Pension Disbursements Date: 04/28/16 General Police Fire

Pension Disbursements Date: 04/28/16 General Police Fire Experts Admin Other Experts Admin Other Experts Admin Other # Description Total 1 Foster & Foster, Inc. $ - 2 Legal Service Retainer $ 13,100.00 $ 3,900.00 $ 5,300.00 $ 3,900.00 3 Fifth Third Bank $ 10,103.41 $ 3,616.65 $ 3,156.05 $ 3,330.71 4 Morgan Stanley/Graystone Consulting $ 13,625.00 $ 5,041.25 $ 4,223.75 $ 4,360.00 5 Lazard Asset Management $ 9,630.96 $ 3,348.85 $ 3,073.31 $ 3,208.80 6 Loomis Sayles $ 20,093.29 $ 7,217.99 $ 6,294.98 $ 6,580.32 7 MDT Advisers $ 15,287.17 $ 5,600.27 $ 4,675.58 $ 5,011.32 8 Polen Capital Management $ - 9 Renaissance International $ 11,329.61 $ 3,960.61 $ 3,607.38 $ 3,761.62 10 Rothschild Asset Mgmt $ 46,533.00 $ 16,906.00 $ 14,289.00 $ 15,338.00 11 Systematic Financial Mgmt $ 5,590.91 $ 2,113.97 $ 1,674.68 $ 1,802.26 12 UBS Trumbull Property Fund $ 19,421.75 $ 7,768.70 $ 6,020.74 $ 5,632.31 13 Sawgrass Asset Management $ 22,648.84 $ 7,976.34 $ 7,024.73 $ 7,647.77 14 Chartwell $ 1,323.96 $ 500.60 $ 396.57 $ 426.79 15 FPPTA Conference $ 1,479.36 $ 493.12 $ 493.12 $ 493.12 $ - $ - Sub-Total $ 190,167.26 $ 67,951.23 $ - $ 493.12 $ 59,736.77 $ - $ 493.12 $ 60,999.90 $ - $ 493.12 Total $ 190,167.26

Investment Advisory Services Client Fee Invoice City of Naples Pension 735 8 th Street Naples FL 34102-6703 Date April 19, 2016 Billing Period 2016-01-01 thru 2016-03-31 This service fee for the period indicated is due upon receipt of this notice. Please forward your check for this amount to: Morgan Stanley Smith Barney 100 N. Tampa St. Ste. 3000 Tampa, FL 33602 Attn: Charlie Mulfinger Account Name Account Number Amount Due CITY OF NAPLES 745-110725 $13,625.00 Morgan Stanley Smith Barney LLC. Member SIPC. Consulting Group and Investment Advisory Services are businesses of Morgan Stanley Smith Barney LLC.

Billing Period: 01/01/2016-03/31/2016 Invoice Number: 1732719 Account Number: -5728 Date Issued: 04/13/2016 Value Date: 03/31/2016 Ms. Elizabeth Willis, Senior Accountant City of Naples 735 Eight Street South, For Billing Inquiries Please Call 610-576-3110 Naples, FL 34102 CITY OF NAPLES GENERAL EMPLOYEES' RETIREMENT SYSTEM ACCT# 430006396428 Management Fees: Market Value Fees 1,913,629. 89 @ 0.007 annually x 1/4 3,348. 85 Total Management Fees $3,348. 85 Current Period Due: $3,348. 85 Over 30 Days: $0. 00 Over 60 Days: $0. 00 Over 90 Days: $0. 00 Total Amount Due: $3,348. 85 Please detach and return bottom of statement with your payment. Remit Payment: Invoice Number: 1732719 Account Number: -5728 Current Period Due: $3,348. 85 Total Due: $3,348. 85 By Mail: Lazard Asset Management P.O. Box 5394 New York, NY 10185-5394 By Wire: Citibank NA SWIFT: CITIUS33 ABA: 021000089 Account Name: Lazard Asset Management LLC Account #: 30938403 Please include account # and invoice # with payment Affiliated with Lazard Asset Management Securities LLC 30 Rockefeller Plaza New York, NY 10112

Billing Period: 01/01/2016-03/31/2016 Invoice Number: 1732723 Account Number: -5727 Date Issued: 04/13/2016 Value Date: 03/31/2016 Ms. Elizabeth Willis, Senior Accountant City of Naples 735 Eight Street South, For Billing Inquiries Please Call 610-576-3110 Naples, FL 34102 CITY OF NAPLES POLICE OFFICERS' ACCT# 430006396121 Management Fees: Market Value Fees 1,756,176. 52 @ 0.007 annually x 1/4 3,073. 31 Total Management Fees $3,073. 31 Current Period Due: $3,073. 31 Over 30 Days: $0. 00 Over 60 Days: $0. 00 Over 90 Days: $0. 00 Total Amount Due: $3,073. 31 Please detach and return bottom of statement with your payment. Remit Payment: Invoice Number: 1732723 Account Number: -5727 Current Period Due: $3,073. 31 Total Due: $3,073. 31 By Mail: Lazard Asset Management P.O. Box 5394 New York, NY 10185-5394 By Wire: Citibank NA SWIFT: CITIUS33 ABA: 021000089 Account Name: Lazard Asset Management LLC Account #: 30938403 Please include account # and invoice # with payment Affiliated with Lazard Asset Management Securities LLC 30 Rockefeller Plaza New York, NY 10112

Billing Period: 01/01/2016-03/31/2016 Invoice Number: 1732718 Account Number: -5726 Date Issued: 04/13/2016 Value Date: 03/31/2016 Ms. Elizabeth Willis, Senior Accountant City of Naples 735 Eight Street South, For Billing Inquiries Please Call 610-576-3110 Naples, FL 34102 CITY OF NAPLES FIREFIGHTERS' RETIREMENT SYSTEM ACCT# 430006396329 Management Fees: Market Value Fees 1,833,601. 89 @ 0.007 annually x 1/4 3,208. 80 Total Management Fees $3,208. 80 Current Period Due: $3,208. 80 Over 30 Days: $0. 00 Over 60 Days: $0. 00 Over 90 Days: $0. 00 Total Amount Due: $3,208. 80 Please detach and return bottom of statement with your payment. Remit Payment: Invoice Number: 1732718 Account Number: -5726 Current Period Due: $3,208. 80 Total Due: $3,208. 80 By Mail: Lazard Asset Management P.O. Box 5394 New York, NY 10185-5394 By Wire: Citibank NA SWIFT: CITIUS33 ABA: 021000089 Account Name: Lazard Asset Management LLC Account #: 30938403 Please include account # and invoice # with payment Affiliated with Lazard Asset Management Securities LLC 30 Rockefeller Plaza New York, NY 10112

VIA E-MAIL - kball@naplesgov.com VIA E-MAIL - ewillis@naplesgov.com January 28, 2016 Karen Ball The City of Naples 735 8th Street South Naples, Florida 34102 Investment Advisory Services ( October 1, 2015 through December 31, 2015) Asset Summary Account October 31, 2015 November 30, 2015 December 31, 2015 % of Average Assets 100150 - City of Naples Fire - LCV 10,687,719 10,688,661 10,592,324 33% 100160 - City of Naples Police - LCV 9,928,034 9,926,733 10,109,414 31% 100170 - City of Naples GenEE - LCV 11,799,908 11,799,288 11,543,812 36% Total Net Assets 32,415,661 32,414,682 32,245,550 32,358,631 Fee Calculation 60 bps on the first 25,000,000 0.60% 25,000,000 37,500 50 bps on the first 25,000,000 0.50% 7,358,631 9,198 Total 46,698 Adjustments Amount Days Sub Total Total 100150 - City of Naples Fire - LCV - Contribution 12/24/15 130,000 (23) (41) 100160 - City of Naples Police - LCV - Contribution 12/24/15 400,000 (23) (125) Total 46,533 Allocation Amount Days Sub Total Total 100150 - City of Naples Fire - LCV 15,338 100160 - City of Naples Police - LCV 14,289 100170 - City of Naples GenEE - LCV 16,906 Total Amount Due: 46,533 Fee Notes Fee Terms: Client Accounts: 0.60% first $25 mm; 0.50% next $25 mm; 0.40% on balance Separate Account This invoice was calculated in arrears using Rothschild's monthly ending average assets. Cash flows Other Terms are prorated based on the number of days in the month. RAM Internal Account numbers 100150 Rothschild Financial Account Number 73675, 73685, 73695 Payment Instructions Wire Instructions Mail Instructions Bank Name: TD Bank N.A. Mr. Tom Rawlings Bank Address: 1290 Avenue of the Americas, New York NY 10104 Rothschild Asset Management inc. ABA: 031101266 Account # 4314548227 1251 Avenue of the Americas, 34th Floor Account Name: Rothschild Asset Management Inc. New York, New York 10020 Reference: A/C 100150 Tel: 212-403-3568

March 14, 2016 Elizabeth Willis City of Naples Police Officers' Retirement Trust Fund 735 Eighth Street South Naples, FL 34102 Email: ewillis@naplesgov.com Code: cnport MANAGEMENT FEE: City of Naples Police Officers' Retirement Trust Fund Mid Cap Value 3/4/2016 Average Portfolio Value: $ 1,860,754.59 Quarterly Fee Based On: 0.65% on the first $25,000,000 ($ 1,860,755) $ 3,023.73 0.50% on the next $50,000,000 $ 0.00 0.40% above $75,000,000 $ 0.00 Quarterly Fee $ 3,023.73 For the Period 1/1/2016 through 3/31/2016 'cnport' prorated for 28 days not managed from 3/4/2016 through 3/31/2016 -$ 930.38 Less20% Discount -$ 418.67 Net Fee: $ 1,674.68 The above market value is based on the average of the following values: January $ 1,842,618.19 February $ 1,818,059.96 March $ 1,921,585.62 Average: $ 1,860,754.59 Assets of the City of Naples have been aggregated to arrive at the above fee calculation. Please pay the investment management fees calculated at the per annum rates for the stated period. Please feel free to contact us at (201) 708-1662 with any questions you may have regarding this invoice. Thank you, Systematic Financial Management, L.P. Please remit investment management fee payment to: NEW PAYMENT INSTRUCTIONS!!! Systematic Financial Management, L.P. P.O. Box 824296 Philadelphia, PA 19182-4296

March 14, 2016 Elizabeth Willis City of Naples General Employees' Retirement Trust Fund 735 Eighth Street South Naples, FL 34102 Email: ewillis@naplesgov.com Code: cngert MANAGEMENT FEE: City of Naples Employees' Retirement System Mid Cap Value 3/4/2016 Average Portfolio Value: $ 2,348,855.17 Quarterly Fee Based On: 0.65% on the first $25,000,000 ($ 2,348,855) $ 3,816.89 0.50% on the next $50,000,000 $ 0.00 0.40% above $75,000,000 $ 0.00 Quarterly Fee $ 3,816.89 For the Period 1/1/2016 through 3/31/2016 'cngert' prorated for 28 days not managed from 3/4/2016 through 3/31/2016 -$ 1,174.43 Less20% Discount -$ 528.49 Net Fee: $ 2,113.97 The above market value is based on the average of the following values: January $ 2,326,028.83 February $ 2,294,924.93 March $ 2,425,611.76 Average: $ 2,348,855.17 Assets of the City of Naples have been aggregated to arrive at the above fee calculation. Please pay the investment management fees calculated at the per annum rates for the stated period. Please feel free to contact us at (201) 708-1662 with any questions you may have regarding this invoice. Thank you, Systematic Financial Management, L.P. Please remit investment management fee payment to: NEW PAYMENT INSTRUCTIONS!!! Systematic Financial Management, L.P. P.O. Box 824296 Philadelphia, PA 19182-4296

March 14, 2016 Elizabeth Willis City of Naples 735 Eighth Street South Naples, FL 34102 Email: ewillis@naplesgov.com MANAGEMENT FEE: Code: cnfrt City of Naples Firefighters' Retirement Trust Fund Mid Cap Value 3/4/2016 Average Portfolio Value: $ 2,002,518.92 Quarterly Fee Based On: 0.65% on the first $25,000,000 ($ 2,002,519) $ 3,254.09 0.50% on the next $50,000,000 $ 0.00 0.40% above $75,000,000 $ 0.00 Quarterly Fee $ 3,254.09 For the Period 1/1/2016 through 3/31/2016 'cnfrt' prorated for 28 days not managed from 3/4/2016 through 3/31/2016 -$ 1,001.26 Less20% Discount -$ 450.57 Net Fee: $ 1,802.26 The above market value is based on the average of the following values: January $ 1,983,054.12 February $ 1,956,540.44 March $ 2,067,962.21 Average: $ 2,002,518.92 Assets of the City of Naples have been aggregated to arrive at the above fee calculation. Please pay the investment management fees calculated at the per annum rates for the stated period. Please feel free to contact us at (201) 708-1662 with any questions you may have regarding this invoice. Thank you, Systematic Financial Management, L.P. Please remit investment management fee payment to: NEW PAYMENT INSTRUCTIONS!!! Systematic Financial Management, L.P. P.O. Box 824296 Philadelphia, PA 19182-4296

04-11-16 City of Naples Firefighters' Retirement Fund Attn: Ms. Elizabeth Willis 735 8th Street South Naples, FL 34102 Sawgrass Asset Management SUMMARY OF MANAGEMENT FEES For The Period 1st Quarter Ending 03-31-2016 Portfolio Value as of 03-31-16 5,780,549.04 Percent of Total 33.77 Brackets(000's) Rates(%) 0-10,000 0.5500 10,000,000 pro-rated @ 0.186% per annum 4,642.92 over 10,000 0.5000 7,119,079 pro-rated @ 0.169% per annum 3,004.85 Quarterly Management Fee 7,647.77 TOTAL DUE AND PAYABLE 7,647.77

04-11-16 City of Naples General Employees' Retirement Fund Attn: Ms. Elizabeth Willis 735 8th Street South Naples, FL 34102 Sawgrass Asset Management SUMMARY OF MANAGEMENT FEES For The Period 1st Quarter Ending 03-31-2016 Portfolio Value as of 03-31-16 6,028,900.92 Percent of Total 35.22 Brackets(000's) Rates(%) 0-10,000 0.5500 10,000,000 pro-rated @ 0.194% per annum 4,842.40 over 10,000 0.5000 7,119,079 pro-rated @ 0.176% per annum 3,133.95 Quarterly Management Fee 7,976.34 TOTAL DUE AND PAYABLE 7,976.34

04-11-16 City of Naples Police Officers' Retirement Fund Attn: Ms. Elizabeth Willis 735 8th Street South Naples, FL 34102 Sawgrass Asset Management SUMMARY OF MANAGEMENT FEES For The Period 1st Quarter Ending 03-31-2016 Portfolio Value as of 03-31-16 5,309,628.60 Percent of Total 31.02 Brackets(000's) Rates(%) 0-10,000 0.5500 10,000,000 pro-rated @ 0.171% per annum 4,264.68 over 10,000 0.5000 7,119,079 pro-rated @ 0.155% per annum 2,760.05 Quarterly Management Fee 7,024.73 TOTAL DUE AND PAYABLE 7,024.73

Sawgrass Asset Management SUMMARY OF MANAGEMENT FEES FOR Naples Group of Accounts March 31, 2016 Portfolio Portfolio Pct. of Prorated Pct. Total Code Name Value Total Port.Value Fees Fees napf1l2f City of Naples Firefighters' Retirement Fund 5,780,549.04 33.77 5,780,549.04 33.77 7,647.77 napg1l2f City of Naples General Employees' Retirement 6,028,900.92 35.22 6,028,900.92 35.22 7,976.34 Fund napp1l2f City of Naples Police Officers' Retirement Fund 5,309,628.60 31.02 5,309,628.60 31.02 7,024.73 17,119,078.56 100.00 17,119,078.56 100.00 22,648.85

New Attendance Policy: You will be required to register your guest free of charge and all must wear an FPPTA name badge. An e-mail will follow your registration where you can register your guest and children for the Kids Corner. Florida Public Pension Trustees Association 32 nd Annual Conference, June 26 29, 2016 Hyatt Regency Orlando, International Drive Registration Fees: (Add $50 for On-site Registrations) Active Members: $550 (Pension Trustees and Administrators) Associate Members: $850 (Service Providers) Your board or firm must be a current 2016 FPPTA Member to attend. All registrations must be completed online. Please go to www.fppta.org and select the Member Log-in tab located in the upper right hand corner of our site. There will be a $50 charge for each approved refund. You must notify our office in writing by June 24, 2016. Refund request forms are on the FPPTA web site under Events, Current Event. Educational Sessions, entrance to the Exhibit Hall Continental Breakfast, Monday, Tuesday & Wednesday Morning & Afternoon Refreshments, Monday & Tuesday Children s Activities & Continental Breakfast Monday &Tuesday Hyatt Regency Orlando 9801 International Drive Orlando, FL 32819 Room rate: from $169 After logging-in to www.fppta.org you can make hotel reservations when registering for the Conference. Reservations: https://resweb.passkey.com/go/fppta16 or please call, 1-888-421-1442 or 1-407-284-1234