On the agenda: Cocoabeachfl General Employees Pension Board Meeting — AI Data Center (Aug 20)

CITY OF COCOA BEACH, FLORIDA
GENERAL EMPLOYEES’ PENSION BOARD
QUARTERLY MEETING AGENDA
DATE:
Thursday August 20, 2026
TIME:
3:00 P.M.
LOCATION: CITY COMMISSION ROOM
2 S. ORLANDO AVE.
COCOA BEACH, FLORIDA

WELCOME! General Employees’ Pension Meeting
GENERAL RULES OF ORDER: The Board is pleased to hear all relevant comments. If you wish to appear before the Board, please wait to be recognized by the
Chairperson. When you are recognized, state your name and speak directly into the microphone. ROBERTS RULES OF ORDER and SUNSHINE LAW govern the conduct
of the meeting. Thank you for participating in your City Government.

Members: Hana Juman- Chairperson, Shirley Finke, Bill Collings, Dennis Small, and Commissioner Skip
Williams
•
•
•
•

•

CALL TO ORDER - Chairperson Hana Juman
ROLL CALL
PUBLIC COMMENT
CONSENT AGENDA
a. Approval of Minutes:
1. Quarterly Meeting Minutes May 21, 2026
b. Invoices:
1. Burgess Chambers (1 invoice)
2. Foster & Foster (1 invoice)
3. Salem trust (2 invoices)
Retirees (2)
o Terry Tuppeny
o Jordan Jenkins (beneficiary)

•

OLD BUSINESS –
o Attorney Election Form completed (Signed by Chair 5/21/26)

•

NEW BUSINESS
a. Sterling Capital Quarterly Report Presented by Blake Myton
b. Burgess Chambers and Associates Quarterly Report Presented by Mitchell Brennan

•

INFORMATION ITEMS:
o LOD letters (3)

•
•

NEXT QUARTERLY MEETING – November 19, 2026, 3:00 pm
ADJOURNMENT

DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and Florida Statute 286.26, persons with disabilities needing special accommodation to
participate in this proceeding should contact the Office of the City Clerk no later than two days prior to the proceeding at telephone (321)868-3286 for assistance; if hearing
impaired, telephone the Florida Relay Service Numbers, (800) 955-8771 (TTY) or (800) 955-8770 (VOICE); or 711.,
APPEAL: If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings,
and for such purposes, must ensure that a verbatim record and transcript of the proceeding is made in a form acceptable for official court proceedings, which record includes the
testimony and evidence upon which the appeal is to be based. It shall be the responsibility of the persons desiring to appeal any decision to prepare a verbatim record and
transcript at his/her own expense, as the City does not provide one.

Page 1 of 104

CITY OF COCOA BEACH, FLORIDA
GENERAL EMPLOYEES’ PENSION BOARD
QUARTERLY MEETING AGENDA
DATE:
Thursday August 20, 2026
TIME:
3:00 P.M.
LOCATION: CITY COMMISSION ROOM
2 S. ORLANDO AVE.
COCOA BEACH, FLORIDA

WELCOME! General Employees’ Pension Meeting
GENERAL RULES OF ORDER: The Board is pleased to hear all relevant comments. If you wish to appear before the Board, please wait to be recognized by the
Chairperson. When you are recognized, state your name and speak directly into the microphone. ROBERTS RULES OF ORDER and SUNSHINE LAW govern the conduct
of the meeting. Thank you for participating in your City Government.

Members: Hana Juman- Chairperson, Shirley Finke, Bill Collings, Dennis Small, and Commissioner Skip
Williams
•
•
•
•

•

CALL TO ORDER - Chairperson Hana Juman
ROLL CALL
PUBLIC COMMENT
CONSENT AGENDA
a. Approval of Minutes:
1. Quarterly Meeting Minutes May 21, 2026
b. Invoices:
1. Burgess Chambers (1 invoice)
2. Foster & Foster (1 invoice)
3. Salem trust (2 invoices)
Retirees (2)
o Terry Tuppeny
o Jordan Jenkins (beneficiary)

•

OLD BUSINESS –
o Attorney Election Form completed (Signed by Chair 5/21/26)

•

NEW BUSINESS
a. Sterling Capital Quarterly Report Presented by Blake Myton
b. Burgess Chambers and Associates Quarterly Report Presented by Mitchell Brennan

•

INFORMATION ITEMS:
o LOD letters (3)

•
•

NEXT QUARTERLY MEETING – November 19, 2026, 3:00 pm
ADJOURNMENT

DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and Florida Statute 286.26, persons with disabilities needing special accommodation to
participate in this proceeding should contact the Office of the City Clerk no later than two days prior to the proceeding at telephone (321)868-3286 for assistance; if hearing
impaired, telephone the Florida Relay Service Numbers, (800) 955-8771 (TTY) or (800) 955-8770 (VOICE); or 711.,
APPEAL: If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings,
and for such purposes, must ensure that a verbatim record and transcript of the proceeding is made in a form acceptable for official court proceedings, which record includes the
testimony and evidence upon which the appeal is to be based. It shall be the responsibility of the persons desiring to appeal any decision to prepare a verbatim record and
transcript at his/her own expense, as the City does not provide one.

Page 2 of 104

CITY OF COCOA BEACH, FLORIDA

GENERAL EMPLOYEES’ PENSION BOARD
Quarterly Meeting Minutes
Thursday, May 21, 2026

The meeting was called to order by Chairperson Hana Juman at 3:00 p.m.
ROLL CALL

Members Present:
Hana Juman, Chairperson
Bill Collings
Commissioner Williams
Dennis Small
Shirley Finke

Members Absent:

PUBLIC IN ATTENDANCE: Yes
COMMENTS FROM THE CHAIR
PUBLIC COMMENT – There was no public comment.
CONSENT AGENDA
1. Approval of minutes:
a. Quarterly Meeting Minutes February 19, 2026
2. Approval of expenses:
a. Burgess Chambers (1 invoice)
b. Foster & Foster (2 invoices)
3. Retirees (1)
MOTION: Commissioner Willams
“I move to accept the Consent Agenda as is, on next agenda would like to see the retirees
named. “
2nd Bill Collings
VOTE: 4-0 Approved
OLD BUSINESS – None
Quarterly Reports: Sterling Capital Quarterly Report was presented by Blake MytonMarket capitalization weighting within the U.S. equities was additive, mainly due to an
overweight to small caps. The Russell 2000 index returned +.89% in Q1 while the broad MSCI
ACWI index declined by -2.75% Value vs Growth allocations within equity detracted the quarter.
In U.S. large caps, the underweight value +1.36 return and overweight to growth -10.03% return
had a negative effect on the benchmark performance. Blake does not think there will be any rate
change by the Feds.
Ending Market Value $22,380,072. for QTD.

1 of 2
Page 3 of 104

CITY OF COCOA BEACH, FLORIDA

GENERAL EMPLOYEES’ PENSION BOARD
Quarterly Meeting Minutes
Thursday, May 21, 2026

Portfolio Trailing Returns -1.35% OTD and fiscal YTD is -0.17%. The 1-year return rate is 10.33%
with a benchmark of 11.41%.
Commissioner Williams asked the cash equivalent number is that where we draw the pension
payments from? Blake answered yes.
Burgess Chambers and Associates (BCA) quarterly report was presented by Mitchel Brennan
The S&P 500 is being outpaced by GOOGLE, NVDA, and AMZN. The Growth category was -9.8% at
the end of March and now has rebounded to +16.73%. The plan has a healthy top line and bottom
line of companies. The best three performing assets categories for the 1-year period were
convertibles +24.1%, Global Infrastructure +23.4%, and International Equity +23.2%. The total
fund ROR for 3-year is +10.7%. The annualized ROR is +13.8%YTD. The ending Market Value is
37,003,898 QTD -0.3%.
Commissioner Willams asked What percent of the 6.2 million barrels of oil imports is domestic?
Mitchel answered our refineries we send to others, but our total is 8% that we get from the Middle
east. We can’t refine our own oil? Mitchel responded we are not set up here, but other countries
are. Energy in the U.S. is up 17.9% for consumers. Nextera is an energy company in the U. S.
Mitchell believes we will see a rate hike before we see a reduced rate.
Salem Trust update was given by Inez GarciaThe transition update has gone well. Once a month we do a retiree review of payouts. This plan
has a good buffer in place and works with the Foster & Foster actuary. The yearly conference is
coming up in June and Salem Trust will be there if you would like to meet the team.
Hana covered the legal representation change at the current firm and offered 3 options to the
board. A discussion took place about the options.
MOTION: Commissioner Williams
“I move to stay with Sugarman and Susskind for legal representation”
2nd Shirley Finke
Vote 4-0 Approved
BEING NO FURTHER BUSINESS to come before the Board, the meeting was adjourned at
3:450p.m.
All reports and handouts are on file in the Finance Department.
Submitted by:
Hana Juman, Chairperson
Approved by the Board on:

2 of 2
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Dear Clients,
On February 27, 2026, Pedro Herrera resigned from our firm. The Florida Bar rules require us to
inform you that because Pedro Herrera was a firm lawyer with whom you had direct contact, you
have the right to have our firm continue to represent you, in which case you will be represented by
our team of experienced, public pension lawyers, led by Bob Sugarman, David Robinson, Jose
Javier Rodriguez and Veronica Ucros. Also be assured that Paralegal/legal assistant, Jessica Vila,
who has managed our municipal pension practice for 33 years, remains committed to our firm and
will continue to serve you with her usual promptness, efficiency, and friendliness. We are ready,
willing and able to continue to provide you with the same high level of expertise, devotion, and
attention. You also have the right to retain Pedro Herrera or another law firm to represent you.
Our municipal pension lawyers together have over one hundred years of experience as pension
attorneys. Bob, a University of Virginia law graduate, has been a leading Florida pension
practitioner for more than 50 years. David Robinson earned his law degree at Georgetown
University and has practiced public pension law with our firm for thirty years. Jose Javier, a
Harvard Law grad, has worked in the public pension practice of our firm for several years, and has
served as a member of the Florida House of Representatives, the Florida Senate, and most recently
as the Assistant Secretary of the United State Department of Labor. Marcus Braswell, a graduate
of FSU College of Law and who holds the distinction of Fellow of the College of Labor and
Employment lawyers, has worked on municipal pension cases since 1999.
We understand that this is an important decision for you, and we are confident that should you
make the decision to continue to have us serve as your lawyers, your expectations of receiving the
highest quality of legal services will be fulfilled. For that reason, we are offering a reduction of
25% off our fees.
We hope that we will continue to serve as your lawyers. You can also choose to retain an entirely
new lawyer, or have Pedro A. Herrera in his new capacity represent you as legal counsel.
The Florida Bar requires us to inform you that if you wish to have a new lawyer or Pedro A. Herrera
continue to represent you, arrangements to settle your outstanding account, if any, with us will
have to be made before the file can be released to the lawyer of your choosing. Any
retained/unspent fees or costs currently held by the firm will be promptly returned. While you
consider your decision, please be assured that continuity in your representation by our firm is
assured.
You may indicate your choice below by returning a signed and dated copy via e-mail to
[email protected] and [email protected]. Please retain a copy of this
designation letter for your records.
Sincerely,
Howard Susskind
Marcus Braswell
Bob Sugarman
David Robinson
[Instructions on following page]

Page 11 of 104

Please initial:
_______ We wish to continue with Sugarman Susskind Braswell as our lawyers.
_______ We wish our files to be transferred to Pedro A. Herrera. Please send our files to Jones
Walker LLP, 201 S Biscayne Blvd, #3000, Miami, FL 33131.
_______ We will retain new counsel and have them contact Howard Susskind.
____________________________
Client’s Printed Name
____________________________
Client’s Signature
___/___/____
Date

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Burgess Chambers & Associates, Inc.
Institutional Investment Advisors
www.burgesschambers.com

June 30, 2026

Page 15 of 104

Cocoa Beach General Employees Pension Plan
Investment Performance
Period Ending
June 30, 2026

The following investment information was prepared by BCA, relying upon data from statements provided by the plan custodian and/or investment manager(s).
BCA reviews transactions provided by the custodian and uses reasonable care to ensure the accuracy of the data contained herein.
However, BCA cannot guarantee the accuracy of the custodian’s statement.

Page 16 of 104

Cocoa Beach General Employees’ Pension Plan
BCA Market Perspective ©
Fueling the AI Data Center Boom
July 2026
The rapid growth of artificial intelligence (AI) infrastructure and data centers is driving an unprecedented demand for electricity. Fossil fuels,
specifically natural gas, have garnered attention as the most likely fuel source to help meet the growing power demand. It is abundant, inexpensive
to produce, and easily transported through pipelines. While renewable energy has been eyed as the ultimate solution for the AI power demand, those
sources are not as turn-key ready to deploy as natural gas, whose infrastructure is here now and equipped to handle the initial phases of additional
capacity. Ultimately, if current projections for power demand continue to grow at exponential rates, both natural gas and renewables will be hard
pressed to meet the anticipated need.
According to the International Energy Agency (IEA), global data centers may consume 945 terawatt-hours by 2030, doubling the current
consumption per annum. Breakdown of electricity sources in the U.S. (U.S. Energy Information Agency):
Energy Source

Natural Gas

Wind & Solar

Nuclear

Coal

Hydro

Output Share

41%

19%

18%

17%

6%

2–5 years

1–5 years

8–15 years

2–5 years

5–8 years

Deployment Timeline

Nuclear vs. Natural Gas
Nuclear energy offers long-term advantages in reliability, stable costs, and zero carbon emissions. This has led tech giants like Alphabet, Amazon,
Meta, and Microsoft to pivot toward nuclear energy to power their AI ambitions. However, with traditional nuclear build times averaging 8 to 15
years, natural gas remains the essential stopgap (https://news.chemnet.com/).
Existing natural gas pipeline companies are actively undergoing expansions to meet this surging demand. The Permian Basin in West Texas,
alongside East Texas and Louisiana, features abundant gas reserves and the infrastructure required to support the massive AI growth. Conversely,
while Pennsylvania and West Virginia sit on an abundance of gas, interstate pipeline constraints will severely limit near-term AI data center buildouts
in the Northeast.
The Hyperscaler Spend Blitz
To secure this infrastructure, tech giants are executing extraordinary capital expenditure campaigns. Amazon boosted its 2026 capex to a staggering
$200 billion, predominantly dedicated to Amazon Web Services (AWS) data centers, marking the largest single-year capital spend by a hyperscaler
technology company. Alphabet and Microsoft are also escalating their infrastructure spending, while Meta continues a multi-hundred-billion-dollar
blitz through 2028. This capital is flooding into land, buildings, advanced chips, power systems, substations, and water-cooling infrastructure
(www.ciodive.com/).
Disclosure: All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Content should not be regarded as a complete analysis of the subjects discussed or as personalized
investment advice. All investment strategies have the potential for profit or loss. References to market performance in publications do not represent the returns achieved by Burgess Chambers & Associates or any of its advisory
clients.

1

Page 17 of 104

Cocoa Beach General Employees’ Pension Plan
BCA Market Perspective ©
Fueling the AI Data Center Boom
July 2026
Massive Off-Grid Power Agreements
To bypass congested public grids, tech companies are partnering directly with energy
providers for dedicated power:
•

Meta & Entergy: In March 2026, plans were expanded for a massive Meta AI
campus in Louisiana, with Entergy proposing a 10-plant, 7.5-gigawatt gas-fired
network dedicated to the site (https://thelensnola.org/).

•

The Stargate Venture: Formed by OpenAI, SoftBank, Oracle, and MGX, the
multi-billion-dollar "Stargate" infrastructure initiative is building its flagship
gigawatt-scale campus in Abilene, Texas, with further rollouts spanning New
Mexico, Ohio, and Wisconsin. To power these sites independent of the public grid,
the venture relies heavily on massive, localized natural gas agreements
(www.datacenterknowledge.com/).

•

Microsoft & Chevron: Chevron signed a 20-year contract to provide Permian
Basin natural gas directly to a Microsoft data center in West Texas. Starting in
2028, on-site turbines will generate up to 2.67 gigawatts of off-grid electricity.
Similarly, ExxonMobil and NextEra are forming partnerships to provide long-term
power directly to large AI campuses (https://www.latimes.com/).

Source: Bloomberg, J.P. Morgan Asset Management, “Guide to the Markets – 3Q 2026”

Summary
Recently, public backlash for announced data center projects puts the onus on both the hyperscalers and developers to secure sources of power that
do not increase prices or strain the local grid, or else face the risk of cancellation. Natural gas appears to be the best interim solution to serve as the
primary bridge for affordable electric power growth over the next five years. The data centers that successfully scale will be those that secure
dedicated, low-cost, long-term electricity sources today.

2

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Quarterly Market Summary

June 30, 2026

1 Quarter Performance
45.0
30.0

24.1

Return (%)

21.5
15.2

15.0

12.2

11.1
2.5

0.7

0.0

2.5

1.8

0.9

-8.1

-15.0

n
Re
t al
ex
nd
om
rg
C

be
om
Blo

60.0

40.8

30.0

25.7
21.9

21.5

15.2

13.8 14.5 13.4

17.2

38.7

26.6

25.7
22.3
18.4

37.5

40.0

43.0

Return (%)

45.0

Return (%)

yI
d it
mo

er i
Al

.G
bg
B lm

US Market Sector Performance

60.0

15.0

To

nf r
as
P I
ML
an

CI
MS

al
l ob

B lm

US Market Indices Performance

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RE
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S&

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EA

20

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00

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In d

ex

ex

-30.0

21.6

31.8

20.0
9.3
0.0

9.0 8.8

9.5

8.3
2.0

0.3

27.3
19.9

14.9

-20.0

8.0

29.0

5.5

21.1
16.7
14.2

4.1

-0.5
-13.4

6.2
-40.0

0.0
1
Quarter

1
Quarter

1
Year

1
Year

S&P 500 Index

S&P 500 Growth

S&P 500 Value

S&P 500 Consumer Discretionary

S&P 500 Consumer Staples

S&P 500 Energy

Russell Midcap Index

Russell Midcap Growth Index

Russell Midcap Value Index

S&P 500 Financials

S&P 500 Health Care

S&P 500 Industrials

Russell 2000 Index

Russell 2000 Growth Index

Russell 2000 Value Index

S&P 500 Information Technology

S&P 500 Materials

S&P 500 Communication Services

S&P 500 Utilities

3

Page 19 of 104

Quarterly Market Summary

June 30, 2026

Fixed Income Market Sector Performance
8.0

5.9

6.0

Return (%)

5.2
4.3

4.3

3.8

4.0

2.7

2.5
2.0

2.6

1.8

1.8
1.3
0.7

0.6

0.3

1
ar

Q

ua

Ye

rte

r

1

0.0

Blmbg. U.S. Aggregate Index

Blmbg. U.S. Treasury Index

Blmbg. U.S. Credit Index

Blmbg. U.S. Corp: High Yield Index

Blmbg. Global Aggregate Ex USD (Hedged)

S&P UBS Leveraged Loan Index

Intl Equity Indices Performance

Intl Equity Region Performance
40.0

60.0

32.0

30.0

Return (%)

44.2

45.0

Return (%)

Blmbg. U.S. MBS

27.8
24.1
20.8

29.5

24.0
20.3
16.0

14.2

13.5

17.9
15.0

14.7
11.1

9.2

19.0

12.5

14.0
8.0

7.8

4.1

3.8

0.0

0.0
1
Quarter

1
Year

MSCI EAFE Index

MSCI EAFE Small Cap Index

MSCI EAFE Value

MSCI Emerging Markets Index

1
Quarter

MSCI EAFE Growth Index

MSCI Japan Index

4

MSCI Pacific ex Japan

1
Year
MSCI United Kingdom

MSCI Europe ex U.K.

Page 20 of 104

Cocoa Beach General Employees’ Pension Plan
Total Fund
Investment Summary
June 30, 2026


For the quarter, the Plan was up $3.3 million or +9.1% (9.0% net), slightly below the Strategic Model (+9.9%).
o The best performing asset categories for the quarter were Convertibles (+20.1%), Small Cap Equity (+18.0%), and Large
Cap Core Equity (+15.2%).



For the fiscal year-to-date, the Plan earned $3.7 million or +10.3% (+10.1% net), behind the Strategic Model (+12.5%).
o The main reason for the underperformance for the year relative to the Strategic Model was the poor performance of the
large cap value portfolio, specifically the Sterling Equity Income portfolio. That has been addressed with some
changes to the large cap value portfolio last quarter. We will continue to monitor.
o The best performing asset categories for the quarter were Small Cap Equity (+24.9%), Convertibles (+23.3%), and Mid
Cap Equity (+17.8%).



For the one-year period, the Plan earned $5.4 million or +15.9% (+15.6% net), behind the Strategic Model (+18.8%).
o The best three performing asset categories for the one-year period were Convertibles (+37.5%), Small Cap Equity
(+35.3%), and International Equity (+23.5%).



For the three and five-year periods, the Plan earned an average of +12.7% and +6.1% vs. +13.6% and +7.0% for the Strategic
Model.



In June, $60,000 of existing cash was transferred from the Sterling Capital Management custody account to cover upcoming
benefit payments and expenses.



Update: In July 2026, $220,000 of existing cash was transferred from the Sterling Capital Management custody account to cover
upcoming benefit payments and expenses.



Update: In August 2026, $100,000 was raised from iShares Convertible Bond ETF to cover upcoming benefit payments and
expenses.

5

Page 21 of 104

Cocoa Beach General Employees’ Pension Plan
Total Fund
Investment Policy Review
June 30, 2026
Yes

No

The Total Fund’s annualized three-year performance achieved the Strategic Model. (+12.7% vs. +13.6%)
The Total Fund’s annualized three-year performance (gross) achieved the 7.25% actuarial assumption rate.
The Total Fund’s annualized five-year performance achieved the Strategic Model. (+6.1% vs. +7.0%)
The Total Fund’s annualized five-year performance (gross) achieved the 7.25% actuarial assumption rate.
Large Cap Value annualized three-year performance achieved the LCV Benchmark.
Large Cap Value annualized five-year performance achieved the LCV Benchmark.
Large Cap Growth annualized three-year performance achieved the LCG Benchmark.
Large Cap Growth annualized five-year performance achieved the LCG Benchmark.
Large Cap Core annualized three-year performance achieved the LCC Benchmark.
Large Cap Core annualized five-year performance achieved the LCC Benchmark.
Mid Cap annualized three-year performance achieved the Russell Mid Cap. (+16.1% vs. +16.5%)
Mid Cap annualized five-year performance achieved the Russell Mid Cap. (+8.2% vs. +8.5%)
Small Cap annualized three-year performance achieved the Russell 2000.
Small Cap annualized five-year performance achieved the Russell 2000. (+6.9% vs. +7.0%)
Convertible annualized three-year performance achieved the ML Convert. x144A All Qual. Index (Index based).
Convertible annualized five-year performance achieved the ML Convert. x144A All Qual. Index (Index based).
Global Infrastructure annualized three-year performance achieved the FTSE Global Core Infrastructure 50/50 Index.
Global Infrastructure annualized five-year performance achieved the FTSE Global Core Infrastructure 50/50 Index.
International annualized three-year performance achieved the International Benchmark.
International annualized five-year performance achieved the International Benchmark.
Real Estate annualized three-year performance achieved the Real Estate Benchmark.
Real Estate annualized five-year performance achieved the Real Estate Benchmark. (+2.0% vs. +2.7%)
Fixed Income annualized three-year performance achieved the Fixed Income Benchmark.
Fixed Income annualized five-year performance achieved the Fixed Income Benchmark.

6

Page 22 of 104

Cocoa Beach General Employees’ Pension Plan
Total Fund
Investment Policy Review
June 30, 2026
Yes

No

1

Investments in equities (including convertibles) are within the 75% limitation (market) .
Foreign equities are within the 25% limitation (at market)2.
No more than 5% of the Fund’s assets (at cost) are invested in common or capital stock of an issuing company.

1
2

Equity = 67.7%
Foreign Equities = 15.3%

7

Page 23 of 104

Cocoa Beach General Employees Pension Plan
Investment Performance - Net
June 30, 2026

Quarter

FYTD

One Year

Three Years

Four Years

Five Years

37,003,898

36,672,885

35,497,653

30,869,303

29,108,426

35,573,290

Contributions

-664,996

-728,221

-1,298,256

-3,422,577

-4,462,837

-5,655,086

Gain/Loss

3,308,713

3,702,951

5,448,218

12,200,889

15,002,026

9,729,412

Ending Market Value

39,647,615

39,647,615

39,647,615

39,647,615

39,647,615

39,647,615

Total Fund (%)

9.0

10.1

15.6

12.4

11.7

5.7

Strategic Model (%)

9.9

12.5

18.8

13.6

12.3

7.0

Value Added (pts.)

-0.9

-2.4

-3.2

-1.3

-0.6

-1.3

Total Fund
Beginning Market Value

8

Page 24 of 104

Cocoa Beach General Employees Pension Plan
Actual vs. Target Asset Allocation
June 30, 2026
12.5%

Large Cap Value Equity

5.1%
12.5%

Large Cap Growth Equity

6.7%
0.0%

Large Cap Core Equity

11.6%
5.0%

Mid Cap Equity

10.2%
5.0%

Small Cap Equity

2.4%
5.0%

Global Infrastructure

4.2%
10.0%

Convertibles

12.4%
15.0%

International Equity

15.3%
5.0%

Real Estate

3.0%
30.0%

Fixed Income

27.5%

Cash

0.0%

0.0%

1.8%

4.0%

8.0%

12.0%

16.0%

20.0%

Target Allocation

Total Fund
Large Cap Value Equity
Large Cap Growth Equity
Large Cap Core Equity
Mid Cap Equity
Small Cap Equity
Global Infrastructure
Convertibles
International Equity
Real Estate
Fixed Income
Cash

Market Value
Actual $
39,647,615
2,006,806
2,650,557
4,596,133
4,032,054
943,350
1,658,405
4,901,861
6,062,913
1,181,440
10,917,340
696,757

Percent
Actual
100.0
5.1
6.7
11.6
10.2
2.4
4.2
12.4
15.3
3.0
27.5
1.8

9

24.0%

28.0%

32.0%

36.0%

40.0%

Actual Allocation

Percent
Target
100.0
12.5
12.5
0.0
5.0
5.0
5.0
10.0
15.0
5.0
30.0
0.0

Percent
Difference
0.0
-7.4
-5.8
11.6
5.2
-2.6
-0.8
2.4
0.3
-2.0
-2.5
1.8

Page 25 of 104

Cocoa Beach General Employees Pension Plan
Asset Allocation

June 30, 2026 : 39,647,615.43
Cash -1.76%
Small Cap Equity-2.38%
Real Estate-2.98%
Global Infrastructure-4.18%
Large Cap Value Equity-5.06%

Fixed Income -27.54%

Large Cap Growth Equity-6.69%

Mid Cap Equity-10.17%

International Equity -15.29%
Large Cap Core Equity-11.59%
Convertibles-12.36%

¢ Fixed Income
¢ International Equity
¢ Convertibles
¢ Large Cap Core Equity
¢ Mid Cap Equity
¢ Large Cap Growth Equity
¢ Large Cap Value Equity
¢ Global Infrastructure
¢ Real Estate
¢ Small Cap Equity
¢ Cash

Market Value $
10,917,340
6,062,913
4,901,861
4,596,133
4,032,054
2,650,557
2,006,806
1,658,405
1,181,440
943,350
696,757

10

Allocation (%)
27.54
15.29
12.36
11.59
10.17
6.69
5.06
4.18
2.98
2.38
1.76

Page 26 of 104

Cocoa Beach General Employees Pension Plan
Historical Asset Allocation
June 30, 2026

June 30, 2025

June 30, 2024

June 30, 2023

June 30, 2022
$16

$14

$14

$14

$14

$14

$12

$12

$12

$12

$12

$10

$10

$10

$10

$10

$8

$8

$8

Assets In Millions

$16

Assets In Millions

$16

Assets In Millions

$16

Assets In Millions

Assets In Millions

June 30, 2026
$16

$8

$8

$6

$6

$6

$6

$6

$4

$4

$4

$4

$4

$2

$2

$2

$2

$2

$0

$0

$0

$0

$0

¢ Domestic Equity
¢ Global Infrastructure
¢ Convertibles
¢ Real Estate
¢ International Equity
¢ Fixed Income
¢ Cash

35.89
4.18
12.36
2.98
15.29
27.54
1.76

¢ Domestic Equity
¢ Global Infrastructure
¢ Convertibles
¢ Real Estate
¢ International Equity
¢ Fixed Income
¢ Cash

37.37
4.00
10.20
3.81
13.88
26.47
4.27

¢ Domestic Equity
¢ Global Infrastructure
¢ Convertibles
¢ Real Estate
¢ International Equity
¢ Fixed Income
¢ Cash

11

36.06
3.58
9.64
4.02
14.13
29.40
3.17

¢ Domestic Equity
¢ Global Infrastructure
¢ Convertibles
¢ Real Estate
¢ International Equity
¢ Fixed Income
¢ Cash

38.50
3.65
9.94
4.52
14.37
26.66
2.37

¢ Domestic Equity
¢ Global Infrastructure
¢ Convertibles
¢ Real Estate
¢ International Equity
¢ Fixed Income
¢ Cash

35.05
3.75
9.57
5.30
12.45
30.13
3.76

Page 27 of 104

Cocoa Beach General Employees Pension Plan
Asset Allocation & Performance
June 30, 2026

Total Fund
Strategic Model

Market Value
39,647,615

QTD
ROR
9.1
9.9

FYTD
ROR
10.3
12.5

1 Year
ROR
15.9
18.8

3 Year
ROR
12.7
13.6

4 Year
ROR
12.1
12.3

5 Year
ROR
6.1
7.0

Large Cap Value Equity
Large Cap Value Benchmark

2,006,806

9.6
13.8

10.5
20.7

12.1
27.1

9.9
17.8

9.7
16.2

6.5
11.2

Large Cap Growth Equity
Large Cap Growth Benchmark

2,650,557

7.0
16.7

-4.6
6.5

2.1
17.7

18.0
22.6

23.6
23.7

11.8
13.7

Large Cap Core Equity
S&P 500 Index

4,596,133

15.2
15.2

13.1
13.1

22.3
22.3

20.7
20.6

20.3
20.4

14.0
13.4

Mid Cap Equity
Russell Midcap Index

4,032,054

12.0
13.8

17.8
15.5

23.3
21.6

16.1
16.5

15.5
16.1

8.2
8.5

Small Cap Equity
Russell 2000 Index

943,350

18.0
21.5

24.9
25.3

35.3
40.8

14.6
18.6

15.5
17.0

6.9
7.0

Convertibles
ML All Conv Ex.144A AQ Index

4,901,861

20.1
17.1

23.3
28.2

37.5
38.2

19.4
19.0

17.7
17.0

7.1
8.7

Global Infrastructure
FTSE Global Core Infrastructure 50/50 Index

1,658,405

1.9
2.6

13.9
12.2

17.7
16.7

14.8
13.2

12.0
9.8

11.2
8.5

International Equity
International Equity Benchmark

6,062,913

13.5
14.7

16.5
19.8

23.5
28.3

16.2
19.4

16.3
17.9

5.8
9.3

Real Estate
Real Estate Benchmark

1,181,440

6.6
1.5

7.8
3.7

9.3
4.5

3.5
-0.6

0.5
-3.0

2.0
2.7

Fixed Income
Fixed Income Benchmark

10,917,340

1.0
0.7

2.0
1.7

4.1
3.8

4.8
4.2

3.6
2.9

0.9
0.1

696,757

0.8
0.9

2.5
2.7

3.6
3.8

4.5
4.6

4.3
4.4

3.4
3.5

Cash
ICE BofA 3 Month U.S. T-Bill

12

Page 28 of 104

Cocoa Beach General Employees Pension Plan
Asset Allocation & Performance
June 30, 2026
1 Strategic Model (IPS Total Fund Hybrid Benchmark): From Dec 2019: 12.5% R1000V + 12.5% R1000G + 5% RMC + 5% R2000 + 5% FTSE Global 50/50 Index + 10% ML AQ US Conv
x144A + 15% ACWI xUS + 5% NCREIF ODCE+ 30% BCAG; prior May '15 12.5% R1000V + 12.5% R1000G + 5% RMC + 5% R2000 + 5% Alerian MLP Index + 10% ML AQ US Conv x144A + 15%
ACWI xUS + 5% Wilshire REIT + 30% BCAG; from Apr '14 12.5% R1000V + 12.5% R1000G + 5% RMC + 5% R2000 + 5% Alerian MLP Infras + 10% ML AQ US Conv x144A + 15% EAFE + 5%
Wilshire REIT + 30% BCAG; from Apr '11 12.5% R1000V + 12.5% R1000G + 7.5% RMC + 7.5% R2000V + 10% ML AQ US Conv x144A + 15% EAFE + 5% Wilshire REIT + 30% BCAG; from
Apr'07 12% R1000V + 12% R1000G + 12% RMC + 10% R2000V + 11% EAFE + 5% Wilshire REIT + 38% LBAG; from Jul'04 was 47% R3000 + 8% MSCI EAFE + 10% Wilshire REIT + 35% LBIA;
from Apr'01 was 60% SP500 + 40%LBAG; was 50% SP500 + 50% LBAG.
2 Access to the Wilshire U.S. REIT Index via InvestmentMetric was discontinued. The Wilshire U.S. REIT Index has been replaced by an appropriate alternative: the MSCI U.S. REIT Index in the
Strategic Model.
3 LCG Benchmark: From April'07 Russell 1000 Growth; prior was 50% S&P500 & 50% S&P 500 Citi (Barra) Growth.
4 LCV Benchmark: From April'07 Russell 1000 Value; prior was 50% S&P500 & 50% S&P 500 Citi (Barra) Value.
5 International Benchmark: From May '15 100% ACWI ex US; Prior 100% EAFE.
6 Fixed Income Benchmark: From April'07 Lehman Aggregate; prior from July'04 was Lehman Intermediate Aggregate; prior was Lehman Aggregate Index.
7 Real Estate Benchmark: From Dec 2019: 100% NCREIF ODCE; Prior from Apr 2007: 100% Wilshire REIT.

13

Page 29 of 104

Cocoa Beach General Employees Pension Plan
Asset Allocation & Performance - Gross
June 30, 2026

Total Fund
Equity
Sterling Equity Income (SMA)
Sterling Capital Behavioral Large Cap Value R6
Loomis Sayles Large Cap Growth (SMA)
Vanguard S&P 500 (ETF)
Federated Hermes MDT Small Cap Growth (MF)
Hotchkis & Wiley Small Cap Diversified Value (MF)
Touchstone Mid Cap Growth (MF)
Touchstone Mid Cap Value (MF)
iShares Russell Mid-Cap (ETF)
iShares Convertible Bond (ETF)
Cohen & Steers Global Infrastructure Fund (CIT)
Lazard Global Listed Infrastructure Portfolio (MF)
EUPAC Fund R6 (MF)
Fidelity International Index (MF)
Real Estate
Schwab U.S. REIT (ETF)
USQ Core Real Estate Fund (MF)
Fixed Income
Sterling Fixed Income (SMA)
PIMCO Real Return Fund
Cash
SunTrust Custody Acct Cash Sweep (MF)
SunTrust Inv Mgmt Acct Cash Sweep (MF)

Market Value
39,647,615
26,852,079
948,201
1,058,606
2,650,557
4,596,133
305,990
637,360
621,026
1,594,829
1,816,198
4,901,861
692,698
965,707
4,840,448
1,222,465
1,181,440
699,578
481,861
10,917,340
10,754,503
162,837
696,757
246,384
450,373

QTD
ROR
9.1
13.1
6.0
13.4
7.0
15.3
28.8
13.4
19.9
7.5
13.8
20.1
2.6
1.4
14.7
9.1
6.6
11.0
1.6
1.0
0.9
1.2
0.8
0.8
0.8

14

FYTD
ROR
10.3
14.6
5.1
N/A
-4.6
13.2
28.3
22.5
14.3
20.2
15.5
23.3
13.2
14.3
16.8
15.3
7.8
12.4
3.1
2.0
2.0
N/A
2.5
2.6
2.4

1 Year
ROR
15.9
22.4
6.6
N/A
2.1
22.4
47.4
32.0
18.5
25.2
21.7
37.5
19.1
16.7
24.3
20.7
9.3
15.4
3.4
4.1
4.1
N/A
3.6
3.6
3.5

3 Year
ROR
12.7
16.7
8.1
N/A
18.1
20.6
22.4
13.8
18.2
13.9
16.5
19.4
14.2
15.2
16.6
N/A
3.5
10.1
-1.7
4.8
4.8
N/A
4.5
4.5
4.4

4 Year
ROR
12.1
16.2
8.3
N/A
23.6
20.3
21.4
N/A
18.9
12.8
16.1
17.7
10.6
13.0
16.5
N/A
0.5
6.3
-3.9
3.6
3.6
N/A
4.3
4.3
4.2

5 Year
ROR
6.1
8.4
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8.5
7.1
9.3
12.6
6.0
N/A
2.0
3.7
2.2
0.9
N/A
N/A
3.4
3.5
3.4

Page 30 of 104

Cocoa Beach General Employees Pension Plan
Asset Allocation & Performance - Net
June 30, 2026

Total Fund
Equity
Sterling Equity Income (SMA)
Sterling Capital Behavioral Large Cap Value R6
Loomis Sayles Large Cap Growth (SMA)
Vanguard S&P 500 (ETF)
Federated Hermes MDT Small Cap Growth (MF)
Hotchkis & Wiley Small Cap Diversified Value (MF)
Touchstone Mid Cap Growth (MF)
Touchstone Mid Cap Value (MF)
iShares Russell Mid-Cap (ETF)
iShares Convertible Bond (ETF)
Cohen & Steers Global Infrastructure Fund (CIT)
Lazard Global Listed Infrastructure Portfolio (MF)
EUPAC Fund R6 (MF)
Fidelity International Index (MF)
Real Estate
Schwab U.S. REIT (ETF)
USQ Core Real Estate Fund (MF)
Fixed Income
Sterling Fixed Income (SMA)
PIMCO Real Return Fund
Cash
SunTrust Custody Acct Cash Sweep (MF)
SunTrust Inv Mgmt Acct Cash Sweep (MF)

Market Value
39,647,615
26,852,079
948,201
1,058,606
2,650,557
4,596,133
305,990
637,360
621,026
1,594,829
1,816,198
4,901,861
692,698
965,707
4,840,448
1,222,465
1,181,440
699,578
481,861
10,917,340
10,754,503
162,837
696,757
246,384
450,373

QTD
ROR
9.0
13.0
5.9
13.3
7.0
15.3
28.6
13.2
19.7
7.3
13.8
20.0
2.4
1.1
14.5
9.0
6.4
11.0
1.2
1.0
0.9
1.2
0.8
0.8
0.8

15

FYTD
ROR
10.1
14.3
4.9
N/A
-4.9
13.2
27.4
21.8
13.7
19.4
15.3
23.1
12.6
13.5
16.4
15.1
7.1
12.3
1.8
2.0
2.0
N/A
2.5
2.6
2.4

1 Year
ROR
15.6
21.9
6.2
N/A
1.8
22.3
46.2
30.9
17.5
24.1
21.5
37.2
18.2
15.6
23.7
20.5
8.4
15.3
1.8
4.1
4.1
N/A
3.6
3.6
3.5

3 Year
ROR
12.4
16.2
7.7
N/A
17.7
20.6
21.2
12.9
17.3
13.0
16.3
19.2
13.3
14.1
16.0
N/A
2.7
10.0
-3.1
4.6
4.6
N/A
4.5
4.5
4.4

4 Year
ROR
11.7
15.8
8.0
N/A
23.2
20.3
20.3
N/A
18.0
11.8
15.9
17.4
9.8
12.0
16.0
N/A
-0.2
6.2
-5.2
3.4
3.4
N/A
4.3
4.3
4.2

5 Year
ROR
5.7
7.9
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8.3
6.9
8.5
11.6
5.5
N/A
1.2
3.6
1.0
0.7
N/A
N/A
3.4
3.5
3.4

Page 31 of 104

Cocoa Beach General Employees Pension Plan
Growth of Investments
July 1, 2021 Through June 30, 2026
$45.0

$42.0

M a rk e t V a l u e In Millions

$39.0

$36.0

$33.0

$30.0

$27.0

$24.0
6/21

9/21

12/21

3/22

6/22

9/22

12/22

3/23

6/23

9/23

12/23

Total Fund

3/24

6/24

9/24

12/24

3/25

6/25

9/25

12/25

3/26

6/26

Net Cash Flow

Beginning MV

Ending MV

Annualized ROR

$35,573,290

$39,647,615

6.1

16

Page 32 of 104

Cocoa Beach General Employees Pension Plan
Capital Market Line
Period Ending June 30, 2026
5 Years Risk/Reward

5 Years Statistics

30

Return

Standard
Deviation

Beta

Alpha

Total Fund

6.09

10.33

1.02

-1.00

Strategic Model

7.03

10.03

1.00

0.00

S&P 500 Index

13.41

15.18

1.41

3.61

S&P MidCap 400 Index

9.07

14.24

1.31

0.13

S&P SmallCap 600 Index

7.37

15.96

1.45

-2.25

ML All Conv Ex.144A AQ Index

8.75

12.20

1.06

1.41

MSCI EAFE Index

9.60

15.67

1.41

0.15

Blmbg. U.S. Aggregate Index

0.08

6.35

0.50

-3.38

Return

Standard
Deviation

Beta

Alpha

Total Fund

12.71

8.22

1.00

-0.85

Strategic Model

13.61

8.13

1.00

0.00

S&P 500 Index

20.61

12.65

1.37

1.77

S&P MidCap 400 Index

15.41

12.49

1.36

-2.70

S&P SmallCap 600 Index

16.05

15.92

1.73

-6.48

ML All Conv Ex.144A AQ Index

19.02

9.98

1.01

4.87

MSCI EAFE Index

17.02

12.05

1.27

-0.15

Blmbg. U.S. Aggregate Index

4.16

5.64

0.47

-1.94

Total Fund

27
Strategic Model
22
S&P 500 Index

R eturn (%)

17

S&P MidCap 400 Index

12

7

S&P SmallCap 600 Index

2

ML All Conv Ex.144A AQ Index

-3
MSCI EAFE Index
-8
-8

-4

0

4

8

12

16

20

24

28

32

35

Blmbg. U.S. Aggregate Index

Risk (Standard Deviation %)

3 Years Risk/Reward

3 Years Statistics

30

Total Fund

27
Strategic Model
22
S&P 500 Index

R eturn (%)

17

12

S&P MidCap 400 Index

7

S&P SmallCap 600 Index

2

ML All Conv Ex.144A AQ Index

-3
MSCI EAFE Index
-8
-8

-4

0

4

8

12

16

20

24

28

32

35

Blmbg. U.S. Aggregate Index

Risk (Standard Deviation %)

17

Page 33 of 104

Cocoa Beach General Employees Pension Plan
Fiscal Year Rates of Return
June 30, 2026
36.00

30.00

24.00

21.68

21.37

17.99

18.00

R a t e o f R e t u rn (% )

12.00

10.34

11.13

12.40

11.03

13.90

13.55

12.20
10.42

10.14

8.78

8.63

6.00

4.66
0.77

0.00
-2.16

-2.19

-6.00

-12.00

-11.73

-18.00

-18.31

-24.00

-30.00
FYTD

FY
2025

FY
2024

FY
2023

FY
2022

FY
2021

FY
2020

FY
2019

FY
2018

FY
2017

18

FY
2016

FY
2015

FY
2014

FY
2013

FY
2012

FY
2011

FY
2010

FY
2009

FY
2008

FY
2007

Page 34 of 104

Cocoa Beach General Employees Pension Plan
Large Cap Value Equity
June 30, 2026
Growth of a Dollar

0.0

160.00

25.0

140.00
137.13

G r o w th of $100

R eturn R ank

5 Years Rolling Percentile Ranking - 5 Years

50.0

75.0

100.0
9/21

3/22

9/22

˜ Large Cap Value Equity
q Large Cap Value Benchmark

3/23

9/23

Periods
20
20

3/24

5 - 25
0 (0%)
0 (0%)

9/24

3/25

25 - 50
9 (45%)
0 (0%)

9/25

6/26

50 - 75
3 (15%)
4 (20%)

75 - 95
8 (40%)
16 (80%)

120.00

100.00

80.00

60.00
6/21

12/21

6/22

3 Years Rolling Percentile Ranking - 5 Years

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

14.00

R eturn (% )

12.00

R eturn R ank

25.0

50.0

10.00
8.00
6.00
4.00

75.0

11.80

12.00

12.20

12.40

12.60

12.80

Risk (Standard Deviation %)

100.0
9/21

3/22

9/22

˜ Large Cap Value Equity
q Large Cap Value Benchmark

3/23

9/23

Periods
20
20

3/24

5 - 25
0 (0%)
0 (0%)

9/24

3/25

25 - 50
4 (20%)
1 (5%)

9/25

6/26

50 - 75
7 (35%)
9 (45%)

75 - 95
9 (45%)
10 (50%)

6.52
11.17

Standard
Deviation
11.98
12.53

11.30

12.52

Return

˜ Large Cap Value Equity
s Large Cap Value Benchmark
q
¾ Median

Historical Statistics - 5 Years

0.28
0.56

Down
Market
Capture
89.84
100.00

Up
Market
Capture
78.15
100.00

0.00

N/A

-7.19

8.09

Alpha

Beta

Sharpe
Ratio

12.08
12.47

-5.41
0.00

0.91
1.00

0.47
1.02

Down
Market
Capture
94.41
100.00

Up
Market
Capture
72.99
100.00

0.22

4.65

0.00

N/A

-11.64

11.31

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

Large Cap Value Equity
Large Cap Value Benchmark

6.52
11.17

13.53
14.80

-2.96
0.00

0.87
1.00

90 Day U.S. Treasury Bill

3.52

0.55

3.47

Return

Standard
Deviation

Large Cap Value Equity
Large Cap Value Benchmark

9.86
17.78

90 Day U.S. Treasury Bill

4.64

Historical Statistics - 3 Years

19

Page 35 of 104

Cocoa Beach General Employees Pension Plan
Large Cap Growth Equity
June 30, 2026
Growth of a Dollar

0.0

250.00

25.0

200.00

G r o w th of $100

R eturn R ank

5 Years Rolling Percentile Ranking - 5 Years

50.0

75.0

100.0
9/21

3/22

9/22

˜ Large Cap Growth Equity
q Large Cap Growth Benchmark

3/23

9/23

Periods
20
20

3/24

5 - 25
17 (85%)
17 (85%)

9/24

3/25

25 - 50
3 (15%)
3 (15%)

9/25

6/26

50 - 75
0 (0%)
0 (0%)

75 - 95
0 (0%)
0 (0%)

174.89
150.00

100.00

50.00

0.00
6/21

12/21

3 Years Rolling Percentile Ranking - 5 Years

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

14.94

R eturn (% )

14.11

R eturn R ank

25.0

50.0

13.28
12.45
11.62
10.79

75.0

20.24

20.47

20.70

20.93

21.16

21.39

21.62

Risk (Standard Deviation %)

100.0
9/21

3/22

9/22

˜ Large Cap Growth Equity
q Large Cap Growth Benchmark

3/23

9/23

Periods
20
20

3/24

5 - 25
13 (65%)
11 (55%)

9/24

3/25

25 - 50
6 (30%)
9 (45%)

9/25

6/26

50 - 75
1 (5%)
0 (0%)

75 - 95
0 (0%)
0 (0%)

11.83
13.71

Standard
Deviation
21.39
20.64

11.37

20.48

Return

˜ Large Cap Growth Equity
s Large Cap Growth Benchmark
q
¾ Median

Historical Statistics - 5 Years

0.49
0.59

Down
Market
Capture
107.83
100.00

Up
Market
Capture
100.54
100.00

0.01

N/A

-5.93

6.20

Alpha

Beta

Sharpe
Ratio

17.36
16.21

-4.24
0.00

1.03
1.00

0.79
1.07

Down
Market
Capture
119.72
100.00

Up
Market
Capture
97.43
100.00

0.22

4.60

0.00

N/A

-12.19

8.06

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

Large Cap Growth Equity
Large Cap Growth Benchmark

11.83
13.71

20.36
19.15

-1.84
0.00

1.03
1.00

90 Day U.S. Treasury Bill

3.52

0.55

3.42

Return

Standard
Deviation

Large Cap Growth Equity
Large Cap Growth Benchmark

18.04
22.58

90 Day U.S. Treasury Bill

4.64

Historical Statistics - 3 Years

20

Page 36 of 104

Cocoa Beach General Employees Pension Plan
Large Cap Core Equity
June 30, 2026
5 Years Rolling Percentile Ranking - 5 Years

Growth of a Dollar

0.0

250.00

200.00

G r o w th of $100

R eturn R ank

25.0

50.0

75.0

191.24
150.00

100.00

100.0
9/21

3/22

˜ Large Cap Core Equity
q S&P 500 Index

9/22

3/23

Periods
3
20

9/23

3/24

5 - 25
0 (0%)
0 (0%)

9/24

3/25

25 - 50
3 (100%)
20 (100%)

9/25

50 - 75
0 (0%)
0 (0%)

6/26

75 - 95
0 (0%)
0 (0%)

50.00
6/21

12/21

6/22

3 Years Rolling Percentile Ranking - 5 Years

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

14.40

R eturn (% )

14.00

R eturn R ank

25.0

50.0

13.60
13.20
12.80
12.40

75.0

15.12

15.16

15.20

15.24

15.28

Risk (Standard Deviation %)

100.0
9/21

3/22

˜ Large Cap Core Equity
q S&P 500 Index

9/22

Periods
11
20

3/23

9/23

5 - 25
0 (0%)
0 (0%)

3/24

9/24

3/25

25 - 50
10 (91%)
19 (95%)

9/25

50 - 75
1 (9%)
1 (5%)

6/26

13.85
13.41

Standard
Deviation
15.23
15.18

12.73

15.11

Return

˜ Large Cap Core Equity

75 - 95
0 (0%)
0 (0%)

s S&P 500 Index
q
¾ Median

Historical Statistics - 5 Years

0.69
0.67

Down
Market
Capture
99.91
100.00

Up
Market
Capture
101.31
100.00

0.01

N/A

-6.78

7.76

Alpha

Beta

Sharpe
Ratio

12.87
12.87

0.02
0.00

1.00
1.00

1.18
1.18

Down
Market
Capture
99.73
100.00

Up
Market
Capture
99.93
100.00

0.22

4.61

0.00

N/A

-14.64

10.32

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

Large Cap Core Equity
S&P 500 Index

13.85
13.41

15.86
15.72

0.32
0.00

1.01
1.00

90 Day U.S. Treasury Bill

3.52

0.55

3.43

Return

Standard
Deviation

Large Cap Core Equity
S&P 500 Index

20.62
20.61

90 Day U.S. Treasury Bill

4.64

Historical Statistics - 3 Years

21

Page 37 of 104

Cocoa Beach General Employees Pension Plan
Mid Cap Equity
June 30, 2026
Growth of a Dollar

0.0

175.00

25.0

150.00

G r o w th of $100

R eturn R ank

5 Years Rolling Percentile Ranking - 5 Years

50.0

75.0

100.0
9/21

3/22

˜ Mid Cap Equity
q Russell Midcap Index

9/22

3/23

Periods
20
20

9/23

5 - 25
0 (0%)
0 (0%)

3/24

9/24

25 - 50
1 (5%)
4 (20%)

3/25

9/25

50 - 75
13 (65%)
16 (80%)

148.43

125.00

100.00

75.00

6/26

75 - 95
6 (30%)
0 (0%)

50.00
6/21

12/21

6/22

3 Years Rolling Percentile Ranking - 5 Years

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

R eturn (% )

8.60

25.0

R eturn R ank

12/22

50.0

8.40

8.20

8.00

75.0

13.12

13.44

13.76

14.08

14.40

14.72

15.04

Risk (Standard Deviation %)

100.0
9/21

3/22

˜ Mid Cap Equity
q Russell Midcap Index

9/22

Periods
20
20

3/23

9/23

5 - 25
0 (0%)
0 (0%)

3/24

9/24

25 - 50
4 (20%)
8 (40%)

3/25

9/25

50 - 75
15 (75%)
12 (60%)

6/26

8.22
8.50

Standard
Deviation
13.48
14.48

8.37

14.76

Return

˜ Mid Cap Equity

75 - 95
1 (5%)
0 (0%)

s Russell Midcap Index
q
¾ Median

Historical Statistics - 5 Years

0.35
0.36

Down
Market
Capture
96.52
100.00

Up
Market
Capture
96.53
100.00

0.00

N/A

-7.53

6.43

Alpha

Beta

Sharpe
Ratio

14.38
14.78

0.20
0.00

0.96
1.00

0.80
0.81

Down
Market
Capture
94.26
100.00

Up
Market
Capture
95.92
100.00

0.22

4.64

0.00

N/A

-12.38

8.88

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

8.22
8.50

16.77
17.23

0.00
0.00

0.97
1.00

3.52

0.55

3.47

Return

Standard
Deviation

Mid Cap Equity
Russell Midcap Index

16.08
16.51

90 Day U.S. Treasury Bill

4.64

Mid Cap Equity
Russell Midcap Index

90 Day U.S. Treasury Bill

Historical Statistics - 3 Years

22

Page 38 of 104

Cocoa Beach General Employees Pension Plan
Small Cap Equity
June 30, 2026
Growth of a Dollar

0.0

175.00

25.0

150.00

G r o w th of $100

R eturn R ank

5 Years Rolling Percentile Ranking - 5 Years

50.0

75.0

100.0
9/21

3/22

˜ Small Cap Equity
q Russell 2000 Index

9/22

3/23

Periods
20
20

9/23

5 - 25
0 (0%)
0 (0%)

3/24

9/24

25 - 50
0 (0%)
0 (0%)

3/25

9/25

50 - 75
6 (30%)
6 (30%)

139.70
125.00

100.00

75.00

6/26

75 - 95
14 (70%)
14 (70%)

50.00
6/21

12/21

3 Years Rolling Percentile Ranking - 5 Years

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

9.28

R eturn (% )

8.70

R eturn R ank

25.0

50.0

8.12
7.54
6.96
6.38

75.0

16.34

16.53

16.72

16.91

17.10

17.29

17.48

17.67

Risk (Standard Deviation %)

100.0
9/21

3/22

˜ Small Cap Equity
q Russell 2000 Index

9/22

Periods
20
20

3/23

9/23

5 - 25
0 (0%)
0 (0%)

3/24

9/24

25 - 50
0 (0%)
3 (15%)

3/25

9/25

50 - 75
13 (65%)
9 (45%)

6/26

6.91
6.98

Standard
Deviation
16.57
17.31

8.54

16.81

Return

˜ Small Cap Equity

75 - 95
7 (35%)
8 (40%)

s Russell 2000 Index
q
¾ Median

Historical Statistics - 5 Years

0.26
0.26

Down
Market
Capture
91.26
100.00

Up
Market
Capture
93.06
100.00

0.00

N/A

-6.16

5.58

Alpha

Beta

Sharpe
Ratio

18.98
19.71

-2.35
0.00

0.94
1.00

0.58
0.74

Down
Market
Capture
95.19
100.00

Up
Market
Capture
88.34
100.00

0.22

4.65

0.00

N/A

-9.07

6.87

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

6.91
6.98

20.16
20.58

0.26
0.00

0.95
1.00

3.52

0.55

3.48

Return

Standard
Deviation

Small Cap Equity
Russell 2000 Index

14.62
18.60

90 Day U.S. Treasury Bill

4.64

Small Cap Equity
Russell 2000 Index

90 Day U.S. Treasury Bill

Historical Statistics - 3 Years

23

Page 39 of 104

Cocoa Beach General Employees Pension Plan
Convertibles
June 30, 2026
Growth of a Dollar

0.0

175.00

25.0

150.00

G r o w th of $100

R eturn R ank

5 Years Rolling Percentile Ranking - 5 Years

50.0

75.0

100.0
9/21

3/22

9/22

˜ Convertibles
q ML All Conv Ex.144A AQ Index

3/23

9/23

Periods
20
20

3/24

5 - 25
17 (85%)
19 (95%)

9/24

3/25

25 - 50
1 (5%)
1 (5%)

9/25

6/26

50 - 75
2 (10%)
0 (0%)

75 - 95
0 (0%)
0 (0%)

140.75
125.00

100.00

75.00

50.00
6/21

12/21

3 Years Rolling Percentile Ranking - 5 Years

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

9.62

R eturn (% )

8.88

R eturn R ank

25.0

50.0

8.14
7.40
6.66
5.92

75.0

9.30

10.23

11.16

12.09

13.02

13.95

14.88

15.81

Risk (Standard Deviation %)

100.0
9/21

3/22

9/22

˜ Convertibles
q ML All Conv Ex.144A AQ Index

3/23

9/23

Periods
20
20

3/24

5 - 25
12 (60%)
12 (60%)

9/24

3/25

25 - 50
2 (10%)
6 (30%)

9/25

6/26

50 - 75
2 (10%)
2 (10%)

75 - 95
4 (20%)
0 (0%)

7.07
8.75

Standard
Deviation
14.50
12.20

6.64

10.39

Return

˜ Convertibles
s ML All Conv Ex.144A AQ Index
q
¾ Median

Historical Statistics - 5 Years

0.33
0.48

Down
Market
Capture
113.84
100.00

Up
Market
Capture
101.45
100.00

0.01

N/A

-9.23

10.95

Alpha

Beta

Sharpe
Ratio

12.25
10.41

-1.60
0.00

1.12
1.00

1.15
1.29

Down
Market
Capture
115.22
100.00

Up
Market
Capture
106.58
100.00

0.22

4.72

0.00

N/A

-17.88

12.92

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

7.07
8.75

13.18
11.76

-2.08
0.00

1.08
1.00

3.52

0.55

3.42

Return

Standard
Deviation

Convertibles
ML All Conv Ex.144A AQ Index

19.44
19.02

90 Day U.S. Treasury Bill

4.64

Convertibles
ML All Conv Ex.144A AQ Index

90 Day U.S. Treasury Bill

Historical Statistics - 3 Years

24

Page 40 of 104

Cocoa Beach General Employees Pension Plan
Global Infrastructure
June 30, 2026
5 Years Rolling Percentile Ranking - 5 Years

Growth of a Dollar

0.0

200.00

G r o w th of $100

R eturn R ank

25.0

50.0

75.0

162.57

150.00

100.00

100.0
9/21

3/22

9/22

3/23

˜ Global Infrastructure
q FTSE Global Core Infrastructure 50/50 Index

9/23

3/24

Periods
7
20

9/24

3/25

9/25

6/26

5 - 25
25 - 50
50 - 75
75 - 95
3 (43%)
0 (0%)
0 (0%)
4 (57%)
3 (15%)
0 (0%)
7 (35%) 10 (50%)

50.00
6/21

12/21

3 Years Rolling Percentile Ranking - 5 Years

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

11.16

R eturn (% )

10.54

R eturn R ank

25.0

50.0

9.92
9.30
8.68

75.0

10.80

11.25

11.70

12.15

12.60

13.05

13.50

13.95

Risk (Standard Deviation %)

100.0
9/21

3/22

9/22

3/23

˜ Global Infrastructure
q FTSE Global Core Infrastructure 50/50 Index

9/23

3/24

Periods
15
20

9/24

3/25

9/25

6/26

10.21
8.52

Standard
Deviation
11.43
12.16

8.46

13.23

Return

˜ Global Infrastructure

5 - 25
25 - 50
50 - 75
75 - 95
6 (40%)
0 (0%)
0 (0%)
9 (60%)
9 (45%)
7 (35%)
0 (0%)
4 (20%)

s FTSE Global Core Infrastructure 50/50 Index
q
¾ Median

Historical Statistics - 5 Years

0.56
0.41

Down
Market
Capture
82.15
100.00

Up
Market
Capture
94.18
100.00

0.00

N/A

-7.80

8.81

Alpha

Beta

Sharpe
Ratio

11.15
11.98

1.80
0.00

0.90
1.00

0.81
0.72

Down
Market
Capture
81.19
100.00

Up
Market
Capture
92.97
100.00

0.22

4.65

0.00

N/A

-13.38

11.99

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

Global Infrastructure
FTSE Global Core Infrastructure 50/50 Index

10.21
8.52

12.80
13.97

2.46
0.00

0.89
1.00

90 Day U.S. Treasury Bill

3.52

0.55

3.51

Return

Standard
Deviation

Global Infrastructure
FTSE Global Core Infrastructure 50/50 Index

13.79
13.18

90 Day U.S. Treasury Bill

4.64

Historical Statistics - 3 Years

25

Page 41 of 104

Cocoa Beach General Employees Pension Plan
International Equity
June 30, 2026
5 Years Rolling Percentile Ranking - 5 Years

Growth of a Dollar

0.0

150.00

132.73

125.00

G r o w th of $100

R eturn R ank

25.0

50.0

75.0

100.00

75.00

100.0
9/21

3/22

9/22

˜ International Equity
q International Equity Benchmark

3/23

9/23

Periods
20
20

3/24

5 - 25
0 (0%)
0 (0%)

9/24

3/25

25 - 50
8 (40%)
1 (5%)

9/25

6/26

50 - 75
8 (40%)
19 (95%)

75 - 95
4 (20%)
0 (0%)

50.00
6/21

12/21

3 Years Rolling Percentile Ranking - 5 Years

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

R eturn (% )

12.00

25.0

R eturn R ank

6/22

50.0

10.00
8.00
6.00
4.00

75.0

14.85

15.18

15.51

15.84

16.17

16.50

16.83

17.16

Risk (Standard Deviation %)

100.0
9/21

3/22

9/22

˜ International Equity
q International Equity Benchmark

3/23

9/23

Periods
20
20

3/24

5 - 25
1 (5%)
0 (0%)

9/24

3/25

25 - 50
1 (5%)
3 (15%)

9/25

6/26

50 - 75
12 (60%)
17 (85%)

75 - 95
6 (30%)
0 (0%)

5.83
9.35

Standard
Deviation
16.71
15.37

8.94

16.15

Return

˜ International Equity
s International Equity Benchmark
q
¾ Median

Historical Statistics - 5 Years

0.22
0.44

Down
Market
Capture
118.62
100.00

Up
Market
Capture
99.96
100.00

0.01

N/A

-8.15

7.74

Alpha

Beta

Sharpe
Ratio

13.37
13.70

-1.58
0.00

0.94
1.00

0.86
1.04

Down
Market
Capture
110.23
100.00

Up
Market
Capture
94.60
100.00

0.22

4.67

0.00

N/A

-15.74

9.20

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

5.83
9.35

16.29
15.42

-3.29
0.00

1.02
1.00

3.52

0.55

3.43

Return

Standard
Deviation

International Equity
International Equity Benchmark

16.25
19.42

90 Day U.S. Treasury Bill

4.64

International Equity
International Equity Benchmark

90 Day U.S. Treasury Bill

Historical Statistics - 3 Years

26

Page 42 of 104

Cocoa Beach General Employees Pension Plan
Real Estate
June 30, 2026
Growth of a Dollar

0.0

130.00

25.0

120.00

G r o w th of $100

R eturn R ank

5 Years Rolling Percentile Ranking - 5 Years

50.0

75.0

100.0
9/21

3/22

˜ Real Estate
q Real Estate Benchmark

9/22

3/23

Periods
20
8

9/23

3/24

5 - 25
3 (15%)
0 (0%)

9/24

3/25

25 - 50
1 (5%)
0 (0%)

9/25

6/26

50 - 75
3 (15%)
8 (100%)

75 - 95
13 (65%)
0 (0%)

110.00

110.15

100.00

90.00

80.00
6/21

12/21

3 Years Rolling Percentile Ranking - 5 Years

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

R eturn (% )

3.52

25.0

R eturn R ank

6/22

50.0

3.08
2.64
2.20
1.76
1.32

75.0

6.56

6.97

7.38

7.79

8.20

8.61

9.02

9.43

9.84

Risk (Standard Deviation %)
100.0
9/21

3/22

˜ Real Estate
q Real Estate Benchmark

9/22

Periods
20
16

3/23

9/23

5 - 25
7 (35%)
0 (0%)

3/24

9/24

3/25

25 - 50
2 (10%)
3 (19%)

9/25

6/26

50 - 75
4 (20%)
13 (81%)

75 - 95
7 (35%)
0 (0%)

1.95
2.73

Standard
Deviation
9.08
7.17

3.21

7.34

Return

˜ Real Estate
s Real Estate Benchmark
q
¾ Median

Historical Statistics - 5 Years

-0.12
-0.07

Down
Market
Capture
38.00
100.00

Up
Market
Capture
55.24
100.00

-0.11

N/A

-41.18

25.66

Beta

Sharpe
Ratio
-0.11
-1.29

Down
Market
Capture
36.00
100.00

Up
Market
Capture
184.75
100.00

N/A

-55.50

106.45

Return

Standard
Deviation

Alpha

1.95
2.73

9.08
7.17

1.23
0.00

0.37
1.00

3.52

0.93

3.85

Return

Standard
Deviation

Alpha

Real Estate
Real Estate Benchmark

3.48
-0.62

7.41
3.71

3.86
0.00

0.17
1.00

90 Day U.S. Treasury Bill

4.64

0.36

4.60

-0.07

Real Estate
Real Estate Benchmark

90 Day U.S. Treasury Bill

Beta

Historical Statistics - 3 Years

27

Sharpe
Ratio

Page 43 of 104

Cocoa Beach General Employees Pension Plan
Fixed Income
June 30, 2026
5 Years Rolling Percentile Ranking - 5 Years

Growth of a Dollar

0.0

112.00

104.00

G r o w th of $100

R eturn R ank

25.0

50.0

75.0

104.66

96.00

88.00

100.0
9/21

3/22

˜ Fixed Income
q Fixed Income Benchmark

9/22

3/23

Periods
20
20

9/23

3/24

5 - 25
0 (0%)
0 (0%)

9/24

3/25

25 - 50
0 (0%)
0 (0%)

9/25

6/26

50 - 75
20 (100%)
3 (15%)

75 - 95
0 (0%)
17 (85%)

80.00
6/21

12/21

6/22

3 Years Rolling Percentile Ranking - 5 Years

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Peer Group Risk/Reward - 5 Years

0.0

2.40

R eturn (% )

1.80

R eturn R ank

25.0

50.0

1.20
0.60
0.00
-0.60

75.0

5.80

5.90

6.00

6.10

6.20

6.30

6.40

6.50

Risk (Standard Deviation %)

100.0
9/21

3/22

˜ Fixed Income
q Fixed Income Benchmark

9/22

3/23

Periods
20
20

9/23

5 - 25
0 (0%)
0 (0%)

3/24

9/24

3/25

25 - 50
2 (10%)
0 (0%)

9/25

6/26

50 - 75
18 (90%)
3 (15%)

75 - 95
0 (0%)
17 (85%)

0.92
0.08

Standard
Deviation
5.95
6.35

1.66

5.90

Return

˜ Fixed Income
s Fixed Income Benchmark
q
¾ Median

Historical Statistics - 5 Years

Fixed Income
Fixed Income Benchmark

90 Day U.S. Treasury Bill

Fixed Income
Fixed Income Benchmark

90 Day U.S. Treasury Bill

-0.41
-0.51

Down
Market
Capture
88.37
100.00

Up
Market
Capture
98.05
100.00

0.02

N/A

-17.61

23.16

Alpha

Beta

Sharpe
Ratio

5.22
5.48

0.77
0.00

0.95
1.00

0.05
-0.06

Down
Market
Capture
90.35
100.00

Up
Market
Capture
100.50
100.00

0.22

4.62

0.00

N/A

-32.11

29.50

Return

Standard
Deviation

Alpha

Beta

Sharpe
Ratio

0.92
0.08

5.89
6.32

0.83
0.00

0.93
1.00

3.52

0.55

3.52

Return

Standard
Deviation

4.76
4.16

4.64

Historical Statistics - 3 Years

28

Page 44 of 104

Cocoa Beach General Employees Pension Plan
Glossary
June 30, 2026
-ACCRUED INTEREST- Bond interest earned since the last interest payment, but not yet received.
-ALPHA- A linear regressive constant that measures expected return independent of Beta.
-ASSET ALLOCATION- The division of portfolio asset classes in order to achieve an expected investment objective.
-BALANCED UNIVERSES - Public Funds, Endowments & Foundations, Corporate peer groups, and PSN peer groups.
-BETA- A measure of portfolio sensitivity (volatility) in relation to the market, based upon past experience.
-BOND DURATION- A measure of portfolio sensitivity to interest rate risk.
-COMMINGLED FUND- An investment fund which is similar to a mutual fund in that investors are permitted to purchase and redeem units that represent ownership in a pool of securities.
-CONVERTIBLE BONDS - Hybrid securities' that offer equity returns during rising equity markets and improved down-market protection.
-CORE- An equal weighting in both growth and value stocks.
-CORRELATION COEFFICIENT- A measure of how two assets move together. The measure is bounded by +1 and -1; +1 means that the two assets move together positively, while a measure of -1
means that the assets are perfectly negatively correlated.
-GROWTH MANAGER- Generally invests in companies that have either experienced above-average growth rates and/or are expected to experience above-average growth rates in the future. Growth
portfolios tend to have high price/earnings ratios and generally pay little to no dividends.
-INDEXES- Indexes are used as "independent representations of markets" (e.g., S&P 500).
-INFORMATION RATIO- Annualized excess return above the benchmark relative to the annualized tracking error.
-LARGE CAP- Generally, the term refers to a company that has a market capitalization that exceeds $10 billion.
-MANAGER UNIVERSE- A collection of quarterly investment returns from various investment management firms that may be subdivided by style (e.g. growth, value, core).
-MID CAP- Generally, the term refers to a company that has a market capitalization between $2 and $10 billion.
-NCREIF - A quarterly time series composite total rate of return measure of investment performance of a large pool of individual commercial real estate properties acquired in the private market for
investment purposes only.
-NCREIF ODCE - Open End Diversified Core Equity index which consists of historical and current returns from 26 open-end commingled funds pursuing core strategy. This index is capitalization
weighted, time weighted and gross of fees.
-NET- Investment return accounts only for manager fees.
-PROTECTING FLORIDA INVESTMENT ACT (PFIA) - SBA publishes a list of prohibited investments (scrutinized companies).
-RATE OF RETURN- The percentage change in the value of an investment in a portfolio over a specified time period, excluding contributions.
-RISK MEASURES- Measures of the investment risk level, including beta, credit, duration, standard deviation, and others that are based on current and historical data.
-R-SQUARED- Measures how closely portfolio returns and those of the market are correlated, or how much variation in the portfolio returns may be explained by the market. An R2 of 40 means that 40%
of the variation in a fund’s price changes could be attributed to changes in the market index over the time period.

29

Page 45 of 104

Cocoa Beach General Employees Pension Plan
Glossary
June 30, 2026
-SHARPE RATIO- The ratio of the rate of return earned above the risk-free rate to the standard deviation of the portfolio. It measures the number of units of return per unit of risk.
-SMALL CAP- Generally refers to a company with a market capitalization $300 million to $2 billion.
-STANDARD DEVIATION- Measure of the variability (dispersion) of historical returns around the mean. It measures how much exposure to volatility was experienced by the implementation of an
investment strategy.
-SYSTEMATIC RISK- Measured by beta, it is the risk that cannot be diversified away (market risk).
-TIME WEIGHTED (TW) RETURN - A measure of the investments versus the investor. When there are no flows the TW & DOLLAR weighted (DW) returns are the same and vice versa.
-TRACKING ERROR- A measure of how closely a manager’s performance tracks an index; it is the annualized standard deviation of the differences between the quarterly returns for the manager and
the benchmark.
-TREYNOR RATIO- A measure of reward per unit of risk. (excess return divided by beta).
-UP AND DOWN-MARKET CAPTURE RATIO- Ratio that illustrates how a manager performed relative to the market during rising and declining market periods.
-VALUE MANAGER- Generally invests in companies that have low price-to-earnings and price-to-book ratios and/or above-average dividend yields.

30

Page 46 of 104

Cocoa Beach General Employees Pension Plan
Disclosure
June 30, 2026

Advisory services are offered through or by Burgess Chambers and Associates, Inc., a registered SEC investment advisor.
Performance Reporting:
1. Changes in portfolio valuations due to capital gains or losses, dividends, interest, income and management fees are included in the calculation of returns. All calculations are made in accordance with
generally accepted industry standards.
2. BCA complies with the Association for Investment Management and Research Performance Presentation Standards (AIMR-PPS). Returns are time-weighted rates of return (TWR).
3. Transaction costs, such as commissions, are included in the purchase cost or deducted from the proceeds or sale of a security. Differences in transaction costs may affect comparisons.
4. Individual client returns may vary due to a variety of factors, including differences in investment objectives, asset allocating and timing of investment decisions.
5. Performance reports are generated from information supplied by the client, custodian, and/or investment managers. BCA relies upon the accuracy of this data when preparing reports.
6. The market indexes do not include transaction costs, and an investment in a product similar to the index would have lower performance dependent upon costs, fees, dividend reinvestments, and
timing. Benchmarks and indexes are for comparison purposes only, and there is no assurance or guarantee that such performance will be achieved.
7. Performance information prepared by third party sources may differ from that shown by BCA. These differences may be due to different methods of analysis, different time periods being evaluated,
different pricing sources for securities, treatment of accrued income, treatment of cash, and different accounting procedures.
8. Certain valuations, such as alternative assets, ETF, and mutual funds, are prepared based on information from third party sources, the accuracy of such information cannot be guaranteed by BCA.
Such data may include estimates and maybe subject to revision.
9. BCA relies on third party vendors to supply tax cost and market values, In the event that cost values are not available, market values may be used as a substitute.
10. BCA has not reviewed the risks of individual security holdings.
11. BCA investment reports are not indicative of future results.
12. Performance rankings are time sensitive and subject to change.
13. Mutual Fund (MF), Collective Investment Trusts (CIT) and Exchange Traded Funds (ETF) are ranked in net of fee universes.
14. Separately Managed Account (SMA) and Commingled Fund (CF) returns are ranked in gross of fees universes.
15. Composite returns are ranked in universes that encompass both gross and net of fee returns.
16. Total Fund returns are ranked in a gross of fee universe.
17. Private investments may include performance fees in addition to a management fee. For the purpose of BCA’s calculations, net returns take in consideration both performance and management fees,
but gross returns include management fees only.
18. Alternative investments, in contrast to traditional equity and fixed-income approaches, include private equity, private credit, private real estate, venture capital, and hedge funds. These investments
are not marked to market which lowers volatility. Valuations are expected to be updated 45 to 120 days following quarter end. Please review the product’s subscription documents for more detail.
19. For a free copy of Part II (mailed w/i 5 bus. days from request receipt) of Burgess Chambers & Associates, Inc.'s most recent Form ADV which details pertinent business procedures, please contact:
315 East Robinson Street Suite #690, Orlando, Florida 32801, 407-644-0111, [email protected].

31

Page 47 of 104

Burgess Chambers & Associates, Inc.
Institutional Investment Advisors
www.burgesschambers.com
315 East Robinson Street, Suite 690, Orlando, Florida 32801
P: 407-644-0111 F: 407-644-0694
Page 48 of 104

Blake E. Myton

Director, Senior Client Strategist | 407.697.6277 |
[email protected]

L. Michelle Bumgarner, AIF®

Director, Retirement Solutions and Client Services Manager |
919.516.7409 | [email protected]

sterlingcapital.com

Presentation Title Here

Cocoa Beach General Employees’ Pension Fund
2nd Quarter 2026 Review

For use with Cocoa Beach General Employees’ only. Not for further
distribution.

Page 49 of 104

Table of Contents
Section Title

Section #

Sterling Overview

1

Economic Strategy & Outlook

2

Portfolio Characteristics & Performance

3

Appraisal & Disclosures

Appendix

Past performance is not indicative of future results. Any type of investing involvesrisk and there are no guarantees that these methods will be successful.
Economic charts are provided for illustrative purposes only. The information provided herein is subject to market conditions and is therefore expected to
fluctuate.
The opinions contained in this presentation reflect those of Sterling Capital Management LLC (SCM), are for general information only, and are educational in
nature. The opinions expressed are as of the date of publication and are subject to change without notice. These opinions are not meant to be predictions and
do not constitute an offer of individual or personalized investment advice. They are not intended as an offer or solicitation with respect to the purchase or sale
of any security. This information and these opinions are subject to change without notice. All opinions and information herein have been obtained or derived
from sources believed to be reliable. SCM does not assume liability for any loss which may result from the reliance by any personupon such informationor
opinions.
Investment advisory services are available through SCM (CRD# 135405), an investment adviser registered with the U.S. Securities & Exchange
Commission (SEC) and an indirect, wholly-owned subsidiary of Desjardins Global Asset Management Inc., which is part of the Desjardins Group. SEC
registration does not imply a certain level of skill or training, nor an endorsement by the SEC. SCM manages customized investment portfolios, provides
asset allocation analysis, and offers other investment-related services to affluent individuals and businesses.
Model Assumptions: Assumptions, opinions and estimates are provided for illustrative purposes only. They should not be relied upon as recommendations to
buy or sell securities. Forecasts of financial markettrends that are based on current marketconditions constitute our judgment and are subject to change
without notice. Webelieve the information provided here is reliable, but do not warrant its accuracy or completeness.
Expected return estimates are subject to uncertainty and error. Expected returns for each asset class can be conditional on economic scenarios; in the event a
particular scenario comes to pass, actual returns could be significantly higher or lower than forecasted.
This information is not intended as a recommendationto invest in any particular asset class or strategy or product or as a promise of future performance.Note
that these asset class assumptions are passive, and do not consider the impact of active management.

Page 50 of 104

Sterling Overview

Page 51 of 104

Sterling Capital Management
Providing Investment Expertise Since 1970
The Firm

Total Assets ($Billions)

 Institutional investment advisor headquartered in Charlotte with additional offices

in Raleigh, Virginia Beach, Philadelphia & San Francisco
Equity
 Indirect, wholly-owned subsidiary of Desjardins Global Asset Management Inc., which is part of the
$6.2
Desjardins Group, a diversified financial institution servicing institutional, retail, and private clients through
its subsidiaries
Multiclass
$14.8
1
 $76 Billion in Assets Under Management and Assets Under Advisement

The People

Fixed
$55.8

 187 seasoned investment professionals, client service and administrative teammates
 Highly-motivated personnel with varied experience to act as subject matter experts:
 41 CFA® designees in the firm2
 Independent fundamental equity and credit research
 Quantitative proprietary risk modeling

40 Portfolio Managers ■ 18 Investment Analysts ■ 5 Traders ■ 36 Client Strategists ■ 16 Client Analysts ■ 59 Operations & IT ■ 6 Compliance & Risk ■ 7 Staff

Diversified Investment Strategies
Fixed Income

Multi-Class Portfolios

Equity

Key Professionals

Avg. Experience

 Multi-Sector

 Governmental

 Total Return

 Large Cap

 Mid Cap

Portfolio Managers

26 Years

 Securitized

 Municipal

 Risk-Based

 Small Cap

 All Cap

Investment Analysts

17 Years

 High Yield

 Floating Rate

 Liability-Driven

 Opportunistic

 Real Estate

 Yield-Focused

 Active/Factor

Traders

27 Years

Client Strategists

22 Years

 TIPS

Data is as of 06.30.2026. 1SCM’s preliminary “AUA” (Assets Under Advisement) differs from our regulatory “AUM” (Assets Under Management) for which we provide
continuous and regular investment management services as disclosed in our ADV. AUA generally refers to non-discretionary assets for which SCM provides advice or
consultation for which SCM does not have authority to effectuate transactions. Such services include model portfolios and assets SCM advises as an outsourced
Chief Investment Officer on a non-discretionary basis. 2The Chartered Financial Analyst® (CFA) charter is a graduate-level investment credential awarded by the CFA
Institute, the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2)
have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their
adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

Page 52 of1104

Assets Under Management
Sterling Capital Management
Fixed Income

Equity

Multi-Class

Cash
Enhanced Cash
Short Term
Intermediate
Core
Long Duration

Large Cap
Mid Cap
Small Cap
Real Estate
Focused Factor

Fixed Income
Income
Income Primary
Income & Growth
Balanced
Growth
Aggressive Growth

$55.8B

$3.0B

$11.4B

Millions
$25,000

Asset Distribution1
$21,235

$20,000
$15,895
$15,000

$11,596

$10,000

$7,081

$5,000
$0

Cash +
Enhanced Cash

Short-Term
Fixed

Intermediate
+ Core Fixed

Long Duration
Fixed

$1,087

$541

$724

$219

$399

Equity
Income

Special
Opportunities

Focused
Factor

Small Cap
Relative Value

Other
Equity

Data is as of 06.30.2026. 1Asset Distribution does not include $11.4B of multi-class assets. Category asset totals are segmented based on the duration of SCM’s
Fixed Income assets. Totals may include both taxable and municipal strategies.

Page 53 of2104

U.S.$202 billion
Assets (AUM+AUA)1

700+

10,000+

600+

3,000+

Company Associates1

Institutional Relationships2

Retail Relationships2

Private Wealth Relationships3

Note: Guardian Capital Group in Canada includes Guardian Capital LP and Guardian Partners Inc (GPI). GPI operates as two divisions: Guardian Capital Advisors (GCA) and Guardian Partners (GP).
1Company Associates and Assets of Desjardins Global Asset Management Inc. (DGAM) and all subsidiaries, including Guardian Capital Group Limited as of March

31, 2026. AUM (assets under management) refers to discretionary, continuous and regular investment management services. AUA (assets under administration)
generally refers to non-discretionary assets for which advice or consultation is provided, but where we do not have authority to effectuate transactions, including Wrap
model delivery and outsourced Chief Investment Officer services. 2Institutional and Retail relationships include clients of DGAM and all subsidiaries, including
Guardian Capital Group Limited. 3Private Wealth relationships are with GPI, operating as two divisions: GCA and GP.

Page 54 of3104

Institutional Client Strategy and Service Team

Maxwell Anthony
Sr. Managing Director
Head of Institutional Strategy and Client Service
Institutional Strategists
Anthony Corallo, CTP®
Managing Director
Liquidity Solutions

Anthony DeLucia
Managing Director
Financial Institutions

Austin Dunlap
Executive Director
Insurance Solutions

Sarah Palmquist, CMFC®
Executive Director
Retirement Solutions

Timothy Sargent
Executive Director
Financial Institutions

Adnan Virani, CAIA®
Executive Director
NFP+G and Family Office Solutions

John Barrett, AIF®
Director
NFP and Public Solutions

Vanessa Hampton
Director
Higher Education Solutions

Amanda Kretsch
Director
Corporate and NFP+G

Blake Myton, AIF®
Director
Middle Market Service

Tate Small
Director, Head of Client Service and Analytics
Institutional Client Service

Intermediary Client Service

Michelle Bumgarner
Director
Retirement Solutions and Client
Service Manager

Stephanie Palmaro
Assoc. Director
Client Service Team Lead

Jennifer Gunn, CRPS
Director
Intermediary Client Service
Manager

Lydia Marcinko
Assoc. Director
Sr. Analyst

Jackson Kloiber
Assoc. Director
Sr. Analyst

Kate Heacox
Assoc. Director
Sr. Analyst

Daniel McElravey
Assoc. Director
Sr. Analyst

Aaron Best
Assoc.
Analyst

Nicholas Sheets
Assoc. Director
Sr. Analyst

Kenneth Hoch
Assoc.
Analyst

Tonya Loomis
Assoc.
Analyst

Maria Pistiolis
Assoc.
Analyst

Evan Petrunak
Assoc.
Analyst

John Wootton
Assoc.
Analyst

Evan Weber
Assoc.
Analyst

Information is as of 08.03.2026. For definitions of all title designations, please refer to the “Important Information | Designations” found at the end of this presentation.

Page 55 of4104

Advisory Solutions/OCIO Investment Team
Continuous Partnership with Clients
James Willis, CFA®

Managing Director
Head of Advisory Solutions

Investment Management
Jeffrey Schappe, CFA®

Shane Burke

Managing Director
Chief Market Strategist

Executive Director
Portfolio Manager | Fixed Income

Travis Pollack, CFA®

Noah Delucia

Executive Director
Portfolio Manager

Brandon Carl, CFA®

Executive Director
Portfolio Manager | Equity

Associate
Investment Analyst

Quantitative Research & Analytics
Kevin Stoll, CFA®

Managing Director
Head of Quantitative Research

George Carbaugh

Director
Quantitative Research Analyst

Anson Quillen

Associate Director
Quantitative Research Analyst

Oscar Gordon

Associate
Economic Analyst

Information is as of 07.24.2026. For definitions of all title designations, please refer to the “Important Information | Designations” found at the end of this presentation.

Page 56 of5104

Economic Strategy & Outlook

Page 57 of 104

Asset Allocation
2Q26 Market Review & Attribution
Data as of 06.30.2026

1 month

3 Month

YTD

FYTD

1 Year

3 Year

1

5 Year

1

10 Year

1

-0.61%
-0.31%
-1.43%
1.87%
-2.82%
3.11%
3.03%
2.70%
3.74%
3.97%
3.55%
-0.75%
-0.43%
0.08%
-4.22%
-1.60%

14.93%
15.43%
15.46%
14.04%
17.12%
13.83%
13.40%
14.55%
21.49%
17.19%
25.71%
9.90%
8.15%
12.56%
7.94%
22.70%

11.77%
10.86%
9.06%
15.59%
5.37%
15.30%
17.58%
7.27%
22.57%
22.99%
22.18%
8.96%
10.85%
7.37%
7.54%
22.41%

15.37%
13.54%
12.34%
21.36%
6.78%
15.48%
19.25%
3.30%
25.25%
27.00%
23.66%
14.35%
19.88%
9.74%
11.30%
27.68%

24.22%
22.81%
22.09%
27.29%
18.68%
21.63%
26.62%
6.17%
40.78%
43.01%
38.74%
20.76%
29.33%
12.86%
19.36%
40.30%

19.45%
20.35%
21.67%
18.46%
23.28%
16.51%
16.51%
15.61%
18.60%
18.73%
18.44%
16.85%
22.29%
11.60%
16.51%
22.11%

10.57%
12.30%
14.03%
12.05%
15.00%
8.50%
9.48%
6.03%
6.98%
8.23%
5.57%
8.84%
13.64%
4.93%
6.03%
7.17%

12.54%
15.06%
16.44%
11.97%
19.69%
12.00%
10.63%
13.04%
11.62%
10.89%
11.97%
9.70%
10.82%
8.58%
8.91%
9.98%

0.24%
-0.47%
0.27%
0.96%
0.44%
0.56%

0.67%
0.89%
2.47%
2.50%
1.49%
3.42%

0.62%
1.15%
1.96%
2.32%
1.05%
2.03%

1.73%
1.29%
3.29%
3.92%
1.41%
4.48%

3.79%
3.42%
5.91%
7.03%
1.60%
8.03%

4.16%
3.98%
8.86%
3.76%
3.76%
8.46%

0.08%
1.01%
4.17%
1.05%
0.87%
2.02%

1.54%
2.58%
5.81%
2.15%
1.68%
3.44%

Equity
MSCI ACWI IMI Index
Russell 3000® Index
Russell Top 200® Index
Russell Top 200® Value Index
Russell Top 200® Growth Index
Russell Mid Cap® Index
Russell Mid Cap® Value Index
Russell Mid Cap® Growth Index
Russell 2000® Index
Russell 2000® Value Index
Russell 2000® Growth Index
MSCI World ex-USA IMI Index
MSCI World ex-USA Value Index
MSCI World ex-USA IMI Growth Index
MSCI World ex-USA Small Cap Index
MSCI Emerging Markets IMI Index
Fixed Income
Bloomberg U.S. Aggregate Bond Index
Bloomberg U.S. TIPS Index
Bloomberg U.S. Corporate High Yield Index
Bloomberg Municipal Index
Bloomberg Global Treasury ex-U.S. Hedged Index
Bloomberg Emerging Markets Aggregate Index

Performance Attribution (2Q26)
 Asset allocation positioning detracted from benchmark-relative performance of the Advisory Solutions Balanced Portfolio in 2Q26.
 Market capitalization weighting within U.S. equities was additive, mainly due to an overweight to small caps. The Russell 2000® Index returned +21.49% in Q2 while the broad MSCI ACWI IMI



Index increased +14.93%.
Equity versus fixed income weightings detracted over the trailing three months. This can be attributed to an underweight to equity in early April prior to rebalancing. From April 1-9, 2026, the MSCI
ACWI IMI Index (equity) returned +5.58% vs. +0.46% for Bloomberg U.S. Aggregate Bond Index (fixed income).
Geographic weighting within equity detracted for the quarter, particularly an underweight to emerging markets. In Q2, emerging market equity returned +22.70% while the broad MSCI ACWI IMI
Index posted a +14.93% return.

1Annualized. TIPS: Treasury Inflation-Protected Securities. Source: Morningstar. FYTD data is as of 06.30.2026. The performance presented represents the returns of

the listed index. The volatility of an index varies greatly and investments cannot be made directly in an index. Market conditions vary from year to year and can result in a
decline in market value due to a material change in market or economic conditions. The performance is past performance and is not a guarantee for future results.
For institutional and financial professional use only.

Page 58 of6104

U.S. Equity Market Style and Sector Returns

S&P 1500 by Capitalization & Style1
1-Month

YTD

Value

Blend

Growth

Value

Blend

Growth

0.05%

-0.95%

1.76%

Large

8.03%

10.21%

12.01%

4.10%

3.59%

3.12%

Mid

13.00%

17.34%

21.57%

5.08%

7.29%

9.59%

Small

20.93%

23.90%

27.05%

S&P 500 Sector Returns (%)
1-Month
10.0

0.0

-10.0

Consumer Disc.

Consumer
Staples

Energy

Financials

Health Care

Industrials

Information
Technology

Materials

Real Estate

Communication
Services

Utilities

Information
Technology

Materials

Real Estate

Communication
Services

Utilities

YTD
30.0
20.0
10.0
0.0
-10.0

Consumer Disc.

Consumer
Staples

Energy

Financials

Health Care

Industrials

1Style boxes are derived from the components of the S&P 1500® Index. Please refer to the appendix for further information about capitalization/style returns. Data is
as of 06.30.2026. Source: FactSet. For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of investing
involves risk and there are no guarantees that these methods will be successful. Past performance is no guarantee of future results.

Page 59 of7104

Sterling Capital Advisory Solutions Monthly Update
July 2026
Asset Allocation Update
 We recommend an underweight to global equities vs. fixed income.
 Within the equity allocation, we recommend an overweight to U.S. equities and an underweight to emerging market equities.
 Within the fixed income allocation, we recommend an overweight to U.S. TIPS.
Equity Market Highlights
Fixed Income Market Highlights
 Global equities, as defined by the MSCI ACWI IMI, fell 0.61% in June, with key

 The broad bond market, as represented by the Bloomberg U.S. Aggregate Bond

developments during the month including a ceasefire agreement between the U.S.
and Iran, the long-anticipated SpaceX initial public offering (IPO), and a somewhat
hawkish tone from Federal Reserve (Fed) Chair Kevin Warsh during his first Federal
Open Market Committee (FOMC) meeting. U.S. equities (Russell 3000® Index
-0.31%) outperformed international markets (MSCI ACWI ex USA IMI -1.03%), and
developed markets (MSCI World IMI -0.47%) outperformed emerging markets

(MSCI EM IMI -1.60%). Value (MSCI ACWI Value Index -0.52%) outperformed
growth (MSCI ACWI Growth Index -1.07%), and small caps (MSCI ACWI Small Cap
Index +0.99%) outperformed large caps and mid caps (MSCI ACWI -0.80%). Health
care was the top-performing sector in June, while communication services was the
worst-performing sector.

 Active manager relative performance has been mixed year-to-date. Emerging

markets and U.S. small cap value managers have outperformed on average, while
U.S. large blend and U.S. mid cap growth managers have underperformed on
average.

Index, returned 0.24% in June, bringing its one-year return to 3.79%. For the month,
of the Aggregate Index’s largest components, U.S. Government securities (+0.28%)
was the top performer, followed by Agency Mortgage-Backed Securities (MBS)
(+0.22%) and U.S. Credit (+0.20%). Out-of-benchmark exposures to high yield and
emerging market debt returned 0.27% and 0.56%, respectively.
Overseas for the month of June, 10-year government bond yields of select countries
were lower, with 10-year yields in Germany lower by 11 basis points (bps), Italy
(lower by nine bps), the U.K. (lower by eight bps), and France (lower by four bps).
Domestically, the yield on the 10-year Treasury was unchanged at 4.44% over the
month.

 The Municipal/Treasury ratio moved lower in June, led by 2-year ratios which

declined by nearly 4%. With June’s decline, ratios are below its 5-year average.

 On a rolling 5-year basis, U.S. growth outperformance relative to value fell in June.
Although the gap between growth and value returns has closed in recent periods,
rolling 5-year growth returns have consistently been ahead of value returns since
2017.

Stock Indices YTD
MSCI ACWI IMI
11.77%
Russell 3000
10.88%
S&P 500
10.21%
MSCI EAFE
9.44%
MSCI EM
23.85%

Bond Indices YTD
Bloomberg US Aggregate
Bloomberg Gbl Treas xUS Hdg
Bloomberg US TIPS
Bloomberg US High Yield
Bloomberg EM Aggregate

0.62%
1.05%
1.15%
1.96%
2.03%

Other Indices YTD
US Fund Multialternative
DJ Equity All REIT
Bloomberg Commodity

3.34%
14.89%
14.36%

U.S. Treasury Yields
6-month
3.98%
1-year
3.97%
3-year
4.16%
5-year
4.20%
10-year
4.44%
30-year
4.93%

Rates/Commodities
Prime Rate
6.75%
LIBOR (3 Mo)
4.85%
Oil Price ($/barrel)
$69.50
Gold ($/t oz)
$4,007.53

Data is as of 06.30.2026. TIPS: Treasury Inflation-Protected Securities. Sources: Morningstar; FactSet; Russell Investments; Bloomberg L.P.; U.S. Department of
Treasury. Asset allocation and diversification do not assure a profit or protect against loss in declining financial markets. For illustrative purposes only. The views
expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no guarantees that these methods will be
successful. Past performance is no guarantee of future results.

Page 60 of8104

Asset Allocation
Summary Outlook
Economic and Market Comments
The second quarter was marked by choppy but resilient risk markets, rising inflation, and shifting market expectations for Federal Reserve (Fed)
policy. Although the Iran conflict remained unresolved and inflation remained high, global equity markets pushed nearly 15% higher in the second
quarter. Similarly, fixed income securitized and credit market spreads tightened, with investment-grade corporate spreads dropping 15 basis
points (bps) based on the Bloomberg U.S. Corporate Bond Index. With a backdrop of rising inflation and continued solid economic growth,
Treasury yields moved higher and the market shifted towards pricing Fed rate hikes instead of cuts. Looking ahead, our forecasts for global equity
returns have declined due to higher inflation, lower risk premium indicators, and less attractive valuations. Fixed income return expectations are
little changed as the impact of higher Treasury yields is offset in our analytics by lower credit spreads. Given the decline in equity expectations
relative to fixed income, we are transitioning from a neutral position to an underweight position in global equities vs. fixed income.
Global Equity Positioning
We are reducing our overweight to U.S. equity segments following strong returns in the second quarter and the negative impacts of higher U.S.
inflation. Within the U.S., our largest overweight is to large cap growth, which is supported by strong growth and profitability metrics. Small cap
value remains attractive, but we have reduced our overweight as certain valuation metrics have reverted towards historical averages. We have
shifted to an underweight to the mid cap growth segment on deteriorating trailing growth metrics. In international developed, we have moved from
an underweight to overweight position following second quarter underperformance. Small cap remains our largest segment overweight within
international developed. We remain underweight emerging markets as our composite measure of valuations is near a 20-year low.
Fixed Income Positioning
We are modestly increasing our allocation to U.S. TIPS following a small drop in breakeven inflation rates in the second quarter. Our outlook is
less favorable on riskier credit segments as credit spreads are historically tight.

The views expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no guarantees that these methods will
be successful.
For institutional and financial professional use only.

Page 61 of9104

Asset Allocation
Commentary
Global Equity Allocation Summary as of 07.09.2026
Total
Allocation

Net of
Benchmark
Allocation

Change from
Prior Quarter

U.S. Equities
Large Cap Value
Large Cap Growth
Mid Cap Value
Mid Cap Growth
Small Cap Value
Small Cap Growth

64.20%
21.90%
27.70%
8.40%
1.80%
2.80%
1.60%

1.50%
-0.75%
2.25%
-0.50%
-1.25%
1.50%
0.25%

-1.00%
0.00%
0.25%
0.75%
-1.75%
-0.50%
0.25%

Overall Overweight; Overweight Large Cap Growth and Small Cap
Value; Underweight Large Cap Value and Mid Cap Growth: We have
reduced our overweight to the U.S. as expected returns exceed those of
international developed by a narrower margin following international
developed underperformance in the second quarter. Within the U.S.,
large cap growth continues to show strong growth and profitability
metrics. We have moved from an overweight to an underweight position
in mid cap growth due to deterioration in trailing growth metrics, partly
driven by the recent reconstitution of the Russell Indices. We have
reduced our underweight to mid cap value following improvements in
relative book-to-market and sales-to-firm value metrics. Small cap
value's relative book-to-market ratios remain attractive, but other relative
value metrics are now close to historical averages.

International Developed
Value
Growth
Small Cap

25.70%
11.20%
10.30%
4.20%

0.50%
0.25%
-0.50%
0.75%

1.00%
0.50%
0.25%
0.25%

Emerging Markets

10.10%

-2.00%

0.00%

Overweight: We have transitioned to an overweight position as return
expectations have improved relative to the U.S. following
underperformance in the second quarter. Relative yield curve metrics
now contribute positively to expected returns as European government
yield curves steepened relative to the U.S. in the second quarter. Small
cap remains the most attractive segment, in part due to the high relative
sales-to-firm value ratio in Europe. We remain underweight to the
growth segment as valuation metrics in the Pacific region are a drag on
the forecast.
Underweight: Despite positive trailing return momentum, emerging
market return expectations remain well below those of developed
markets as gross income yield, dividend yield, and dividend growth
metrics sit below historical averages.

Model Forecast

Summary of Allocations and Model Forecasts

Model Forecast Graphs display forecasted Sharpe Ratios for each sector within a range of -1.5 to 1.5. Net of Benchmark weights calculated as of 07.09.2026. Net weights will change over time due to
differences in index and portfolio returns and other factors. Forecasted returns generated by Sterling Capital Advisory Solutions’ analytics contain a high degree of uncertainty, are hypothetical in
nature, do not reflect actual investment results, and are not guarantees of future results. Actual results may vary widely from projections and may not account for extreme negative scenarios that are
not well represented by model estimation samples. All investing is subject to risk, including possible loss of principal.
For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no
guarantees that these methods will be successful. Past performance does not guarantee future results.
For institutional and financial professional use only.

10104
Page 62 of

Asset Allocation
Commentary
Fixed Income Allocation Summary as of 07.09.2026
Net of
Total
Change from
Benchmark
Prior Quarter
Allocation
Allocation

Model Forecast

Summary of Allocations and Model Forecasts

1

Expectations vs. U.S. Treasuries
U.S. Aggregate Fixed Income
U.S. High Yield
U.S. TIPS
International Fixed Income (Hedged)
Emerging Markets Debt

98.0%
0.00%
2.00%
0.00%
0.00%

-2.00%
0.00%
2.00%
0.00%
0.00%

-0.50%
0.00%
0.50%
0.00%
0.00%

U.S. Treasury Bonds
U.S. Government: Short
U.S. Government Intermediate
U.S. Government: Long

0.00%
0.00%
0.00%

0.00%
0.00%
0.00%

0.00%
0.00%
0.00%

Underweight U.S. Aggregate Fixed Income, Overweight U.S.
TIPS: TIPS breakeven inflation rates fell modestly in the second
quarter, pushing return forecasts higher. As a result, we are mildly
increasing our allocation to the segment. Our outlook is less favorable
on riskier credit segments as credit spreads are historically tight.

Total U.S. Aggregate Fixed Income2

1Model forecasts in this section are based on expected risk and return after controlling for and excluding the expected impact of changes in U.S. Treasury Yields on returns. U.S. Treasury Yield
exposure (Duration) is measured and managed at the portfolio level and thus, excluded from consideration at the individual asset class level. The U.S. Government Bond asset classes can be utilized
to manage duration to target levels.
2The Total U.S. Aggregate Fixed Income model forecast is inclusive of the expected impact of changes in U.S. Treasury Yields on returns.

Model Forecast Graphs display forecasted Sharpe Ratios for each sector within a range of -1.5 to 1.5. Net of Benchmark weights calculated as of 07.09.2026. Net weights will change over time due to
differences in index and portfolio returns and other factors. Forecasted returns generated by Sterling Capital Advisory Solutions’ analytics contain a high degree of uncertainty, are hypothetical in
nature, do not reflect actual investment results, and are not guarantees of future results. Actual results may vary widely from projections and may not account for extreme negative scenarios that are
not well represented by model estimation samples. All investing is subject to risk, including possible loss of principal.
For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no
guarantees that these methods will be successful. Past performance does not guarantee future results.
For institutional and financial professional use only.

11104
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Global Economic Snapshot

YoY U.S. Industrial Production and Productivity

5

U.S.

Eurozone

Mar-26

Mar-25

Mar-24

Mar-23

Mar-22

Mar-21

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Mar-15

Mar-14

Mar-13

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

-15

Mar-07

-5

0.0

-10.0

-4.0

-20.0

-8.0

U.S. Labor Productivity (RHS)

Industrial Production as of 05.31.2026. Industrial Productivity data as of 03.31.2026.
Source: FactSet.

Core Consumer Price Index (YoY Growth)

20.00
Percent (%)

Percent (%)

4.0

0.0

U.S. Industrial Production (LHS)

6.0
4.0
2.0
0.0

-2.0
Apr-05

8.0

10.0

Japan

U.S., Japan, and Eurozone data is as of 03.31.2026. Source: FactSet.
8.0

20.0

Feb-06
Nov-06
Aug-07
May-08
Feb-09
Nov-09
Aug-10
May-11
Feb-12
Nov-12
Aug-13
May-14
Feb-15
Nov-15
Aug-16
May-17
Feb-18
Nov-18
Aug-19
May-20
Feb-21
Nov-21
Aug-22
May-23
Feb-24
Nov-24
Aug-25
May-26

Percent (%)

15

Mar-06

Percent (%)

YOY Real GDP Growth ($U.S.)
25

U.S. - Unemployment Rate

15.00
10.00
5.00
0.00

Aug-07 Dec-09

Apr-12
U.S.

Aug-14

Jan-17 May-19 Sep-21

Eurozone

Jan-24

Jun-26

Japan

U.S. & Eurozone data is as of 06.30.2026. Japan data is as of 05.31.2026. Source: FactSet. The Data is as of 06.30.2026. Source: FactSet.
sudden increase in Japan CPI growth in 2014 coincided with an increase in national sales tax that
impacted final price levels.

 Updated estimates of first quarter U.S. growth took year-over-year estimated gross domestic product (GDP) growth to 2.7%. Growth in Europe and Japan,
however, has recently moved lower to well below 1%.

 The U.S. unemployment rate ticked down to 4.2% in June despite weaker-than-expected growth in nonfarm payrolls.
 Core inflation was lower than expected in June, bringing year-over-year U.S. core inflation down to 2.8%.
 Year-over-year U.S. industrial production growth increased to 1.7% in May, turning higher after a dip in the first quarter. Year-over-year U.S. labor productivity
growth increased to 2.8% in the first quarter, an increase of 0.3% over the prior quarter.

Please see the Appendix for important definitions. For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any
type of investing involves risk and there are no guarantees that these methods will be successful. Past performance is no guarantee of future results.
12104
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Coincident

Leading

U.S. Economic Indicators

Initial Jobless Claims

• In the week ending 07.02.2026, the four-week moving average of Initial Jobless Claims was 222,000, a
decrease of 3,250 from the previous week's revised average.

Manufacturing

• ISM Manufacturing registered 53.3% in June, a 0.7% decrease over the previous reading. A reading
below 50.0% indicates contraction.
• ISM Manufacturing New Orders registered 56.0% in June, down 0.8% from the previous reading.
• ISM Non-Manufacturing registered 54.0% in June, a 0.5% decrease over the previous reading.

Housing/Construction

• Building permits were down 0.91% in May and have decreased 0.42% over the past year.

Consumer Confidence

• The Consumer Confidence Index increased to 91.2 compared to 90.6 in the previous month.

Nonfarm Payrolls

Industrial Production

Personal Income

Lagging

Ratio of Consumer Installment Credit to
Personal Income

Inflation

• Total Nonfarm Payroll employment increased by 129,000 in May while the unemployment rate was flat at
4.3%.

• Industrial Production increased 0.14% in May and increased 1.67% over the past year.

• Real Disposable Personal Income increased 0.25% in May and increased 0.02% over the past year.

• Real Disposable Personal Income decreased 0.7% in May and decreased 1.6% over the past year.
Consumer borrowing tends to lag improvements in personal income by many months because people tend
to remain hesitant to take on new debt until they are sure that their improved income level is sustainable.
• CPI (All Items) increased 0.47% in May and increased 4.17% over the past year.
• CPI (Core) increased 0.21% in May and increased 2.82% over the past year.

Source: Factset. For illustrative purposes only. Past performance is no guarantee of future results.
13104
Page 65 of

Currency

Euro per U.S. Dollar

Nominal Trade-Weighted U.S. Dollar Major Currencies
1.05

130
125

1.00

120

0.95
0.90

110
Euro

105
100

0.80

95

0.75

90

Jun-26

Nov-25

Apr-25

Sep-24

Feb-24

Jul-23

Dec-22

May-22

Oct-21

Mar-21

Aug-20

Jan-20

Jun-19

Nov-18

Apr-18

Sep-17

Jun-26

Nov-25

Apr-25

Sep-24

Feb-24

Jul-23

Dec-22

May-22

Oct-21

Mar-21

Aug-20

Jan-20

Jun-19

Nov-18

Apr-18

Sep-17

Feb-17

Jul-16

0.65

Feb-17

0.70

85
80

0.85

Jul-16

Value of USD

115

 The Trade-Weighted U.S. Dollar Index (Major Currencies) increased 2.6% in June and 2.7% year-to-date. The dollar was up 2.1% versus the Euro in
June.

Data is as of 06.30.2026. Source: FactSet. For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of
investing involves risk and there are no guarantees that these methods will be successful. Past performance is no guarantee of future results.
14104
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Global Equity Markets

Percent (%)

Equity Market Performance
43.01
40.30
38.74
50.00
29.33
40.00
27.33
26.62
24.22
19.36
18.68
30.00
12.86
20.00
6.17 3.97
3.03
1.90
0.08
10.00
3.55
2.70
0.00
-2.82
-10.00 -0.61
-0.43
-4.22
-1.60
-20.00
-30.00
MSCI
Russell Russell Russell Russell Russell Russell
MSCI
MSCI
MSCI MSCI EM
ACWI IMI Top 200 Top 200 Mid Cap Mid Cap
2000
2000
World Ex World Ex World Ex IMI NR
Value
Growth
Value
Growth
Value
Growth
USA
USA
USA
USD
Value
Growth Small Cap

1-Month

1-Year

Percent (%)

Data is as of 06.30.2026. Sources: Morningstar; Russell Investments.
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00

Active vs. Passive
27.24

9.32 10.35

U.S.Large
Blend

12.9411.36

17.52
11.59

20.02 17.94

17.89
10.53 11.13

U.S. Mid-Cap U.S. Mid-Cap U.S. Small
Value
Growth
Cap Value

Active YTD

26.04

21.32

 Global equities, as defined by the MSCI ACWI IMI, fell 0.61% in June, with key

developments during the month including a ceasefire agreement between the
U.S. and Iran, the long-anticipated SpaceX initial public offering (IPO), and a
somewhat hawkish tone from Federal Reserve (Fed) Chair Kevin Warsh during
his first Federal Open Market Committee (FOMC) meeting. U.S. equities
(Russell 3000® Index -0.31%) outperformed international markets (MSCI ACWI
ex USA IMI -1.03%), and developed markets (MSCI World IMI -0.47%)
outperformed emerging markets (MSCI EM IMI -1.60%). Value (MSCI ACWI
Value Index -0.52%) outperformed growth (MSCI ACWI Growth Index -1.07%),
and small caps (MSCI ACWI Small Cap Index +0.99%) outperformed large
caps and mid caps (MSCI ACWI -0.80%). Health care was the top-performing
sector in June, while communication services was the worst-performing sector.

 Active manager relative performance has been mixed year-to-date.

Emerging markets and U.S. small cap value managers have outperformed
on average, while U.S. large blend and U.S. mid cap growth managers have
underperformed on average.

U.S. Small Foreign Large Diversified
Cap Growth
Blend
Emerging
Mkts

Passive YTD

Data is as of 06.30.2026. Sources: Morningstar, Russell Investments. Median return of Morningstar open-end fund category (institutional share class). Russell return of U.S. categories.

Return (%)

Rolling 5-Year Return Differential
Russell 3000 Growth minus Russell 3000 Value
25.00
15.00
5.00

 On a rolling 5-year basis, U.S. growth outperformance relative to value fell

in June. Although the gap between growth and value returns has closed in
recent periods, rolling 5-year growth returns have consistently been ahead
of value returns since 2017.

-5.00

Data is as of 06.30.2026. Source: Morningstar.
For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no
guarantees that these methods will be successful. Past performance is no guarantee of future results.
15104
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Fixed Income Markets

Percent (%)

Bond Market Performance
15.00
10.00
5.00
0.00
-5.00

3.79
0.24

2.72
0.28

0.20

0.22

8.03

5.91

5.21

4.34

0.44

1.60

3.42

0.27

0.56

-0.47

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg
US Agg
US
US Credit US MBS Global Trsy US Corp
US TIPS
EM USD
Bond
Government
Ex US TR High Yield
Agg
Hdg

1 Mo

1 Yr

 The broad bond market, as represented by the Bloomberg U.S. Aggregate
Bond Index, returned 0.24% in June, bringing its one-year return to
3.79%. For the month, of the Aggregate Index’s largest components, U.S.
Government securities (+0.28%) was the top performer, followed by
Agency Mortgage-Backed Securities (MBS) (+0.22%) and U.S. Credit
(+0.20%). Out-of-benchmark exposures to high yield and emerging
market debt returned 0.27% and 0.56%, respectively.

Data is as of 06.30.2026. Sources: Morningstar; Bloomberg L.P.

10-Year Government Bond Yields

 Overseas for the month of June, 10-year government bond yields of select

3.00
-2.00

Oct-05
Jun-06
Feb-07
Oct-07
Jun-08
Feb-09
Oct-09
Jun-10
Feb-11
Oct-11
Jun-12
Feb-13
Oct-13
Jun-14
Feb-15
Oct-15
Jun-16
Feb-17
Oct-17
Jun-18
Feb-19
Oct-19
Jun-20
Feb-21
Oct-21
Jun-22
Feb-23
Oct-23
Jun-24
Feb-25
Oct-25
Jun-26

Yield

8.00

U.S.

Germany

France

Italy

countries were lower, with 10-year yields in Germany lower by 11 basis
points (bps), Italy (lower by nine bps), the U.K. (lower by eight bps), and
France (lower by four bps). Domestically, the yield on the 10-year
Treasury was unchanged at 4.44% over the month.

U.K.

Data is as of 06.30.2026. Sources: FactSet; U.S. Department of Treasury.

Percent (%)

200

0

Municipal/Treasury Yield Ratios Over The Last Five Years
Maximum

Average

Current

82

83

84

86

94

57

59

62

64

67

 The Municipal/Treasury ratio moved lower in June, led by 2-year ratios

which declined by nearly 4%. With June’s decline, ratios are below its 5year average.

2 Year Maturity 3 Year Maturity 5 Year Maturity 7 Year Maturity 10 Year Maturity

Data is as of 06.30.2026. Sources: Thompson Reuters; Sterling Capital Management Analytics.
For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of investing involves risk and there are no
guarantees that these methods will be successful. Past performance is no guarantee of future results.
16104
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Fixed Income Spreads and TIPS Breakeven

10-Year TIPS Breakeven
2000

600

1600
1200

400

800

200

400
Dec-08

Nov-11

Oct-14

Sep-17

U.S. Corporate Investment Grade (LHS)

Aug-20

Jul-23

0
Jun-26

Nov-06

Oct-10

Sep-14

Breakeven

Percent (%)

Basis Points

500

Mar-04

Dec-02

Aug-18

Jul-22

Jun-26

Average

Data is as of 06.30.2026. Source: Federal Reserve Board of Governors.

1000

Oct-96

1.00

EM Debt OAS

1500

0

2.00

0.00
Jan-99

U.S. Corporate High Yield (RHS)

Data is as of 06.30.2026. Source: FactSet.

3.00

Aug-11

Jan-19

Blended Treasury Spread

Average

Data is as of 06.30.2026. Source: Bloomberg L.P.

Jun-26

4.00

Yield Spread of Bloomberg U.S. Treasury Index to
Global Ex-U.S. Treasury Index

2.00
0.00
-2.00

Sep-01
Aug-02
Jul-03
Jun-04
May-05
Apr-06
Mar-07
Feb-08
Jan-09
Dec-09
Nov-10
Oct-11
Sep-12
Aug-13
Jul-14
Jun-15
May-16
Apr-17
Mar-18
Feb-19
Jan-20
Dec-20
Nov-21
Oct-22
Sep-23
Aug-24
Jul-25
Jun-26

0
Jan-06

4.00
Percent(%)

Basis Points

20-Year U.S. Corporate OAS
800

Yield Spread

Average

Data is as of 06.30.2026. Source: Bloomberg L.P.

 Investment-grade and high yield credit spreads moved mildly higher in June but are well below long-run averages.
 10-year TIPS breakeven rates moved lower in June as inflation began to show signs of moderation. Breakeven inflation rates are near their long-term
average.

 Emerging market debt credit spreads moved mildly lower again in June, further below the historical average. The yield spread of U.S. to global Treasuries
moved further above the long-term average.

Please see the Appendix for important definitions. For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any
type of investing involves risk and there are no guarantees that these methods will be successful. Past performance is no guarantee of future results.
17104
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U.S. Treasury Yield Curve

6.0%

5.0%

Yield

4.0%

3.0%

2.0%
06.30.2026
1.0%

One Month Ago
One Year Ago

0.0%

3-Month

6-Month

1-Year

2-Year

5-Year

7-Year

10-Year

30-Year

 Month-over-month, the yield curve moved mostly higher, with front-end rates seeing the largest increase. Yields between six months and two years

saw the largest increase by 15 bps or more. The only tenors to decline over the month were 20- and 30-year maturities which declined by at least five
bps. The yield on the 10-year Treasury had intra-month volatility but ended the month where it began at 4.44%.

Data is as of 06.30.2026. Source: FactSet. For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of
investing involves risk and there are no guarantees that these methods will be successful. Past performance is no guarantee of future results. Yields are subject to
market conditions and are therefore expected to fluctuate.
18104
Page 70 of

Data is as of 06.30.2026. Sources: Bloomberg L.P.; Robert Shiller ''U.S. Stock Markets 1871 Present and CAPE Ratio.''

Yield (%)

20
Jun-26

Jul-24

Aug-22

Aug-20

Oct-18

Oct-16

Dec-14

Dec-12

Jan-11

Mar-09

Apr-07

May-05

Jun-03

Jul-01

Aug-99

Sep-97

Oct-95

Nov-93

Dec-91

Data is as of 06.30.2026. Sources: FactSet; Russell; Bureau of Labor Statistics; Sterling Capital
Management Analytics.

May-06
Jan-07
Oct-07
Jun-08
Mar-09
Dec-09
Aug-10
May-11
Jan-12
Oct-12
Jul-13
Mar-14
Dec-14
Aug-15
May-16
Feb-17
Oct-17
Jul-18
Mar-19
Dec-19
Sep-20
May-21
Feb-22
Oct-22
Jul-23
Apr-24
Dec-24
Sep-25
Jun-26
MSCI Emerging Markets Index

Dividend Yield

4.00
2.00
0.00

Jan-90

Percent (%)

40

MSCI EAFE

Data is as of 06.30.2026. Sources: FactSet; Russell; MSCI.

6.00

60

0

Revenue to Firm Value

Russell 3000

VIX Index

80

1.0
0.8
0.6
0.4
0.2
0.0

Jul-96
Feb-97
Sep-97
May-98
Dec-98
Jul-99
Feb-00
Oct-00
May-01
Dec-01
Aug-02
Mar-03
Oct-03
Jun-04
Jan-05
Aug-05
Apr-06
Nov-06
Jun-07
Feb-08
Sep-08
Apr-09
Dec-09
Jul-10
Feb-11
Oct-11
May-12
Dec-12
Aug-13
Mar-14
Oct-14
Jun-15
Jan-16
Aug-16
Apr-17
Nov-17
Jun-18
Feb-19
Sep-19
Apr-20
Dec-20
Jul-21
Feb-22
Oct-22
May-23
Dec-23
Aug-24
Mar-25
Oct-25
Jun-26

25%
20%
15%
10%
5%
0%

1881
1884
1888
1892
1896
1899
1903
1907
1911
1914
1918
1922
1926
1929
1933
1937
1941
1944
1948
1952
1956
1959
1963
1967
1971
1974
1978
1982
1986
1989
1993
1997
2001
2004
2008
2012
2016
2019
2023

Yield (%)

U.S. Cyclically-Adjusted Earnings Yield

Ratio of Revenue to Firm

Global Equity Market Fundamentals and Indicators

Russell 3000 Index

MSCI EAFE Index

MSCI Emerging Markets Index

Data is as of 06.30.2026. Sources: FactSet; Russell; MSCI.



The U.S. cyclically-adjusted earnings yield was little changed in June and remains low relative to history.



Dividend and sales yields remain low across equity markets. U.S. yields remain lower than international markets, but emerging market yields have declined
significantly in recent months.



The CBOE Volatility Index (VIX), a measure of market-expected equity volatility, increased slightly in June but remains below the 20-year historical median.
Lower VIX levels may be indicative of lower equity risk premiums.

Please see Appendix for important definitions. For illustrative purposes only. The views expressed represent the opinions of Sterling Capital Management. Any type of
investing involves risk and there are no guarantees that these methods will be successful. Past performance is no guarantee of future results.
19104
Page 71 of

Portfolio Characteristics &
Performance

Page 72 of 104

Portfolio Summary
Client:

Cocoa Beach General
Employees’ Pension Fund

Period:

4/1/2022 to 6/30/2026

Fiscal Year Start:

October 1st

Activity Summary
MTD

QTD

Fiscal YTD

1-Year

3-Year

5-Year

Inception (4/1/2022)

$23,869,936.61

$22,401,139.69

$21,690,229.06

$21,375,932.47

$19,204,250.69

-

$20,985,612.20

Net Contributions

-$60,000.00

-$60,541.55

$678,823.10

$133,089.11

-$1,846,064.99

-

-$3,279,057.48

Investment Return

-$33,630.72

$1,435,707.75

$1,407,253.73

$2,267,284.31

$6,418,120.19

-

$6,069,751.17

Ending Market Value

$23,776,305.89

$23,776,305.89

$23,776,305.89

$23,776,305.89

$23,776,305.89

-

$23,776,305.89

Beginning Market Value

Market Value and Net Additions
$30,000,000

$20,000,000

$10,000,000

$0
04/01/22

10/08/22

04/22/23

11/04/23

Ending Market Value

05/18/24

11/30/24

06/14/25

12/27/25

06/30/26

Net Amount Invested

* Activity Summary Net Contributions reflects transfer of securities & cash to and from the portfolio, plus non-management fees. Investment Return is shown net of management fees.

20104
Page 73 of

Portfolio Summary

Data as of 6/30/2026

Portfolio Trailing Period Returns
15.00%

Return

10.00%

5.00%

0.00%

-5.00%
MTD

QTD

Fiscal YTD (Local)

Rolling 1-Year

Rolling 3-Year

Rolling 5-Year

Inception

Portfolio Trailing Period Returns
MTD

QTD

Fiscal YTD

1-Year

3-Year

5-Year

Inception
(4/1/2022)

Cocoa Beach General Employees’ Pension
Fund

-0.14 %

6.41 %

6.30 %

10.65 %

10.81 %

-

7.20 %

52% Russell 3000/48% Bloomberg US Aggregate

-0.04 %

8.25 %

7.89 %

13.49 %

12.48 %

-

7.94 %

MTD

QTD

Fiscal YTD

1-Year

3-Year

5-Year

Inception

Asset Class Trailing Period Returns
(4/1/2022)

Equity

-0.57 %

11.91 %

10.22 %

16.94 %

16.87 %

-

11.95 %

Russell 3000

-0.30 %

15.44 %

13.54 %

22.82 %

20.35 %

-

13.73 %

Fixed Income

0.33 %

0.80 %

1.92 %

3.95 %

4.58 %

-

2.15 %

Bloomberg US Agg Bond

0.24 %

0.67 %

1.73 %

3.79 %

4.16 %

-

1.53 %

Performance is reflected Net of Fees

21104
Page 74 of

Portfolio Summary

Data as of 6/30/2026

Risk Statistics
Name

Return

Std Dev

Alpha

Beta

Sharpe

R-Squared

Up Capture Ratio

Down Capture Ratio

Cocoa Beach General
Employees’ Pension Fund

7.20 %

10.44 %

-0.55 %

0.95

0.32

98.67 %

0.94

0.96

52% Russell 3000/48%
Bloomberg US Aggregate

7.94 %

10.87 %

0.00 %

1.00

0.38

100.00 %

1.00

1.00
Since Inception

Performance of $1,000 (4/1/2022 - 6/30/2026)
$1,500.00

$1,400.00

$1,300.00

$1,200.00

$1,100.00

$1,000.00

$900.00

$800.00
04/01/22

10/08/22

04/22/23

11/04/23

Cocoa Beach General Employees’ Pension Fund

05/18/24

11/30/24

06/14/25

12/27/25

06/30/26

52% Russell 3000/48% Bloomberg US Aggregate

22104
Page 75 of

Portfolio Summary

Data as of 6/30/2026

Current Holdings by Sub-Asset Class
Inflation Linked 0.7 %
Small Growth 1.3 %
Cash or Equivalent 1.9 %
Mid Growth 2.6 %
Small Value 2.7 %
Mid Value 6.7 %

Large Value 8.4 %
US Core Fixed Income 45.2 %

Large Growth 11.1 %

Large Blend 19.3 %

Asset Class Allocation Comparison
Ending Market Value

Current Allocation

Strategic Target Allocation

Variance

Equity

$12,401,108.55

52.16 %

52.00 %

0.16 %

Fixed Income

$10,914,798.03

45.91 %

48.00 %

-2.09 %

Cash or Equivalent

$460,399.31

1.94 %

-

1.94 %

Total

$23,776,305.89

100.00 %

100.00 %

23104
Page 76 of

Portfolio Summary

Data as of 6/30/2026

Sub-Asset Class Performance
Large Value

Ending Market Value

Allocation %

MTD

QTD

Fiscal YTD

1-Year

3-Year

5-Year

Inception

$1,996,010.96

8.39 %

3.12 %

9.75 %

10.32 %

11.90 %

9.96 %

-

7.12 %

1.90 %

14.07 %

21.36 %

27.33 %

18.47 %

-

12.65 %

-0.96 %

15.25 %

13.17 %

22.32 %

20.62 %

-

14.21 %

-1.42 %

15.48 %

12.34 %

22.11 %

21.67 %

-

15.07 %

-6.49 %

7.03 %

-4.68 %

2.05 %

17.74 %

-

15.91 %

-2.82 %

17.12 %

6.78 %

18.68 %

23.28 %

-

16.27 %

1.83 %

7.32 %

19.49 %

24.20 %

13.19 %

-

7.93 %

3.03 %

13.40 %

19.25 %

26.62 %

16.50 %

-

9.86 %

4.22 %

19.67 %

13.61 %

17.44 %

16.85 %

-

9.88 %

2.70 %

14.55 %

3.30 %

6.17 %

15.60 %

-

10.04 %

4.96 %

13.19 %

22.01 %

31.05 %

13.04 %

-

8.56 %

3.97 %

17.19 %

27.00 %

43.01 %

18.72 %

-

10.07 %

4.56 %

28.54 %

27.32 %

45.60 %

21.87 %

-

12.69 %

3.55 %

25.71 %

23.66 %

38.74 %

18.43 %

-

11.53 %

0.34 %

0.78 %

1.94 %

3.98 %

4.54 %

-

2.12 %

0.24 %

0.67 %

1.73 %

3.79 %

4.16 %

-

1.53 %

-0.49 %

1.55 %

0.96 %

0.96 %

-

-

2.10 %

-0.47 %

0.89 %

1.29 %

3.42 %

-

-

3.99 %

0.28 %

0.71 %

2.34 %

3.25 %

3.98 %

-

3.62 %

0.30 %

0.92 %

2.84 %

3.96 %

4.73 %

-

4.24 %

Russell Top 200 Value

Large Blend

$4,596,132.52

19.33 %

Russell Top 200

Large Growth

$2,649,759.74

11.14 %

Russell Top 200 Growth

Mid Value

$1,594,829.18

6.71 %

Russell MidCap Value

Mid Growth

$621,026.43

2.61 %

Russell MidCap Growth

Small Value

$637,360.00

2.68 %

Russell 2000 Value

Small Growth

$305,989.72

1.29 %

Russell 2000 Growth

US Core Fixed Income

$10,751,961.01

45.22 %

Bloomberg US Agg Bond

Inflation Linked

$162,837.02

0.68 %

Bloomberg US Treasury TIPS

Cash or Equivalent
Bloomberg 1-3 Month T-Bill

$460,399.31

1.94 %

24104
Page 77 of

Portfolio Summary

Data as of 6/30/2026

Manager Performance
Sterling - Equity Income

Ending Market Value

Allocation %

MTD

QTD

Fiscal YTD

1-Year

3-Year

5-Year

Inception

$937,405.38

3.94 %

3.25 %

6.18 %

4.89 %

6.39 %

8.12 %

-

5.85 %

1.90 %

14.07 %

21.36 %

27.33 %

18.47 %

-

12.65 %

3.00 %

13.34 %

-

-

-

-

13.12 %

1.90 %

14.07 %

-

-

-

-

11.39 %

-0.97 %

15.24 %

13.14 %

22.29 %

20.60 %

-

14.20 %

-1.42 %

15.48 %

12.34 %

22.11 %

21.67 %

-

15.07 %

-6.49 %

7.03 %

-4.74 %

1.99 %

17.72 %

-

15.89 %

-2.82 %

17.12 %

6.78 %

18.68 %

23.28 %

-

16.27 %

1.83 %

7.32 %

19.49 %

24.20 %

13.19 %

-

7.92 %

3.03 %

13.40 %

19.25 %

26.62 %

16.50 %

-

9.86 %

4.22 %

19.67 %

13.55 %

17.38 %

16.83 %

-

9.87 %

2.70 %

14.55 %

3.30 %

6.17 %

15.60 %

-

10.04 %

4.96 %

13.19 %

22.02 %

31.06 %

13.05 %

-

12.72 %

3.97 %

17.19 %

27.00 %

43.01 %

18.72 %

-

14.73 %

4.56 %

28.54 %

27.40 %

45.70 %

21.90 %

-

12.71 %

3.55 %

25.71 %

23.66 %

38.74 %

18.43 %

-

11.53 %

0.34 %

0.78 %

1.93 %

3.98 %

4.53 %

-

2.12 %

0.24 %

0.67 %

1.73 %

3.79 %

4.16 %

-

1.53 %

-0.49 %

1.55 %

0.91 %

0.91 %

-

-

0.29 %

-0.47 %

0.89 %

1.29 %

3.42 %

-

-

4.42 %

0.28 %

0.71 %

2.34 %

3.25 %

3.98 %

-

3.62 %

Russell Top 200 Value

Sterling Capital Behavioral Large Cap
Value Equity R6 (STRAX)

$1,058,605.58

4.45 %

Russell Top 200 Value

Vanguard S&P 500 ETF (VOO)

$4,596,132.52

19.33 %

Russell Top 200

Loomis Sayles - LCG

$2,649,759.74

11.14 %

Russell Top 200 Growth

Touchstone Mid Cap Value Inst
(TCVIX)

$1,594,829.18

6.71 %

Russell MidCap Value

Touchstone Mid Cap Growth Fund
Class R6 (TFGRX)

$621,026.43

2.61 %

Russell MidCap Growth

Hotchkis & Wiley Small Cap
Diversified Value Fund Class Z
(HWVZX)

$637,360.00

2.68 %

Russell 2000 Value

Federated MDT Small Cap Growth
Fund Class R6 (QLSGX)

$305,989.72

1.29 %

Russell 2000 Growth

Sterling - Core Fixed Income SMA

$10,751,961.01

45.22 %

Bloomberg US Agg Bond

PIMCO Real Return Instl (PRRIX)

$162,837.02

0.68 %

Bloomberg US Treasury TIPS

Cash

$460,399.31

1.94 %

25104
Page 78 of

Portfolio Summary

Data as of 6/30/2026

Ending Market Value
Bloomberg 1-3 Month T-Bill

Allocation %

MTD

QTD

Fiscal YTD

1-Year

3-Year

5-Year

Inception

0.30 %

0.92 %

2.84 %

3.96 %

4.73 %

-

4.24 %

26104
Page 79 of

Appendix

Page 80 of 104

Portfolio Summary

Data as of 6/30/2026

Historical Trailing Returns
1-Year

3-Year

5-Year

7-Year

10-Year

Inception
(1/1/2001)

Cocoa Beach General Employees’ Pension Fund

10.65 %

10.81 %

5.41 %

8.15 %

8.51 %

4.69 %

Cocoa Beach - Custom Client Benchmark

13.49 %

12.48 %

6.23 %

8.55 %

8.49 %

6.56 %

Investment performance displayed on this exhibit from inception through 3/31/2022 is reflective of the previous investment management and is NOT
attributable to Sterling Capital Management. The monthly performance figures were provided by the previous investment manager and Sterling has
not validated, recreated, or verified that data. This information is presented for informational purposes only and should be considered an estimate
and representative only. Returns prior to Sterling Capital Management are presented gross of fees. Sterling Capital Management returns are
presented net of fees.

27104
Page 81 of

Portfolio Summary

Data as of 6/30/2026

Portfolio Appraisal - Equity
Security

Ticker/CUSIP

Units/Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual Income

Current
Yield

Percent
Allocation

AbbVie Inc

ABBV

135.00

$166.760

$251.64

$22,512.56

$33,971.40

$11,458.85

$909.90

2.68 %

0.14 %

AFLAC Inc

AFL

262.00

$100.172

$117.25

$26,244.97

$30,719.50

$4,474.53

$623.56

2.03 %

0.13 %

Ameriprise Financial
Inc

AMP

76.00

$347.580

$458.76

$26,416.06

$34,865.76

$8,449.70

$494.00

1.42 %

0.15 %

Eaton Corp PLC

ETN

89.00

$364.632

$426.12

$32,452.20

$37,924.68

$5,472.48

$380.92

1.00 %

0.16 %

JP Morgan Chase &
Co.

JPM

119.00

$312.004

$327.33

$37,128.43

$38,952.27

$1,823.84

$702.10

1.80 %

0.16 %

MetLife Inc

MET

228.00

$68.893

$84.61

$15,707.71

$19,291.08

$3,583.37

$523.26

2.71 %

0.08 %

Oracle Corporation

ORCL

641.00

$105.038

$146.55

$67,329.48

$93,938.55

$26,609.07

$1,282.00

1.36 %

0.40 %

Pepsico Incorporated

PEP

207.00

$165.370

$135.40

$34,231.53

$28,027.80

-$6,203.73

$1,189.73

4.24 %

0.12 %

Philip Morris
International Inc

PM

221.00

$162.457

$180.91

$35,903.07

$39,981.11

$4,078.04

$1,299.48

3.25 %

0.17 %

QCOM

34.00

$143.584

$184.79

$4,881.84

$6,282.86

$1,401.02

$122.06

1.94 %

0.03 %

Southern Company

SO

387.00

$88.192

$95.71

$34,130.24

$37,039.77

$2,909.53

$1,153.26

3.11 %

0.16 %

Sterling Capital Behav
Large Cap Val Eq R6

STRAX

24,624.46

$38.375

$42.99

$944,968.89

$1,058,605.58

$113,219.06

$13,905.43

1.31 %

4.45 %

U.S. Equity
Large Value

Qualcomm
Incorporated

$1,459,600.36

Large Value

$22,585.71

6.14 %

Large Blend
American Express Co

AXP

107.00

$307.217

$338.25

$32,872.19

$36,192.75

$3,320.56

$277.13

0.77 %

0.15 %

Block Inc

XYZ

279.00

$64.579

$76.00

$18,017.55

$21,204.00

$3,186.45

$0.00

0.00 %

0.09 %

Boeing Co

BA

583.00

$184.159

$216.47

$107,364.67

$126,202.01

$18,837.34

$0.00

0.00 %

0.53 %

Deere & Company

DE

104.00

$470.180

$634.33

$48,898.75

$65,970.32

$17,071.57

$842.40

1.28 %

0.28 %

28104
Page 82 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/CUSIP

Units/Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual Income

Current
Yield

Percent
Allocation

Elevance Health Inc

ELV

28.00

$423.947

$386.73

$11,870.52

$10,828.44

-$1,042.08

$192.08

1.77 %

0.05 %

Goldman Sachs Group
Inc

GS

16.00

$436.080

$1,011.37

$6,977.28

$16,181.92

$9,204.64

$272.00

1.68 %

0.07 %

Home Depot Inc

HD

69.00

$333.382

$352.68

$23,003.33

$24,334.92

$1,331.59

$638.94

2.63 %

0.10 %

Honeywell Aerospace
Inc

HONA

63.50

$0.000

$220.19

$0.00 ᶸ

$13,982.07

$13,982.07

$0.00

0.00 %

0.06 %

Honeywell International

HON

63.50

$191.550

$223.90

$12,163.44

$14,217.65

$2,054.21

$596.90

4.20 %

0.06 %

Marsh Inc

MRSH

162.00

$196.807

$166.67

$31,882.80

$27,000.54

-$4,882.26

$583.20

2.16 %

0.11 %

Motorola Solutions Inc

MSI

85.00

$391.684

$415.29

$33,293.12

$35,299.65

$2,006.53

$401.20

1.14 %

0.15 %

Rockwell Automation
Inc

ROK

72.00

$310.622

$495.08

$22,364.78

$35,645.76

$13,280.98

$392.40

1.10 %

0.15 %

Vanguard S&P 500

VOO

6,692.00

$426.422

$686.81

$2,853,616.73

$4,596,132.52

$1,742,515.79

$60,832.29

1.32 %

19.33 %

Walt Disney Co

DIS

578.00

$113.315

$96.25

$65,496.15

$55,632.50

-$9,863.65

$916.06

1.65 %

0.23 %

Waste Management
Inc

WM

179.00

$227.130

$222.88

$40,656.25

$39,895.52

-$760.73

$633.66

1.59 %

0.17 %

U.S. Equity
Large Blend

$5,118,720.57

Large Blend

$66,578.25

21.53 %

Large Growth
Abbott Laboratories

ABT

142.00

$113.973

$90.74

$16,184.11

$12,885.08

-$3,299.03

$346.48

2.69 %

0.05 %

Alphabet Inc Class A

GOOGL

418.00

$149.207

$357.37

$62,368.68

$149,380.66

$87,011.98

$355.30

0.24 %

0.63 %

Alphabet Inc Class C

GOOG

377.00

$150.318

$353.33

$56,669.83

$133,205.41

$76,535.58

$320.45

0.24 %

0.56 %

Amazon.com Inc

AMZN

709.00

$154.175

$238.34

$109,310.14

$168,983.06

$59,672.92

$0.00

0.00 %

0.71 %

Analog Devices Inc

ADI

109.00

$211.575

$397.17

$23,061.66

$43,291.53

$20,229.87

$455.62

1.05 %

0.18 %

Autodesk Inc

ADSK

239.00

$219.003

$194.42

$52,341.67

$46,466.38

-$5,875.29

$0.00

0.00 %

0.20 %

Automatic Data

ADP

46.00

$232.380

$223.95

$10,689.47

$10,301.70

-$387.77

$305.44

2.96 %

0.04 %

29104
Page 83 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/CUSIP

Units/Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual Income

Current
Yield

Percent
Allocation

Charles Schwab Corp

SCHW

390.00

$67.852

$92.27

$26,462.22

$35,985.30

$9,523.08

$460.20

1.28 %

0.15 %

Illumina Inc

ILMN

74.00

$211.735

$175.83

$15,668.38

$13,011.42

-$2,656.96

$0.00

0.00 %

0.05 %

Intuitive Surgical Inc

ISRG

69.00

$326.054

$397.68

$22,497.76

$27,439.92

$4,942.16

$0.00

0.00 %

0.12 %

Meta Platforms Inc

META

293.00

$274.057

$563.29

$80,298.76

$165,043.97

$84,745.21

$615.30

0.37 %

0.69 %

Microsoft Corp

MSFT

411.00

$325.660

$373.02

$133,846.12

$153,311.22

$19,465.10

$1,463.16

0.95 %

0.64 %

Monster Beverage
Corp

MNST

1,019.00

$47.561

$96.12

$48,465.13

$97,946.28

$49,481.15

$0.00

0.00 %

0.41 %

Netflix Inc

NFLX

1,576.00

$33.164

$71.40

$52,267.15

$112,526.40

$60,259.25

$0.00

0.00 %

0.47 %

Nike Inc Class B

NKE

336.00

$66.314

$41.05

$22,281.38

$13,792.80

-$8,488.58

$547.68

3.97 %

0.06 %

NVIDIA Corp

NVDA

1,667.00

$51.246

$200.09

$85,427.06

$333,550.03

$248,122.97

$466.76

0.14 %

1.40 %

Regeneron
Pharmaceuticals

REGN

79.00

$624.323

$623.54

$49,321.51

$49,259.66

-$61.85

$287.56

0.58 %

0.21 %

Salesforce Inc

CRM

255.00

$205.618

$156.66

$52,432.49

$39,948.30

-$12,484.19

$436.56

1.09 %

0.17 %

Starbucks Corp

SBUX

396.00

$86.703

$102.19

$34,334.38 ᶸ

$40,467.24

$6,132.86

$978.12

2.42 %

0.17 %

Tesla Inc

TSLA

532.00

$212.794

$420.60

$113,206.18

$223,759.20

$110,553.02

$0.00

0.00 %

0.94 %

Thermo Fisher
Scientific Inc

TMO

60.00

$516.942

$501.36

$31,016.51

$30,081.60

-$934.91

$108.00

0.36 %

0.13 %

Vertex
Pharmaceuticals Inc

VRTX

164.00

$331.795

$496.73

$54,414.44

$81,463.72

$27,049.28

$0.00

0.00 %

0.34 %

V

370.00

$233.091

$343.09

$86,243.58

$126,943.30

$40,699.72

$962.00

0.76 %

0.53 %

Workday Inc

WDAY

91.00

$206.802

$122.42

$18,818.96

$11,140.22

-$7,678.74

$0.00

0.00 %

0.05 %

Yum! Brands Inc

YUM

162.00

$126.903

$159.86

$20,558.25

$25,897.32

$5,339.07

$473.04

1.83 %

0.11 %

U.S. Equity
Large Growth
Processing Inc

Visa Inc

Large Growth

$2,146,081.72

$8,581.67

9.03 %

30104
Page 84 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/CUSIP

Units/Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual Income

Current
Yield

Percent
Allocation

Devon Energy
Corporation

DVN

404.00

$45.610

$41.32

$18,426.44

$16,693.28

-$1,733.16

$420.16

2.52 %

0.07 %

Touchstone Mid Cap
Value Instl

TCVIX

57,285.53

$23.142

$27.84

$1,325,723.99

$1,594,829.18

$269,105.19

$18,019.68

1.13 %

6.71 %

U.S. Equity
Mid Value

$1,611,522.46

Mid Value

$18,439.84

6.78 %

Mid Blend
DR Horton Inc

DHI

189.00

$136.525

$162.88

$25,803.15

$30,784.32

$4,981.17

$330.75

1.07 %

0.13 %

NASDAQ Inc

NDAQ

160.00

$61.785

$78.82

$9,885.64

$12,611.20

$2,725.56

$179.20

1.42 %

0.05 %

Raymond James
Financial

RJF

133.00

$132.605

$152.03

$17,636.46

$20,219.99

$2,583.53

$276.64

1.37 %

0.09 %

$63,615.51

Mid Blend

$786.59

0.27 %

Mid Growth
Expeditors
International of Wash

EXPD

225.00

$109.356

$162.98

$24,605.08

$36,670.50

$12,065.42

$355.50

0.97 %

0.15 %

Factset Resh Sys Inc

FDS

57.00

$388.967

$230.08

$22,171.09

$13,114.56

-$9,056.53

$254.22

1.94 %

0.06 %

SEI Investments Co

SEIC

351.00

$60.921

$87.71

$21,383.30

$30,786.21

$9,402.91

$365.04

1.19 %

0.13 %

Touchstone Mid Cap
Growth R6

TFGRX

12,757.32

$37.660

$48.68

$480,446.50

$621,026.43

$140,579.93

$0.00

0.00 %

2.61 %

$701,597.70

Mid Growth

$974.76

2.95 %

Small Value
Hotchkis & Wiley Sm
Cp Divers Val Z

HWVZX

42,434.09

$12.188

$15.02

$517,198.58

$637,360.00

$120,161.42

$637,360.00

Small Value

$6,424.40

1.01 %

$6,424.40

2.68 %

2.68 %

Small Growth
Federated Investors

QLSGX

7,717.27

$25.914

$39.65

$199,983.62

$305,989.72

$106,006.09

$0.00

0.00 %

1.29 %

31104
Page 85 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/CUSIP

Units/Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual Income

Current
Yield

Percent
Allocation

U.S. Equity
Small Growth
Small Cap Growth R6

Small Growth

$305,989.72

$0.00

1.29 %

U.S. Equity

$12,044,488.04

$124,371.22

50.66 %

International
Equity
Developed
International Blend
Coca-Cola Europacific
Partners PLC

CCEP

192.00

$92.902

$100.07

$17,837.16

$19,213.44

$1,376.28

$458.88

2.39 %

0.08 %

Ferguson Plc Ord

FERG

141.00

$169.711

$237.33

$23,929.26

$33,463.53

$9,534.27

$493.50

1.47 %

0.14 %

Linde PLC

LIN

72.00

$442.085

$518.94

$31,830.14

$37,363.68

$5,533.54

$446.40

1.19 %

0.16 %

Novartis AG Spons
ADR

NVS

233.00

$92.187

$156.72

$21,479.47

$36,515.76

$15,036.29

$1,104.48

3.02 %

0.15 %

Novo Nordisk ADR

NVO

675.00

$58.163

$47.94

$39,259.85

$32,359.50

-$6,900.35

$1,216.14

3.76 %

0.14 %

Roche Holding AG
ADR

RHHBY

515.00

$46.012

$51.35

$23,696.35

$26,445.25

$2,748.90

$798.01

3.02 %

0.11 %

Shopify Inc

SHOP

535.00

$60.545

$114.18

$32,391.32

$61,086.30

$28,694.98

$0.00

0.00 %

0.26 %

Developed
International Blend

$246,447.46

$4,517.41

1.04 %

Emerging Markets
Yum China Holdings
Inc

YUMC

67.00

$50.625

$40.87

$3,391.85

$2,738.29

-$653.56

$71.02

2.59 %

0.01 %

Emerging Markets

$2,738.29

$71.02

0.01 %

International
Equity

$249,185.75

$4,588.43

1.05 %

32104
Page 86 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/CUSIP

Units/Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual Income

Current
Yield

Percent
Allocation

CUSTODIAL_
CASH

107,434.76

-

$1.00

-

$107,434.76

-

$0.00

0.00 %

0.45 %

Money Market
Cash or Equivalent
Custodial Cash

Cash or Equivalent

$107,434.76

$0.00

0.45 %

Money Market

$107,434.76

$0.00

0.45 %

33104
Page 87 of

Portfolio Summary

Data as of 6/30/2026

Portfolio Appraisal - Fixed Income
Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

FHLMC 5.00% 11/
25/2052

3137H9SN0

120,606.01

$1.08

$0.99

$130,578.45

$119,413.55

-$11,265.41

$6,030.30

5.05 %

5.07 %

0.50 %

FHLMC 5.50% 9/
25/2053

3137HAH90

200,000.00

$1.00

$1.00

$200,226.56

$200,975.85

$565.96

$11,000.00

5.48 %

5.47 %

0.85 %

Fhlmc Pl #Sl0295
3.50% 9/1/2052

SL0295F

126,668.14

$0.99

$0.91

$125,184.73

$115,979.45

-$9,574.73

$4,433.38

3.83 %

4.04 %

0.49 %

Fhlmc Ser 5512
Cmo 5.50% 3/25/
1955

3137HK4P6

45,000.00

$0.99

$1.01

$44,372.97

$45,396.36

$982.14

$2,475.00

5.46 %

5.45 %

0.19 %

Fhlmc Ser K755
Cmo 4.889% 2/25/
2031

3137HCHG0

175,000.00

$0.99

$1.01

$173,031.25

$177,472.60

$4,298.75

$8,555.75

4.82 %

4.57 %

0.75 %

FHLMC Super 30
Year Fixed 5.50%
12/1/2054

3132DUV95

123,483.08

$1.15

$1.01

$141,694.56

$125,471.56

-$16,788.96

$6,791.57

5.44 %

5.42 %

0.53 %

FHLMC Super 30
YR 5.00% 2/1/
2053

3132DWGG2

170,052.84

$1.03

$0.99

$174,467.64

$168,483.81

-$6,125.53

$8,502.64

5.05 %

5.07 %

0.71 %

FNMA 5.50% 5/1/
2054

31418E5P1

142,921.64

$1.07

$1.01

$153,613.15

$144,730.08

-$9,538.13

$7,860.69

5.46 %

5.44 %

0.61 %

FNMA Mbs Pool
#Ma5139 6.00%
9/1/2053

31418EV98

100,317.69

$1.48

$1.02

$148,899.33

$103,273.06

-$46,127.87

$6,019.06

5.86 %

5.82 %

0.43 %

FNMA PL
#FS8151 6.00% 6/
1/2054

FS8151A

125,635.57

$1.14

$1.04

$143,261.80

$130,879.60

-$13,010.38

$7,538.13

5.79 %

5.74 %

0.55 %

FNMA Remic
Trust 2025 5.50%

3136BVJD1

108,000.00

$0.99

$1.00

$107,297.79

$108,379.84

$983.06

$5,940.00

5.49 %

5.48 %

0.46 %

Security

Fixed Income
Asset Backed
Security

34104
Page 88 of

Portfolio Summary

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

FNMA Remic
Trust 5.50%
8-25-2050

3136BRRT6

30,481.06

$1.91

$1.00

$58,079.55

$30,642.57

-$27,464.92

$1,676.46

5.48 %

5.47 %

0.13 %

GNMA 4.50% 2/
20/1956

38385MCV6

223,175.70

$0.97

$0.97

$217,038.37

$217,502.90

$157.67

$10,042.91

4.62 %

4.67 %

0.91 %

GNMA Remic
Trust 4.50% 8/20/
2040

38384BAG6

150,000.00

$0.95

$0.95

$142,476.56

$143,393.34

$710.53

$6,750.00

4.71 %

4.95 %

0.60 %

UMBS Pool
#ma5585 5.00%
1/1/2055

31418FF36

132,943.48

$1.05

$0.98

$139,772.48

$131,466.04

-$8,860.37

$6,647.17

5.08 %

5.10 %

0.55 %

UMBS Pool
#za4946 3.50% 8/
1/2047

31329NP77

173,242.60

$0.94

$0.91

$162,733.37

$158,746.84

-$4,491.84

$6,063.49

3.83 %

4.11 %

0.67 %

Security

Fixed Income
Asset Backed
Security
3/25/2055

Asset Backed
Security

$2,122,207.45

$106,326.56

8.93 %

US Core Fixed
Income
Sterling Capital
Quality Income
Fund Institutional
Shares

SCSPX

285,299.90

$9.47

$9.09

$2,701,998.59

US Core Fixed
Income

$2,593,376.10

-$108,622.49

$2,593,376.10

$109,783.23

4.23 %

-

$109,783.23

10.91 %

10.91 %

Municipals
Frisco TX 4.78%
2/15/2036

3587765C2

95,000.00

$0.99

$1.01

$93,870.27

$97,273.14

$1,687.38

$4,541.00

4.75 %

4.71 %

0.41 %

35104
Page 89 of

Portfolio Summary

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

Port Auth NY & N
J Consolidated
Bds 6.04% 12/1/
2029

73358WAJ3

150,000.00

$1.07

$1.05

$160,956.00

$158,927.00

-$2,784.00

$9,060.00

5.73 %

4.35 %

0.67 %

Statewide FL 2.15
2.154% 7/1/2030

341271AF1

240,000.00

$0.90

$0.92

$216,191.49

$222,482.40

$3,706.11

$5,169.60

2.35 %

4.22 %

0.94 %

WIconsin State
Gen Fd 2.399% 5/
1/2030

977100HC3

225,000.00

$0.90

$0.93

$201,883.53

$210,480.38

$7,697.22

$5,397.75

2.58 %

4.28 %

0.89 %

Wilmington NC Ltd
Oblig 4.787% 9/1/
2032

971697KM8

175,000.00

$0.97

$1.01

$170,489.24

$180,111.17

$6,829.51

$8,377.25

4.72 %

4.55 %

0.76 %

Security

Fixed Income
Municipals

Municipals

$869,274.09

$32,545.60

3.66 %

Corporate
Bond
Abbvie Inc 4.875%
11/14/2048

00287YBD0

94,000.00

$0.92

$0.90

$86,821.33

$85,068.55

-$2,351.05

$4,582.50

5.42 %

5.68 %

0.36 %

American Elec
Pwr Inc Bnd
3.20% 11/13/2027

025537AJ0

108,000.00

$1.00

$0.98

$107,836.09

$106,549.20

-$1,747.69

$3,456.00

3.26 %

4.43 %

0.45 %

Amgen Inc Note
Call Make Whole
5.50% 2/19/2046

031162DX5

54,000.00

$0.99

$0.97

$53,708.99

$53,464.14

-$1,333.85

$2,970.00

5.67 %

5.76 %

0.22 %

AT & T Inc 6.20%
10/30/2056

00206RNP3

53,000.00

$0.98

$0.99

$51,883.30

$52,946.76

$506.67

$3,286.00

6.27 %

6.29 %

0.22 %

Blackstone 5.00%
12/6/2034

092914AA8

51,000.00

$0.97

$0.98

$49,671.58

$50,329.46

$480.80

$2,550.00

5.08 %

5.24 %

0.21 %

Boeing Co 5.15%
5/1/2030

097023CY9

105,000.00

$1.00

$1.01

$104,765.86

$107,181.20

$1,514.09

$5,407.50

5.09 %

4.81 %

0.45 %

36104
Page 90 of

Portfolio Summary

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

BROADCOM INC
3.50% 2/15/2041

11135FCV1

65,000.00

$0.82

$0.80

$53,613.14

$52,794.44

-$1,678.14

$2,275.00

4.38 %

5.48 %

0.22 %

Citigroup Inc Var
2.976% 11/5/2030

17308CC53

113,000.00

$0.92

$0.94

$104,415.19

$107,224.49

$2,286.20

$3,362.88

3.15 %

4.35 %

0.45 %

Corebridge Finl
Inc Sr Nt 5.75% 1/
15/2034

21871XAS8

101,000.00

$1.00

$1.03

$101,495.05

$106,425.10

$2,252.15

$5,807.50

5.60 %

5.33 %

0.45 %

Dell International
LLC Note 4.85%
2/1/2035

24703DBQ3

107,000.00

$0.99

$0.98

$105,986.77

$106,572.89

-$1,576.17

$5,189.50

4.97 %

5.19 %

0.45 %

Duke Energy Corp
New Note Call
Make Whole
2.55% 6/15/2031

26441CBL8

35,000.00

$0.84

$0.90

$29,265.66

$31,598.12

$2,292.79

$892.50

2.83 %

4.78 %

0.13 %

Energy Transfer
Oper L P 3.75% 5/
15/2030

29278NAQ6

110,000.00

$0.97

$0.96

$11,630.55

$106,457.08

-$74.55

$4,125.00

3.89 %

4.78 %

0.45 %

Freeport-Mcmoran
Copper & Gold Inc
Gtd Fixed Rt Sr
5.45% 3/15/2043

35671DBC8

50,000.00

$0.98

$0.97

$48,795.78

$49,147.36

-$450.78

$2,725.00

5.64 %

5.76 %

0.21 %

General Mtrs Finl
Co Inc Sr Nt
6.10% 1/7/2034

37045XEP7

100,000.00

$1.01

$1.04

$100,573.51

$107,276.33

$3,754.49

$6,100.00

5.85 %

5.43 %

0.45 %

Goldman Sachs
Group Inc Note
5.049% 7/23/2030

38141GB29

104,000.00

$1.00

$1.01

$104,083.37

$106,914.03

$526.07

$5,250.96

5.02 %

4.90 %

0.45 %

Jefferies Grp LLC
4.15% 1/23/2030

47233JBH0

109,000.00

$0.97

$0.97

$105,391.91

$107,292.39

-$84.83

$4,523.50

4.30 %

5.10 %

0.45 %

JP Morgan Chase

46625HJB7

103,000.00

$1.14

$1.02

$117,234.45

$107,419.96

-$12,474.18

$5,768.00

5.51 %

5.44 %

0.45 %

Security

Fixed Income
Corporate
Bond

37104
Page 91 of

Portfolio Summary

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

Kimco Realty Corp
4.25% 4/1/2045

49446RAM1

101,000.00

$0.94

$0.84

$95,306.53

$85,783.85

-$10,595.81

$4,292.50

5.07 %

5.64 %

0.36 %

Kinder Morgan
5.15% 6/1/2030

49456BBB6

52,000.00

$1.02

$1.02

$53,112.04

$53,094.17

-$241.04

$2,678.00

5.07 %

4.69 %

0.22 %

Kla Corp Note Call
Make Whole
4.95% 7/15/2052

482480AM2

58,000.00

$0.92

$0.91

$53,367.96

$53,913.03

-$778.78

$2,871.00

5.46 %

5.63 %

0.23 %

Lowes Cos Inc
4.85% 10/15/2035

548661EX1

109,000.00

$0.99

$0.98

$108,303.86

$107,433.55

-$1,986.35

$5,286.50

4.97 %

5.18 %

0.45 %

Meta Platforms Inc
4.95% 5/15/2033

30303M8N5

92,000.00

$0.99

$1.00

$90,700.67

$92,538.66

$1,256.09

$4,554.00

4.95 %

4.96 %

0.39 %

Morgan Stanley
5.90% 3/13/2047

61747YGC3

105,000.00

$1.00

$1.01

$105,000.00

$107,980.95

$1,122.45

$6,195.00

5.84 %

5.81 %

0.45 %

Morgan Stanley Sr
Nt Fixed/Fltg
5.164% 4/20/2029

61747YFD2

105,000.00

$1.01

$1.01

$106,086.94

$106,896.78

-$259.54

$5,422.20

5.12 %

4.88 %

0.45 %

Nextera Energy
Capital 5.05% 2/
28/2033

65339KCP3

72,000.00

$0.96

$1.00

$69,466.77

$73,512.30

$2,803.23

$3,636.00

5.03 %

4.99 %

0.31 %

Oracle Corp
5.875%45 Due 9/
26/2045

68389XDP7

59,000.00

$0.98

$0.88

$57,558.66

$52,561.53

-$5,911.83

$3,466.25

6.71 %

7.06 %

0.22 %

Owl Rock Cap
Corp 2.875% 6/11/
2028

69121KAG9

101,000.00

$0.95

$0.95

$96,113.57

$95,769.94

-$504.95

$2,903.75

3.04 %

5.74 %

0.40 %

Pfizer Inc 3.90%
3/15/2039

717081EU3

61,000.00

$1.01

$0.87

$61,448.76

$53,763.57

-$8,398.89

$2,379.00

4.48 %

5.30 %

0.23 %

Security

Fixed Income
Corporate
Bond
& Co 5.60% 7/15/
2041

38104
Page 92 of

Portfolio Summary

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

Public Service
Electric And Gas
CO 2.70% 5/1/
2050

74456QCD6

86,000.00

$0.75

$0.62

$64,904.53

$53,678.62

-$11,612.91

$2,322.00

4.36 %

5.60 %

0.23 %

Regions Financial
Corp New Note
5.502% 9/6/2035

7591EPAV2

105,000.00

$1.03

$1.01

$108,433.74

$108,080.26

-$2,198.94

$5,777.10

5.44 %

5.34 %

0.45 %

Reynolds
American Inc Note
5.85% 8/15/2045

761713BB1

53,000.00

$0.98

$0.98

$52,059.96

$53,373.65

$142.39

$3,100.50

5.94 %

5.98 %

0.22 %

RTX Corp 4.125%
11/16/2028

913017CY3

107,000.00

$1.05

$0.99

$111,866.07

$106,743.87

-$5,673.92

$4,413.75

4.16 %

4.45 %

0.45 %

Sempra Energy
Fxd Rt Senior
Note 3.80% 2/1/
2038

816851BH1

62,000.00

$0.94

$0.85

$58,322.10

$53,717.01

-$5,586.76

$2,356.00

4.47 %

5.52 %

0.23 %

T-mobile Usa Inc
4.375% 4/15/2040

87264AAX3

60,000.00

$0.83

$0.88

$49,696.72

$53,475.37

$3,224.48

$2,625.00

4.96 %

5.60 %

0.22 %

Trans Canada
Pipelin Note
6.20% 10/15/2037

89352HAD1

75,000.00

$1.05

$1.06

$78,474.19

$80,618.17

$1,162.31

$4,650.00

5.84 %

5.47 %

0.34 %

Wells Fargo & Co
4.96% 1/23/2037

95000U4E0

108,000.00

$1.00

$0.98

$107,797.01

$107,789.28

-$2,358.77

$5,356.80

5.08 %

5.25 %

0.45 %

Westpac Bkg Corp
4.322% 11/23/
2031

961214DF7

107,000.00

$1.02

$1.00

$108,889.40

$107,298.76

-$2,078.79

$4,624.54

4.33 %

4.36 %

0.45 %

Security

Fixed Income
Corporate
Bond

Corporate Bond

$3,052,684.82

$147,181.73

12.84 %

Inflation Linked
PIMCO Real

PRRIX

15,948.78

$10.23

$10.21

$163,129.90

$162,837.02

-$267.28

$8,247.77

5.07 %

-

0.68 %

39104
Page 93 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

Fixed Income
Inflation Linked
Return Instl

Inflation Linked

$162,837.02

$8,247.77

0.68 %

Treasury Bond
US Treasury Bond
1.375% 8/15/2050

912810SP4

565,000.00

$0.54

$0.49

$306,525.48

$281,537.10

-$27,907.03

$7,768.75

2.79 %

4.98 %

1.18 %

US Treasury Bond
2.875% 5/15/2043

912810RB6

160,000.00

$0.84

$0.77

$134,983.86

$123,869.10

-$11,702.26

$4,600.00

3.73 %

4.88 %

0.52 %

US Treasury Bond
3.00% 11/15/2045

912810RP5

250,000.00

$0.83

$0.76

$208,650.23

$189,737.88

-$19,870.23

$7,500.00

3.97 %

4.98 %

0.80 %

US Treasury Bond
4.75% 2/15/2037

912810PT9

110,000.00

$1.05

$1.03

$115,417.24

$115,035.28

-$2,344.94

$5,225.00

4.62 %

4.43 %

0.48 %

US Treasury Note
1.50% 8/15/2026

9128282A7

20,000.00

$0.99

$1.00

$19,893.67

$20,053.31

$46.93

$37.80

0.19 %

0.79 %

0.08 %

US Treasury Note
1.875% 7/15/2035

91282CNS6

238,473.20

$0.98

$0.98

$233,015.42

$235,246.63

$168.44

$4,471.37

1.92 %

2.13 %

0.99 %

US Treasury Note
2.625% 2/15/2029

9128286B1

200,000.00

$0.96

$0.96

$191,691.41

$194,362.38

$698.59

$5,250.00

2.73 %

3.98 %

0.82 %

US Treasury Note
4.00% 2/28/2030

91282CGQ8

275,000.00

$1.00

$0.99

$274,068.25

$277,012.88

-$732.00

$11,000.00

4.02 %

4.17 %

1.17 %

US Treasury Note
4.00% 6/30/2028

91282CHK0

185,000.00

$1.01

$1.00

$186,044.04

$184,448.46

-$1,615.69

$7,400.00

4.01 %

4.16 %

0.78 %

US Treasury Note
4.125% 11/15/
2032

91282CFV8

225,000.00

$1.00

$0.99

$224,473.73

$224,419.13

-$1,239.98

$9,281.25

4.16 %

4.26 %

0.94 %

US Treasury Note
4.625% 2/15/2035

91282CMM0

210,000.00

$1.03

$1.02

$216,208.52

$217,365.90

-$2,491.52

$9,712.50

4.54 %

4.38 %

0.91 %

Treasury Bond

$2,063,088.05

$72,246.67

8.68 %

40104
Page 94 of

Portfolio Summary

Security

Data as of 6/30/2026

Ticker/ CUSIP

Units/
Quantity

Unit Cost

Price

Cost Basis

Market Value

Unrealized
Gain/Loss

Est. Annual
Income

Current
Yield

Yield to
Maturity
Market

Percent
Allocation

Fixed Income
Fixed Income

$10,863,467.53

$476,331.57

45.69 %

Money Market
Cash or
Equivalent
Custodial Cash

CUSTODIAL_
CASH

460,399.31

-

$1.00

-

$460,399.31

-

$0.00

0.00 %

-

1.94 %

Goldman Sachs
Financial Square
Govt Admin

FOAXX

41,935.24

-

$1.00

-

$41,935.24

-

$1,620.52

3.86 %

-

0.18 %

CASH:SWEE
P

9,395.26

-

$1.00

-

$9,395.26

-

$0.00

0.00 %

-

0.04 %

Sweep Asset

Cash or
Equivalent

$511,729.81

$1,620.52

2.15 %

Money Market

$511,729.81

$1,620.52

2.15 %

41104
Page 95 of

Portfolio Summary

Data as of 6/30/2026

Sterling Capital Management LLC
Disclaimer
Sterling Capital Management LLC (“Sterling”) is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisors Act of 1940. The firm provides investment
management services to institutional and individual investors.
The contents of this report are provided solely for the use of the intended recipient(s) for informational purposes only, and may contain information that is privileged, confidential or proprietary. If you are not an
intended recipient, then please delete and destroy all copies of this information, and be advised that any review or dissemination of, or undertaking of any action in reliance on, the information contained in this
report is prohibited.
This information does not constitute legal, tax or investment advice and is not intended as an offer to sell or a solicitation to buy securities or investment products.
This information has been obtained from sources believed to be reliable, but Sterling does not guarantee the accuracy or completeness of such information.
Past performance may not be indicative of future results. Gross-of-fee returns are calculated net of transaction costs and gross of management fees. A client’s returns will be reduced by Sterling’s advisory fee and
other expenses incurred in the management of the account. Net-of-fee returns are calculated net of transactions costs and net of management fees.
Unless otherwise instructed, Sterling presents client statements on a trade date basis, which may differ from your custodian.
The historical index performance results for all historical benchmark indices do not reflect the deduction of transaction and custodial charges, or the deduction of an investment manager fee, the incurrence of
which would have the effect of decreasing indicated historical performance results. The historical performance results for all indices are provided exclusively for comparison purposes only so as to provide general
comparative information to assist an individual client or prospective client in determining whether Sterling’s performance meets, or continues to meet, the client’s investment objective(s). Comparative indices may
be more or less volatile than Sterling portfolios.

In order to verify that all account transactions are proper, we urge you to compare the information provided within this report with the statement you received directly from your custodian. If there are any
inconsistencies between this information and your custodian account statement, you should rely on the information contained in the custodial statement.

Page 96 of 104

Important Information
Disclosures & Technical Terms
Past performance is not indicative of future results. Any type of investing involves risk and there are no guarantees that these methods will be successful. Economic charts are provided for illustrative purposes
only. The information provided herein is subject to market conditions and is therefore expected to fluctuate.
The opinions contained in this presentation reflect those of Sterling Capital Management LLC (SCM), are for general information only, and are educational in nature. The opinions expressed are as of the date of publication and are
subject to change without notice. These opinions are not meant to be predictions and do not constitute an offer of individual or personalized investment advice. They are not intended as an offer or solicitation with respect to the
purchase or sale of any security. This information and these opinions are subject to change without notice. All opinions and information herein have been obtained or derived from sources believed to be reliable. SCM does not
assume liability for any loss which may result from the reliance by any person upon such information or opinions.
Investment advisory services are available through SCM (CRD# 135405), an investment adviser registered with the U.S. Securities & Exchange Commission (SEC) and an indirect, wholly-owned subsidiary of Desjardins Global
Asset Management Inc., which is part of the Desjardins Group. SEC registration does not imply a certain level of skill or training, nor an endorsement by the SEC. SCM manages customized investment portfolios, provides asset
allocation analysis, and offers other investment-related services to affluent individuals and businesses.
SCM does not provide tax or legal advice. You should consult with your individual tax or legal professional before taking any action that may have tax or legal implications.
Core Consumer Price Index (CPI): a measure of the aggregate price level in an economy, excluding certain volatile items.
Consumer Confidence Index (CCI): measures what consumers are feeling about their expected financial situation, whether that's optimistic or pessimistic.
Option Adjusted Spread (OAS): A bond’s yield spread over comparable maturity government bonds, adjusted for any embedded options.
Real Disposable Personal Income: the amount of money that an individual or household has to spend or save after federal, state, and local taxes and other mandatory charges are deducted.
Real GDP: Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices.
Nonfarm payroll refers to the number of jobs in the private sector and government agencies. It excludes farm workers, private household employees, proprietors, non-profit employees, and actively serving military.
Revenue-to-Firm Value: Total Index Revenues of the past 12 months divided by the sum of equity market value and the value of total debt. This is a measure of total sales generated on the total value (debt plus equity) of firms in
the index.
TIPS Breakeven: The inflation rate implied by the spread in yield between U.S. TIPS (Treasury Inflation Protected Securities) and nominal U.S. Government Bonds of equal maturity.
U.S. 3-Year Real Revenue Growth, Russell 3000 Non-Financials: For the Russell 3000 excluding financial firms, the percentage change in trailing 12-month inflation adjusted revenue over 12-month inflation adjusted revenue
three years prior.
U.S. Cyclically Adjusted Earnings Yield: The 10-year average of annual, inflation adjusted earnings divided by the current inflation adjusted price of the S&P 500 index. This measure is the inverse of the Shiller CAPE Ratio.
YOY U.S. Productivity Growth: The year-over-year growth in real U.S. output produced per hour worked for non-farm workers.
CAPE Ratio: is a valuation measure that uses real earnings per share (EPS) over a 10-year period to smooth out fluctuations in corporate profits that occur over different periods of a business cycle.
Dividend Risk: refers to the risk of a stock's dividend being cut or eliminated, or to the risk to an option when a dividend is paid.
Dividend Yields: is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.
Eurozone: consists of those Member States of the European Union that have adopted the euro as their currency.
Municipal Yield: the annual return an investor receives on a municipal bond. It's calculated based on the bond's purchase price, coupon rate, and how long the investor holds the bond.
Treasury Yield: the interest rate the U.S. government pays on its debt securities, expressed as a percentage. It's also the annual return investors earn from holding a U.S. government security.
Capitalization/Style Returns: Capitalization/Style returns are based on the S&P Indexes. All values are cumulative total return for stated period including the reinvestment of dividends. The indexes used from left to right, top to
bottom are as follows: S&P 500 Value Index, S&P 500 Index, S&P 500 Growth Index, S&P Mid Cap 400 Value Index, S&P Mid Cap 400 Index, S&P Mid Cap 400 Growth Index, S&P Small Cap 600 Value Index, S&P Small Cap
600 Index, S&P Small Cap 600 Growth Index. The S&P 500® Index is a readily available, carefully constructed, market-value-weighted benchmark of common stock performance. Currently, the S&P® Composite includes 500 of the
largest stocks (in terms of stock market value) in the United States; prior to March 1957 it consisted of 90 of the largest stocks. The S&P Midcap 400 is designed to measure the performance of the middle capitalization sector of
the U.S. equities market. This market capitalization weighted index was created in June of 1991 and consists of 400 domestic stocks from the NYSE, NASDAQ, and AMEX chosen for market size, liquidity and industry group
representation. The S&P SmallCap 600 is designed to measure the performance of the small capitalization sector of the U.S. equities market. This index consists of 600 domestic stocks chosen for market size, liquidity, (bid-asked
spread, ownership, share turnover and number of no trade days) and industry group representation. The S&P Style indices measure growth and value along two separate dimensions, with three factors each used to measure
growth and value. The Growth factors are 3 Year Change in Earnings per Share over Price per Share, 3 Year Sales per Share Growth Rate, and Momentum. The Value factors are Book Value to price Ratio, Earnings to Price
Ratio, and Sales to Price Ratio.

Page 97 of 104

Important Information

Index Definitions & Disclosures
Past performance is not indicative of future results. Any type of investing involves risk and there are no guarantees that these methods will besuccessful. Economic charts are provided for
illustrative purposes only. The information provided herein is subject to market conditions andis therefore expected to fluctuate.
Model Assumptions: Assumptions, opinions and estimates are provided for illustrative purposes only. They should not be relied upon as recommendations to buy or sell securities. Forecasts of financial market
trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable, but do not warrant its accuracy or
completeness. Expected return estimates are subject to uncertainty and error. Expected returns for each asset class can be conditional on economic scenarios; in the event a particular scenario comes to pass,
actual returns could be significantly higher or lower than
forecasted.This information is not intended as a recommendation to invest in any particular asset class or strategy or product or as a promise of future performance. Note that these asset classassumptions
are passive, and do not consider the impact of active management.
A Note on Indices: The volatility of an index varies greatly; all indices are unmanaged and investments cannot be made directly in an index. Indices are shown for illustrative purposes only and do
not represent the performance of any specific investment. The indices selected by Sterling Capital Management to measure performance are representative of broad asset classes. Sterling Capital
Management retains the right to change representative indices at any time.
The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.
The Bloomberg Emerging Markets Hard Currency Aggregate Index is a flagship hard currency Emerging Markets debt benchmark that includes USD-denominated debt from sovereign, quasisovereign, and corporate EM issuers.
The Bloomberg Global Treasury Ex U.S. Hedged Index is comprised of securities issued by developed ex. U.S. and emerging market governments. The index is hedged against constituent currencies
versus the U.S. dollar.
The Bloomberg Global Treasury ex U.S. Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade,
fixed-rate bonds issued by governments in their native currencies.
The Bloomberg Global Treasury Index is a broad benchmark that tracks the performance of fixed-rate, local currency government debt of investment-grade countries, including both developed and emerging
markets, excluding the United States. It's essentially the treasury sector of the Global Aggregate Index.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed
rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S.
Aggregate Bond Index, which is unmanaged and does not incur fees and charges.
The Bloomberg U.S. Corporate High Yield Index measures the U.S. corporate market of non-investment grade, fixed-rate corporate bonds. Securities are classified as high yield if themiddle rating of Moody’s,
Fitch, and S&P is Ba1/ BB+/BB+ or below.
The Bloomberg U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets.It is composed of the U.S. Corporate
Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
The Bloomberg U.S. Government Index is comprised of securities issued by the U.S. government and its agencies with at least one year until final maturity.
The Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series-L) measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of
U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.
Bloomberg L.P: “Bloomberg®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the
index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital
Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or
completeness of any data or information relating to the product(s) presented herein.
The Bloomberg U.S. TIPS Index includes all publiclyissued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 millionor
more of outstanding face value.
The Bloomberg Emerging Markets Aggregate Index measures the performance of hard currency Emerging Markets (EM) debt, includingfixed and floating-rate U.S. dollar-denominated debt issued from
sovereign, quasi-sovereign, and corporate EM issuers.
The Bloomberg U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). It is formed by grouping the universe of
individual fixed rate MBS pools into generic aggregates.
The Bloomberg CommodityIndex and related sub-indices are composed of futures contracts on physical commoditiesand represents 22 separate commodities traded on U.S. exchanges, with the exception
of aluminum, nickel and zinc.

Page 98 of 104

Important Information
Index Definitions & Disclosures

A Note on Indices: The volatility of an index varies greatly; all indices are unmanaged and investments cannot be made directly in an index. Indices are shown for illustrative purposes only and do notrepresent the performance of any
specific investment. The indices selected by Sterling Capital Management to measure performance are representative of broad asset classes. Sterling Capital Managementretains the right to change representative indices at any time.
The CBOE VIX Index is a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500® Index (SPX℠) call and put options.
The Consumer Confidence Index(CCI) is a monthly report that measures how confident consumers are about the economy and their finances. It's based on surveys of a representative group ofhouseholds
The Dow Jones Equity All REIT Index is designed to measure all publiclytraded real estateinvestment trusts in the Dow Jones U.S.stockuniverse classifiedas equity REITs according to the S&PDow Jones Indices REIT Industry
Hierarchy. These companies are REITs that primarilyown and operate income-producing real estate.

Classification

The ICE U.S. Dollar Index is calculated in real time approximately every 15 seconds from a multi-contributor feed of the spot prices of the Index's component currencies.
The ISM Manufacturing Index is a monthly indicator of U.S. economic activitybased on a survey of purchasing managers at manufacturing firmsnationwide.
The ISM Manufacturing New Orders Index is a key sub-index within the ISM Manufacturing Purchasing Managers' Index (PMI) that measures the month-over-month change in
new purchase orders received by manufacturing firms.
The ISM Non-Manufacturing Index isan index that measures the economic condition and performance of service-based companies.
The MSCI ACWI Investable Market Index (IMI) Index captures large, midand smallcap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. With 8,768 constituents, the index is comprehensive,covering
approximately 99% of the global equity investment opportunity set. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, HongKong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal,
Singapore, Spain, Sweden, Switzerland, theU.K. and the U.S.EM countries include:Argentina, Brazil,Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India,Indonesia, Korea, Malaysia, Mexico, Pakistan,Peru, Philippines, Poland,
Qatar, Russia, Saudi Arabia, South Africa,Taiwan, Thailand, Turkey and United ArabEmirates.
The MSCIWorld Investable MarketIndex (IMI) is a comprehensive global stock marketindex that represents large, mid, and small-cap stocksacross 23 developed marketcountries. It captures approximately 99% of the free-float adjusted
in each country.

marketcapitalization

The MSCI Emerging MarketsInvestable Market Index (IMI) Index captures large, midand smallcap representation across 24 Emerging Markets (EM) countries. With3,415 constituents, the index covers approximately 99% of the free
market capitalization in each country.

float-adjusted

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The MSCI Worldex USA Investable Market Index (IMI) Index captures large, mid and smallcap representation across 22 of 23 Developed Markets (DM) countries excluding the UnitedStates. With3,540 constituents, the index covers
of the free float-adjusted market capitalization in each country.
The MSCI World ex USA Large Cap Index captures large cap representation across 22 of 23 Developed Markets (DM) countries excluding the United States. With411 constituents, the index covers approximately 70% of
adjusted market capitalization in each country.

approximately 99%

the free float-

The MSCI World ex USA Small Cap Index captures smallcap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States). With2,529 constituents, the index covers approximately 14% of the free
market capitalization in each country.

float-adjusted

The MSCI Worldex USA Value Index captures large and mid cap securities exhibiting overall value style characteristics across 22 of 23 Developed Markets countries.
The MSCI Worldex USA Growth Index captures large and midcap securitiesexhibiting overall growth style characteristics across Developed Markets (DM) countries--excluding theUnitedStates.
The MSCI Emerging Markets Value Index captures large and mid cap securities exhibiting overall value style characteristics across 26 Emerging Markets (EM) countries. The value investment style
characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.
The MSCI ACWI Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 24 Emerging Markets (EM) countries. The valueinvestment style characteristics for
index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.
The MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries. The growth investment style
characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate andlong-term historical EPS growth trend and long-term historical
sales per share growth trend.
The MSCI ACWI ex USA Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 22 Developed Markets (DM) countries and 26 Emerging Markets (EM)countries.
The MSCI ACWI ex USA IMI Index is a global equity index that tracks the performance of large, mid, and small-cap companies in developed and emerging markets outside the United States. It aims to capture approximately 99%
of the global equity investment opportunity set excluding US equities, according to MSCI.
The MSCI ACWI Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With4,372constituents, the index covers
approximately 14% of the global equity opportunity set outside the US.
The MSCI ACWI Large Cap Index captures large cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With982 constituents, the index covers approximately 70%
of the free float-adjusted market capitalization in each country.
The MSCI ACWI Mid Cap Index captures mid cap representation across 22 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With1,280 constituents, the index covers approximately 15% of the free float- adjusted market
capitalization in each country.
The MSCIEAFE Indexis a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets,excluding the U.S. and Canada.
The MSCIEmergingMarkets Growth Index captures large and midcap securities exhibiting overall growth style characteristics across 26 Emerging Markets (EM) countries. The growth investment stylecharacteristics for index
construction aredefined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historicalEPS growth trend and long-term historicalsalesper share growth

trend.

The MSCIEmergingMarkets Investable Market Index (IMI) is a stock market index that measures the performance of large, mid,and small-capcompanies in emerging markets.

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Important Information

Index Definitions & Disclosures
A Note on Indices: The volatility of an index varies greatly; all indices are unmanaged and investments cannot be made directly in an index. Indices are shown for illustrative purposes only and do not
represent the performance of any specific investment. The indices selected by Sterling Capital Management to measure performance are representative of broad asset classes. Sterling Capital
Management retains the right to change representative indices at any time.
The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest
securities based on a combination of their market cap and current index membership. The Russell 1000® represents approximately 92% of the U.S. market. The Russell 1000® Index is constructed to
provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately
10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell
2000® is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics
of the true small-cap opportunity set.
The Russell 2000® Growth Index measures the performance of growth style of investing in small cap U.S. stocks. The Growth Index contains those Russell 2000 securities with greater-than-average
growth orientation.
The Russell 2000® Value Index measures the performance of value style of investing in small cap U.S. stocks. The Value Index contains those Russell 2000 securities with less-than-average growth
orientation. Securities in the Value Index generally have lower price-to-book and price-to-earnings ratios than those in the Growth Index.
The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.
The Russell 3000® Growth Index is an unmanaged index comprised of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 3000® Value Index measures the performance of the broad value segment of the US equity value universe.
The Russell 200® Value Index measures the performance of the especially large cap segment of the US equity universe represented by stocks in the largest 200 by market cap that exhibit value
characteristics.
The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes
approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market
capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely
reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.
The Russell Midcap® Growth Index measures the performance of growth styles of investing in Mid Cap U.S. stocks. The Growth Index contains those Russell Mid Cap securities with greater-thanaverage growth orientation.
The Russell Midcap® Value Index measures the performance of value style of investing in Mid Cap U.S. stocks. The Value Index contains those Russell Mid Cap securities with less-than-average
growth orientation. Securities in the Value Index generally have lower price-to-book and price-to-earnings ratios than those in the Growth Index.
The Russell Top 200® Growth Index offers measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap. It
includes Russell Top 200® Index companies with higher growth earning potential as defined by Russell's leading style methodology.
The Russell Top 200® Index is an index of the largest 200 companies in the Russell 3000 index. It is commonly used as a benchmark index for U.S.-based ultra large-cap (mega-cap) stocks with the
average member commanding a market capitalization of upwards of $200 billion.
The S&P® 500 Index is an unmanaged capitalization-weighted index of 500 U.S. stocks designed to measure performance of the broad domestic economy through changes in the aggregate market
value of 500 stocks representing all major industries.
The S&P Small Cap 600® Index: The S&P SmallCap 600® Index is designed to measure the performance of the small capitalization sector of the U.S. equities market. This index consists of 600
domestic stocks chosen for market size, liquidity, (bid-asked spread, ownership, share turnover and number of no trade days) and industry group representation.
The S&P Mid Cap 400® Index: The S&P MidCap 400® Index is designed to measure the performance of the mid capitalization sector of the U.S. equities market. This index consists of 400 domestic
stocks chosen for market size, liquidity, (bid-asked spread, ownership, share turnover and number of no trade days) and industry group representation.
The S&P 1500: An investable U.S. equity benchmark, the S&P Composite 1500 combines three leading indices, the S&P 500®, the S&P MidCap 400, and the S&P SmallCap 600 to cover
approximately 90% of the U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of
tradable stocks.
The Trade-Weighted U.S. Dollar Index, also known as the broad index, is a measure of the value of the United States dollar relative to other world currencies. It is a trade weighted index that
improves on the older U.S. Dollar Index by using more currencies and the updating the weights yearly.
The Volatility Index (VIX) is a real-time market index representing the market's expectations for volatility over the coming 30 days.

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Important Information

Designations

The Accredited Asset Management Specialist® (AAMS) is a professional designation awarded by the College for Financial Planning (CFP) to financial professionals who successfully complete a
self-study program, pass an exam, and agree to comply with a code of ethics. To keep the privileges associated with the designation, AAMS professionals must complete 16 hours of continuing
education every two years.
The Accredited Investment Fiduciary® (AIF®) designation is a professional certification that demonstrates an advisor or other person serving as an investment fiduciary has met
certain requirements to earn and maintain the credential. The purpose of the AIF® Designation is to assure that those responsible for managing or advising on investor assets have a fundamental
understanding of the principles of fiduciary duty, the standards of conduct for acting as a fiduciary, and a process for carrying out fiduciary responsibility.
The Certificate in Investment Performance Measurement® (CIPM) program is a graduate-level investment performance and risk evaluation credential and is awarded by the CFA Institute, the
largest global association of investment professionals. To earn the CIPM, candidates must: 1) pass two sequential examinations; 2) have at least two years of qualified professional investment
experience; 3) join CIPM Association; and 4) commit to comply with the CFA Institute Bylaws and Rules of Procedure.
The Certified Financial Planner® (CFP) certification is a graduate-level credential awarded by the CFP Board. To earn the CFP, candidates must: 1) take the required coursework; 2) meet
educational requirements; 3) pass the examination; 4) have qualifying experience; and 5) agree to adhere to the CFP Board's standards of ethics and professional conduct.
The Certified Investment Management Analyst® (CIMA) credential is a graduate-level investment certification and is awarded by the Investment Management Consultants Association® (IMCA) that
sets global standards for the investment management consulting profession. To earn the CIMA designation, candidates must: 1) have at least three years of qualified financial experience; 2) Pass an
extensive background check; 3) complete the two-step program of study; 4) pass the qualification and certification examinations; and 5) adhere to the IMCA's Ethics and other ongoing standards.
The Chartered Mutual Fund Counselor (CMFC) designation is for individuals who provide financial planning and investment advice related to mutual funds.
The Certified Public Accountant Licensure (CPA) is a graduate-level accounting license and is awarded by the American Institute of CPAs (AICPA). To earn the CPA licensure, candidates must: 1)
have at least two years of public accounting experience; and 2) pass the examination. Please note, every state has its own education and experience requirements that must be met.
The Certified Regulatory and Compliance Professional (CRCP) designation is a graduate-level compliance certification and is awarded by the Financial Industry Regulatory Authority (FINRA). To
earn the CRCP designation, candidates must: 1) pass two weeklong residential courses; 2) pass the two consecutive examinations; and 3) meet continuing education requirements.
The Certified Treasury Professional® (CTP) designation is recognized as the leading credential in corporate treasury worldwide and awarded by the Association for Financial Professionals® (AFP).
To earn the CTP designation, candidates must: 1) pass the examination, 2) have at least two years of qualified work/education/teaching experience, and 3) meet continuing requirements.
The Certified Trust and Fiduciary Advisor (CTFA) designation is a professional designation offered by the American Bankers Association (ABA), which provides training and knowledge in taxes,
investments, financial planning, trusts, and estates.
The Chartered Alternative Investment Analyst® (CAIA) charter is a graduate-level alternative investment credential awarded by the CAIA Association, a global provider of Alternative Investment
education. To earn the CAIA, candidates must: 1) pass two sequential examinations.
The Chartered Financial Analyst® (CFA) charter is a graduate-level investment credential awarded by the CFA Institute, the largest global association of investment professionals. To earn the CFA
charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit
to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.
The Chartered Financial Consultant® (ChFC) credential was introduced in 1982 as an alternative to the CFP® mark. This designation has the same core curriculum as the CFP® designation, plus two
or three additional elective courses that focus on various areas of personal financial planning. To secure the designation, applicants must have three years of full-time business experience within the
preceding five years and must complete nine college-level courses, equivalent to 27 semester credit hours (9 courses).
The Chartered Retirement Planning Counselor® (CRPC) designation is a retirement planning credential and is awarded by the College for Financial Planning. To earn the CRPC, candidates must:
1) complete the educational program; 2) pass the final examination; 3) complete the designation application.
The Chartered Retirement Plans Specialist (CRPS) credential is for those who create, implement and maintain retirement plans for businesses. Unlike most other professional financial planning and
advisory professional designations, the CRPS focuses on wholesale and business clients.
The Fellow Chartered Accountant (FCA) and Fellow Chartered Professional Accountant (FCPA) are designations awarded by the Chartered Professional Accountants of Ontario Council. The
distinction of Fellow (FCPA) formally recognizes CPAs who have rendered exceptional service to the profession and in their communities. FCPAs must be nominated by peers in recognition of
exceptional leadership, competency and stewardship.

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