 V Rus 2000

Portfolio - Total Return -6.59 % -4.83 % -4.83 % 9.61 % Projected P/E (FY2) 11.0x 13.6x 15.2xPrice / Normal Earnings 6.6x 14.8x 17.2x

Russell 2000 Value Index -5.00 -3.83 -3.83 8.31 Price / Cash Flow 6.8x 7.8x 9.9xRussell 2000 Index -3.87 -1.36 -1.36 8.84 Price / Book 1.2x 1.4x 2.1xS&P 500 Index -3.69 1.83 1.83 9.06 Dividend Yield 1.7% 2.2% 1.4%

Market Capitalization (mm) $2,471 $2,076 $2,517Commencement of portfolio: 12/1/03. Periods over one year are average annualized returns. # of Holdings / 1-Yr Turnover 59 / 33%

Top and Bottom Five Contributors to Performance Trading Data Top Ten Holdings - Total PortfolioAvg Wgt Ttl Ret. Contr. Major Buy(Sell) *New buy/final s e ll + / - End Wgt

Bank of NT Butterfield & Son 2.49 % 14.40 % 0.33 % GEO Group Inc. 0.9% Seritage Growth Properties 4.8 %LSC Communications Inc. 1.38 8.65 0.12 Enstar Group Ltd. 4.5 Embraer SA 2.28 5.82 0.12 ARRIS International PLC 4.3 Diodes Inc. 1.69 6.78 0.11 Whiting Petroleum Corp. 4.2 Popular Inc. 3.21 3.37 0.10 Masonite Int'l Corp. 3.4 Masonite Int'l Corp. 3.68 % -12.47 % -0.47 % (Meritor Inc.) -0.6% * Popular Inc. 3.4 Office Depot Inc. 2.62 -19.08 -0.51 Hanger Inc. 2.9 Matson Inc. 3.34 -16.22 -0.54 Matson Inc. 2.9 Frank's Int'l NV 2.59 -24.42 -0.68 Bank of NT Butterfield & Son 2.8 KBR Inc. 2.75 -25.57 -0.75 Sonic Automotive Inc. 2.7

Performance Attribution Top Ten Industries - Total PortfolioPortfolio Russell 2000 Value Allocation

Avg Wgt Equ. Ret. Avg Wgt Equ. Ret. Sector Stock Total End WgtFinancials 31.21 % -1.38 % 31.42 % -3.28 % -0.01 0.58 0.57 Banks 16.7 %Real Estate 8.58 -5.75 9.52 -10.10 0.07 0.37 0.43 Insurance 11.4 Information Technology 6.49 3.86 8.74 -2.35 -0.06 0.38 0.32 Equity REITs 8.6 Utilities 3.49 -5.78 6.13 -6.06 0.03 0.01 0.04 Oil Gas & Consumable Fuels 7.7 Telecommunication Services 0.00 0.00 0.49 -4.55 0.00 0.00 0.00 Specialty Retail 6.3 Consumer Staples 0.00 0.00 2.67 -4.89 0.00 0.00 0.00 Energy Equipment & Srvcs 5.6 Materials 0.07 -41.25 4.60 -4.91 0.00 -0.03 -0.03 Communications Equip. 5.0 Health Care 4.32 -6.32 6.75 -1.43 -0.09 -0.21 -0.29 Construction & Engineering 4.2 Consumer Discretionary 9.69 -11.39 10.90 -3.63 -0.02 -0.74 -0.76 Building Products 4.0 Energy 13.89 -13.79 6.52 -12.35 -0.56 -0.20 -0.77 Health Care Prov. & Srvcs 3.6 Industrials 22.26 -11.07 12.28 -5.72 -0.08 -1.19 -1.27

-0.72 -1.04 -1.76

Returns are calculated using daily holding information, gross of fees. Performance attribution returns can differ from actual client portfolio returns due to data differences, cash flows, trading, and other activity. For the portfolio’s total performance attribution, interaction effect is combined with stock selection.

14

888-596-4926 Past performance is no guarantee of future performance Hotchkis & Wiley

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's Financial Services, LLC ("S&P") and is licensed for use by Hotchkis & Wiley ("H&W"). All rights reserved. Neither S&P nor MSCI is liable for any errors or delays in this report, or for any actions taken in reliance on any information contained herein. Russell Investment Group is the source and owner of the Russell Index data contained herein (and all trademarks related thereto), which may not be redistributed. The information herein is not approved by Russell. H&W and Russell sectors are based on GICS by MSCI and S&P.

15

5.25 4.94

I

4.29

p

I i 5.15

I -2.54 -2.59 -2.56

■ Portfolio (Gross) Portfolio (Net) Benchmark

6.21 5.88

6.52 6.17 5.86

2.82 2.52 2.20

I I

2.89 2.58 2.33

3.64 3.33

2.97

I QTD 1 Year 2 Years 3 Years 5 Years 10 Years Since Inception

1/31/1997

+0.97 +0.56 +0.67 +1.07 +0.66

El LOOM IS SAYLES

Bay

Cou

nty

Empl

oyee

s Ret

Sys

tem

performanceTRAILING RETURNS AS OF 2/28/2018 (%)

Excess Return(Gross)

PORTFOLIO VALUATION (USD)

Portfolio12/31/2017

Portfolio2/28/2018 Increase/Decrease

Total 40,861,099 39,750,147 -1,110,952

Data Source: Barclays CapitalBenchmarks: Citigroup 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 - 2/28/2018 ).The current benchmark is Bloomberg Barclays Corporate. 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 February 28, 201816

CO WI OZ

N.

CO

I N ,— •0 c..4 Ln N in CO or; CO

CN q, CD t, 00 r....

c:7 • R. et1 ci c; Lr!

NI .zr 00 N.. a 4,

0 0

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2017

11111 1.88

• Portfolio (Gross) Portfolio (Net) Benchmark

2016 2015 2014 2013 2012 2011 2010 2009 2008

+1.07 -0.05 +0.63 +1.14 +2.50 +0.26 +2.43 +7.35 -5.24

El LOOM IS SAYLES

Bay

Cou

nty

Empl

oyee

s Ret

Sys

tem

performanceCALENDAR YEAR RETURNS AS OF 2/28/2018 (%)

Excess Return(Gross)

Data Source: Barclays CapitalBenchmarks: Citigroup 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 - 2/28/2018 ).The current benchmark is Bloomberg Barclays Corporate. Returns over one year are annualized. Information is reported on a trade date basis.


EXCESS RETURN ATTRIBUTION BY SECTOR

Cash Et Equivalents

US Treasuries

EXCESS RETURN ATTRIBUTION

. Total . Parallel Non-Parallel

Gov Related

Yield Curve

Allocation

Selection

IG Corporate

HY Corporate

0.10

0.00

0.02

0.00

0.02

0.01

El LOOM IS SAYLES

Bay

Cou

nty

Empl

oyee

s Ret

Sys

tem

performance attribution by sector12/31/2017 TO 2/28/2018 (%)

TOTAL RETURNS

Total Return

Portfolio Return -2.54

Benchmark Return -2.56

Excess Return 0.02

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 hedging if utilized. Unless otherwisenoted, the performance shown is gross of management fees.The current benchmark is Bloomberg Barclays Corporate.


414 MF5

FOR MORE INFORMATION CONTACT

Thomas Shanley, Client Service Manager

Phone: +1 617 954 7492

Email: [email protected]

Kimberly Hyland, Managing Director, Global Client Group

Phone: +1 617 954 5575


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

February 2018 -4.47-4.28 0.19

2018 YTD 0.50-0.28 -0.78

1 year 25.0326.67 1.64

3 year 7.398.90 1.51

Since client inception (06-Aug-14) 6.617.73 1.12

28 February 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–28-Feb-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 periods prior to the inception date of a unit class, performance information shown for such class is based on the performance of an older class of units that dates

back to the Fund’s inception, as adjusted to reflect differences in fees paid and expenses incurred by the newer class.

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.

Characteristics Portfolio Benchmark^^

Fundamentals - weighted median

IBES long-term EPS growth 8.5% 11.1%IBES long-term EPS growth 1

Price/earnings (12 months forward ex-negative earnings)19.6x 19.3xPrice/earnings (12 months forward ex-negative

earnings)

Return on invested capital 11.3% 10.7%Return on invested capital

Market capitalization

Market capitalization (USD) 53.9 bn 35.5 bnMarket capitalization (USD) 2

Diversification

Number of holdings 79 1,003Number of holdings

Turnover

Trailing 1 year turnover 19% –Trailing 1 year turnover 3

Risk profile (current)

Barra predicted tracking error 3.12% –Barra predicted tracking error 4

Risk/reward (since inception)

Information ratio 0.54 –Information ratio 5

Source: Thomson Reuters

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.

1 Source: Thomson Reuters2 Weighted median.3 (Lesser of Purchase or Sales)/Average Month End Market Value4 Source: Barra5 Since inception, based on first full month of performance.

Asset summary (USD)

Beginning value as of 31-Jan-18 35,275,818

Contributions 0

Withdrawals 0

Change in market value -1,491,670

Ending value as of 28-Feb-18 33,784,148

Top 10 issuers Sector

Consumer StaplesNESTLE SA

TechnologyTAIWAN SEMICONDUCTOR

MANUFACTURING COMPANY LIMITED

Special Products & ServicesACCENTURE PLC

Health CareROCHE HOLDING AG

Financial ServicesAIA GROUP LTD

Consumer StaplesPERNOD-RICARD

TechnologySAP SE

TechnologyALIBABA GROUP HOLDING LTD

Consumer StaplesL'OREAL SA

RetailingLVMH MOET HENNESSY

FOR EXISTING INSTITUTIONAL CLIENT USE ONLY.

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

119

414 MF5


MFS Heritage Trust Company

28 February 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–28-Feb-18

Sectors (%) Portfolio Benchmark^^

Consumer Staples 17.6 12.8

Technology 16.8 20.4

Health Care 13.3 9.5

Financial Services 12.1 12.3

Basic Materials 7.9 8.0

Special Products & Services 7.3 3.8

Industrial Goods & Services 6.7 8.0

Retailing 6.0 6.9

Leisure 4.7 4.6

Transportation 2.4 4.0

Energy 1.9 2.0

Utilities & Communications 1.5 3.6

Autos & Housing 1.0 4.3

Regions (%) Portfolio Benchmark^^

Europe ex-U.K. 47.4 32.7

Emerging Markets 14.7 25.5

United Kingdom 12.9 9.8

Japan 8.7 17.0

North America 8.1 6.2

Asia/Pacific ex-Japan 6.0 8.5

Developed - Middle East/Africa 1.3 0.3

0.8% Cash & cash equivalents

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

FOR MORE INFORMATION CONTACT

Thomas Shanley, Client Service Manager

Phone: +1 617 954 7492


Kimberly Hyland, Managing Director, Global Client Group

Phone: +1 617 954 5575


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

220

21

21

22 22

MFS MFS HERITAGE TRUST COMPANY 111 Huntington Avenue, Boston, Massachusetts 02199

MFS HERITAGE TRUST COMPANY

Account Statement02/01/2018 - 02/28/2018

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

IDX320180228

IDX4193

193

386255925


BAY COUNTY EMPLOYEES’ RETIREMENT SYSTEM

(BCERS)

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

Account Summary - Period

Fund Name02/28/2018

NAVBeginning

Market ValuePeriod

PurchasesPeriod

RedemptionsEnding

UnitsEnding

Market Value

MFS INTERNATIONAL GROWTH FUND CL 1 $170.77 $35,275,817.99 $0.00 ($0.00) 197,834.210 $33,784,148.04

Account Total $35,275,817.99 $33,784,148.04

Account Summary - YTD

Fund NameYTD

PurchasesYTD

RedemptionsAccountInception

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

23

Bay County Employees' Retirement System

MFS® Heritage Trust Company CIT - MFS International Growth Fund

Class 1 Shares

Report as of 28 February 2018

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

Period Portfolio net Benchmark^ Excess^^

February -4.28 -4.47 0.19

January 4.18 5.21 -1.03

2018 YTD -0.28 0.50 -0.78

1 year 26.67 25.03 1.65

3 year 8.90 7.39 1.52

Since client inception (06-Aug-14) 7.73 6.61 1.13

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 periods prior to the inception date of a unit class, performance information shown for such class is based on the performance of an older

class of units that dates back to the Fund’s inception, as adjusted to reflect differences in fees paid and expenses incurred by the newer class.

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

^^ Excess return net vs benchmark (%)


MFS Heritage Trust Company

31012

24

MFS MFS HERITAGE TRUST COMPANY 111 Huntington Avenue, Boston, Massachusetts 02199


Account Statement02/01/2018 - 02/28/2018

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

IDX320180228

IDX4193

193

386255925



(BCERS)

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

Account Summary - Period

Fund Name02/28/2018

NAVBeginning

Market ValuePeriod

PurchasesPeriod

RedemptionsEnding

UnitsEnding

Market Value

MFS INTERNATIONAL GROWTH FUND CL 1 $170.77 $35,275,817.99 $0.00 ($0.00) 197,834.210 $33,784,148.04

Account Total $35,275,817.99 $33,784,148.04

Account Summary - YTD

Fund NameYTD

PurchasesYTD

RedemptionsAccountInception

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

25

MACKAYSHIELDS ANEW TOM L I LIVESMItNTS COMPANY

3

Portfolio Composition and Performance — Account 1256February 28, 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) -0.90% 2.36% 2.20% 9.38% 7.46% 10.02% 167.44% 7.06%

CUSTOM BENCHMARK I -1.16% 1.70% 1.90% 10.74% 6.67% 10.79% 130.77% 5.97%

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 11,186,660 82.54

Equity 1,196,371 8.83

Cash & Equivalents 1,170,566 8.64

Total Portfolio $13,553,597 100.00%

26


5


Summary Report — Account 1256February 28, 2018

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

Bonds 9,487,433 89.27 1.58 11,151,551 82.28 1.34 149,796

Stocks 1,140,625 10.73 1.00 1,189,613 8.78 0.96 11,370

Cash & Equivalents 0 0.00 1,170,566 8.64 0.00 0

Accrued Income 41,867 0.31

Total Portfolio 10,628,058 100.00% 1.52 $13,553,597 100.00% 1.19 161,166

27


12

Broker Commission Report — Account 1256Month Ending February 28, 2018


Broker

Broker Commission

BARCLAY INVESTMENTS, INC. 18.33

JOHNSON RICE 18.36

MERRILL LYNCH, PIERCE, FENNER & SMITH 18.36

Total $55.05

28

29 29

AbelNoser LLC

>

>

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 3/10/2018Page 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: February 1, 2018 To February 28, 2018

February 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/SIPC30

CAPITAL INSTITUTIONAL SERVICES, INC.

1 I I 1

February YTD February YTD February YTD

Beginning Balance $134.46 $335.61

U.S. Equity - 76.88 - 19.22 - 57.66

International Equity - - - - - -

Fixed Income - - - - - -

International Fixed Income - - - - - -

New Issues - - - - - -

Options - - - - - -

Futures - - - - - -

Foreign Currency - - - - - -

Syndicates - - - - - -

U.S. Correspondent Equity - 144.00 - 67.20 - 76.80

Recapture Subtotals $ 0.00 $ 220.88 $ 0.00 $ 86.42 $ 0.00 $ 134.46

TOTAL COMMISSION COMMISSION ALLOCATION

Execution Recapture

Total Earned $ 0.00 $ 134.46

Total Redeemed $ 134.46 $ 470.07

Execution $ 0.00 $ 0.00

Directed $ 0.00 $ 0.00

Correspondent Broker/Dealer $ 0.00 $ 0.00

Total $ 0.00 $ 220.88

$ 0.00 $ 0.00Balance as of 2/28/2018

Account Executive: Jon Lantz

Phone: (214) 978-4778

Page 1Sales Assistant: Christilla Moreno

Phone: (214) 978-4743

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: 2/28/2018

31


Summary of Segregated Account Detail

February YTD

Payment from Segregated Account $ 134.46 $ 470.07

$ 134.46 $ 470.07

Segregated Account DetailVoucher Amount

ServicePeriod Comments/Notes Vendor Invoice # Date Paid* February 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

Payment from Segregated Account Total $ 134.46 $ 335.61 $ 470.07

*An asterick next to the paid date reflects the approved date. Payment currently pending. Grand Total $ 134.46 $ 335.61 $ 470.07


Phone: (214) 978-4778


Phone: (214) 978-4743




214.720.0055800.247.6729 .

.

Founded 1977


32


Summary of Directed Commission by Manager

Columbia Threadneedle Investments 0 $0.00 $144.00 $0.00 $76.80

Henderson Geneva 0 0.00 76.88 0.00 57.66

0 $ 0.00 $ 220.88 $ 0.00 $ 134.46

February

Recapture Allocation

February

Commission

Shares YTD YTD


Phone: (214) 978-4778


Phone: (214) 978-4743




214.720.0055800.247.6729 .

.

Founded 1977


33

comencA Bank


SECURITIES LOAN STATEMENT

February 2018

Account Officer : DANIEL BERD

TOTAL EARNINGS $1,597.31

LESS TOTAL REBATE ($844.10)

TOTAL GROSS $2,441.41

LESS BANK FEE $610.19

TOTAL NET EARNINGS $1,831.22

3/14/2018 6:13 AM

CMB0200-Client Detailed Earnings

Page1 of 10

34

comencA Bank CLIENT EARNINGS REPORT

For the Period

2/1/2018 To 2/28/2018


Sec IDOpen Date Description Quantity

ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

Account: 1055082193

23636T10002/07/2018

DANONE-SPONS ADR,

3,384 17.00 57,528.00 02/07/2018 1.2500 1.44414 2.00 2.31

Total Earnings 2.31

Less Total Rebate 2.00

Sett Code Coll Code Broker DTC ID Loan ID Closed Date Less Bank Fee at 25.000 0.08

DTC USD J.P. Morgan Clearing Corp. 352 78812 02/08/2018 Net Earnings 0.23

71426420702/07/2018

PERNOD-RICARD SA-UNSPON ADR,

2,100 32.00 67,200.00 02/07/2018 -6.2500 1.44414 -11.67 2.70

2,100 32.00 67,200.00 02/08/2018 -6.2500 1.45023 -11.67 2.71

Total Earnings 5.41

Less Total Rebate -23.34



71426420702/08/2018


1,077 32.00 34,464.00 02/08/2018 -6.2500 1.45023 -5.98 1.39

Total Earnings 1.39




71426420702/27/2018


3,177 35.00 111,195.00 02/27/2018 -10.1250 1.48049 -31.27 4.57

3,177 34.00 108,018.00 02/28/2018 -10.1250 1.48334 -30.38 4.45

Total Earnings 9.02




3/14/2018 6:13 AM


Page2 of 10

35


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

Account : 1055082193 Total Earnings 18.13


Total Gross 107.10

Less Bank Fee at 25 26.77

Net Earnings 80.33

Account: 1055082228

14713L10202/06/2018

CASA SYSTEMS INC,

2,400 21.00 50,400.00 02/06/2018 1.3200 1.41551 1.85 1.98

Total Earnings 1.98




81752R10002/02/2018

SERITAGE GROWTH PROP- A REIT,

3/14/2018 6:13 AM


Page3 of 10

36


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

11,670 42.00 490,140.00 02/02/2018 -0.3750 1.42497 -5.11 19.40

11,670 42.00 490,140.00 02/03/2018 -0.3750 1.42497 -5.11 19.40

11,670 42.00 490,140.00 02/04/2018 -0.3750 1.42497 -5.11 19.40

11,670 42.00 490,140.00 02/05/2018 -0.3750 1.43343 -5.11 19.52

11,670 41.00 478,470.00 02/06/2018 -0.3750 1.41551 -4.98 18.81

11,670 41.00 478,470.00 02/07/2018 -0.3750 1.44414 -4.98 19.19

11,670 41.00 478,470.00 02/08/2018 -0.3750 1.45023 -4.98 19.27

11,670 40.00 466,800.00 02/09/2018 -0.3750 1.44820 -4.86 18.78

11,670 40.00 466,800.00 02/10/2018 -0.3750 1.44820 -4.86 18.78

11,670 40.00 466,800.00 02/11/2018 -0.3750 1.44820 -4.86 18.78

11,670 40.00 466,800.00 02/12/2018 -0.3750 1.44765 -4.86 18.77

11,670 41.00 478,470.00 02/13/2018 -0.3750 1.43765 -4.98 19.11

11,670 40.00 466,800.00 02/14/2018 -0.3750 1.44131 -4.86 18.69

11,670 40.00 466,800.00 02/15/2018 -0.3750 1.44999 -4.86 18.80

11,670 42.00 490,140.00 02/16/2018 -0.3750 1.45397 -5.11 19.80

11,670 42.00 490,140.00 02/17/2018 -0.3750 1.45397 -5.11 19.80

11,670 42.00 490,140.00 02/18/2018 -0.3750 1.45397 -5.11 19.80

11,670 42.00 490,140.00 02/19/2018 -0.3750 1.45397 -5.11 19.80

11,670 43.00 501,810.00 02/20/2018 -0.3750 1.44987 -5.23 20.21

11,670 42.00 490,140.00 02/21/2018 -0.3750 1.47312 -5.11 20.06

11,670 42.00 490,140.00 02/22/2018 -0.3750 1.46504 -5.11 19.95

11,670 42.00 490,140.00 02/23/2018 -0.3750 1.46696 -5.11 19.97

11,670 42.00 490,140.00 02/24/2018 -0.3750 1.46697 -5.11 19.97

11,670 42.00 490,140.00 02/25/2018 -0.3750 1.46696 -5.11 19.97

11,670 42.00 490,140.00 02/26/2018 -0.3750 1.47260 -5.11 20.05

11,670 43.00 501,810.00 02/27/2018 -0.3750 1.48049 -5.23 20.64

11,670 42.00 490,140.00 02/28/2018 -0.3750 1.48334 -5.11 20.20

Total Earnings 526.92



DTC USD J.P. Morgan Clearing Corp. 352 78281 Net Earnings 497.32



Total Gross 663.24


Net Earnings 497.42

Account: 1055082237

00401C10802/05/2018

ACACIA COMMUNICATIONS INC,

3/14/2018 6:13 AM


Page4 of 10

37


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

1,389 40.00 55,560.00 02/05/2018 -13.0000 1.43343 -20.06 2.21

1,389 40.00 55,560.00 02/06/2018 -13.0000 1.41551 -20.06 2.18

1,389 41.00 56,949.00 02/07/2018 -13.0000 1.44414 -20.56 2.28

1,389 40.00 55,560.00 02/08/2018 -13.0000 1.45023 -20.06 2.24

1,389 39.00 54,171.00 02/09/2018 -13.0000 1.44820 -19.56 2.18

1,389 39.00 54,171.00 02/10/2018 -13.0000 1.44820 -19.56 2.18

1,389 39.00 54,171.00 02/11/2018 -13.0000 1.44820 -19.56 2.18

1,389 40.00 55,560.00 02/12/2018 -13.0000 1.44765 -20.06 2.23

1,389 40.00 55,560.00 02/13/2018 -13.0000 1.43765 -20.06 2.22

1,389 39.00 54,171.00 02/14/2018 -13.0000 1.44131 -19.56 2.17




DTC USD ING Financial Markets 7273 78499 02/15/2018 Net Earnings 165.90

00401C10802/06/2018


1,400 40.00 56,000.00 02/06/2018 -13.0000 1.41551 -20.22 2.20

1,400 41.00 57,400.00 02/07/2018 -13.0000 1.44414 -20.73 2.30

1,400 40.00 56,000.00 02/08/2018 -13.0000 1.45023 -20.22 2.26

1,400 39.00 54,600.00 02/09/2018 -13.0000 1.44820 -19.72 2.20

1,400 39.00 54,600.00 02/10/2018 -13.0000 1.44820 -19.72 2.20

1,400 39.00 54,600.00 02/11/2018 -13.0000 1.44820 -19.72 2.20

1,400 40.00 56,000.00 02/12/2018 -13.0000 1.44765 -20.22 2.25

1,400 40.00 56,000.00 02/13/2018 -13.0000 1.43765 -20.22 2.24

1,400 39.00 54,600.00 02/14/2018 -13.0000 1.44131 -19.72 2.19





00401C10802/16/2018


3/14/2018 6:13 AM


Page5 of 10

38


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

2,789 42.00 117,138.00 02/16/2018 -12.0000 1.45397 -39.05 4.73

2,789 42.00 117,138.00 02/17/2018 -12.0000 1.45397 -39.05 4.73

2,789 42.00 117,138.00 02/18/2018 -12.0000 1.45397 -39.05 4.73

2,789 42.00 117,138.00 02/19/2018 -12.0000 1.45397 -39.05 4.73

2,789 44.00 122,716.00 02/20/2018 -12.0000 1.44987 -40.91 4.94

2,789 43.00 119,927.00 02/21/2018 -12.0000 1.47312 -39.98 4.91

2,789 45.00 125,505.00 02/22/2018 -12.0000 1.46504 -41.84 5.11

2,789 43.00 119,927.00 02/23/2018 -12.0000 1.46696 -39.98 4.89

2,789 43.00 119,927.00 02/24/2018 -12.0000 1.46697 -39.98 4.89

2,789 43.00 119,927.00 02/25/2018 -12.0000 1.46696 -39.98 4.89

2,789 38.00 105,982.00 02/26/2018 -12.0000 1.47260 -35.33 4.34

2,789 40.00 111,560.00 02/27/2018 -12.0000 1.48049 -37.19 4.59

2,789 39.00 108,771.00 02/28/2018 -12.0000 1.48334 -36.26 4.48





81752R10002/02/2018

SERITAGE GROWTH PROP- A REIT,

2,718 42.00 114,156.00 02/02/2018 -0.3750 1.42497 -1.19 4.52

2,718 42.00 114,156.00 02/03/2018 -0.3750 1.42497 -1.19 4.52

2,718 42.00 114,156.00 02/04/2018 -0.3750 1.42497 -1.19 4.52

2,718 42.00 114,156.00 02/05/2018 -0.3750 1.43343 -1.19 4.55

2,718 41.00 111,438.00 02/06/2018 -0.3750 1.41551 -1.16 4.38

2,718 41.00 111,438.00 02/07/2018 -0.3750 1.44414 -1.16 4.47

2,718 41.00 111,438.00 02/08/2018 -0.3750 1.45023 -1.16 4.49

2,718 40.00 108,720.00 02/09/2018 -0.3750 1.44820 -1.13 4.37

2,718 40.00 108,720.00 02/10/2018 -0.3750 1.44820 -1.13 4.37

2,718 40.00 108,720.00 02/11/2018 -0.3750 1.44820 -1.13 4.37

2,718 40.00 108,720.00 02/12/2018 -0.3750 1.44765 -1.13 4.37

2,718 41.00 111,438.00 02/13/2018 -0.3750 1.43765 -1.16 4.45

2,718 40.00 108,720.00 02/14/2018 -0.3750 1.44131 -1.13 4.35

2,718 40.00 108,720.00 02/15/2018 -0.3750 1.44999 -1.13 4.38

2,718 42.00 114,156.00 02/16/2018 -0.3750 1.45397 -1.19 4.61

2,718 42.00 114,156.00 02/17/2018 -0.3750 1.45397 -1.19 4.61

2,718 42.00 114,156.00 02/18/2018 -0.3750 1.45397 -1.19 4.61

2,718 42.00 114,156.00 02/19/2018 -0.3750 1.45397 -1.19 4.61

2,718 43.00 116,874.00 02/20/2018 -0.3750 1.44987 -1.22 4.71

2,718 42.00 114,156.00 02/21/2018 -0.3750 1.47312 -1.19 4.67

2,718 42.00 114,156.00 02/22/2018 -0.3750 1.46504 -1.19 4.65

2,718 42.00 114,156.00 02/23/2018 -0.3750 1.46696 -1.19 4.65

2,718 42.00 114,156.00 02/24/2018 -0.3750 1.46697 -1.19 4.65

2,718 42.00 114,156.00 02/25/2018 -0.3750 1.46696 -1.19 4.65

2,718 42.00 114,156.00 02/26/2018 -0.3750 1.47260 -1.19 4.67

2,718 43.00 116,874.00 02/27/2018 -0.3750 1.48049 -1.22 4.81

2,718 42.00 114,156.00 02/28/2018 -0.3750 1.48334 -1.19 4.70

3/14/2018 6:13 AM


Page6 of 10

39


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue




DTC USD J.P. Morgan Clearing Corp. 352 78281 Net Earnings 115.85



Total Gross 1,145.73


Net Earnings 859.38

Account: 1055082255

88167AAD302/01/2018

TEVA PHARMACEUTICALS NE2.800, 07/21/2023

310,000 91.00 282,100.00 02/01/2018 1.0000 1.42078 7.84 11.13

310,000 91.00 282,100.00 02/02/2018 1.0000 1.42497 7.84 11.17

310,000 91.00 282,100.00 02/03/2018 1.0000 1.42497 7.84 11.17

310,000 91.00 282,100.00 02/04/2018 1.0000 1.42497 7.84 11.17

310,000 91.00 282,100.00 02/05/2018 1.0000 1.43343 7.84 11.23

310,000 91.00 282,100.00 02/06/2018 1.0000 1.41551 7.84 11.09

310,000 91.00 282,100.00 02/07/2018 1.0000 1.44414 7.84 11.32

310,000 91.00 282,100.00 02/08/2018 1.0000 1.45023 7.84 11.36

310,000 91.00 282,100.00 02/09/2018 1.0000 1.44820 7.84 11.35

310,000 91.00 282,100.00 02/10/2018 1.0000 1.44820 7.84 11.35

310,000 91.00 282,100.00 02/11/2018 1.0000 1.44820 7.84 11.35

310,000 91.00 282,100.00 02/12/2018 1.0000 1.44765 7.84 11.34

310,000 91.00 282,100.00 02/13/2018 1.0000 1.43765 7.84 11.27

310,000 91.00 282,100.00 02/14/2018 1.0000 1.44131 7.84 11.29

310,000 91.00 282,100.00 02/15/2018 1.0000 1.44999 7.84 11.36




DTC USD Citigroup Global Markets Inc - Corporates

274 77942 02/16/2018 Net Earnings 38.52

9128283F502/05/2018

US TREASURY N/B2.250, 11/15/2027

5,000 98.50 4,925.00 02/13/2018 0.5000 1.43765 0.07 0.20

5,000 98.50 4,925.00 02/14/2018 0.9500 1.44131 0.13 0.20

355,000 98.50 349,675.00 02/15/2018 1.2500 1.44999 12.14 14.08

355,000 98.50 349,675.00 02/16/2018 1.3500 1.45397 13.11 14.12

355,000 98.50 349,675.00 02/17/2018 1.3500 1.45397 13.11 14.12

355,000 98.50 349,675.00 02/18/2018 1.3500 1.45397 13.11 14.12

355,000 98.50 349,675.00 02/19/2018 1.3500 1.45397 13.11 14.12

3/14/2018 6:13 AM


Page7 of 10

40


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue




FBE USD Citigroup Global Markets Inc 418 78516 Net Earnings 4.65

9128283S702/12/2018

US TREASURY N/B2.000, 01/31/2020

295,000 102.00 300,900.00 02/12/2018 -1.3500 1.44765 -11.28 12.10

295,000 102.00 300,900.00 02/13/2018 -1.5000 1.43765 -12.54 12.02

295,000 102.00 300,900.00 02/14/2018 0.1000 1.44131 0.84 12.05

295,000 102.00 300,900.00 02/15/2018 0.0000 1.44999 0.00 12.12

295,000 102.00 300,900.00 02/16/2018 0.2500 1.45397 2.09 12.15

295,000 102.00 300,900.00 02/17/2018 0.2500 1.45397 2.09 12.15

295,000 102.00 300,900.00 02/18/2018 0.2500 1.45397 2.09 12.15

295,000 102.00 300,900.00 02/19/2018 0.2500 1.45397 2.09 12.15

295,000 102.00 300,900.00 02/20/2018 0.3500 1.44987 2.93 12.12

295,000 102.00 300,900.00 02/21/2018 0.5500 1.47312 4.60 12.31

295,000 102.00 300,900.00 02/22/2018 0.5000 1.46504 4.18 12.25

295,000 102.00 300,900.00 02/23/2018 1.0500 1.46696 8.78 12.26

295,000 102.00 300,900.00 02/24/2018 1.0500 1.46697 8.78 12.26

295,000 102.00 300,900.00 02/25/2018 1.0500 1.46696 8.78 12.26

295,000 102.00 300,900.00 02/26/2018 1.2000 1.47260 10.03 12.31

295,000 102.00 300,900.00 02/27/2018 1.2500 1.48049 10.45 12.37

295,000 102.00 300,900.00 02/28/2018 1.1500 1.48334 9.61 12.40




FBE USD Citigroup Global Markets Inc 418 79600 03/01/2018 Net Earnings 115.45

9128283U202/05/2018

US TREASURY N/B2.375, 01/31/2023

3/14/2018 6:13 AM


Page8 of 10

41


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

255,000 101.13 257,868.75 02/05/2018 1.1000 1.43343 7.88 10.27

255,000 101.75 259,462.50 02/06/2018 0.4500 1.41551 3.24 10.20

255,000 101.75 259,462.50 02/07/2018 0.6500 1.44414 4.68 10.41

255,000 101.75 259,462.50 02/08/2018 0.9000 1.45023 6.49 10.45

255,000 101.75 259,462.50 02/09/2018 0.8000 1.44820 5.77 10.44

255,000 101.75 259,462.50 02/10/2018 0.8000 1.44820 5.77 10.44

255,000 101.75 259,462.50 02/11/2018 0.8000 1.44820 5.77 10.44

255,000 101.75 259,462.50 02/12/2018 0.3500 1.44765 2.52 10.43

255,000 101.75 259,462.50 02/13/2018 -0.9000 1.43765 -6.49 10.36

255,000 101.75 259,462.50 02/14/2018 -0.1000 1.44131 -0.72 10.39

255,000 101.75 259,462.50 02/15/2018 0.1000 1.44999 0.72 10.45

255,000 101.75 259,462.50 02/16/2018 0.2000 1.45397 1.44 10.48

255,000 101.75 259,462.50 02/17/2018 0.2000 1.45397 1.44 10.48

255,000 101.75 259,462.50 02/18/2018 0.2000 1.45397 1.44 10.48

255,000 101.75 259,462.50 02/19/2018 0.2000 1.45397 1.44 10.48

250,000 101.75 254,375.00 02/20/2018 0.3500 1.44987 2.47 10.24

250,000 101.75 254,375.00 02/21/2018 0.5500 1.47312 3.89 10.41

135,000 101.75 137,362.50 02/22/2018 0.6500 1.46504 2.48 5.59

135,000 101.75 137,362.50 02/23/2018 1.0500 1.46696 4.01 5.60

135,000 101.75 137,362.50 02/24/2018 1.0500 1.46697 4.01 5.60

135,000 101.75 137,362.50 02/25/2018 1.0500 1.46696 4.01 5.60




FBE USD Citigroup Global Markets Inc 418 78518 03/01/2018 Net Earnings 102.72



Total Gross 348.42


Net Earnings 261.34

Account: 1055082326

74966010601/25/2018

RPC INC,

3/14/2018 6:13 AM


Page9 of 10

42


For the Period

2/1/2018 To 2/28/2018



ContractPrice

ContractValue Date

Reb/PremRate

Mny MktRate

Reb/PremDue

EarningsDue

7,781 21.00 163,401.00 02/01/2018 0.0000 1.42078 0.00 6.45

7,781 22.00 171,182.00 02/02/2018 0.0000 1.42497 0.00 6.78

7,781 22.00 171,182.00 02/03/2018 0.0000 1.42497 0.00 6.78

7,781 22.00 171,182.00 02/04/2018 0.0000 1.42497 0.00 6.78

7,781 21.00 163,401.00 02/05/2018 0.0000 1.43343 0.00 6.51

7,781 21.00 163,401.00 02/06/2018 0.0000 1.41551 0.00 6.42

7,781 21.00 163,401.00 02/07/2018 0.0000 1.44414 0.00 6.55

7,781 21.00 163,401.00 02/08/2018 0.0000 1.45023 0.00 6.58

7,781 19.00 147,839.00 02/09/2018 0.0000 1.44820 0.00 5.95

7,781 19.00 147,839.00 02/10/2018 0.0000 1.44820 0.00 5.95

7,781 19.00 147,839.00 02/11/2018 0.0000 1.44820 0.00 5.95

7,781 19.00 147,839.00 02/12/2018 0.0000 1.44765 0.00 5.94

7,781 19.00 147,839.00 02/13/2018 0.0000 1.43765 0.00 5.90

7,781 19.00 147,839.00 02/14/2018 0.0000 1.44131 0.00 5.92

7,781 20.00 155,620.00 02/15/2018 0.0000 1.44999 0.00 6.27

7,781 19.00 147,839.00 02/16/2018 0.0000 1.45397 0.00 5.97

7,781 19.00 147,839.00 02/17/2018 0.0000 1.45397 0.00 5.97

7,781 19.00 147,839.00 02/18/2018 0.0000 1.45397 0.00 5.97

7,781 19.00 147,839.00 02/19/2018 0.0000 1.45397 0.00 5.97

7,781 20.00 155,620.00 02/20/2018 0.0000 1.44987 0.00 6.27

7,781 19.00 147,839.00 02/21/2018 0.0000 1.47312 0.00 6.05

7,781 20.00 155,620.00 02/22/2018 0.0000 1.46504 0.00 6.33

7,781 21.00 163,401.00 02/23/2018 0.0000 1.46696 0.00 6.66

7,781 21.00 163,401.00 02/24/2018 0.0000 1.46697 0.00 6.66

7,781 21.00 163,401.00 02/25/2018 0.0000 1.46696 0.00 6.66

7,604 21.00 159,684.00 02/26/2018 0.0000 1.47260 0.00 6.53

7,604 21.00 159,684.00 02/27/2018 0.0000 1.48049 0.00 6.57

7,604 21.00 159,684.00 02/28/2018 0.0000 1.48334 0.00 6.58




DTC USD Citigroup Global Markets Inc 418 77108 Net Earnings 132.75



Total Gross 176.92


Net Earnings 132.75

3/14/2018 6:13 AM


Page10 of 10

43

Detailed Earnings Summary

Total Earnings : $1,597.31

Total Rebate Expense : ($844.10)

Total Gross : $2,441.41

Total Bank Fees : $610.19

Total Net Earnings : $1,831.22

3/14/2018 6:13 AM


Page1 of 1

44

FOR THE MONTH ENDED: March 31, 2018

EMPLOYEE/BENEFICIARY CONTRIBUTIONS PROCESSED DEPARTMENT TERMINATION

GONZALES, JENNIFER 96.93 3/29/18 BMCF 11/17/16BRISSETTE, LANE 686.24 3/29/18 BMCF 11/30/17

TOTAL REFUNDS: 783.17$

NEW CONTRIBUTIONS RETIREMENT GROUP/ EFFECTIVE

RETIREE TRANSFERRED COUNTY DEPT DATE

BEISEL, JILL 45,567.68 GENERAL 3/10/2018

DECEASED EMPLOYEE/ BENEFICIARY REFUND/ DATE OF DEATH DIVISION/

RETIREE PENSION DEPARTMENT

JULIEN, MARIANNE 201.98 3/8/2018 BMCFKEISER, JEANETTE 424.06 3/19/2018 Library

NO REFUNDS ACCUMULATED UNION DATE

EMPLOYEE NAME CONTRIBUTIONS GROUP TERMINATED

GUERIN TIFFANY 8,348.39 BMCF USW 1/15/2018

BROWN MICHAEL 5,294.66 DWS 10/31/2017

STEIN ERIC 2,723.17 DWS 11/14/2017

HAWKINS ANDREW 704.72 SHERIFF AFSCME 10/6/2017

DOAN MICHAEL 1,803.57 SHERIFF AFSCME 2/22/2018

45

46 46

47 47

48 48

49 49

50 50

BCERS Invoices Approved: Mar-17

Invoice Date Vendor Amount Description

3/27/2018 SHAY WATER $20.00 WATER

1/18/2018 BAIRD 16817.69 4Q 2017 MONEY MGR FEES

1/29/2018 BARINGS 9,266.47 4Q 2017 MONEY MGR FEES

1/17/2018 INTEGRITY 46,104.00 4Q 2017 MONEY MGR FEES

1/23/2018 MFS HERITAGE 59,312.70 4Q 2017 MONEY MGR FEES

1/23/2018 MFS GROWTH 50,281.99 4Q 2017 MONEY MGR FEES

3/6/2018 Elan Credit Card 120.00 MAPERS ONE DAY REGISTRATION

3/6/2018 ELAN CREDIT CARD 151.94 LODGING MAPERS ONE DAY SEMINAR

51

52

BAYBAY COUNTY EMPLOYEES' RETIREMENT SYSTEM

COUIVW VOI-UNTARY EMPLOYEES' BENEFICIARY ASSOCIATIONBAY COUNTY BUILDING

515 CENTER AVENUEBAY CITY. MICHIGAN 48708-5128

Jan HistedSecretary

March 13,2018

Daniel A. BerdRelationshiP ManagerComerica Bank411 W l,afayette Blvd - M/C 3462Detroit, MI 48226

RE:TRANSACTION:SPONSOR:

BOARD OF TRUSTEESSteven Gray, Chairperson

Richard BzezinskiKristal Gonzales

Richard GromaskiThomas M. Herek

Jon MorseMatthew Pett

Ihomas RyderThomas Starkweather

ADMINISTRATIVE STAFFKatie Meeth

Tracy Cederquast(989) 8944043

TDD (989) 895-4049FAX (989) 895-2076

BAY COI.JNTY EMPLO\'EES' RETIREIIENT SYSTEMTRANSFER BETWEEN ACCOL'NTSBAYCNTY

Dear Mr. Berd:

You are directed to process the transaction listed below:

Transfer cash between Trust/Custody Accounts representing $1,500,000,00 as directed on Friday, March 23'2018.

Transfer fiom:

Account No.Short Code

t05508223710550823261055082184

Transfer to:

Account No.Short Code

1055081899

Account Name

BAYCNTY-EAGLEBAYCNTY-INTFGRITYBAYCNTY-COLT]MBIA

Account Name

BAYCNTY-CASH

Curency

USDUSDUSD

Amount

$ 350,000.00$ 350,000.00$ 800.000.00

Amount

$1,500,000.00

PorI

PPP

Currencv

USD

PorI

P

Thank you for your attention to this matter.

Sincerely,//. L/ / _-J- /rhp fy4444

/Jan Histed

Retirement Administrator/Accountantcc: Kathleen Meeth

52

53

BAY COUNTY EMPLOYEES' RETIREMENT SYSTEMBAY COUNW VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION

BAY COUNTY BUILDING515 CENTER AVENUE

BAY CtTY. MtCHtGAN 48708-5128

Jan HistedSecretary

BOARD OF TRUSTEESSteven Gray. Chairperson

Richard BzezinskiKristal Gonzales

Richard GromaskiThomas l\4. Herek


Thomas RyderThomas Starkweather

ADMINISTRATIVE STAFFKatie Meeth

Tracy Cederquist(949) e95-1o43

TDD (989) 89t4O49FAX (989) 8912076

March 13, 2018

Mr. Clay Lindsey

Eagle Asset Management

880 Carillon Parkway

St. Petersburg, FL 337 16

Dear Mr. Lindsey:

There is a need for the Bay County Employee's Retirement System to rebalance its asset

allocation therefore, I am requesting that Eagle Asset Management divest themselves of$350.000.00 (three hundred fiftv thousand dollars) and make funds available for Comerica Bankon Friday, March 23, 2018.

Ifyou have any questions or concerns regarding the above, please contact me at (9S9) 895-4030

Sincerelv.

fuM.*zJan Histed

Bay County Finance Oflicer/Secretary

\1A E-MAIL *ORIGINAL TO BE SENT SIIRFACE MA]L

c: Bay County Employees' Retirement System Board of Trustees

Howard Pohl, The Bogdahn Group

Daniel Berd, Comerica Bank

Kathleen Meeth, Retirement Administrator

53

54

BAY COUNTY EMPLOYEES' RETIREMENT SYSTEMBAY COUNTY VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION

BAY COUNTY BUILDING5,I5 CENTER AVENUE

BAY CITY, M|CH|GAN 48708-5128

Jan HistedSecretary

BOARD OF'IRUSTEESSteven Gray, Chahperson

Richard Bzezinskilcistal Gonzales




ADMINISIRATIVE STAFFKatie Meeth

Tracy Cederquist(989) 89r4e8

roD (989) 89s-4049FAX (989) E95-2076

March 13, 2018

Mr. Patrick T. Olk, CFA

Columbia Management

759 Ameriprise Financial Center

Routing H171759

Minneapolis, MN 55474

Dear Mr. Olk:

There .is a need for the Bay County Employee's Retirement Systemallocation therefore, I am requesting that Columbia Managernent$800,000 00 (eight hundred thousand dollars) and make funds availableFriday, March 23,2018.

to rebalance its asset

divest themselves offor Comerica Bank on

Ifyou have any questions regarding this matter feel free to contact me at (9g9) g95-4030.

Sincerely,

/,/ ,. ./r/2p Aka-ft4{/

Jan Histed

Bay County Finance Officer/Secretary


Howard Pohl, The Bogdahn Group

Peter Brown, The Bogdahn Group



54

55

BAY COUNTY EMPLOYEES' RETIREMENT SYSTEMBAY COUNry VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION

BAY COUNTY BUILDING515 CENTER AVENUE

BAY CITY. IVIICHIGAN 48708-5128

Jan HistedSecretary

BOARD OF TRUSTEESSteven Gray, Chairperson

Richard BtzezinskiKristal Gonzales




ADMINISTRATIVE STAFFKatie Mee,th

Tracy Cederquist(989) A9r4O43

TDD (989) 895-4049FAX (989) 89S.2076

March 13, 2018

Ms. Andrea Leistra

Integrity Asset Management

480 Pierce Street

Birmingham, MI 48009

Dear Ms. Leistra:

There is a need for the Bay County Employee's Retirement System to rebalance its assetallocation therefore, I am requesting that Integrity Asset Management divest themselves of$350,000.00 (three hundred fifty thousand dollars) and make funds available for Comerica Bankon Friday, Much 23 , 2018.

Ifyou have any questions or concerns regarding the above, please contact me at (989) 895-4030.

Sincerely,

\zzh'D qzs'zeq/

Jan Histed

Bay County Finance Offi cer/Secretary

VIA E-MAIL _ORIGINAL TO BE SENT SURFACE MAIL


Howard Pohl, The Bogdahn Crroup

Peter Brown, The Bogdahn Group



55

PGIM

Frank Garcia Managing Director

PGIM Real Estate 4 Embarcadero Center, Suite 2700 San Francisco, CA 94111 T: 415-486-3802 F: 415-398-1025

E: [email protected] pgimrealestate.com

1 Investors electing to reinvest their Operating Cash Flow in the Fund will not see a transaction purchasing additional units on their investor statement. The components that make up Operating Cash Flow are included in the current quarter's Net

Investment Income, which is used to calculate the reported Unit Value. These components are used to determine the Operating Cash Flow available for distribution in the next quarter. As a result, if you choose not to withdraw your determi ned portion of the Fund's Operating Cash Flow, you retain your Investment Income and will see no change to your Unit position in the Fund. Retention of Operating Cash Flow is not analogous to dividend distributions, and reinvestments in mutual funds and

other securities, which result in a drop to the NAV and additional share purchases.

March 22, 2018

Peter Brown AndCo Consulting 614 W. Superior Ave., Suite 1211

Cleveland, OH 44113 RE: PRISA LP Cash Flow Distribution

Dear Peter:

We are pleased to announce that PRISA LP has declared an Operating Cash Flow distribution, gross of management fees, to be made on March 29, 2018. Your share of this distribution and your distribution election is shown below:

Bay County Employees' Retirement System

Total Distributed Amount: $147,565.04

Distribution Election:1 REINVEST

If you have any questions, please contact your Client Representative or the Client Services team at

[email protected] or at 973-683-1666.

Sincerely,

cc: Cindy Corby, Grace Niebrzydowski, Howard Pohl, Jan Histed, Kathleen Meeth, Tracy Cederquist, Yoon C. Lee

56

No. 2018-10

BAY COUNTY RETIREMENT BOARD 4/10/18

RESOLUTION BY: ADMINISTRATION (4/10/18) WHEREAS, An application for non-duty disability was received from Matthew Neal of the General Group. WHEREAS, All required documents have been filed with the Retirement Office. WHEREAS, The Bay County Medical Director, Dr. Kirk Herrick, D.O., has reviewed all medical records

and other pertinent information regarding this application. WHEREAS, It is Dr. Herrick’s professional opinion that Matthew Neal is incapacitated for continued

employment. This incapacity is likely to be permanent and Mr. Neal should retire. Therefore, Be It RESOLVED That this Board approve this Non-Duty Disability Retirement.

STEVE GRAY, CHAIR AND BOARD

RESOLUTION NON-DUTY DISABILITY RETIREMENT MATTHEW NEAL 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 _____

57

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