Assets Under Management

•

•

•

•

•

•

•

•

•

Cooke & Bieler, L.P.PORTFOLIO APPRAISAL

City of Miami General Employees' and Sanitation Employees' Retirement TrAcct. # 20557

December 31, 2016

Unit Total Market Pct. Cur.Quantity Security Cost Cost Price Value Assets Yield

Cash & Equivalents

CashCash Account 4,108,835.26 4,108,835.26 3.8 0.1Dividend Accrual Account 77,486.44 77,486.44 0.1 0.0

4,186,321.70 4,186,321.70 3.9 0.1

Cash & Equivalents Total 4,186,321.70 4,186,321.70 3.9 0.1

Common Stock

Energy10,100 Chevron 90.12 910,202.40 117.70 1,188,770.00 1.1 3.727,900 Exxon Mobil 73.27 2,044,160.45 90.26 2,518,254.00 2.3 3.351,400 World Fuel Svcs 41.85 2,151,187.36 45.91 2,359,774.00 2.2 0.5

5,105,550.21 6,066,798.00 5.6 2.3

Materials89,700 Axalta Coating Systems

Ltd.26.08 2,339,380.38 27.20 2,439,840.00 2.3 0.0

28,600 Ball Corporation 68.63 1,962,896.77 75.07 2,147,002.00 2.0 0.745,200 Crown Holdings 45.28 2,046,808.91 52.57 2,376,164.00 2.2 0.0

6,349,086.06 6,963,006.00 6.4 0.2

Industrials7,900 3M Company 83.22 657,466.48 178.57 1,410,703.00 1.3 2.5

73,900 AerCap Holdings N.V. 42.72 3,156,986.17 41.61 3,074,979.00 2.8 0.039,400 Ametek Inc 48.54 1,912,404.55 48.60 1,914,840.00 1.8 0.739,430 Donaldson 34.95 1,377,944.52 42.08 1,659,214.40 1.5 1.740,100 Eaton PLC 61.43 2,463,321.33 67.09 2,690,309.00 2.5 3.415,200 Parker Hannifin 102.84 1,563,096.21 140.00 2,128,000.00 2.0 1.824,300 Rockwell Collins 86.68 2,106,245.03 92.76 2,254,068.00 2.1 1.418,600 United Parcel Service 74.37 1,383,254.32 114.64 2,132,304.00 2.0 2.7

14,620,718.61 17,264,417.40 16.0 1.7

Consumer Discretionary26,500 Brinker International 46.33 1,227,679.74 49.53 1,312,545.00 1.2 2.736,200 Carnival 36.90 1,335,717.65 52.06 1,884,572.00 1.7 2.7

104,400 Gildan Activewear 27.18 2,837,320.97 25.37 2,648,628.00 2.5 1.274,000 Hanesbrands Inc 22.48 1,663,635.76 21.57 1,596,180.00 1.5 2.034,700 Omnicom Group 51.15 1,774,968.53 85.11 2,953,317.00 2.7 2.699,800 Twenty-First Century

Fox (non voting)31.39 3,132,507.63 28.04 2,798,392.00 2.6 1.3

1

Confidential – Client Report for quarter ending 12/31/16

Cooke & Bieler, L.P.PORTFOLIO APPRAISAL

City of Miami General Employees' and Sanitation Employees' Retirement TrAcct. # 20557

December 31, 2016

Unit Total Market Pct. Cur.Quantity Security Cost Cost Price Value Assets Yield

9,500 Whirlpool Corp. 152.49 1,448,644.34 181.77 1,726,815.00 1.6 2.213,420,474.62 14,920,449.00 13.8 2.0

Consumer Staples17,100 Philip Morris Int'l 80.38 1,374,495.33 91.49 1,564,479.00 1.4 4.561,100 Unilever NV 39.88 2,436,897.85 41.06 2,508,766.00 2.3 2.9

3,811,393.18 4,073,245.00 3.8 3.5

Health Care79,300 Abbott Laboratories 39.23 3,110,712.42 38.41 3,045,913.00 2.8 2.8

9,800 Allergan plc 190.56 1,867,495.80 210.01 2,058,098.00 1.9 1.38,700 Becton, Dickinson and

Company88.38 768,864.38 165.55 1,440,285.00 1.3 1.8

29,600 Cardinal Health 46.91 1,388,432.28 71.97 2,130,312.00 2.0 2.516,200 Johnson & Johnson 72.23 1,170,058.04 115.21 1,866,402.00 1.7 2.826,600 Laboratory Corp. of

America98.17 2,611,317.76 128.38 3,414,908.00 3.2 0.0

13,200 UnitedHealth Group 70.78 934,256.05 160.04 2,112,528.00 2.0 1.611,851,136.73 16,068,446.00 14.9 1.7

Financials24,900 American Express 53.31 1,327,377.70 74.08 1,844,592.00 1.7 1.773,800 Bank of America 25.09 1,851,835.43 22.10 1,630,980.00 1.5 1.413,300 Berkshire Hathaway Cl

B109.18 1,452,060.78 162.98 2,167,634.00 2.0 0.0

16,800 Chubb Corp 113.67 1,909,605.17 132.12 2,219,616.00 2.1 2.168,100 FNF Group 27.67 1,884,654.88 33.96 2,312,676.00 2.1 2.931,700 JP Morgan Chase 40.44 1,281,954.80 86.29 2,735,393.00 2.5 2.214,100 PNC Financial Services 51.86 731,278.49 116.96 1,649,136.00 1.5 1.981,900 Progressive 22.61 1,851,932.20 35.50 2,907,450.00 2.7 2.524,400 RenaissanceRe 97.37 2,375,931.75 136.22 3,323,768.00 3.1 0.933,300 State Street 52.43 1,745,763.80 77.72 2,588,076.00 2.4 2.047,100 Wells Fargo 31.57 1,487,050.54 55.11 2,595,681.00 2.4 2.8

17,899,445.53 25,975,002.00 24.1 1.9

Information Technology10,600 Alliance Data Systems 208.46 2,209,635.54 228.50 2,422,100.00 2.2 0.940,900 Cognizant Technology

Solutions56.63 2,316,228.79 56.03 2,291,627.00 2.1 0.0

25,300 Linear Technology Corporation

39.48 998,725.74 62.35 1,577,455.00 1.5 2.1

15,400 TE Connectivity 66.48 1,023,765.28 69.28 1,066,912.00 1.0 2.1

2

Confidential – Client Report for quarter ending 12/31/16

Cooke & Bieler, L.P.PORTFOLIO APPRAISAL

City of Miami General Employees' and Sanitation Employees' Retirement TrAcct. # 20557

December 31, 2016

Unit Total Market Pct. Cur.Quantity Security Cost Cost Price Value Assets Yield

59,900 Western Union 16.17 968,741.60 21.72 1,301,028.00 1.2 2.97,517,096.96 8,659,122.00 8.0 1.3

Real Estate58,000 CBRE Group, Inc. Cl A 27.72 1,607,675.09 31.49 1,826,420.00 1.7 0.0

1,607,675.09 1,826,420.00 1.7 0.0

Common Stock Total 82,182,577.00 101,816,905.40 94.3 1.7

American Depository Receipts

Consumer Staples18,800 Diageo plc ADR 86.79 1,631,640.72 103.94 1,954,072.00 1.8 3.0

1,631,640.72 1,954,072.00 1.8 3.0

American Depository Re Total 1,631,640.72 1,954,072.00 1.8 3.0

TOTAL PORTFOLIO 88,000,539.42 107,957,299.10 100.0 1.7

3

Confidential – Client Report for quarter ending 12/31/16

Cooke & Bieler, L.P.Commission Recap - Equities Only

City of Miami General Employees' and Sanitation Employees' Retirement TrAcct. # 20557

From 10-01-16 To 12-31-16

CommissionShares asPercent of Per Percent

Broker Shares Total shares Principal Broker Share of Total

Bernstein Sanford DTC#013 EXEC#013 27,900 5.72 1,728,204.55 1,116.00 0.0400 7.768Deutsche Bank Sec DTC#573 EXEC #573 131,700 26.99 6,249,578.06 3,088.50 0.0235 21.497Deutsche bank sec dtc#573 exec#573 - BIDS 23,310 4.78 1,030,072.46 116.55 0.0050 0.811Goldman Sachs DTC#005 EXEC#005 20,200 4.14 2,122,947.50 808.00 0.0400 5.624JP Morgan DTC#352 Exec#57079 DTC#352 16,500 3.38 663,234.35 660.00 0.0400 4.594Keefe Bruyette DTC#793 Exec#345 14,300 2.93 850,219.13 572.00 0.0400 3.981Keybanc Capital Mkts DTC#443 EXEC#67526 31,000 6.35 1,434,020.91 1,240.00 0.0400 8.631Merrill Lynch DTC 161 EXEC#161 126,490 25.93 5,964,380.36 2,907.45 0.0230 20.237Morgan Stanley DTC #050 EXEC#050 42,000 8.61 2,193,240.99 1,680.00 0.0400 11.693Raymond James EXEC#725 DTC#725 14,120 2.89 593,380.56 564.80 0.0400 3.931RBC CAPITAL MKTS DTC#235 9,300 1.91 714,122.43 372.00 0.0400 2.589Sidoti Trading DTC#100 Exec#59525 7,750 1.59 522,397.29 310.00 0.0400 2.158Stifel Nicolaus DTC#0793 EXEC#0793 17,600 3.61 1,065,432.00 704.00 0.0400 4.900Wells Fargo DTC#250 Exec#46171 5,700 1.17 297,546.27 228.00 0.0400 1.587

487,870 100.00 25,428,776.86 14,367.30 0.0294 100.000

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

Confidential – Client Report for quarter ending 12/31/16

®

®

(%) (%) (%) (%)