Other Post Employment Benefits Advisory Committee

*.j CENTER LINE OTHER POST EMPLOYEES BENEFIT TRUST (OPEB) 0ptf3 REGULAR MEETING May 14, 2019 0Bl4aliq Page 1 of 3 The regular meeting of the Center Line Other Post Employees Benefit Trust Committee was called to order at 1:04 p.m., May 14, 2019 by Chairman Robert Binson. Members Present: Robert Binson, Deru'iis Champine and Deputy Treasurer Gregory Suma. Also Present: Tim Brice of the Brice Group Approval of Agenda MOTION by G. Suma, supported by D. Champine to approve the agenda as presented. AYES: 3 NAYS: NONE MOTION CARRIED Public Comment None Approval of minutes MOTION by G. Suma, supported by D. Champine to approve the minutes firom the February 12, 2019 meeting. AYES: 3 NAYS: NONE MOTION CARRIED For your information a. Summary Prospectus dated: March 31,2018 for Tortoise Capital Advisors and additional912. 185 units purchased for $12,049.97 on February 21,2019. MOTION D. G. Suma, D. Champine supported by to receive and file. b. GRS Consulting Re: February 2019 News Scan. MOTION D. G. Suma, D. Champine supported by to receive and file. c. Legg Mason, Western Asset Management Supplement to Prospectus dated: December20l8. MOTION D. G. Suma, D. Champine supported by to receive and file. d. Harding, Loevner Funds Summary Prospectus for Emerging Markets Portfolio dated: June 25, 2018 and purchases on January 3, 2019 MOTION D. G. Suma, D. Champine supported by to receive and file. e. 2018 Morning Star Fee Study Finds That Fund Prices Continueto Decline Re: Open- end mutual funds and exchange-traded funds asset-weighted expense ratio was .48% a6.00% declinefrom20l7. MOTION D. G. Suma, D. Champine supported by to receive and file. f. Correspondence from J.P MorganAsset Management dated April20l9 Re: Material changes to their Form ADV Part 2A Firm Brochure dated: March 31, 2019. MOTION D. G. Suma, D. Champine supported by to receive and file.  CENTER LINE OTHER POST EMPLOYEES BENEFIT TRUST (OPEB) REGULAR MEETING May 14, 2019 Page 2 of 3 Presentations Tim Brice from Morgan Stanley to discuss Money Manager performance results through March 31, 2019, ++Asset Allocation and discussion on: I. Morgan Stanley - On the Markets May 2019 II Morgan Stanley - Inputs for Global Investment Committee's (GIC) strategic asset Allocations. Mr. Brice cited from the On the Markets where the CIO stated don't expect a flux of where the markets do very well over a short period of time. All equity indices have been very strong througl"i the month of April since the start of 2019. When the markets move that fast, it tends to have investors on the sidelines with cash, jump in causing a melt up. The FED has not raised interest rates and if the trade and tariff issue does not get resolved it could result in the FED easing interest rates. Mr.Briceaddressedmoneymanagerperformances. ThroughthelsIquarterof2019theportfolios are up 1 1.37%. As compared to other public pension plans under $25 million we were in the top 5'h percentile. The two fixed income managers were up 4.26% and 4.11% for the Ist quarter in 2019. Most money managers did well against their benchmarks Cambair is down 7.96% and the style benchmark is down 6.00% this is due true value international manager and do not tend to cheat on their style. Clearbridge was up 14.83% for the quarter and their benchmark the EAFE, was up 12.00%. Cushing was up for the quarter as our master limited partnership investment. Mr. Brice went over the portfolio asset allocation. The portfolio is still heavily weighted on US Domestic equities. We are a little under weighted on small caps and international from our target asset allocation mode. Mr. Brice distributed the asset allocation study. Morgan Stanley evaluates all market capitalization assumptions currently and then uses that to give us were we should be invested. Old Business None  CENTER LINE OTHER POST EMPLOYEES BENEFIT TRUST (OPEB) REGULAR MEETING May 14, 2019 Page 3 of 3 New Business A. Material changers for form ADV Brochure; Wrap Program Manager disclosures under Section 408(b)(2) of ERISA; Privacy Notice of Causeway Capital Management LLC ("Causeway"). Also, the response from Rebecca L. Wolfe from Morgan Stanley Graystone. B Correspondence from Great Lakes Advisors re: Brochure about the qualifications and Business practices of their firm. MOTION by G. Suma, supported by D. Champine to receive and file AYES: 3 NAYS: None MOTION CARRIED Approval of Vouchers Morgan Stanley/Graystone Consulting 1st Qtr. 2019 Investment Management Fees - $11,407.58 MOTION G. Suma, supported by D. Champine to receive and file AYES: 3 NAYS: 0 MOTION CARRIED Comments None Adjournment MOTION by G Suma, supported by D. Champine to adjourn the meeting at 2:16 pm AYES: 3 NAYS: NONE MOTION CARRIED Adjourned 1:52 pm Chairman Date vx glir