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Michelle Joyeux and Rich Jacobson presented the Golub Capitol update. They gave a brief update on <br /> how the firm is doing as a whole. Over$25B of capital is currently under their management. Golub is <br /> primarily a middle market lending firm with private equity sponsorships. They deal with high credit <br /> companies and manage over 1,200 accounts. Golub considers themselves the premier leading lender <br /> out in the market. Rich was asked about defaults on loans. He explained the default rate was very low. <br /> Out of the 1,200 loans mentioned, only 27 had defaulted. The recovery rate on those defaults was <br /> around 65%. They concluded by informing us the firm is well protected and stable during these high <br /> volume borrowing times in the US. <br /> Henry Jaung and Thomas Dunleavy presented the Meketa update. The portfolio balance as of <br /> September 30, 2018 was $173,108,224.00, up 4.9%for YTD. The US Markets remained strong, despite <br /> some volatility. We remain overweight in US and Global Equities,which has been major contributor to <br /> the portfolio's strong performance. We will continue this trend until advised otherwise. The US <br /> markets are still moving in the proper direction and growth remains strong. Henry advised the Board <br /> that the bear market in China is showing signs of increase. He suggests having Matthews Asia give some <br /> insight to Meketa on this particular trend. In conclusion, Henry reminded us of one more potential rate <br /> hike at the end of 2018, but stated it should not alter our portfolio's performance to close out the year. <br /> Fossil Fuel exposure saw a slight uptick to 4.8%as of 9/30/2018. <br /> Maggie Oliva recommended the purchase of a new scanner for the Retirement Office. This purchase will <br /> enable the office to scan all correspondence and attach to members individual files already created by <br /> Morgan Records and PTG. A motion was made by Bob, seconded by Joe, and unanimously approved for <br /> purchase. <br /> Bob Cunha motioned to adjourn the meeting at 9:45 am,which was seconded by Joe Foley, and <br /> unanimously approved. <br /> The next Board meeting will be held on Tuesday November 27, 2018 at 8:00 AM in Cary Memorial <br /> Library. <br /> Loomis Sayles and Kayne Anderson Rudnick will attend. <br /> Robert Cunha, Chairman Alan Fields, Appointed Member <br /> ABSENT <br /> Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member <br /> Frederick Weiss, Appointed Member <br />