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11-25-19 Regular City Commission Meeting Final Agenda City of Atlantic Beach Final Agenda Regular City Commission Meeting Monday, November 25, 2019 - 6:30 p.m. Commission Chamber City Hall, 800 Seminole Road INVOCATION AND PLEDGE TO THE FLAG CALL TO ORDER Page(s) 1. APPROVAL OF MINUTES 1.A. Approve minutes of the Special-Called Commission Meeting on September 11, 2019. 09-11-19 Draft Minutes 5 - 14 2. COURTESY OF FLOOR TO VISITORS 2.A. Introduction of Youth Council PUBLIC COMMENT 3. CITY MANAGER REPORTS 3.A. City Manager’s Report 3.B. Accept the 90-Day Calendar (December 2019 through February 2020) 90-Day Calendar December 2019 through February 2020 15 - 18 4. REPORTS AND/OR REQUESTS FROM CITY COMMISSIONERS 4.A. Congressman Rutherford - U.S. Postal Service Request (Commissioner Norris) Privacy Release Form 19 4.B. Mayport Road (Commissioner Anderson) 4.C. JEA Franchise Agreement (Mayor Glasser) 5. UNFINISHED BUSINESS FROM PREVIOUS MEETINGS None. 6. CONSENT AGENDA None. Page 1 of 113 Regular City Commission - 25 Nov 2019 7. COMMITTEE REPORTS * 7.A. Report of the General and Police Officers’ Pension Board of Trustees by its Chairs: Bill Tomson, Police Officers' Pension Board of Trustees and Ray Brandstaetter, General Employees' Pension Board of Trustees Update on Pension Activity 21 - 97 8. ACTION ON RESOLUTIONS None. 9. ACTION ON ORDINANCES 9.A. Ordinance No. 20-19-154, Public Hearing and Final Reading AN ORDINANCE AMENDING THE OPERATING BUDGET FOR THE CITY OF ATLANTIC BEACH, FLORIDA FOR FISCAL YEAR BEGINNING OCTOBER 1, 2018 AND ENDING SEPTEMBER 30, 2019, AND PROVIDING AN EFFECTIVE DATE. Ordinance No. 20-19-154 99 - 102 9.B. Ordinance No. 20-19-155, Public Hearing and Final Reading AN ORDINANCE AMENDING THE OPERATING BUDGET FOR THE CITY OF ATLANTIC BEACH, FLORIDA FOR FISCAL YEAR BEGINNING OCTOBER 1, 2019 AND ENDING SEPTEMBER 30, 2020, AND PROVIDING AN EFFECTIVE DATE. Ordinance No. 20-19-155 103 - 105 9.C. Ordinance No. 75-19-22, Public Hearing and Final Reading AN ORDINANCE OF THE CITY OF ATLANTIC BEACH, COUNTY OF DUVAL, STATE OF FLORIDA, AMENDING CHAPTER 21, TRAFFIC AND MOTOR VEHICLES, ARTICLE II – STOPPING, STANDING AND PARKING ON PUBLIC PROPERTY, DIVISION 3, CONTROLLED AND METERED PARKING BY ADDING A NEW SECTION 21-46 - PAY FOR PARKING REVENUE FUND; PROVIDING FOR CONFLICT, FOR SEVERABILITY, AND FOR AN EFFECTIVE DATE. Ordinance No. 75-19-22 107 - 110 10. MISCELLANEOUS BUSINESS 10.A. Septic-to-Sewer Update Septic-to-Sewer Update 111 - 113 11. CITY ATTORNEY/CITY CLERK REPORTS AND/OR REQUESTS 12. CLOSING COMMENTS BY CITY COMMISSIONERS AND CITY MANAGER 13. ADJOURNMENT Please note: This meeting will be live-streamed and videotaped. The video recording will be posted Page 2 of 113 Regular City Commission - 25 Nov 2019 within four business days on the City’s website at www.coab.us. To access it, click on the City Commission Meeting Video tab on the home page. If any person decides to appeal any decision made by the City Commission with respect to any matter considered at any meeting, such person may need a record of the proceedings, and, for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record shall include the testimony and evidence upon which the appeal is to be based. Any person wishing to speak to the City Commission on any matter at this meeting should subm it a request to the City Clerk prior to the meeting. For your convenience, forms for this purpose are available at the entrance to the Commission Chamber. Every effort is made to indicate what action the City Commission is expected to take on each agenda item. However, the City Commission may act upon any agenda subject, regardless of how the matter is stated on the agenda. In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodation to participate in this meeting should contact the City Clerk’s Office by 5:00 PM, the Friday prior to the meeting. Page 3 of 113 Page 4 of 113 ~<HH2.A.uuHuwM mnun?mmlAHuu=0l~<h00&m-HWonarm01%AUG-3-.-ummmmO-. .€<Onu~.-mmamm-V$m?uun?:-U5-.:.NDMWImuse_i<— 00:5:-ummmmonuAunuuw-55¢-. ~2<00>.-J02>25HFHUOH4.0.H.:nWu.JL>D O>~LF..H.ooavhwn?u 10:91am:5§<cnu:o:wanEmamn5:5Eum._<.u<onOr?m?.ow:nnEna??nm?wEcan»EQHOOES. QQ.902»$930ow:nu:5..o:. 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AUOHH-nu-mmwmb-.-Nu.-A35. ~5£E$.a&;,7\E..COHEN:Twmn.m.Di:m1Non__u:5w®:.(<37N:2.5OO.>LwQO~u.n:A~lw:pV,»3UW..Eor:m4mcaamEnvnum?Ednnmm. meant:DEE:_<_na::w0..:50:!Oa:...:mm::. wm.....a:...¢.. ._.no.0 Agenda Item #1.A.25 Nov 2019Page 5 of 113 o27..03.3:Bmcobmom:6:5so::m<6:6ogonssxw.8mrmmoéO2:Q63?mcasm :6vcmm?B66::mmEooomm.Q:wmm6<6s6::6_u::m6.r Oo::Emm:o=6~.Zowlm 75:76::6227.GEE:6:/:m:o=mo_.6m::mmEm::So:oB:mBWBWWGBGUH.68:3oo>w. o27..03.3:6xE.6mm6:EmoosmmobooE:69665aaamsm.7.wozosmbmO2: m.63.Q_mBmsmmoaboa:6mS.6::629::so::6Su?smsaw:B.m:oormsmom.O2: Q63??émwm633266:ms:m=o€6:mam.8mo:67_.o_mm-:6BmS&bm9:so: B6Ho-BmSmm::m.27.039:m:mom.E6::6_6:6<6m7.oob:bE:m6::om:osms:2:: doosoocammgm:6:§mam. 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WM H Agenda Item #1.A.25 Nov 2019Page 14 of 113 Agenda Item #3.B.25 Nov 2019Page 15 of 113 Agenda Item #3.B.25 Nov 2019Page 16 of 113 Agenda Item #3.B.25 Nov 2019Page 17 of 113 Agenda Item #3.B.25 Nov 2019Page 18 of 113 L0121.x..:.1mxmOI.UnO.$?=.1..mm02 »1.u.u:£.J.u.h...v:)112012.)...._O2m ?uoz?nnlnannew69:9:02:3. ‘OHIOan!.n_=.nnn=§«?a& .IlI..:-Gnu.-.UHNOw—m|O@0b ~vu~—<>O<WE-Lw.>muw .:mnnoR::.nnSE.:5uE<?.c:mow._...e-».,.§....u.>3E.33.G:.r:aN\I¢<E543. _ E:.dn...:2._.0_.u<n29...,i1:a: Un?wlmwumolH19.5no::.n::mmm.0n_n..B_..mm:nu.o:29:.cm_§_nmien«_:=:uno:0.3.5....n<a_Eu_m.:::_.n.=.nkan.5. m._:.:. 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W ;«V5316 1.0.154.» 2 m. snu emwm use Mum gm, 3 s«-. nsun :ow. ms w M Fumvu ‘7w. zous n'?35_ __1l.SS ma mu. 1 aw, mmV»... m in:saw’ «Lu-1. ,. 1 sum zsmnh v Muss c.,......smu mm m W. Mum am,sn-u um» Aux nsm. mix c.,.....amu «.19: um am, mm. vs 11 ham; 1:ts-/. zone wga ;......:. 414». via r.....,...as-r. -mam; mm. W.»mas .~nAs my.445% ms ’ er 5 mm.“u; saw.I) nvs I- Mum Bum: um. Mgd M... 1 m. mu mm mmmrs. Man Fm-Am: 3.54-r. cmmm. Mg:Fmuvu um ’I; cannpanm um um: um ManFuluvru n 1.». 2m 7 mm. um. M.Harms ma. Mn Fulwrs ¢m c......4m.. um. um, um. vrn 1:213 rvc Fvlwrv :rm. lam; 4.14% Mum awn; Lu-/. mm» o M. 2010 mm um Nu am. um zn1s mg.Fulures /as-4. nam- um znoa mm mm 335*» 2007 Y-aux; ‘Ion’. zoos Lam- a my. mm: mm 21:15 :2 an 2012 znu 201 3 c......am -nut‘).K ‘ ,aw. — . Eg?nugj=.......m.,ragga’mm.‘ . Man was 155-/. nus as -. Dmmodymn am zoos ?gu Fulurex,..2-1. Mgu Fumux 4 am Sun swam AJNA ms um Mgu Fumru mm Smau mammuum .15 aw 4 mm a Snlll cw. cum. Asset class perlormance .5 represenled by the lallowmg mamas Ls.)Gm m mwx Muxap ..2|u~:—KYUJEV‘man:w.n =Fuss-:H mu C~rm..\nr ‘dew Vndex Cnmmcmx 5 Edcnrrnevq ;mu‘aw.um.- ..omwg Eavtl.-I)u.T\P_Im'1-.—w T.uab\:F Sm:1H Pu.:u -“mp Grcmm mm Lu awe c;.nu -mus::»=:,w.,VEAfEln<)-:-. W:was).mm :m and HFPK Fur .4r}vlE —‘gm EM ‘Wdvr v;|a\r<,mWm,.4 Erma mug:ma‘ amss m..mm.x mm mmvalue /42 21 ,umsixnr x uauu‘, rnh -=m.»|:Mu 1p er ..m min m ‘«M : par.FT E Harm my mmm vast .T1: :1-:2 3-mmm Lsm:mac.Agenda Item #7.A.25 Nov 2019Page 40 of 113 WEALTH MANAGEMENT Morgan Stanley Secular Bull Market Intact,but CyclicalBear/ConsolidationNot Over As of October 10,2019 Markets have been going back and forth driven by sentiment around trade and the Fed.We thinkthe preoccupation with trade and the Fed has kept investors attention away from the factthatthere is an increasing risk ofa US recession.This is why bonds have outperformed stocks and defensives have outperformed cyclicals in the past year. 2018 marked the beginning ofa wide trading range that could last several years,representing a cyclical bearwithin a secular bull.We think the S&P 5oo could trade between 21.00 and 3ooo (base case 2750)during 2018-2020. -The risk and signi?cance of an earnings recession in the US is underappreciated.Those who did not see the slowdown in the first place have dismissed it,but we think it's misguided to assume there willnot be reactionsfrom corporations ifthey continue to miss earnings,margin and free cash flow forecasts.Key variables to watch for signs of an oncoming US economic recession: corporate margins,business and consumer confidence surveys,capital expenditures,inventoryand labordata. -Lower interest rates have provided a signi?cant valuation boost to stocks this year as the Fed pivoted on policy.However, rates have now fallen so farthat It's a negative forvaluation,suggesting growth will be the key variablefor stock prices. -On that score,the data continues to show signs ofdeterioration.As we expected,capital spending has disappointed yearto date,inventories are bloated,and now labor market data is softening below the headlines.The earnings recession this year now appears to be happening and we thinkforward 12-month bottom-up consensus S&P 5oo forecasts are still 10%too high. -Since July,defensive sectorslstocks have become the favored area once again,handily outperforming growth.We thinkthis rotation backto defensives signals a shift in the market's view that we have finally moved from late cycle to end ofcycle.Neither the Fed,nor a trade deal could stop the businesscycle at this point,in ourview. US overweights:Utilities,Staples ii Financials.US underweights:Tech &Consumer Discretionary.We still prefer large cap to small cap,and value to growth.We expect a rotation from defensives to cyclicals oncethe Fed gets ahead ofthe slowdownbut its too early to make that call.Expensive growth stocks remain crowded and more vulnerable than the expensive defensives. Source:Morgan StanlevwealthManagerrientG|C wast performance is no guarantee affuture results,Estimates nffuwre performance are based on assumphunsrhalmay not be reaiizeaxms rnatenal i5 not a solicitationoi any afferw buy or sell any security or alherfinancial vnstrumentorm participatemanymm;strategy.Please refer to lmnonant nformatian,disclosuresand qualifications at the and ofrhis material. WEALTHMANAGEMENTwvs-'MENT RESOURCES [CHARTBDDK i MONTHLV VERSPECTWES Agenda Item #7.A.25 Nov 2019Page 41 of 113 WEALTH MANAGEMENT Morgan Stanley Global Growth Forecasts Forecasts as of October 2,2019 Quarterly Annual 2019E 2020E 2018 20195 2o20E Real GDP 10 20E 30E :,0E 10 20 1 Global 3.1 3.0 2.9*2.8 2.8 2.9 3.7 2.9 3.0 3 G10 1.9 1.6 1.5*1.1,1.2 1.2 2.2 1.6 1.2 US 2.7 2.3 1.9*2.2 1.9 1.8 2.9 2.2 1.8lEuroArea1.3 1.2 1.1*1.0 0.7 0.7 1.9 1.1 0.8 Japan 1.0 1.0 13*0.1,-0.1 -0.2 0.8 0.9 0.0 UK 1.8 1.2 0.9*0.5 0.2 0.8 1.4 1.2 1.0 {EM 4.0 3.9 3.8”‘3.8 4.0 4.1 4.8 3.9 4.2 ‘China 6.4 6.2 6.0*5.9 5.8 5.9 6.6 6.1 6.01India5.8 5.0 5.5*6.0 6.6 6.7 7.4 5.6 6.8 r Brazil 0.5 1.0 0.6 0.8 1.2.1.1,1.1 0.7 1.6 l Russia 0.5 0.9 13*1.5 2.2 1.9 2.3 1.1 1.6 saurae:Mcrgan Stanley 2:.C0.Research.am:numbers Shawn are year 0n year perlud averages.Global and reglunal aggregates F0rGDP growth are GDP-weighted averages using PPP. Past performance is no guarantee offuture results.Estlmates olfuture performance are based on assumptions that may not be reali1ed.This malenal is not a solicltation ufany nfferto buy arsenany security nrnther flnancval msrrurnemone partlcvpate ln anytradlng strategy.Please rerermlmponantinformatlon,disclosures and qualx?catlons at rre and ohms material. WEALTHMANAGEMENTlNvaTMENTREs0URCESl CHARTBOOKl MDNTHLVMARKETSLIERARV Agenda Item #7.A.25 Nov 2019Page 42 of 113 WEALTH MANAGEMENT MorganStanley US Equity Valuation Metrics Valuation Measures As of September 30,2015,Market Cap as a Percent ofGDP Data as of March 31,2013;:l.‘/ear Age data as of September 30,1018 l iThree-Yr.Five-Vr. I valuation Measure As ofsepla,1o19_1 vearAaa Average Average 1o-vr.Average 3-vr.Averaqe 1o-Yr.Averaqe l Forward P/E’15.3 15.3 15.2 15.5 14.3 14.5 15.5 Trailing P/E 17.9 13.6 18.5 17.9 16.1.15.9 17.3 Price-to-Book 3.3 3.4 3.1 3.0 2.5 1.5 1.3 1 ROE 13.4%13.1%17.1%15.5%15.7%15.9%15.9% j Dividend Yield 1.9%1.7%1.9%1.9%1.9%1.1%1.3% 1Sh‘i||erF‘/E1 13.3 31.5 19.3 13.3 15.1 11.7 15.3iNTMEquityRiskPremium(Bps)413.1 135.5 345.9 371.5 434.3 339.7 3:11.: iMarket Cap as a %orGDP 133.57%135.71%131.11%115.13%115.51%111.11%1a1.37% Equity Risk Premium:S&P 5ooTrai|ing EarningsYield Vs.1o-Yr.Treasury/Yield Weekly Data as of September 17,2019 800 Stocks Cheaper Relative to Treasuries1.05 l l Goa E me i Basis Points Stocks Richer 1951 1957 1571 1977 1931 1937 1991 1957 am:1557 1911 1517 :Long-Terrn Average Source:Elaamberg,FactSet,Morgan Stanley Wealth Management 61C.(1)Forward PIE=market price persharel estimated earnings per share (2)The ShillerP/Eratio,alsa known as the cyclicallyadjusted PIEratio,uses a11-year average of in?ation-adjustedeamlngsta veluethe stock market.This sliiller PIERatio was calculated using the after-tax earnings in the National Income and Product Accounts (NIPA)report published bytheBureauofEconomlcAnalys.Equity risk premium is the excess return that an individualstock urtlle overall stock market prm/idesover a risk-freerate.The risk-freerate represents the interest an investor would expectfromanabsolutelyrislofreeinvestmentoveraspeci?ed period of time. Past performance is no guarantee offuture results.esrimates offuture performance are based on assumptions that may nar be realized.This material is not a solicitationoranyafferm buy ar sell any security oruther?nancial instrument arto participate in any trading strategy.Please referto Important irirormarion,disclosuresand qualificationsat tire and ortnis material. WEALTHMANAGEMENTKNVESTMENTRESOURCES I CHARTEOOKl QUARTERLVMARKETSLIBRARV 7 Agenda Item #7.A.25 Nov 2019Page 43 of 113 WEALTH MANAGEMENT MorganStanley Defying Bulls and Bears,S&P 500 Remains Range Bound with Downside Skew lull CD0 3000 ?yvefa?e=£795 ??? i ...>270! i -2101 i 1 19)] 1 ;Bear Case 2400 ‘ ’ -1m 1 1 Jim Feb itr Aw W!In J11 We S¢0:!KW BK Jan ‘vb War )9!Fry Jun Jul he SI:0:! D19‘55110:»(CK Hfni S:an‘kn1k Bwv;S00ZwdexIon DI-OGME9 Saurce:Bioomberg,Morgan Stanley E Co.izesearm as of Octobev e,2019 Past perfnrmanza is no guarantee ni Muir:insults.Estimates nfiutura performznce are based on assumplions that may m be reaiized.ms mam-anisnot a soli atian at any my :9 buy nr seii any Sammy m atherimanciai irmrumenl ono panizipzte m any trading strategy.Please reierm important infonnation,disrinsures and quaii?cetions arm:and of ms rrmenai. WEALTHMANAGEMENTWVESTMENT RESOURCES i CHARTEODK I MONTHLY PERSPECHVES 8 Agenda Item #7.A.25 Nov 2019Page 44 of 113 WEALTH MANAGEMENT Morgan Stanley Recession Risks Now Hinging on the Jobs Market ~51‘Falling Propens to Purchase2Mom1Ts’ii1’§RTw'of <1%Bumble Gm,is Sign O,1.» 1 g Growth in Hoursworked .5 weakening |_abqrMar|(gf 5 u_mm:4.11_%--'-w-=1 ‘g n....a.............-,3"‘ er:xnw,-x-1!5 ,,5 1 ....,...1...W.., 1 5 m 1 A ,,J 1 ‘:1 ansJ=.31E 1 5.6 1 i 3 E 1/1.1. 1 3 *1 1,, 1 us»...m.n —usmrqmHauvsWaHxsd1ovNonfwnEvnn|°vm|V/VI .1.m3.;"’m2‘23”,...,Y::‘.’,‘:‘4_.....‘Z’.‘.'$Z°°....’“°°"°°‘..Z;‘$‘;Zl?:Z°=..,J.?l"_Z““’°"’“‘°,..m,M 1 1 I Spread:Conference Board "Jobs P1entifuI"Vs."Jobs Not So Plentiful"1M Change Recession —con1e1ence Eazrd EEOSurvey.apemunn:oi Bus Conditions5MAhean(:10MA) 1 1° 75 I 70 ‘ 5 1 as 1 0 5° ‘ss ‘'5 so 3 E‘-10 1 _40 ‘-15 35‘1973 1932 1935 1990 1994 1995 2002 zoos 2010 2014 201.:1975 1991 1996 1991 1996 1091 21106 Z1111 20161 1 Source:Eloomberg,Havar Analytics,Morgan sxanrey&Co.Research as of Septembergo,2019 Pas!pe1‘Formance1sno guarankee affurure rnsuks,Estimakes cream perfurmance are based on assumptmnslhaxmaynmbe r:al1x:d.Th1smav.ena|1s nm a solkinatianolanyvfferta buyarse?anysecunty nruthev?nancralInstrument arm pamapateinanymam;strategy.mas:referlo 1mpcnar1£mformation,disclosuresand qualn?cations am.and rxithismatenah WEALTHMANAGEMENTINVESTMENTRESOURCESICHARTBOOK1 MONTHLY PERSPECHVES 9 Agenda Item #7.A.25 Nov 2019Page 45 of 113 wanni MANAGEMENT MorganStanley Recession Indicators Duncan Leading Indicator (DLI)Morgan Stanley Recession Risk Model ...Recession nsk line Quarterly data as oflune 30,2019 AS 0f0Ct0b€1'04i2019 l l i Ronnverin D”has 2on7 had an 8-quarterlead mo%1 l 0'31’preceded recusions ‘by an average oft. 0 29 quarters 5 75% '"G 3 3 E 0.2 I:% ‘ /9 :50 *8 °“9 5‘.25% i 0.14 i 1968 1971,1980 1936 1992 1998 2001,2010 2016 W‘l 1595 2000 ZDO5 2010 2015 l ’Recession ibuncan Leading Indicator ’Recession ‘ :Morgan Stanley Recession Risk Model l -——55%Threshold _ DLI represents the relationship between spending and Morgan Stanley Recession Probability Model (MSRIREC)shows investment relative to demand;if spending and investment grow the probe '|ity that the US economy is either in recession in the fasterthan demand,a rollover in the DLI should precede a current quarter or will fall into recession overthe next 1,quarters, recession computed using eleven cyclicallysensitive ?nancial and economic variables. sourte:Haver Anaiytits,Morgan stanley wealth Management GlC,Morgan Stanley st co,aloamherg.For more information about the risks to performance please reterto the RiskConsiderationssection at the end ofthis material. Past oerrorinariceisno guarantee ofruture resultsi Estimates ortuture oeriormanteare based on assumptions that may not be realized.This material is not a solicitation eranyorrerto buy nrsell any security or other ?nancial instrument orto participate in any trading strategy.Please reterto important information,disclosures and quali?cations at rl‘e end orthis material. WEALTHMANAGEMENTINVESTMENTRESOURCES i CHARTBOOKl MGNTHLV MARKETSLIBRARY 10 Agenda Item #7.A.25 Nov 2019Page 46 of 113 WEALTH MANAEEMENT MorganStanley The Unsatisfying and Unfinished CyclicalBear in the Context of a Secular Bull S&P 500 With "‘”°° 200 Day and 200 Week Moving Averages ‘Z000 MuvAvg 200 WEEK Mov Avg — 700 ~. 6005 >530 -400 >1000 -zoo Secular Bear Market >200 Cyclical Bear Market r100 1980-1984}1985-1989 t 1990-1994 1995-1999 2000-2004 2005-2009 2010-2014 2015-2819 sexIndex (asp son{Max}saxanscay uaeklyam-:ov19ao-o7oc1m9 mpyrigrs 20:9 B.oo1Ih:rg?nanceu=.0?-Dd-21319o9:2v.:34 Source:Blonmberg,Morgan Stanley &Co.Researchas of October 7,1019 Past performance .s no guarantee of?nure vesuks.amazes mum performance are based on assumptions um may nm be r:ah1:d.Th\s malaria!is not a snlnmationof any mu m buy or 5:‘!any sect/my or am:?nancial instrument arw participate in any Uadmg strategy.Please refer to wmpnrlant infarmanvn,dwsdosuresand quaunmvonsanhe and cflhls material. WEALTH MANAGEMENHNVESTMENT RESOURCES 1 CHARTBOOK I MONTHLY PERSPECTIVES 11 Agenda Item #7.A.25 Nov 2019Page 47 of 113 WEALTH MANAGEMENT MorganStanley What Went Wrong from 2014 to 2016? Rig Counts and Crude Price Crude prices plummeted from over Monthly Data as of September 30,2019 $100 to mid 5305 2,290 ‘he crash in crude prices resuked In rigs coming nffline,511°‘1’i which raised questions about us energy production 2,000 5110 US energy production declined as weaker l 1,330 s1oo prices stressed producer balance sheets y 1,600 $90 ¢1 E 1,z,o0 $80 ‘U __E g -3Withproducerstressandproductiondeclines,midstream 1 3‘1:2°°*7"_=_; volumes and contracts came under pressure:growth l 39 1,30,,5,, ° outlook looked uncertain l ‘ Boo $50 ¢600 $40 Given heightened uncertainty,capital markets access became limited.This led many industry players to cut I distributions to repair balance sheets '‘°°”° i 3 Sustained concerns about the downturn in energy —B%l<er Hughes Rig Count (Left Axis)—Crude Price (Ri9htAxis) priceslproduction created questions around the validity of the MLP model we 530 Source:Bloomberg,Morgan Stanley Wealth Management GIC Past Derforrnariceis no guarantee offuture results.Estimates offuture performance are based on assumptions that may not be realized.This material is not a solicitation ofany offerto buy or sell any security mother Financialinstrument orto participate in any trading strategy‘Please referto important information,disclosuresand quali?cations attire end ofthis material. WEALTHMANAGEMENTWVESTMENT RESOURCES i CHARTEOOK i THEAECS OF ivii.P’s 12 Agenda Item #7.A.25 Nov 2019Page 48 of 113 WEALTH MANAGEMENT Morgan Stanley Unlike During Past Oil Shocks,the US has Grown to Become the World's Largest Oil Producer Oil Production by Top Oil-ProducingCountries Annualdata as of December 31,2018 20,000 (th0us.BB|sIdaY) 171914 18,000 [ 16,000 14,000 “#919 12,000 1 11,401 j 10,000 i l18,000 f ‘6,000 5,35 ‘4,616 ‘"°°°3.791l2,000 l 0 l °“3°§.'="’°’!a"°‘=’=”’"WE3°‘<’=“°’§§§§§‘='*§°3=?=5a’§§§§§§§°§é“§§§E§E“§E°§ 3i'i<3‘i<Qiaaii-«i-i§‘5'<‘i-ii-i-4iai-I$i-l5‘9i~ine~xi-«rummuunuuuuuuunu icanada —-Former U S.S.R.zkussia ——lraq :Saudi Arabia -—-UAE ——US Source:Eloorriberg,Morgan Stanley Wealth Management GIC Past performance 13 no guarantee orrucureresults.Estimates emiuire performance are based on assumptions that may not be realized.This niaienel is not a solieiaacionorany offer to buy orsell any security oi oinei financialirlstrurnerlt orto partlzipala ll'I anytvadlng strategy.Please referro important informaxiun,disclosures and quall?zatians atthe end afzhis material. WEALTHMANAGEMENT WVESTMENTRESOURCES |CHARTEOOKl OlLANDTHE MlDDLEEAST 13 Agenda Item #7.A.25 Nov 2019Page 49 of 113 wunn MANAGEMENT MorganStanley Hedging Against Potential Pickup in Inflation As of October 2019 A Weaker Dollar May Drive In?ation MLPs May Offer HigherYie|ds for Income-Oriented Investors Monthly Data as of September 3o,2o19 Monthly Data as of September 27,2o19 l 4-5%""""“lmsseco 7°1°%®l ‘*'°%lForecast ‘3-5%'+80 s% I 3-0% r 2.5%90 6%l 2.0% 1.5%100 3.7% :"°%l £’%3.2%2.9% 2 %o06%E 110 y -3 2.1/6 1.7%0.12%1 ‘ 2% -0.5%---------'120 N N2010201224:12,2:216 2018 '0% MLPs RE|Ts Utilities Staples U5 Fixed S&P 500 10-Year jCP|,yly (left axis):USD Index (right axis,inverted)l Income Treasury i Investment Ideas Key Risks -Real Assets have historicallyoffset the effect of rising in?ation,while also -Investors may sacri?ce some yield should realized inflation end up below providing exposure to equity~|il<erisk and returns breakevens -Within the Real Assets group,we favor Master Limited Partnerships (MLPs),'With the recent volatility in crude oil prices,MLPprices and distributions may Commodities,and RE|Ts given their historical performance in inflationaw fluctuate P9’l°d5 -A rise in interest rates could pressure yie|d—focusedasset valuations -TIPS seek to mitigate risk associated with rising in?ation levels by adjusting -RElTs carr/risks sirnilarto those associated with direct investments in real principle value by CPI estate,and are especially vulnerable to credit risks 'Commodity investing carries risk of high volatility -Tax treatment of TIPS investments could be a disadvantage for investors who need a steady stream ofincome Source:Eloomberg,Morgan Stanley 2;co.Research,Morgan Stanley Wealth ManagernentGlC.us Fixed Income is represented by the Eloomberg Earc|ay’s us Aggregate Bond Index. Past performance is no guarantee offuture results.Estimates offuture performance are based on assumptions that may not be realized.This material is not a solicitation ofany offerto buy arsell any security or other iinancial instrument or to participate in anytrading strategy.Please refer to important information,disclosures and quali?cations anre end orznis material. WEALTHMANAGEMENT INVESTMENTRESOURCES |CHARTBOCK I INVEYMENTTHEMES 14 Agenda Item #7.A.25 Nov 2019Page 50 of 113 wEAl.rH MANAGEMENT MorganStanley Prepare for Curve Steepenlng As of October 2019 SteepeningYield Curve May Benefit Banks’Relative Performance Large US Banks Are Now HistoricallyCheap Monthly Data as of September 30,2019 M°”tl"l‘/Data 55 °f 5EPt5mb'3"3°i 2019 l1.6 300 l 6x 251.:I 5x ,1.3 200 I 15°i 4x ,:..o f 100 I 3* so 2x/J v ix ‘ O overhang from flnlndnl 3:0 0X l '1’crisis 1998 2001 2004 2007 20:10 2013 2016 2019l4:9 q"'of’)$2’00'’00“co,‘O9’0&5 I *9 “'9 "9 ‘*9 "'""""'"':us Banks P/B Ratio .—s&l=5oo PIB Ratio3jsanksjS&P 5no Relative Performance (LHS)xvleld Curve (105-25)(RHS) l Investment Ideas Key Risks -Consider large-cap US banks,which should benefit from a steeper curve and appear relatively cheap compared to the larger index -Banks,which lend at long-term rates and borrow at short-term rates,may benefit from a greaterspread between long and short Source:Bloornberg,Morgan Stanley is Co.Research,Morgan Stanley Wealth Management GIC -Fed may determine further rate cuts aren't necessary,anchoring short-term rates at current levels -Growth expectations may failto pick up,pressuring long-end rates -In?ation may failto materialize,orinflation expectations may remain anchored,further pressuring long rates 'Banks may fail to convert a larger spread into net interest income growth, negatively impacting share performance Past performance is no guarantee offuture rasiilts.Estimates omtura performance are based on assumptions tnat may nat be realized.This niatarial is nat a solicitationofany ofierto buy or sell any security or other?nancial instrutnant arm participate in any trading strategy.Please referto Important inrarrnation,disclosures and quali?cations arthe end artliis material. WEALTHMANAGEMENTWVESTMENT RESOURCES I CHARTBOOK 1 lN\/ESTMENTTHEMES 15 Agenda Item #7.A.25 Nov 2019Page 51 of 113 WEALTH MAIIAGEM EMT MorganStanley Earnings Growth and Revisions Global Earnings Revisions Breadth’ 3-MonthAverage as of September 30,2o19 Expected EPS Growth As of September 30,2019 23% 16% 12%i i 3% 2010 2am.2012 2013 2014 2:215 20x6 2:117 mas 20.19 iS&P 5no 3MAvg ——MSC|Japan 3MAvg -—MSC|Europe 3MAvg —Msci EM3MAvg i K RegionalIndex MSCI USA MSCI Emerging Markets MSCIAllCountry World MSCI Asia ex Japan MSCI Europe ‘MSCIJapan 12~month Fonrvard EPS Growth 8.5% 10.0% 7.8% 8.9% 8.1% 2.3% Source:Factset,Morgan Stanley wesini Management GIC.lridices used:MSCIUSAfor us,MSCIEurope for Europe,MSCIJapan Forlapan,Msci Emerging Markets for Emerging Markets,MSCI Asia exJapan forAsia ex Japan.(1)Eamirigs revisions breadth is denned as the number of positive analyst revisions minus riie number ofriegative analyst revisions divided bythe total riumberof revisions. Past performance is no guarantee drnrcvre resuirs.Estimates omnureperformance are based on assvmpnons marmay not be reaiized.rnis material is not a suilcitation of any offerto buy or sell any sezurily or other nnaneiei rnsrrvnremorto participate in ariytrading strategy.Please rerermirriporlant inrermenon,disciosuresand quaii?caticns ame end ennis material.This slide sourced from Market Performance section. WEALTHMANAGEMENTWVESTMENTRESOURCES i CHARTBOOK |MARKETPERFORMANCE 16 Agenda Item #7.A.25 Nov 2019Page 52 of 113 WEALTH MANAGEMENT Morgan Stanley Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC,a registered broker-dealer in the United States. The sole purpose ofthis material is to inform,and it in no way is intended to be an offer or solicitation to purchase or sell any security,other investment or service,or to attract any funds or deposits. Investments mentioned may not be suitable for all clients.Any product discussedherein may be purchased only after a client has carefullyreviewed the offering memorandum and executed the subscription documents.Morgan StanleyWealth Management has not considered the actual or desired investment objectives,goals,strategies,guidelines,orfactual circumstances ofany investor in any fund(s).Before making any investment,each investor should carefully consider the risks associated with the investment,as discussed in the applicable offering memorandum,and make a determination based upon their own particular circumstances,that the investment is consistent with their investment objectives and risktolerance.Morgan Stanley Smith Barney LLCoffers investment program services through a variety of investment programs,which are opened pursuant to written client agreements.Each program offers investment managers,funds and features that are not available in other programs;conversely,some investment managers,funds or investment strategies may be available in more than one program. Morgan Stanley's investment advisory programs may require a minimum asset level and,depending on your speci?c investment objectives and ?nancial position,may not be suitable for you.Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”)for more information in the investment advisory programs available.The Morgan Stanley ADV is available at www.morganstanley.com[ADV.Sources of Data.information in this material in this report has been obtained from sources that we believe to be reliable,but we do not guarantee its accuracy,completeness or timeliness.Third-party data providers make no warranties or representations relating to the accuracy,completeness or timeliness ofthe data they provide and are not liable for any damages relating to this data.Allopinions included in this material constitute the Firm’sjudgment as ofthe date ofthis material and are subject to change without notice .This material was not prepared by the research departments of Morgan Stanley &Co.LLCor Morgan Stanley Smith Barney LLC.Some historical?gures may be revised due to newly identi?ed programs,?rm restatements, etc. Global Investment Manager Analysis (GIMA)Focus List,Approved List and Tactical Opportunities List;Watch Policy.GlMA uses two methods to evaluate investment products in applicable advisory programs:Focus (and investment products meeting this standard are described as being on the Focus List)and Approved (and investment products meeting this standard are described as being on the Approved List).In general,Focus entails a more thorough evaluation ofan investment product than Approved.Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead ofthe Focus List.Investment products may move from the Focus List to the Approved List,or vice versa.GIMAmay also determine that an investment product no longer meets the criteria under either process and will no longer be recommended in investment advisory programs (in which case the investment product is given a “Not Approved”status).GIMA has a ‘Watch”policy and may describe a Focus List or Approved List investment product as being on “Watch”if GlMAidenti?es speci?c areas that (a)merit further evaluation by GIMA and (b)may,but are not certain to,result in the investment product becoming “Not Approved .”The Watch period depends on the length oftime needed for GIMA to conduct its evaluation and for the investment manager orfund to address any concerns.Certain investment products on either the Focus List orApproved List may also be recommended for the Tactical Opportunities List based in part on tactical opportunities existing at a given time.The investment products on the Tactical Opportunities List change over time.For more information on the Focus List,Approved List, Tactical Opportunities List and Watch processes,please see the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management.Your Financial Advisoror Private Wealth Advisor can also provide upon request a copy ofa publication entitled “Manager Selection Process.” The Global Investment Committee is a group ofseasoned investment professionals who meet regularlyto discussthe global economy and markets.The committee determines the investment outlook that guides our advice to clients.They continually monitor developing economic and market conditions,review tactical outlooks and recommend model portfolio weightings,as well as produce a suite of strategy,analysis,commentary,portfolio positioning suggestions and other reports and broadcasts. The GICAsset Allocation Modelsare not available to be directly implemented as part ofan investment advisory service and should not be regarded as a recommendation ofany Morgan Stanley investment advisory service.The GICAsset Allocation Models do not represent actual trading or any type of account or any type of investment strategies and none ofthe fees or other expenses (e .g. commissions,mark—ups,mark-downs,advisory fees,fund expenses)associated with actual trading or accounts are reflected in the C-ilCAsset AllocationModelswhich,when compounded over a period ofyears,would decrease returns. Adverse Active Alpha (AAA)is a patented screening and scoring process designed to help identify high-quality equity and ?xed income managers with characteristicsthat may lead to future outperformance relative to index and peers.Whilehighly ranked managers performed well as a group in ourAdverse Active Alpha model back tests,not all ofthe managers willoutperform.Please note that this data may be derived from back-testing,which has the bene?t of hindsight.In addition,highly ranked managers can have differing risk pro?les that might not be suitable for all investors.Our view is that Adverse Active Alpha is a good starting point and should be used in conjunction with other information.Morgan Stanley Wealth Management's qualitative and quantitative investment manager due diligence process are equally important factors for investors when considering managers for use through an investment advisory program.Factors including,but not limitedto,manager turnover and changes to investment process can partially or fully negate a positive Adverse Active Alpha ranking.Additionally,highly ranked managers can have differing risk pro?les that might not be DISCLOSURES ‘l7 Agenda Item #7.A.25 Nov 2019Page 53 of 113 wsmu MANAGEMENT Morgan Stanley suitable for all investors.For more information on AAA,please see the Adverse Active Alpha Ranking Model and Selecting Managers with Adverse Active Alphawhitepapers.The whitepaper are available from your FinancialAdvisor or Private Wealth Advisor.ADVERSE ACTIVEALPHA is a registered service mark of Morgan Stanley and/or its affiliates.U.S.Pat.No.8,756,098 applies to the Adverse Active Alpha system and/or methodology. The Global investment ManagerAnalysis (GIMA)Services Only Apply to Certain investment Advisory Programs GIMA evaluates certain investment products for the purposes of some —but not all —of Morgan Stanley Smith Barney LLC'sinvestment advisory programs (as described in more detail in the applicable Form ADV DisclosureDocument for Morgan StanleyWealth Management).if you do not invest through one ofthese investment advisory programs,Morgan StanleyWealth Management is not obligated to provide you notice of any GIMA Status changes even though it may give notice to clients in other programs. Strategy May Be Available as a Separately Managed Account or Mutual Fund Strategies are sometimes available in Morgan Stanley Wealth Management investment advisory programs both in the form of a separately managed account (“SMA”)and a mutual fund.These may have different expenses and investment minimums.Your FinancialAdvisor or Private Wealth Advisorcan provide more information on whether any particular strategy is available in more than one form in a particular investment advisory program.In most Morgan Stanley Wealth Management investment advisory accounts,fees are deducted quarterly and have a compounding effect on performance.For example,on an advisory account with a 3%annual fee,ifthe gross annual performance is 6.00%,the compounding effect of the fees will result in a net performance of approximately 3.93%after one year,1 after three years,and 21.23%after ?ve years.Con?icts of Interest:GiMA’sgoal is to provide professional,objective evaluations in support ofthe Morgan StanleyWealth Management investment advisory programs.We have policiesand procedures to help us meet this goal.However,our business is subject to various conflicts of interest.For example,ideas and suggestions for which investment products should be evaluated by GIMA come from a variety of sources,including our Morgan StanleyWealth Management FinancialAdvisorsand their direct or indirect managers,and other business persons within Morgan Stanley Wealth Management or its affiliates.Such persons may have an ongoing business relationshipwith certain investment managers or mutual fund companies whereby they,Morgan Stanley Wealth Management or its affiliates receive compensation from,or otherwise related to,those investment managers or mutual funds.For example,a FinancialAdvisormay suggest that GIMA evaluates an investment manager orfund in which a portion of his or her clients’assets are already invested.While such a recommendation is permissible,GIMA is responsible for the opinions expressed by GIMA.See the conflicts of interest section in the applicable Form ADV DisclosureDocument for Morgan StanleyWealth Management for a discussion of other types of conflictsthat may be relevant to GiMA’sevaluation of managers and funds.in addition,Morgan StanleyWealth Management,MS &Co.,managers and their affiliates provide a variety of services (includingresearch,brokerage,asset management,trading,lending and investment banking services) for each other and for various clients,including issuers of securities that may be recommended for purchase or sale by clients or are otherwise held in client accounts,and managers in various advisory programs.Morgan Stanley Wealth Management,managers,MS &Co.,and their affiliates receive compensation and fees in connection with these services.Morgan Stanley Wealth Management believes that the nature and range of clients to which such services are rendered is such that it would be inadvisableto exclude categorically all ofthese companies from an account. Morgan Stanley charges each fund family we offer a mutual fund support fee,also called a “revenue-sharing payment,”on client account holdings in fund families according to a tiered rate that increases along with the management fee ofthe fund so that lower management fee funds pay lower rates than those with higher management fees. ConsiderYour Own investment Needs:The model portfolios and strategies discussed in the material are formulated based on general client characteristics including risktolerance.This material is not intended to be a client-speci?csuitability analysis or recommendation,or offer to participate in any investment.Therefore,clients should not use this pro?le as the sole basis for investment decisions. They should consider all relevant information,includingtheir existing portfolio,investment objectives,risk tolerance,liquidityneeds and investment time horizon.Such a suitability determination may lead to asset allocation results that are materially different from the asset allocation shown in this pro?le.Talk to your FinancialAdvisor about what would be a suitable asset allocation for you,whether CGCM is a suitable program foryou. No obligation to notify—Morgan StanleyWealth Management has no obligation to notify you when the model portfolios,strategies,or any other information,in this material changes. Please consider the investment objectives,risks,fees,and charges and expenses of mutual funds,ETFs,closed end funds,unit investment trusts,and variable insurance products carefully before investing.The prospectus contains this and other information about each fund.To obtain a prospectus,contact your Financial Advisor or Private Wealth Advisor or visit the Morgan Stanley website at www.morganstanley.com.Please read it carefully before investing. An investment in a money market fundis not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.Although the Fund seeks to preserve the value of your investment at $1.00 per share,it is possible to lose money by investing in the fund. The type of mutual funds and ETFs discussed in this presentation utilizes nontraditional or complex investment strategies and/or derivatives.Examplesofthese types of funds includethose that utilize DISCLOSURES Agenda Item #7.A.25 Nov 2019Page 54 of 113 WEALTH MANAGEMENT Morgan Stanley one or more of the below noted investment strategies or categories or which seek exposure to the following markets:(1)commodities (e .g.,agricultural,energy and metals),currency,precious metals; (2)managed futures;(3)leveraged,inverse or inverse leveraged;(4)bear market,hedging,long-short equity,market neutral;(5)real estate;(6)volatility (seeking exposure to the CBOEVIX Index). Investors should keep in mind that while mutual funds and ETFs may,at times,utilize nontraditional investment options and strategies,they should not be equated with unregistered privately offered alternative investments.Because of regulatory limitations,mutual funds and ETFsthat seek alternative-likeinvestment exposure must utilizea more limited investment universe.As a result, investment returns and portfolio characteristics of alternative mutual funds and ETFs may vary from traditional hedge funds pursuing similarinvestment objectives.Moreover,traditional hedge funds have limited liquidity with long “Iock-up”periods allowingthem to pursue investment strategies without having to factor in the need to meet client redemptions and ETFs trade on an exchange.On the other hand,mutual funds typically must meet daily client redemptions.This differing liquidity pro?le can have a material impact on the investment returns generated by a mutual or ETF pursuing an alternative investing strategy compared with a traditional hedge fund pursuing the same strategy. Nontraditional investment options and strategies are often employed by a portfolio manager to further a fund's investment objective and to help offset market risks.However,these features may be complex,making it more dif?cult to understand the fund's essential characteristics and risks,and how it will perform in different market environments and over various periods oftime.They may also expose the fund to increased volatility and unanticipated risks particularly when used in complex combinations and/or accompanied by the use of borrowing or “leverage.” KEYASSET CLASS CONSIDERATIONS AND OTHER RISKS Investing in the markets entails the risk of market volatility.The value of all types of investments,including stocks,mutual funds,exchange-traded funds (“ETFs”),closed-end funds,and unit investment trusts,may increase or decrease over varying time periods.To the extent the investments depicted herein represent international securities,you should be aware that there may be additional risks associated with international investing,including foreign economic,political,monetary and/orlegal factors,changing currency exchange rates,foreign taxes,and differences in ?nancial and accounting standards.These risks may be magni?ed in emerging markets and frontier markets.Small-and mid-capitalization companies may lack the ?nancial resources,product diversi?cation and competitive strengths of larger companies.In addition,the securities of small-and mid-capitalization companies may not trade as readily as,and be subject to higher volatilitythan,those of larger,more established companies.The value of?xed income securities willfluctuate and,upon a sale,may be worth more or less than their original cost or maturity value.Bonds are subject to interest rate risk,call risk,reinvestment risk,liquidityrisk,and credit risk ofthe issuer.High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality ofthe issues.In the case of municipal bonds,income is generally exempt from federal income taxes.Some income may be subject to state and local taxes and to the federal alternative minimum tax.Capital gains,if any,are subject to tax.Treasury In?ation Protection Securities’(TIPS)coupon payments and underlying principal are automatically increased to compensate for inflation by tracking the consumer price index (CPI).Whilethe real rate of return is guaranteed,TIPS tend to offer a low return.Because the return ofT|PS is linkedto inflation,TIPS may signi?cantly underperform versus conventional U.S.Treasuries in times of low inflation.There is no guarantee that investors willreceive par ifT|PS are sold prior to maturity.The returns on a portfolio consisting primarily of environmental,social,and governance-aware investments (“ESG")may be lower or higher than a portfolio that is more diversi?ed or where decisions are based solely on investment considerations.Because ESG criteria exclude some investments,investors may not be able to take advantage ofthe same opportunities or market trends as investors that do not use such criteria.The companies identi?ed and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase,hold or sell any securities or investment products.They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy.There can be no guarantee that a client's account will be managed as described herein.Options and margin trading involve substantial risk and are not suitable for all investors.Besidesthe general investment risk of holding securities that may decline in value and the possible loss of principal invested,closed-end funds may have additional risks related to declining market prices relative to net asset values (NAVs),active manager underperformance and potential leverage.Closed-end funds,unlike open-end funds,are not continuously offered.There is a one-time public offering and once issued,shares of closed-end funds are sold in the open market through a stock exchange.NAV is total assets less total liabilitiesdivided by the number of shares outstanding.At the time an investor purchases shares of a closed-end fund,shares may have a market price that is above or below NAV.Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors)are more vulnerable to price fluctuation than those that diversify among a broad range of sectors. Alternative investments often are speculative and include a high degree of risk.Investors could lose all or a substantial amount oftheir investment.Alternative investments are suitable only for eligible,long-term investors who are willingto forgo liquidity and put capital at risk for an inde?nite period oftime.They may be highly illiquidand can engage in leverage and other speculative practices that may increase the volatility and risk of loss.Alternative Investments typically have higher fees than traditional investments.Investors should carefully review and consider potential risks before investing.Certain ofthese risks may include but are not limitedto:Loss of all or a substantial portion ofthe investment due to leveraging,short-selling,or other speculative practices;Lack of liquidityin that there may be no secondary market for a fund;Volatility of returns;Restrictions on transferring interests in a fund;Potential lack ofdiversi?cation and resulting higher risk due to concentration oftrading authority when a single advisor is utilized;Absence of information regarding valuations and pricing;Complex tax structures and delays in tax reporting;Less regulation and higher fees than mutual funds;Risksassociated with the operations,personnel,and processes ofthe manager;and Risks associated with cybersecurity.As a diversi?ed global ?nancial services ?rm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including?nancial advisory services,investment management activities,sponsoring and managing private investment DISCLOSURES Agenda Item #7.A.25 Nov 2019Page 55 of 113 WEALTH MANAGEMENT Morgan Stanley funds,engaging in broker-dealer transactions and principalsecurities,commodities and foreign exchange transactions,research publication,and other activities.in the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may con?ict with the interests of its clients,including the private investment funds it manages.Morgan Stanley Wealth Management can give no assurance that con?icts of interest will be resolved in favor of its clients or any such fund.Allexpressions of opinion are subject to change without notice and are not intended to be a forecast offuture events or results.Further,opinions expressed herein may differfrom the opinions expressed by Morgan Stanley Wealth Management and/or other businesses/af?liatesof Morgan Stanley Wealth Management.This is not a “research report"as de?ned by FINRARule 2241 or a "debt research report"as de?ned by FINRA Rule 2242 and was not prepared by the Research Departments of Morgan Stanley Smith Barney LLC or Morgan Stanley &Co.LLC or its af?liates.Certain information contained herein may constitute forward-looking statements.Due to various risks and uncertainties,actual events,results or the performance of a fund may differ materially from those re?ected or contemplated in such forward-looking statements.Clients should carefully consider the investment objectives,risks,charges,and expenses of a fund before investing.While the HFRIindices are frequently used,they have limitations (some ofwhich are typical of other widely used indices).These limitations includesurvivorship bias (the returns of the indices may not be representative of all the hedge funds in the universe because ofthe tendency of lower performing funds to leave the index);heterogeneity (not all hedge funds are alike or comparable to one another,and the index may not accurately reflect the performance of a described style);and limited data (many hedge funds do not report to indices,and the index may omit funds,the inclusionofwhich might signi?cantly affect the performance shown. The HFRi indices are based on information self-reported by hedge fund managers that decide on their own,at any time,whether or not they want to provide,or continue to provide,information to HFR Asset Management,L.L.C.Results for funds that go out of business are included in the index until the date that they cease operations.Therefore,these indices may not be complete or accurate representations of the hedge fund universe,and may be biased in several ways.Composite index results are shown for illustrative purposes and do not represent the performance ofa speci?c investment.Individualfunds have speci?c tax risks related to their investment programs that willvary from fund to fund.Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice.interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum ,are distributed by Morgan Stanley Wealth Management and certain of its af?liates,and (1)are not FDIC-insured,(2)are not deposits or other obligations of Morgan Stanley Wealth Management or any of its af?liates,(3) are not guaranteed by Morgan Stanley Wealth Management and its af?liates,and (4)involve investment risks,including possible loss of principal.Morgan Stanley Wealth Management is a registered broker-dealer,not a bank.This material is not to be reproduced or distributed to any other persons (other than professional advisors ofthe investors or prospective investors,as applicable,receiving this material)and is intended solely for the use ofthe persons to whom it has been delivered.This material is not for distribution to the general public.Past performance is no guarantee of future results.Actual results may vary.SIPC insurance does not apply to precious metals,other commodities,or traditional alternative investments.in Consulting Group's advisory programs,alternative investments are limited to US-registered mutual funds,separate account strategies and exchange-traded funds (ETFs)that seek to pursue alternative investment strategies or returns utilizing publicly traded securities.investment products in this category may employ various investment strategies and techniques for both hedging and more speculative purposes such as short-selling,leverage, derivatives and options,which can increase volatility and the risk of investment loss.Alternative investments are not suitable for all investors.As a diversi?ed global ?nancial services ?rm,Morgan Stanley Wealth Management engages in a broad spectrum ofactivities including?nancial advisory services,investment management activities,sponsoring and managing private investment funds, engaging in broker-dealer transactions and principalsecurities,commodities and foreign exchange transactions,research publication,and other activities.In the ordinary course of its business,Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may con?ict with the interests of its clients,including the private investment funds it manages.Morgan Stanley Wealth Management can give no assurance that con?icts of interest willbe resolved in favor of its clients or any such fund.Alternative investments involve complex tax structures,tax inef?cient investing,and delays in distributing important tax information.Individualfunds have speci?c risks related to their investment programs that willvary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice. A majority ofAlternative investment managers reviewed and selected by GIMA pay or cause to be paid an ongoing fee to Morgan Stanley Wealth Management in connection with Morgan Stanley Wealth Management clients that purchase an interest in an alternative investment.Morgan Stanley Wealth Management will rebate such fee attributable to an investment made by an advisory client and retain the fees paid in connection with brokerage clients.Morgan Stanley Wealth Management has a con?ict of interest in offering certain alternative investments because Morgan Stanley Wealth Management or our af?liates earn more money in your account from your investments in certain alternative investments than from other investment options. it should be noted that the majority of hedge fund indexes are comprised of hedge fund manager returns.This is in contrast to traditional indexes,which are comprised of individualsecurities in the various market segments they represent and offer complete transparency as to membership and construction methodology.As such,some believe that hedge fund index returns have certain biases that are not present in traditional indexes.Some ofthese biases in?ate index performance,while others may skew performance negatively.However,many studies indicate that overall hedge fund index performance has been biased to the upside.Some studies suggest performance has been in?ated by up to 260 basis points or more annually depending on the types of biases includedand the time period studied.Although there are numerous potential biases that could affect hedge fund returns,we identify some of the more common ones throughout this paper. Self-selection bias results when certain manager returns are not included in the index returns and may result in performance being skewed up or down.Because hedge funds are private placements, hedge fund managers are able to decide which fund returns they want to report and are able to opt out of reporting to the various databases.Certain hedge fund managers may choose only to report returns for funds with strong returns and opt out of reporting returns for weak performers.Other hedge funds that close may decide to stop reporting in order to retain secrecy,which may cause a DISCLOSURES 20 Agenda Item #7.A.25 Nov 2019Page 56 of 113 WEALTH MANAGEMENT Morgan Stanley downward bias in returns. Survivorship bias results when certain constituents are removed from an index.This often results from the closure of funds clueto poor performance,“blow ups,”or other such events.As such,this bias typicallyresults in performance being skewed higher.As noted,hedge fund index performance biases can result in positive or negative skew.However,it would appear that the skew is more often positive.While it is dif?cult to quantify the effects precisely,investors should be aware that idiosyncraticfactors may be giving hedge fund index returns an arti?cial “lift”or upwards bias. Hedge Funds of Funds and many funds of funds are private investment vehicles restricted to certain quali?ed private and institutional investors.They are often speculative and include a high degree of risk.investors can lose all or a substantial amount oftheir investment.They may be highly illiquid,can engage in leverage and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lockups.They involve complex tax structures,tax-inef?cient investing and delays in distributing important tax information.Categorically, hedge funds and funds offunds have higherfees and expenses than traditional investments,and such fees and expenses can lower the returns achieved by investors.Funds offunds have an additional layer offees over and above hedge fund fees that willoffset returns.An investment in an exchange-traded fund involves risks similar to those of investing in a broadly based portfolio of equity securities traded on an exchange in the relevant securities market,such as market fluctuations caused by such factors as economic and political developments,changes in interest rates and perceived trends in stock and bond prices.An investment in a target date portfolio is subject to the risks attendant to the underlying funds in which it invests,in these portfolios the funds are the Consulting Group Capital Market funds.A target date portfolio is geared to investors who will retire and/or require income at an approximate year.The portfolio is managed to meet the investor's goals by the pre-established year or “target date.”A target date portfolio willtransition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer.An investment in the target date portfolio is not guaranteed at any time,including,before or after the target date is reached.Managed futures investments are speculative,involve a high degree of risk, use signi?cant leverage,are generally illiquid,have substantial charges,subject investors to conflicts of interest,and are suitable only for the risk capital portion of an investor's portfolio.Managed futures investments do not replace equities or bonds but rather may act as a complement in a well diversi?ed portfolio.Managed Futures are complex and not appropriate for all investors.Rebalancing does not protect against a loss in declining ?nancial markets.There may be a potential tax implication with a rebalancing strategy. Asset allocation and diversi?cation do not assure a pro?t or protect against loss in declining?nancial markets.Past performance is no guarantee of future results.Actual results may vary. Tax laws are complex and subject to change.Morgan Stanley Smith Barney LLC(“Morgan Stanley"),its af?liates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not “?duciaries”(under ERISA,the Internal Revenue Code or othenivise)with respect to the services or activities described herein except as othenivise provided in writing by Morgan Stanley and/or as described at www.morganstanley.comldisclosuresldol.Individuals are encouraged to consult their tax and legal advisors (a)before establishing a retirement plan or account,and (b)regarding any potential tax,ERISA and related consequences of any investments made under such plan or account. Annuities and insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’slicensed insurance agency af?liates. lndices are unmanaged and investors cannot directly invest in them.They are not subject to expenses or fees and are often comprised of securities and other investment instruments the liquidityof which is not restricted.A particular investment product may consist of securities signi?cantly different than those in any index referred to herein.Composite index results are shown for illustrative purposes only,generally do not represent the performance ofa speci?c investment,may not,for a variety of reasons,be a suitable comparison or benchmark for a particular investment and may not necessarily reflect the actual investment strategy or objective ofa particular investment.Consequently,comparing an investment to a particular index may be of limited use. This material is not a ?nancial plan and does not create an investment advisory relationship between you and your Morgan Stanley FinancialAdvisor.We are not your ?duciary either under the Employee Retirement Income Security Act of 1974 (ERISA)or the Internal Revenue Code of 1986,and any information in this report is not intended to form the primary basis for any investment decision by you,or an investment advice or recommendation for either ERISA or Internal Revenue Code purposes.Morgan Stanley Private Wealth Management willonly prepare a ?nancial plan at your speci?c request using Private Wealth Management approved ?nancial planning signature. We may act in the capacity of a broker or that of an advisor.As your broker,we are not your ?duciary and our interests may not always be identical to yours.Please consult with your Private Wealth Advisorto discuss our obligations to disclose to you any conflicts we may from time to time have and our duty to act in your best interest.We may be paid both by you and by others who compensate us based on what you buy.Our compensation,includingthat ofyour Private Wealth Advisor,may vary by product and over time. Investment and services offered through Morgan Stanley Private Wealth Management,a division of Morgan Stanley Smith Barney LLC,Member SIPC. DlSCLOSURES 21 Agenda Item #7.A.25 Nov 2019Page 57 of 113 WEALTH MANAGEMENT Morgan Stanley Investment,insurance and annuity products offered through Morgan Stanley Smith Barney LLC are:NOT FDIC INSURED]MAY LOSEVALUE ]NOT BANK GUARANTEED [NOTA BANK DEPOSIT]NOT INSURED BYANY FEDERAL GOVERNMENTAGENCY Morgan Stanley Smith Barney LLC is a registered Broker/Dealer,Member SIPC,and not a bank.Where appropriate,Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. For index,indicator and survey de?nitionsreferencedin this report please visit the following:https:/[www.morganstcinle_y.com/wealth-investmentsolutions/wmir-de?nitions GLOBAL INVESTMENT COMMITTEE (GIC)ASSET ALLOCATION MODELS:The Asset Allocation Models are created by Morgan Stanley Wealth Ma nagement’s GIC. HYPOTHETICAL MODEL PERFORMANCE (GROSS):Hypothetical model performance results do not reflect the investment or performance of an actual portfolio following a GIC Strategy,but simply reflect actual historical performance of selected indices on a real-time basis over the speci?ed period oftime representing the GIC’sstrategic and tactical allocations as ofthe date ofthis report.The past performance shown here is simulated performance based on benchmark indices,not investment results from an actual portfolio or actual trading.There can be large differences between hypothetical and actual performance results achieved by a particular asset allocation or trading strategy.Hypothetical performance results do not represent actual trading and are generally designed with the bene?t of hindsight.Actual performance results of accounts vary due to,for example,market factors (such as liquidity)and client-speci?cfactors (such as investment vehicle selection,timing of contributions and withdrawals,restrictions and rebalancing schedules).Clients would not necessarilyhave obtained the performance results shown here ifthey had invested in accordance with any GICAsset Allocation Model for the periods indicated.Despite the limitations of hypothetical performance,these hypothetical performance results allow clients and FinancialAdvisors to obtain a sense of the risk/returntrade-off of different asset allocation constructs.The hypothetical performance results in this report are calculated using the returns of benchmark indicesfor the asset classes,and not the returns of securities,fund or other investment products.Modelsmay contain allocations to Hedge Funds,Private Equity and Private Real Estate.The benchmark indices for these asset classes are not issued on a daily basis.When calculating model performance on a day for which no benchmark index data is issued,we have assumed straight line growth between the index levels issued before and after that date. FEES REDUCE THE PERFORMANCE OF ACTUAL ACCOUNTS:None ofthe fees or other expenses (e.g.commissions,mark-ups,mark-downs,fees)associated with actual trading or accounts are reflected in the GIC Asset Allocation Models.The GICAsset AllocationModels and any model performance includedin this presentation are intended as educational materials.Were a client to use these models in connection with investing,any investment decisions made would be subject to transaction and other costs which,when compounded over a period of years,would decrease returns. Information regarding Morgan Stanley's standard advisory fees is available in the Form ADV Part 2,which is available at www.morganstan|ey.com/adv.The following hypothetical illustrates the compound effect fees have on investment returns:For example,if a portfolio’sannual rate of return is 15%for 5 years and the account pays 50 basis points in fees per annum,the gross cumulative ?ve-year return would be 101.1%and the ?ve-year return net of fees would be 96.8%.Fees and/orexpenses would apply to clients who invest in investments in an account based on these asset allocations,and would reduce clients’returns.The impact of fees and/orexpenses can be material. Variable annuities are long-term investments designed for retirement purposes and may be subject to market fluctuations,investment risk,and possible loss of principal.All guarantees,including optional bene?ts,are based on the ?nancial strength and claims-paying ability ofthe issuing insurance company and do not apply to the underlying investment options.Optional riders may not be able to be purchased in combination and are available at an additional cost.Some optional riders must be elected at time of purchase.Optional riders may be subject to speci?c limitations,restrictions, holding periods,costs,and expenses as speci?ed by the insurance company in the annuity contract.Ifyou are investing in a variable annuity through a tax-advantaged retirement plan such as an IRA, you willget no additional tax advantage from the variable annuity.Under these circumstances,you should only consider buying a variable annuity because of its otherfeatures,such as lifetime income payments and death bene?ts protection.Taxable distributions (and certain deemed distributions)are subject to ordinary income tax and,if taken prior to age 591/2,may be subject to a 10%federal income tax penalty.Earlywithdrawals will reduce the death bene?t and cash surrender value. Equity securities may fluctuate in response to news on companies,industries,market conditions and general economic environment.Ultrashort—term ?xed income asset class is comprised of ?xed income securities with high quality,very short maturities.They are therefore subject to the risks associated with debt securities such as credit and interest rate risk. Master Limited Partnerships (MLPs)are limited partnerships or limited liabilitycompanies that are taxed as partnerships and whose interests (limited partnership units or limited liabilitycompany units)are traded on securities exchanges likeshares of common stock.Currently,most MLPs operate in the energy,natural resources or real estate sectors.Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors,includingcommodity pricing risk,supply and demand risk,depletion risk and exploration risk.IndividualMLPs are publiclytraded partnerships that have unique risks related to their structure.These include,but are not limited to,their reliance on the capital markets to fund growth,adverse ruling on the current DISCLOSURES 22 Agenda Item #7.A.25 Nov 2019Page 58 of 113 WEALTH MANAGEMENT Morgan Stanley tax treatment of distributions (typicallymostly tax deferred),and commodity volume risk.The potential tax bene?ts from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and,ifthe MLP is deemed to be a corporation,then its income would be subject to federal taxation at the entity level,reducing the amount of cash available for distribution to the fund which could result in a reduction ofthe fund's value.MLPs carry interest rate risk and may underperform in a rising interest rate environment.MLP funds accrue deferred income taxes forfuture tax liabilitiesassociated with the portion of MLP distributions considered to be a tax-deferred return of capitaland for any net operating gains as well as capital appreciation of its investments;this deferred tax liabilityis reflected in the daily NAV,and,as a result,the MLP fund's after-tax performance could differ signi?cantly from the underlyingassets even ifthe pre-tax performance is closely tracked. Investing in commodities entails signi?cant risks.Commodity prices may be affected by a variety of factors at any time,including but not limited to,(i)changes in supply and demand relationships,(ii) governmental programs and policies,(iii)national and international political and economic events,war and terrorist events,(iv)changes in interest and exchange rates,(v)trading activities in commodities and related contracts,(vi)pestilence,technological change and weather,and (vii)the price volatility of a commodity.in addition,the commodities markets are subject to temporary distortions or other disruptions due to various factors,including lack of liquidity,participation of speculators and government intervention.Physical precious metals are non—regulatedproducts. Precious metals are speculative investments,which may experience short-term and long term price volatility.The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions.Unlike bonds and stocks,precious metals do not make interest or dividend payments.Therefore,precious metals may not be suitable for investors who require current income.Precious metals are commodities that should be safely stored,which may impose additional costs on the investor. RElTs investing risks are similar to those associated with direct investments in real estate:property value fluctuations,lack of liquidity,limiteddiversi?cation and sensitivity to economic factors such as interest rate changes and market recessions.Risksof private real estate include:illiquidity;a long-term investment horizon with a limited or nonexistent secondary market;lack oftransparency; volatility (risk of loss);and leverage.Principal is returned on a monthly basis over the life ofa mortgage-backed security.Principalprepayment can signi?cantly affect the monthly income stream and the maturity ofany type of MBS,includingstandard MBS,CMOs and Lottery Bonds.Asset-backed securities generally decrease in value as a result ofinterest rate increases,but may bene?t less than other?xed-income securities from declining interest rates,principallybecause of prepayments. Yields are subject to change with economic conditions.Yield is only one factor that should be considered when making an investment decision.Credit ratings are subject to change.Duration,the most commonly used measure of bond risk,quanti?es the effect ofchanges in interest rates on the price ofa bond or bond portfolio.The longer the duration,the more sensitive the bond or portfolio would be to changes in interest rates.The majority of $25 and $1000 par preferred securities are “callable”meaning that the issuer may retire the securities at speci?c prices and dates prior to maturity.Interest/dividendpayments on certain preferred issues may be deferred by the issuerfor periods of up to 5 to 10 years,depending on the particular issue.The investor would still have income tax liabilityeven though payments would not have been received.Price quoted is per $25 or $1,000 share,unless otherwise speci?ed.Current yield is calculated by multiplyingthe coupon by par value divided by the market price.The initial interest rate on a ?oating-rate security may be lower than that of a ?xed-rate security ofthe same maturity because investors expect to receive additional income due to future increases in the floating security's underlying reference rate.The reference rate could be an index or an interest rate.However,there can be no assurance that the reference rate will increase.Some floating-rate securities may be subject to call risk.The market value of convertible bonds and the underlying common st0ck(s)willfluctuate and after purchase may be worth more or less than original cost.if sold prior to maturity,investors may receive more or less than their original purchase price or maturity value,depending on market conditions.Callable bonds may be redeemed by the issuer prior to maturity.Additional callfeatures may exist that could affect yield.Some $25 or $1000 par preferred securities are ODI (Quali?ed DividendIncome)eligible.Information on ODI eligibility is obtained from third party sources.The dividend income on QDI eligible preferreds quali?es for a reduced tax rate.Many traditional ‘dividend paying’perpetual preferred securities (traditional preferreds with no maturity date)are ODI eligible.in order to qualify for the preferential tax treatment all qualifying preferred securities must be held by investors for a minimum period -91 days during a 180 day window period,beginning 90 days before the ex—dividenddate. Companies paying dividends can reduce or cut payouts at any time. Nondiversi?cation:For a portfolio that holds a concentrated or limited number of securities,a decline in the value ofthese investments would cause the portf0li0’soverall value to decline to a greater degree than a less concentrated portfolio.The indices selected by Morgan Stanley Wealth Management to measure performance are representative of broad asset classes.Morgan Stanley Wealth Management retains the right to change representative indices at anytime.Because oftheir narrow focus,sector investments tend to be more volatile than investments that diversify across many sectors and companies. Growth investing does not guarantee a pro?t or eliminate risk.The stocks of these companies can have relatively high valuations.Because ofthese high valuations,an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations.Value investing does not guarantee a pro?t or eliminate risk.Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initiallyexpected. DISCLOSURES 23 Agenda Item #7.A.25 Nov 2019Page 59 of 113 WEALTH MANAGEMENT Morgan Stanley Any type of continuous or periodic investment plan does not assure a pro?t and does not protect against loss in declining markets.Since such a plan involves continuous investment in securities regardless of?uctuating price levels of such securities,the investor should consider his ?nancial ability to continue his purchases through periods of low price levels. This material is disseminated in the United States ofAmerica by Morgan Stanley Smith Barney LLC.Morgan Stanleywealth Management is not acting as a municipal advisor to any municipalentity or obligated person within the meaning of Section 15Bofthe Securities Exchange Act (the “MunicipalAdvisor Rule”)and the opinions or views contained herein are not intended to be ,and do not constitute,advice within the meaning ofthe MunicipalAdvisor Rule.This material,or any portion thereof,may not be reprinted,sold or redistributed without the written consent of Morgan Stanley Smith Barney LLC. ©2019 Morgan Stanley Smith Barney LLC.Member SIPC. DlSCLOSURES 24 Agenda Item #7.A.25 Nov 2019Page 60 of 113 ll.CompositeReport 25 Agenda Item #7.A.25 Nov 2019Page 61 of 113 WEALTH MANAGEMENT ‘ Morgan Stanley BRIDGES/TAYLOR Tel:407—849~47OO Performance Report Prepared on November 12,2019 for: CITYOF ATLANTICBEACHGENERAL Please raview the disclosures and definilions throughout this Ducumenl.26 Agenda Item #7.A.25 Nov 2019Page 62 of 113 WEALTH MANAGEMENT M lAccouNT(s)INCLUDEDIN THIS REPORT °'ga"an ey CITV OF ATLANTICKEACHGENERAL R9P°m"§C‘-"'e"¢Y=USD AOWMMWDGV A?ViSOlY/Patorrmnte IVA)AHEHVICNIH’!Mlnl?WWI Broken:Aunun!NMMDH Dale Openers DIR CIOSQC1 Innrnllun-11/X]/19 CITYor ATLANTICBEACH AAA Erokerage 454~xxx7s1 11/04/15 02/23/15 - $:f:b'|':"'“°di“‘EAdvisory 560-xxx1 74 04/15/13 .1.32 AAA Advisory sea-xxxz17 10/15/13 07/21/18 . AAA Advisory 560-XXX219 10/15/13 07/15/17 1 CITYor ATLANTICBEACHGENERAL AAA Brokerage 454-xxx12o 08/16/16 03/23/15 - ‘Jr';:"r:f””E“”“V Advisury 660-XXXO29 03/10/10 —10.27 5:|:‘:”'’*’"’‘°'‘5””Advisory seo-xxx134 03/1o/1o -3.25 (R3::”W';:i‘gESM”ca”Advisory 660-XXX145 03/10/10 —13.34 ?:Ci‘S';':‘"gG'°”"Advisory sso-xxx17a 11/04/15 .7.13 AAA Advisory 650-XXX179 03/1o/10 - — gfgmbia59'”“'59 Advisory 660~XXX222 as/10/10 —11.86 AAA Advisury 550-xxxses 03/10/10 07/21/13 - GENERALEMPLOYEERUIREMENT AAA Advisory 454—><xx539 03/10/10 01/27/15 . Pioneer F””““'”5”‘”'Advisory 660-XXX191 10/15/13 »- lm/estmem,irsuvance and annuity pmducs offered thvaugh MorganStank-zySm?h Barney LLCare:NOTFDICINSURED i MAYLOSEVALUE I NOT BANKGUARANTEEDI NOTA BANKDEPOSIT|NOTiNSUREDBVANYFEDERALGOVERNMENTAGENCXAllcontentwilhinthisDocumentappliestotheaccountsIi?iedabove or a subsetthereof,UNIS otherwiseindicated.ClosedAccounts isted above are includedin!hismricalperiwrnance.The investmentreturrsshownanthispagearetime-weightedmeasulemenb which exnludethe effect (77tne timirg and amount of your comibuliars and withdrawals. ACCOUNTS)INCLUDEDIN THIS REPORT 27 Agenda Item #7.A.25 Nov 2019Page 63 of 113 ‘|VlEl“\;TI-;S'fI"‘l'\‘III‘lGEEr\'lJ|'i'mSUMMARYDOLLARWEIGHTEDRETURNS M°'9a"Stanley CITYOF ATLANTICBEACH GENERAL As of5¢P“'“5Bf 30.2019 I Rep??i?g C|1"¢||CY=U50 UK 1.1 NET HIVE 20 $25,000,000 """"""""""""""""""""""""''s2a,s21,ez7.4s $20.000.0D0 as V. 515.000.0130 E E SE’ 310,000,000 _. M .E 55,000,000 5 I so *“‘m°“°«n°“«»°‘”4=>‘°“~s‘“«c>“°«L°‘“’m°°~&‘59” __..10 ———r ———————-~ Tnhlvilug N“lnwsud cnlhl 2010 201]2012 2013 2014 2015 2016 2017 2015 YTD Dues nut includePerformamzeunnsgmeAssets.Does not includePerformanceIneligiblems. «Anon Qlla??ha Bah ($1 CHSIOWIP200!‘[5]Pafnmllnnl lnuqation (S) D6fi0/19-DSWSWXS D9/JD/|B—D9/3D/)9 D3/10/10-09f5W19 Beginning Total Value 20,455,131 19,373,025 9,332,145 ML,,,E,,,,,a,,,,.m5,,,,,,,,,,5_1,,,G,m,c_,s,,Em Netcentzvibutinns/‘mthdrawals 529 559 1,698,385 ennn rm lncnmeothzy 7.0 \ Investment Earnings $5,263 543,243 s.941,a97 W,”W,M,,m,,,,L9,, Ending Total Value 20,521,927 20,521,927 20,521,927 95 “'’*°‘"‘‘’""’‘’‘15-7“ noun WEEHTE pm:or nzrunnmu mnnuuulm luv neriodsum 12 rmnlhs) Return %(Net of Fees)0.32 3 .24 6.44 us Taxablekm 19.7 Lara:an ‘hlue 151% Intl Euui?escm:15.2%.115Mm cap Growth 5.0% 5 Small Cap Wu:5.3% INVESTMENTSUMMARV 28 Agenda Item #7.A.25 Nov 2019Page 64 of 113 WEALTH MANAGEMENT TIME WEIGHTEDPERFORMANCESUMMARY Mmga"Stanley CITY OF ATLANTICBEACH GENERAL As of September 30,2019 |ReportingCurrency:USD 12.5% 10% 7.5% 5% 2.5% 0%I.I.-.u__.111. -2.5% MDHKHID DMD n?l??M DIRK CIISIDMPlfi?d LZSI I2 MUIIMS L35‘3 VQIS LISI 5 Van PEWOPWDVIRIHCEMIDH 093‘/19 -09/30/15 33049 -(XEU/19 09/3715 -09/W/I9 U339/15-09?W|9 (E/3W15 -0930/I9 D9/30/147 0330/19 93/‘W10-0950/19 Beginn1ngT0ta|Value rs;20,254,13o.31 20,455,130.59 19,s75,o25.27 19.s75,025.27 15,332,332.54 14,753,154.11 9,532,145.25 Ne!conuabmons/wimavawaxs(3)0.00 525.57 555.75 555.75 191,455.73 91,455.73 1,595,355.04 lnvestmentEarnir1g($)237,797.14 55,257.70 543,243.42 543,243.42 3,993,105.15 5,577,255.51 5,941,397.15 Ending Total Value ($1 20,521,927.45 2o,521,927.45 20,521,927.45 20.521.927.45 20,521,927.45 20,521,927.45 2o,521,927.45 Return 74(Gross of Fees)1.17 0.41 3.51 3.51 5.00 7.20 5.55|Return 74(Net of Fees)1.17 0.32 3.24 3.24 7.55 5.75 5.45|c045 Target r-7.1 1.07 0.50 3.90 3.90 7.33 5.50 7.57 |+5.75 (‘:0 0.52 1.55 5.75 5.75 5.75 5.75 5.75 |sap 500 Total Return (7.)1.57 1.70 4.25 4.25 15.42 10.54 12.55 1 ac Gav/Crlntm (as)-0.35 1.37 5.17 3.17 2.40 2.55 2.97 MSCIEAFE(7.)2.92 .100 -0.32 -0.52 7.02 3.77 5.55 Russell 2500 (7.)1.77 -1.29 44.04 44.04 9.53 5.57 11.43 The investmentveturr?Shawnon this page are timevweigmedmeasurements which exn?ude the effect 05the timingand amount of yuuv contributionsand withdrawals. PERFORMANCE 29 Agenda Item #7.A.25 Nov 2019Page 65 of 113 WEALTH MANAGEMENT TIMEWEIGHTEDPERFORMANCEBY PERIOD Morgan Stanley CITY OF ATLANTICBEACH GENERAL From 03/10/2010 -10/31/2019 As nfDctnber31.2019 |Reporlingturrency:usn Plriud R:turnx% Bl?rming Nd cnnxnhutinny Investment Ending Pnr?nln Fnnlaliu 51.7 500 Total Fahd Tnla|VI!w:1S)Wrlhanwals rs)Earnings (5)‘ram vulue (5)(Net or Fats]cross0!Pas)comaram +5.75 Rdum BC Bow/CrImm 2019 (VTD)17.999.062.18 658.76 2,732,050.99 20.731.771.93 15.18 15.59 15.08 5.59 23.16 6.83 2018 18.807.132.11 190,751.72 -998,831.65 17.999.062.18 -5.21 -4.85 -4.99 6.75 -4.38 0.88 2017 16.462.887.37 66.25 2,344,178.50 18.807.132.11 14.24 14.71 13.25 6.69 21.83 2.14 2016 15.541.379.80 —100,000.00 1,021,507.57 16.462.887.37 6.61 7.05 8.44 6.73 11.96 2.08 2015 15.275.564.16 0.00 265,815.64 15.541.379.80 1.74 2.26 -2.51 6.75 1.38 1.07 2014-14.346.036.33 345,000.00 584,527.33 15.275.564.16 4.02 4.44 6.74 6.75 13.69 3.13 2013 12.685.058.25 375,000.00 1,255,978.58 14.346.036.83 9.95 10.49 16.58 5.75 3239 -0.86 2012 11.138.427.61 449,972.22 1,096,658.42 12.685.058.25 9.70 10.29 11.24 6.73 16.00 3.89 2011 11.087.174.01 275,000.00 -223,746.40 11.138.427.61 -1.99 -1.42 1.72 6.69 2.11 5.80 2010 Performance 9,882,145.25 161,926.09 1,043,102.67 11.087.174.01 10.44 10.95 10.95 5.46 12.07 4.09 Inception:03/10/2010 The imlesvnent returrs shown an M5 page are lime-weightedmeasurements which exdude the effect uf the timingand amount of your contrihuliunsand wflhdrawale PERFORMANCE 30 Agenda Item #7.A.25 Nov 2019Page 66 of 113 WEALTH MANAGEMENT INVESTMENTSUMMARY DOLLARWEIGHTEDRETURNS M°'ga"Stamey CITY OF ATLANTICBEACH GENERAL As of Navember 11.2019 |Reporting Currency:USD 3?10 5 $15,000,000 E10- '9'5 ‘°'° — 3 as 510,000,000 .:5”‘4_u — 55,000,000 §0 K ---I >1950 ‘Z B N 'L '5 V ‘)W:’\Q '5'°‘»°‘¢=‘~,°‘ri>‘/o=”n°‘m°‘m°‘~L°‘¢>*'52 —Tanlvalue —Nmlmeskd Capital 4°”'' "”"””i”’’’ 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Does not include Periormance Ireligible Agets.Does not includePerfcrrrianceineligible Asets. :HTE[r RETUPH um F FF Quarter to am (3)Custum Periud (S)Pednmurwe lnmalion (5) D9a0(l9-ll/ll/I9 OS/MIKE-H/lX/19 03/10/10-ll/ll/15 Beginning Total Value 20,521,927 20,521,927 9,882,145 MLPlEnergIInfras1.m:tur:4.B%|gb.g1c;;y.5_yssNetContributions/Withdrawals 0 0 1,698,385 Giuhal Fixedlncnma other 6.8 \ mvastmentEarnings 355,171 355,171 9,296,568 Ending Total Value 20,577,093 20,377,093 20,377,093 Us L"F°'P'5'°W'"17~W~ DOLLARWEIGNTEDRATE OF RFTURN(7.) Kkrmul?zad lav anions over 12 Imnllls) Retum °/.(Netof Fees)1.73 1.73 6.56 S Lam Cap Vain:13.3% lull Equities0thH15.5% V 5 Mid up Gmwm5.0% Small Cap Value5.5% mvasmzm summmzv Agenda Item #7.A.25 Nov 2019Page 67 of 113 WEALTH MANAGEMEN1 Morgan Stanley BRIDGES/TAYLOR Tel:407-849-4700 Performance Report Prepared on November 12,2019 for: CITYOF ATLANTICBEACHPOLICE Piease review the disclasures and definitions Ihmughoutthis Document.32 Agenda Item #7.A.25 Nov 2019Page 68 of 113 WEILTH MANAGEMENT M SACCOUNT(S)INCLUDEDIN THIS REPORT °r9a"tanley CITV OF ATLANTICBEACH POLICE R3P°m“E C‘-'"5"CY5U59 AI.'n)IJllI1YD&’Advisory/Pervomnm-.217:)AuznunxNINE Mlnl?v Nllll Blnklnp Awounl NHIDWEI DIR Dv?lad DIIE Closed lnnepliun -11/H/19 cirv or ALTANTICBEACHGENERAL AAA Advisory 560-XXX350 03/10/10 07/21/13 . CKTYor ATLANTICaEAc1-i AAA Brokerage 454—xxx752 11/04/15 02/23/16 — 2:23;’F“"‘“'"°"‘”'Advisory 660-XXX196 10/15/13 -- AAA Advisory 650-xxxz01 10/15/13 07/15/17 — AAA Advisory s50—xxx210 10/15/13 07/15/17 - cirv or ATLANTICBEACHPOLICE AAA iarokorogo 454-xxx121 08/16/16 08/23/16 - fnPc;”r:;9“”E““"’Advisory s50—xxx174 03/10/10 —10.35 §:Cfs';'r“”9G’°””Advisory 660-xxx1s1 11/04/15 -6.61 5:1‘u':”'’“‘"e'5 5”“Advisory 660-XXX258 03/10/10 ~8.34 ::‘;:’,:‘;‘°9‘5”“C"Advisory eso—xxx2es 03/10/10 .13.37 g’;m°“‘59'““'93 Advisory 660-XXX290 03/10/10 .12.02 AAA Advisory 660-XXX331 03/10/10 —- GENERALEMFLOVEEREFIREMENT AAA Advisory 454-xx><533 03/10/10 01/27/15 » POLICEEMPLOVEES’REHREMENT $:f:b],”e“‘*"""d7“‘Advisory 660-XXX035 03/10/10 »3.19 invosrrnerrt.insurance and annunyproducts vrrorodmrougnMurgan Stanley sniirii Eamey LLc are:NOTFDICINSURED|MAVLOSEVALUE|NOTBANKGUARANTEED1NOT A BANKDEPOSIT}NOT INSUREDavANYFEDERALGOVERNMENTAGENCYAiicontentwnnininisnosurnoniaopiiosinmeaccountsHstedaboveorasubset(herec/f.unless otherwse indicated.ClosedAccounts listedabove are includedfor iimoricoiperfnrmance.The im/estment returnssnownonmispageareiirrre-weigmsdmeasurements wriioriexciude the effect of iris timing and arnouni 01your comrihutizursand withdrawals. ACCDUNWS)INCLUDEDIN THISREPORT 33 Agenda Item #7.A.25 Nov 2019Page 69 of 113 mvESMTA|u‘EE£‘?N1SUMMARYDOLLARWEIGHTEDRETURNS M°'9a"Stanley CITYOF ATLANTIC BEACH POLICE As oi September 30,2019 |Rnporting Currency:USD sn,77zms.97 20 512,500,000 s10 000 000 15 ‘A5 .. 32 57,500,000 g 1°5 7 B 93 — 56.333.161.01 3 ' 5 8 55,000,000 3 5-m — E D 9 I 1.7 $2,500,000 §0 i I E -5 so I -55 —-Tnhlvalue —Ne1lnvskedcapilxl '10 "”7’””"77”77 W’7’?' 2011 2011 2012 2013 2014 2015 2016 2017 2013 YTD Does nut include PerformanceineligibleAssets.Does not include PerforrriancaIneligibleAssets. iH tT auanuto um 13)Custom Peviod ls)Pafnrmance lnueplbn (:1 057:0/1909/30/19 osannsos/2019 01/10/1009/5009 Beginning Total Value 1 11,734,794 11,3s2i4131 5,848,281 ,,,L,,,E,W,,,,m,,,,,,,,,,51,,G,m,ca5,,5_5% Netcontributions/Withdraws s 263 1,049,880 Global Fixed Inmm:mm:7.0%1, irlvestrrient Earning;37.240 409,442 4,874,136 E,,_,m,,,,,,m,,,,m,,,,,_g.,‘ Ending Total Value 11,772,297 11,772,297 11,772,297 _U5|-IVEFCEPGVDVNI15-5% DOLLARWEGHTED RATEor RETURNm1 (lnnulllzed luv nulodsam 12 rrnnlhs) Return %(Natal Fee)0.32 3.60 6.37 us Taxable mm19.3% s Lat;Cap min:17.7% Inll Equities Other 15.19:.-'\u5MidCap Growth 44% 5 small canvalue 5.3”/. INVESTMENTSUMMARV 34 Agenda Item #7.A.25 Nov 2019Page 70 of 113 T MANAGEMENTW/LIEWEIGHTEDPERFORMANCESUMMARY M°'9a”Stamey CITV OF ATLANTICBEACH POLICE As of September 30,2019 I Reporting Currency:USD 15% 1 0% ..n.1,..ul -596 Month to Dllz Quzrlu in Dal:Cusrnm Fahd L151 12 Mnnlhs 1.2513 Year:Last 5 Volt:Fe?omunce lmzglinn NEVIS -D9/30/I9 06/30/I9 ~09?0Il9 08/EDA!»D9/30/19 09/J?lli -09/30/19 D9/SWIG~09/30/I9 OM10/I4-09/30/19 03/10/10-O9/3009 BeginningTota1 Value (S)11.636.971.72 11.734.793.95 11,362,543.16 11.362.543.16 8,728,013.59 7,897,560.94 5,848,281.36 Netcontributions/Withdrawals (S)0.00 263.42 311.44 311.44 873,743.83 873,743.33 1,049,879.65 InvestmentEarnings ($)135,325.25 37,239.60 409,442.37 409,442.37 2,170,539.55 3,000,992.20 4,874,135.96 EndingTotal Value($)11.772.296.97 11,772,296.97 11.772.296.97 11.772.296.97 11,772,296.97 11,772,296.97 11,772,296.97 Retum ’/a(Gvoss of Fees)1.16 0.41 3.98 3.93 7.94 6.99 6.88 I Return %(Net of Fees)1.16 0.32 3.60 3.60 7.54 6.55 6.40 I COMETarget (36)1.07 0.60 3.90 3.90 7.33 5.60 7.67 I +6.75 (34)0.52 1.66 6.75 6.75 6.75 6.75 6.75 I S&P 500 Total Return ('74)1.87 1.70 4.25 4.25 13.42 10.84 12.88 I Barclay:Aggregate (Va)-053 2.27 10.30 10.30 2.93 3.38 3.69 MSC/AC World Net (%)2.10 -0.03 1.38 1.38 9.73 6.65 816 Russell 2500 (Val 1.77 ~1.28 -4.04 -4.04 9.53 8.57 11.43 The imIes1mentreturns shown on 01':page are time-weightedmeasurements whichexclude the e?ect of the timingand amount of your contfbulinrs am withdmwals. PERFORMANCE 35 Agenda Item #7.A.25 Nov 2019Page 71 of 113 \1l'mlT61?A7ElG(E5'1|-lE"|"1l-ZDPERFORMANCEBYPERIOD M°'9a”Stamey CITY OF ATLANTICBEACH POLICE As of October 31.2019 |Reporting Currmcy:USD ETHRH From 03/10/2010 -10/31/2019 Fund Rgmmsx Bn?nning umCnnlribulmlsl Invznlvlml Ending Putnam Pnrllnliu so 500 ‘Inhl Pzlind Tum Value ($1 vmmmw-Is (S)Emm?(5)mal Value As)mat 01 ns)I?mss 0!ms)cons Tarp:+a15 Return Bardays Agent: 2019 (YTD)10,332,913.22 311.44 1,556,157.47 11.889.382.12 15.06 15.47 15.08 5.59 23.16 8.85 2018 10.233.986.38 673,373.27 -579,446.43 10.332.913.22 -5.06 -4.71 -4.99 6.75 -4.38 0.01 2017 8,752,989.85 200,053.12 1,285,937.41 10.238.986.38 14.60 15.03 13.28 6.69 21.83 3.54 2016 8,271,625.21 0.00 481,363.54 8,752,989.85 5.82 6.21 8.44 6.73 11.96 2.65 2015 8,130,020.40 0.00 141,605.81 8,271,626.21 1.74 2.27 »2.51 6.75 1.38 0.55 2014 7,716,926.12 90,000.00 323,094.28 8,130,020.40 4.16 4.62 6.74 6.75 13.69 5.97 2013 7,049,519.24 -25,000.00 692,406.88 7,715,926.12 9.86 10.39 16.88 6.75 32.39 -2.02 2012 6,466,213.97 74,986.33 508,318.94 7,049,519.24 7.84 8.41 11.24 6.73 16.00 4.21 2011 6,409,008.81 0.00 57,205.16 6,466,213.97 0.85 1.42 1.72 6.69 2.11 7.84 2010 Performance 5,848,281.36 36,149.49 524,577.96 6,409,008.81 8.97 9.46 10.95 5.46 12.07 4.53 Inceptinn:03/10/2010 The imlestmem rerunsshown on this page are ?mrweighted measuremerfs whrch excludethe affect of the timingand amount of your contributionsand withdrawals. PERFORMANCE 36 Agenda Item #7.A.25 Nov 2019Page 72 of 113 WEALTH MANAGEMENT INVESTMENTSUMMARYDOLLARWEIGHTEDRETURNS M°'9a"Stanley CITVOF ATLANTICBEIXCHPOLICE A5 of November 11,2019 |Reporting Currency:USD s11,971,om.45 20 $12,500,000 15 M:, $10,000,000 $7,500,000 $6,898,151.01 554300.000 521500.000 HlstoncalReturns 96ou.3Im\D‘9 >1"9 kn o stI:m -.I I 9*“T9‘4*”E”49‘ .10 WE” in __E—_nE_i__iw 2010 2m)2012 2013 2014 21115 2016 2017 2018 ‘(TD —Tot-alvalue —Net Invested caniul Does not include Perinrrnance IneligibleAssets. ?umum Dale [SJ Custam Penn (5)momunu Incenlian(s) 09/3Wl9<1l/ll/19 D930/‘$41/ll/I9 D3/IWIDJI/11/19 Beginning Total Value 11,772,297 11,772,297 5,843,281 MLP/EnergyInlrastmcture4.7%e|oha|casn6,5% Net Contributions/Vvithdrawals 0 0 1,049,880 Glubal Find Incomemm:6 \\ Investment Earnings 193,756 198,756 5,072,392 EmergingMkt Ffxad Inmme 1. EndingTotalValue 11,971,053 11,971,053 11,971,053 USLargeCaPGvawth17.0% DOLLARwaamaz Mr:or nsruau (as) (hmulllzut for pevlads am 12 lmnklls) REIUVH%(NEKDf FEES)1.59 1.69 5.49 us Yaxable0ore19.A% Lamaup Vhlue17.9% umEqunia Other 15.41 Kus MidCap mm J 9%smanCap wue 5.5% ' INVESWENTSUMMARV 37 Agenda Item #7.A.25 Nov 2019Page 73 of 113 WEALTH MANAGEMENT Morgan Stanley c|1'v oF A1'|_AN‘r|c BEACH i>oL|cE Prepared on November 12,2019 [Reporting Currency:USD Explanatory Notes and Disclosures:This document is designedto assist you and your Fina ncial Advisorin uiiderstandln;portfolio positions,composition and subsets thereof.it is designed solelyfor your individualuse,is forinfonnananal purposes only and is not intended as an offer orsnllcltation with respect to the purchase orsale of any security.Do not take action relying on this information without con?rmingits accuracy and completeness.Please read carefullyall accompanying notes and disclosuresprovided in this Document. For convenience purposes,your FinancialAdviser may have assigned a designated name forthis Document.The list ofthe accounts covered in this document is noted herein and may not includeall ofyour accounts with us orexternal custodians.Furtliermnre,the information included in this dncurnent may not include all asse:classes/securities/Iiabilitlesheldby you atthe firm or external custodians.Please review this document carefullyand discuss any questions you may have with your FinancialAdvisor.lfyou do not understand an entry,suspect an error,or want more detailson current values or other information,contact your FinancialAdvisor.This document is based uponyour Morgan Stanley account holdingsand may include other holdings/informationthatyou ora third party providedabout assets custodied elsewhere.Morgan Stanleywill not verify any other holdings?nforrnation.If any information reflects assets held away from Morgan Stanley thatwill be indicated.The informationcontained in this documentis subjectto,and does not supersede the confirmations and account statements you receivefronri us.Values shown in yourof?cial account statement may differfrom the values shown inthis document due to,among otherthings,different reporting methods,delays,market conditionsand interruptions,lfthere are discrepanciesbetween your of?cial azccuntstaterrierit and this document,rely on yourorficial account statement The information in this document is approximate and subjectto updating,correction and other changes.we are not obligated to notifyyou if information changes.Althoughthe statements of fact and data inthis document have been obtainedfrom,and are based upon sourcestliatwe believe to be reliable,we do not guarantee their accuracy,nrtirneliness,and any such information may be incomplete or condensed.Percentage values shownin this documentare subjectto rounding,which may impacttotal values.The values of securities and other investments notactlvelytraded may be estimated or may nctbe available. This information is provided for informational purposes only and should not be used for tax preparation.The information reported on your Form(s)1o59 supersedes the information provided in this report and should be exclusively relied uponfortax preparation.Morgen stanley,its affiliates and its employees are not in the business orprovidingtax or legaladvice.clients shouldseek advice based on their particularcircumstances from an independent taxand legaladviser.Morgan stanley Smith Barney LLCis a registered Eroker/oealer,MemberS|PC,and not a bank.where appropriate,Morgan stanley smith aarneyLLChas entered into arrangements with banks and othertiiird partiesto assist in offeringcertain bankingrelated productsand services. investment,insurance and annuity products offered through Morgan Stanley Smith Barney LLCare:NOT FDICINSURED |MAY LOSE VALUE |NOT BANKGUARANTEED |NOTA BANKDEPOS|Tl NOT INSUREDBYANYFEDERALGOVERNMENTAGENCV Additional information about your Floating Rate Notes:Forfloating rate securities,the estimated accrued interest and estimated annualincome are based onthe currentfloatingcoupon rate and may not reflect historicrates within the accrualperiod. Important information About Auction Rate securities:For certain Auction Rate securities there is no or limited liquidity.Therefore,the pricels)forthese Auction Rate securities are indicated as not availableby a dash There can be no assurancethat a successful auction will occur orthat a secondary market exists or willdevelop fora particular security. important Pricing information:Prices ofsecurities not actlvelytraded may not be available,and are indicated by a dash Asset classi?cation:we classifyassets based on general characteristics such as:income generation,underlyingGpital structure,or exposure to certain market sectors.As many assets contain characteristics of more than one asset class,allocations may be under or over inclusive.These classificationsdo not constitute a recommendation and may differfmmthe classification of instruments for regulatory or tax purposes.In addition,the Other asset class contains securitla that are not included in the various asset class dassi?cations.This can include,but is not limited to,non-traditional investments such as some Equity urlirTrusrs,index options and structured investments issued outside of Morgan stanley.Additionally,investments forwhich we are unable to procure market data to properlyclassirythem willappearin the Othercategory. Morgan Stanleywealth Management:Morganstanley wealth Managerrient(cusmdiaril:ype "Morgan stanley wealth Vlanagement")isa registeredtrade name ofMorgan stanley smith Barney LLC. Morgan stanley is 03.:Morgan stanley 2.co.LLC ("Morgan stanley a.co")is an af?liate of Morgan stanley smith Barney LLC(“Morgan stanley wealth Management”)and both are subsidiaries of Morgan stanley,the ?nancial holdingcompany.Morgan Stanley a co.values shown on your Morgan stanley wealth Managementstatement may differ from the values shown in yourofficial Morgan Stanley &Co,statement dueto,among otherthings,different reporting methods,delays,market conditionsand interruptions.The information shownis approximate and sulalecttoupdating,correction and other changes.information being reported by Morgan Stanley Wealth Management on assets held by other custodians,which are related to income,Perfonnance,Tax Lots,Total Cost,Target Asset Allocation,Asset classification and Gain/Lossmay differfrom that information provided bythe custodian.In performance calculations,the inception date will align with the first date on whichMorgan Stanley Wealth Management received account information from the custodian.lfthere are discrepanciesbetweenyour official Morgan Stanley KrCo.account statement and your Morgan stanley Wealth Managementsupplemental clientreport,rely on the official Morgan stanley SrCo.accountstatement. External Accounts:"External"generally refers to accounts,assets,and/orliabilities that you hold with other financial institutions and/orwhich may be custodled outside of Morgan Stanley (whose DlSCLOSlJRES 38 Agenda Item #7.A.25 Nov 2019Page 74 of 113 WEALTH MANAGEMENT Morgan Stanley CITYOF ATLANTICBEACHPOLICE Prepared on November 12,2019 |Reporting Currency:USD subsidiaries include Morgan Stanley Smith Barney LLCand Morgan Stanley is Co.)("External Accounts").External Accounts are not under administration or management at Morgan Stanley and are not reflected in your Morgan stanley account statements.informationrelated to ExternalAccountsis provided solely as a service to you and your FinancialAdvisorlPrivatewealth Advisor.The information reference is based upon information provided by external sources which we believe to be reliable.However,we do not independentlyverify this information.As such,we do notwarrant or guarantee that such information is accurate ortimely,and any such information may be incomplete or condensed. information related to income,Performance,Tax Lots,Total cost,Target Asset Allocation,Asset classi?cation and Gain/Lossmay differ from the informationprovided by your custodian.External information presented herein is subject to,and does not supersede,the confirmations and account statements provided by your custodian.values shownin an account statement from your custodianmaydlfferfrornthevaluesshownheredueto,among otherthings,different reporting methods,delays,market conditions and interruptions.If there are discrepanciesbetween your custodian's official account statement andthis material,rely on the cunodians ofncial accountstatement.we are not obligated to notify you or your FinancialAdvisor/PrivateWealth Advisorif informationchanges.In performance calculations,the inception date referenced will reflectthe first date on which Morgan Stanley received account informationfrom the custodian.If information on an ExternalAccount cannot be reported,it will be noted. Assets not custodiedwith Morgan Stanley are not covered by slPc protection at Morgan Snanleyor by additional protection under Morgan Stanley's excess insurance coverage plans.However,these assets may be subiecttoSIP:coverage atthe entity atwhichthey are custodied. Timing of Feeds:Account and Position data for Morgan Stanley at C0.and ExternalAccounts is obtained from sources that we believe to be reliable.However,Morgan Stanley wealth management does not guarantee its accuracy ortimeliness as such information may be incomplete,condensed,or based on differing points oftime.Please referto the "Last Update Date"for informationregarding when the data was last refreshed.Youshould nottake any action relyingupon this information without cortfirmingits accuracy and completeness. Timing of Feeds -FX Market:The FX market rate used to convert non-usDollarvalues to us Dollarsis as ofthe previous business day's close.For the current Fx rates,please contact your Financial Advisor. Manually Added assets:“ManuallyAdded"generally refers to accounts,assets,and/or liabilities,as applicable,that you hold with otherfinanclal institutions and/orwhich may be custodled outside of Morgan Stanley (whose subsidiaries includeMorgan Stanley smith Barney LLC and Morgan Stanley is Co.)("ManuallyAdded External Accounts“).Tlie ManuallyAdded External Accounts referenced are generally not held with Morgan Stanley and are not underadmlnistration or managementat Morgan Stanley.Information about such Manually Added External Accounts is manually inputted,updated and maintained solely by you and/cityour FinancialAdvlsor/Privatewealth Adviser.Morgan stanley may includeinformation aboutthese Manually Added ExternalAccounts solely as a service to you and your Financial AdvisorlPri\/atewealth Advisor.we do not independently verify any information related to your Manually Added External Accounts.As such,we do not warrant or guarantee that such information is accurate or timely,and any such information may be incomplete or condensedvaluationsand other information about these assets may be provided by you and/oryour Financial Adviser/Privatewealth Advisorand are generally based upon estirnates.The information is used for position,assetallocation,and product allocation reporting purposes but is not,however,reflected in your Morgan Stanley account statements.Income values,includingEstimated Annual Income and Projected Income,are not calculated for Manually Added External Accounts.The information being reported by Morgan Stanley on Manually Added External Accounts related to Performance,Tax Lots,Total Cost,Target Asset Allocation,Asset classificationand GainILossmay differ from the information provided to you by the custodian of those assets.If there are discrepancies between your custodian’;official account statement and this material,rely on the custodians officialaccount 5i:aternent.Theinception date referenced in this view will reflectthe date on which information aboutthe Manually Added ExternalAccounts was input by you and/oryour FinancialAdi/isorIPrivatEWealth Adi/isor.lflnformation on a Manually Addedassetcannot be reported,ltwill be noted. Assets not custodied with Morgan Stanley are notcovered by SIPC protection at Morgan Stanley or by additionalprotection under Morgan Stanley's excess insurance coverage plans.However,these assets may be subjecttoSIPC coverage atthe entity atwhichthey are custodied. Performance:Performance results are annualizedrortime penods greacerthan one year and includeall cash and cash equivalents,realized and unrealizedcapital gains and losses,dividends,interest and income.Dependingon the opening or closingdate of the account or position,the performance referenced may before portion ofthe time period identified.The investment faults depicted herein representhistoricalperformance.As a result of recent market activity,current performance may vary from the figures shown.Please contact your FinancialAdvisorfor up-to-date performance information.Past performance is not a guarantee of future results.Quotations of performance appearing in this report may include performance experienced in legacy accounts which have been dosed and purged,and as such are notincluded on the Accounts includedin This Report page. Marketvalues used for performance calculation do not includePerformanceineligibleAssels andthus may differfrom assetallocationmarket values.Common examples of Performance IneligibleAssets includelife insurance and annuities as well as Manually Addedand External accounts,assets and liabilities. Unless otherwise indicated,performance is a composite calculation ofthe entire portfolio and may includebrokerage and investment advisoryaccounts as well as assets for different accounts includedinthisreport.The accounts included in the composite may have (or have had)different investment objectives and strategies,been subject to different restrictions,and incurred differenttypes of fees, markups,commissions and other charges.Accordingly,performance results may blendthe performance of assets and strategies that may not have been available in all ofthe accounts at all times during DISCLOSURES 39 Agenda Item #7.A.25 Nov 2019Page 75 of 113 WEALTH MANAGEMENT Morgan Stanley CITY OF ATLANTICBEACH POLICE Prepared on November 12.2019 |Reporting Currency:USD the reporting period.in addition,accounts in the composite may have changed from brokerage to advisory orvice versa.Accounts may also have moved from one advisory program to anotherlincluding from a discretionary program to a nonrdlscretlunary progremi. For Morgan stanley smith Barney LLCaccounts,performance information may coverthefull history ofthe accountisior iusttheperformance ofan accountlsisince the inception ofthe current program(s). Performance results on individualaccounts will vary and may differ from the composnereturns.Vour FinancialAdvisni can provide you with individualaccount portfoliocomposition and performance information.For investment advisory accounts,please see the Morgan Stanley smith Barney LLCForm ADV Part 2 or applicable disclosurebrochureand any applicablebrokerage commissionand/orfee schedule for a full disclosure of fees and expenses.vour FinancialAdvisorwill provide those documents to you upon request.For brokerage accounts,please speak to your FinancialAdvlsorfor more information on commissions and other accountfees and expenses. Performance inception date does not necessarily correspond to the account opening date.where multiple accounts are includedin performance calculations,the inception date is the oldest performance inception.Performance data may not be available for all periods as some accounts includedin performance may have more recent performance inception dates.consequently,the actual performancefor a group ofaccounts may dlfferfrom reported performance,Please ask your Financial Advisorforthe performance inception date foreach account. Grossofreesz As fees are deducted quarterly,the compoundingeffect willbe to increasethe irripactofthe fees by an amount directly relatedtothe gross account performance.Fore>osmple,foranaccount with an initialvalue of s1ol:i,uaa and a 2%annual fee,if the gross performance is 10%peryearover a three year period,the compoundingeffectofthe fees will result in a net annual compoundrate of return of approximately7.31%per year over a three year period,and the total value ofthe c|ient‘s portfolioatthe end ofthe three year periodwould be approxirnatelys133,1ao without the fees ands:i25,3o7with (hefees. indice :aenchmark indices and blends includedin this rnatenai are for informational purposes only,are provided solely as a comparison tool and may not reflect the underlyingcomposition andlur investment objectivels)associated with the accountis).in some circumstances,the benchmark index may not be an appropriate benchmarkfor use withthe speci?c composite portfolio.Forinstance,an index may not take into considerationcertain changes that may have occurred in the portfoliosince the inception orthe account(s),(e.g.,changes from a brokerage to an advisory account or from one advisory program to another,asset class changes,or index changes for individualmanagers).The volatility of the indet used for comparison may be materially different from that orthe performance shown.lndices are unmanaged and not available for direct investment.index returns do nottake into account fees or other charges.such fees and charges would reduce performance.Please see the aenchmark Definitions section ofthis material for additional information on the indices usedforcomparison. Additional information about ynl.irAlternative Investments:Your interests in Alternative Investments,which may have been purchased through us,are generally not heldhere,and are generally not covered by SIPC.The information providedto you.1)is includedas a service to you,and certaintransacrions may not be reparted;2)is derived from you or another external source forwhich we are not responsible,and may have been modi?ed totake into consideration capital calls or distributionstothe extentapplicable;3)may not re?ect actual shares,share prices,orvalues;4)may includeinvested or distributed amounts in addition to a fair value estimate;and 5)should not be relied upon for tax reporting purposes.Notwithstandingthe foregoing,1)to the extent this report displays Alternative investment positions within a Morgan stanley individuall?etirementAccount ("IRA"),such positions are held by Morgan Stanley smith Barney LLCas the custodianofyourMorgan stanley IRA;and 2)if yourAlternative investment positionisl is held by us and is registereo pursuanttothe securities Act ofsggg,as amended,your Alternative investment poSltlcln(s)is covered by SIPC. Alternatives may be eltller traditional alternative investment vehlcles or nan-traditional alternative strategy vehicles.Traditionalalternative investment vehicles may include,but are not limited In, Hedge Funds,Fund of Funds(both registered and unregistered),Excnange Funds,Private Equity Funds,Private credit Fmds,Real Estate Funds,and Managed Futures Funds.Non-traditionalalternative strategy vehicles may include,butare not limited to,open or closed End Mutual Funds,ExchangerTradedand Closed-End Funds,unit lnvestmentrrusis,exchange listed Real Estate investment Trusts (RElTs),and Master Limited Partnerships (MLPS).These non-traditional alternative strategy vehicles also seek alternative-like exposure but have significant differences from traditional alternative investmentvehicies.Nan~tl'acl'ltloria|alternative strategy vehicles may behave lilre,have characteristics of,or employ various investment strategies anizlmchniquesfor both hedging and more speculative purposes such as short-selling,leverage,derivatives,and options,which can increase volati ty and the risk of investment loss.Characteristics such as correlation to traditionalmarkets,Investment strategy,and market sector exposure can play a role inthe classificationofa traditional security being classified as alternative. Traditional alternative investrnent vehicles are illiquidand usually are not valued daily.The estimated valuationpravlcleclwill be as ofthe most recent date available and will be includedin summaries of your assets.Such valuation may not be the most recent providedby the fund in whichyou are invested.No represeriitation is made thatthe valuation is a marketvalue orthatthe irrterestcould be liquidated atthis value.We are not reouiredtotake any action with respectto your investment unless valid instructions are received from you in a timely manner.somepositions reflectedherein may not represent interests in the fund,but rather redemption proceeds withheld bythe issuer pendingfinal valuations whichare not subject tothe investment performance ofthe fund and may or may not accrue interestfor the length ofthewithholding.Morgan Stanley does notengage in an independent valuation ofyouralternative investrnen-.assets.Morgan Stanley provides periodicinforrnationtoyou includingthe market value of an alternative investmentvehicle based on information receivedfrom the rnanagemententity ofthe alternative -nvestmentvehicle or another service provider. it is important to note in this report that Morgan Stanley makes a distinction between Alternative Investment produzrs,and products classi?ed as Alternatives by their asset class.Morgan Stanley DISCLOSURES 40 Agenda Item #7.A.25 Nov 2019Page 76 of 113 WEALTH MANAGEMENT Morgan Stanley CITV OF ATLANTIC BEACH POLICE Prepared on November 12.2019 ]Reporting Currency:USD categorizes traditional and norvtradltionalalternative investmentvehiclesunderthe category "Alternatives"in asset classification hasedview.For product basedviews,traditional alternative investments vehiclesare classified under the category "Other“;this differs from your official Morgan Stanley account statement,which categorizes traditionalalternative investment vehicles such as Hedge Funds under the category "Alternative Investments",Non-traditional alternative strategy vehicles are classified based on their investment type,such as Mutual Fund or Exci'lange~TradedFundswithin both this report aridyourli/iorganStanleyaccount statement, Interests in alternative investment products are offered pursuanttothe terms ofthe applicableoffering memorandum,are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates,and (1)are not FDIC-insured,(2)are not deposits or other obligations of Morgan Stanley or any of its affiliates,(3)are not guaranteed by Morgan Stanley and its af?liates,and (4)involve investment risks, includingpassiblelossof principal.Morgan Stanley smith Barney l.l.Cis a registered broker-dealer,nota bank. tozotg Morganstanley smith Barney l.i.c.MernberS|PC. GENERAL DEFINITIONS Do||ar—WeightedReturn (Internal Rate orneturn):A return calculation that measures the actual performanceof a portfolio overthe reporting period.Since dollar weighted returns includethe impact of client contributionsand withdrawals,they shouldnot be comparedto market indices or usedto evaluate the performance of a manager,butcan be used toevaluate progress toward investmentgoals. Gross ofFees:Performance results depicted as "gross"offees do not refiectthe deductionof any wrapfee,investment management fee,trade commissions,and/or otheraccountfees.Your actual returns are lower afterdeducting these expenses.Please see the Morgan suanley smith Barney LLCForm ADV Part 2 Brochure foradvisory accounts and/orany applicable brokerage accounttrade con?rmation statements for a full disclosureofthe applicablecharges,fees and expenses.Vour FinancialAdyisorwill provide those documentstoyou upon request. Investment Earnings:A combination ofthe income received and total portfolio value increase or decrease,excludingnetcontribuitjons andwithdrawals,overthe reporting period. Net Corltributions/Withdrawals:The natvalue ofcasli and securities contributedto orvvithdrawnfrom the a:count(s)during the reporting period.Net contrioutions and withdrawals may includeadvisory foes foradvisoryaccounts. Net of Fees:Performance results depicted as "net"of fees shall mean that any wrap fee,investment managernentfees,trade commissions,and/orother accountfees have been deducted.Any otherfees or expenses associated with the account,such as third party custodianfees,may not have been deducted.Please see the Morgan Stanley Smith Eamey LLCForm ADV Part 2 Brochureforadvisory accounts and/orany applicablebrokerage accourittrade confirmation statements for a full disclosureofthe appllmble charges,fees and expenses.vourFinancial Advisorwill providethose documentsto you upon request. Performance ineligible assets:Performance returns are not calculatedforcertain assets because accurate valuations and transactions tortrlese assets are not processed or maintained by Morgan Stanley Smith Barney LLC.Common examples Includelife insurance and annuities as well as Manually Added and Externalaccounts,assets and liabilities. Time-Weighted Return:A return calculationthat measures the investment performance of a portfolio overthe reporting period.Time weighted returns do not includethe impact of client contributions and withdrawals andtherefore,may not re?ectthe actual rate of returnthe client received.Time weighted returns isolate investment actions and can be compared to benchmarks and usedto evaluate the performance ofa manager. Total Value:"Total Value“representstite Marketvalue ofthe portfolio or Asset class referenced and incluclastheaccrual otintarastand dividends.Total Value irithe Asset Allocationview pridrtolanuary 2014 does not reflect the accrual of interest and divldends.Tcrta|Value for Morgan stanlay 8.co.and External accounts also does notinclude accrued interest and dividends. BENCHMARK DEFINITIONS COABT;-Jrget:The current allocation is comprised of6.oo%Alerian MLPTR,30.00%Barclays Aggregate,6.00%FTSE Treasury Bill3 Month,15.00%MSCI Acwl Ex usA NR uso,:la.oo%Russell zsoo, 33.90%sate 5ooTotalReturn. Mscl AC World Net:The Mscl Acwl lndexis a free float-adjusted market capitalization weighted indexthat is designedto measure the equity market performance ofdcvalopad and emerging markets. The Mscl Acwi consists of ascountry indexes comprising 23 developed and 23 emerging market country indexes.The developed market country indexes included are:Australia,Austria,eelgiurn,Canada, Denmark,Finland,France,Germany,Hong Kong,Ireland,Israel,Italy,Japan,Netherlands,New zaaland,Norway,Portugal,Singapore,spain,sweden,switzerland,the united Kingdomand the united States.The emerging market country indexes includedare:Brazil,Chile,China,Colombia,Czech Republic,Egypt,Greece,Hungary,lndia,Indonesia,Korea,Malaysia,Mexico,Peru,Philippines,Poland, DISCLOSURES 41 Agenda Item #7.A.25 Nov 2019Page 77 of 113 WEALTH MANAGEMENT Morgan Stanley CITV OF ATLANTICBEACH POLICE Prepared on November 12,2019 [Reporting Currency:USD Qatar,Russia,South Africa,Taiwan,Thailand,Turkey,and United Arab Emirates (as of June mus).Net total retur'I indices reinvest dividendsafter the deduztinn ntwitilholding taxes,using (for internationalindices)a tax rate applicableto non-resident institutional investors who do not benefitfrorn doubletaxation ‘treaties. FFSE Treasury Bill3 Month:Equal dollar amounts ofthree-month Treasury bills are purchased atthe beginningof earl’nfthree consecutive months.As eadl billmatures,all proceeds are rolled over or reinvested in a new three-rnonth hill.The income usedtocalculatethe rnonthlyreturn is derived bysubtractingtheoriginalamount invested from the maturity value.The yieldcurve average is the basis for calculating the return on the index.The indexis rebalanced monthly by market capitalization.The 5n~Day Treasury Billis a short-term obligation issued by the United states government.Tsbills are purchased at a discount to the full Facevalue,and the investor FEEENES the full value when they mature.The difference of discount is the interest earned.T-bills are issued in denominations of s1o,ooo auction and n,ooo increments thereafter. Russellz5oo:The Russellzgou Indexmeasures the performance of the 2,5oo smallest companies in the Russell3000 Index,which represents approximately 16%nfthe total market capitalization of the Russellgooo Index. Mscl ACWI Ex USA NR USD:The MSCI Acwl index is a free Floatradjustedmarket zapitalilation weighted indextnat is designedto measure the equity market perrorrnanceordeveloped and emerging markets.The MSCI Acwl consists clF1,6country indexes comprising 23 developed and 23 emerging marketmuntry indexes.The developed market country indexes includedare:Australia,Austria,Belgium, Canada,Denmark,Finland,France,Germany,Hang Kong,Ireland,lsrael,Italy,Japan,Netherlands,New Zealand,Norway,Portugal,Singapore,Spain,Sweden,switzerland,the United Kingdomand the United States.The emerging market country indexes includedare:Brazil,Chile,China,cplomoia,Czech Republic,Egyi ,Greece,Hungary,India,Indonesia,Korea,Malaysia,Mexico,Peru,Philippines, Poland,Qatar,Russia,South Africa,Taiwan,Thailand,Turkey,and United Arab Emirates (as ptlunc 2014).Thisindex is axcludingtileUnited States.Performance is showing nctwlthholdingtax.Nettotal return indizesreinvest dividends afterthe deductionofwithlloldingtaxes,using (for international indices)ataxrate applicable to nnnsresidentinstitutiorialinvestors who do notbene?tfrorn doubletaxation treaties. Alerian MLP TR:The AleriariMLP Indexis a composite of the so most prominent energy Master Limited Partnerships that provides investors with an unbiased,comprehensive benchmark for this emerging asset class.The index,which is calculatedusing a rloat-adjustcd,capitaliiation-weighted methodology,is disseminatedreal-time an a pricesreturn basis (NYSE:AMZ),and the corresponding torai—rcturnIndoxisdisseminated dailythrougl'ltizkerAMZX.Reievantdata points such as dividendyicldarcalso published daily. sap saoTotal Return:The star 500 has been widely regarded as the best single gauge ofthe large cap u.s.equities market since the indexwas first published in 1957.The indexhas over $5.55 trillion benchrriarked,with index assets comprising approximately $1.31 trillion orthls total.The index includes5oo leading companies in leading industries of the u.s.economy,capturing 75%coverage of us. equities.This indexincludes dividend reiiivestrrlerit. EarclaysAggregate:The asrcloys us Aggregate aond Indexis a broad-based flagshipbenchmarkthat measures the investment grade,us dollar-denominated,fixed-rate taxable bond market.The index includesTreasuries,government-related and corporate securities,Mas (agency ?xed-rate and iIybridARMpass-throughs),ABS and was (agency and namagency). DISCLOSURES 42 Agenda Item #7.A.25 Nov 2019Page 78 of 113 III.ManagerInvestmentPerformance 43 Agenda Item #7.A.25 Nov 2019Page 79 of 113 Graystone Consulting A business of Morgan Stanley Created with Zephyr StyleADV|SOR.Manager returns supplied by:Morningstar,lnc..lnforma Investmentgolutions.|nc.(PSN) Important Disclosure:Historical performance results of Mutual Funds and ETF s reflect returns net of the fund/ETF expenses:performance of Separately Managed Accounts (SMAS)are presented gross of the investment manager fees. Zephyr Style Advisor lnvestment Manager Perfomnance Analysis Performance ending 9/30/2019 Graystone Consulting —The Atlantic Group 250 S.Park Ave.,Ste 500 Winter Park,FL 32789 800 829 5105 44 Agenda Item #7.A.25 Nov 2019Page 80 of 113 up 0- Manager vs PSN Large Cap Growth Gross:Return Rank October 2009 ~September 2019(not annualized if less than1 year) a Gudunomselen r.c EI(Grass) o mm Ioancvmm :1 an m 2».me..m= E25».Pemen?z In mm Relurn Rank Calendar Yea at r Return iDI,.IWW-" 10Years endmg 9/30/2019 1 quarter VTD 1year syears Syeavs Vyears In years 3'7‘!1°17 W15 1015 1°“2°13 1°12 2°11 1°10 2995 ,,,,, ,,,i,,_,,,,,,,,,,_, —"V 7*i——‘——— ‘ ——~ mum”Sew LC mew)_5 46%2o_15%_3_77%12.54%10_DB%1335.,/E 310%cnrumbiasetecuc Grt?rnss)-3.55%35.71%4.23%7.71%arm/..144.41%14.7a%r»2.7e%24.72%47.22% Ru55gII1DDD em.L49»/,23_3on/,3_71o/,15_590,{,13.39%15_u2%14_g4%RusseI|1U00 emwm -1.51%30.21%7.05%557%13.05%32.4530/.,15425%:2.M%15.71%374210/U Risk I Return:10 Years ending 9/30/2019 Lead PortfolioManager:T.Galvin M Manager Tenure:May 2008 ~September 2019... E W4 Q In “WI 24 an -1 as In 12»mm ms nu jgnaam De»/warren __ V 7 10 Years endmg 9/30/2019 "f;f,"‘5"(‘.,3‘"E37,’»s.”»5'.".’m5f'ia".'.L'.‘:551*P°"f°"°P°"_°":‘3"°°"5'W559"“’°°°'°W"’ mm m I’/-)".’.' ,,, W ,,,,,_,, Mar2°08-Sevtember 2°19 Amushzed cumma?ve ArgxuslnzwCumuiatwe cess EColumbiaSelectLCGr(Grass)13.70 17.53 1.23 3.70 54.12 0.75 Return (%)Return (%)Rem",W Re§j°,:‘f,_) 1Ru§5g|\mac Gmwm 1434 1322 100 gm 10930 109 Columbia Select LC Gr (Gross)9.46 180.73 -1.65 -52.32 ManagerJ5BenéhmarkXlpna October 2008 -September 2019 (60—MonthMoving Indows,Computed Vearly) mm:sum LC Gr Law)2 IRus::l manmm pusher zoaa -Se&1be_L2D19 $99 2015 Sep ms 55}:2015 sign->14 sgp_2o1:c Columma Setect LC Gr (Gross)-5.35%-4.61%-5.20%-1.71%0.53% Enareuwith Zephyr snyreAnvIsoR.Manager returns supplied by:Marrungslar‘Inc.‘Informa lnvesvnent soluuons.lnc.(FSN) 45 Agenda Item #7.A.25 Nov 2019Page 81 of 113 -.-‘I o- October 2ooe:_sepremner2u1s(nolrannualizedjfressthan 1 year) a AmuMnPmnn1mm:Gr usmsr 9 mm mmmm.u an rnzsmVenzvl?z ,, n 251»mm.In Medrau 1 Man In vim Pnrnnllmnrsmnismmm. la n.I II n.I I__ I?uswi?nnomuum Rulum Rank Manager vs PSN Large Cap Growth Gross:Return Rank CalandarYear Raturn ,r 1DYearsend‘rng S/10/2019 1quamr VFD 1y:ar Isynrs r Syeavs Tyears 1I1yeus 2013 r 2017 2015 2015 2014 2013 ‘2012 2011 12n1n N09 r 2095 T? —————n ——~——‘VT?“7’?""?W 1 AmuM%mmmM_G,(Gw)322%2M2”/D 924%15.59%;12_eg,/I M12./B 11436.,/D ‘AnwndrPromevFndmmLGl4SIosI7uzav.23.59%4.57%7.3091.14.27»34.25‘/+5.57-/r.7.45%‘11.9s-/.35.12%<§1.<8'/n r r Russeu mug Gmwm L490/U 23_3o%171%15_39%13_3g°/,15_o2°,{,1.134%Russell I???Gmwlh 4.51%30.21‘/.7.03%5.67%13.05"/-13348%\15.2S'/-V2.54%15.71%37.21%33.44% 7 'Wrzisr?elurn:1o Qeéréendrng9/30,2019 7 7 7 ' Lead PortfolioManager:Acheson /Cloonanr’’V 7 "‘,Manager Tenure:January 2007 -September 2019 we *1 S"Ia_NI 9-.....Ii ,..was .3 Standard Devralion J.‘em.mu.nuwnrr bum:mm mm!em. 10 Va“ending 9,30/2°15,am“51?“D):v “?ak jig?-5 PortfolioPerforrnanoe > r vs‘Risserrnfn if 7 ,,,_,_, T7 __,_,_,_,W V 7 _7 J5"“3'Y2°°7'5‘~*P‘€""’°’2°1‘3 Annuehzed r Curnule?ve i ArIEr:<l;Ee|isZsedC|JEr)n(:|eEsl;ve -Remm (%)Return (°/o)‘ AmundlFroneer Fndmnll.Gr (Gross)14.36 11.85 0.67 1.67 ‘ 94.75 1.21 Remm (n/,)Rem",9/.) ———'7*' ‘ 7*"'""”'7'7’"'7 '77’''1 amen mooG,W,,,1434 1312 mg Q00 r 10330 1_o9 Amum1iPioneer Fndmnll.Gr(Gms:)11.26 289.61 I 0.88 37.56 I r ,_____:‘‘ Manager vs Benchmark:Alpha Onober zoos »Se rernberzms (5_Dj:1anthMovin MndowsComputed Veaviy) muniFmnurFndrvlrIl mlsussr E n 7 ?uxsel munawwm ; 0mr:ber2DD5-5:9|ember2D19 S5322019 53;:-m Sen 2011 Sen me Sep zms $_ep 2014 seL2m Sun 2am say 2011 r Amundr Proncer?wdmnrl.Gr (Gross)1.41%0.34%0.47%1.52%2.40"»1.75%1.51%2.53%1.92%175% Draa|ed with Zephyr sa/IeAnvIsoR.Manaaerrewrnssupp?eu by‘Marnrngsrar,[nc.,Inform:rnvesrmemsomuns‘|n:(PSN)Agenda Item #7.A.25 Nov 2019Page 82 of 113 .1. Manager vs Morningstar Large Blend:Return Rank October 2012 -September 2019?ot7a:1_nuafzediflesgthin‘!year) 77 ’ o vmmvasaw5110:1:Mm _.7 7 a:.:1.5::1,.,.,..1 _.':.-::.=s-”°°=**W *— mm >.,..“m...Mann 5.........,............3 Il7srmn9m>.w.1=x - 7 Years endmg 9/so/201:1quaner Wu 1 year 3 years 5 years 7 years 10"1°17 2°“W15 20“2°11 20‘? Vanguard saw 500 E1'F (MKF)1.76%20.47%4.24%13.36%10.30%13.21%"‘"9““’5”5°“5"W“‘-50%21-77%12-‘'’‘'/°W”/«=13-55%3139“/°"5-0°”/= sap 5am 119»/,2055:/,,4.25%13_39%10.34%1125-2/,,saw550 -4.35%21.33%11.95-/.1.35%13.59%32,3917.1s.oo=/. VT 7 Rigki/Eu}:7 Years ending 9%‘/£019 7 ‘V V3335.Index 1' Since Inception:October 2010 -September 2019 2 "I "' 3 .. 3 K S1andardt0ev>a1Iony‘M V 7 Years “Gm mo/mg awn s1.[:‘/1.21.15:.“{‘[}a'm5:33;;5:12. 7 7 PortfolioPerformance’7vsi.S&Pson 7 ..,,._....,_,,_ °=*°“='2°”-3=P'€"'°°'2°19 Annwizen cummam Annualized Cumulative_,Excess aces:Vanguard saw501::1:(MKT)13.21 11.oa 1.00 -0.01 99.92 1.13 Re?um (°/o)Return (/12)Mum (1%)Rem,“(yo) s&P son 1326 11.10 1.00 0.00 100.00 1.13 Vmu-rd SM’500 ETHMKT1 13.54 213.55 43.05 »1.21 7 if 7 W 7 V W I»/TarryagervsBe11ch1na711:10evcWExcessRéth?.(Tracking Errgf)777 V V 7 7 OI:tu@er2011 -September 2019 (60-Month Moving \Mndows.Computed Yea_r|y) é ,__,___Vanguard saw sun as (MKT):~ V —V —V VIS&P5D0 Q ’ ''''''W7’’ 7*H 7*V’ 1 ocl/.~1p"er2o11-_Sep_k_eEber2019 “ _S_ev_2D19 _52p_Z(L1 sep_2o17 ,_, ___Sgp2D16 Vanguard S&P 500 ETF (MKT)0.27%0.26%0.31%034% Created WWIIZephyr S1)/IEADVVSOR.Managnr Nmms supplied by:Murnwngsmr,Inc..Informs Vnveilmznt Sollmans.|m:.(PSN) 47 Agenda Item #7.A.25 Nov 2019Page 83 of 113 -5 -‘I O .n n .. Manager vs PSN Large Cap Value Gross:Return Rank Calendar Year Return October 2009 -September 2019 (not annua?zedwffssthan 1 year)"”’"'”’’ii”'" 1111111uJFMEmmyImam:151...; o mm mm 1/.11.am 1.zm Peraml?e n 25..Pzvemlle 1.man I mm m151:1M2111. I 751».1..39¢.vammrx am...xm 2013 ‘M17 2015 1 2015 21114 2:21:2012 I 21111 12o1nzone zuna 110Year:ending 9/30/2019 1 quarter rm 1 year 1 years Syears near:10 years 263%1g_o5%736%1112.,/G 1O_48./n 112.93%114.12%mm Equm/1ncnme(Gn7ss)—a,7s-/.11s.41-4.15.5924 -1.54-/.14.53%32.55-5114.21-5s.u7s«.11a.a2v.1775911-2e. 39%11.JPM Equny mm-as(Grass) p.,5,,3111ggg\/211,3 1,35%17_31y,4.90%9,43%1791/.11_3a°/.11145»/,Russell woovaxue -5.27%13.55%17.34%3.33%13.45-/..:42_5:-1-I/.117,51-/..u.as-/.15.51%1959*/.3535-1. 10Yearsendirngregb/20179 7 7 7 W |;ad Portfolio Manager:C.Ha "‘_*Manager Tenure:December 2002 -September 2019,.we _ i?i. _..... WHT =1._, ‘*1 ‘ 1.. ,1.5 ....,.1....3 ..3 Srandar11Dev'1al1nn _ V .5 7 10 Years ending 9/an/2u1a W,“5‘?-fr"vJ(i1:‘:"$'1...*Jf5‘1./.“.:..'?.‘i‘gm hi Portfo?iP?naizzeJ i is,Rusje?oeValue 7 i ,We _7,3 ,1 ,..,,._..°=°em°°'2°°2-Se?-9'"b°'2“9 Annualized 1 Cumulame ArgéaeliszsedCggleasléve JPM Equity Income (Gross)14.12 11.42 0.37 3.30 95.51 1.19 1 Rem‘K"/°)‘Rem”W Rem.(rm Remm 1%) .._._..34,33._.——— 1 RusselI1DO0VaIue 11.46 12.83 1.00 0.00 1 100.00 0.35 JPM Eauhvlnwmetsrosst 10.86 466.91 1 2.17 160.55 1 7" Managervs Benchmark:ATpné7 7 " qcgober2005 -September 2019 (60-Montrl?ovingi/\f1ndows.Cgputed Yew) -4»-1z..».1.......1a...1 3 " . "'—'i —— nawn nnnvme *———————»———I ————————— Dctober2005 .September 2019 Sepi?la _Sgg291B _<_ S9172011 Sep ms Sep ms Sgp 2014 Sep 2013 Sap 2012 53v2011 1 Sep_201D 1 JPM Equiiy Income (Gross)3.11%2.05%1.65%1.46%3.56%4.52%4.35%3.55%3.55%‘2.34%1 Crashed wim zaphyr Sh/IeADVISOR.Managerreiums supplied by:Mnmingslar,[no.1 lmorma rnwesxmemSolutions.|n:.AFSN) 48 Agenda Item #7.A.25 Nov 2019Page 84 of 113 ~o -‘D 0'’ Manager vs PSN Small-Mid Growth Gross:Return Rank October 2009 -September 2013nqtrannua?zedjfiersisrJwani1y7earVii??iiioRune“2547::am D 51::m25...Panama D 2:».F:nkn1i:(u Medhr I Medmn».ramPcmnnle I ma In .5».Fnmxrvnle Relum Rink o ?vucnd?t smursvnsmsa 10Yearsend‘rng9I:m/2019 Haunrver vrn W...Jyears syears 7)/ears rams;marzmv mm ms am mm m2 nu ‘ma zoos ma RWb,id9esM,DG,(G,m.407%25.57%511%1552.,“13.79%14_Uo%163%1 Riv¢rbridqeSMlDGr(Gross)0.42%25.23%5.55%0.37%3.92%35.93%14s2</.r12.24=/.1:vD.a4!£31.39%-25.58-A1 Ru5;3|\7,500Gromh .3_13%1937»/U 4.11%123%1u_22%12_77%13_43v/M Russel|Z5/JDGrowIh -7.47%24.45%9.73-/.-0.19%735%wuss-/.15.13-/...157-Arzamv.41se-/.41.5m ' Risk /R§um:1o véérsending 9/so/201%Le’a&'Ponr6Iio'nnanag}r:M.Thor?péan7 jg .Manager Tenure:January 2007 -September 2019 3 ...; §-~ 3, "‘“7‘:"‘Sra'r‘rdargPevi;‘Lr:_rxr“ V M M '35,... _M... V W ...,_.i 10 vearsending 9/an/znqsr ’*‘l;,"‘“‘(‘,{’f"Mai;w.A:».:.:r'm52?:-=‘".:.':<‘.':5:33;‘ __ P°’"°"°Pe”‘f""_5"‘:°_f’?“‘_§°"35"”°'°“’"‘ ___.r . 7_7 ___ 7 _7 _ January zun7 -sepaember 2019 Annualized Cumulative ArglrcaelisxsedCnErxn:Ie.ast'; veRiverbridgeSMIDGr(Gross)15.13 13.96 0.77 I 5.26 85.97 1.12 Remm (°/n)Return ("/n)Rem,"(./a)Rem,"(ya) Russell 2500 Growth 13.48 16.79 1.00 ‘0.00 100.00 0.77 R"='¢7WB=5WD 9'(SW55)12.13 332.81 3.04 127.77 V 7 0 7’'Madigervs Benchmark poacgggpuv-September 2019 (60-Month Maving \Mnd9 .Computed Yeariy) Immrmu:sum Gr (Gran)2 .»....mmm s —L V — omue.2m7.s.p1.mu.rgp1s suymrs Rwerbnage SMID Gr (Gross)4.47% Created with Zephyr StyleADVISOR.Manager mums supplied by,Momrngstar.lnr:.,lnlorma |7IIIE5|menl Solutions.|n€.(FSN) 49 Agenda Item #7.A.25 Nov 2019Page 85 of 113 -,_...- -.-o -,. Manager vs PSN Small-Mid Value Gross:Return Rank Calendar Year Return October 2009 -September 2019 (net annualized if less than 1 year)' 0 am»Farmers swo v-I (Gross) ~Russcu 25:10 vm.-mm Pmnzrs sM1D\/awtmssl Dsnmazsnn Pavemnh |»:..muzsnnv.n.. El 25».m=..m:In man I Median r.um Pcrau?: I 75m ..asmDunnllz 1 1 1 1 *1 1DYears ending 9/an/2019 mumsv VTD Iyear sytavs 51/20::I 7yenrs 3Icyears 2°13 2317 3°15 2°15 2°14 W15 1 2°12 1 1"“201°2"“20“! Relum rem mm",,_me,s Sm Vauemss)158%21177:132%750%148%w_32%”_57%1Bos0pnP3mIersSMIDV-1(Gmss)—1a.5s'/:113s4%25.35-/.mass 534%05.33%23.97%‘-157%1807'/5 4:«.a9ss‘kzn.ss-/ .1 ?usggu 2500 Vamg 0_13%15_41"/D .435“/D 537%533%1|)_1 3%‘[1_[)(]%1RusseIl25DDValue -12.35%VDI5‘/n 25.20‘/n ‘6.49%711%33.32%19 21%‘G36%12432%27.689’:131.99% ‘ 1 1 1 .11 , éisk)Retum:10 Yearsiending'9'/30/201%LeadPortfolio Manager:VD.7Dabora .2. an 7 V Manager Tenure:July 2001 —S?atember2019 ..Z X .1 -~ 1 V:s ‘mi :1 A‘"scanugmDevuarmr W m ‘E 7.: 7 7 ...,..,_..,..,.,.. 10 Years ending 9/30/2019 “jig”“‘;‘.,f’f'ME;vs.‘:»:1‘;.:'.1..51712::53:55‘ J I mm S M b we 7 _ P°"'°"°{"?”°"“5_"f‘:T7?R"“°"?5°°V31"! ‘ ..uy -2 am er ..Annualized Cumulative Boslon Panners sum:Val (Gross)11.57 15.94 1.01 1 0.49 95.77 0.59 §g‘:r:h(Z;»1 RE,’,‘,$,°,‘(§,,) ‘ ReE,’,‘,§‘(§,_)1 7 V H W’WW 7 ¥1 10.01 1 470.43 1.33 1 113,32Russenz?ouvsluz 11.00 15.47 1 1.00 ‘ 0.00 10.150 053 Boslon Farmers SMID VII (Gross) Manager vs Benchma aa.....»......s.m..ra...,»g-mmwvu.Q _ V 1 — October 2005-September 2015 SBDZMS 55;)2018 _Jgp 2017 Sgp_2_D15_ _7 S§p_2D14 S35:1011 $2}!2011 Sep Z?l?‘ eoswnPannemsmm val «army 0.22%-0.24%0.03%o.a1%1.37%1.01%1 3.04%2.44%3 2.04%. Clealed wi1hZephyr sry1eADvIsoR.Manugerrewms suumieaby:Mominusur,Inc.Worms Vnveslment Solu?ens,|nr;(FSN) 50 Agenda Item #7.A.25 Nov 2019Page 86 of 113 Manager vs Momingstar Foreign Large Blend:Retum Rank Calendar Year Return October 2003 -Seple?mr 2019 inot?anfmuarlizediflessthan1 yearl i 7 T ’ T<T .........,..L.mw a::::;:::‘.::::*“W'~°‘*:~.v~v-mu;-:.~:a.*.:~.;~1:;.-—DIEM!hMIlL-7:-2 —T -.M......,.~..... 7 Years ending 5/30/2015 1 quarter WD 1 yur 3 years syurs Vyears 1°13 3°17 2°“W15 2°“2913 2°72 7"“2°15 3°99 3093 nm1.u.».n......1. Relum mu V.m_Mm_”msWEmmw 4,60%11.49%452%638%316%5.30%vmwravumnnsmxirftwlvy 44.42%27.52%4.72%.4.2zss1.4.17-/.151515 13.22%-14.57%11.129s\3s.73%-44.1n9s ‘W 1 mEG._°3,L,M,,E,u5,mEx 4,53%11_79%_1_35u/0 655%149%5.63%mzmmmwsxuswnzx 44.35%27.77%5.0451 -4.03%‘-3.12%‘15,9w.17.92%-14.03%13.23%\45.um-4s.n1-/. Rusk/Retur :7vearéenc?ng9/so/2019 V V vxus vs.Index.ctober 2003 -Septemlggrizt?ii s ‘L ' 2 :, x 3 E smnaard Deviation ‘M V‘I-.7 ....,.... W.....,.......7..Al 1..M ...7 p .11 1-p ,17Yeasending9/30/2019 Ram 5175:“um rsimxKMg!s;::l:n o a lo’?e’:7r:t1ar:oevsVFTSEGLOSAEALLcwEXusINDEX V ,,, ,T,,77,,,, 7 ,7,,7 ,,,°°1°°°'2°”:'5*P‘°'""°’2°‘5 Annualiled cumulat-we ArwarxiigzsedCI.|vEr;1::At| 3astisvev-mumhm:hm sum as mm 5.30 11.74 0.93 -u.22 93.32 0.39 Relum 0%)Return (%)Rem,”M)Rem",W F75:GLOBAL ALLcw zx us max 5.53 11,815 1.00 0.00 mum 11.42 Venn-umTotal |m‘|Sinck ETFINAV)6.56 176.54 -0.92 -40.65 Managervs Benchmark:écéDev of Excess Return (Trackrng Ermr) October 2012 -Seplember 2019 (60-Month Moving Vmndows.Computed Vearly) I vanguammaxmusnack ETF mm IFTSE GLOBALALLcw Ex us wozx ____O_g3ger2D12;Sgp_tember 2915 ,S_epms S_gp2013 ,_7S3p 2o17 Vanguard ‘rum Inn Stock ETF (NAV)1.61%1.57%1.60% Cream!wilh Zephyr SM:/ADVISOR.Manager relums Wlmlwedhy‘.MDm'\nqS1ar.Inc.‘lnfnrrna lrweslmemSolu?ons,|m:.[PSN7 51 Agenda Item #7.A.25 Nov 2019Page 87 of 113 -.-‘I 0- Manager vs Morningstar Foreign Large Blend:Return Rank October 2009~September 2019 (not annualized 1fIess than 1 year) o1..,m..n=..msq.X E __.Mscvanrzmm 5,ILznrdInrIsInug1cE4l Dasm Pcrwaxl?e 1.ma...5e E mveers endings/30/2019 1qu:rl:v vm 1year lyezrs Syears 1yzars Wyears 12""1 2°"W16 1015 2°11 1°11 201°‘2°09 2003 1 T7,__j,_,i__ ,,,_,T_\‘ ————T 1 . ,_mmms‘,mg‘c W _1 52%1359.,“D_49.,/5 110%352%534%532%LazardlnYlSlralegIcEq .-1u.a5%127.s5-as-517%-1.70%-145-/.25.02%25.00%4>.7n-/e‘u.4:u.27.15%139.9915‘ __,_,,,2.__TT_,____.,,_ TM 1 Msc|EA=E1Nen -1.07%12.80%-1.34%6.48%3.27%6.12%4.90%1Msc1sAFE(Ne1)-13.75%25.03-/.1.00%41.91-/.14.90%122.7%17.32%-12.1«%7.15%1:1.7e~/.43.w/.1 Risk /Returr:1OYearsending 9/so/2019 Lead Po?fglioManiaggzLitt|e7Reinsberg Manager Tenure:November 2005 -September 2019 1,.2.......M .3.III 1.. Standard Deviation i 7 77 m,,,H..u u - 10 Years ending 9/30/2019 ’“,::]'“"f.)_’fV Evs‘.v:.“)1::nr‘k:x5:3:/_.'.'1§x5,;‘:_.'°;F°"'°_"°F°"°"“‘“°° __ (“e‘)_ __ . "“"‘“‘1 ‘1 November 2005 -September 2:119 “MEN Cummam Annuargzed cumulam 1 E 1 Ex Lazard lnl'l Slralegu:Eq I e.e2 14.54 0.95 2.15 92.52 Return (%)Remm W»)Re‘:°,:Ti,n)Rm°,:5(§,n) Msc1EAFE(Net)4.50 14.56 1.00 mm 100.00 0.30 Lazard Int‘!S|ra|egic E-1|6.09 127.77 1.89 50.30 Manager vs Benchmark:Alpnf onober zoos»September 2019 (60-Month Moving1v_1ndows,Computed Yearly) mid In?slrmewc 2.1 2 7 ’W77 7 —’ — ’’’’V:” .m.e....,e »I . j T L . ‘_C3$F>?L5I,ZQ0§;59E‘€FV!be£2919,,,-,5§P_i,""9 _, 5,99 29‘)?5,9,2917 ‘53P_?‘?5 ‘59131015 539,291,‘,5£PJ|7J3____ Lazard rnrl Strategic Eq I 0.52%0.97%0.77%.3.22%‘2.53%3.60%3.72% ‘CreatedwithZephyr scyreAnvIsoR.Manager relums supplied by.Momingsur.lnc..Iniorrna Invesllnenlsnlu?ons.lnc.1PSN) 52 Agenda Item #7.A.25 Nov 2019Page 88 of 113 ... Managervs Mcrriingstar Energy Limited Partnership:Return Rank caiendar yea,RemmOctober2012-Se (ember2019(riot annuaiizedillesslhar?ear)———i —— o Em ML?.mi-...mu ‘.mm = M M ME§€m'°»€.‘=“=.7.iL‘f.T?2..n“E IE3?“M”1t“"““‘'“ Imam ms.Permxnig g m ..us...pmmag x 7 Years ending 9/so/zms 1 quarter vm lyear 2 years Syeurs 7,.“2m 2M1 ms ms am 201:2012 mm M,&,,M,,e W,_2_9,..,_1,22%_2_42%4,37%4_3,.,,3_,-,%Tortoise mu:e.Pipeline Irisli -1 514%4 03%42.12%-35.50%11.35%25.60%9.53% A.e,ia,.Mm .5_a2%11.93%.s_13e/,,.2_4s-A,4,55»/,.033»/,Marian MLP -12.42%4.52%13.31%42.59%430°/3 27.53%4.30% Risk /Return:7 Years ending 9/30/2019 Lead Portfolio Manager:Teamillanaged ~* 6 Manager Tenure:J 2 2011 -September 2019 g "3: g 4i i‘u ....WI ,..w.W‘Vl?: Standard Deviation 7 Years ending 9/an/2019 “mm 5°'f.f_’f"E3.‘vs.M>:::<u5:‘»'i':r'u':.5;“?P°"'°"°Fe"°"“5"°°"5’A'e”‘”"’”'P ,_ if ,"""“"J‘'1 f""’,_, ___ June 2011 >SePiember2°19 Annumed cumumwe Agzseliszsedcggieascéve Tonoise MLP s.Pipeline lristl 3.47 ‘ 17,523 0.55 4,45 35.20 0.16 Return ("/a)Return (“/0 Ram,"W Rem",W7) A]ey-jay‘Mu;17,97 mg mm mm;.099 Tonuise MLPa Pipeline um:en:54.12 4.54 52.91 I Turlmse MLP s mpeiine insn I Alerizn MLF Manager »7s’Be'nEumark:Alpha Octolger2012-September 2019 (60-Month_l\_/IgvingVi?ngo?s C_o_rr_i_puledVearly) Alphai Dumber 2m2 -5,€}'."‘1ber zow Tcnnise MLP &Pipeline Instl sup 2m 4.26% Sap M11 5.43"/n cmiea wilt!Ztnhyr Sry1eAD\/ISOR.Manager mumssupplied by:Momingsxar,inc.,wannalnveslmenl snlunions,Iuc.(r-SN) 53 Agenda Item #7.A.25 Nov 2019Page 89 of 113 ~‘l 0- Manager vs PSN CF Intermediate Fixed Income Gross:Return Rank Ca|end3|'Year Return October 2009 -September 2019 (not annualized if less than 1 year)7 7 7 7 7 7 7 7 —7 7 T -wasInlemt nan.tat...»X .a»a..u.,.i«m U.$.6uvnII::entt =.5,,..,,,,,m,.,_.,,,c,,,,. UZ5MP«=«IllelnMedIn E ‘Dmmmm?.:2 -aw-“Wm”Us WW.I I IIIIQI ‘ ,1 7 7" i i W’W i t 10YearsendIng 9/so/2019 Tqulrler v-rn 1year lyears Syezrs 7)/ears Ioyears 2013 .2n17 2n15 ms mu 2015 ‘ 2°11 11”“2'1"’""9 1°“ ~—————————~——1 1 ‘t smmm Taxable mm‘)130%637%819%210%181%235%3.30%isurlmzmthx-bhismii o.75=/.t2.5s=/.2.09%t1.2;t-/.2.99%+7.32-/.439°/.t5.3s=/.15.13%6.42%5.17“/{H Bbs.EardIysinIom\U.sGnv1Icndn 137%5.41%3.17%2.40%1 2.68% ‘ 2.15%;3.05%WM-B-rd-tslmzvmu-sewevm 0.53"/§{2.14%i2.03Vn1.D7°/n3.13%»o.as=/.i3.ee-/.;5.sn%i5.es=/.5.24%5.09% 77 RiisrkrlReturn.10?earsendin 9/30/2019 7 Lead Portfolio Manager:Members of Investment Committee (IC) :51 ..Manager Tenure:January 1997 —September 2019 ? ”’’' gin Em VI ‘ v.on u ts as :9: T S1andard Deviation 10 Years “mg mmmg a.F.;'.)..tstfvgev 5:“Vs_“"|;;';Mjig;53$.Forllnlio Ferlarmanne Bbg.BC lmerm.u.s.Gav!/Credit Tee’, ._. 'W _ I ’_.-'i""ifV‘997-59P‘*"‘W3°‘9 Annuamed Cummawe Aréri?iiszsedCtltarztutilive Sag:imam Taxable {Gross}3.30 2.14 0.91 i 0.51 97.17 1.30 Retum 0/»)Return (%)Mum M),,,,u,,M), Enu.satd:ysIntzenvt.u,s.<3atnIcreait 3.05 2.31 1.00 0.00 100.00 1.10 5829 ‘New!Taxzblet?mss)4.88 195.70 0.23 1 14.71 1 ManagerirsBenchmark:Alpha Onaber 2005 -September 2019 (stmontn Moving Windows.Computed Yeariy) S19:lnbelmTuuhla (mg) I E|>?.B.Inil‘1S|m:lvn.U s.Gwlilclldtl g, toitober2on5 -September zuia Se znts _s_ep 2o1s_,,j3|7lMJ Sgp_2o1s sep_zo1s $gp_20j_4 sgp_2_o1A3 sep 2012 Sep um 52;;2010 isageInterm Taxable (Gmss)0.31%0.34%0.29%0.50%0.40%0.62%0.43%I 0.56%0.35%0.44% created with Zephyr Sly|eAD\?SOR.Manager remmssuppiied by:Mnmingstar,Int;..lnlalma Investment Snlulions,lm:.(PSN) 54 Agenda Item #7.A.25 Nov 2019Page 90 of 113 -I ~‘I I '.1.-....-.. Manager vs Morningstar Intermediate Cor .Return Rank Calendar Year Return Dcmber 2012 -Segtember2019 (not annualized If iess than]year)'"’’'”"'"' Ewe Mun.Bnubllunvoure mu .. I Bbnmborusum:u.s.Aw-cu. $,_=1 7Yearsending9/30/2019 x....n..vrn mu llyeaws Syenu .1,...s 2018 m7 we ms 2014 zm 2012 0 we mm.an-m4e\.m:cor:P1u-sl~Emrvnrvg Elvdnys U£.AmregnIe D sunIn zsmpuma.um Pevmnhh m mm Imam In 7541-Puoen?:n 7»tr:ssmPersevrme Relum Rink ‘Ms "M Dwbmme am PM,124%755%733%127%147%323%ms unaDwbkhm CareFIusl -0.32%4.85%4.37%0.18%7.23%-1.57%9.54% B\wmbergB.Irdiys|J,S,Aggugzl:237-/,3,52»/,1530»/,192%3.33%212%ahumbzruaardxysushvwrvwnl:0.01%1 3.54%2.65%0.55%5.57%-2.02%4.21% Risk I Reiturrn:7 Years ending 9/so/2'o19 7 Lead Por?olforx?néger:Gundlach /Bararzh/Pattie’ a ManagerTenure:August2011 -September 2019 E i 3 . 5 ‘W. M W “Stancgmneviauon 5 :x u .....- 7 Years ending 9,3°,2m9 nmmS1a‘u%D’ev‘“_??m?fg/3),”;Same Pomoho Pertormanoe vs,anoombergBamays us.Aesregaxe __..,_,..,.,,_*‘“9““2°17‘5eP‘°"'be’2°19 Annualized Cumulame Annualized Cumulative me my Dmzbleunt coremus:3 2e 2 s2 1 u 31 1 D6 74 95 o 92 Relum (%)Relum (°/v)Excess Ewes:r -v 1 --~- V V __”_ W __ I V _ _R;«gm <"/an je}}§r[I <1») EloemhemB:r<‘JIysU.S.Mi'=?ale 2.72 ‘3.02 ‘1.00 u.oo 100.00 0.57 AMGMH1Doub|=LineI2vv=P|us|4.53 43.53 1.30 13.94 (Managervs Benchrnark:Alpha October 2012 September 2019 (60-Month Moving Windows,Computed Yearly) 1:1AME Mng.Dwbleune Care Plus 1 E I euaommsways us.Aggmgaxe 5 f ' agape:zuu -Szxlembtt2019 s=p_2o_1_n sgp me _1 AMGMng.Doumeune Care Plus I 1 0.35%1.37% Crzaled wi|h Zephyr SMeADVlSOR.Msnagenemms supwliedby:Momingstxr.|nc.,lnlunna InvestmentSolnnons,lm:.1PSN) 55 Agenda Item #7.A.25 Nov 2019Page 91 of 113 -a -‘I O ' Manager vs Morningstar Emerging Markets Bond:Return Rank October 2009 -September 2019 (not annuaiized if less than 1 year) 7 .MmsmEMm”m I../PM smavew 5 Isuldnuns-:nsEM nzmmx ijsmuzm emu.:2 mm ans:EL! D25mPer=mI1intnM:llln 5 lmnn ..15m vmm.5 lvsmnssm awn:.2 ...,,..,,.__,,_‘._.i,_ 1DYears ending e/30/2015 lquarlev vm 1year Clyears Syezrs Tyears Iaytan 2°“2°‘?1°15 2°15 2°14 2013 ‘ 2012 i 2011 ‘2:110 znns ‘200: ————~———~~» '*'i"i Gnmman Sam EM Dmm,024%1129.,“9’8,.,“mm ,,_46./_333%653%ienlamanSachsEMDeb Ins11 .7.5m‘s.:«u°/.10.3:-/.i0.sa-/.es:-/.s.00sm9.7i-/..aao%11398%i40.70%L19.34%‘ ,_.,.,___j__,_.__._—————i ‘ ‘ i 1 i ‘ JPM EMEI GLE 1.34%12.05%10.74%3,54%5.10%4.14%5.51%iJF’MEMBIGLE -4.61%i 932%1DA§9-11.23%5.53%£5356 ‘V3.54’/n‘8.46%‘I2.D4'A29.18%10.91‘/-% i i i i Risk/Return:10 Years ending 9/30/2019 Lead Portfolio Manager:Finkelstein /Peniold “0 Manager Tenure January 2004 —September 2019 7 7 i g ,.M standard Devi§?on '".:......,..W.mm .....,..,... an M n.as .....a __B 3 1D Years ending 9/so/2019 "““"‘‘“f.,‘_’f'Min vs.;vE:)rI0exvs.'};/srex53"’:‘W p°"'°"°F°"°"“a"°°"5 ‘WMEM '6"i _...T,_...__.,_7__,_,J=n"arv2°°4-Sevi=mbe'2°i9 Annualized Cumulam Argailézseu‘CL.1_;(n:ieas| \I;ve ; Goldman Sachs EM ueminsu ‘6.55 5.94 «.05 -0.27 95.22 0.07 1 REM“("/v)1 Relum (%)Rem,"(yo)Rewm (0/0)\ JPM EMS‘GL5 5,51 52;we Mo 19930 53;,Goldman Sachs em0;»:Insll .7.92 }232.00 ‘0.57 25.55 Manager vs Bencimark:A|piTa7 October 20057-September2019 (60-Month Moving Vwgdows,Computed Vearly) T 4.1‘:1‘-—— Goldman sacnsEM Debt Insu 5:‘-T T 7 7%H N _._e . I JPM EMBIGLE 3 °,c1=b=f2W545ez#=mbsr_2°J_9 Sew‘!s,-L203 59,2016 591015,,issngyo ‘ss»2012 s,eL2nH 59.20.10, Goldman Sachs EM Debt Insll -0.87%0.51%0.75%0.20%0.40%;-2.21%-1.50%-1.32%‘ creamed wilt:Zephyr SlyleAD\IlSOR.Manager vemmssupplier!by:Mcmingslar,im:..wannaInvesunenc Solulions.Inc.(FSN) 56 Agenda Item #7.A.25 Nov 2019Page 92 of 113 DISCLOSURES Periormrrncu egg gate sgurcn Performance data quoted represents past pcrrorrnanco,which is no guarantee of future results.and current performance may be lower or higher than the figures shown. Past periormance should not be constmed as a guarantee eriuture results.Performance returns rolioctthe average annual rates of return.Periods less than one year are cumulative [not annualized).Returns represent past perlormance and are compared to an unmanaged market index. References to market or composim indicos,benchmarks or other measures of rolativomarket pariormance over a speci?ed period oftime (each,an "index")are provided for your information only.Reference to an index does not imply that the portfolio willachieve retums,volatilityor other rosuits similar to the index.The composition of the index may not re?ect themannerinwhichaportlolioisconstructedinrelationtoexpectedorachievedretums,portfolioguidoiines,restrictions,sectors,conelations,concentrations,volatilityor tracking error targets.all of which are subject to change over time, unless otherwise indicated.tho investment results depicted herein represent historical Gross pendrrnance were the deduc?on pr invoetment management lees.Actual returns willbe roducod by the expenses that may include rnanagementlees and cost oftransactionc.As lees aro doducted eumerly.an amount directly related to the gross acoourit performance.For example.on an account witha1%annual iae,ii the gross periormancp is 6%,the compounding efiect olthe reap Milresult in a not periorrnance of approximately 4.94%. EIEEEUIEE the compounding eifect willbe to increoao the impact of the tool!by Tho portfolio informationpresented la tor a representative account and is ior illustrative purposes only,Actual account holdings and performance willvary dopunding on the size of on account,cash ?ows withinan account.and rostrictions,on on account.Portlolio holdings are aubiocttochangu daily,Under no circumstances doea the information contained Mthinrepreaentarocommendationtobuy,hold or sell securities, The investment perlormanco and principal value of the stocks in those portloiiosare expected to be more volatiio and accordingly can achieve a higher gain or loss than the broader us.market. The investment managers depicted herein act independentiy orand are not aliillaies ot Morgan Stanley. This lnvorrtmontevaluation is directed only to the clierlttor whom the evaluation war.performed.The underlying data has been obtained irom sources that Morgan Smnley believes to be reliable but via do not guarantee their accuracy.and any such irliormationmay be incornplote or condensed.Thls evaluation is for informationalpurposes only and is not intended to boanoiier,solicitation.or recommendation with respoctto the purchase orsaie of any security or a rocommendation of the services Guppllod by any money management organization. ZEPHYR STYLE ADVISOR DISCLAIMER published investment manager rate of return data,capital market indices,custom (benchmarks,indices and universes).as wallas software developed by Zephyr Associates.investment manager rtte ot return dam includes:lnlorma Plan Sponsor NettM7Ii(,MSSB)Fiduciary Sorvicus,Colloctivo Tmst Funds and Consulting Group Capital Market Funds Dambaaea Capital maritota index data includes:Capital market indices (supplied by Zaphyr).Conndlnn lndicea (supplied by Zephyr).Salomon Brothers Fixed Income indicea,Morgan Smnley CnpltzilInlomallonalindicos.and Dow Jones The following analysis io diroclod only to tho cliontror whom the evaluationwas prepared and la booed on Morgan Stanley Smith Barnoy( Global indicee, Zephyr Sty|oADVlSOR usca principles eiwilliem Sharpe‘:theory oireturns-baaud style analysis.Returna—basad style anaiyais assists in identifyinginventment style withoutexamining the individualsecurity ndldlnga of a portfolio.StyieADV|SDR regresses the historicalreturn:of the individualmanager(s)against dlfierent style indlces to Identity the pattern of returnsthatthefundismostcloselycorrelatedto,MSSE does notrecommendthe use of retums-based style analyais withoutthe suppor?ng tundamenml research oithe iund (research attribution reports). The underlying data is beiiuvod to be reliable butaccuricy and completeness cannot be assured.\Nhi|e the historical rates of return delzicrihedin this report are believed to accurately reflect the overall nature olthe portfolio,the constituent aecuriiiea have not been reviewed.This evaluation is for informational purposes only and is not intended to be an oller.solicimtionorrecommendationwithrespecttothepurchasoorsaleofanysecurityorerecommendationdroneservicesprovidedbyanymoneymanagementorganization.Past results are not necessarily indicative oiiuture p eriormance. Net Rates of Return The invtmtmuntresults depicted herein roprosunt historical not perlormnnco aftorthe deduction of fund oxpensos,but are gross of Morgan Stanley Smith Barney advisory toes and are based on settlement date accounting methods.AnnuaTheclientisreferredtotheConsultingGroupDescriptiveBrochureorPartllolthoFirm's Form ADV.Actual returns willhe reduced by expenses that may Include advisory lees and cost of transactions.As fees are deducted quarterly,exarnplo.on an account with a 2%inc.iltho gross periomiancels10%.tho compounding oifect at the fees willresult in a net poriormanoo of approximately 7.81%.This Report is for one-on-one client presontzitlona only. i,cumulative and annualized total returns are calculatedassuming reinvestmentof dividends and income plus capitol appreciation, the compounding erlectwill be to increase the impact olthe lees by an amount directiy related in the gross account performance.For To the extent the inveotmonts dopiolod heroin represent internationalsecurl?ec.you should be aware that there may bo additional risks associated Mth internationalinvesting involving foreign.economic,political,and/or lugal factors,Internationalinvosting may not be for ovoryono.In addition.small capitalization securities may be more volatile than those ollorgercompanies,but these companies may present greater growth potential. To the extent this:is delivered to an adviaory cliont ol Ci?gruup Global Markets Inc.or its affiliates it is balng delivered pursuant to D aubadvioory arrangement with MSSB as doscribpd in the applicable descriptive brochure. @2008 Morgan Smnley Smith Bamoy LLC,Member SIPC.Consulting Group is a busine?ot Morgan Smnley. Graystone Consulting is in business unit of Morgan Stanioy Smith Eamny LLC. Created with Zephyr StyieADViSOR.Manager returns supplied by:Morningstar.inc..lnforrna investment Solutions,lnc.(PSN) 57 Agenda Item #7.A.25 Nov 2019Page 93 of 113 V ‘eh riskleAovlsoR;.;ivlorallszanlé.“orl1arldo.]l5l_” DEFINITIONS Alpha:Synonym o{‘vaiue added‘.linearly similarto the way beta is computed,alpha is the incremental return on a manager when the market is stationary.In other words.it is the extra expected retum due to non-market lacuars.This risk-adjusted measurementtokes into account both the pertorrnance of the market as a wholeand the volatility ofa manager.A positive alpha indicates thata selected portioiiohas produced returns above the expected level at that level of risk.and vice verso lora negative alpha. Annualized Reo.lrn:The constant rate of retum that.compounded annually,wouldyield the same overallretum tor a multi-year period as the actual retum observed;or the cumulative retum.when the time period is one year or less. Average Up and Down Returns:To calculatethis statistic tor a given return series r1,....rn.the program partitions the series in two parts,one made up of the positive retums.the other orthe zero and negative retums.Th:average up and down retums are the respective averages ofthese two series. Best and Worst Period Returns:The best period return (or a time window is simply the maximum of the returns inside this window,Similarly.the worst period retum for a time window is the minimum of the retums inside th s vldndow. Best and Worst Dne-Year Returns:To calculate the bestone-year return for a return series,the program moves a one-yeortime window along the series and calculates the compound return for each ofthese Vi/lHdDW5.Thu beet one-year return is the maximum of the returns thus lound.Similarly,the worst one-year return is the minimumofthe returns thus iound. Note that best and worst one—year returns do not referto calendar years.Rather,they refer to arbitrarily placed one-year periods. Hera:The measure of an asset's risk in relation to the market (tor example.the SEPSDD)or to an alternativebenchmark or ‘Taoism.Roughly speaking.a security Mth a beta of 1.5,willhave moved.on average,1.5 times the narket retum.[More precisely.that stock's excess (over and above a short-term money market rate)is expected to move 1.5 times the market excess retum).]According to asset pricing theory,beta represents the type of risk,systematic risk,that cannot be diversi?ed away.When using beta.there are a number otissues that you need to be aware of:(1)betac may change through time‘,(2)betas may be dltlerentdepending on the direction of the market (l.e.betas may be greatertor dowrl moves in the market I rather than up moves);(3)the estimated bola willbe bladed if the security does not frequently trade;(4)the bola is not nocosoatlly a complete measure of risk (you may need multiple betas).Also.note that the belzr is a meat ore of comovemorit.not volatility.it is possible for a security to have a zero beta and higher volotilitythan the market. iCAPM:A model describing the relationship between risk and expected return that is used in the pricing of securities.The CAPM says that the expected return of a security or a portfolio equals the min on a risk-free security plus a risk premium.The security market line (SML)plots the results ofthe CAPM. Capture Ratio:A measure indicating how a manager performed relative to a marketindex during speci?c periods when the index produced either positive (upside)or negative (downside)relums.Calculated by dividingthe rr—anager'sannualized pertormance retum torthe intervalsoftime during the measurement period when the index vlms positive/negative by the indexrs positive/negative returns over the same intervals.A percentage less than 100%indicates that the manager‘captured"less portormance than the index.whilea percentage greatorthan roost.indicates the manager captured more pertonnance than the index. For example.it the annualizod performance oran index during "up'markets (when its returns was positive)is 2D.B%and tho annuaiiaed performance ofthe manager during the same period is 16.8%,than the manager's upride capture ratio is 1E.B%I2o.B%=50.7%.meaning the manager "ruptured"Bo,7%ofthe upside performance ofthe index.some another way, ;the manager in this example perfonned oimost 20%vroioo then the market during up periods. Correlation:A statistical measure orho\v two securities move in relation to each other.Correlation ranges between .1 and ~i.Pertect positive correlation implies thatao one security moves,either up or down.the other seclxity willmove in Iockstep.in the same direction.Alternatively,pertect negative correlation means that it one security moves in either direction the security that is perfectiy negatively correlated willmove by on equal amount in the opposite direction. Cumulative Return:The total retum on an investment over a speci?ed time period. Downside Capture Ratio:A measure ofthe manager's performance in down markets relativeto the market itseli.A value otso suggests the managersloss is only nine tenths of the market's loss.Duringthe selected time period (tor example:3 years).the retum tor the markettor each quarter is considered a down market quarter it it is less than zero.The returns tor the managers and the market tor all down quarters are colculated.The downside market capture ratio is calculated by dividing the return of tho manager during the down quarters by the return of the market during the some quarters. Downside Capture Return:A measure orthe manager's pertorrnance in down markets relative to the market itself.This is an annualized semi—variancerate of return thatrepresents a gain or loss generated during the mari‘ot down periods.The return torthe market tor each quarteris oensidered a down market quarter it it is less than zero.Using these dovvrl quarters,the returns for the manager [or all down quarters are linked and annualized to getthe downside capture return.Please note thatjust because the market psrtormanca is dowrldoes not mean thatthe pedonnance oi the manager is downas well. Excess Return -The dllforencobetween the returns oltwo portlolios.Usuallyexcess return is the difference between o managersretum and the return ofa benchmark forthat manager.Inthe context oio beta benchmark.:-xcess return refers to the ditieronce between a manager or market benchmark and T-bills. information Ratio:A smtistic that seeks to summarize the meari—varianceproperties of an active portfoliowith a single number.The inlorrnatien ratio buildson the Markowitzmoan-variance paradigm,which says that the mean and Variance (or.eouivalentiy.the mean and standard deviation)of returns are sufficient stltiztim for characterizing an investment portfolio, ‘Number of Up and Down Periods:The number orup periods tor a given retum series r1,,..,rn,is the number of positive returns in the series.Similarly.the number of down periods is the number orzero ond negative retun-s in the series. ERank Series:The Manager Vs.Universe graph and lzrialeallowyou to present the data as 1 percentile or ranked series.In both cases.every manager is ranked according to the statistic being shown on the graph or table.Ti a universe is then separated into quartiles according to those ranks.The rank series plots the rank (0%to 100”/i2)onthe vertical axis of the )Manager vs.UniverseGraph.Each of the universe quartiles are represented by equally sized bonds. I R~5t.‘lU?Yt.'dZItIs used to show how much a managefs variability can be accounted for by the market.For example.ifa portfolio‘:R-Squared is 0.79.than 79%of tho marlegofs variability is due to market conditions,As Rv-Scdarod approaches 1DD,the portfoliois more closely correlated vlM.hthe market. Sharpe Ratio -Developed by WilliamF.Sharpe,this calculationmeasures a ratio of return to volatility.It Is uselul in comparing two portfoliosor stocks in terms of risk-adjusted retum.The higher the Sharpe Ratio,the more sufficient are returns (or each unit of risk.it is calculated by ?rst subtracting the risk free rate from the return ofthe port1olio,then dividing by the standard deviation of the portfolio.Using Sherpa ratios to compare and select among investment oltomotivoo con be ditlicuitbecause the measure of risk,portfolio titandard deviation,penalizes portfolios tor positive upside ratlirns as much as the undesirable downside returns. ‘Createdwith Zephyr StyieADVlSOR.Manager returns supplied by:Morningstar,Inc,,lnforma Investment Solutions,|nc.(PSN) 58 Agenda Item #7.A.25 Nov 2019Page 94 of 113 IV.Update&Recommendations 59 Agenda Item #7.A.25 Nov 2019Page 95 of 113 Sec onl General Employees’Update CITY OF ATLANTIC BEACH -GENERAL EMPLOYEE RETIRMENT Asset &Manager Allocalian 11/11/2019Recomm. Change (5)Recommended IPS Asset Allocation Guidelines ReC0m|“« Asset Classes Min Target Max |nvestmentManagers ($l Large Cap Eauity 23.0%33.0%43.0%Large Cap E1uity $7,361,304 35.3% ColumbiaSelect Large Cap Growth $1,165,620 5.6% Honeer Fundamental Growth $1,412,301 6.8% JP Morgan Equity Incone $2,834,906 13.6% Vanguard S&P 500 Index (V00)$1,948,477 9.3% Mid [Sm all Cap Equity 5.0%10.0%15.0%Mid Ism all Cap Equity S 2,183,294 10.5% Boston Partners SMIDValue $1,138,642 5.5% Riverbridge SMD Cap Grawth $1,044,452 5.0% International Etiuity 10.0%15.0%20.0%International Eauity 5 3,244,648 15.6% Vanguard Total |n1'|Stock lilkt (VXUS)$1,623,067 7.8% Lazard lntlStrategic Eq.lnsll.(LISIX)$1,621,5B1 7.8% speciality 1.0%6.0%11.0%Speciality S 993,407 4.8% Tortoise MLP&Pipeline (TORIX)$993,407 4.8% ?xed lncom e 21.0%30.0%39.0%?xed lncom e $5,836,275 28.0% Sagelnternedbte $4,014,321 19.3% Aston/Doubleline Care Plus (ADLDO $1,422,629 6.8% Goldman Sachs Bill Debt (GSDIX)$399,325 1.9% Cash &MM 0.0%6.0%11.0%Cash 8:MM 5 1,232,332 5.9% Cash/MMKTAAA $1,232,332 5.9% Total $20,851,255 100.0% The data caniained herein has been obtained lmm sources we believe to be reliable,but cannot be warranted by Morgan Stanley Smith Barney LLC as to accuracy ar completeness.We do not 60undertaketoadviseofchangesinour?gures or views.This is not a solicitation to buy or sell.Past performance is no guarantee affuture results.Agenda Item #7.A.25 Nov 2019Page 96 of 113 Section IV:Police Office Update C|TY OF ATLTANTIC BEACH -POLICE OFFICERS’REFIRBVIENT 100%Total $11.955371 100.0% ___Recomrm Asset &Manager Allocation 11I11/2015 Reccm mended IPS Asset Allocation Guidelines Change (S) Asset Classes Min Target Max lnveslmentManagers ($) Large Cap muity 23.0%Large Cap Equity 3 4,171,532 34.9% Colurrbia Select Large Cap Growth $837,523 5.3% Pioneer Fundamental Growth $914,928 7.7% JP ll/brgan Equity lncorve $1,660,847 13.9% Vanguard S&P 500 Index (V00)$958,235 8.0% M ii![Sm all Cap E1uily 70.0%10.0%10.0%Mid ISm all Cap Equity $1,244,191 10.4% Boston Partners SMD Value $654.971 5.5% Riverbridge SMIDCap Growth $569,221 4.9% International Equity 70.0%15.0%20.0%International Equity 5 1,846,287 15.4% Vanguard Total |nt'l Stock Nkt (VXUS)$864.556 7.2% Lazard lntl Strategic Eq.lnstl.(LlSlX)$981,731 8.2% Real Assets 70.0%6.0%6.0%Real Assets 5 563,535 4.7% Tortoise NLP &Pipeline (TORIX)5 563,535 4.7% Fixed Incom e 70.0%30.0%30.0%Fixed Incom e 5 3,349,918 28.0% Sage Intermediate $2,313,137 19.3% Aston/Doubleline Care Plus (ADLD()$820,305 6.9% Goldrmn Sachs Bl/IDebt (GSDIX)$216,475 1.8% Cash &MM 0.0%6.0%6.0%Cash 8.MM 5 780,508 6.5% Cash/ll/MKTAAA $780,508 6.5% The data contained herein has been obtained from sources we believe to be reliable.but cannot be warranted by Morgan Stanley smith Barney LLC as to accuracy ar completeness.We do not 61 undertake to advise of changes in our?guves or views.This is not a salicitatian to buy or sell.Past performance is no guarantee of (Laura results.Agenda Item #7.A.25 Nov 2019Page 97 of 113 Page 98 of 113 .Phu?2uV>—.u.H7§ -U>.u..n.uu WCW35..-.HH.NW4? a>AUu?Hh”AUdLz—Un wduv?uwaau E003:_wZ-v>.H-OZ” >.~.._.>OI.<—Hw7~.H.” mH.>HHE;uwummuomn.-. 0.»!on>==::nWnwnr 0.:-.::mmm::7Anm3=w 05-2520520.N@La-~ma >20-?Uu2>2OHEHZUHZD.H.~wH?O1_w~N>.:20WC-V0-wan.105H;=uHO~d.< Om;>H.f>2.-£0W-w>O~w.~.JnLAU~N~nV.br10%1-mO>F<_w>nww_wAu—ZZ~Z.H °?u.H..ouw?H?3NGHW>20uwz-UAZQm.w.u,.1H_SwHWN6.NDHO.>25uun?o/£5.20 .92_w~.;n..~w0u.n<.wU>.H.nw ZO<0.5Gw..C.NO_O 7\~0:mmm.W?dm._U:.mn.ono».5.§:no(QCw. ~LOnH_QO<.w-.—.:.D0~..nm~..m<mEmu30GOQ~uv..mNW9.~30OilOWNDmomlvsww...nomluoinw~50.,0O@n.:._v~ 05&0n_n:.mOm_K0E_...mU?lmnn. .:Ema»:JWGNHND—WwZ90-.0<<?..?WHOEQQ=0—.N—?r.-..Q-Aw<NlCmm<<~LO_uIONQGQ_.C—.—N<0930:. 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M.bLpO..:.n..1<oZ.m.:w_uO5N3O:man1E.E:mwG_S:C.um0.0..w_::Znw..OUQEOTm?cwmmom.O_.G.v €331::5Omsk. «TuW0mG..<n33%_u0.,00.,.nmusic0».2.5?ew.vx?mzum..n<O..:Lnn0»,:_..n_:5»dn_r:—.On_ _:N..n_<<m:.G\n..0D<<N..0mum!03;...:40?<G3—:..n0320N...0n__m3.5_:....v\»:O.._um:,Wm5m_u..O_w_.w:4... WESOH..."Z030 —WH0Av7\_7\:w_.I~U>u_.uoZ...UODa5.:MwmD.....®<m?<<m:...Q<OnOHONmono...»Ma?a.C:Ownzi?lnnZ0.QML¢:NN >..a-.>0:_<:wZ.-Am!Ou.n_m?N30?Z0.QmI~0INN -~w<=.J.<<.wCW4On.-‘<_<—>2>0-m_~H‘‘ \u \‘‘Agenda Item #9.C.25 Nov 2019Page 107 of 113 OWUHZNVZOH20.00-90-99 >2OWUHZNVZOH09..HENOHH<09..>.HF>2.H—QWHNVOE.QOd2.H<o9.. 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H.M0330‘?mlunFOGMSODM23.2.33.51cc:oCHm:A~GMm9.<mo®x/Ham. N.Womo?mmm_...GG..w.Wwu3CvnC:mO<<n_u~vHmmcC»a A.T\‘ _N~m<:w<<.wU.w<.U:.<7\~>2>A;Lw—N”int? .1u(‘,r.\/A Agenda Item #10.A.25 Nov 2019Page 111 of 113 \n /11,.»...|l _ /.\\..onw.... all}mi~.9:M_|U/u2.»V..u.»| _ «.II: ll\I_h @0030._.m:..._A_I00m:0Jw nUO>WI_UCU:OC:::®mm@_.<.0@>..0m. .n,aw .1 _....G,oWm?m?nwo1-1”-JXW Agenda Item #10.A.25 Nov 2019Page 112 of 113 _l0D03nn Imxmmnml?M0130.—.D-elm33 MOEZO...N3xmno60.m:l::9nmn33 .Um<m.0_uNU_D_uDu.nm.wn0UmMm1<mB3.: .UD~03n_..u~M0320uVN3sAMnoW0mxm?wus.-d?w?gl«.~N» _.UDn03.<N_.U0<0~O»uNU~@Wh?n?shnoU0W?lx?n.«AN» , MX.mn.3Qmmssmw WWEOHF.-ummXn03m.O! O:<Om>:m»J:OW090... WGUEOA0W0<<0_._U1O_.®OnQOm_m Agenda Item #10.A.25 Nov 2019Page 113 of 113