A Regular Meeting Of The Retirement Board Was Held At Town .

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A regular meeting of the Retirement Board was held at Town Hall, Tuesday June 19, 2018 at 3PM.Members present: Wayne Marquis, Appointed Member/Chairman; Steve Swanson, Fifth Member; Mike Hagan, Elected;Cory Grace Ex-officio.Others present: Travis Ahern (Administrator/Finance Director); Susan Little (Staff); Cliff White and Isabelle Eckel(Investment Consultants).The Board meeting is being recorded with a digital audio recorder.Wayne read agenda item: Minutes of the May 30, 2018 meeting to be accepted and signed. Wayne asked the Board ifeveryone has had a chance to review the minutes. Wayne asked if anyone would like to make a motion to accept theMinutes. (Vote: Cory Grace motioned with Steve Swanson seconding and the Board unanimously approving).Board reviewed and unanimously approved the April Cashbooks. (Steve Swanson motioned with Mike Haganseconding and the Board unanimously approving).The bills payable and payroll warrants were unanimously accepted and signed. (Vote: Cory Grace motioned with SteveSwanson seconding and the Board unanimously approving).June Payroll 06292018June Expenses 1,025,968.07 55,886.99Purchases were unanimously accepted (Vote: Mike Hagan motioned with Cory Grace seconding and the Boardunanimously approving).Sales were unanimously accepted (Vote: Steve Swanson motioned with Mike Hagan seconding and the Boardunanimously approving).SECURITIES PURCHASED:9732120660644293BMO JuneAmerican Assets Inc1089Chesapeake Lodging Trust305Independent Bank Corp/MI2616Meritor Inc174National General Holdings Corp358Owens-Illinois Inc260450Liberty Broadband CorpSalesforce.com IncTwin June4001501679017713220BMO MayAmerican Assets Trust Inc366Chesapeake Lodging Trust139Community Trust Bancorp Inc1445Comtech Telecommunications Corp3Delek US Holdings Inc521Piedmont Office Realty Trust IncRexnord CorpSouthwestern Energy CoTech Data CorpTTM Technologies IncVerizon Communications IncWalgreens Boots Alliance IncMeritor IncNational General Holdings IncOwens-Illinois IncPDC Energy IncPiedmont Office Realty Trust Inc

2112874158257119Domtar CorpEsterline Technologies CorpHMS Holdings CorpHancock Whitney CorpHilltop Holdings IncIndependent Bank Companies MI474256511531458Rexnord CorpSouthwestern Energy CoStifel Financial CorpTTM Technologies IncTech Data Corp1125661558890Moog IncPenn National Gamin IncRowan Cos PlcXcerra Corp230450Microsoft CorpWalmart Inc20985129246Kaiser Aluminum CorpKB HomeKimball International IncKLX IncKoppers Holdings Inc375676Korn/Ferry InternationalKraton CorpLantheus Holdings Inc5778397646402645693527190La-Z-Boy IncLouisiana-Pacific CorpMack-Cali Realty CorpMatrix Service CoMeridian Bioscience IncMerit Medical Systems IncMinerals Technologies IncMoog IncMyriad Genetics IncNatus Medical IncNelnet IncNewpark Resources IncSECURITIESSOLD:BMO June9391331301550Bancorpsouth BankDCT Industrial Trust IncGray Television IncHomestreet IncTwin June1050200Corecivic IncMarathon Petroleum CorpBMO May252871551211229236399479223160947564363875761st Source CorpAbraxas Petroleum CorpAcco Brands CorpAllscripts Healthcare SolutionsAmerican Axle & ManufacturingAmerican Equity Investment LifeIns.American Renal Associates HoldingsAngiodynamics IncArgo Group International HoldingsLtdAshford Hospitality Trust IncBancfirst CorpBancorpsouth BankBank of Marin BancorpBanner CorpBenchmark Electronics IncBlack Hills CorpBoise Cascade CoBristow Group IncCACI International IncCaesarstone Ltd

22531658372413101252529541074816260131Callon Petroleum CoCathay General BancorpCentral Garden & Pet CoCentral Pacific Financial CorpCNO Financial Group IncCohu IncColumbux McKinnon Corp/NYCommed CorpComtech Telecommunications CorpCooper-Standard Holdings IncCovenant Transportation GroupCSG Systems International IncCustomers Bancorp IncDCT Industrial Trust IncDean Foods CoDeckers Outdoor CorpDelek US Holdings IncDiodes IncDSW IncEl Paso Electric CoEmcor Group IncEmergent Biosolutions IncEmployers Holdings IncEnanta Pharmaceuticals IncEntegris IncEsterline Technologies CorpExterran CorpFidelity Southern CorpFinancial Institutions IncFirst Defiance Financial CorpFirst Industrial Realty TrustFranklin Financial Network IncGenesco IncGlobal Brass & Copper HoldingsGray Television IncGreat Southern Bancorp IncGreat Western Bancorp IncHanmi Financial CorpHawaiian Holdings IncHerman Miller IncHersha Hospitality 1NMI Holdings IncNorthwestern CorpOrthofix International NVPDC Energy IncPDL Biopharma IncPeapack Gladstone Financial CoPenn National Gaming IncPeoples Bancorp Inc/OHPerficient IncPerry Ellis International IncPhibro Animal Health CorpPNM Resources IncPortland General Electric CoPreferred Apartment CommunitiesPreferred Bank/Los Angeles CAProgress Software CorpQuanex Building Products CorpRowan Cos PlcRPX CorpRudolph Technologies IncRush Enterprises IncS&T Bancorp IncSafety Insurance Group IncSandy Spring Bancorp IncSaul Centers IncSelective Insurance Group IncSmart & Final Stores IncSRC Energy IncStag Industrial IncStepan CoStoneridge IncSykes Enterprises IncTailored Brands IncTetra Technologies IncTravelport Worldwide LtdTrico BancsharesTrinseo SATrueblue IncTrustco Bank Corp NYUmpqua Holdings CorpUnifirst Corp/MA

883051239362144074516723210615Hibbett Sports IncHighpoint Resources CorpHilltop Holdings IncHomestreet IncHorace Mann Educators CorpHyster-Vale Materials HandlingICF International IncInnoviva IncInteger Holdings CorpInternational Bancshares CorpInvestors Bancorp IncIridium Communications IncJohnson Outdoors Inc55494111628845622437118613140United Community Banks Inc/GAUS Silica Holdings IncVirtusa CorpVishay Intertechnologiy IncW&T Offshore IncWalker & Dunlop IncWashington Federal IncWatts Water Technologies IncWintrust Financial CorpXcerra CorpXenia Hotels & Resorts IncXO Group IncFrank Tedesco and Mark McDonnel of Hillswick Asset Management updated the Board on portfolio performance andprovided a general discussion of Bonds. The Board thanked Frank and Mark for their time and they left the meeting @3:15PM.Cliff White and Isabelle Eckel of Morgan Stanley/Graystone reviewed the investment policy, specifically asset allocation.Isabelle explained annually in March the Morgan Stanley Global Investment Committee provides the 7 yr. and 20 yr.“Forecast of Asset Class Returns”. Isabelle and Cliff reviewed tweaks that could be made to the asset allocation toIncrease return. However, the changes would increase risk from 11.3% to 12.1% for an increase in return of .4%. Cliffand Isabelle advised no changes at this time. (Vote: Cory Grace motioned with Steve Swanson seconding and the Boardunanimously approving to make no changes to the asset allocation based on the consultant’s recommendation).The Board thanked Cliff and Isabelle for their time and they left the meeting @3:38PM.The Board unanimously approved the following new members: Myles Freeman, Water Distribution Operator, start date5/28/2018 (replaces John Freitas - transfer); Aaron Henry, Director of Land Use and Community Services, start date6/4/2018 (new position – reorganization) (Vote: Steve Swanson motioned with Cory Grace seconding and the Boardunanimously approving).The Board noted with sympathy the passing of Phyllis Kelly, Non-contrib. surviving spouse of retiree Joseph E. Kelley, Jr.The Board unanimously approved the following retirements: Kevin Farrell, Superannuation Option C, effective 7/17/18;Karen Nelson, Superannuation Option C, effective 6/30/18.(Vote: Cory Grace motioned with Steve Swanson seconding and the Board unanimously approving).Approvals received from PERAC: Paul StoneTravis Ahern, Administrator/Finance Director reviewed PERAC Memo’s and other items of interest. Travis reviewed the CY2017 PERAC Investment Report Travis informed the Board the Town is conducting a non-union Mkt. study which includes retirement staff. Travis mentioned the June Retirement newsletter is being released to members and retirees.

Travis advised the Board that the current Investment Consulting contract expires February 2019. He reviewedthe different options available. The Board unanimously approved issuing an RFP for traditional investment consulting. Staffwill instruct counsel to review and provide an RFP document. (Vote: Steve Swanson motioned with Cory Grace secondingand the Board unanimously approving).Meeting Adjourned: 4:15PM (Cory Grace motioned with Steve Swanson seconding and Board unanimouslyapproving)NEXT MEETING: July 25, 2018Did not attendJoseph Collins, Elected MemberMichael Hagan, Elected MemberCorinna Grace, Ex-Officio MemberWayne P. Marquis, ChairmanStephen Swanson, Fifth Member

Jun 19, 2018 · 121 Allscripts Healthcare Solutions 292 KLX Inc 122 American Axle & Manufacturing 46 Koppers Holdings Inc 92 American Equity Investment Life Ins. 37 Korn/Ferry International 36 American Renal Associates Holdings 56 Kraton Corp 399 Angiodynamics Inc 76 Lantheus Holdings Inc 47 Argo Group International Holdings Ltd 57

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