Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section

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May 7, 2018 VIA EMAIL Captain Dave Foxall, Administrator Bradenton Firefighters Retirement System 1010 9th Avenue West Bradenton, FL 34205 Re: City of Bradenton Firefighters' Retirement System

1 May 7, 2018 VIA Captain Dave Foxall, Administrator Bradenton Firefighters Retirement System th Avenue West Bradenton, FL Re: City of Bradenton Firefighters' Retirement System Section , Florida Statutes Compliance Dear Dave: Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section Our office will submit this information electronically to the Department of Management Services. However, it is important for you to be aware that this report must also be made available on the Plan or Plan Sponsor s website, if such website exists. A deadline for this website publication is not made clear in the law. In addition to the enclosed report, the Plan or Plan Sponsor's website must provide a link to the Division of Retirement's Actuarial Summary Fact Sheet for the Plan, and also report the previous five years' assumed and actual rates of return, along with their respective asset allocations. The Board should contact its Investment Consultant for this information. If there are any questions, concerns, or comments about any of the items contained in this report, please feel free to contact me. Respectfully submitted, Foster & Foster, Inc. By: DHL/lke Enclosures Douglas H. Lozen, EA, MAAA Enrolled Actuary # cc via Scott R. Christiansen, Board Attorney Parker Commons Blvd., Suite 104 Fort Myers, FL (239) Fax (239)

CITY OF BRADENTON FIREFIGHTERS' RETIREMENT SYSTEM SECTION 112.

2 CITY OF BRADENTON FIREFIGHTERS' RETIREMENT SYSTEM SECTION , FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained in Section (1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and I acknowledge responsibility for the results. the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements of Section (1), Florida Statutes, and Rule 60T , Florida Administrative Code. By: Date: 5/7/2018 Douglas H. Lozen, EA, MAAA Enrolled Actuary #

3 INTRODUCTION When reviewing the following schedules, please note the following: 1) The purpose of producing this report is solely to satisfy the requirements set forth by Section , Florida Statutes, and is mandatory for every Florida public pension fund, excluding the Florida Retirement System (FRS). 2) None of the schedules shown have any impact on the funding requirements of the Plan. These schedules are for statutory compliance purposes only. 3) In the schedules that follow, the columns labeled ACTUAL represent the final recorded GASB 67/68 results. The columns labeled HYPOTHETICAL illustrate what the results would have been if different assumptions were used. 4) It is our opinion that the Plan s actual assumptions utilized in the October 1, 2017 Actuarial Valuation Report, as adopted by the Board of Trustees, are reasonable individually and in the aggregate, and represent our best estimate of future Plan experience. 5) The Number of Years Expected Benefit Payments Sustained calculated in Section II: Asset Sustainability should not be interpreted as the number of years the Plan has left until it is insolvent. This calculation is required by , Florida Statutes, but the numeric result is irrelevant, since in its calculation we are to assume there will be no further contributions to the Fund. As long as the Actuarially Determined Contribution is made each year the Plan will never become insolvent. City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 3

4 SECTION I - GASB SCHEDULE OF CHANGES IN NET PENSION LIABILITY FISCAL YEAR SEPTEMBER 30, 2017 ACTUAL HYPOTHETICAL 7.75% 5.75% 9.75% RP-2000 RP-2000 RP-2000 Generational Generational Generational tal Pension Liability Service Cost 1,310,808 2,067, ,551 Interest 4,277,847 4,136,181 4,296,784 Changes of Benefit Terms Differences Between Expected and Actual Experience (671,001) (806,099) (602,558) Changes of Assumptions (1,575,583) (2,280,959) (1,132,214) Contributions - Buy Back 15,811 15,811 15,811 Benefit Payments, Including Refunds of Employee Contributions (2,554,083) (2,554,083) (2,554,083) Net Change in tal Pension Liability 803, , ,291 tal Pension Liability - Beginning 53,439,324 68,145,917 43,378,335 tal Pension Liability - Ending (a) $ 54,243,123 $ 68,724,244 $ 44,268,626 Plan Contributions - Employer 1,737,199 1,737,199 1,737,199 Contributions - State 434, , ,857 Contributions - Employee 476, , ,467 Contributions - Buy Back 15,811 15,811 15,811 Net Investment Income 6,182,060 6,182,060 6,182,060 Benefit Payments, Including Refunds of Employee Contributions (2,554,083) (2,554,083) (2,554,083) Administrative Expenses (83,664) (83,664) (83,664) Net Change in Plan 6,208,647 6,208,647 6,208,647 Plan - Beginning 47,260,263 47,260,263 47,260,263 Plan - Ending (b) $ 53,468,910 $ 53,468,910 $ 53,468,910 Net Pension Liability - Ending (a) - (b) $ 774,213 $ 15,255,334 $ (9,200,284) City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 4

5 SECTION II - ASSET SUSTAINABILITY Table 1 Plan Assumptions: 7.75% and RP-2000 Generational Mortality PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Fiscal Year Beginning 10/1 Projected Beginning Projected tal Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,747,700-3,221,435-3,963,116 53,489, ,489,381-3,003,167-4,029,054 54,515, ,515,268-3,218,769-4,100,206 55,396, ,396,705-3,359,982-4,163,045 56,199, ,199,768-3,561,167-4,217,487 56,856, ,856,088-3,779,225-4,259,902 57,336, ,336,765-3,927,545-4,291,407 57,700, ,700,627-4,080,387-4,313,684 57,933, ,933,924-4,166,606-4,328,423 58,095, ,095,741-4,220,369-4,338,881 58,214, ,214,253-4,281,886-4,345,682 58,278, ,278,049-4,311,590-4,349,475 58,315, ,315,934-4,321,074-4,352,043 58,346, ,346,903-4,364,618-4,352,756 58,335, ,335,041-4,361,597-4,351,954 58,325, ,325,398-4,359,824-4,351,275 58,316, ,316,849-4,339,814-4,351,388 58,328, ,328,423-4,316,332-4,353,195 58,365, ,365,286-4,289,273-4,357,100 58,433, ,433,113-4,257,619-4,363,584 58,539, ,539,078-4,220,374-4,373,239 58,691, ,691,943-4,173,692-4,386,895 58,905, ,905,146-4,121,120-4,405,455 59,189, ,189,481-4,059,607-4,429,875 59,559, ,559,749-3,993,155-4,461,146 60,027, ,027,740-3,918,246-4,500,318 60,609, ,609,812-3,838,921-4,548,502 61,319, ,319,393-3,755,075-4,606,744 62,171, ,171,062-3,666,724-4,676,172 63,180, ,180,510-3,573,319-4,758,023 64,365, ,365,214-3,474,874-4,853,653 65,743, ,743,993-3,372,605-4,964,471 67,335, ,335,859-3,266,287-5,091,960 69,161, ,161,532-3,155,673-5,237,736 71,243, ,243,595-3,041,322-5,403,527 73,605, ,605,800-2,922,763-5,591,192 76,274, ,274,229-2,800,422-5,802,736 79,276, ,276,543-2,674,558-6,040,293 82,642, ,642,278-2,545,687-6,306,131 86,402, ,402,722-2,414,930-6,602,632 90,590, ,590,424-2,282,554-6,932,309 95,240, ,240,179-2,148,611-7,297, ,389, ,389,423-2,014,146-7,702, ,077, ,077,409-1,880,135-8,148, ,345, ,345,418-1,747,445-8,639, ,237, ,237,029-1,617,465-9,178, ,797, ,797,757-1,490,727-9,769, ,076, ,076,090-1,367,463-10,415, ,124, ,124,035-1,248,454-11,121, ,996, ,996,816-1,133,883-11,890, ,753,748 City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 5

6 SECTION II - ASSET SUSTAINABILITY Table 1 Plan Assumptions: 7.75% and RP-2000 Generational Mortality PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Fiscal Year Beginning 10/1 Projected Beginning Projected tal Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,753,748-1,023,998-12,728, ,458, ,458, ,886-13,639, ,178, ,178, ,224-14,629, ,985, ,985, ,874-15,703, ,957, ,957, ,632-16,866, ,179, ,179, ,396-18,126, ,739, ,739, ,123-19,490, ,737, ,737, ,994-20,965, ,276, ,276, ,597-22,559, ,471, ,471, ,737-24,282, ,445, ,445, ,686-26,141, ,328, ,328, ,149-28,149, ,264, ,264, ,758-30,316, ,405, ,405, ,399-32,653, ,918, ,918, ,059-35,174, ,982, ,982,084-86,513-37,892, ,788, ,788,330-66,350-40,823, ,545, ,545,505-49,977-43,982, ,478, ,478,368-36,942-47,388, ,829, ,829,568-26,813-51,058, ,861, ,861,008-19,099-55,013, ,855, ,855,397-13,342-59,275, ,117, ,117,831-9,162-63,868, ,977, ,977,446-6,185-68,818, ,789, ,789,273-4,117-74,151,009 1,030,936, ,030,936,165-2,692-79,897,448 1,110,830, ,110,830,921-1,732-86,089,329 1,196,918, ,196,918,518-1,091-92,761,143 1,289,678, ,289,678, ,950,063 1,389,627, ,389,627, ,696,150 1,497,323, ,497,323, ,042,575 1,613,366, ,613,366, ,035,859 1,738,401, ,738,401, ,726,128 1,873,127, ,873,127, ,167,397 2,018,295, ,018,295, ,417,867 2,174,712, ,174,712, ,540,249 2,343,253, ,343,253, ,602,117 2,524,855, ,524,855, ,676,281 2,720,531, ,720,531, ,841,192 2,931,372, ,931,372, ,181,384 3,158,554, ,158,554, ,787,941 3,403,342, ,403,342, ,759,007 3,667,101, ,667,101, ,200,330 3,951,301,358 *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 7.75% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 6

7 SECTION II - ASSET SUSTAINABILITY PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Table 2 Hypothetical Assumptions: 5.75% and RP-2000 Generational Mortality Fiscal Year Beginning 10/1 Projected Beginning Projected tal Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,747,700-3,221,435-2,940,376 52,466, ,466,641-3,003,167-2,930,491 52,393, ,393,965-3,218,769-2,920,113 52,095, ,095,309-3,359,982-2,898,881 51,634, ,634,208-3,561,167-2,866,583 50,939, ,939,624-3,779,225-2,820,376 49,980, ,980,775-3,927,545-2,760,978 48,814, ,814,208-4,080,387-2,689,506 47,423, ,423,327-4,166,606-2,607,051 45,863, ,863,772-4,220,369-2,515,831 44,159, ,159,234-4,281,886-2,416,052 42,293, ,293,400-4,311,590-2,307,912 40,289, ,289,722-4,321,074-2,192,428 38,161, ,161,076-4,364,618-2,068,779 35,865, ,865,237-4,361,597-1,936,855 33,440, ,440,495-4,359,824-1,797,484 30,878, ,878,155-4,339,814-1,650,724 28,189, ,189,065-4,316,332-1,496,777 25,369, ,369,510-4,289,273-1,335,430 22,415, ,415,667-4,257,619-1,166,494 19,324, ,324,542-4,220, ,825 16,093, ,093,993-4,173, ,411 12,725, ,725,712-4,121, ,246 9,217, ,217,838-4,059, ,312 5,571, ,571,543-3,993, ,561 1,783, ,783,949-3,918, *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 5.75% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 7

8 SECTION II - ASSET SUSTAINABILITY PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Table 3 Hypothetical Assumptions: 9.75% and RP-2000 Generational Mortality Fiscal Year Beginning 10/1 Projected Beginning Projected tal Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,747,700-3,221,435-4,985,856 54,512, ,512,121-3,003,167-5,168,527 56,677, ,677,481-3,218,769-5,369,139 58,827, ,827,851-3,359,982-5,571,916 61,039, ,039,785-3,561,167-5,777,772 63,256, ,256,390-3,779,225-5,983,261 65,460, ,460,426-3,927,545-6,190,924 67,723, ,723,805-4,080,387-6,404,152 70,047, ,047,570-4,166,606-6,626,516 72,507, ,507,480-4,220,369-6,863,736 75,150, ,150,847-4,281,886-7,118,466 77,987, ,987,427-4,311,590-7,393,584 81,069, ,069,421-4,321,074-7,693,616 84,441, ,441,963-4,364,618-8,020,316 88,097, ,097,661-4,361,597-8,376,894 92,112, ,112,958-4,359,824-8,768,472 96,521, ,521,606-4,339,814-9,199, ,381, ,381,083-4,316,332-9,674, ,738, ,738,985-4,289,273-10,197, ,647, ,647,661-4,257,619-10,775, ,165, ,165,630-4,220,374-11,412, ,358, ,358,162-4,173,692-12,116, ,300, ,300,923-4,121,120-12,893, ,073, ,073,238-4,059,607-13,751, ,765, ,765,366-3,993,155-14,699, ,472, ,472,168-3,918,246-15,747, ,301, ,301,444-3,838,921-16,904, ,367, ,367,266-3,755,075-18,182, ,794, ,794,940-3,666,724-19,593, ,721, ,721,970-3,573,319-21,151, ,299, ,299,844-3,474,874-22,869, ,694, ,694,805-3,372,605-24,765, ,088, ,088,029-3,266,287-26,856, ,678, ,678,593-3,155,673-29,162, ,685, ,685,244-3,041,322-31,703, ,347, ,347,469-2,922,763-34,503, ,928, ,928,600-2,800,422-37,589, ,717, ,717,196-2,674,558-40,987, ,029, ,029,680-2,545,687-44,728, ,212, ,212,785-2,414,930-48,848, ,645, ,645,874-2,282,554-53,381, ,745, ,745,018-2,148,611-58,370, ,966, ,966,801-2,014,146-63,858, ,811, ,811,228-1,880,135-69,894, ,826, ,826,031-1,747,445-76,532, ,611, ,611,436-1,617,465-83,830, ,824, ,824,735-1,490,727-91,852,739 1,033,186, ,033,186,747-1,367, ,669,044 1,132,488, ,132,488,328-1,248, ,356,750 1,241,596, ,241,596,624-1,133, ,000,394 1,361,463,135 City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 8

9 SECTION II - ASSET SUSTAINABILITY PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Table 3 Hypothetical Assumptions: 9.75% and RP-2000 Generational Mortality Fiscal Year Beginning 10/1 Projected Beginning Projected tal Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,361,463,135-1,023, ,692,736 1,493,131, ,493,131, , ,535,513 1,637,747, ,637,747, , ,640,298 1,796,565, ,796,565, , ,129,513 1,970,964, ,970,964, , ,137,536 2,162,456, ,162,456, , ,811,860 2,372,701, ,372,701, , ,314,364 2,603,522, ,603,522, , ,822,708 2,856,919, ,856,919, , ,531,881 3,135,086, ,135,086, , ,655,914 3,440,433, ,440,433, , ,429,704 3,775,605, ,775,605, , ,111,049 4,143,501, ,143,501, , ,982,917 4,547,310, ,547,310, , ,355,888 4,990,525, ,990,525, , ,570,828 5,476,985, ,476,985,332-86, ,001,852 6,010,900, ,010,900,671-66, ,059,581 6,596,893, ,596,893,902-49, ,194,719 7,240,038, ,240,038,644-36, ,901,967 7,945,903, ,945,903,669-26, ,724,301 8,720,601, ,720,601,157-19, ,257,682 9,570,839, ,570,839,740-13, ,156,224 10,503,982, ,503,982,622-9,162-1,024,137,859 11,528,111, ,528,111,319-6,185-1,123,990,552 12,652,095, ,652,095,686-4,117-1,233,579,129 13,885,670, ,885,670,698-2,692-1,353,852,762 15,239,520, ,239,520,768-1,732-1,485,853,190 16,725,372, ,725,372,226-1,091-1,630,723,739 18,356,094, ,356,094, ,789,719,217 20,145,813, ,145,813, ,964,216,787 22,110,029, ,110,029, ,155,727,891 24,265,757, ,265,757, ,365,911,340 26,631,668, ,631,668, ,596,587,683 29,228,256, ,228,256, ,849,754,975 32,078,011, ,078,011, ,127,606,080 35,205,617, ,205,617, ,432,547,670 38,638,164, ,638,164, ,767,221,067 42,405,385, ,405,385, ,134,525,120 46,539,910, ,539,910, ,537,641,318 51,077,552, ,077,552, ,980,061,347 56,057,613, ,057,613, ,465,617,328 61,523,230, ,523,230, ,998,515,017 67,521,745, ,521,745, ,583,370,231 74,105,116,193 *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 9.75% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 9

10 SECTION III - FUNDING ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 Valuation Date: 10/1/2017 ACTUAL HYPOTHETICAL 7.75% 5.75% 9.75% RP-2000 RP-2000 RP-2000 Generational Generational Generational tal Required Contribution (Fixed $) $2,681,069 $4,628,068 $1,107,110 tal Required Contribution (% of Payroll) 50.1% 86.5% 20.7% Expected Member Contribution 555, , ,329 Expected State Money 434, , ,856 Expected Sponsor Contribution (Fixed $) $1,690,236 $3,642,587 $110,925 Expected Sponsor Contribution (% of Payroll) 31.6% 68.1% 2.1% ASSETS Actuarial Value ¹ 51,558,388 51,558,388 51,558,388 Market Value ¹ 52,747,700 52,747,700 52,747,700 LIABILITIES Present Value of Benefits Active Members Retirement Benefits 33,698,100 50,113,206 23,962,012 Disability Benefits 1,288,723 1,758, ,644 Death Benefits 294, , ,587 Vested Benefits 955,249 1,448, ,366 Refund of Contributions 84,250 89,138 79,849 Service Retirees 23,597,100 28,510,186 20,040,378 DROP Retirees ¹ 2,247,970 2,750,227 1,909,316 Beneficiaries 1,512,977 1,730,621 1,346,912 Disability Retirees 2,176,812 2,586,037 1,877,576 Terminated Vested 478, , ,922 Share Plan Balances ¹ tal: 66,334,519 90,078,338 51,428,562 Present Value of Future Salaries 41,644,290 46,724,480 37,545,823 Present Value of Future Member Contributions 4,164,429 4,672,448 3,754,582 tal Normal Cost 1,364,777 2,183, ,207 Present Value of Future Normal Costs (Entry Age Normal) 10,792,922 19,353,698 6,296,810 tal Actuarial Accrued Liability ¹ 55,541,597 70,724,640 45,131,752 Unfunded Actuarial Accrued 3,983,209 19,166,252 (6,426,636) Liability (UAAL) City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 10

11 SECTION III - FUNDING ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 Valuation Date: 10/1/2017 ACTUAL HYPOTHETICAL 7.75% 5.75% 9.75% RP-2000 RP-2000 RP-2000 Generational Generational Generational PENSION COST Normal Cost ² 1,512,645 2,397, ,204 Administrative Expenses ² 92,729 91,836 93,621 Payment Required Amortize UAAL ² 1,075,695 2,139,072 26,285 tal Required Contribution $2,681,069 $4,628,068 $1,107,110 ¹ The asset values and liabilities include accumulated DROP Balances as of 9/30/2017. ² Contributions developed as of 10/1/2017 displayed above have been adjusted to account for assumed salary increase and interest components. City of Bradenton Firefighters' Retirement System FOSTER & FOSTER 11

12 Bradenton Municipal Firefighters Pension Fund GASB Return Building Blocks Projected Long-Term Returns of Major Asset Classes 12% 10.0% 11.0% 5.0% 6.0% 7.0% 10% International Risk Premium +1.0% 8% Equity Risk Premium +5.5% 6% Term & Credit Premium +0.5% Income & Liquidity Premium +2.5% 4% Real Return +2.0% 2% Inflation +2.5% 0% Domestic Equity International Equity Domestic Bonds International Bonds Real Estate 1 The graph above contains the projected long-term returns for major asset classes as required by GASB.

13 Bradenton Municipal Firefighters Pension Fund GASB Return Building Blocks Projected Long-Term Real Return Construction The table below contains the projection of long-term real returns for the Trust s Target Policy Allocation as required by GASB 67& 68. Asset Group Long-Term Real Return (1) Target Policy Asset Group Contribution Domestic Equity 7.50% 45% 3.38% International Equity 8.50% 15% 1.28% Domestic Bonds 2.50% 25% 0.63% International Bonds 3.50% 5% 0.18% Real Estate 4.50% 10% 0.45% tal Real Return 5.92% Target Allocations were determined from the Plan s IPS 2

Bradenton Municipal Firefighters Pension Fund GASB Return Building Blocks GASB Disclosure Summary The projected long-term real rate of return for the Bradenton Municipal Firefighters Pension Fund,

14 Bradenton Municipal Firefighters Pension Fund GASB Return Building Blocks GASB Disclosure Summary The projected long-term real rate of return for the Bradenton Municipal Firefighters Pension Fund, net of investment expenses, is 5.92%. This real return was projected using the long-term nominal building block data on page one less the long-term inflation assumption of 2.5%. The table on page two reflects the long-term real returns for each asset class in conjunction with Trust s target policy. The long-term real return expectation is an arithmetic calculation. The GASB building block long-term real return projections were developed through a evaluation process overseen by the AndCo Investment Committee. The Committee considered many factors, including but not limited to, the intellectual capital of our tenured professionals, long-term historic capital market returns, year expected capital market return assumptions, as well as, historical, current, and expected inflation data. 3

15 Asset Allocation Attributes Bradenton Municipal Firefighters Pension Fund Asset Allocation As of September 30, 2017 Sep-2017 Sep-2016 Sep-2015 Sep-2014 Sep-2013 Sep-2012 ($) % ($) % ($) % ($) % ($) % ($) % tal Equity 33,346, ,050, ,831, ,004, ,274, ,773, tal Domestic Equity 25,604, ,663, ,778, ,037, ,838, ,300, tal International Equity 7,742, ,386, ,052, ,966, ,436, ,473, tal Fixed Income 11,621, ,398, ,159, ,149, ,952, ,074, tal Domestic Fixed Income 10,308, ,424, ,337, ,414, ,347, ,500, tal Global Fixed Income 1,313, ,974, ,822, ,735, ,604, ,574, tal Real Estate 7,216, ,645, ,992, ,001, ,004, ,582, tal Cash Composite 773, ,108, , , ,107, , tal Fund 52,959, ,202, ,797, ,029, ,338, ,221,

16 Bradenton Municipal Firefighters Pension Fund Comparative Performance As of September 30,2017 Comparative Performance Net of Fees Return Year Ending Sep Year Ending Sep Year Ending Sep Year Ending Sep Year Ending Sep Year Ending Sep-2012 Bradenton Fire tal Fund 8.00% Annualized Returns

Comparative Performance - IRR Oct-2016 Sep-2017 Oct-2015 Sep-2016 Oct-2014 Sep-2015 Oct-2013 Sep-2014 Oct-2012 Sep-2013 Oct-2011 Sep-2012 Oct-2010 Sep-2011 Bradenton Municipal

17 Comparative Performance - IRR Oct-2016 Sep-2017 Oct-2015 Sep-2016 Oct-2014 Sep-2015 Oct-2013 Sep-2014 Oct-2012 Sep-2013 Oct-2011 Sep-2012 Oct-2010 Sep-2011 Bradenton Municipal Firefighters' Pension Fund Comparative Performance - IRR Oct-2009 Sep-2010 Oct-2008 Sep-2009 As of September 30, 2017 tal Fund Oct-2007 Sep-2008

Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section

Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section March 9, 2018 VIA EMAIL Ms. Julie Enright Plan Administrator 555 S. Washington Avenue Titusville, FL 32796 Re: City of Oviedo Firefighters' Pension Trust Fund Section 112.664, Florida Statutes Compliance