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City of Atlantic Beach - General Employee Pension Plan - PL2 - Annual Report of Investment ActivityCustom Report Prepared on December 15, 2015 Prepared For:GENERAL EMPLOYEE RETIREMENT C/O NELSON VAN LIERE & RUSSELL CAFFEY 800 SEMINOLE ROAD ATLANTIC BCH FL 32233 GENERAL EMPLOYEE RETIREMENT BAGWELL/BRIDGES/TAYLOR/+ Tel: 904-543-7800 Please review the disclosures and definitions at the end of this Document. Page 1 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH TABLE OF CONTENTS Various sub-sections of this Document may not contain information on all accounts/positions covered in this Document. CONTENTS Account(s) Included In This Report 3 Time Weighted Performance Summary 4 Positions - Advisory Assets Only 5 Time Weighted Performance Detail - Advisory Assets Only 25 Disclosures 26 Page 2 of 31 ACCOUNT(S) INCLUDED IN THIS REPORT Reporting Currency: USDCITY OF ATLANTIC BEACH ACCOUNT(S) DETAIL Account Name and Address Account Type/Manager Name Account Number Date Opened Date ClosedAdvisory/Brokerage 454-012940 04/15/13AdvisorySage Advisory - Intermediate axable CITY OF ATLANTIC BEACH 800 SEMINOLE ROAD ATLANTIC BCH 454-013201 10/15/13AdvisoryAAA 454-013202 10/15/13AdvisoryAAA 454-013196 10/15/13AdvisoryAAA 454-109641 03/10/10AdvisoryAAAGENERAL EMPLOYEE RETIREMENT 454-109635 03/10/10AdvisoryColumbia Mgmt - Select LC Grwt800 SEMINOLE ROAD ATLANTIC BCH 454-109636 03/10/10AdvisoryJP Morgan - Equity Income SMA 454-109639 03/10/10AdvisoryAAA 454-109640 03/10/10AdvisoryAAA 454-109638 03/10/10AdvisoryRiverbridge Partners - SMID Gr wth 454-109637 03/10/10AdvisoryBoston Partners - Smid Cap Val e 454-014750 11/04/15AdvisoryConsulting Group Advisor All content within this Document applies to the accounts listed above or a subset thereof, unless otherwise indicated. ACCOUNT(S) INCLUDED IN THIS REPORT Page 3 of 31 Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH TIME WEIGHTED PERFORMANCE SUMMARY RETURN % (GROSS AND NET OF FEES) VS. BENCHMARKS -8% -4% 0% 4% 8% 12% 16% 06/30/15 - 09/30/15 09/30/14 - 12/14/15 09/30/14 - 09/30/15 09/30/12 - 09/30/1508/31/15 - 09/30/15 Performance Inception 03/10/10 - 09/30/15 Last 3 YearsLast 12 MonthsCustom PeriodQuarter to DateMonth to Date Beginning Total Value $9,882,145.25$12,640,166.25$14,753,154.11$14,753,154.11$16,006,500.06$15,360,786.83___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ 12,886.65 46,980.27 46,980.27 13,289.03 0.00Beginning Accrued Income 14,369.76___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ 0.00 -183.33 0.00 720,000.00 1,606,898.31Net Contributions/Withdrawals 0.00___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ 30,865.41 179,477.97 156,625.45 648,424.03 1,394,260.32Total Income Received 12,802.54___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ -1,121,266.40 454,169.69 6,319.51 907,508.79 2,032,795.19Appreciation/Depreciation -457,490.30___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ Ending Total Value $14,916,099.07$14,916,099.07$14,916,099.07$15,386,618.44$14,916,099.07$14,916,099.07___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ 11,024.85 33,006.48 11,024.85 11,024.85 11,024.85Ending Accrued Income 11,024.85___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ Return % (Gross of Fees)-2.90 -6.69 4.09 1.62 4.35 5.75 Return % (Net of Fees)-2.89 -6.81 3.55 1.10 3.87 5.20 60/40 Balanced -1.21 -3.39 3.58 0.95 8.14 8.95 S&P 500 Total Return -2.47 -6.44 4.25 -0.61 12.40 12.15 BC Aggregate 0.68 1.23 2.07 2.94 1.71 3.84 Citi T-Bills 90-Day 0.00 0.01 0.02 0.02 0.04 0.07 MSCI EAFE -5.04 -10.19 -5.68 -8.27 6.08 4.51 ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ The investment returns shown on this page are time-weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. PERFORMANCE Page 4 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH CASH, MMF AND BANK DEPOSITS Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / Cash 43,228.30 - -$1.00 $43,228.30 -0.42%- - BANK DEPOSIT PROGRAM 227,273.80 - -1.00 227,273.80 -2.20- - BDPS, Cusip: 061871901 Cash, MMF and Bank Deposits Total -$270,502.10 -2.62% STOCK / OPTIONS Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / ABAXIS INC 274.00 $15,842.68 $57.82 $43.99 $12,053.26 -$3,789.42 0.12%1.00 0.76 % % ABAX, Cusip: 002567105, Div$: 0.44 ABBOTT LABORATORIES 1,399.00 56,989.51 40.74 40.22 56,267.78 -721.73 0.542.38 2.35 ABT, Cusip: 002824100, Div$: 0.96, MS Rating: OVWEIGHT, S & P Rank: 1 ABBVIE INC COM 1,435.00 84,845.85 59.13 54.41 78,078.35 -6,767.50 0.763.74 3.44 ABBV, Cusip: 00287Y109, Div$: 2.04, MS Rating: EQWEIGHT, S & P Rank: 1 ACTIVISION BLIZZARD INC 2,325.00 45,607.35 19.62 30.89 71,819.25 26,211.90 0.700.74 1.17 ATVI, Cusip: 00507V109, Div$: 0.23, MS Rating: DC, S & P Rank: 2 ACUITY BRANDS INC 601.00 120,642.23 200.74 175.58 105,523.58 -15,118.65 1.020.29 0.25 AYI, Cusip: 00508Y102, Div$: 0.52 ADOBE SYSTEMS 1,860.00 149,141.72 80.18 82.22 152,929.20 3,787.48 1.48- - ADBE, Cusip: 00724F101, MS Rating: EQWEIGHT, S & P Rank: 2 AETNA INC (NEW)(CT)533.00 41,046.53 77.01 109.41 58,315.53 17,269.00 0.560.91 1.29 AET, Cusip: 00817Y108, Div$: 1.00, MS Rating: OVWEIGHT, S & P Rank: 1 AGILENT TECHNOLOGIES 1,762.00 69,014.06 39.17 34.33 60,665.66 -8,524.60 0.591.16 1.02 A, Cusip: 00846U101, Div$: 0.40, MS Rating: EQWEIGHT, S & P Rank: 2 AKAMAI TECHNOLOGIES INC 409.00 29,295.15 71.63 69.06 28,245.54 -1,049.61 0.27- - AKAM, Cusip: 00971T101, MS Rating: EQWEIGHT, S & P Rank: 2 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 5 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / ALERE INC COM 515.00 26,024.41 50.53 48.15 24,797.25 -1,227.16 0.24- - ALR, Cusip: 01449J105 ALEXION PHARM INC 1,119.00 196,949.57 176.01 156.39 175,000.41 -21,949.16 1.69- - ALXN, Cusip: 015351109, MS Rating: EQWEIGHT, S & P Rank: 1 ALIGN TECHNOLOGY 323.00 20,191.28 62.51 56.76 18,333.48 -1,857.80 0.18- - ALGN, Cusip: 016255101, MS Rating: OVWEIGHT, S & P Rank: 2 ALLEGION PUB LTD CO 389.00 23,810.31 61.21 57.66 22,429.74 -1,380.57 0.220.69 0.65 ALLE, Cusip: G0176J109, Div$: 0.40, S & P Rank: 1 ALLIANCE DATA SYSTEMS CORP 112.00 31,478.47 281.06 258.98 29,005.76 -2,472.71 0.28- - ADS, Cusip: 018581108, S & P Rank: 1 ALNYLAM PHARMACEUTICALS INC 96.00 11,504.32 119.84 80.36 7,714.56 -3,789.76 0.08- - ALNY, Cusip: 02043Q107, MS Rating: DC, S & P Rank: 1 AMAZON COM INC 334.00 117,202.35 350.91 511.89 170,971.26 53,768.91 1.65- - AMZN, Cusip: 023135106, MS Rating: OVWEIGHT, S & P Rank: 1 AMBARELLA INC 148.00 15,921.48 107.58 57.79 8,552.92 -7,368.56 0.08- - AMBA, Cusip: G037AX101, MS Rating: EQWEIGHT AMDOCS LIMITED ORD 1,305.00 60,316.33 46.22 56.88 74,450.25 13,912.07 0.721.19 1.46 DOX, Cusip: G02602103, Div$: 0.68, S & P Rank: 1 AMERICAN EXPRESS CO 1,228.00 102,963.98 83.85 74.13 91,031.64 -11,932.34 0.881.56 1.38 AXP, Cusip: 025816109, Div$: 1.16, MS Rating: OVWEIGHT, S & P Rank: 2 ANADARKO PETE 921.00 80,086.29 86.96 60.39 55,619.19 -24,467.10 0.541.78 1.24 APC, Cusip: 032511107, Div$: 1.08, MS Rating: OVWEIGHT, S & P Rank: 2 ARAMARK HOLDINGS CORPORATION 597.00 19,210.81 32.18 29.64 17,695.08 -1,515.73 0.171.16 1.07 ARMK, Cusip: 03852U106, Div$: 0.34, MS Rating: EQWEIGHT ASTRAZENECA PLC ADS 2,008.00 33.82 31.82 63,894.56 -4,024.33 0.624.33 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 6 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 67,918.89 4.07 AZN, Cusip: 046353108, Div$: 1.38, S & P Rank: 1 ATHENAHEALTH INC COM 283.00 36,200.68 127.92 133.35 37,738.05 1,537.37 0.37- - ATHN, Cusip: 04685W103, MS Rating: OVWEIGHT AVAGO TECH 107.00 14,319.89 133.83 125.01 13,376.07 -943.82 0.131.34 1.25 AVGO, Cusip: Y0486S104, Div$: 1.68, MS Rating: OVWEIGHT, S & P Rank: 1 AXALTA COATING SYSTEMS LTD.859.00 23,384.59 27.22 25.34 21,767.06 -1,617.53 0.21- - AXTA, Cusip: G0750C108 BAKER HUGHES INC 1,046.00 66,871.72 63.93 52.04 54,433.84 -12,437.88 0.531.30 1.06 BHI, Cusip: 057224107, Div$: 0.68, MS Rating: OVWEIGHT, S & P Rank: 2 BAXALTA INC COM 2,127.00 67,074.90 31.54 31.51 67,170.66 -53.13 0.650.88 0.88 BXLT, Cusip: 07177M103, Div$: 0.28, MS Rating: NAV BB & T CORP 2,517.00 91,879.70 36.50 35.60 89,605.20 -2,274.50 0.873.03 2.96 BBT, Cusip: 054937107, Div$: 1.08, MS Rating: EQWEIGHT, S & P Rank: 1 BEACON ROOFING SUPPLY INC 870.00 23,394.38 26.89 32.49 28,266.30 4,871.92 0.27- - BECN, Cusip: 073685109 BIOGEN INC COM 718.00 217,717.60 303.23 291.81 209,519.58 -8,198.02 2.03- - BIIB, Cusip: 09062X103, MS Rating: OVWEIGHT, S & P Rank: 1 BIOMARIN PHARMAC SE 196.00 19,412.65 99.04 105.32 20,642.72 1,230.07 0.20- - BMRN, Cusip: 09061G101, S & P Rank: 1 BIO-TECHNE CORP 239.00 21,939.83 91.80 92.46 22,097.94 158.11 0.211.38 1.39 TECH, Cusip: 09073M104, Div$: 1.28 BLACKBAUD INC 27.00 1,497.74 55.47 56.12 1,515.24 17.50 0.020.85 0.86 BLKB, Cusip: 09227Q100, Div$: 0.48 BRISTOL MYERS SQUIBB CO 2,820.00 161,253.42 57.18 59.20 167,987.40 5,690.58 1.632.50 2.59 BMY, Cusip: 110122108, Div$: 1.48, MS Rating: OVWEIGHT, S & P Rank: 2 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 7 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / BUILDERS FIRSTSOURCE INC 101.00 1,500.93 14.86 12.68 1,280.68 -220.25 0.01- - BLDR, Cusip: 12008R107 CABOT MICROELECTRONICS CORP 466.00 20,630.30 44.27 38.74 18,052.84 -2,577.46 0.18- - CCMP, Cusip: 12709P103 CAPITAL ONE FINANCIAL CORP 1,245.00 96,300.95 77.35 72.52 90,287.40 -6,013.55 0.872.20 2.06 COF, Cusip: 14040H105, Div$: 1.60, MS Rating: OVWEIGHT, S & P Rank: 1 CARLISLE CO INC 348.00 31,071.81 89.29 87.38 30,408.24 -663.57 0.291.37 1.34 CSL, Cusip: 142339100, Div$: 1.20, S & P Rank: 1 CASS INFO SYS INC 289.00 13,740.85 47.55 49.13 14,198.57 457.72 0.141.70 1.76 CASS, Cusip: 14808P109, Div$: 0.84 CBRE GROUP INC 808.00 30,487.60 37.73 32.00 25,856.00 -4,631.60 0.25- - CBG, Cusip: 12504L109, S & P Rank: 2 CELGENE CORP 1,212.00 131,312.70 108.34 108.17 131,102.04 -210.66 1.27- - CELG, Cusip: 151020104, MS Rating: EQWEIGHT, S & P Rank: 1 CEPHEID INC 852.00 46,413.96 54.48 45.20 38,510.40 -7,903.56 0.37- - CPHD, Cusip: 15670R107 CHANNELADVISOR CORP COM 425.00 8,098.50 19.06 9.94 4,224.50 -3,874.00 0.04- - ECOM, Cusip: 159179100 CHEESE CAKE FACTORY INC 345.00 17,399.75 50.43 53.96 18,616.20 1,216.45 0.181.48 1.58 CAKE, Cusip: 163072101, Div$: 0.80, MS Rating: EQWEIGHT, S & P Rank: 3 CHEMED CORPORATION 215.00 21,934.08 102.02 133.47 28,696.05 6,761.97 0.280.71 0.93 CHE, Cusip: 16359R103, Div$: 0.96 CHIPOTLE MEXICAN GRILL INC COM 28.00 19,703.41 703.69 720.25 20,167.00 463.59 0.20- - CMG, Cusip: 169656105, MS Rating: OVWEIGHT, S & P Rank: 2 CINEMARK HOLDINGS INC.682.00 39.30 32.49 22,158.18 -4,646.89 0.213.07 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 8 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 26,805.07 2.54 CNK, Cusip: 17243V102, Div$: 1.00, MS Rating: EQWEIGHT CITIGROUP INC NEW 1,840.00 93,356.80 50.74 49.61 91,282.40 -2,074.40 0.880.40 0.39 C, Cusip: 172967424, Div$: 0.20, MS Rating: OVWEIGHT, S & P Rank: 1 CITIZENS FINANCIAL GROUP INC 2,330.00 52,540.42 22.55 23.86 55,593.80 3,053.38 0.541.67 1.77 CFG, Cusip: 174610105, Div$: 0.40, MS Rating: OVWEIGHT COCA COLA CO 2,430.00 99,344.61 40.88 40.12 98,293.50 -1,853.01 0.953.29 3.23 KO, Cusip: 191216100, Div$: 1.32, MS Rating: OVWEIGHT, S & P Rank: 2 COGNEX CORP 365.00 16,693.33 45.74 34.37 12,545.05 -4,148.28 0.120.81 0.61 CGNX, Cusip: 192422103, Div$: 0.28, S & P Rank: 1 COGNIZANT TECH SOLUTIONS CL A 2,430.00 127,530.41 52.48 62.61 152,142.30 24,611.89 1.47- - CTSH, Cusip: 192446102, MS Rating: OVWEIGHT, S & P Rank: 2 COLUMBIA SPORTSWEAR CO 301.00 17,846.10 59.29 58.79 17,695.79 -150.31 0.171.02 1.01 COLM, Cusip: 198516106, Div$: 0.60, MS Rating: UNWEIGHT COMMUNITY HLTH SYS INC NEW 291.00 15,420.04 52.99 42.77 12,446.07 -2,973.97 0.12- - CYH, Cusip: 203668108, MS Rating: EQWEIGHT, S & P Rank: 1 CONSTELLATION BRANDS INC CL A 277.00 28,831.70 104.09 125.21 34,683.17 5,851.47 0.340.99 1.19 STZ, Cusip: 21036P108, Div$: 1.24, MS Rating: OVWEIGHT, S & P Rank: 1 COSTAR GROUP INC 342.00 59,710.83 174.59 173.06 59,186.52 -524.31 0.57- - CSGP, Cusip: 22160N109, MS Rating: DC CVENT INC COM 605.00 16,126.40 26.66 33.66 20,364.30 4,237.90 0.20- - CVT, Cusip: 23247G109, MS Rating: UNWEIGHT CVS HEALTH CORP COM 2,030.00 194,455.26 95.79 96.48 195,854.40 1,399.14 1.891.45 1.46 CVS, Cusip: 126650100, Div$: 1.40, MS Rating: OVWEIGHT, S & P Rank: 1 CYBERARK SOFTWARE LTD SHS 149.00 7,462.25 50.08 50.14 7,470.86 8.61 0.07- - CYBR, Cusip: M2682V108 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 9 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / DAVE & BUSTERS ENTMT INC COM 510.00 17,951.56 35.20 37.83 19,293.30 1,341.74 0.19- - PLAY, Cusip: 238337109 DELPHI AUTOMOTIVE PLC 357.00 28,267.78 79.18 76.04 27,146.28 -1,121.50 0.261.31 1.26 DLPH, Cusip: G27823106, Div$: 1.00, MS Rating: OVWEIGHT, S & P Rank: 2 DELTA AIR LINES INC NEW 445.00 18,858.99 42.38 44.87 19,967.15 1,108.16 0.191.20 1.27 DAL, Cusip: 247361702, Div$: 0.54, MS Rating: OVWEIGHT, S & P Rank: 1 DEXCOM INC 901.00 88,332.98 98.04 85.86 77,359.86 -10,973.12 0.75- - DXCM, Cusip: 252131107 DIAMONDBACK ENERGY INC 161.00 12,466.02 77.43 64.60 10,400.60 -2,065.42 0.10- - FANG, Cusip: 25278X109, MS Rating: OVWEIGHT DIGI INTL INC 1,015.00 8,501.41 8.38 11.79 11,966.85 3,465.44 0.12- - DGII, Cusip: 253798102 DORMAN PRODUCTS, INC 486.00 22,913.46 47.15 50.89 24,732.54 1,819.08 0.24- - DORM, Cusip: 258278100 DOW CHEMICAL CO 1,419.00 67,722.42 47.73 42.40 60,761.58 -7,556.82 0.593.96 3.52 DOW, Cusip: 260543103, Div$: 1.68, MS Rating: EQWEIGHT, S & P Rank: 1 EBAY INC 1,231.00 30,042.19 24.41 24.44 30,085.64 43.45 0.29- - EBAY, Cusip: 278642103, MS Rating: EQWEIGHT, S & P Rank: 2 ECHO GLOBAL LOGISTICS INC 564.00 14,606.40 25.90 19.60 11,054.40 -3,552.00 0.11- - ECHO, Cusip: 27875T101, MS Rating: OVWEIGHT EDWARD LIFESCIENCES CORP 169.00 25,547.35 151.17 142.17 24,026.73 -1,520.62 0.23- - EW, Cusip: 28176E108, MS Rating: OVWEIGHT, S & P Rank: 2 ELECTRONIC ARTS INC 394.00 27,546.14 69.91 67.75 26,693.50 -852.64 0.26- - EA, Cusip: 285512109, MS Rating: DC, S & P Rank: 2 EMC CORP MASS 3,430.00 26.87 24.16 83,263.25 -9,283.41 0.811.90 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 10 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 92,152.21 1.71 EMC, Cusip: 268648102, Div$: 0.46, MS Rating: EQWEIGHT, S & P Rank: 1 ENDO INTL PLC 273.00 24,414.79 89.43 69.28 18,913.44 -5,501.35 0.18- - ENDP, Cusip: G30401106, MS Rating: EQWEIGHT, S & P Rank: 2 ENVISION HEALTHCARE HLDGS INC 532.00 19,122.95 35.95 36.79 19,572.28 449.33 0.19- - EVHC, Cusip: 29413U103, MS Rating: EQWEIGHT EOG RESOURCES INC 852.00 78,151.50 91.73 72.80 62,025.60 -16,125.90 0.600.92 0.73 EOG, Cusip: 26875P101, Div$: 0.67, MS Rating: EQWEIGHT, S & P Rank: 1 EPAM SYSTEMS 225.00 15,458.54 68.71 74.52 16,767.00 1,308.46 0.16- - EPAM, Cusip: 29414B104 EXAMWORKS GROUP INC 695.00 26,148.44 37.62 29.24 20,321.80 -5,826.64 0.20- - EXAM, Cusip: 30066A105 FACEBOOK INC CL-A 2,013.00 161,653.37 80.31 89.90 180,968.70 19,315.33 1.75- - FB, Cusip: 30303M102, MS Rating: OVWEIGHT, S & P Rank: 1 FINANCIAL ENGINES 657.00 24,407.85 37.15 29.47 19,407.78 -5,046.06 0.190.95 0.75 FNGN, Cusip: 317485100, Div$: 0.28 FITBIT INC CL A 2,356.00 101,923.77 43.26 37.69 88,797.64 -13,126.13 0.86- - FIT, Cusip: 33812L102, MS Rating: OVWEIGHT, S & P Rank: 2 FIVE BELOW 550.00 19,857.10 36.10 33.58 18,469.00 -1,388.10 0.18- - FIVE, Cusip: 33829M101, MS Rating: EQWEIGHT, S & P Rank: 1 FLEETMATICS GROUP PLC 36.00 1,608.31 44.68 49.09 1,767.24 158.93 0.02- - FLTX, Cusip: G35569105 FORD MOTOR CO NEW 6,662.00 98,428.55 14.78 13.57 90,403.34 -8,025.21 0.874.42 4.06 F, Cusip: 345370860, Div$: 0.60, MS Rating: UNWEIGHT, S & P Rank: 1 FORWARD AIR CORP 250.00 11,695.83 46.78 41.49 10,372.50 -1,323.33 0.101.15 1.02 FWRD, Cusip: 349853101, Div$: 0.48, MS Rating: EQWEIGHT, S & P Rank: 2 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 11 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / GENTEX CORP 1,586.00 26,157.38 16.49 15.50 24,583.00 -1,574.38 0.242.19 2.06 GNTX, Cusip: 371901109, Div$: 0.34, S & P Rank: 1 GOOGLE INC-CL A 145.00 78,372.46 540.50 638.37 92,563.65 14,191.19 0.90- - GOOGL, Cusip: 38259P508, MS Rating: OVWEIGHT, S & P Rank: 2 GRAND CANYON ED INC COM 931.00 40,183.84 43.16 37.99 35,368.69 -4,815.15 0.34- - LOPE, Cusip: 38526M106 HARMAN INTL INDS NEW 160.00 20,286.13 126.79 95.99 15,358.40 -4,927.73 0.151.45 1.10 HAR, Cusip: 413086109, Div$: 1.40, MS Rating: UNWEIGHT, S & P Rank: 1 HD SUPPLY HOLDINGS 668.00 23,748.65 35.55 28.62 19,118.16 -4,630.49 0.19- - HDS, Cusip: 40416M105, MS Rating: EQWEIGHT HEALTHSTREAM INC 403.00 11,013.18 27.33 21.81 8,789.43 -2,223.75 0.09- - HSTM, Cusip: 42222N103 HEICO CORP NEW 295.00 16,816.35 57.01 48.88 14,419.60 -2,396.75 0.140.28 0.24 HEI, Cusip: 422806109, Div$: 0.14, S & P Rank: 2 HILTON WORLDWIDE HOLDINGS INC 1,128.00 32,476.98 28.79 22.94 25,876.32 -6,600.66 0.251.22 0.97 HLT, Cusip: 43300A104, Div$: 0.28, MS Rating: OVWEIGHT HLTH CARE SVC GRP 904.00 28,196.10 31.19 33.70 30,464.80 2,268.70 0.302.12 2.29 HCSG, Cusip: 421906108, Div$: 0.72 HONEYWELL INTERNATIONAL INC 625.00 57,270.29 91.63 94.69 59,181.25 1,910.96 0.572.18 2.25 HON, Cusip: 438516106, Div$: 2.07, MS Rating: OVWEIGHT, S & P Rank: 2 HOST HOTEL & RESORTS INC 3,382.00 67,234.50 19.88 15.81 54,145.82 -13,765.08 0.525.06 4.02 HST, Cusip: 44107P104, Div$: 0.80, MS Rating: EQWEIGHT, S & P Rank: 2 HUNTINGTON INGALLS INDUSTRIES 134.00 17,722.99 132.26 107.15 14,358.10 -3,364.89 0.141.49 1.21 HII, Cusip: 446413106, Div$: 1.60, MS Rating: DC ILLUMINA INC 882.00 189.08 175.82 155,073.24 -11,692.79 1.50- Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 12 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 166,766.03 - ILMN, Cusip: 452327109, MS Rating: EQWEIGHT, S & P Rank: 1 INCYTE CORP 187.00 20,443.08 109.32 110.33 20,631.71 188.63 0.20- - INCY, Cusip: 45337C102, MS Rating: DC INNERWORKINGS INC 1,000.00 7,429.15 7.43 6.25 6,250.00 -1,179.15 0.06- - INWK, Cusip: 45773Y105, MS Rating: DC INTERCEPT PHARMACEUTICALS INC 473.00 121,266.38 256.38 165.86 78,451.78 -42,814.60 0.76- - ICPT, Cusip: 45845P108, MS Rating: UNWEIGHT INTERCONTINENTALEXCHANGE GROUP 590.00 139,281.36 236.07 234.99 138,644.10 -637.26 1.341.27 1.26 ICE, Cusip: 45866F104, Div$: 3.00, S & P Rank: 1 IPC HEALTHCARE INC COM 279.00 12,488.00 44.76 77.69 21,675.51 9,187.51 0.21- - IPCM, Cusip: 44984A105 JARDEN CORP 530.00 28,386.04 53.56 48.88 25,906.40 -2,479.64 0.25- - JAH, Cusip: 471109108 KROGER CO 572.00 21,227.34 37.11 36.07 20,632.04 -595.30 0.201.16 1.13 KR, Cusip: 501044101, Div$: 0.42, MS Rating: OVWEIGHT, S & P Rank: 1 LIBERTY GLOBAL PLC CL C NEW 385.00 17,354.41 45.08 41.02 15,792.70 -1,561.71 0.15- - LBTYK, Cusip: G5480U120, MS Rating: DC LINKEDIN CORP-A 1,115.00 236,503.97 212.11 190.13 211,994.95 -24,509.02 2.05- - LNKD, Cusip: 53578A108, MS Rating: OVWEIGHT LITHIA MOTORS INC A 173.00 16,940.68 97.92 108.11 18,703.03 1,762.35 0.180.73 0.81 LAD, Cusip: 536797103, Div$: 0.80, MS Rating: OVWEIGHT, S & P Rank: 1 LULULEMON ATHLETICA INC 315.00 20,349.66 64.60 50.65 15,954.75 -4,394.91 0.15- - LULU, Cusip: 550021109, MS Rating: OVWEIGHT MALLINCKRODT PUBLIC LTD CO 698.00 68,688.09 98.41 63.94 44,630.12 -24,057.97 0.43- - MNK, Cusip: G5785G107, MS Rating: EQWEIGHT, S & P Rank: 1 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 13 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / MANPOWERGROUP INC COM 768.00 52,730.64 68.66 81.89 62,891.52 10,160.88 0.611.95 2.33 MAN, Cusip: 56418H100, Div$: 1.60, MS Rating: DC, S & P Rank: 2 MAXIMUS INC 525.00 27,119.84 51.66 59.56 31,269.00 4,149.16 0.300.30 0.35 MMS, Cusip: 577933104, Div$: 0.18 MC DONALDS CORP 1,029.00 95,438.00 92.75 98.53 101,387.37 5,949.37 0.983.45 3.67 MCD, Cusip: 580135101, Div$: 3.40, MS Rating: EQWEIGHT, S & P Rank: 3 MCGRAW HILL FINANCIAL INC COM 401.00 37,616.42 93.81 86.50 34,686.50 -2,929.92 0.341.52 1.40 MHFI, Cusip: 580645109, Div$: 1.32, MS Rating: EQWEIGHT MEDIVATION INC - - -42.50 0.00 --- - MDVN, Cusip: 58501N101 MEDNAX INC 375.00 23,110.75 61.63 76.79 28,796.25 5,685.50 0.28- - MD, Cusip: 58502B106 MENS WEARHOUSE INC 358.00 21,223.41 59.28 42.52 15,222.16 -6,001.25 0.151.69 1.21 MW, Cusip: 587118100, Div$: 0.72, S & P Rank: 1 MERCADOLIBRE INC 1,226.00 151,173.15 123.31 91.06 111,765.84 -39,533.59 1.080.45 0.33 MELI, Cusip: 58733R102, Div$: 0.41, MS Rating: UNWEIGHT METLIFE INCORPORATED 1,919.00 97,706.49 50.92 47.15 90,480.85 -7,225.64 0.883.18 2.95 MET, Cusip: 59156R108, Div$: 1.50, MS Rating: OVWEIGHT, S & P Rank: 1 MGM RESORTS INTERNATIONAL 4,629.00 103,666.50 22.40 18.45 85,405.05 -18,261.45 0.83- - MGM, Cusip: 552953101, MS Rating: OVWEIGHT, S & P Rank: 2 MICHAELS COS INC COM - - -23.10 0.00 --- - MIK, Cusip: 59408Q106, MS Rating: OVWEIGHT MOBILE MINI INC 438.00 16,868.91 38.51 30.79 13,486.02 -3,382.89 0.132.42 1.94 MINI, Cusip: 60740F105, Div$: 0.75 MOBILEYE N.V.3,208.00 48.11 45.48 145,899.84 -8,432.94 1.41- Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 14 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 154,332.78 - MBLY, Cusip: N51488117, MS Rating: OVWEIGHT MONSANTO CO/NEW 558.00 62,890.09 112.71 85.34 47,619.72 -15,270.37 0.462.53 1.92 MON, Cusip: 61166W101, Div$: 2.16, MS Rating: OVWEIGHT, S & P Rank: 1 MONSTER BEVERAGE CORP NEW COM 1,386.00 185,430.89 133.79 135.14 187,304.04 1,873.15 1.81- - MNST, Cusip: 61174X109, MS Rating: OVWEIGHT, S & P Rank: 1 NATL INSTRUMS CP 1,072.00 31,856.89 29.72 27.79 29,790.88 -2,066.01 0.292.73 2.55 NATI, Cusip: 636518102, Div$: 0.76, S & P Rank: 2 NEOGEN CP 484.00 21,480.30 44.38 44.99 21,775.16 294.86 0.21- - NEOG, Cusip: 640491106 NIELSEN HLDGS PLC - - -44.47 0.00 --2.51 - NLSN, Cusip: G6518L108, Div$: 1.12, MS Rating: OVWEIGHT, S & P Rank: 2 NIKE INC B 1,515.00 146,075.70 96.42 122.97 186,723.75 40,223.85 1.810.91 1.16 NKE, Cusip: 654106103, Div$: 1.12, MS Rating: OVWEIGHT, S & P Rank: 1 NOODLES & COMPANY CLASS A 675.00 18,114.16 26.84 14.16 9,558.00 -8,556.16 0.09- - NDLS, Cusip: 65540B105, MS Rating: EQWEIGHT NORFOLK SOUTHERN CORP 400.00 30,011.20 75.03 76.40 30,560.00 548.80 0.303.08 3.14 NSC, Cusip: 655844108, Div$: 2.36, MS Rating: OVWEIGHT, S & P Rank: 2 NORWEGIAN CRUISE LINE HLDS INC 332.00 18,867.69 56.83 57.30 19,023.60 155.91 0.18- - NCLH, Cusip: G66721104 NOVADAQ TECH INC 755.00 10,841.08 14.36 10.43 7,874.65 -2,966.43 0.08- - NVDQ, Cusip: 66987G102 NOVO NORDISK A/S ADR 2,224.00 123,992.52 55.75 54.24 120,629.76 -3,362.76 1.170.98 0.95 NVO, Cusip: 670100205, Div$: 0.53 OLD DOMINION FREIGHT LINE 310.00 21,706.30 70.02 61.00 18,910.00 -2,796.30 0.18- - ODFL, Cusip: 679580100, MS Rating: OVWEIGHT, S & P Rank: 1 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 15 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / ORACLE CORP 2,414.00 98,692.36 40.88 36.12 87,193.68 -11,498.68 0.841.66 1.47 ORCL, Cusip: 68389X105, Div$: 0.60, MS Rating: OVWEIGHT, S & P Rank: 2 O'REILLY AUTOMOTIVE INC NEW 23.00 5,708.91 248.21 250.00 5,750.00 41.09 0.06- - ORLY, Cusip: 67103H107, MS Rating: OVWEIGHT, S & P Rank: 2 PALO ALTO NETWORKS INC 120.00 16,403.31 136.69 172.00 20,640.00 4,236.69 0.20- - PANW, Cusip: 697435105, MS Rating: OVWEIGHT PAYCOM SOFTWARE INC 206.00 7,138.67 34.65 35.91 7,397.46 258.79 0.07- - PAYC, Cusip: 70432V102 PEGASYSTEMS INC 858.00 16,765.93 19.54 24.61 21,141.12 4,349.45 0.200.48 0.61 PEGA, Cusip: 705573103, Div$: 0.12 POWER INTEGRATIONS INC 360.00 17,825.75 49.52 42.17 15,181.20 -2,644.55 0.151.13 0.96 POWI, Cusip: 739276103, Div$: 0.48 PRA GROUP INC 520.00 29,709.80 57.13 52.92 27,518.40 -2,191.40 0.27- - PRAA, Cusip: 69354N106, S & P Rank: 1 PRICELINE GRP INC COM NEW 122.00 140,396.92 1,150.79 1,236.86 150,896.92 10,500.00 1.46- - PCLN, Cusip: 741503403, MS Rating: EQWEIGHT, S & P Rank: 2 PROS HLDG INC 847.00 18,767.75 22.16 22.14 18,752.58 -15.17 0.18- - PRO, Cusip: 74346Y103 PROTO LABS 440.00 29,007.66 65.93 67.00 29,480.00 472.34 0.29- - PRLB, Cusip: 743713109, MS Rating: DC QUALCOMM INC 1,716.00 115,707.56 67.43 53.73 92,200.68 -23,506.88 0.893.57 2.85 QCOM, Cusip: 747525103, Div$: 1.92, MS Rating: OVWEIGHT, S & P Rank: 1 RAYMOND JAMES FINCL INC 352.00 19,380.39 55.06 49.63 17,533.12 -1,910.63 0.171.45 1.31 RJF, Cusip: 754730109, Div$: 0.72, S & P Rank: 1 REGIONS FINANCIAL CORP NEW 6,338.00 9.55 9.01 57,485.66 -3,398.86 0.562.66 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 16 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 60,504.24 2.51 RF, Cusip: 7591EP100, Div$: 0.24, MS Rating: OVWEIGHT, S & P Rank: 1 RITCHIE BROTHERS AUCTIONEERS 1,052.00 27,049.95 25.71 25.88 27,225.76 175.81 0.262.47 2.49 RBA, Cusip: 767744105, Div$: 0.64 ROLLINS INC 619.00 13,424.43 21.69 26.87 16,632.53 3,208.10 0.161.19 1.47 ROL, Cusip: 775711104, Div$: 0.32 SBA COMMUNICATIONS CORP 368.00 41,390.94 112.48 104.74 38,544.32 -2,846.62 0.37- - SBAC, Cusip: 78388J106, MS Rating: OVWEIGHT, S & P Rank: 1 SCIQUEST INC NEW COM 1,014.00 16,045.25 15.82 10.00 10,140.00 -5,905.25 0.10- - SQI, Cusip: 80908T101 SEI INVESTMENTS CO 543.00 21,694.22 39.95 48.23 26,188.89 4,494.67 0.250.99 1.20 SEIC, Cusip: 784117103, Div$: 0.48 SERVICEMASTER GLOBAL HLDGS INC 995.00 31,284.67 31.44 33.55 33,382.25 2,097.58 0.32- - SERV, Cusip: 81761R109, MS Rating: OVWEIGHT SERVICENOW INC 2,430.00 182,065.21 74.92 69.45 168,763.50 -13,301.71 1.63- - NOW, Cusip: 81762P102, MS Rating: OVWEIGHT SKYWORKS SOLUTIONS INC 1,001.00 87,749.46 87.66 84.21 84,294.21 -3,455.25 0.821.23 1.18 SWKS, Cusip: 83088M102, Div$: 1.04, MS Rating: DC, S & P Rank: 2 SPLUNK INC 2,608.00 166,079.85 63.68 55.35 144,352.80 -21,727.05 1.40- - SPLK, Cusip: 848637104, MS Rating: OVWEIGHT SPS COMMERCE INC COM 419.00 22,833.89 54.50 67.89 28,445.91 5,612.02 0.28- - SPSC, Cusip: 78463M107 STRATASYS LTD SHS 712.00 24,107.97 33.86 26.49 18,860.88 -5,247.09 0.18- - SSYS, Cusip: M85548101, MS Rating: DC, S & P Rank: 2 SYNCHRONY FINANCIAL 2,100.00 51,598.49 24.57 31.30 65,730.00 14,131.51 0.64- - SYF, Cusip: 87165B103, MS Rating: OVWEIGHT Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 17 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / TABLEAU SOFTWARE INC CL-A 236.00 22,930.92 97.17 79.78 18,828.08 -4,102.84 0.18- - DATA, Cusip: 87336U105, MS Rating: OVWEIGHT TASER INTL INC 742.00 18,963.79 25.56 22.03 16,342.55 -2,621.22 0.16- - TASR, Cusip: 87651B104 TESLA MOTORS INC 559.00 133,549.85 238.91 248.40 138,855.60 5,305.75 1.34- - TSLA, Cusip: 88160R101, MS Rating: OVWEIGHT, S & P Rank: 3 THE ADVISORY BOARD CO 634.00 31,060.47 48.99 45.54 28,872.36 -2,188.11 0.28- - ABCO, Cusip: 00762W107, MS Rating: DC TILE SHOP HLDGS INC COM 1,040.00 9,162.20 8.81 11.98 12,459.20 3,297.00 0.12- - TTS, Cusip: 88677Q109 TRACTOR SUPPLY CO - - -84.32 0.00 --0.94 - TSCO, Cusip: 892356106, Div$: 0.80, MS Rating: EQWEIGHT, S & P Rank: 2 TYSON FOODS INC CL A 1,511.00 66,983.23 44.33 43.10 65,124.10 -1,859.13 0.630.92 0.89 TSN, Cusip: 902494103, Div$: 0.40, MS Rating: DC, S & P Rank: 1 ULTA SALON COS & FRAGR INC 105.00 17,702.47 168.60 163.35 17,151.75 -550.72 0.17- - ULTA, Cusip: 90384S303, MS Rating: EQWEIGHT ULTIMATE SOFTWARE GP INC 290.00 41,065.94 141.61 179.01 51,912.90 10,846.96 0.50- - ULTI, Cusip: 90385D107, S & P Rank: 2 UNDER ARMOUR INC CL A 191.00 15,648.19 81.93 96.78 18,484.98 2,836.79 0.18- - UA, Cusip: 904311107, MS Rating: EQWEIGHT, S & P Rank: 1 UNITED NATURAL FOODS INC 452.00 33,077.16 73.18 48.51 21,926.52 -11,150.64 0.21- - UNFI, Cusip: 911163103, MS Rating: EQWEIGHT, S & P Rank: 1 UNITED PARCEL SER INC CL-B 1,004.00 102,424.47 102.02 98.69 99,084.76 -3,339.71 0.962.95 2.85 UPS, Cusip: 911312106, Div$: 2.92, MS Rating: EQWEIGHT, S & P Rank: 1 UNIVERSAL HEALTH SERVICES B 506.00 107.12 124.81 63,153.86 8,949.72 0.610.32 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 18 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 54,204.14 0.37 UHS, Cusip: 913903100, Div$: 0.40, MS Rating: DC, S & P Rank: 2 VAIL RESORTS 161.00 16,845.48 104.63 104.68 16,853.48 8.00 0.162.37 2.37 MTN, Cusip: 91879Q109, Div$: 2.49, S & P Rank: 1 VANTIV INC CL-A 526.00 18,419.80 35.02 44.92 23,627.92 5,208.12 0.23- - VNTV, Cusip: 92210H105, MS Rating: OVWEIGHT VCA ANTECH INC 402.00 21,180.10 52.69 52.65 21,165.30 -14.80 0.21- - WOOF, Cusip: 918194101 VERINT SYSTEMS INC 485.00 27,252.28 56.19 43.15 20,927.75 -6,324.53 0.20- - VRNT, Cusip: 92343X100 VERISK ANALYTICS INC COM 372.00 25,523.58 68.61 73.91 27,494.52 1,970.94 0.27- - VRSK, Cusip: 92345Y106, MS Rating: OVWEIGHT VERIZON COMMUNICATIONS 1,981.00 95,133.31 48.02 43.51 86,193.31 -8,940.00 0.835.19 4.70 VZ, Cusip: 92343V104, Div$: 2.26, MS Rating: OVWEIGHT, S & P Rank: 2 VERTEX PHARMACEUTICALS 1,574.00 173,873.85 110.47 104.14 163,916.36 -9,957.49 1.59- - VRTX, Cusip: 92532F100, MS Rating: EQWEIGHT, S & P Rank: 1 VISA INC CL A 2,235.00 140,953.31 63.07 69.66 155,690.10 14,736.79 1.510.68 0.75 V, Cusip: 92826C839, Div$: 0.48, MS Rating: OVWEIGHT, S & P Rank: 2 VULCAN MATERIALS CO 190.00 14,631.60 77.01 89.20 16,948.00 2,316.40 0.160.44 0.51 VMC, Cusip: 929160109, Div$: 0.40, S & P Rank: 1 WABCO HLDGS INC 132.00 16,997.86 128.77 104.83 13,837.56 -3,160.30 0.13- - WBC, Cusip: 92927K102, MS Rating: EQWEIGHT WABTEC 325.00 27,923.48 85.92 88.05 28,616.25 692.77 0.280.36 0.37 WAB, Cusip: 929740108, Div$: 0.32 WILLIS GROUP HOLDINGS PLC 1,321.00 54,831.57 41.51 40.97 54,530.88 -710.20 0.533.02 2.98 WSH, Cusip: G96666105, Div$: 1.24, MS Rating: OVWEIGHT, S & P Rank: 2 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 19 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH STOCK / OPTIONS (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / WORKDAY INC CL A 261.00 22,364.15 85.69 68.86 17,972.46 -4,391.69 0.17- - WDAY, Cusip: 98138H101, MS Rating: EQWEIGHT ZAYO GROUP HOLDINGS,INC.892.00 23,472.44 26.31 25.36 22,621.12 -851.32 0.22- - ZAYO, Cusip: 98919V105, MS Rating: OVWEIGHT ZELTIQ AESTHETICS INC COM 554.00 18,195.45 32.84 32.03 17,744.62 -450.83 0.17- - ZLTQ, Cusip: 98933Q108 ZOETIS INC CLASS-A 674.00 31,050.77 46.07 41.18 27,755.32 -3,295.45 0.270.80 0.72 ZTS, Cusip: 98978V103, Div$: 0.33, MS Rating: EQWEIGHT, S & P Rank: 2 Stock / Options Total $9,649,060.83 $9,344,619.56 -$309,975.68 90.38% CORPORATE FIXED INCOME Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % ofTotal Cost Yield on CostCurrent Yield / ABBVIE INC 16,000.00 $15,580.32 $0.97 $97.43 $15,774.72 $8.80 0.15%2.97 2.97 % % Cusip: 00287YAL3, Moody's Rating: BAA1, S & P Rating: A, Maturity Date: 11/6/2022, Coupon: 2.900, Accrued Interest: $185.600 ACTAVIS FUNDING SCS 15,000.00 14,863.95 0.99 98.31 14,914.94 -117.45 0.143.91 3.88 Cusip: 00507UAF8, Moody's Rating: BAA3, S & P Rating: BBB-, Maturity Date: 6/15/2024, Coupon: 3.850, Call Date: 3/15/2024, Call Price: 100.000, Accrued Interest: $168.437 AMAZON.COM INC 15,000.00 14,893.95 0.99 99.58 14,997.95 43.50 0.151.20 1.20 Cusip: 023135AH9, Moody's Rating: BAA1, S & P Rating: AA-, Maturity Date: 11/29/2017, Coupon: 1.200, Accrued Interest: $60.500 AMERICAN EXPRESS 13,000.00 14,627.35 1.13 112.35 14,633.31 -21.85 0.146.23 6.22 Cusip: 025816AY5, Moody's Rating: A3, S & P Rating: BBB+, Maturity Date: 3/19/2018, Coupon: 7.000, Accrued Interest: $27.806 APPLE INC 16,000.00 15,779.84 0.99 96.92 15,663.68 -272.96 0.152.47 2.43 Cusip: 037833AK6, Moody's Rating: AA1, S & P Rating: AA+, Maturity Date: 5/3/2023, Coupon: 2.400, Accrued Interest: $156.800 AT&T INC 15,000.00 15,061.62 1.00 100.38 15,140.54 -5.37 0.151.69 1.69 Cusip: 00206RBF8, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 6/1/2017, Coupon: 1.700, Accrued Interest: $84.292 BANK OF AMERICA CORP 22,000.00 22,287.75 1.01 104.54 23,170.00 710.83 0.223.94 4.07 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 20 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH CORPORATE FIXED INCOME (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / Cusip: 06051GFB0, Moody's Rating: BAA1, S & P Rating: A-, Maturity Date: 1/22/2024, Coupon: 4.125, Accrued Interest: $171.417 BB&T CORPORATION 15,000.00 15,192.26 1.01 101.32 15,205.02 5.59 0.152.12 2.12 Cusip: 05531FAK9, Moody's Rating: A2, S & P Rating: A-, Maturity Date: 3/22/2017, Coupon: 2.150, Call Date: 2/22/2017, Call Price: 100.000, Accrued Interest: $7.167 CATERPILLAR INC 14,000.00 14,964.49 1.07 107.71 15,266.09 115.05 0.153.62 3.65 Cusip: 149123BV2, Moody's Rating: A2, S & P Rating: A, Maturity Date: 5/27/2021, Coupon: 3.900, Accrued Interest: $186.550 CBS CORP 15,000.00 15,323.81 1.02 99.37 14,946.73 -417.86 0.153.39 3.30 Cusip: 124857AG8, Moody's Rating: BAA2, S & P Rating: BBB, Maturity Date: 3/1/2022, Coupon: 3.375, Call Date: 12/1/2021, Call Price: 100.000, Accrued Interest: $40.781 CITIGROUP INC 15,000.00 15,230.19 1.02 101.71 15,419.15 26.46 0.153.68 3.69 Cusip: 172967HT1, Moody's Rating: BAA1, S & P Rating: A-, Maturity Date: 6/16/2024, Coupon: 3.750, Accrued Interest: $162.500 DEVON ENERGY CORPORATION 16,000.00 16,024.03 1.00 96.03 15,559.16 -659.87 0.153.38 3.24 Cusip: 25179MAP8, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 5/15/2022, Coupon: 3.250, Call Date: 2/15/2022, Call Price: 100.000, Accrued Interest: $195.000 DIRECTV HOLDINGS/FING 15,000.00 15,990.29 1.07 102.58 15,719.35 -602.84 0.154.33 4.17 Cusip: 25459HBL8, Moody's Rating: BAA2, S & P Rating: BBB, Maturity Date: 4/1/2024, Coupon: 4.450, Call Date: 1/1/2024, Call Price: 100.000, Accrued Interest: $331.896 ENERGY TRANSFER PARTNERS 12,000.00 14,326.56 1.19 117.45 14,588.88 -232.68 0.147.66 7.54 Cusip: 29273RAM1, Moody's Rating: BAA3, S & P Rating: BBB-, Maturity Date: 4/15/2019, Coupon: 9.000, Accrued Interest: $495.000 EXXON MOBIL CORP 15,000.00 15,167.48 1.01 100.62 15,112.57 -74.03 0.151.90 1.89 Cusip: 30231GAG7, Moody's Rating: AAA, S & P Rating: AAA, Maturity Date: 3/6/2020, Coupon: 1.912, Call Date: 2/6/2020, Call Price: 100.000, Accrued Interest: $19.120 GOLDMAN SACHS GROUP INC 15,000.00 15,549.89 1.04 101.30 15,298.31 -354.29 0.153.57 3.49 Cusip: 38141GRD8, Moody's Rating: A3, S & P Rating: A-, Maturity Date: 1/22/2023, Coupon: 3.625, Accrued Interest: $102.708 INGERSOLL-RAND FIN I 13,000.00 14,633.07 1.13 114.60 15,009.72 264.93 0.155.99 6.10 Cusip: 45687AAA0, Moody's Rating: BAA2, S & P Rating: BBB, Maturity Date: 8/15/2018, Coupon: 6.875, Accrued Interest: $111.719 INTEL CORP 15,000.00 15,042.20 1.00 101.59 15,316.69 195.70 0.153.05 3.09 Cusip: 458140AR1, Moody's Rating: A1, S & P Rating: A+, Maturity Date: 7/29/2022, Coupon: 3.100, Accrued Interest: $78.792 JP MORGAN CHASE & CO 14,000.00 15,437.97 1.10 107.90 15,221.08 -332.39 0.154.17 4.08 Cusip: 46625HJD3, Moody's Rating: A3, S & P Rating: A, Maturity Date: 1/24/2022, Coupon: 4.500, Accrued Interest: $115.500 KIMCO REALTY CORP 16,000.00 1.00 97.05 15,693.92 -423.52 0.153.21 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 21 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH CORPORATE FIXED INCOME (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / 15,952.16 3.13 Cusip: 49446RAK5, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 6/1/2023, Coupon: 3.125, Call Date: 3/1/2023, Call Price: 100.000, Accrued Interest: $165.278 KINDER MORGAN ENER PART 15,000.00 15,126.67 1.01 95.63 14,386.04 -782.92 0.143.66 3.47 Cusip: 494550BT2, Moody's Rating: BAA3, S & P Rating: BBB-, Maturity Date: 3/1/2021, Coupon: 3.500, Call Date: 1/1/2021, Call Price: 100.000, Accrued Interest: $42.292 KOHLS CORPORATION 15,000.00 14,233.35 0.95 96.80 14,599.30 286.05 0.143.35 3.42 Cusip: 500255AS3, Moody's Rating: BAA1, S & P Rating: BBB, Maturity Date: 2/1/2023, Coupon: 3.250, Call Date: 11/1/2022, Call Price: 100.000, Accrued Interest: $79.896 KRAFT FOODS INC 15,000.00 15,172.47 1.01 101.10 15,253.26 -6.87 0.154.07 4.07 Cusip: 50075NBB9, Moody's Rating: BAA1, S & P Rating: BBB, Maturity Date: 2/9/2016, Coupon: 4.125, Accrued Interest: $87.656 MIDAMERICAN ENERGY HLDGS 13,000.00 14,280.50 1.10 109.64 14,625.13 -27.04 0.145.24 5.23 Cusip: 59562VAT4, Moody's Rating: A3, S & P Rating: BBB+, Maturity Date: 4/1/2018, Coupon: 5.750, Accrued Interest: $371.674 NOMURA HOLDINGS INC 15,000.00 15,059.37 1.00 100.50 15,089.17 15.63 0.151.99 1.99 Cusip: 65535HAD1, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 9/13/2016, Coupon: 2.000, Accrued Interest: $14.167 NORFOLK SOUTHERN CORP 14,000.00 14,197.71 1.01 101.36 14,358.11 -7.31 0.145.67 5.67 Cusip: 655844BB3, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 1/15/2016, Coupon: 5.750, Accrued Interest: $167.708 NORTHROP GRUMMAN CORP 15,000.00 14,776.80 0.99 99.69 15,040.57 177.00 0.151.75 1.77 Cusip: 666807BF8, Moody's Rating: BAA2, S & P Rating: BBB, Maturity Date: 6/1/2018, Coupon: 1.750, Accrued Interest: $86.771 ORACLE CORP 15,000.00 15,397.21 1.03 101.93 15,363.42 -108.01 0.152.33 2.31 Cusip: 68389XAQ8, Moody's Rating: A1, S & P Rating: AA-, Maturity Date: 1/15/2019, Coupon: 2.375, Accrued Interest: $74.219 PLAINS EXPLORATION & PRO 15,000.00 16,749.50 1.12 88.48 13,400.16 -3,478.25 0.137.77 6.16 Cusip: 726505AP5, Moody's Rating: BAA3, S & P Rating: BBB-, Maturity Date: 2/15/2023, Coupon: 6.875, Call Date: 2/15/2018, Call Price: 103.438, Accrued Interest: $128.906 PNC FUNDING CORP 15,000.00 14,943.45 1.00 102.97 15,476.35 502.65 0.153.20 3.31 Cusip: 693476BN2, Moody's Rating: A3, S & P Rating: A-, Maturity Date: 3/8/2022, Coupon: 3.300, Call Date: 2/6/2022, Call Price: 100.000, Accrued Interest: $30.250 PRUDENTIAL FINL INC 14,000.00 15,787.25 1.13 112.69 15,983.96 -10.23 0.164.76 4.76 Cusip: 74432QBM6, Moody's Rating: BAA1, S & P Rating: A, Maturity Date: 6/21/2020, Coupon: 5.375, Accrued Interest: $206.938 ROYAL BANK OF CANADA 15,000.00 15,029.31 1.00 100.23 15,041.29 5.04 0.150.79 0.79 Cusip: 78010UBZ9, Moody's Rating: AA3, S & P Rating: AA-, Maturity Date: 9/9/2016, Coupon: 0.793, Accrued Interest: $6.939 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 22 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH CORPORATE FIXED INCOME (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / RYDER SYSTEM INC 15,000.00 15,147.12 1.01 100.24 15,162.59 -110.97 0.152.54 2.52 Cusip: 78355HJW0, Moody's Rating: BAA1, S & P Rating: BBB, Maturity Date: 6/1/2019, Coupon: 2.550, Call Date: 5/1/2019, Call Price: 100.000, Accrued Interest: $126.437 SEMPRA ENERGY 14,000.00 14,503.21 1.04 103.51 14,792.35 -11.67 0.146.27 6.27 Cusip: 816851AN9, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 6/1/2016, Coupon: 6.500, Accrued Interest: $300.806 SOUTHERN CO 15,000.00 15,245.42 1.02 101.11 15,195.80 -79.22 0.152.42 2.41 Cusip: 842587CJ4, Moody's Rating: BAA1, S & P Rating: BBB+, Maturity Date: 9/1/2018, Coupon: 2.450, Accrued Interest: $29.604 THE KROGER CO 15,000.00 15,320.11 1.02 102.61 15,495.23 71.99 0.153.21 3.23 Cusip: 501044CX7, Moody's Rating: BAA2, S & P Rating: BBB, Maturity Date: 1/15/2021, Coupon: 3.300, Call Date: 12/15/2020, Call Price: 100.000, Accrued Interest: $103.125 TOYOTA MOTOR CREDIT CORP 15,000.00 14,984.25 1.00 100.33 15,113.10 65.10 0.152.11 2.12 Cusip: 89236TBP9, Moody's Rating: AA3, S & P Rating: AA-, Maturity Date: 7/18/2019, Coupon: 2.125, Accrued Interest: $63.750 UNITEDHEALTH GROUP INC 14,000.00 15,170.69 1.08 111.31 15,665.51 412.57 0.154.22 4.34 Cusip: 91324PBP6, Moody's Rating: A3, S & P Rating: A+, Maturity Date: 2/15/2021, Coupon: 4.700, Call Date: 11/15/2020, Call Price: 100.000, Accrued Interest: $82.250 US BANCORP 15,000.00 14,983.05 1.00 101.61 15,383.28 258.15 0.152.16 2.20 Cusip: 91159HHH6, Moody's Rating: A1, S & P Rating: A+, Maturity Date: 4/25/2019, Coupon: 2.200, Call Date: 3/25/2019, Call Price: 100.000, Accrued Interest: $142.083 WALGREENS BOOTS ALLIANCE 15,000.00 15,173.20 1.01 101.32 15,379.20 24.50 0.153.25 3.26 Cusip: 931427AF5, Moody's Rating: BAA2, S & P Rating: BBB, Maturity Date: 11/18/2021, Coupon: 3.300, Call Date: 9/18/2021, Call Price: 100.000, Accrued Interest: $181.500 WELLS FARGO & COMPANY 15,000.00 15,045.46 1.00 99.53 14,997.36 -115.66 0.153.46 3.43 Cusip: 94974BFJ4, Moody's Rating: A3, S & P Rating: A, Maturity Date: 2/13/2023, Coupon: 3.450, Accrued Interest: $67.562 Corporate Fixed Income Total $628,255.28 $628,452.96 -$5,063.72 6.08% GOVERNMENT SECURITIES Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % ofTotal Cost Yield on CostCurrent Yield / FED HOME LN MTG CORP MED TERM NOTE 3,000.00 $3,047.27 $1.02 $102.99 $3,104.97 $42.46 0.03%2.30 2.33 % % Cusip: 3137EADB2, Moody's Rating: AAA, S & P Rating: AA+, Maturity Date: 1/13/2022, Coupon: 2.375, Accrued Interest: $15.240 FED NATL MTG ASSN 24,000.00 24,349.50 1.02 101.96 24,587.55 121.38 0.241.71 1.72 Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 23 of 31 POSITIONS - ADVISORY ASSETS ONLY Reporting Currency: USDAs of September 30, 2015CITY OF ATLANTIC BEACH GOVERNMENT SECURITIES (CONTINUED) Security Description Price Average Unit Cost / Quantity Unrealized Gain/Loss PortfolioTotal Value % of Total Cost Yield on Cost Current Yield / Cusip: 3135G0ZE6, Moody's Rating: AAA, S & P Rating: AA+, Maturity Date: 6/20/2019, Coupon: 1.750, Accrued Interest: $116.667 FED NATL MTG ASSN 45,000.00 43,985.70 0.98 100.15 45,125.73 1,083.15 0.440.87 0.89 Cusip: 3135G0TG8, Moody's Rating: AAA, S & P Rating: AA+, Maturity Date: 2/8/2018, Coupon: 0.875, Accrued Interest: $56.875 FED NATL MTG ASSN 23,000.00 23,300.92 1.01 102.41 23,593.40 252.23 0.232.56 2.59 Cusip: 3135G0ZR7, Moody's Rating: AAA, S & P Rating: AA+, Maturity Date: 9/6/2024, Coupon: 2.625, Accrued Interest: $40.250 Government Securities Total $94,683.39 $96,411.64 $1,499.22 0.93% $10,371,999.50 $10,339,986.26 -$313,540.18 100.00%TOTAL PORTFOLIO Unrealized Gain/Loss value does not reflect interest and dividend accruals. POSITIONS Page 24 of 31 Reporting Currency: USDAs of December 14, 2015CITY OF ATLANTIC BEACH TIME WEIGHTED PERFORMANCE DETAIL - ADVISORY ASSETS ONLY RETURN % (NET OF FEES) VS. BENCHMARKS to 12/14/1512/31/10 - 12/14/1512/31/12 - 12/14/1512/31/14 - 12/14/1512/31/14 - 12/14/1509/30/15 - 12/14/1511/30/15 - 12/14/15 Month to Date Performance InceptionLast 5 YearsLast 3 YearsLast 12 MonthsYear to DateQuarter to Date % of Portfolio Total Value Performance Inception DateAccount Name/Benchmark Account Number 03/12/10 $13,758,995.24 100.00 5.34 1.75 1.75 6.27 5.32 6.38%%-2.60 %%%%%%ADVISORY 454-012940 04/24/13 4,707,968.27 34.22 -0.59 0.31 0.31 --0.72-0.27CITY OF ATLANTIC BEACH ( Sage Advisory - Intermediate Taxable ) BC CR INTM -0.16 1.03--1.251.25-0.52 454-014750 11/10/15 3,059,696.64 22.24 ------2.88-3.53GENERAL EMPLOYEE RETIREMENT ( Consulting Group Advisor )Custom Account Index ------- 454-109635 03/12/10 2,010,067.39 14.61 8.58 5.02 5.02 14.72 11.41 12.22-2.79GENERAL EMPLOYEE RETIREMENT ( Columbia Mgmt - Select LC Grwth ) Russell 1000 Gr -2.25 13.9413.5016.814.824.826.46 454-109636 03/12/10 1,805,077.97 13.12 6.41 2.82 2.82 12.85 7.62 8.71-3.11GENERAL EMPLOYEE RETIREMENT ( JP Morgan - Equity Income SMA ) Russell 1000 VL -3.86 11.2211.0012.64-5.51-5.513.79 454-109638 03/12/10 1,088,978.67 7.91 1.73 -3.60 -3.60 10.35 10.50 12.00-5.11GENERAL EMPLOYEE RETIREMENT ( Riverbridge Partners - SMID Growth ) Russell 2500 GR -5.35 12.9111.1314.07-2.07-2.071.85 454-109637 03/12/10 1,087,206.30 7.90 -0.78 -5.97 -5.97 8.21 4.49 6.99-5.91GENERAL EMPLOYEE RETIREMENT ( Boston Partners - Smid Cap Value ) Russell 2500 VL -6.49 10.218.899.94-7.38-7.380.71 454-109639 03/12/10 ---------GENERAL EMPLOYEE RETIREMENT ( AAA ) 454-109640 03/12/10 ---------GENERAL EMPLOYEE RETIREMENT ( AAA ) 454-109641 03/12/10 ---------GENERAL EMPLOYEE RETIREMENT ( AAA ) 454-013202 10/21/13 ---------CITY OF ATLANTIC BEACH ( AAA ) 454-013196 10/21/13 ---------CITY OF ATLANTIC BEACH ( AAA ) 454-013201 10/21/13 ---------CITY OF ATLANTIC BEACH ( AAA ) Inception dates for advisory account(s) reflect the most recent advisory program or discretion change.The investment returns shown on this page are time-weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. PERFORMANCE Page 25 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH Explanatory Notes and Disclosures: This document is designed to assist you and your Financial Advisor in understanding portfolio positions, composition and subsets thereof. It is designed solely for your individual use, is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Do not take action relying on this information without confirming its accuracy and completeness. Please read carefully all accompanying notes and disclosures provided in this Document. For convenience purposes, your Financial Advisor may have assigned a designated name for this Document. The list of the accounts covered in this document is noted herein and may not include all of your accounts with us. Furthermore, the information included in this document may not include all asset classes/securities held by you at the firm. Please review this document carefully and discuss any questions you may have with your Financial Advisor. If you do not understand an entry, suspect an error, or want more details on current values or other information, contact your Financial Advisor. This document is based upon your Morgan Stanley account holdings and may include other holdings/information that you or a third party provided about assets custodied elsewhere. Morgan Stanley will not verify any other holdings/information. If any information reflects assets held away from Morgan Stanley, that will be indicated. The information contained in this document is subject to, and does not supersede the confirmations and account statements you receive from us. Values shown in your official account statement may differ from the values shown in this document due to, among other things, different reporting methods, delays, market conditions and interruptions. If there are discrepancies between your official account statement and this document, rely on your official account statement. The information in this document is approximate and subject to updating, correction and other changes. We are not obligated to notify you if information changes. Although the statements of fact and data in this document have been obtained from, and are based upon sources that we believe to be reliable, we do not guarantee their accuracy, or timeliness, and any such information may be incomplete or condensed. Percentage values shown in this document are subject to rounding, which may impact total values. The values of securities and other investments not actively traded may be estimated or may not be available. This information is provided for informational purposes only and should not be used for tax preparation. The information reported on your Form(s) 1099 supersedes the information provided in this report and should be exclusively relied upon for tax preparation. Morgan Stanley, its affiliates and its employees are not in the business of providing tax or legal advice. This Document and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with promotion or marketing of the transaction(s) or matters addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Morgan Stanley Smith Barney LLC, member SIPC. Asset Classification: We classify assets based on general characteristics such as: income generation, underlying capital structure, or exposure to certain market sectors. As many assets contain characteristics of more than one asset class, allocations may be under or over inclusive. Asset allocations may differ from product allocations. The Other asset class contains securities that are not included in the various asset class classifications. This can include, but is not limited to, non-traditional investments such as some Equity Unit Trusts, Index Options and Structured Investments issued outside of Morgan Stanley. Additionally, investments for which we are unable to procure market data to properly classify them will appear in the Other category. Additional information about your Floating Rate Notes: For floating rate securities, the estimated accrued interest and estimated annual income are based on the current floating coupon rate and may not reflect historic rates within the accrual period. Performance: Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The investment results depicted herein represent historical performance. As a result of recent market activity, current performance may vary from the figures shown. Please contact your Financial Advisor for up to date performance information. Past performance is not a guarantee of future results. Market values used for performance calculation do not include performance ineligible assets and thus may differ from asset allocation market values. Common examples of performance ineligible assets include life insurance, some annuities and assets held externally. Unless otherwise indicated, performance is a composite calculation on the entire portfolio and may include brokerage and investment advisory accounts, as well as assets for different accounts included in this report. The accounts included in the composite may have (or have had) different investment objectives and strategies, been subject to different restrictions, and incurred different types of fees, markups, commissions and other charges. Accordingly, performance results may blend the performance of assets and strategies that may not have been available in all of the accounts at all times during the reporting period. In addition, accounts in the composite may have changed from brokerage to advisory or vice versa. Accounts may also have moved from one advisory program to another (including from a discretionary program to a non-discretionary program). Performance information may cover the full history of the account(s) or just the performance of an account(s) since the inception of the current program(s). Performance results on individual accounts will vary and may differ from the composite returns. Your Financial Advisor can provide you with individual account portfolio composition and performance information. For investment advisory accounts, please see the Morgan Stanley Smith Barney Form ADV Part 2 or applicable disclosure brochure. For brokerage accounts, please speak to your Financial Advisor for more information on commissions and other account fees and expenses. Performance inception date does not necessarily correspond to the account opening date. Where multiple accounts are included in performance DISCLOSURES DISCLOSURES Page 26 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH calculations, the inception date is the oldest performance inception. Performance data may not be available for all periods as some accounts included in performance may have more recent performance inception dates. Consequently, the actual performance for a group of accounts may differ from reported performance. Please ask your Financial Advisor for the performance inception date for each account. Gross of Fees: As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2% annual fee, if the gross performance is 10% per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 7.81% per year over a three year period, and the total value of the client's portfolio at the end of the three year period would be approximately $133,100 without the fees and $125,307 with the fees. Indices: Benchmark indices and blends included in this material are for informational purposes only, are provided solely as a comparison tool and may not reflect the underlying composition and/or investment objective(s) associated with the account(s). In some circumstances, the benchmark index may not be an appropriate benchmark for use with the specific composite portfolio. For instance, an index may not take into consideration certain changes that may have occurred in the portfolio since the inception of the account(s), (e.g., changes from a brokerage to an advisory account or from one advisory program to another, asset class changes, or index changes for individual managers). The volatility of the index used for comparison may be materially different from that of the performance shown. Indices are unmanaged and not available for direct investment. Index returns do not take into account fees or other charges. Such fees and charges would reduce performance. Please see the Benchmark Definitions section of this material for additional information on the indices used for comparison. Realized/Unrealized Gain/Loss: The gain and loss information is provided for informational purposes only, may not be complete, is not a substitute 1099 form (or any other appropriate tax form), and should not be used for tax planning or preparation. Gain and loss values are estimates and should be independently verified. We are not responsible for any gain and loss information provided by you or another financial institution. You are responsible for ensuring the accuracy of such information. Projected Next 12 Months income: Projected Next 12 Months income includes cash income such as interest and cash dividends, based on current yields and does not include income from external accounts. These are projections and the actual income may be lower or higher than the projections. Bank Deposit Program: Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank. Unless specifically disclosed in writing, other investments and services offered through Morgan Stanley Smith Barney LLC are not insured by the Federal Deposit Insurance Corporation (FDIC), are not deposits or other obligations of, or guaranteed by, a Bank and involve risks, including possible loss of principal amount invested. Bank Deposit Program balances are held at (1) Morgan Stanley Bank, N.A., and/or Morgan Stanley Private Bank, National Association, affiliates of Morgan Stanley Smith Barney, or (2) Citibank, N.A., each Members FDIC. Certificates of Deposit (CD's): CDs are insured by the FDIC, an independent agency of the U.S. Government, up to a maximum amount of $250,000 (including principal and accrued interest) for all deposits held in the same insurable capacity (e.g. individual account, joint account, IRA etc.) per CD depository. Investors are responsible for monitoring the total amount held with each CD depository. All deposits at a single depository held in the same insurable capacity will be aggregated for purposes of the $250 ,000 federal deposit insurance limit, including deposits (such as bank accounts) maintained directly with the depository and CDs of the depository held through Morgan Stanley Smith Barney. A secondary market in CDs may be limited. CDs sold prior to maturity are subject to market risk and therefore investors may receive more or less than the amount invested or the face value. Callable CDs are callable at the sole discretion of the issuer. For more information about FDIC insurance, please visit the FDIC website at www.fdic.gov. Global Currency Deposits: Global Currency deposits are held at Morgan Stanley Private Bank, National Association ("MSPBNA"), Member FDIC. Morgan Stanley Smith Barney LLC and MSPBNA are affiliates. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank. Unless specifically disclosed in writing, other investments and services offered through Morgan Stanley Smith Barney are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, a bank and involve investment risks, including possible loss of principal amount invested. FDIC insurance does not protect against losses due to exchange rate movements. GENERAL DEFINITIONS Total Value: Total Value represents the Market Value of the portfolio or of a given Asset Class inclusive of interest and dividend accruals. Total Value for Asset Allocation before January 2014 does not include accruals. DISCLOSURES Page 27 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH Time-Weighted Return: A return calculation that measures the performance of one dollar invested over the reporting period. As time-weighted returns do not include the impact of timing of contributions and withdrawals, they can be compared to market indices and used to evaluate the performance of an investment or manager. Gross of Fees: Performance results depicted as "gross" of fees do not reflect the deduction of any wrap fee, investment management fee, trade commissions, and/or other account fees. Your actual returns are lower after deducting these expenses. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Net of Fees: Performance results depicted as "net" of fees shall mean that any wrap fee, investment management fees, trade commissions, and/or other account fees have been deducted. Any other fees or expenses associated with the account, such as third party custodian fees, may not have been deducted. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Net Contributions/Withdrawals: The net value of cash and securities contributed to or withdrawn from the account(s) during the reporting period. Net contributions and withdrawals may include advisory fees for advisory accounts. Appreciation/Depreciation: The total portfolio value increase or decrease over the reporting period excluding net contributions and withdrawals. Income Received: Income received includes cash income such as interest and cash dividends and does not include income from external accounts. APY: The Annual Percentage Yield ("APY") for deposits represents the applicable rate in effect for your deposits at the period ending date. This APY may be different than the APY that was in effect during the statement period. For current Bank Deposit or Money Market Fund yields, go to http://www.morganstanleyindividual.com/AccountOptions/ActiveAssets/InvestmentFeatures Call Date: The date on which a bond or preferred stock can be redeemed by the issuer before maturity. Call Price: The price at which a bond or a preferred stock can be redeemed by the issuer before maturity. Current Yield: The indicated Estimated Annual Income divided by the Market Value/Current Cost. Gross Accumulated Value ($): Gross Accumulated Value is the most current market value provided by carriers of the Annuity or Life insurance product. Net Invested Premium($): Net Invested Premium is the total amount invested minus the total amount withdrawn. The total amount invested includes the initial investment and any future contributions. Global Investment Manager Analysis (GIMA): Global Investment Manager Analysis (GIMA) reviews certain investment products in various advisory programs. For these programs, a GIMA status will apply: Focus List (FL): Investment products on the Focus List have been subject to an in-depth review and possess GIMA's highest level of confidence. Approved List (AL): Investment products on the Approved List have typically been subject to a less rigorous review process and have been approved for recommendation to investors. Not Approved List (NL): Investment products that were previously on the Focus List or Approved List but are no longer on either of those lists. GIMA no longer covers these products. For more information, please ask your Financial Advisor for the applicable Morgan Stanley ADV brochure. Morgan Stanley Research Ratings: Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated, or Underweight (see definition below). Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and sell. Investors should carefully read DISCLOSURES Page 28 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley Research contains more complete information concerning the analyst's view, investors should carefully read Morgan Stanley Research, in its entirety, and not infer the contents from the ratings alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. Overweight (OVWEIGHT): The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Equal-weight (EQWEIGHT): The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Underweight (UNWEIGHT): The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not-Rated (NR): Currently, the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not Available (NAV): Indicates that the ratings for this company are not available because of a Morgan Stanley policy. Discontinued Coverage (DC) Moody's Investor Service and Standard & Poor's Credit Ratings: The credit ratings from Moody's Investors Service and Standard & Poor's may be shown for certain securities. All credit ratings represent the "opinions" of the provider and are not representations or guarantees of performance. Your Financial Advisor will be pleased to provide you with further information or assistance in interpreting these credit ratings. Standard & Poor's Equity Research Ratings: For ease of comparison, Morgan Stanley Wealth Management has normalized Standard & Poor's proprietary research ratings to a 1 (Buy), 2 (Hold), and 3 (Sell), which differs from Standard & Poor's rating system. Please refer to a Standard & Poor's research report for a complete description of Standard & Poor's rating system and Standard & Poor's actual proprietary rating on any covered company. Standard & Poor's ratings are described below: 1 / 5-STARS (Strong Buy): Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares rising in price on an absolute basis 1 / 4-STARS (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares rising in price on an absolute basis 2 / 3-STARS (Hold): Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis 3 / 2-STARS (Sell): Total return is expected to underperform the total return of a relevant benchmark over the coming 12 months, and the share price not anticipated to show a gain 3 / 1-STARS (Strong Sell): Total return is expected to underperform the total return of a relevant benchmark by a wide margin over the coming 12 months, with shares falling in price on an absolute basis Relevant benchmarks: In North America the relevant benchmark is the S&P 500 Index, in Europe and in Asia, the relevant benchmarks are generally the S&P Europe 350 Index and the S&P Asia 50 Index. Not Rated: Not Rated is assigned to an unrated issuer, obligation and/or program and can also include mutual funds and ETFs. Accrued Income: Income earned but not yet received. BENCHMARK DEFINITIONS 60/40 Balanced: The current allocation is comprised of 60.00% S&P 500 Total Return, 40.00% BC Aggregate. Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Custom Account Index: 454014750 Custom Account Index. The current allocation began as of 10/31/2015, and is comprised of 50.00% Russell 3000, 02.00% S&P GSSI Natural Resource, 04.00% HFRI DISCLOSURES Page 29 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH Equity Hedge Total, 12.00% HFRI FoF Composite, 24.00% MSCI AC World Ex USA, 08.00% MSCI EM Net. BC CR INTM: The Barclays Intermediate Credit Bond Index contains publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified liquidity and quality requirements. Maturity ranges from 1 up to (but not including) 10 years. BC Aggregate: The Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). MSCI AC World Ex USA: The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates (as of June 2014). This index is excluding the United States. Citi T-Bills 90-Day: Equal dollar amounts of three-month Treasury bills are purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new three-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the index. The index is rebalanced monthly by market capitalization. Russell 2500 GR: The Russell 2500 Growth Index is representative of the U.S. market for smaller to medium capitalization stocks containing those companies in the Russell 2500 Index with higher price-to-book ratios and higher forecasted growth. Russell 2500 VL: The Russell 2500 Value Index is representative of the U.S. market for smaller to medium capitalization stocks containing those companies in the Russell 2500 Index with lower price-to-book ratios and lower forecasted growth. MSCI EAFE: The MSCI EAFE Index -Europe, Australasia, Far East - is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom (as of June 2014). Gross total return indices reinvest as much as possible of a company's dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indices do not, however, include any tax credits. MSCI EM Net: The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates (as of June 2014). Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. S&P 500 Total Return: The S&P 500 has been widely regarded as the best single gauge of the large cap U.S. equities market since the index was first published in 1957. The index has over $5.58 trillion benchmarked, with index assets comprising approximately $1.31 trillion of this total. The index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. This index includes dividend reinvestment. HFRI Equity Hedge Total: Equity hedge investing consists of a core holding of long equities hedged at all times with short sales of stocks and/or stock index options. Some managers maintain a substantial portion of assets within a hedged structure and commonly employ leverage. Where short sales are used, hedged assets may be comprised of an equal dollar value of long and short stock positions. Other variations use short sales unrelated to long holdings and/or puts on the S&P 500 index and put spreads. Conservative funds mitigate market risk by maintaining market exposure from zero to 100 percent. Aggressive funds may magnify market risk by exceeding 100 percent exposure and, in some instances, maintain a short exposure. In addition to equities, some funds may have limited assets invested in other types of securities. Returns for HFRI Indices are to be considered estimated returns for the previous stated quarter as HFRI may revise Index data from time to time, as DISCLOSURES Page 30 of 31 Reporting Currency: USDPrepared on December 15, 2015CITY OF ATLANTIC BEACH necessary. Generally Final Index returns are made available by HFRI 4 months after a particular month end. Please contact your Financial Advisor for more information. Russell 1000 Gr: The Russell 1000 Growth Index is representative of the U.S. market for large capitalization stocks containing those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth. Russell 1000 VL: The Russell 1000 Value Index is representative of the U.S. market for large capitalization stocks containing those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth. HFRI FoF Composite: Fund of funds invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The fund of funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a fund of funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. Returns for HFRI Indices are to be considered estimated returns for the previous stated quarter as HFRI may revise Index data from time to time, as necessary. Generally Final Index retruns are made available by HFRI 4 months after a particular month end. Please contact your Financial Advisor for more information. S&P GSSI Natural Resource: The GS Natural Resource index seeks to track the investment results of North American equities in the natural resources sector. Russell 3000: The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. DISCLOSURES Page 31 of 31