burgess chambers & associates, inc.€¦ · burgess chambers & associates, inc....

Burgess Chambers & Associates, Inc.Institutional Investment Advisors

www.burgesschambers.com

June 30, 2020

Palm Bay Police & Firefighters' Pension Fund

Investment PerformancePeriod EndingJune 30, 2020

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.

Palm Bay Police & Firefighters’ Pension Fund

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.

BCA Market Perspective © Hurricane CV-19’s Impact on Equity Markets

July 2020

The U.S. equity market collapsed nearly 35% during the four-week period from February 19 to March 23. The magnitude and duration of this volatility was unprecedented. For reference, in response to the massive subprime mortgage fraud that triggered the 2008-2009 Great Recession, the previous equity market collapse lasted for nearly 15 months. This time was different, almost a mirage, as the market quickly pivoted to rebound over 38% by June 30. This volatility is a classic example of fear driving irrational behavior amongst investors. Emotion led to hysteria, as investors preemptively sold to front run poor economic forecasting, before facts warranted it. Reliable data and information are key to everyone, especially for investors in making prudent decisions. Unfortunately, while we have never had as much information more readily available to process than we do today, there is equally as much conflicting data and disinformation in circulation. The principle players that have recently stirred up much of the volatility in markets and society were media outlets, the Chinese and United States governments, the World Health Organization (WHO), and the Center for Disease Control (CDC). Each one holds some responsibility by inundating investors and viewers with loose facts and even blatant falsehoods, to promote specific agendas. A prime example of this plays out in the following timeline. On January 20, China’s National Health Commission first announced evidence of human to human virus transmission. The day prior, the CDC seemingly aloof to the situation, claimed the virus was not a threat to the US. On January 22, China closed the city of Wuhan, placing the epicenter of the pandemic on full lockdown and quarantine. The US followed up China’s extreme lockdown measures by placing travel restrictions on January 31 to deny entry to anyone who had traveled from China in the past two weeks. Despite these efforts, by early February, CV-19 cases had taken hold worldwide. Surprisingly, the market began to recover. But this rally wasn’t spurred by the announcement of a new vaccine or slowing rates of infection. In fact, unemployment was accelerating and airline traffic was down over 95% from the year prior. The hospitality industry remained offline as restaurants, retailers, and hotels were still under state issued mandates to stay closed. Hospital intensive care units still faced pressure to capacity in hot spots around the world where cases surged. Regardless, equity markets rallied from late March through early July. The equity market is an amazing collection of investors and speculators, making individual decisions, based upon information gathered from many sources. The recent 120-day equity market recovery can only be explained as a forward-looking view that better times are approaching and that a second wave of CV-19 does not pose the same threat as the initial outbreak. By the end of June, the facts began to reveal that CV-19 treatments were improving, survival rates were rising, and social distancing measures were effective. The recent spike in cases only confirms that “reopening” does run the risk of additional spread in places where people ignore established guidelines and safety measures. Some believe we are in the eye of the virus hurricane, with tougher times soon to come. Others view the facts of improved treatments, increasing survival rates, stronger job numbers, rising fuel consumption, and stable home prices, as a sign that we are not far off from life getting back to normal. It would appear most investors fall into the later camp, as the market continues to telegraph positive sentiment and a vaccine in the near future.

1

US Market Indices Performance US Market Sector Performance

Source: Investment Metrics, LLC

Source: Investment Metrics, LLCSource: Investment Metrics, LLC

1 Quarter Performance

0.0

15.0

30.0

45.0

60.0

Ret

urn

(%)

S&P

500

In

dex

Rus

sell

20

00 In

dex

MSC

I

E AF E

Inde

x

MSC

I

E mer

ging

Mar

kets

Inde

x

Bar

c lay

s

Cap

ital

Ag

greg

ate

B C M

unic

ipal

Bond

Blm

b g. B

arc.

U.S

.

Cor

p :

Hig

h Yi

eld

In

dex

BC

Glo

bal

A

ggre

g ate

Ex U

SD

S &P /L

S TA L ev

erag

ed Lo

an In

dex

MS C

I

U.S

.

RE IT

Inde

x

Ale

rian

MLP

Infr a

stru

ctur

e

DJ-

UB

S C

omm

odity

Inde

x

20.525.4

15.118.2

2.9 2.7

10.2

3.4

9.711.7

47.2

5.1

S&P 500 Index S&P 500 Growth S&P 500 Value

Russell Midcap Index Russell Midcap Growth Index Russell Midcap Value Index

Russell 2000 Index Russell 2000 Growth Index Russell 2000 Value Index

0.0

20.0

40.0

60.0

-20.0

-40.0

Re

turn

(%)

1

Quarter

1

Year

18.9

-17.5

30.6

3.5

25.4

-6.6

19.9

-11.8

30.3

11.9

24.6

-2.2

13.1

-4.5

26.2

17.820.5

7.5

S&P 500 Consumer Discretionary S&P 500 Consumer Staples S&P 500 Energy

S&P 500 Financials S&P 500 Health Care S&P 500 Industrials

S&P 500 Information Technology S&P 500 Materials S&P 500 Telecom Services

S&P 500 Utilities

0.0

50.0

100.0

-50.0

-100.0

Re

turn

(%)

1

Quarter

1

Year

2.7

-2.1

20.011.1

26.0

-1.1

30.5 35.9

17.0

-9.0

13.6 10.912.2

-13.9

30.5

-36.1

8.1 3.6

32.9

12.6

Quarterly Market Summary June 30, 2020

Copyright © 2018 Investment Metrics, LLC. All rights reserved.

2

Intl Equity Region PerformanceIntl Equity Indices Performance

Fixed Income Market Sector Performance

Source: Investment Metrics, LLC

Source: Investment Metrics, LLCSource: Investment Metrics, LLC

Blmbg. Barc. U.S. Aggregate Blmbg. Barc. U.S. Treasury Index Barclays U.S. Credit Index Barclays U.S. MBS

Blmbg. Barc. U.S. Corp: High Yield Index Blmbg. Barc. Global Aggregate S&P/LSTA Leveraged Loan Index

0.0

5.0

10.0

15.0

-5.0

Ret

urn

(%)

1Quarter

1Year

9.7

-2.0

3.34.2

10.2

0.00.7

5.7

8.29.1

0.5

10.4

2.9

8.7

MSCI EAFE Index MSCI EAFE Small Cap Index MSCI EAFE Growth Index

MSCI EAFE Value MSCI Emerging Markets

0.0

15.0

30.0

-15.0

-30.0

Re

turn

(%)

1

Quarter

1

Year

18.2

-3.0

12.7

-14.0

17.1

4.5

20.0

-3.2

15.1

-4.7

MSCI Japan MSCI Pacific ex Japan MSCI United Kingdom MSCI Europe ex U.K.

0.0

15.0

30.0

45.0

-15.0

-30.0

Re

turn

(%)

1

Quarter

1

Year

18.1

-2.3

7.8

-17.7

20.2

-12.6

11.6

3.5

Quarterly Market Summary June 30, 2020

Copyright © 2018 Investment Metrics, LLC. All rights reserved.

3


Total Fund Investment Summary

June 30, 2020

For the quarter, the Fund earned $26.2 million (or +14.5% gross, +14.4% net) vs. the Target Index (+13.7%) and ranked in the top 17% of the Public Fund Universe.

The best performing asset category for the quarter was Eagle Small Cap Growth, returning +33.3%.

Fiscal year-to-date, the Fund returned +5.8% vs. the Target Index’s return of +5.3% and ranked in the top 6% of the Public Fund Universe.

For the one-year period, the Fund was up $12.6 million (or +6.6% gross, +6.0% net) vs. the Target Index (+6.1%) and ranked in the top 8% of the Public Fund Universe.

The best performing asset category for the one-year period was Polen Large Cap Growth (+24.3%).

For the three-year period, the Fund earned $43.8 million (+8.0% gross per year) vs. +7.2% for the Target Index and ranked in the top

3% of the Public Fund Universe.

For the five-year period, the Fund earned $64.8 million (+7.4% gross per year) vs. +6.8% for the Target Index and ranked in the top 4% of the Public Fund Universe.

The five-year rolling performance has remained consistent, placing in the top quartile 100% of the periods beginning 03/31/15.

$5 million into the JP Morgan Real Estate exit queue was approved to rebalance towards the target. To date, $342,173 of the $5

million requested from the real estate fund has been disbursed and made available for expenses and benefit payments.

4


Total Fund Investment Policy Review

June 30, 2020 Yes No Equity allocation was within the 75% limitation at market stated in the Investment Policy. No more than 25% of the Fund’s assets (at market value) were invested in foreign securities. No more than 5% of the Fund’s assets were invested in common or capital stock of an issuing company. No more than 5% of an equity manager’s portfolio (at cost value) was invested in a single corporate issuer. No more than 10% of the convertible manager’s portfolio (at market value) was invested in a single corporate issuer. No more than 10% of the fixed income total portfolio (at cost value) was invested in a single corporate issuer. SunTrust equity allocation was within the 60% limitation at market stated in the Investment Policy. PFIA Compliant

5

Quarter FYTD One Year Three Years Four Years Five Years

Total Fund

Beginning Market Value 181,378,456 199,435,296 199,423,188 180,286,347 166,666,909 172,295,173

Contributions -1,550,000 -4,562,007 -5,987,007 -18,074,306 -24,991,844 -31,018,609

Gain/Loss 26,201,212 11,156,380 12,593,488 43,817,629 64,354,604 64,753,105

Ending Market Value 206,029,669 206,029,669 206,029,669 206,029,669 206,029,669 206,029,669

Total Fund (%) 14.4 5.4 6.0 7.4 8.5 6.7

Target Index (%) 13.7 5.3 6.1 7.2 8.3 6.8

Value Added (pts.) 0.7 0.1 -0.1 0.2 0.2 -0.1


Investment Performance - Net

June 30, 2020

6

Target Allocation Actual Allocation

0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 48.0%

Cash

Fixed Income

Private Real Estate

International Equity

Convertibles

Infrastructure

Domestic Equity

0.0%

25.0%

10.0%

15.0%

10.0%

5.0%

35.0%

0.0%

22.9%

11.3%

13.9%

12.7%

2.6%

36.6%

Market ValueActual $

PercentActual

PercentTarget

PercentDifference

Total Fund 206,029,669 100.0 100.0 0.0

Domestic Equity 75,483,524 36.6 35.0 1.6

Infrastructure 5,294,446 2.6 5.0 -2.4

Convertibles 26,136,313 12.7 10.0 2.7

International Equity 28,578,366 13.9 15.0 -1.1

Private Real Estate 23,293,394 11.3 10.0 1.3

Fixed Income 47,229,595 22.9 25.0 -2.1

Cash 14,030 0.0 0.0 0.0


Actual vs. Target Asset Allocation

June 30, 2020

7

June 30, 2020 : 206,029,669

SEIX Core Fixed Income (SMA)-22.89%

Am Funds EuroPacific Growth R6 (MF)-13.87%

Ceredex Large Cap Value (SMA)-11.66%

Mutual Fund Accounts Cash Sweep (SMA)-0.01%iShares Core US Aggregate Bond (ETF)-0.04%

Schwab US Broad Market (ETF)-0.06%Virtus Ceredex Small-Cap Value (MF)-0.23%Eagle Asset Small Cap Growth (SMA)-0.40%

Cohen & Steers Global Infrastructure Fund (CIT)-2.57%Ceredex Mid Cap Value (CIT)-3.73%Frontier Mid Cap Growth (CF)-4.69%

Advent Convertibles Securities (SMA)-6.29%SSI Convertibles Securities (SMA)-6.40%

Wells Large Cap Growth (SMA)-7.30%

Polen Large Cap Growth (SMA)-8.57%

JPMCB RE Strategic Property (CF)-11.31%

Market Value $ Allocation (%)

SEIX Core Fixed Income (SMA) 47,155,950 22.89¢

Am Funds EuroPacific Growth R6 (MF) 28,578,366 13.87¢

Ceredex Large Cap Value (SMA) 24,029,776 11.66¢

JPMCB RE Strategic Property (CF) 23,293,394 11.31¢

Polen Large Cap Growth (SMA) 17,648,000 8.57¢

Wells Large Cap Growth (SMA) 15,037,651 7.30¢

SSI Convertibles Securities (SMA) 13,180,757 6.40¢

Advent Convertibles Securities (SMA) 12,955,556 6.29¢

Frontier Mid Cap Growth (CF) 9,669,906 4.69¢

Ceredex Mid Cap Value (CIT) 7,683,665 3.73¢

Cohen & Steers Global Infrastructure Fund (CIT) 5,294,446 2.57¢

Eagle Asset Small Cap Growth (SMA) 823,506 0.40¢

Virtus Ceredex Small-Cap Value (MF) 466,048 0.23¢

Schwab US Broad Market (ETF) 124,972 0.06¢

iShares Core US Aggregate Bond (ETF) 73,645 0.04¢

Mutual Fund Accounts Cash Sweep (SMA) 14,030 0.01¢


Asset Allocation

8

June 30, 2020

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Assets

In M

illions

June 30, 2019

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Assets

In M

illions

June 30, 2018

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Assets

In M

illions

June 30, 2017

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Assets

In M

illions

June 30, 2016

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Assets

In M

illions

Domestic Equity 36.64¢

Infrastructure 2.57¢

Convertibles 12.69¢

International Equity 13.87¢

Private Real Estate 11.31¢

Fixed Income 22.92¢

Cash 0.01¢







Cash 0.00¢







Cash 0.05¢







Cash 0.06¢



Convertibles 9.40¢




Cash 0.08¢


Historical Asset Allocation

June 30, 2020

9

Market ValueQTD

ROR - RankFYTD

ROR - Rank1 Year

ROR - Rank3 Year

ROR - Rank4 Year

ROR - Rank5 Year

ROR - Rank

Total Fund 206,029,669 14.5 (17) 5.8 (6) 6.6 (8) 8.0 (3) 9.2 (3) 7.4 (4)

Target Index 13.7 5.3 6.1 7.2 8.3 6.8

Equity 135,492,650 23.0 5.7 6.0 9.2 11.4 8.4

Domestic Equity 75,483,524 23.7 4.1 5.8 11.1 13.1 10.6

Ceredex Large Cap Value (SMA) 24,029,776 15.4 (67) -9.2 (58) -5.7 (45) 3.1 (51) 6.5 (48) 5.8 (44)

Russell 1000 Value Index 14.3 -10.1 -8.8 1.8 5.1 4.6

Schwab US Broad Market (ETF) 124,972 22.1 5.1 6.3 10.0 N/A N/A

Russell 1000 Index 21.8 6.0 7.5 10.6 12.4 10.5

Polen Large Cap Growth (SMA) 17,648,000 27.6 (39) 23.0 (26) 24.3 (20) 22.6 (14) 22.3 (14) 17.3 (15)

Wells Large Cap Growth (SMA) 15,037,651 31.2 (14) 18.7 (53) 17.2 (59) 20.3 (27) 20.3 (29) 13.9 (55)

Russell 1000 Growth Index 27.8 21.5 23.3 19.0 19.4 15.9

Ceredex Mid Cap Value (CIT) 7,683,665 20.3 -13.0 -10.2 1.7 6.5 5.6

Russell Midcap Value Index 19.9 -12.9 -11.8 -0.5 3.3 3.3

Frontier Mid Cap Growth (CF) 9,669,906 30.5 (48) 10.0 (68) 9.2 (66) 12.1 (74) 14.1 (61) 10.1 (68)

Russell Midcap Growth Index 30.3 12.7 11.9 14.8 15.3 11.6

Virtus Ceredex Small-Cap Value (MF) 466,048 17.7 -19.8 -18.6 -2.6 1.0 1.9

Russell 2000 Value Index 18.9 -17.0 -17.5 -4.3 2.2 1.3

Eagle Asset Small Cap Growth (SMA) 823,506 33.3 (49) 17.2 (38) 12.2 (33) 13.1 (48) 15.8 (50) 11.1 (43)


Global Infrastructure 5,294,446 9.4 N/A N/A N/A N/A N/A

Cohen & Steers Global Infrastructure Fund (CIT) 5,294,446 9.4 N/A N/A N/A N/A N/A

FTSE Global Core Infrastructure 50/50 Index 10.5 -9.6 -7.3 3.8 5.5 6.3


Asset Allocation & Performance - Gross

June 30, 2020

10


Asset Allocation & Performance - Gross

June 30, 2020

Market ValueQTD

ROR - RankFYTD

ROR - Rank1 Year

ROR - Rank3 Year

ROR - Rank4 Year

ROR - Rank5 Year

ROR - Rank

Convertibles 26,136,313 24.2 15.3 14.6 11.2 12.1 8.7

Advent Convertibles Securities (SMA) 12,955,556 23.5 (21) 14.7 (39) 13.7 (39) 11.0 (29) 12.1 (32) 8.3 (35)

SSI Convertibles Securities (SMA) 13,180,757 25.0 (17) 15.9 (22) 15.5 (23) 11.3 (25) 12.1 (32) 9.2 (22)

ICE BofAML All Convertibles, All Qualities 24.2 15.2 15.3 11.7 12.9 9.2

International Equity 28,578,366 22.9 5.2 3.7 5.3 9.4 5.4

Am Funds EuroPacific Growth R6 (MF) 28,578,366 22.9 5.2 3.7 5.3 9.4 5.4

International Benchmark 10.5 -5.2 -6.8 0.8 5.5 2.2

Private Real Estate 23,293,394 -2.0 1.8 2.3 5.1 5.8 6.9

JPMCB RE Strategic Property (CF) 23,293,394 -2.0 1.8 2.3 5.1 5.8 6.9

NCREIF Fund Index-ODCE (VW) -1.6 0.9 2.2 5.7 6.2 7.3

Fixed Income 47,229,595 2.8 (90) 8.2 (3) 10.6 (4) 5.8 (33) 4.3 (44) 4.7 (50)

iShares Core US Aggregate Bond (ETF) 73,645 3.1 6.4 9.0 5.3 N/A N/A

SEIX Core Fixed Income (SMA) 47,155,950 2.8 (90) 8.2 (3) 10.6 (4) 5.8 (33) 4.3 (44) 4.7 (50)

Fixed Income Benchmark 2.9 6.3 8.7 5.3 3.9 4.3

Cash 14,030 0.0 3.4 3.8 2.1 1.7 1.4

Mutual Fund Accounts Cash Sweep (SMA) 14,030 0.0 3.4 3.8 2.1 1.7 1.4

ICE BofAML 3 Month U.S. T-Bill 0.0 1.1 1.6 1.8 1.4 1.2

11

Market ValueQTD

ROR - RankFYTD

ROR - Rank1 Year

ROR - Rank3 Year

ROR - Rank4 Year

ROR - Rank5 Year

ROR - Rank

Total Fund 206,029,669 14.4 5.4 6.0 7.4 8.5 6.7

Target Index 13.7 5.3 6.1 7.2 8.3 6.8

Equity 135,492,650 22.8 5.2 5.4 8.5 10.7 7.7

Domestic Equity 75,483,524 23.5 3.6 5.1 10.4 12.4 9.9

Ceredex Large Cap Value (SMA) 24,029,776 15.3 -9.5 -6.1 2.6 5.9 5.3

Russell 1000 Value Index 14.3 -10.1 -8.8 1.8 5.1 4.6

Schwab US Broad Market (ETF) 124,972 22.1 (19) 5.1 (43) 6.3 (44) 10.0 (37) N/A N/A

Russell 1000 Index 21.8 6.0 7.5 10.6 12.4 10.5

Polen Large Cap Growth (SMA) 17,648,000 27.4 22.4 23.5 21.8 21.5 16.6

Wells Large Cap Growth (SMA) 15,037,651 31.0 18.1 16.4 19.5 19.5 13.2


Ceredex Mid Cap Value (CIT) 7,683,665 20.1 (52) -13.6 (43) -11.0 (27) 0.9 (5) 5.6 (2) 4.8 (1)

Russell Midcap Value Index 19.9 -12.9 -11.8 -0.5 3.3 3.3

Frontier Mid Cap Growth (CF) 9,669,906 30.2 9.3 8.3 11.2 13.2 9.2

Russell Midcap Growth Index 30.3 12.7 11.9 14.8 15.3 11.6

Virtus Ceredex Small-Cap Value (MF) 466,048 17.3 (93) -20.6 (83) -19.6 (72) -3.8 (29) -0.2 (67) 0.7 (32)

Russell 2000 Value Index 18.9 -17.0 -17.5 -4.3 2.2 1.3

Eagle Asset Small Cap Growth (SMA) 823,506 33.1 16.5 11.3 12.2 14.9 10.2


Global Infrastructure 5,294,446 9.2 N/A N/A N/A N/A N/A

Cohen & Steers Global Infrastructure Fund (CIT) 5,294,446 9.2 (82) N/A N/A N/A N/A N/A

FTSE Global Core Infrastructure 50/50 Index 10.5 -9.6 -7.3 3.8 5.5 6.3


Asset Allocation & Performance - Net

June 30, 2020

12



June 30, 2020

Market ValueQTD

ROR - RankFYTD

ROR - Rank1 Year

ROR - Rank3 Year

ROR - Rank4 Year

ROR - Rank5 Year

ROR - Rank

Convertibles 26,136,313 24.0 14.7 13.8 10.3 11.2 7.9

Advent Convertibles Securities (SMA) 12,955,556 23.3 14.1 12.8 10.1 11.3 7.4

SSI Convertibles Securities (SMA) 13,180,757 24.8 15.3 14.7 10.4 11.2 8.3

ICE BofAML All Convertibles, All Qualities 24.2 15.2 15.3 11.7 12.9 9.2

International Equity 28,578,366 22.8 4.8 3.2 4.8 8.9 4.9

Am Funds EuroPacific Growth R6 (MF) 28,578,366 22.8 (23) 4.8 (26) 3.2 (24) 4.8 (22) 8.9 (18) 4.9 (21)

International Benchmark 10.5 -5.2 -6.8 0.8 5.5 2.2

Private Real Estate 23,293,394 -2.3 1.0 1.2 4.1 4.8 5.8

JPMCB RE Strategic Property (CF) 23,293,394 -2.3 1.0 1.2 4.1 4.8 5.8

NCREIF Fund Index-ODCE (VW) -1.6 0.9 2.2 5.7 6.2 7.3

Fixed Income 47,229,595 2.8 8.0 10.4 5.5 4.1 4.4

iShares Core US Aggregate Bond (ETF) 73,645 3.1 (87) 6.4 (25) 8.9 (24) 5.3 (27) N/A N/A

SEIX Core Fixed Income (SMA) 47,155,950 2.8 8.0 10.4 5.5 4.1 4.4

Fixed Income Benchmark 2.9 6.3 8.7 5.3 3.9 4.3

Cash 14,030 0.0 3.4 3.8 2.1 1.7 1.4

Mutual Fund Accounts Cash Sweep (SMA) 14,030 0.0 3.4 3.8 2.1 1.7 1.4

ICE BofAML 3 Month U.S. T-Bill 0.0 1.1 1.6 1.8 1.4 1.2

13



June 30, 2020

1 Target Index: from Dec '19: 35% Russell 3000 + 10% ML All US Convertibles + 15% MSCI ACWI XUS + 10% NCREIF ODCE + 25% Barclays US Aggregate + 5% FTSE Global Core Infrastructure Index; Jun '19: 35% Russell 3000 + 10% ML All US Convertibles + 15% MSCI ACWI XUS + 10% NCREIF ODCE + 25% Barclays US Aggregate + 5% Alerian Midstream Energy Index (AMNA); June'15: 35% Russell 3000 + 10% ML All US Convertibles + 15% MSCI ACWI XUS + 10% NCREIF ODCE + 25% Barclays US Aggregate + 5% Alerian MLP; prior from May'13 35%Russell 3000 + 10% ML All US Convertibles + 15% MSCI EAFE Gross +10% NCREIF ODCE + 25% Barclays US Aggregate + 5% Alerian MLP; from Apr'11 40% Russell 3000 + 10% ML All US Convertibles + 15% MSCI EAFE Gross +10% NCREIF ODCE + 25% Barclays US Aggregate; prior from Sep'09 45% Russell 3000 + 15% MSCI EAFE Gross +10% NCREIF + 30% Barclays US Aggregate; prior from Mar'05 is 50% Russell 3000 + 10% MSCI EAFE Gross +10% NCREIF + 30% Merrill Lynch Domestic Master; prior from Dec'99 was 50% Russell 3000 + 10% MSCI EAFE Gross + 40% Merrill Lynch Crp/Gvt Master; prior from Mar'96 was 42% S&P 500 + 13% Russell 2000 + 45% Merrill Lynch Merrill Lynch Crp/Gvt Master; prior from Oct'95 was 55% S&P 500 + 45%Merrill Lynch Merrill Lynch Crp/Gvt Master; prior from Feb'94 was 50% S&P 500 + 50% Merrill Lynch Merrill Lynch Crp/Gvt Master; prior from Nov'91 was 50% S&P 500 + 50% Merrill Lynch Merrill Lynch 3-5 Yr Global Govt.

2 International Hybrid: June'15: 100% MSCI ACWI XUS; prior was 100% MSCI EAFE.

3 Fixed Income Index: from Sept'09 100% Barclays US Aggregate; prior from Mar'05 is 100% Merrill Lynch Domestic Master; prior from Feb'94 was 100% Merrill Lynch Merrill Lynch Crp/Gvt Master; prior from Nov'91 was 100% Merrill Lynch Merrill Lynch 3-5 Yr Global Govt.

4 Infrastructure Hybrid: from Dec '19: 100% FTSE Core Infrastructure 50/50 Idx; prior June '19: 100% Alerian Midstream Energy Idx; prior was 100% Alerian MLP Idx

5 Rate of returns prior to 10/1/1996 are from Foster & Foster and GRS. Rate of returns from 10/1/1996 through 3/31/2008 are from Merrill Lynch.

6 June 30, 2020 market value for SSI Convertibles (SMA) was provided by the manager statement due to error(s) on the custodial statement.

14

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Ra

te o

f

Re

turn

(%)

Quarter FYTD One Year Three Years Five Years

Total Fund 14.5 (17) 5.8 (6) 6.6 (8) 8.0 (3) 7.4 (4)��

Target Index 13.7 (28) 5.3 (9) 6.1 (11) 7.2 (10) 6.8 (13)qs

5th Percentile 16.7 6.0 7.0 7.6 7.3

1st Quartile 13.8 3.7 4.7 6.6 6.4

Median 12.3 2.4 3.3 5.8 6.0

3rd Quartile 10.3 1.1 1.8 5.0 5.3

95th Percentile 4.4 -1.1 -0.8 3.5 3.2


Peer Universe Quartile Ranking

June 30, 2020

Parentheses contain percentile rankings.

Calculation based on quarterly data. 15

Total Fund Net Cash Flow

$120.0

$135.0

$150.0

$165.0

$180.0

$195.0

$210.0

$225.0

Ma

rke

t

Va

lue

In M

illio

ns

6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20

Beginning MV Ending MV Annualized ROR

$172,295,173 $206,029,669 7.4


Growth of Investments

July 1, 2015 Through June 30, 2020

16

5 Years Statistics

ReturnStandardDeviation

Beta Alpha

Total Fund 7.37 11.37 1.04 0.26

Target Index 6.82 10.86 1.00 0.00

Russell 1000 Index 10.47 17.38 1.58 0.16

Russell Midcap Index 6.76 20.29 1.85 -4.52

Russell 2000 Index 4.29 23.28 2.07 -7.58

ML All Conv Ex.144A AQ Index 9.01 14.69 1.29 0.41

MSCI EAFE Index 2.54 16.69 1.48 -6.52

Blmbg. Barc. U.S. Aggregate Index 4.30 3.23 0.00 4.36

3 Years Statistics


Beta Alpha

Total Fund 8.02 13.84 1.05 0.49

Target Index 7.20 13.20 1.00 0.00

Russell 1000 Index 10.64 21.50 1.62 -0.19

Russell Midcap Index 5.79 25.40 1.91 -5.87

Russell 2000 Index 2.01 28.28 2.11 -9.88

ML All Conv Ex.144A AQ Index 10.87 17.84 1.30 1.77

MSCI EAFE Index 1.30 19.42 1.44 -7.82

Blmbg. Barc. U.S. Aggregate Index 5.32 2.98 0.00 5.35

5 Years Risk/Reward

Total Fund

Target Index

Russell 1000 Index

Russell Midcap Index

Russell 2000 Index

ML All Conv Ex.144A AQ Index

MSCI EAFE Index

Blmbg. Barc. U.S. Aggregate Index0

4

8

12

16

20

24

28

30

Ret

urn

(%)

0 3 6 9 12 15 18 21 24 27 30

Risk (Standard Deviation %)

3 Years Risk/Reward

Total Fund

Target Index

Russell 1000 Index

Russell Midcap Index

Russell 2000 Index

ML All Conv Ex.144A AQ Index

MSCI EAFE Index

Blmbg. Barc. U.S. Aggregate Index0

4

8

12

16

20

24

28

30

Ret

urn

(%)

0 3 6 9 12 15 18 21 24 27 30



Period Ending June 30, 2020

Capital Market Line

17

0.00

5.00

10.00

15.00

20.00

25.00

30.00

-5.00

-10.00

-15.00

-20.00

Ra

te o

f

Re

turn

(%)

FYTD FY

2019

FY

2018

FY

2017

FY

2016

FY

2015

FY

2014

FY

2013

FY

2012

FY

2011

FY

2010

FY

2009

FY

2008

FY

2007

FY

2006

FY

2005

5.825.09

9.77

12.18

10.02

0.16

11.55

14.76

18.35

-0.36

10.25

1.56

-9.75

15.38

9.0310.03


Fiscal Year Rates of Return

June 30, 2020

18

5 Years Rolling Percentile Ranking - 5 Years

0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Total Fund 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)�

Target Index 20 8 (40%) 12 (60%) 0 (0%) 0 (0%)q

Growth of a Dollar

80.00

100.00

120.00

140.00

160.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

142.70


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Total Fund 20 14 (70%) 6 (30%) 0 (0%) 0 (0%)�

Target Index 20 4 (20%) 12 (60%) 4 (20%) 0 (0%)q

Peer Group Risk/Reward - 5 Years

5.61

6.12

6.63

7.14

7.65

8.16

Re

turn

(%)

10.60 10.80 11.00 11.20 11.40 11.60



Total Fund 7.37 11.37��

Target Index 6.82 10.86qs

Median 5.97 10.76¾

Historical Statistics - 5 Years


Alpha BetaSharpeRatio

DownMarketCapture

UpMarketCapture

Total Fund 7.37 11.37 0.26 1.04 0.58 98.96 104.19

Target Index 6.82 10.86 0.00 1.00 0.55 100.00 100.00

90 Day U.S. Treasury Bill 1.17 0.45 1.24 -0.01 N/A -5.68 6.89Historical Statistics - 3 Years



DownMarketCapture

UpMarketCapture

Total Fund 8.02 13.84 0.49 1.05 0.50 99.72 105.65

Target Index 7.20 13.20 0.00 1.00 0.46 100.00 100.00

90 Day U.S. Treasury Bill 1.77 0.34 1.87 -0.01 N/A -7.07 8.43


Total Fund

June 30, 2020

19


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Ceredex Large Cap Value (SMA) 20 0 (0%) 12 (60%) 8 (40%) 0 (0%)�

Russell 1000 Value Index 20 0 (0%) 4 (20%) 15 (75%) 1 (5%)q

Growth of a Dollar

75.00

100.00

125.00

150.00

175.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

132.86


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Ceredex Large Cap Value (SMA) 20 0 (0%) 11 (55%) 9 (45%) 0 (0%)�



4.14

4.60

5.06

5.52

5.98

6.44

Re

turn

(%)

15.20 15.40 15.60 15.80 16.00 16.20 16.40 16.60



Ceredex Large Cap Value (SMA) 5.85 16.32��

Russell 1000 Value Index 4.64 15.52qs

Median 5.30 15.87¾




DownMarketCapture

UpMarketCapture

Ceredex Large Cap Value (SMA) 5.85 16.32 1.09 1.04 0.36 99.89 105.85

Russell 1000 Value Index 4.64 15.52 0.00 1.00 0.30 100.00 100.00

90 Day U.S. Treasury Bill 1.17 0.27 1.20 0.00 N/A -2.43 3.53Historical Statistics - 3 Years



DownMarketCapture

UpMarketCapture

Ceredex Large Cap Value (SMA) 3.08 18.86 1.32 1.04 0.17 102.87 108.54


90 Day U.S. Treasury Bill 1.77 0.22 1.78 0.00 N/A -2.78 4.95


Ceredex Large Cap Value (SMA)

June 30, 2020

20


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Schwab US Broad Market (ETF) 1 0 (0%) 1 (100%) 0 (0%) 0 (0%)�

Russell 1000 Index 20 15 (75%) 5 (25%) 0 (0%) 0 (0%)q

Growth of a Dollar

90.00

105.00

120.00

135.00

150.00

165.00

Gro

wth

of

$1

00

4/17 7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 7/19 10/19 1/20 6/20

136.81

1 Year Rolling Percentile Ranking - 5 Years

0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Schwab US Broad Market (ETF) 9 1 (11%) 5 (56%) 3 (33%) 0 (0%)�

Russell 1000 Index 20 3 (15%) 17 (85%) 0 (0%) 0 (0%)q


8.55

9.12

9.69

10.26

10.83

11.40

Re

turn

(%)

16.60 16.80 17.00 17.20 17.40 17.60 17.80



Schwab US Broad Market (ETF) 9.99 17.46��

Russell 1000 Index 10.64 17.16qs

Median 9.04 16.79¾




DownMarketCapture

UpMarketCapture

Schwab US Broad Market (ETF) 9.99 17.46 -0.74 1.02 0.53 102.23 99.48

Russell 1000 Index 10.64 17.16 0.00 1.00 0.57 100.00 100.00

90 Day U.S. Treasury Bill 1.77 0.22 1.83 -0.01 N/A -2.83 4.38Historical Statistics - 1 Year



DownMarketCapture

UpMarketCapture

Schwab US Broad Market (ETF) 6.32 22.37 -1.19 1.02 0.31 103.85 99.78

Russell 1000 Index 7.48 21.84 0.00 1.00 0.36 100.00 100.00



Schwab US Broad Market (ETF)

June 30, 2020

21


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Polen Large Cap Growth (SMA) 1 1 (100%) 0 (0%) 0 (0%) 0 (0%)�

Russell 1000 Growth Index 20 0 (0%) 20 (100%) 0 (0%) 0 (0%)q

Growth of a Dollar

50.00

100.00

150.00

200.00

250.00

300.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

221.89


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Polen Large Cap Growth (SMA) 9 7 (78%) 2 (22%) 0 (0%) 0 (0%)�



12.00

14.00

16.00

18.00

Re

turn

(%)

14.60 14.80 15.00 15.20 15.40 15.60



Polen Large Cap Growth (SMA) 17.28 14.84��

Russell 1000 Growth Index 15.89 15.36qs

Median 14.20 15.47¾




DownMarketCapture

UpMarketCapture

Polen Large Cap Growth (SMA) 17.28 14.84 2.24 0.93 1.07 85.29 97.14

Russell 1000 Growth Index 15.89 15.36 0.00 1.00 0.96 100.00 100.00




DownMarketCapture

UpMarketCapture

Polen Large Cap Growth (SMA) 22.60 16.60 4.20 0.94 1.21 84.76 101.52




Polen Large Cap Growth (SMA)

June 30, 2020

22


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Wells Large Cap Growth (SMA) 1 0 (0%) 0 (0%) 1 (100%) 0 (0%)�


Growth of a Dollar

50.00

100.00

150.00

200.00

250.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

192.03


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Wells Large Cap Growth (SMA) 9 4 (44%) 4 (44%) 1 (11%) 0 (0%)�



13.49

14.20

14.91

15.62

16.33

Re

turn

(%)

14.85 15.30 15.75 16.20 16.65 17.10 17.55



Wells Large Cap Growth (SMA) 13.94 17.09��


Median 14.20 15.47¾




DownMarketCapture

UpMarketCapture

Wells Large Cap Growth (SMA) 13.94 17.09 -2.62 1.08 0.78 112.29 100.71





DownMarketCapture

UpMarketCapture

Wells Large Cap Growth (SMA) 20.28 19.22 -0.17 1.08 0.97 102.28 105.16




Wells Large Cap Growth (SMA)

June 30, 2020

23


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Ceredex Mid Cap Value (CIT) 15 11 (73%) 3 (20%) 1 (7%) 0 (0%)�

Russell Midcap Value Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%)q

Growth of a Dollar

75.00

100.00

125.00

150.00

175.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

126.21


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Ceredex Mid Cap Value (CIT) 20 13 (65%) 4 (20%) 1 (5%) 2 (10%)�

Russell Midcap Value Index 20 11 (55%) 9 (45%) 0 (0%) 0 (0%)q


0.00

1.50

3.00

4.50

6.00

Re

turn

(%)

17.60 17.80 18.00 18.20 18.40 18.60 18.80



Ceredex Mid Cap Value (CIT) 4.77 18.27��

Russell Midcap Value Index 3.32 17.82qs

Median 1.36 18.51¾




DownMarketCapture

UpMarketCapture

Ceredex Mid Cap Value (CIT) 4.77 18.27 1.44 1.01 0.29 99.21 105.85

Russell Midcap Value Index 3.32 17.82 0.00 1.00 0.21 100.00 100.00




DownMarketCapture

UpMarketCapture

Ceredex Mid Cap Value (CIT) 0.93 21.30 1.58 1.01 0.08 101.56 107.77

Russell Midcap Value Index -0.54 20.92 0.00 1.00 0.00 100.00 100.00



Ceredex Mid Cap Value (CIT)

June 30, 2020

24


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Frontier Mid Cap Growth (CF) 15 2 (13%) 9 (60%) 4 (27%) 0 (0%)�

Russell Midcap Growth Index 20 0 (0%) 13 (65%) 7 (35%) 0 (0%)q

Growth of a Dollar

50.00

100.00

150.00

200.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

161.53


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Frontier Mid Cap Growth (CF) 20 6 (30%) 5 (25%) 8 (40%) 1 (5%)�

Russell Midcap Growth Index 20 0 (0%) 11 (55%) 9 (45%) 0 (0%)q


9.12

9.69

10.26

10.83

11.40

11.97

Re

turn

(%)

17.19 17.28 17.37 17.46 17.55 17.64



Frontier Mid Cap Growth (CF) 10.07 17.50��

Russell Midcap Growth Index 11.60 17.19qs

Median 11.54 17.46¾




DownMarketCapture

UpMarketCapture

Frontier Mid Cap Growth (CF) 10.07 17.50 -1.36 1.00 0.57 103.06 96.98

Russell Midcap Growth Index 11.60 17.19 0.00 1.00 0.66 100.00 100.00




DownMarketCapture

UpMarketCapture

Frontier Mid Cap Growth (CF) 12.08 20.21 -2.37 1.01 0.58 101.22 93.90

Russell Midcap Growth Index 14.76 19.86 0.00 1.00 0.71 100.00 100.00



Frontier Mid Cap Growth (CF)

June 30, 2020

25


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Virtus Ceredex Small-Cap Value (MF) 20 8 (40%) 9 (45%) 3 (15%) 0 (0%)�


Growth of a Dollar

60.00

80.00

100.00

120.00

140.00

160.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

103.35


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Virtus Ceredex Small-Cap Value (MF) 20 8 (40%) 10 (50%) 2 (10%) 0 (0%)�



-1.20

-0.60

0.00

0.60

1.20

1.80

Re

turn

(%)

19.27 19.74 20.21 20.68 21.15 21.62 22.09



Virtus Ceredex Small-Cap Value (MF) 0.66 19.82��

Russell 2000 Value Index 1.26 20.57qs

Median -0.42 21.69¾




DownMarketCapture

UpMarketCapture

Virtus Ceredex Small-Cap Value (MF) 0.66 19.82 -0.46 0.92 0.08 90.68 89.19





DownMarketCapture

UpMarketCapture

Virtus Ceredex Small-Cap Value (MF) -3.84 23.25 0.50 0.98 -0.12 96.02 97.72

Russell 2000 Value Index -4.35 23.25 0.00 1.00 -0.14 100.00 100.00



Virtus Ceredex Small-Cap Value (MF)

June 30, 2020

26


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Eagle Asset Small Cap Growth (SMA) 15 0 (0%) 7 (47%) 8 (53%) 0 (0%)�


Growth of a Dollar

50.00

100.00

150.00

200.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

169.15


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Eagle Asset Small Cap Growth (SMA) 20 1 (5%) 11 (55%) 8 (40%) 0 (0%)�



4.00

6.00

8.00

10.00

12.00

Re

turn

(%)

19.25 19.50 19.75 20.00 20.25 20.50 20.75 21.00



Eagle Asset Small Cap Growth (SMA) 11.09 19.60��


Median 10.56 20.57¾




DownMarketCapture

UpMarketCapture

Eagle Asset Small Cap Growth (SMA) 11.09 19.60 4.35 0.94 0.58 87.13 103.02





DownMarketCapture

UpMarketCapture

Eagle Asset Small Cap Growth (SMA) 13.11 22.19 5.15 0.96 0.59 91.03 107.44




Eagle Asset Small Cap Growth (SMA)

June 30, 2020

27


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Cohen & Steers Global Infrastructure Fund (CIT) 0 0 0 0 0�

FTSE GLOBAL CORE INFRASTRUCTURE 50/50 INDEX 20 13 (65%) 4 (20%) 3 (15%) 0 (0%)q

Growth of a Dollar

70.00

80.00

90.00

100.00

110.00

120.00

Gro

wth

of

$1

00

11/19 12/19 1/20 2/20 3/20 4/20 5/20 6/20

85.12

1 Quarter Rolling Percentile Ranking - 5 Years

0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Cohen & Steers Global Infrastructure Fund (CIT) 2 0 (0%) 0 (0%) 0 (0%) 2 (100%)�

FTSE GLOBAL CORE INFRASTRUCTURE 50/50 INDEX 20 5 (25%) 8 (40%) 7 (35%) 0 (0%)q

Peer Group Risk/Reward - 1 Year

-8.64

-7.68

-6.72

-5.76

-4.80

-3.84

-2.88

Re

turn

(%)

18.00 18.50 19.00 19.50 20.00 20.50 21.00 21.50



Cohen & Steers Global Infrastructure Fund (CIT) N/A N/A��

FTSE GLOBAL CORE INFRASTRUCTURE 50/50 INDEX -7.33 20.82qs

Median -4.60 18.83¾

Historical Statistics - 1 Year



DownMarketCapture

UpMarketCapture

Cohen & Steers Global Infrastructure Fund (CIT) N/A N/A N/A N/A N/A N/A N/A

FTSE GLOBAL CORE INFRASTRUCTURE 50/50 INDEX -7.33 20.82 0.00 1.00 -0.33 100.00 100.00

90 Day U.S. Treasury Bill 1.63 0.29 1.58 -0.01 N/A -2.72 3.80Historical Statistics - 1 Quarter



DownMarketCapture

UpMarketCapture

Cohen & Steers Global Infrastructure Fund (CIT) 9.24 3.66 0.05 0.87 0.83 102.85 90.40

FTSE GLOBAL CORE INFRASTRUCTURE 50/50 INDEX 10.51 4.15 0.00 1.00 0.83 100.00 100.00



Cohen & Steers Global Infrastructure Fund (CIT)

June 30, 2020

28


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Advent Convertibles Securities (SMA) 17 0 (0%) 15 (88%) 2 (12%) 0 (0%)�

ICE BofAML All Convertibles, All Qualities 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)q

Growth of a Dollar

75.00

100.00

125.00

150.00

175.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

148.81


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Advent Convertibles Securities (SMA) 20 0 (0%) 11 (55%) 9 (45%) 0 (0%)�



7.20

7.68

8.16

8.64

9.12

9.60

Re

turn

(%)

9.46 9.89 10.32 10.75 11.18 11.61 12.04 12.47 12.90



Advent Convertibles Securities (SMA) 8.27 11.92��

ICE BofAML All Convertibles, All Qualities 9.17 12.09qs

Median 7.82 10.20¾




DownMarketCapture

UpMarketCapture

Advent Convertibles Securities (SMA) 8.27 11.92 -0.62 0.98 0.63 101.62 96.54

ICE BofAML All Convertibles, All Qualities 9.17 12.09 0.00 1.00 0.69 100.00 100.00




DownMarketCapture

UpMarketCapture

Advent Convertibles Securities (SMA) 11.00 13.66 -0.36 0.97 0.70 103.97 99.04




Advent Convertibles Securities (SMA)

June 30, 2020

29


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

SSI Convertibles Securities (SMA) 17 10 (59%) 6 (35%) 1 (6%) 0 (0%)�


Growth of a Dollar

75.00

100.00

125.00

150.00

175.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

155.23


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

SSI Convertibles Securities (SMA) 20 8 (40%) 11 (55%) 1 (5%) 0 (0%)�



7.35

7.84

8.33

8.82

9.31

9.80

Re

turn

(%)

9.46 9.89 10.32 10.75 11.18 11.61 12.04 12.47 12.90



SSI Convertibles Securities (SMA) 9.19 11.68��

ICE BofAML All Convertibles, All Qualities 9.17 12.09qs

Median 7.82 10.20¾




DownMarketCapture

UpMarketCapture

SSI Convertibles Securities (SMA) 9.19 11.68 0.41 0.95 0.71 91.12 95.21





DownMarketCapture

UpMarketCapture

SSI Convertibles Securities (SMA) 11.31 13.97 -0.34 1.00 0.71 103.97 100.43




SSI Convertibles Securities (SMA)

June 30, 2020

30


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Am Funds EuroPacific Growth R6 (MF) 20 16 (80%) 4 (20%) 0 (0%) 0 (0%)�

International Benchmark 20 1 (5%) 18 (90%) 1 (5%) 0 (0%)q

Growth of a Dollar

60.00

80.00

100.00

120.00

140.00

160.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

127.04


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Am Funds EuroPacific Growth R6 (MF) 20 10 (50%) 10 (50%) 0 (0%) 0 (0%)�

International Benchmark 20 0 (0%) 18 (90%) 2 (10%) 0 (0%)q


0.99

1.98

2.97

3.96

4.95

5.94

Re

turn

(%)

14.72 14.95 15.18 15.41 15.64 15.87 16.10 16.33



Am Funds EuroPacific Growth R6 (MF) 4.90 15.01��

International Benchmark 2.23 15.03qs

Median 2.30 15.94¾




DownMarketCapture

UpMarketCapture

Am Funds EuroPacific Growth R6 (MF) 4.90 15.01 2.83 0.94 0.32 83.33 97.77

International Benchmark 2.23 15.03 0.00 1.00 0.15 100.00 100.00




DownMarketCapture

UpMarketCapture

Am Funds EuroPacific Growth R6 (MF) 4.76 16.66 4.14 0.96 0.26 79.96 99.58

International Benchmark 0.76 16.17 0.00 1.00 0.02 100.00 100.00



Am Funds EuroPacific Growth R6 (MF)

June 30, 2020

31


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

JPMCB RE Strategic Property (CF) 20 0 (0%) 2 (10%) 14 (70%) 4 (20%)�

NCREIF Fund Index-ODCE (VW) 20 0 (0%) 0 (0%) 20 (100%) 0 (0%)q

Growth of a Dollar

80.00

100.00

120.00

140.00

160.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

139.41


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

JPMCB RE Strategic Property (CF) 20 0 (0%) 0 (0%) 16 (80%) 4 (20%)�

NCREIF Fund Index-ODCE (VW) 20 0 (0%) 0 (0%) 20 (100%) 0 (0%)q


6.67

6.96

7.25

7.54

7.83

8.12

Re

turn

(%)

1.92 1.98 2.04 2.10 2.16 2.22 2.28 2.34



JPMCB RE Strategic Property (CF) 6.87 2.20��

NCREIF Fund Index-ODCE (VW) 7.31 1.99qs

Median 7.69 2.24¾




DownMarketCapture

UpMarketCapture

JPMCB RE Strategic Property (CF) 6.87 2.20 -0.67 1.04 2.38 130.39 95.70

NCREIF Fund Index-ODCE (VW) 7.31 1.99 0.00 1.00 2.79 100.00 100.00

90 Day U.S. Treasury Bill 1.17 0.45 1.56 -0.05 N/A -1.48 15.62Historical Statistics - 3 Years



DownMarketCapture

UpMarketCapture

JPMCB RE Strategic Property (CF) 5.14 2.29 -0.85 1.07 1.53 130.39 94.52

NCREIF Fund Index-ODCE (VW) 5.66 1.95 0.00 1.00 2.10 100.00 100.00



JPMCB RE Strategic Property (CF)

June 30, 2020

32


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Fixed Income 20 1 (5%) 2 (10%) 6 (30%) 11 (55%)�

Fixed Income Benchmark 20 0 (0%) 0 (0%) 1 (5%) 19 (95%)q

Growth of a Dollar

90.00

100.00

110.00

120.00

130.00

140.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

125.80


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

Fixed Income 20 1 (5%) 3 (15%) 10 (50%) 6 (30%)�



4.20

4.40

4.60

4.80

Re

turn

(%)

3.00 3.04 3.08 3.12 3.16 3.20 3.24 3.28



Fixed Income 4.70 3.07��

Fixed Income Benchmark 4.30 3.05qs

Median 4.68 3.21¾




DownMarketCapture

UpMarketCapture

Fixed Income 4.70 3.07 0.54 0.96 1.15 81.88 99.97

Fixed Income Benchmark 4.30 3.05 0.00 1.00 1.03 100.00 100.00




DownMarketCapture

UpMarketCapture

Fixed Income 5.81 3.25 0.74 0.95 1.23 71.48 98.12




Fixed Income

June 30, 2020

33


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

iShares Core US Aggregate Bond (ETF) 1 0 (0%) 1 (100%) 0 (0%) 0 (0%)�


Growth of a Dollar

88.00

96.00

104.00

112.00

120.00

128.00

Gro

wth

of

$1

00

4/17 7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 7/19 10/19 1/20 6/20

116.82


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

iShares Core US Aggregate Bond (ETF) 9 5 (56%) 3 (33%) 1 (11%) 0 (0%)�



4.80

5.00

5.20

5.40

5.60

Re

turn

(%)

3.00 3.20 3.40 3.60 3.80 4.00



iShares Core US Aggregate Bond (ETF) 5.27 3.33��


Median 4.91 3.75¾




DownMarketCapture

UpMarketCapture

iShares Core US Aggregate Bond (ETF) 5.27 3.33 -0.18 1.03 1.04 99.71 99.28


90 Day U.S. Treasury Bill 1.77 0.22 1.73 0.01 N/A -30.48 15.14Historical Statistics - 1 Year



DownMarketCapture

UpMarketCapture

iShares Core US Aggregate Bond (ETF) 8.89 3.57 0.02 1.01 1.91 98.25 101.23




iShares Core US Aggregate Bond (ETF)

June 30, 2020

34


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

SEIX Core Fixed Income (SMA) 16 1 (6%) 1 (6%) 4 (25%) 10 (63%)�


Growth of a Dollar

90.00

100.00

110.00

120.00

130.00

140.00

Gro

wth

of

$1

00

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20

125.80


0.0

25.0

50.0

75.0

100.0

Re

turn

Ra

nk

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20

Periods 5 - 25 25 - 50 50 - 75 75 - 95

SEIX Core Fixed Income (SMA) 20 1 (5%) 3 (15%) 10 (50%) 6 (30%)�



4.20

4.40

4.60

4.80

Re

turn

(%)

3.00 3.04 3.08 3.12 3.16 3.20 3.24 3.28



SEIX Core Fixed Income (SMA) 4.70 3.07��


Median 4.68 3.21¾




DownMarketCapture

UpMarketCapture

SEIX Core Fixed Income (SMA) 4.70 3.07 0.54 0.96 1.15 81.85 99.97





DownMarketCapture

UpMarketCapture

SEIX Core Fixed Income (SMA) 5.81 3.25 0.74 0.95 1.23 71.43 98.12




SEIX Core Fixed Income (SMA)

June 30, 2020

35


Total Fund Performance Review

June 30, 2020 Yes No The total Fund’s annualized three-year performance (gross) achieved the 7.75% actuarial assumption rate. The total Fund’s annualized three-year performance achieved the Target Index. The total Fund’s annualized three-year performance ranked in the top 50th percentile. The total Fund’s annualized five-year performance (gross) achieved the 7.75% actuarial assumption rate (Actual: +7.4%). The total Fund’s annualized five-year performance achieved the Target Index. The total Fund’s annualized five-year performance ranked in the top 50th percentile. Ceredex large-cap value annualized three-year performance achieved the Russell 1000 Value. Ceredex large-cap value annualized three-year performance ranked in the top 50th percentile (Actual: 51st). Ceredex large-cap value annualized five-year performance achieved the Russell 1000 Value. Ceredex large-cap value annualized five-year performance ranked in the top 50th percentile. Polen large-cap growth annualized three-year performance achieved the Russell 1000 Growth. Polen large-cap growth annualized three-year performance ranked in the top 50th percentile. Polen large-cap growth annualized five-year performance achieved the Russell 1000 Growth. Polen large-cap growth annualized five-year performance ranked in the top 50th percentile. Wells large-cap growth annualized three-year performance achieved the Russell 1000 Growth. Wells large-cap growth annualized three-year performance ranked in the top 50th percentile. Wells large-cap growth annualized five-year performance achieved the Russell 1000 Growth. Wells large-cap growth annualized five-year performance ranked in the top 50th percentile (Actual:55th). Ceredex mid-cap value annualized three-year performance achieved the Russell Mid-Cap Value. Ceredex mid-cap value annualized three-year performance ranked in the top 50th percentile. Ceredex mid-cap value annualized five-year performance achieved the Russell Mid-Cap Value. Ceredex mid-cap value annualized five-year performance ranked in the top 50th percentile. Frontier mid-cap growth annualized three-year performance achieved the Russell Mid-Cap Growth. Frontier mid-cap growth annualized three-year performance ranked in the top 50th percentile. Frontier mid-cap growth annualized five-year performance achieved the Russell Mid-Cap Growth. Frontier mid-cap growth annualized five-year performance ranked in the top 50th percentile.

36


Total Fund Performance Review (continued)

June 30, 2020 Yes No Virtus Ceredex small-cap value annualized three-year performance achieved the Russell 2000 Value. Virtus Ceredex small-cap value annualized three-year performance ranked in the top 50th percentile. Virtus Ceredex small-cap value annualized five-year performance achieved the Russell 2000 Value. Virtus Ceredex small-cap value annualized five-year performance ranked in the top 50th percentile. Eagle small-cap growth annualized three-year performance achieved the Russell 2000 Growth. Eagle small-cap growth annualized three-year performance ranked in the top 50th percentile. Eagle small-cap growth annualized five-year performance achieved the Russell 2000 Growth. Eagle small-cap growth annualized five-year performance ranked in the top 50th percentile. Advent convertible annualized three-year performance achieved the ML All US Converts. Advent convertible annualized three-year performance ranked in the top 50th percentile. Advent convertible annualized five-year performance achieved the ML All US Converts. Advent convertible annualized five-year performance ranked in the top 50th percentile. SSI convertible annualized three-year performance achieved the ML All US Converts (+11.3% vs. +11.7%). SSI convertible annualized three-year performance ranked in the top 50th percentile. SSI convertible annualized five-year performance achieved the ML All US Converts. SSI convertible annualized five-year performance ranked in the top 50th percentile. EuroPacific international equity annualized three-year performance achieved the MSCI EAFE. EuroPacific international equity annualized three-year performance ranked in the top 50th percentile. EuroPacific international equity annualized five-year performance achieved the MSCI EAFE. EuroPacific international equity annualized five-year performance ranked in the top 50th percentile. JP Morgan real estate annualized three-year performance achieved the NCREIF ODCE (+5.1% vs. +5.7%). JP Morgan real estate annualized five-year performance achieved the NCREIF ODCE (+6.9% vs. +7.3%).

37


Total Fund Performance Review (continued)

June 30, 2020 Yes No Total fixed income annualized three-year performance achieved the Fixed Income Benchmark. Total fixed income annualized three-year performance ranked in the top 50th percentile. Total fixed income annualized five-year performance achieved the Fixed Income Benchmark. Total fixed income annualized five-year performance ranked in the top 50th percentile.

38

-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 -1means 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. Growthportfolios 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 forinvestment 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 capitalizationweighted, 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.


Glossary

June 30, 2020

39


Glossary

June 30, 2020

-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 aninvestment 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 andthe 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.

40

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 withgenerally accepted industry standards.

2. 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.

3. Individual client returns may vary due to a variety of factors, including differences in investment objectives, asset allocating and timing of investment decisions.

4. 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.

5. 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, andtiming. Benchmarks and indexes are for comparison purposes only, and there is no assurance or guarantee that such performance will be achieved.

6. 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.

7. 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.

8. 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.

9. BCA has not reviewed the risks of individual security holdings.

10. BCA investment reports are not indicative of future results.

11. Performance rankings are time sensitive and subject to change.

12. Mutual Fund (MF), Collective Investment Trusts (CIT) and Exchange Traded Funds (ETF) are ranked in net of fee universes.

13. Separately Managed Account (SMA) and Commingled Fund (CF) returns are ranked in gross of fees universes.

14. Composite returns are ranked in universes that encompass both gross and net of fee returns.

15. Total Fund returns are ranked in a gross of fee universe.

16. 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].


Disclosure

June 30, 2020

41

Burgess Chambers & Associates, Inc.Institutional Investment Advisors

www.burgesschambers.com

315 East Robinson Street, Suite 690, Orlando, Florida 32801P: 407-644-0111 F: 407-644-0694

burgess chambers & associates, inc.€¦ · burgess chambers & associates, inc....

Documents