HomeMy WebLinkAboutAgenda Fire Pension 080614THE RESOURCE CENTERS , LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Meeting of Wednesday, August 6, 2014
Location: City Hall, Council Chambers
Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 1 PM
AGENDA
1. Call Meeting to Order
2. Public Comments
3. Minutes:
• Regular Meeting Held on July 7, 2014
4. Investment Monitor Report: The Bogdahn Group (Troy Brown)
• ICMA Update (Self-Directed DROP Accounts)
• 6/30/2013 Preliminary Quarterly Report
5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
• Memo Regarding the Chapter 175 Share Account Payments to Eligible Members
6. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
7. Old Business
8. New Business
9. Other Business
• Auditor RFP Responses
• Service Provider Contract Review – Custodian
10. Next Scheduled Meeting: Monday September 8, 2014 @ 9AM.
11. Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a
record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation
to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting.
PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
MINUTES OF MEETING HELD
JULY 7, 2014
A meeting of the Board of Trustees was called to order at 9:05AM at Council Chambers,
Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES OTHERS
Martin Cohen, Vice Chair Audrey Ross, Administrator
Tom Murphy, Secretary Pedro Herrera, Attorney
Ed Morejon Dan Johnson, Investment Consultant
PUBLIC COMMENTS
N/A
MINUTES
The Board reviewed the minutes of the regular meeting held on March 10, 2014.
A motion was made by Ed Morejon to approve the minutes of the March 10, 2014
regular meeting as amended. The motion was seconded by Tom Murphy and
carried 3-0.
The Board reviewed the minutes of the special meeting held on April 17, 2014.
A motion was made by Ed Morejon to approve the minutes of the April 17, 2014
special meeting. The motion was seconded by Tom Murphy and carried 3-0.
The Board reviewed the minutes of the regular meeting held on May 7, 2014.
A motion was made by Ed Morejon to approve the minutes of the May 7, 2014
regular meeting as amended. The motion was seconded by Tom Murphy and
carried 3-0.
INVESTMENT MONITOR REPORT: THE BOGDAHN GROUP (DAN
JOHNSON)
Mr. Johnson reviewed the flash performance report as of May 31, 2014. For the quarter
to date the fund is up 1.89% and for the fiscal year to date the fund is 11.51%, which is
already over and above the Plan’s assumed rate of return. Mr. Johnson noted that all the
managers are doing well and that he did not have any recommendations at this time in
regards to the managers or asset allocation. Mr. Cohen asked Mr. Johnson if his firm had
any relationship with any of the managers that manage money for this Plan. Mr. Johnson
reassured the board that the Bogdahn Group has zero relationship with any of the
managers and his firm works strictly off hard dollar fees only.
Mr. Johnson updated the board on the ICMA process. He stated that the account is now
setup and open. Now we will work on setting up meetings with the current DROP
members so that can move over into this investment if they so wish too.
2
ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA)
Mr. Herrera briefly presented his memo to the board regarding the payments from the
Chapter 175/185 accounts. The Trustees tabled this discussion until the next meeting
when all the Trustees were present.
ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS)
DISBURSEMENTS
The Board reviewed the disbursements presented for approval by the Administrator.
A motion was made by Ed Morejon to approve the disbursements as presented by
the Administrator. The motion was seconded by Tom Murphy and carried 3-0.
BENEFIT APPROVALS
The Board reviewed the application for distribution of Share account (final distribution)
for Michael Ritz and the application to enter the DROP for James Kreidler.
A motion was made by Tom Murphy to approve the application for distribution of
Share account (final distribution) for Michael Ritz. The motion was seconded by
Tom Murphy and carried 3-0.
A motion was made by Tom Murphy to approve the application to enter the DROP
for James Kreidler. The motion was seconded by Ed Morejon and carried 3-0.
The Trustees noted that they should put some kind of policy in place that puts a
timeframe as to how long a member has to review their final DROP/retirement
calculations, select an option, and return their selection (form) back to the Administrator.
Some members are taking a very long time to make this decision and the board would
feel more comfortable if there was a policy in place regarding this.
A motion was made by Ed Morejon to adopt a Board policy that states members
have 90 days from when they receive their final retirement numbers back to choose
an option, or it will default to the Plan’s standard form . The motion was seconded
by Tom Murphy and carried 3-0.
NEW BUSINESS
Mr. Morejon asked if a DROP entry application could be revoked once already turned in.
Mr. Pedro briefly reviewed the Ordinance and stated that
OLD BUSINESS
OTHER BUSINESS
The Trustees tabled the auditor RFP results and the service provider contract review until
the next meeting when all the Trustees are presented.
There being no further business, the meeting adjourned at 10:18AM.
Respectfully submitted,
Tom Murphy, Secretary
City of Palm Beach Gardens
Firefighters' Pension Trust Fund
Investment Performance Review
2nd Quarter 2014
Universe Sample Information is Preliminary
Private Real Estate Data is Preliminary
2nd Quarter 2014 Market Environment
1
Itwasaremarkablyuneventfulquarteracrossmarketsdespitepolitical
concerns(MiddleEastdiscourse)andeconomicworries(-2.9%restatedUS
GDPgrowthinthefirstquarter)thatwouldseeminglyhavealargerimpact
onoverallvolatility.TheCBOEVolatilityIndex(VIX)finishedthequarterat
11.6,itslowestquarterlyclosesinceDecember2006.TheQ1growth
slowdown,largelyweatherrelated,benefittedbothemergingmarketsand
domesticfixedincomeinQ2asitcontributedtoaflatter,loweryieldcurve.
Thisnaturallybenefitsbondholders,butalsohelpedsupportemerging
markets,whichexperiencedaselloffearlierthisyearonlowerliquidityand
concernsregardinghigherrates.Asaresult,allmajormarketswerepositive
duringthequarter.
TheS&P500appreciated5.2%duringtheperiod,whichmarkedthesixth
consecutivepositivequarterfortheindex.ThisisthefirsttimetheS&Phas
hadaquarterlyrunthisstrongsince1998.Inaddition,theindexhas
appreciatedineachofthepastfivemonths.Themarketseemstobe
shruggingoffthesignificantdeclineinGDPgrowthinthefirstquarter,
insteadfocusingonimpressivejobgrowthnumbers(+500,000newjobs
addedinAprilandMay)andcontinuedoveralldeclinesintheunemployment
rate,whichendedthequarterat6.3%.Finally,thehousingmarketcontinues
toshowimprovementwitha5.1%year-over-yeargaininmedianhome
pricesandcontinuedtightsupply(5.6monthsofinventory).
Emergingmarketequitiessurgedtotheheadoftheassetclassesduringthe
secondquarter,afterstrugglingonarelativebasisforamajorityofthepast
yearandahalf.Developedinternationalequitymarketslaggeddomestic
largecapequitiesslightly,butwereupstronglyonanabsolutebasis.Forthe
trailingone-yearperiod,emergingequitieslaggedtheirdeveloped
counterpartsby9.4%.
Afterastrongstarttotheyear,domesticbondscontinuedtomovehigherin
thesecondquarter,rising2.0%.Thestrongperformancepushedthetrailing,
one-yearreturnbackintopositiveterritory(+4.4%).Thequarterly
performancewasaidedbypositivereturnsfromeachmajorsectorofthe
market,ledbya3.8%returnfromTIPS.Afterdropping8.6%in2013,TIPS
havereboundedin2014,movingtheirreturnoverthepasttwelvemonthsto
4.4%.Despiteanumberofeconomicandpoliticalconcerns,Corporate
Bondsalsomovesharplyhigher,followedbyMBSandGovernmentissues.
Source: Investment Metrics
The Market Environment
Major Market Index Performance
As of June 30, 2014
0.0%
2.7%
2.4%
3.8%
1.3%
2.0%
2.0%
5.0%
5.1%
4.9%
5.2%
6.7%4.3%
5.2%
0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%
3-Month T-Bill
Barclays Corp IG
Barclays MBS
Barclays US TIPS
Barclays US Govt
Barclays US Agg
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Quarter Performance
0.0%
7.7%
4.7%
4.4%
2.1%
4.4%
23.6%
26.9%
25.4%
25.2%
24.6%
14.7%
24.1%
22.3%
0.0%5.0%10.0%15.0%20.0%25.0%30.0%
3-Month T-Bill
Barclays Corp IG
Barclays MBS
Barclays US TIPS
Barclays US Govt
Barclays US Agg
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
1-Year Performance
2
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of June 30, 2014
Thedeclineinoverallvolatilityinthemidstofalong-standingbullmarket
wouldsuggestthatsmallcapstocksshouldoutperformtheirlargecap
brethren,butthatwasnotthecaseduringthequarter.Onaverage,large
capswerethebestperformingsegment,butthedispersionacrossmidand
largecapitalizationswasminimal.MidCapValuewasthesinglebest
performingarea.Smallcapswerelargelyhurtbythereemergenceof
investorpreferencetowardshigheryieldingsectors,whichfavorlarger,more
establisheddividendpayingcompanies.However,smallcapstockshada
resurgenceinJune,whichsuggestsmarketleadershipcouldbechanging.
Valuestocksoutperformedgrowthstocksinthemidandsmall
capitalizations,buttherewasnosimilarskewinthelargercapsegment.
AsofJune2014,intrastockcorrelations(~0.28)continuetofall.While
slightlyabovethelong-termaverage(~0.26since1926),thecurrentlevelis
veryfavorableforstockpickingandsuggeststhefuturesuccessofactively
managedstrategiesremainsbright.
Currentvaluationsremainfair.AsofJune30,2014,theS&P500tradedat
1,960.Whilethisrepresentsa25%premiumtotheOctober9,2007
inflectionpointvaluationof1,565,theforwardlookingP/Emultiplesare
virtuallyidentical(15.2xin2007,15.6xin2014).ThecurrentP/Emultipleis
inlinewiththe25-yearaverage.
Onaverage,marketsexperienceanintra-yearpullbackofapproximately
14.4%(usingS&P500databackto1980).In2013,thelargestdeclinewas
6%,whichhasbeenrepeatedsofarin2014.Despitemanypundits
continuingtospeculatethatweareoverduefora“typical”marketcorrection
of10%orgreater,relativevaluations,generallypositiveeconomicgrowth,
andbenignmacrofactorscontinuetofavordomesticequitiesover
internationalandfixedincomealternativesinthemindsofmostinvestors.
Onanabsolutebasis,smallcapstocksaremoreexpensiverelativetotheir
midandlargecapcounterparts(18.5xPEversus18.4x,and15.6x,
respectively).However,relativetotheirlongtermaverages,smallcap
valuationsarein-linewithmidcap.Bothareslightlyexpensiverelativeto
largecaps,especiallyonthevalueside.
1.7%
2.0%
2.4%
4.4%
5.0%
5.6%
5.1%
5.1%
5.1%
4.9%
4.9%
4.9%
0.0%1.0%2.0%3.0%4.0%5.0%6.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
Quarter Performance -Russell Style Series
24.7%
23.6%
22.5%
26.0%
26.9%
27.8%
26.9%
25.4%
23.8%
26.8%
25.2%
23.7%
0.0%5.0%10.0%15.0%20.0%25.0%30.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
1-Year Performance -Russell Style Series
3
The Market Environment
GICS Sector Performance & (Sector Weight)
As of June 30, 2014
Source: Morningstar Direct
Duringthequarter,theCommerceDepartment’sdownwardrevisionoffirst
quarterGDPtoasurprising-2.9%hadastrongimpactonequitysector
returns.Thelowereconomicgrowthnumbercontributedtoasurprising
declineininterestratesacrossmostpointsontheyieldcurve.Givenalower
yieldenvironment,investorsagainreturnedtohigheryieldingsectorssuch
asEnergyandespeciallyUtilities.Thispreferencefordividends,lastseento
asignificantdegreein2012,helpedcontributeto12.3%and6.8%quarterly
returnsforthesesectors,respectively.
Inthisinterestrateenvironment,itisnosurprisethatREITsalsofaredwell,
appreciating7.2%duringthequarter.Thisbringsthesector’syear-to-date
gaintoarobust18.2%(asmeasuredbytheDowJonesUSSelectREIT
Index).However,thisperformancewasnotenoughtobuoytheFinancials
sectorasawhole,asFinancialsweretheworstperformingsectorwithinthe
S&P500,appreciatingameager2.3%duringtheperiod.
Similartothefirstquarter,ConsumerDiscretionarywasonceagaina
relativeunderperformerinboththesmallandlargecapbenchmarksduring
theperiod.Again,mostoftheimpactcouldbeweatherrelated.Many
analystsrelatedthesoftretailnumberstotheeffectsofabrutalwinterthat
extendedwellintothesecondquarterreportingperiod.Mostanalystssee
brightertimesaheadastheybelievethatthenowlowerinventorylevelswill
promoteacceleratedgrowthinthesecondhalfoftheyearasretailers
replenishdepletedstock.
Onanabsolutevaluationbasis,whenviewedacrossaten-yeartrailing
periodendingJune30,2014,FinancialsandTelecomwerethemost
attractivelyvaluedareaswithintheS&P500.Eachsectortradedat
approximately12.5x-14.0x.ConsumerStaplesappearthemostovervalued
atthemoment.Staplestradeatapproximately17.5xonanabsolutebasis,
whichisverynearthetopofitsten-yearrange.Relativetotheten-year
average,onlytwosectorscurrentlytradeatorbelowaveragevaluations:
TelecomandInformationTechnology.
21.1%
6.5%
32.0%
32.4%
29.3%
30.5%
18.6%
30.7%
15.9%
21.8%
7.7%
4.3%
5.5%
6.1%
3.8%
4.6%
2.5%
12.3%
4.8%
3.3%
0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%
Utilities (3.1%)
Telecom Services (2.3%)
Materials (3.8%)
Info Technology (18.1%)
Industrials (11.3%)
Health Care (12.9%)
Financials (16.9%)
Energy (9.9%)
Consumer Staples (8.9%)
Consumer Disc (12.7%)
Russell 1000 Quarter 1-Year
23.7%
17.0%
25.6%
25.9%
26.7%
33.9%
19.3%
40.5%
23.4%
15.6%
8.9%
-3.1%
1.9%
1.9%
0.3%
1.3%
1.9%
11.5%
1.1%
1.3%
-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%
Utilities (3.3%)
Telecom Services (0.7%)
Materials (4.9%)
Info Technology (17.5%)
Industrials (14.7%)
Health Care (13.1%)
Financials (23.5%)
Energy (5.8%)
Consumer Staples (3.8%)
Consumer Disc (12.8%)
Russell 2000 Quarter 1-Year
4
The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of June 30, 2014
Source: Morningstar Direct
Top 10 Weighted Stocks Top 10 Weighted Stocks
Russell 1000 Weight 1-Qtr
Return
1-Year
Return Sector Russell 2000 Weight 1-Qtr
Return
1-Year
Return Sector
Apple Inc 2.78%21.9%68.0%Information Technology Pharmacyclics, Inc.0.33%-10.5%12.9%Health Care
Exxon Mobil Corporation 2.15%3.8%14.5%Energy Ocwen Financial Corporation 0.32%-5.3%-10.0%Financials
Microsoft Corp 1.71%2.4%24.3%Information Technology Starwood Property Trust, Inc.0.30%2.8%28.6%Financials
Johnson & Johnson 1.47%7.2%25.4%Health Care Genesee & Wyoming, Inc. Class A 0.27%7.9%23.8%Industrials
General Electric Co 1.31%2.3%17.1%Industrials 3D Systems Corporation 0.27%1.1%36.2%Information Technology
Wells Fargo & Co 1.25%6.4%30.9%Financials Alaska Air Group, Inc.0.27%2.4%85.4%Industrials
Chevron Corp 1.23%10.7%14.1%Energy Two Harbors Investment Corp 0.27%4.8%13.7%Financials
Berkshire Hathaway Inc Class B 1.15%1.3%13.1%Financials CoStar Group Inc 0.26%-15.3%22.5%Information Technology
JPMorgan Chase & Co 1.08%-4.5%12.2%Financials Dril-Quip, Inc.0.26%-2.6%21.0%Energy
Procter & Gamble Co 1.06%-1.7%5.3%Consumer Staples Gulfport Energy Corporation 0.26%-11.8%33.4%Energy
Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)
Russell 1000 Weight 1-Qtr
Return
1-Year
Return Sector Russell 2000 Weight 1-Qtr
Return
1-Year
Return Sector
Hillshire Brands Co 0.04%67.8%91.9%Consumer Staples Idenix Pharmaceuticals Inc 0.02%299.7%567.6%Health Care
Zillow Inc 0.02%62.2%153.9%Information Technology Dolan Co 0.00%281.3%-96.3%Industrials
Platform Specialty Products Corp 0.01%47.1%NA Materials MannKind Corp 0.06%172.6%68.5%Health Care
Golar LNG Ltd 0.01%45.5%97.2%Energy Quest Resource Holding Corp 0.00%145.8%77.2%Industrials
Williams Companies Inc 0.20%44.7%86.6%Energy RadNet Inc 0.00%133.5%150.2%Health Care
Questcor Pharmaceuticals Inc 0.03%43.5%108.1%Health Care Achillion Pharmaceuticals Inc 0.04%130.1%-7.5%Health Care
Targa Resources Corp 0.03%41.5%123.1%Energy Sypris Solutions, Inc.0.00%102.1%77.9%Consumer Discretionary
Newfield Exploration Co 0.03%40.9%85.0%Energy Medical Action Industries 0.00%97.0%78.3%Health Care
Polypore International, Inc.0.00%39.5%18.4%Industrials American Apparel Inc 0.00%79.6%-53.1%Consumer Discretionary
Micron Technology Inc 0.18%39.3%129.9%Information Technology Repligen Corp 0.02%77.2%176.6%Health Care
Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)
Russell 1000 Weight 1-Qtr
Return
1-Year
Return Sector Russell 2000 Weight 1-Qtr
Return
1-Year
Return Sector
NII Holdings Inc 0.00%-53.8%-91.7%Telecommunication Services GSE Holding Inc 0.00%-79.3%-99.0%Materials
Molycorp, Inc.0.00%-45.2%-58.5%Materials L & L Energy, Inc.0.00%-79.2%-90.1%Energy
ITT Educational Services, Inc.0.00%-41.8%-31.6%Consumer Discretionary Corinthian Colleges Inc 0.01%-78.6%-86.8%Consumer Discretionary
FireEye Inc 0.02%-34.1%NA Information Technology Endocyte Inc 0.03%-72.3%-49.8%Health Care
Coach Inc 0.05%-30.6%-38.4%Consumer Discretionary EveryWare Global Inc 0.00%-71.5%-89.3%Consumer Discretionary
Intercept Pharmaceuticals Inc 0.01%-28.2%427.7%Health Care Parkervision Inc 0.03%-69.2%-67.5%Information Technology
Walter Energy Inc 0.00%-27.8%-47.4%Materials OncoGenex Pharmaceuticals Inc 0.01%-68.3%-61.9%Health Care
Cliffs Natural Resources Inc 0.01%-25.8%-4.8%Materials Global Geophysical Services, Inc.0.01%-66.6%-99.2%Energy
Zynga Inc Class A 0.01%-25.3%15.5%Information Technology Education Management Corp 0.01%-65.3%-69.9%Consumer Discretionary
Whole Foods Market Inc 0.07%-23.6%-24.3%Consumer Staples PowerSecure International Inc 0.00%-58.4%-35.2%Industrials
5
Source: MSCI Global Index Monitor (Returns are Gross)
Volatilitydeclinedduringthequarter,andmonthlyreturnsforallofthe
diversifiednon-USequityindexeswerepositive.Thisisverydifferent
fromlastquarter,whenthefinalreturnappearedthatnothinghad
happened,buttheintra-quarterpathresembledarollercoaster.
TherangeofreturnsfortheindividualcountriesoutsideoftheU.S.was
wide.ThebestdevelopedreturnwasNorwayat+10.8%andtheworst
developedreturnwasIrelandat-9%.Ontheemergingcountryside,
Turkeywasthestrongestperformerat+15.4%andGreecewastheworst
at-10.7%.
QatarandtheUAEwereaddedtotheMSCIEMIndexduringthesecond
quarter(May).Bothcountries’equitiesweredownforthequarter,which
seemscounterintuitivegiventhelikelihoodthatmanyindexfundsadded
capitaltostockswithinthetwocountries(orevenmorelikelytoETFs).
CurrencymovesforthequarterwerefavorableforU.S.investors
overseas,astheUSDdepreciatedversusamajorityofEuropean,Asian
andLatinAmericancurrencies.ThefewexceptionswereFrance,
GermanyandIndia.
Energy(+11.6%)andUtilities(+7.1%)werethetoptwoperforming
sectorsindevelopedequities,followedbydefensivesectors,Consumer
Staples(+6.3%)andHealthCare(+5.7%).Withinemergingequities,
InformationTechnology(+11.2%)tooktopsectorhonors,followedclosely
byUtilities(+10.5%)andEnergy(+10.2%).
Valueagainoutperformedgrowthindevelopedequities.Thetrend
reversedinemergingequitiesfromlastquarterandvalueoutperformed
growththereaswell.Smallcapstocksunderperformedlargecapsamong
bothdevelopedandemergingmarketindices.
The Market Environment
International and Regional Market Index Performance (Country Count)
As of June 30, 2014
5.2%
5.6%
4.3%
5.3%
5.3%
3.4%
3.7%
3.9%
4.2%
7.0%
7.3%
4.5%
6.7%
5.6%
3.7%
4.3%
4.9%
5.3%
0.0%2.0%4.0%6.0%8.0%
EM Latin Amer (5)
EM Asia (8)
EM EMEA (10)
Emerging Mkt (23)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (45)
Quarter Performance USD Local Currency
9.7%
14.7%
17.3%
14.1%
25.2%
20.9%
18.4%
19.3%
18.2%
9.3%
17.0%
12.9%
14.7%
25.1%
30.0%
24.1%
24.4%
22.3%
0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%
EM Latin Amer (5)
EM Asia (8)
EM EMEA (10)
Emerging Mkt (23)
Pacific (5)
Europe & ME (16)
EAFE (21)
WORLD x US (22)
AC World x US (45)
1-Year Performance USD Local Currency
6
The Market Environment
U.S. Dollar International Index Attribution & Country Detail
As of June 30, 2014
Source: MSCI Global Index Monitor (Returns are Gross in USD)
MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year
Country Weight Weight Return Return
United Kingdom 21.4%15.3%6.1%26.6%
Japan 20.3%14.4%6.7%10.1%
France 10.1%7.2%2.4%29.3%
Germany 9.3%6.6%2.3%30.2%
Switzerland 9.0%6.4%2.4%23.0%
Australia 7.7%5.5%2.9%21.0%
Spain 3.7%2.6%7.4%57.9%
Sweden 3.0%2.2%-0.3%24.5%
Hong Kong 2.8%2.0%8.3%17.7%
Netherlands 2.7%1.9%0.7%27.0%
Italy 2.6%1.9%0.3%52.4%
Denmark 1.5%1.1%3.3%50.9%
Singapore 1.4%1.0%5.7%10.4%
Belgium 1.2%0.9%5.6%32.8%
Norway 0.9%0.6%10.8%30.9%
Finland 0.9%0.6%5.6%50.0%
Israel 0.5%0.4%2.4%32.5%
Ireland 0.3%0.2%-9.0%35.4%
Austria 0.3%0.2%-0.2%19.5%
Portugal 0.2%0.1%-1.9%20.8%
New Zealand 0.1%0.1%-1.0%30.4%
Total EAFE Countries 100.0%71.2%4.3%24.1%
Canada 7.6%10.1%27.2%
Total Developed Countries 78.7%4.9%24.4%
China 3.9%5.7%15.9%
Korea 3.3%6.4%24.7%
Taiwan 2.6%10.4%20.8%
Brazil 2.3%7.7%13.5%
South Africa 1.6%4.6%22.4%
India 1.5%12.7%27.4%
Russia 1.2%10.8%8.2%
Mexico 1.1%6.6%7.7%
Malaysia 0.8%3.5%5.4%
Indonesia 0.5%0.8%-11.4%
Thailand 0.5%7.8%-1.6%
Poland 0.4%-0.8%25.7%
Turkey 0.4%15.4%-3.1%
Chile 0.3%2.7%-11.6%
Colombia 0.2%7.9%10.3%
Philippines 0.2%9.2%8.6%
Greece 0.2%-10.7%55.1%
Peru 0.1%8.5%12.3%
United Arab Emirates 0.1%-5.5%57.9%
Qatar 0.1%-5.4%20.6%
Czech Republic 0.1%1.9%25.4%
Egypt 0.1%1.1%48.4%
Hungary 0.0%4.6%-14.9%
Total Emerging Countries 21.3%6.7%14.7%
Total ACWIxUS Countries 100.0%5.3%22.3%
MSCI -EAFE Sector Weight Quarter Return 1-Year Return
Consumer Discretionary 11.9%3.6%21.1%
Consumer Staples 11.1%6.3%18.2%
Energy 7.3%11.6%34.0%
Financials 25.3%2.7%22.5%
Health Care 10.5%5.7%27.5%
Industrials 12.7%2.6%23.9%
Information Technology 4.4%1.3%20.3%
Materials 8.0%3.6%23.5%
Telecommunication Services 4.9%4.0%33.9%
Utilities 3.9%7.1%27.8%
Total 100.0%4.3%24.1%
MSCI -ACWIxUS Sector Weight Quarter Return 1-Year Return
Consumer Discretionary 10.8%3.9%21.4%
Consumer Staples 9.9%6.0%14.8%
Energy 9.6%11.6%28.3%
Financials 26.5%3.9%20.2%
Health Care 8.2%5.5%27.2%
Industrials 11.0%3.4%23.4%
Information Technology 6.9%6.5%28.1%
Materials 8.5%4.2%19.7%
Telecommunication Services 5.2%4.4%23.8%
Utilities 3.6%7.7%25.7%
Total 100.0%5.3%22.3%
MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return
Consumer Discretionary 9.1%4.2%21.1%
Consumer Staples 8.3%4.1%0.9%
Energy 10.8%10.2%13.6%
Financials 27.0%5.4%9.8%
Health Care 1.8%8.1%17.5%
Industrials 6.5%4.9%15.6%
Information Technology 17.3%11.2%36.1%
Materials 8.8%3.9%11.7%
Telecommunication Services 7.0%5.7%2.8%
Utilities 3.6%10.5%20.5%
Total 100.0%6.7%14.7%
7
Source: Barclays Capital Live
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of June 30, 2014
2.5%
2.7%
1.6%
2.0%
3.8%2.7%
2.4%
1.4%
2.4%
3.4%
2.4%
1.9%
1.8%
0.0%1.0%2.0%3.0%4.0%
Multiverse (6.24)
Global Agg x US (6.93)
Intermediate Agg (4.27)
Aggregate (5.60)
U.S. TIPS (7.22)
U.S. Corporate IG (7.12)
U.S. Mortgage (5.06)
U.S. Treasury (5.26)
U.S. High Yield (4.04)
Baa (7.44)
A (7.11)
AA (5.67)
AAA (5.05)
Quarter Performance
7.7%
9.4%
3.5%
4.4%
4.4%
7.7%
4.7%
2.0%11.7%
9.4%
7.0%
4.7%
3.2%
0.0%2.0%4.0%6.0%8.0%10.0%12.0%
Multiverse (6.24)
Global Agg x US (6.93)
Intermediate Agg (4.27)
Aggregate (5.60)
U.S. TIPS (7.22)
U.S. Corporate IG (7.12)
U.S. Mortgage (5.06)
U.S. Treasury (5.26)
U.S. High Yield (4.04)
Baa (7.44)
A (7.11)
AA (5.67)
AAA (5.05)
1-Year Performance
AmidlacklustereconomicnewsandgeopoliticalconcernsinUkraine,
domesticbondscontinuedtheirstrongperformanceinthesecond
quarter,rising2.0%.Bondmarketsbeganthequarteronabullishnote,
movinghigheronasurprisinglyweakfirstquarterUSGDPreportand
concernsovertheUkraine-Russiaconflict.InMay,weakeconomicnews
fromChinaandEurope,alongwithlowerrevisionstofirstquarterGDP,
pushedbondshigher,especiallyinmaturitiestenyearsorgreater.Late
inthequarter,volatilityfellandcreditspreadsmovedlower,resultingina
positivereturnforthemonthofJune.Overall,itwasagoodquarterfor
bondinvestors,especiallyinlightofthefactthattheFederalReserve
remainsonpacetoendtheirquantitativeeasingprogrambyyear-end.
Forthesecondconsecutivequarter,allinvestmentgradesectorsposted
positivereturns.Thoughsmallinsize,TIPSwerethetopperformingarea
ofthemarket(3.8%).Amongthemajorsectors,CorporateBondprices
continuedtogrindhigherandwerethestrongestperformingsegment
(2.7%),followedbyMBS(2.4%)andTreasuries(1.4%).
Thetrendoflowerqualitybondsoutperforminghigherqualitysecurities
withininvestmentgradecreditcontinuedforyetanotherquarter.Bonds
ratedBaarose3.4%,followedbyA-rated(2.4%),AA-rated(1.9%),and
AAA-rated(1.8%).
Amidthestrongdemandforlonger-datedTreasuries,thebroad-based
BarclaysAggregateIndexoutperformedshortandintermediatebondsfor
thesecondconsecutivequarter.Thebullishsentimentin2014,has
benefittedTheBarclaysAggregateIndex,whichhasoutpacedshorter-
datedbondsbyawidemarginoverthepasttwelvemonths.
Thecontinuedappetiteforincomeresultedinstrongdemandfor
CorporateBonds,regardlessofcreditquality.Forthefirsttimeineight
quarters,highyieldissuerstrailedinvestmentgradecredits,but
remainedwellaheadoverthepasttwelvemonths.
Forthesecondconsecutivequarter,Internationalbonds,representedby
theBarclaysGlobalAggregateexUSIndex,surpassedtheirdomestic
bondcounterparts(2.7%versus2.0%).Thestrongshowingpushed
internationalbondsaheadoftheUSmarketby5.0%onatrailing,one-
yearbasis.
8
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)
The Market Environment
Market Rate & Yield Curve Comparison
As of June 30, 2014
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14
1-Year Trailing Market Rates
Fed Funds Rate TED Spread 3-Month Libor
BAA OAS 10yr Treasury 10yr TIPS
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1 mo3 mo6 mo 1 yr2 yr3 yr5 yr7 yr 10 yr20 yr30 yr
Treasury Yield Curve
9/30/2013 12/31/2013
3/31/2014 6/30/2014
Domesticbondsmarketscontinuedtheirstrongperformancein2014,
returning2.0%inthesecondquarter.Thebullishtoneofthemarket
wasdue,inpart,toasurprisingweakfirstquarterUSGDPreport,overall
weaknessinChinaandEurope,andgeopoliticalconcernsinUkraine.
Thestrongyear-to-dateperformanceoccurreddespitelittlechangein
policybytheFederalReserve,whichremainsoncoursetoendits
quantitativeeasingprogrambyyear-end.Aswemovetowardsyearend,
investorswillincreasinglyfocustheirattentiononthetimingand
magnitudeofanypotentialinterestrateincreases.
Despitenumerousmacroandgeopoliticalconcerns,sentimentinthe
creditmarketsremainedpositive,resultinginBAAoptionadjusted
spreadstightening17basispoints(bps).
AsidefrommodestweaknessinJune,yieldlevelsformaturitiesten
yearsandgreaterdeclinedsharplyduringthesecondquarter.Yieldson
10and30-yearmaturitiesdeclined20and22bps,respectively,during
theperiod.
Althoughtheyieldcurvecontinuedtoflatteninthesecondquarter,itstill
providesinvestorsasizableyieldgainforextendingmaturities,especially
intheintermediatepartoftheyieldcurve.Thespreadbetweenkey
pointsontheyieldcurveisshownbelow.
2-5YearU.S.Treasury 115bps
5-10YearU.S.Treasury 91bps
10-30YearU.S.Treasury 81bps
Sincerisingtomoreattractiveyieldsinmid-to-late2013,theyieldcurve
hasflattened,spreadshavenarrowedandinterestrateshavedeclined,
particularlyinlonger-datedmaturities.Whilethishasresultedinstrong
returnsoverthepasttwelvemonths,webelievethereturnoutlookgoing
forwardispoor.Furthermore,thelownominalyieldsandnarrowcredit
spreadsofferonlyamodestamountofincometooffsettheamountof
interestrateriskassumedbyinvestors.
9
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Schedule of Investable Assets
Total Fund Total Fund Policy Net Cash Flow
$0.0
$6,461,538.5
$12,923,077.0
$19,384,615.5
$25,846,154.0
$32,307,692.5
$38,769,231.0
$45,230,769.5
$51,692,308.0
$58,153,846.5
$64,615,385.0
$71,076,923.5
$77,538,462.0
$84,000,000.5
($6,461,538.5)
Market
Valu
e
7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 6/14
$44,790,342.6
$68,013,318.2
Schedule of Investable Assets
Total Fund
August 1, 2007 To June 30, 2014
11
June 30, 2014 : $68,013,318
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
March 31, 2014 : $65,236,464
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
Allocation
Market Value Allocation
Domestic Equity 38,264,665 56.3¢£
International Equity 7,162,042 10.5¢£
Domestic Fixed Income 13,074,118 19.2¢£
Global Fixed Income 3,470,204 5.1¢£
Real Estate 5,595,803 8.2¢£
Cash & Equivalents 446,486 0.7¢£
Allocation
Market Value Allocation
Domestic Equity 36,405,236 55.8¢£
International Equity 6,960,048 10.7¢£
Domestic Fixed Income 12,823,856 19.7¢£
Global Fixed Income 3,378,594 5.2¢£
Real Estate 5,454,643 8.4¢£
Cash & Equivalents 214,087 0.3¢£
Asset Allocation by Asset Class
Total Fund
As of June 30, 2014
12
June 30, 2014 : $68,013,318
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
Manning & Napier
RBC
Dana (SC)Fiduciary
March 31, 2014 : $65,236,464
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
Manning & Napier
RBC
Dana (SC)Fiduciary
Allocation
Market Value Allocation
VG TSMI 13,910,124 20.5¢£
Dana (LC)14,411,114 21.2¢£
Fiduciary 6,111,714 9.0¢£
Dana (SC)3,831,713 5.6¢£
RBC 3,525,976 5.2¢£
Manning & Napier 3,636,066 5.3¢£
Agincourt 6,555,437 9.6¢£
GHA 6,518,680 9.6¢£
Templeton GB 3,470,204 5.1¢£
American 2,624,827 3.9¢£
Intercontinental 2,970,977 4.4¢£
R & D 446,486 0.7¢
Allocation
Market Value Allocation
VG TSMI 13,265,428 20.3¢£
Dana (LC)13,654,484 20.9¢£
Fiduciary 5,777,683 8.9¢£
Dana (SC)3,707,640 5.7¢£
RBC 3,438,019 5.3¢£
Manning & Napier 3,522,030 5.4¢£
Agincourt 6,414,319 9.8¢£
GHA 6,409,537 9.8¢£
Templeton GB 3,378,594 5.2¢£
American 2,553,582 3.9¢£
Intercontinental 2,901,061 4.4¢£
R & D 214,087 0.3¢
Asset Allocation By Manager
Total Fund
As of June 30, 2014
13
Asset Allocation vs. Target Allocation
Allocation Differences
0.00%3.00%6.00%9.00%11.00%-3.00 %-6.00 %-9.00 %-11.00 %
Cash Equivalents
Real Estate
Global Fixed Income
Intermediate Fixed Income
Broad Fixed Income
International Equity
Domestic Equity
0.66%
-1.77 %
0.10%
-0.42 %
-0.36 %
0.53%
1.26%
Market Value
$Allocation (%)Target (%)
Domestic Equity 38,264,665 56.3 55.0
International Equity 7,162,042 10.5 10.0
Broad Fixed Income 6,555,437 9.6 10.0
Intermediate Fixed Income 6,518,680 9.6 10.0
Global Fixed Income 3,470,204 5.1 5.0
Real Estate 5,595,803 8.2 10.0
Cash Equivalents 446,486 0.7 0.0
Total Fund 68,013,318 100.0 100.0
Asset Allocation vs. Target Allocation
Total Fund
As of June 30, 2014
14
Asset Allocation Attributes
Domestic EquityInternational Equity Domestic Fixed
Income Global Fixed IncomeReal EstateCash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Total Domestic Equity 36,965,17896.60 --------1,299,4873.4038,264,66556.26
Vanguard Total Stock Index (VITSX)13,910,124100.00 ----------13,910,12420.45
Dana (Large Cap)14,063,95897.59 --------347,1562.4114,411,11421.19
Fiduciary Management, Inc.5,198,79585.06 --------912,92014.946,111,7148.99
Dana (Small Cap)3,792,30298.97 --------39,4111.033,831,7135.63
Total International Equity --7,162,042100.00 --------7,162,04210.53
RBC International Portfolio --3,525,976100.00 --------3,525,9765.18
Manning & Napier Overseas (EXOSX)--3,636,066100.00 --------3,636,0665.35
Total Domestic Fixed Income ----12,787,14997.81 ----286,9682.1913,074,11819.22
Agincourt Capital Management ----6,422,38597.97 ----133,0522.036,555,4379.64
Garcia, Hamilton & Associates ----6,364,76497.64 ----153,9162.366,518,6809.58
Total Global Fixed Income ------3,470,204100.00 ----3,470,2045.10
Templeton Global Bond Adv (FBNRX)------3,470,204100.00 ----3,470,2045.10
Total Real Estate --------5,595,803100.00 --5,595,8038.23
American Core Realty Fund --------2,624,827100.00 --2,624,8273.86
Intercontinental Real Estate --------2,970,977100.00 --2,970,9774.37
Receipt & Disbursement ----------446,486100.00446,4860.66
Total Fund Portfolio 36,965,17854.357,162,04210.5312,787,14918.803,470,2045.105,595,8038.232,032,9412.9968,013,318100.00
Asset Allocation
Total Fund
As of June 30, 2014
15
Financial Reconciliation Quarter to Date
Market Value
04/01/2014 ContributionsDistributions Management
Fees
Other
Expenses
Return On
Investment
Market Value
06/30/2014
Total Domestic Equity 36,405,236 37,991 --37,991 -1,859,430 38,264,665
Vanguard Total Stock Index (VITSX)13,265,428 ----644,696 13,910,124
Dana (Large Cap)13,654,484 21,366 --21,366 -756,631 14,411,114
Fiduciary Management, Inc.5,777,683 10,823 --10,823 -334,031 6,111,714
Dana (Small Cap)3,707,640 5,802 --5,802 -124,073 3,831,713
Total International Equity 6,960,048 7,473 --7,473 -201,994 7,162,042
RBC International Portfolio 3,438,019 7,473 --7,473 -87,958 3,525,976
Manning & Napier Overseas (EXOSX)3,522,030 ----114,037 3,636,066
Total Domestic Fixed Income 12,823,856 8,015 --8,015 -250,261 13,074,118
Agincourt Capital Management 6,414,319 4,009 --4,009 -141,118 6,555,437
Garcia, Hamilton & Associates 6,409,537 4,006 --4,006 -109,143 6,518,680
Total Global Fixed Income 3,378,594 ----91,610 3,470,204
Templeton Global Bond Adv (FBNRX)3,378,594 ----91,610 3,470,204
Total Real Estate 5,454,643 ----141,161 5,595,803
American Core Realty Fund 2,553,582 ----71,245 2,624,827
Intercontinental Real Estate 2,901,061 ----69,916 2,970,977
Receipt & Disbursement 214,087 820,573 -549,920 --38,270 14 446,486
Total Fund Portfolio 65,236,464 874,053 -549,920 -53,480 -38,270 2,544,470 68,013,318
Financial Reconciliation
Total Fund
1 Quarter Ending June 30, 2014
16
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2013
Net
Transfers ContributionsDistributions Management
Fees
Other
Expenses
Return On
Investment
Market Value
06/30/2014
Total Domestic Equity 32,329,467 -1,7371,008,263-1,010,000 -108,263 -6,045,19838,264,665
Vanguard Total Stock Index (VITSX)10,962,682 900,000 900,000 ---2,047,44213,910,124
Dana (Large Cap)12,620,516 -697,408 62,592 -760,000 -62,592 -2,550,59814,411,114
Fiduciary Management, Inc.5,231,333 28,232 28,232 --28,232 -880,382 6,111,714
Dana (Small Cap)3,514,936 -232,561 17,439 -250,000 -17,439 -566,777 3,831,713
Total International Equity 5,912,660 370,880 370,880 --20,880 -899,382 7,162,042
RBC International Portfolio 2,954,820 20,880 20,880 --20,880 -571,156 3,525,976
Manning & Napier Overseas (EXOSX)2,957,841 350,000 350,000 ---328,226 3,636,066
Total Domestic Fixed Income 12,121,597 423,397 423,397 --23,397 -552,52013,074,118
Agincourt Capital Management 5,890,744 411,562 411,562 --11,562 -264,694 6,555,437
Garcia, Hamilton & Associates 6,230,854 11,835 11,835 --11,835 -287,827 6,518,680
Total Global Fixed Income 2,903,577 365,000 365,000 ---201,627 3,470,204
Templeton Global Bond Adv (FBNRX)2,903,577 365,000 365,000 ---201,627 3,470,204
Total Real Estate 4,109,2741,106,3741,125,000 -29,765 -47,150 -438,444 5,595,803
American Core Realty Fund 2,056,054 375,000 375,000 --13,160 -206,933 2,624,827
Intercontinental Real Estate 2,053,220 731,374 750,000 -29,765 -33,990 -231,511 2,970,977
Receipt & Disbursement 458,224-2,263,9144,489,182-4,390,387 --110,581 49 446,486
Total Fund Portfolio 57,834,800 -7,781,722-5,430,152 -199,690 -110,581 8,137,22068,013,318
Financial Reconciliation
Total Fund
October 1, 2013 To June 30, 2014
17
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Comparative Performance Trailing Returns
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Portfolio (Gross)3.88 (23)13.69 (13)19.39 (12)11.38 (12)13.25 (21)6.02 (60)05/01/1998
Total Fund Policy 3.96 (19)12.51 (28)18.27 (24)11.95 (5)14.10 (6)5.76 (83)
All Public Plans-Total Fund Median 3.56 11.35 16.96 10.04 12.58 6.12
Total Fund Portfolio (Net)3.80 13.34 18.89 10.86 12.73 5.45 05/01/1998
Total Fund Policy 3.96 12.51 18.27 11.95 14.10 5.76
Total Equity 4.75 17.96 26.13 13.76 16.99 9.49 07/31/2008
Total Equity Policy 4.93 16.72 24.80 15.20 18.24 9.07
Total Domestic Equity 5.11 (21)18.63 (21)26.35 (29)14.51 (54)17.56 (55)9.09 (27)07/01/2002
Total Domestic Equity Policy 4.87 (30)17.75 (32)25.22 (41)16.46 (28)19.33 (28)8.26 (46)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 4.37 16.47 24.59 14.83 17.83 8.16
Total International Equity 2.90 (78)14.51 (11)25.08 (19)9.95 (15)14.65 (18)7.64 (24)01/01/2006
Total International Equity Policy 5.25 (37)10.99 (38)22.27 (35)8.06 (32)11.94 (46)N/A
MSCI EAFE Index 4.34 (53)11.19 (36)24.09 (24)8.59 (26)12.27 (41)5.36 (59)
IM International Equity (SA+CF+MF) Median 4.49 10.02 20.06 6.45 11.66 5.84
Total Fixed Income 2.11 4.84 5.77 4.93 6.26 5.31 07/01/2002
Total Fixed Income Policy 1.92 3.37 4.51 2.71 4.15 4.68
Total Domestic Fixed Income 1.95 (77)4.43 (39)5.32 (30)N/A N/A 4.17 (19)09/01/2011
IM U.S. Broad Market Core Fixed Income (SA+CF) Median2.14 4.18 4.85 4.31 5.72 3.61
IM U.S. Intermediate Duration (SA+CF) Median 1.39 2.79 3.56 3.34 4.70 2.84
Total Global Fixed Income 2.71 (39)6.43 (25)7.52 (37)N/A N/A 5.94 (9)09/01/2011
Citigroup World Government Bond 2.27 (53)3.86 (82)6.85 (50)1.57 (86)3.60 (92)0.12 (93)
IM Global Fixed Income (MF) Median 2.38 5.30 6.81 3.66 5.53 3.14
Total Real Estate 2.59 (N/A)9.26 (N/A)13.11 (N/A)13.45 (N/A)8.72 (N/A)4.80 (N/A)07/01/2006
Total Real Estate Policy 2.76 (N/A)8.64 (N/A)12.30 (N/A)11.69 (N/A)9.89 (N/A)6.46 (N/A)
NCREIF Property Index 0.00 (N/A)5.34 (N/A)8.07 (N/A)10.27 (N/A)9.05 (N/A)5.95 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) MedianN/A N/A N/A N/A N/A N/A
Comparative Performance
Total Fund
As of June 30, 2014
Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
19
Comparative Performance
Total Fund
As of June 30, 2014
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Equity
Vanguard Total Stock Index (VITSX)4.86 (31)17.79 (30)25.20 (40)N/A N/A 22.34 (40)04/01/2013
Vanguard Total Stock Market Index 4.87 (30)17.80 (30)25.21 (40)16.48 (25)19.44 (24)22.35 (40)
IM U.S. Multi-Cap Core Equity (MF) Median 4.37 16.40 24.47 14.75 17.75 21.61
Dana (Large Cap)5.54 (24)20.83 (16)28.09 (19)16.60 (52)18.94 (50)8.92 (54)07/01/2002
Dana Custom Index 5.23 (33)18.40 (50)24.61 (65)16.58 (53)19.05 (47)7.88 (93)
IM U.S. Large Cap Core Equity (SA+CF) Median 4.86 18.36 25.61 16.62 18.91 8.99
Fiduciary Management, Inc.5.78 (25)16.83 (66)N/A N/A N/A 18.53 (65)08/01/2013
Russell 3000 Index 4.87 (45)17.75 (49)25.22 (66)16.46 (59)19.33 (62)18.71 (60)
IM U.S. All Cap Core Equity (SA+CF) Median 4.81 17.61 26.56 16.66 19.48 19.14
Dana (Small Cap)3.35 (32)16.54 (21)27.77 (34)19.65 (12)24.19 (15)9.73 (75)05/01/2005
Russell 2000 Index 2.05 (63)12.19 (72)23.64 (70)14.57 (75)20.21 (80)9.66 (77)
IM U.S. Small Cap Core Equity (SA+CF) Median 2.55 14.41 25.45 16.54 21.92 11.03
Total International Equity
RBC International Portfolio 2.56 (86)19.33 (4)29.91 (8)14.31 (6)17.60 (6)9.36 (6)01/01/2006
MSCI AC World ex USA 5.25 (24)10.99 (69)22.27 (66)6.21 (81)11.59 (71)5.79 (58)
IM International Large Cap Value Equity (SA+CF) Median4.18 11.74 24.03 8.66 12.72 5.92
Manning & Napier Overseas (EXOSX)3.24 (69)10.22 (55)20.79 (55)5.67 (74)11.77 (45)11.39 (42)06/01/2009
MSCI AC World ex USA 5.25 (10)10.99 (38)22.27 (40)6.21 (63)11.59 (49)11.16 (49)
IM International Multi-Cap Core Equity (MF) Median 3.90 10.51 21.36 6.89 11.53 11.05
Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
20
Comparative Performance
Total Fund
As of June 30, 2014
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Fixed Income
Agincourt Capital Management 2.20 (44)4.24 (48)5.09 (39)4.24 (52)5.62 (58)6.68 (32)10/01/2008
Barclays Aggregate Index 2.04 (67)3.78 (75)4.37 (74)3.66 (86)4.85 (87)5.37 (92)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median2.14 4.18 4.85 4.31 5.72 6.37
Garcia, Hamilton & Associates 1.70 (21)4.62 (10)5.59 (10)4.85 (8)6.43 (11)6.38 (11)07/01/2008
Barclays Intermediate Aggregate Index 1.62 (28)2.70 (57)3.48 (55)2.86 (77)4.23 (76)4.55 (77)
IM U.S. Intermediate Duration (SA+CF) Median 1.39 2.79 3.56 3.34 4.70 5.01
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)2.71 (39)6.43 (25)7.52 (37)N/A N/A 8.35 (5)10/01/2011
Citigroup World Government Bond 2.27 (53)3.86 (82)6.85 (50)1.57 (86)3.60 (92)0.84 (96)
IM Global Fixed Income (MF) Median 2.38 5.30 6.81 3.66 5.53 4.06
Total Real Estate
American Core Realty Fund 2.79 (N/A)8.83 (N/A)12.53 (N/A)12.05 (N/A)8.00 (N/A)3.85 (N/A)07/01/2006
NCREIF Fund Index-Open End Diversified Core (EW)2.76 (N/A)8.64 (N/A)12.30 (N/A)12.22 (N/A)9.45 (N/A)4.12 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) MedianN/A N/A N/A N/A N/A N/A
Intercontinental Real Estate 2.41 (N/A)9.89 (N/A)13.91 (N/A)14.93 (N/A)N/A 15.28 (N/A)10/01/2010
NCREIF Fund Index-Open End Diversified Core (EW)2.76 (N/A)8.64 (N/A)12.30 (N/A)12.22 (N/A)9.45 (N/A)13.58 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) MedianN/A N/A N/A N/A N/A N/A
Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
21
Pa
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22
Comparative Performance Fiscal Year Returns
FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Fund Portfolio (Gross)15.11 (12)18.93 (30)0.08 (56)8.61 (83)0.00 (67)-11.96 (28)11.67 (90)8.65 (51)14.35 (26)
Total Fund Policy 14.70 (16)19.99 (14)2.54 (13)9.32 (69)-1.86 (82)-14.02 (55)13.39 (68)9.16 (41)9.23 (84)
All Public Plans-Total Fund Median 12.5517.93 0.29 9.98 1.32-13.6714.39 8.6512.34
Total Fund Portfolio (Net)14.5618.28 -0.37 8.14 -0.46-12.3010.96 7.9213.82
Total Fund Policy 14.7019.99 2.54 9.32 -1.86-14.0213.39 9.16 9.23
Total Equity 22.0625.54 -4.3810.56 -1.59 N/A N/A N/A N/A
Total Equity Policy 21.8227.76 -0.89 9.91 -4.90 N/A N/A N/A N/A
Total Domestic Equity 21.70 (60)26.53 (45)-2.59 (57)11.15 (30)-3.60 (41)-16.51 (10)14.18 (74)10.21 (34)21.50 (14)
Total Domestic Equity Policy 21.60 (61)30.20 (18)0.55 (27)10.96 (34)-6.42 (66)-21.52 (34)16.52 (53)10.22 (34)12.69 (73)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 22.9425.68 -1.99 9.74 -4.88-22.8816.74 9.1814.97
Total International Equity 24.24 (23)20.29 (18)-10.51 (42)8.14 (54)11.28 (30)-30.51 (46)24.22 (72)N/A N/A
Total International Equity Policy 22.69 (31)14.33 (67)-8.94 (31)3.71 (76)3.80 (56)-30.13 (42)N/A N/A N/A
MSCI EAFE Index 24.29 (23)14.33 (67)-8.94 (31)3.71 (76)3.80 (56)-30.13 (42)25.38 (64)19.65 (46)26.32 (56)
IM International Equity (SA+CF+MF) Median 18.2416.39-11.44 8.93 5.08-31.1028.1619.1927.00
Total Fixed Income 0.12 8.82 3.39 9.2015.33 0.03 5.24 3.64 1.77
Total Fixed Income Policy -1.56 4.11 4.22 7.52 9.69 4.16 5.43 3.54 1.48
Total Domestic Fixed Income -0.24 (12)8.27 (14)N/A N/A N/A N/A N/A N/A N/A
Total Domestic Fixed Income Policy -0.80 (30)4.31 (98)4.22 (91)7.52 (96)9.69 (89)4.16 (21)5.43 (25)3.54 (87)1.48 (100)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median-1.22 6.61 5.26 9.2012.32 2.56 5.14 3.85 3.10
Total Global Fixed Income 3.33 (4)13.25 (7)N/A N/A N/A N/A N/A N/A N/A
Citigroup World Government Bond -4.60 (85)3.29 (97)4.61 (8)4.99 (95)13.78 (51)5.90 (6)8.69 (30)2.23 (64)3.02 (74)
IM Global Fixed Income (MF) Median -1.52 7.34 1.56 7.8213.91-1.47 7.29 2.53 5.11
Total Real Estate 15.18 (36)12.45 (56)15.92 (79)2.44 (80)-32.96 (39)4.98 (35)21.07 (12)N/A N/A
Total Real Estate Policy 11.84 (81)11.00 (77)16.10 (78)5.84 (52)-22.09 (5)5.27 (28)17.31 (69)N/A N/A
NCREIF Property Index 11.00 (83)11.00 (77)16.10 (78)5.84 (52)-22.09 (5)5.27 (28)17.31 (69)17.62 (56)19.19 (69)
IM U.S. Open End Private Real Estate (SA+CF) Median13.0912.9016.62 6.09-35.27 3.4718.5318.1719.98
Comparative Performance
Total Fund
As of June 30, 2014
Returns for periods greater than 1 yr. are annualized.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
23
Comparative Performance
Total Fund
As of June 30, 2014
FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Domestic Equity
Vanguard Total Stock Index (VITSX)N/A N/A N/A N/A N/A N/A N/A N/A N/A
Vanguard Total Stock Market Index 21.50 (62)30.28 (15)0.71 (20)11.16 (29)-6.03 (62)-21.19 (29)16.98 (47)10.38 (30)14.70 (52)
IM U.S. Multi-Cap Core Equity (MF) Median 22.8625.60 -2.23 9.59 -4.84-22.9916.68 9.1814.86
Dana (Large Cap)19.62 (62)31.58 (21)-0.89 (72)10.10 (42)-13.66 (97)-12.23 (6)15.43 (72)10.93 (45)18.87 (23)
Dana Custom Index 19.34 (63)30.20 (45)0.95 (54)8.90 (59)-10.62 (92)-21.56 (62)16.52 (58)10.22 (57)14.57 (56)
IM U.S. Large Cap Core Equity (SA+CF) Median 20.6729.72 1.16 9.45 -5.78-20.4816.9810.7515.11
Fiduciary Management, Inc.N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 3000 Index 21.60 (77)30.20 (31)0.55 (62)10.96 (53)-6.42 (60)-21.52 (63)16.52 (63)10.22 (37)14.57 (72)
IM U.S. All Cap Core Equity (SA+CF) Median 23.8627.38 0.9811.05 -6.06-21.1117.67 9.1517.13
Dana (Small Cap)31.48 (57)39.20 (7)3.82 (1)15.86 (35)-13.06 (84)-21.93 (79)8.02 (89)5.23 (79)N/A
Russell 2000 Index 30.06 (71)31.91 (54)-3.53 (1)13.35 (72)-9.55 (66)-14.48 (25)12.34 (71)9.92 (32)17.95 (82)
IM U.S. Small Cap Core Equity (SA+CF) Median 32.2632.35-36.0014.58 -7.80-17.6914.85 8.1421.89
Total International Equity
RBC International Portfolio 27.45 (16)24.65 (3)-8.87 (57)12.31 (10)7.72 (39)-29.87 (70)24.22 (48)N/A N/A
MSCI AC World ex USA 16.98 (82)15.04 (50)-10.42 (70)8.00 (36)6.43 (47)-29.97 (70)31.06 (13)19.36 (72)29.48 (28)
IM International Large Cap Value Equity (SA+CF) Median22.6315.01 -8.41 4.95 6.01-27.3823.9120.9226.81
Manning & Napier Overseas (EXOSX)20.93 (49)16.04 (36)-12.51 (73)2.52 (83)N/A N/A N/A N/A N/A
MSCI AC World ex USA 16.98 (81)15.04 (53)-10.42 (42)8.00 (22)6.43 (25)-29.97 (36)31.06 (6)19.36 (35)29.48 (7)
IM International Multi-Cap Core Equity (MF) Median 20.8215.16-11.05 4.95 1.99-31.2224.9218.4125.29
Returns for periods greater than 1 yr. are annualized.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
24
Comparative Performance
Total Fund
As of June 30, 2014
FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Domestic Fixed Income
Agincourt Capital Management -1.40 (61)6.96 (43)4.92 (68)9.55 (37)14.76 (18)N/A N/A N/A N/A
Barclays Aggregate Index -1.68 (82)5.16 (91)5.26 (49)8.16 (87)10.56 (80)3.65 (32)5.14 (51)3.67 (76)2.80 (81)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median-1.22 6.61 5.26 9.2012.32 2.56 5.14 3.85 3.10
Garcia, Hamilton & Associates 0.88 (8)9.51 (4)2.32 (90)8.87 (28)15.91 (7)N/A N/A N/A N/A
Barclays Intermediate Aggregate Index -0.71 (78)4.31 (85)4.22 (21)7.52 (78)9.69 (82)4.16 (35)5.33 (69)3.84 (60)2.23 (100)
IM U.S. Intermediate Duration (SA+CF) Median -0.24 5.57 3.58 8.2711.46 3.22 5.49 3.9210.39
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)3.44 (3)13.25 (7)N/A N/A N/A N/A N/A N/A N/A
Citigroup World Government Bond -4.60 (85)3.29 (97)4.61 (8)4.99 (95)13.78 (51)5.90 (6)8.69 (30)2.23 (56)3.02 (74)
IM Global Fixed Income (MF) Median -1.52 7.34 1.56 7.8213.91-1.47 7.29 2.58 5.11
Total Real Estate
American Core Realty Fund 12.27 (71)11.57 (67)16.11 (75)2.72 (76)-32.96 (39)4.98 (100)16.31 (82)N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)12.47 (68)11.77 (66)18.03 (42)6.14 (50)-36.09 (53)3.73 (100)17.84 (59)17.49 (57)18.91 (72)
IM U.S. Open End Private Real Estate (SA+CF) Median13.0912.9016.62 6.09-35.2720.7118.5318.1719.98
Intercontinental Real Estate 18.19 (10)13.33 (43)15.80 (79)N/A N/A N/A N/A N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)12.47 (68)11.77 (66)18.03 (42)6.14 (50)-36.09 (53)3.73 (47)17.84 (59)17.49 (57)18.91 (72)
IM U.S. Open End Private Real Estate (SA+CF) Median13.0912.9016.62 6.09-35.27 3.4718.5318.1719.98
Returns for periods greater than 1 yr. are annualized.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
25
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
-28.00
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Total Fund15.11 (12)18.93 (30)0.08 (56)8.61 (83)0.00 (67)-11.96 (28)Å
Total Policy14.70 (16)19.99 (14)2.54 (13)9.32 (69)-1.86 (82)-14.02 (55)Å
Median12.5517.930.299.981.32-13.67
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
26.00
R
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QTRFYTD1 YR2 YR3 YR4 YR5 YR
Total Fund3.88 (23)13.69 (13)19.39 (12)17.24 (7)11.38 (12)13.70 (16)13.25 (21)Å
Total Policy3.96 (19)12.51 (28)18.27 (24)16.28 (13)11.95 (5)14.67 (3)14.10 (6)Å
Median3.5611.3516.9614.5810.0412.7512.58
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Total Fund 2.41 (14)6.87 (8)5.02 (45)1.15 (6)6.83 (8)1.44 (62)
Total Policy 1.84 (37)6.27 (24)5.12 (42)1.19 (6)6.76 (10)1.00 (77)
All Public Plans-Total Fund Median 1.70 5.60 4.91 0.09 5.47 1.72
As of June 30, 2014
Performance Review
Total Fund
NONE
26
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
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P
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9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund20 4 (20%)2 (10%)11 (55%)3 (15%)Å
Total Policy20 10 (50%)1 (5%)3 (15%)6 (30%)Å
Over Performance Under Performance
Earliest Date Latest Date
-12.0
-6.0
0.0
6.0
12.0
18.0
24.0
To
t
a
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F
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d
(
%
)
-12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.024.0
Total Policy (%)
Over
Performance
Under
Performance
9.45
10.08
10.71
11.34
11.97
12.60
R
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t
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r
n
(
%
)
9.20 9.43 9.66 9.89 10.12 10.35 10.5810.81
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 11.38 10.50Å
Total Policy 11.95 9.48Å
Median 10.04 9.65¾
12.00
12.50
13.00
13.50
14.00
14.50
R
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t
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r
n
(
%
)
9.8 9.9
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 13.25 9.86Å
Total Policy 14.10 9.86Å
Median 12.58 9.86¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.59 102.86 122.86 -1.57 -0.26 1.09 1.10 6.65
Total Policy 0.00 100.00 100.00 0.00 N/A 1.25 1.00 5.53
90 Day U.S. Treasury Bill 9.49 0.31 -0.24 0.06 -1.25 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.88 96.70 105.14 -0.51 -0.40 1.32 0.98 5.59
Total Policy 0.00 100.00 100.00 0.00 N/A 1.40 1.00 5.18
90 Day U.S. Treasury Bill 9.86 0.45 -0.38 0.09 -1.40 N/A 0.00 0.00
As of June 30, 2014
Performance Review
Total Fund
NONE
27
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28
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
VG TSMIN/AN/AN/AN/AN/AN/AÅ
VG TSM Index21.50 (62)30.28 (15)0.71 (20)11.16 (29)-6.03 (62)-21.19 (29)Å
Median22.8625.60-2.239.59-4.84 -22.99
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
VG TSMI4.86 (31)17.79 (30)25.20 (40)N/AN/AN/AN/AÅ
VG TSM Index4.87 (30)17.80 (30)25.21 (40)23.31 (48)16.48 (25)20.33 (22)19.44 (24)Å
Median4.3716.4024.4723.1914.7518.5817.75
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
VG TSMI 2.05 (43)10.08 (31)6.30 (63)2.77 (43)N/A N/A
VG TSM Index 2.04 (44)10.09 (30)6.29 (64)2.76 (43)11.02 (49)0.19 (77)
IM U.S. Multi-Cap Core Equity (MF) Median 1.90 9.42 6.85 2.54 10.98 1.43
Performance Review (Fiscal Years)
As of June 30, 2014
VG TSMI
NONE
29
Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF)
Comparative Performance
-50.00
-40.00
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Dana LC19.62 (62)31.58 (21)-0.89 (72)10.10 (42)-13.66 (97)-12.23 (6)Å
Dana Index19.34 (63)30.20 (45)0.95 (54)8.90 (59)-10.62 (92)-21.56 (62)Å
Median20.6729.721.169.45-5.78-20.48
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
R
e
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QTRFYTD1 YR2 YR3 YR4 YR5 YR
Dana LC5.54 (24)20.83 (16)28.09 (19)23.30 (49)16.60 (52)20.07 (55)18.94 (50)Å
Dana Index5.23 (33)18.40 (50)24.61 (65)22.59 (64)16.58 (53)19.59 (70)19.05 (47)Å
Median4.8618.3625.6123.2016.6220.2618.91
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Dana LC 3.53 (13)10.58 (44)6.01 (50)2.26 (66)11.16 (37)-0.74 (75)
Dana Index 1.81 (63)10.51 (48)5.24 (71)2.91 (46)10.61 (56)-0.38 (61)
IM U.S. Large Cap Core Equity (SA+CF) Median 2.06 10.42 5.99 2.78 10.70 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
Dana LC
NONE
30
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
r
n
P
e
r
c
e
n
t
i
l
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R
a
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9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana LC20 0 (0%)6 (30%)9 (45%)5 (25%)Å
Dana Index20 0 (0%)3 (15%)7 (35%)10 (50%)Å
Over Performance Under Performance
Earliest Date Latest Date
-20.0
-10.0
0.0
10.0
20.0
30.0
D
a
n
a
L
C
(
%
)
-20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
Dana Index (%)
Over
Performance
Under
Performance
16.56
16.58
16.60
16.62
16.64
R
e
t
u
r
n
(
%
)
14.04 14.40 14.76 15.12 15.48 15.84 16.20
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 16.60 15.88Å
Dana Index 16.58 14.37Å
Median 16.62 15.11¾
18.84
18.90
18.96
19.02
19.08
19.14
R
e
t
u
r
n
(
%
)
15.10 15.15 15.20 15.25 15.30 15.35 15.40
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 18.94 15.18Å
Dana Index 19.05 15.15Å
Median 18.91 15.33¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.08 102.62 105.78 -0.64 0.05 1.27 1.05 7.47
Dana Index 0.00 100.00 100.00 0.00 N/A 1.33 1.00 6.96
90 Day U.S. Treasury Bill 12.09 0.14 -0.18 0.06 -1.33 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.56 97.88 95.80 0.71 -0.06 1.39 0.95 7.30
Dana Index 0.00 100.00 100.00 0.00 N/A 1.36 1.00 7.54
90 Day U.S. Treasury Bill 13.47 0.21 -0.23 0.09 -1.36 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
Dana LC
NONE
31
Pa
g
e
I
n
t
e
n
t
i
o
n
a
l
l
y
L
e
f
t
B
l
a
n
k
32
Peer Group Analysis - IM U.S. All Cap Core Equity (SA+CF)
Comparative Performance
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
FiduciaryN/AN/AN/AN/AN/AN/AÅ
R300021.60 (77)30.20 (31)0.55 (62)10.96 (53)-6.42 (60)-21.52 (63)Å
Median23.8627.380.9811.05-6.06-21.11
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Fiduciary5.78 (25)16.83 (66)N/A N/A N/A N/A N/AÅ
R30004.87 (45)17.75 (49)25.22 (66)23.33 (68)16.46 (59)20.24 (63)19.33 (62)Å
Median4.8117.6126.5624.1816.6620.5819.48
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Fiduciary 2.06 (43)8.21 (87)N/A N/A N/A N/A
R3000 1.97 (46)10.10 (52)6.35 (78)2.69 (52)11.07 (61)0.25 (70)
IM U.S. All Cap Core Equity (SA+CF) Median 1.84 10.11 7.46 2.70 11.23 0.74
Performance Review (Fiscal Years)
As of June 30, 2014
Fiduciary
NONE
33
Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF)
Comparative Performance
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Dana SC31.48 (57)39.20 (7)3.82 (15)15.86 (35)-13.06 (84)-21.93 (79)Å
R200030.06 (71)31.91 (54)-3.53 (77)13.35 (72)-9.55 (66)-14.48 (25)Å
Median32.2632.35-0.2414.58-7.80-17.69
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
38.00
44.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Dana SC3.35 (32)16.54 (21)27.77 (34)27.98 (31)19.65 (12)25.49 (9)24.19 (15)Å
R20002.05 (63)12.19 (72)23.64 (70)23.92 (75)14.57 (75)19.89 (80)20.21 (80)Å
Median2.5514.4125.4526.5016.5421.9121.92
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Dana SC 1.29 (51)11.33 (22)9.64 (69)3.96 (50)14.86 (10)0.43 (93)
R2000 1.12 (57)8.72 (78)10.21 (56)3.08 (60)12.39 (59)1.85 (69)
IM U.S. Small Cap Core Equity (SA+CF) Median 1.32 9.73 10.45 3.96 12.77 2.40
Performance Review (Fiscal Years)
As of June 30, 2014
Dana SC
NONE
34
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
r
n
P
e
r
c
e
n
t
i
l
e
R
a
n
k
9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana SC20 9 (45%)1 (5%)4 (20%)6 (30%)Å
R200020 0 (0%)2 (10%)9 (45%)9 (45%)Å
Over Performance Under Performance
Earliest Date Latest Date
-20.0
0.0
20.0
40.0
D
a
n
a
S
C
(
%
)
-30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0
R2000 (%)
Over
Performance
Under
Performance
12.00
14.00
16.00
18.00
20.00
22.00
R
e
t
u
r
n
(
%
)
18.80 19.00 19.20 19.40 19.60
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 19.65 19.42Å
R2000 14.57 18.96Å
Median 16.54 19.34¾
18.00
20.00
22.00
24.00
26.00
R
e
t
u
r
n
(
%
)
18.36 18.45 18.54 18.63 18.72 18.81
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 24.19 18.36Å
R2000 20.21 18.72Å
Median 21.92 18.48¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.45 105.16 82.00 4.92 0.99 1.15 0.97 9.41
R2000 0.00 100.00 100.00 0.00 N/A 0.90 1.00 10.02
90 Day U.S. Treasury Bill 16.74 0.10 -0.17 0.06 -0.90 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.41 97.54 76.37 5.13 0.70 1.37 0.90 9.06
R2000 0.00 100.00 100.00 0.00 N/A 1.11 1.00 10.41
90 Day U.S. Treasury Bill 18.08 0.16 -0.19 0.09 -1.11 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
Dana SC
NONE
35
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
RBC27.45 (16)24.65 (3)-8.87 (57)12.31 (10)7.72 (39)-29.87 (70)Å
MSCI ACW16.98 (82)15.04 (50)-10.42 (70)8.00 (36)6.43 (47)-29.97 (70)Å
Median22.6315.01-8.414.956.01-27.38
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
RBC2.56 (86)19.33 (4)29.91 (8)30.08 (3)14.31 (6)19.29 (4)17.60 (6)Å
MSCI ACW5.25 (24)10.99 (69)22.27 (66)18.13 (83)6.21 (81)11.77 (78)11.59 (71)Å
Median4.1811.7424.0321.118.6613.3412.72
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
RBC 4.13 (6)11.73 (1)8.86 (78)0.67 (34)8.77 (2)6.92 (34)
MSCI ACW 0.61 (65)4.81 (83)10.17 (59)-2.90 (89)3.27 (69)5.89 (63)
IM International Large Cap Value Equity (SA+CF) Median 1.16 6.11 10.79 0.03 4.19 6.26
Performance Review (Fiscal Years)
As of June 30, 2014
RBC
NONE
36
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
r
n
P
e
r
c
e
n
t
i
l
e
R
a
n
k
9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC 20 12 (60%)4 (20%)3 (15%)1 (5%)Å
MSCI ACW20 0 (0%)8 (40%)7 (35%)5 (25%)Å
Over Performance Under Performance
Earliest Date Latest Date
-20.0
-10.0
0.0
10.0
20.0
30.0
R
B
C
(
%
)
-20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.030.0
MSCI ACW (%)
Over
Performance
Under
Performance
3.00
6.00
9.00
12.00
15.00
18.00
R
e
t
u
r
n
(
%
)
15.84 16.50 17.16 17.82 18.48 19.14 19.80
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 14.31 19.23Å
MSCI ACW 6.21 16.44Å
Median 8.66 16.54¾
10.00
12.00
14.00
16.00
18.00
20.00
R
e
t
u
r
n
(
%
)
17.10 17.28 17.46 17.64 17.82 18.00 18.1818.36
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 17.60 18.08Å
MSCI ACW 11.59 17.62Å
Median 12.72 17.33¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.56 121.95 89.22 7.76 1.37 0.86 1.01 11.25
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.45 1.00 11.58
90 Day U.S. Treasury Bill 16.32 0.14 -0.11 0.06 -0.45 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 6.49 106.98 80.49 6.23 0.82 1.04 0.94 9.75
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.74 1.00 10.68
90 Day U.S. Treasury Bill 16.73 0.19 -0.21 0.09 -0.74 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
RBC
NONE
37
Peer Group Analysis - IM International Multi-Cap Core Equity (MF)
Comparative Performance
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
M & N20.93 (49)16.04 (36)-12.51 (73)2.52 (83)N/AN/AÅ
MSCI ACW16.98 (81)15.04 (53)-10.42 (42)8.00 (22)6.43 (25)-29.97 (36)Å
Median20.8215.16-11.054.951.99-31.22
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
32.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
M & N3.24 (69)10.22 (55)20.79 (55)19.38 (51)5.67 (74)11.73 (71)11.77 (45)Å
MSCI ACW5.25 (10)10.99 (38)22.27 (40)18.13 (61)6.21 (63)11.77 (69)11.59 (49)Å
Median3.9010.5121.3619.426.8912.5711.53
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
M & N 2.13 (9)4.54 (85)9.59 (66)-0.90 (51)5.15 (24)5.89 (67)
MSCI ACW 0.61 (40)4.81 (80)10.17 (50)-2.90 (83)3.27 (63)5.89 (67)
IM International Multi-Cap Core Equity (MF) Median 0.39 5.85 10.14 -0.88 3.91 6.60
Performance Review (Fiscal Years)
As of June 30, 2014
Manning & Napier
NONE
38
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
r
n
P
e
r
c
e
n
t
i
l
e
R
a
n
k
9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
M & N 9 0 (0%)1 (11%)7 (78%)1 (11%)Å
MSCI ACW20 9 (45%)5 (25%)5 (25%)1 (5%)Å
Over Performance Under Performance
Earliest Date Latest Date
-4.0
0.0
4.0
8.0
12.0
M
&
N
(
%
)
-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
MSCI ACW (%)
Over
Performance
Under
Performance
5.20
5.60
6.00
6.40
6.80
7.20
R
e
t
u
r
n
(
%
)
15.54 15.91 16.28 16.65 17.02 17.39 17.7618.13
Risk (Standard Deviation %)
Return Standard
Deviation
M & N 5.67 17.61Å
MSCI ACW 6.21 16.31Å
Median 6.89 16.06¾
11.43
11.52
11.61
11.70
11.79
11.88
R
e
t
u
r
n
(
%
)
16.40 16.81 17.22 17.63 18.04 18.45 18.86
Risk (Standard Deviation %)
Return Standard
Deviation
M & N 11.77 18.49Å
MSCI ACW 11.59 16.73Å
Median 11.53 16.98¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
M & N 4.42 101.75 104.02 -0.62 -0.06 0.40 1.05 12.58
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.45 1.00 11.58
90 Day U.S. Treasury Bill 16.32 0.14 -0.11 0.06 -0.45 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
M & N 5.12 106.79 108.95 -0.31 0.09 0.69 1.06 12.06
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.74 1.00 10.68
90 Day U.S. Treasury Bill 16.73 0.19 -0.21 0.09 -0.74 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
Manning & Napier
NONE
39
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Comparative Performance
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Agincourt-1.40 (61)6.96 (43)4.92 (68)9.55 (37)14.76 (18)N/AÅ
BC Agg-1.68 (82)5.16 (91)5.26 (49)8.16 (87)10.56 (80)3.65 (32)Å
Median-1.226.615.269.2012.322.56
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Agincourt2.20 (44)4.24 (48)5.09 (39)2.50 (49)4.24 (52)4.37 (50)5.62 (58)Å
BC Agg2.04 (67)3.78 (75)4.37 (74)1.81 (80)3.66 (86)3.72 (87)4.85 (87)Å
Median2.144.184.852.454.314.375.72
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Agincourt 1.88 (73)0.11 (50)0.81 (20)-2.46 (58)-0.07 (79)0.34 (61)
BC Agg 1.84 (78)-0.14 (78)0.57 (64)-2.32 (38)-0.12 (88)0.21 (83)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 2.03 0.09 0.63 -2.42 0.10 0.46
Performance Review (Fiscal Years)
As of June 30, 2014
Agincourt
NONE
40
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
r
n
P
e
r
c
e
n
t
i
l
e
R
a
n
k
9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Agincourt12 0 (0%)2 (17%)10 (83%)0 (0%)Å
BC Agg20 0 (0%)0 (0%)5 (25%)15 (75%)ÅOver Performance Earliest Date Latest Date
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Ag
i
n
c
o
u
r
t
(
%
)
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.012.0
BC Agg (%)
Over
Performance
Under
Performance
3.30
3.60
3.90
4.20
4.50
R
e
t
u
r
n
(
%
)
2.72 2.76 2.80 2.84 2.88 2.92 2.96 3.00
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 4.24 2.80Å
BC Agg 3.66 2.95Å
Median 4.31 2.90¾
4.64
4.93
5.22
5.51
5.80
6.09
R
e
t
u
r
n
(
%
)
3.04 3.08 3.12 3.16 3.20 3.24 3.28 3.323.36
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 5.62 3.10Å
BC Agg 4.85 3.15Å
Median 5.72 3.30¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.70 109.45 99.37 0.57 0.80 1.47 1.00 1.59
BC Agg 0.00 100.00 100.00 0.00 N/A 1.31 1.00 1.54
90 Day U.S. Treasury Bill 2.73 0.74 -0.66 0.06 -1.31 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 1.13 114.60 112.31 0.16 0.66 1.63 1.12 1.90
BC Agg 0.00 100.00 100.00 0.00 N/A 1.66 1.00 1.50
90 Day U.S. Treasury Bill 2.82 1.08 -0.88 0.09 -1.66 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
Agincourt
NONE
41
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
GHA0.88 (8)9.51 (4)2.32 (90)8.87 (28)15.91 (7)N/AÅ
BC Int Agg-0.71 (78)4.31 (85)4.22 (21)7.52 (78)9.69 (82)4.16 (35)Å
Median-0.245.573.588.2711.463.22
-1.20
-0.25
0.70
1.65
2.60
3.55
4.50
5.45
6.40
7.35
8.30
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
GHA1.70 (21)4.62 (10)5.59 (10)4.31 (7)4.85 (8)5.07 (8)6.43 (11)Å
BC Int Agg1.62 (28)2.70 (57)3.48 (55)1.66 (74)2.86 (77)3.14 (77)4.23 (76)Å
Median1.392.793.562.243.343.514.70
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
GHA 1.77 (13)1.08 (6)0.93 (17)-1.70 (44)0.67 (13)1.00 (9)
Barclays Int Agg 1.20 (50)-0.14 (92)0.76 (41)-1.78 (53)0.15 (91)0.18 (85)
IM U.S. Intermediate Duration (SA+CF) Median 1.20 0.20 0.72 -1.75 0.34 0.40
Performance Review (Fiscal Years)
As of June 30, 2014
GHA
NONE
42
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
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n
P
e
r
c
e
n
t
i
l
e
R
a
n
k
9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
GHA 13 12 (92%)1 (8%)0 (0%)0 (0%)Å
BC Int Agg20 0 (0%)0 (0%)13 (65%)7 (35%)ÅOver Performance Earliest Date Latest Date
2.0
4.0
6.0
8.0
10.0
G
H
A
(
%
)
2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.010.0
Barclays Int Agg (%)
Over
Performance
Under
Performance
2.07
2.76
3.45
4.14
4.83
5.52
R
e
t
u
r
n
(
%
)
1.80 2.00 2.20 2.40 2.60 2.80
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 4.85 2.56Å
BC Int Agg 2.86 2.00Å
Median 3.34 1.99¾
3.75
4.50
5.25
6.00
6.75
7.50
R
e
t
u
r
n
(
%
)
2.20 2.40 2.60 2.80 3.00 3.20 3.40
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 6.43 3.11Å
BC Int Agg 4.23 2.38Å
Median 4.70 2.62¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 2.35 152.45 122.25 2.07 0.83 1.55 0.96 1.65
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.38 1.00 1.11
90 Day U.S. Treasury Bill 2.01 0.97 -0.97 0.06 -1.38 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 2.38 137.26 99.42 2.06 0.89 1.87 1.02 1.77
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.81 1.00 1.16
90 Day U.S. Treasury Bill 2.26 1.29 -1.20 0.08 -1.81 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
GHA
NONE
43
Pa
g
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I
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t
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i
o
n
a
l
l
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L
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f
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B
l
a
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k
44
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
38.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Templeton GB3.44 (8)13.25 (5)N/AN/AN/AN/AÅ
Citi WGB-4.60 (62)3.29 (90)4.61 (6)4.99 (64)13.78 (71)5.90 (1)Å
Median-3.386.511.706.6616.13-0.05
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Templeton GB2.71 (32)6.43 (19)7.52 (42)7.72 (7)N/AN/AN/AÅ
Citi WGB2.27 (78)3.86 (89)6.85 (59)1.02 (84)1.57 (64)3.74 (81)3.60 (78)Å
Median2.565.197.203.202.345.045.16
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Templeton GB 0.86 (90)2.74 (6)1.03 (71)-2.73 (16)1.38 (9)3.83 (6)
Citi WGB 2.66 (33)-1.09 (91)2.88 (40)-2.97 (23)-2.77 (55)-1.71 (82)
IM International Fixed Income (MF) Median 2.39 0.14 1.93 -3.47 -2.63 0.19
Performance Review (Fiscal Years)
As of June 30, 2014
Templeton GB
NONE
45
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-85.00
-70.00
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
American12.27 (71)11.57 (67)16.11 (75)2.72 (76)-32.96 (39)4.98 (35)Å
NCREIF ODCE13.04 (51)11.61 (67)18.27 (41)6.97 (45)-35.19 (50)3.18 (52)Å
Median13.0912.9016.626.09 -35.27 3.47
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
American2.79 (N/A)8.83 (N/A)12.53 (N/A)11.95 (N/A)12.05 (N/A)13.42 (N/A)8.00 (N/A)Å
NCREIF ODCE2.93 (N/A)8.87 (N/A)12.75 (N/A)12.46 (N/A)12.45 (N/A)14.40 (N/A)10.00 (N/A)Å
Median N/AN/AN/AN/AN/AN/AN/A
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
American 3.20 (35)2.59 (75)3.40 (55)3.36 (66)2.49 (69)2.50 (52)
NCREIF ODCE 2.52 (61)3.17 (52)3.56 (51)3.86 (52)2.68 (61)2.35 (60)
IM U.S. Open End Private Real Estate (SA+CF) Median 2.74 3.22 3.58 3.88 3.14 2.51
Performance Review (Fiscal Years)
As of June 30, 2014
American
NONE
46
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
u
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n
P
e
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c
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n
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i
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e
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9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American 19 0 (0%)7 (37%)6 (32%)6 (32%)Å
NCREIF ODCE19 0 (0%)12 (63%)7 (37%)0 (0%)Å
Over Performance Under Performance
Earliest Date Latest Date
-20.0
-10.0
0.0
10.0
20.0
Am
e
r
i
c
a
n
(
%
)
-20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.024.0
NCREIF ODCE (%)
Over
Performance
Under
Performance
11.80
12.00
12.20
12.40
12.60
R
e
t
u
r
n
(
%
)
0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95
Risk (Standard Deviation %)
Return Standard
Deviation
American 12.05 0.64Å
NCREIF ODCE 12.45 0.89Å
Median N/A N/A¾
7.59
8.28
8.97
9.66
10.35
11.04
R
e
t
u
r
n
(
%
)
5.55 5.70 5.85 6.00 6.15 6.30 6.45 6.606.75
Risk (Standard Deviation %)
Return Standard
Deviation
American 8.00 6.52Å
NCREIF ODCE 10.00 5.75Å
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 0.66 96.92 N/A 5.82 -0.56 17.78 0.49 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.26 1.00 0.00
90 Day U.S. Treasury Bill 0.89 0.48 N/A 0.11 -13.26 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.38 89.87 128.27 -2.90 -1.32 1.21 1.11 4.71
NCREIF ODCE 0.00 100.00 100.00 0.00 N/A 1.69 1.00 3.62
90 Day U.S. Treasury Bill 5.76 0.62 -0.81 0.10 -1.69 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
American
NONE
47
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-85.00
-70.00
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
e
t
u
r
n
Oct-2012
To
Sep-2013
Oct-2011
To
Sep-2012
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Intercontinental18.19 (10)13.33 (43)15.80 (79)N/AN/AN/AÅ
NCREIF ODCE13.04 (51)11.61 (67)18.27 (41)6.97 (45)-35.19 (50)3.18 (52)Å
Median13.0912.9016.626.09 -35.27 3.47
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
R
e
t
u
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Intercontinental2.41 (N/A)9.89 (N/A)13.91 (N/A)15.54 (N/A)14.93 (N/A)N/AN/AÅ
NCREIF ODCE2.93 (N/A)8.87 (N/A)12.75 (N/A)12.46 (N/A)12.45 (N/A)14.40 (N/A)10.00 (N/A)Å
Median N/AN/AN/AN/AN/AN/AN/A
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
1 Qtr
Ending
Mar-2013
1 Qtr
Ending
Dec-2012
Intercontinental 1.80 (87)5.40 (3)3.66 (44)4.35 (30)2.78 (59)6.31 (6)
NCREIF ODCE 2.52 (61)3.17 (52)3.56 (51)3.86 (52)2.68 (61)2.35 (60)
IM U.S. Open End Private Real Estate (SA+CF) Median 2.74 3.22 3.58 3.88 3.14 2.51
Performance Review (Fiscal Years)
As of June 30, 2014
Intercontinental
NONE
48
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
0.0
25.0
50.0
75.0
100.0R
e
t
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n
P
e
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c
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n
t
i
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R
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9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental3 1 (33%)2 (67%)0 (0%)0 (0%)Å
NCREIF ODCE19 0 (0%)12 (63%)7 (37%)0 (0%)ÅOver Performance Earliest Date Latest Date
12.0
13.0
14.0
15.0
16.0
I
n
t
e
r
c
o
n
t
i
n
e
n
t
a
l
(
%
)
12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.0 16.5
NCREIF ODCE (%)
Over
Performance
Under
Performance
11.90
12.75
13.60
14.45
15.30
16.15
R
e
t
u
r
n
(
%
)
0.40 0.80 1.20 1.60 2.00 2.40 2.80 3.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 14.93 2.53Å
NCREIF ODCE 12.45 0.89Å
Median N/A N/A¾
9.24
9.57
9.90
10.23
10.56
10.89
R
e
t
u
r
n
(
%
)
5.20 5.40 5.60 5.80 6.00 6.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental N/A N/AÅ
NCREIF ODCE 10.00 5.75Å
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.57 119.20 N/A 10.29 0.89 5.60 0.36 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.26 1.00 0.00
90 Day U.S. Treasury Bill 0.89 0.48 N/A 0.11 -13.26 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental N/A N/A N/A N/A N/A N/A N/A N/A
NCREIF ODCE 0.00 100.00 100.00 0.00 N/A 1.69 1.00 3.62
90 Day U.S. Treasury Bill 5.76 0.62 -0.81 0.10 -1.69 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2014
Intercontinental
NONE
49
Total Fund Compliance:Yes No N/A
Equity Compliance:Yes No N/A
Fixed Income Compliance:Yes No N/A
50
Yes No N/A
Manager Compliance:
Yes No N/A Yes No N/A Yes No N/A Yes No N/A
51
Pa
g
e
I
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52
Total Fund Policy
Allocation Mandate Weight (%)
May-1998
S&P 500 Index 60.00
Barclays U.S. Gov't/Credit 35.00
Citigroup 3 Month T-Bill Index 5.00
Jan-2001
S&P 500 Index 65.00
Barclays U.S. Gov't/Credit 30.00
Citigroup 3 Month T-Bill Index 5.00
Apr-2003
S&P 500 Index 65.00
Barclays Intermediate U.S. Gov/Credit Index 30.00
Citigroup 3 Month T-Bill Index 5.00
Jul-2005
S&P 500 Index 55.00
Barclays Intermediate U.S. Gov/Credit Index 30.00
MSCI EAFE Index 10.00
Citigroup 3 Month T-Bill Index 5.00
Oct-2007
Russell 3000 Index 55.00
Barclays Intermediate Aggregate Index 30.00
MSCI EAFE Index 10.00
Citigroup 3 Month T-Bill Index 5.00
Jul-2008
Russell 3000 Index 55.00
Barclays Intermediate Aggregate Index 25.00
MSCI EAFE Index 10.00
NCREIF Property Index 10.00
Oct-2011
Russell 3000 Index 55.00
MSCI EAFE Index 10.00
Barclays Intermediate Aggregate Index 20.00
Citigroup World Government Bond 5.00
NCREIF Property Index 10.00
Allocation Mandate Weight (%)
Jul-2013
Russell 3000 Index 55.00
MSCI AC World ex USA 10.00
Barclays Aggregate Index 10.00
Barclays Intermediate Aggregate Index 10.00
Citigroup World Government Bond 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Citigroup 3 Month T-Bill Index 0.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2014
53
Total Equity Policy
Allocation Mandate Weight (%)
Jul-2008
MSCI EAFE Index 15.00
Russell 3000 Index 85.00
Oct-2011
MSCI EAFE Index 15.00
Russell 3000 Index 85.00
Jul-2013
Russell 3000 Index 85.00
MSCI AC World ex USA 15.00
Dana Custom Index
Allocation Mandate Weight (%)
Jul-2002
Russell 3000 Index 100.00
Jan-2008
Russell 1000 Value Index 100.00
Jan-2011
S&P 500 Index 100.00
Vanguard Total Stock Market Index
Allocation Mandate Weight (%)
Jun-2003
MSCI US Broad Market Index 100.00
Jun-2013
CRSP U.S. Total Market TR Index 100.00
Total Domestic Equity Policy
Allocation Mandate Weight (%)
May-1998
S&P 500 Index 100.00
Jul-2005
Russell 3000 Index 100.00
Oct-2011
Russell 3000 Index 100.00
Total International Equity Policy
Allocation Mandate Weight (%)
May-2007
MSCI EAFE Index 100.00
Jul-2013
MSCI AC World ex USA 100.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2014
Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager.
54
Total Real Estate Policy
Allocation Mandate Weight (%)
Jul-2006
NCREIF Property Index 100.00
Oct-2011
NCREIF Property Index 100.00
Jul-2013
NCREIF Fund Index-Open End Diversified Core (EW)100.00
Total Fixed Income Policy
Allocation Mandate Weight (%)
May-1998
Barclays U.S. Gov't/Credit 100.00
Apr-2003
Barclays Intermediate U.S. Gov/Credit Index 100.00
Oct-2007
Barclays Intermediate Aggregate Index 100.00
Oct-2011
Barclays Intermediate Aggregate Index 80.00
Citigroup World Government Bond 20.00
Jul-2013
Barclays Aggregate Index 40.00
Barclays Intermediate Aggregate Index 40.00
Citigroup World Government Bond 20.00
Total Domestic Fixed Income Policy
Allocation Mandate Weight (%)
May-1998
Barclays U.S. Gov't/Credit 100.00
Apr-2003
Barclays Intermediate U.S. Gov/Credit Index 100.00
Oct-2007
Barclays Intermediate Aggregate Index 100.00
Oct-2011
Barclays Intermediate Aggregate Index 100.00
Jul-2013
Barclays Aggregate Index 50.00
Barclays Intermediate Aggregate Index 50.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2014
Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager.
55
Report Statistics Definitions and Descriptions
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56
Disclosures
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57
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
MEETING OF AUGUST 6, 2014
BENEFIT APPROVALS
APPLICATION FOR DISTRIBUTION OF SHARE ACCOUNT
SHAWN REID Date of Hire: 01/15/1990
Date of Termination: 03/27/2014
Date of Birth: 01/29/1964
Type of Distribution: Partial Lump Sum-cash
Total Gross Distribution: $25,000.00
Tax Withholding (20%): $ 5,000.00
Total Net Distribution: $20,00.00
Action: ______________________________
APPLICATIONS TO EXIT THE DROP
JAMES KREIDLER Date of Birth: 05/26/1965
Date of Hire: 11/01/2013
DROP Entry Date: 02/01/2014
Date of Termination: 07/31/2014
Total Monthly Benefit: $7,035.64
Form Of Benefit: Life Annuity
Action: ____________________________
JERRY BROWN Date of Birth: 07/19/1966
Date of Hire: 02/01/1989
DROP Entry Date: 02/01/2014
Date of Termination: 07/13/2014
Total Monthly Benefit: $5,704.86
Form Of Benefit: Life Annuity
Action: ______________________________
Chairman________________________________
Secretary________________________________
Date______8/6/2014____________________
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
Robert A. Sugarman♦ 100 Miracle Mile
Howard S. Susskind Suite 300
Kenneth R. Harrison, Sr. Coral Gables, Florida 33134
D. Marcus Braswell, Jr. (305) 529-2801
Pedro A. Herrera Broward 327-2878
Noah Scott Warman♦ Toll Free 1-800-329-2122
Ivelisse Berio LeBeau Facsimile (305) 447-8115
Dustin L. Watkins
Michael Gillman
♦Board Certified Labor
& Employment Lawyer
July 2, 2014
Board of Trustees
City of Palm Beach Gardens Firefighters’ Pension Fund
c/o Audrey Ross, Administrator
The Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Ch. 175 Share Account Payments to Eligible Members
Dear Trustees:
You have asked our opinion concerning the Palm Beach Gardens Firefighters’ Pension
Fund’s (hereafter “Fund”) payout of individual member share accounts. It is our understanding
that at their March 19, 2009 meeting, the Board formally authorized early partial payments of
Ch. 175 Share Accounts for those who retire or terminate service (i.e. those payments made prior
to the first valuation date of 9/30 after they terminate/separate from service). Such partial
distributions were limited to 50% of a member’s respective account balance as of their
termination date as a means of protecting Fund members in avoiding negative balances for such
early payouts which may be followed by market losses. It is also our understanding that the City
of Palm Beach Gardens ordinance was recently amended on May 2, 2013, to allow eligible
members to delay distribution of their respective Share Accounts until the earlier of either, a date
of their choosing after separation from service, or mandatory distribution age as set forth by the
Internal Revenue Code.
Based on the understandings set forth herein and the language of the governing
ordinance, there are two potential interpretations that the Board of Trustees (“Board”) may
reasonably follow in administering the Fund. First, the Board may interpret the verbiage to mean
that member share accounts shall be made available for payment thirty days after the first
applicable valuation date. Conversely, the Board may also interpret that the share accounts shall
actually be paid thirty days after the first applicable valuation date. Due to the logistical
unfeasibility of actually making the payments 30 days after the end of the fiscal year (i.e. 9/30)
coupled with the language articulating that participants will elect when the balance in their share
Board of Trustees
City of Palm Beach Gardens Firefighters’ Pension Fund
July 2, 2014
Page 2
accounts will be distributed, it would appear that the Board most reasonably may interpret the
ordinance in accordance with the former where payment of share account balances shall be made
available for payment thirty days after the first valuation date of 9/30 following termination or
separation from service.
Section 38-78 of the City of Palm Beach Gardens Code of Ordinances provides eligibility
restrictions as well as payment of benefit provisions. Here, it states in relevant part:
(5) Eligibility for benefits. Any member who terminates employment as a
firefighter with the city, upon application filed with the board, shall be entitled to
be paid the value of his individual member share account, subject to the following
criteria:
a. Retirement benefit.
1. A member shall be entitled to one hundred (100) percent of the
value of his share account upon normal or early retirement
pursuant to section 38-56.
2. Such payment shall be made as provided in subsection (6).
b. Termination benefit.
1. In the event that a member's employment as a firefighter is
terminated by reason other than retirement, death or disability, he
shall be entitled to receive an amount equal to the vested portion of
his share account balance. The vested portion shall be determined
in accordance with the schedule in section 38-59, subsection (3).
2. Such payment shall be made as provided in subsection (6).
c. Disability benefit.
1. In the event that a member is determined to be eligible for either
an in-line of duty disability benefit pursuant to section 38-58,
subsection (1) or a not-in-line of duty disability benefit pursuant to
section 38-58, subsection (3), he shall be entitled to one hundred
(100) percent of the value of his share account.
2. Such payment shall be made as provided in subsection (6).
d. Death benefit.
Board of Trustees
City of Palm Beach Gardens Firefighters’ Pension Fund
July 2, 2014
Page 3
1. In the event that a member dies while actively employed as a
firefighter, one hundred (100) percent of the value of his share
account shall be paid to his designated beneficiary as provided in
section 38-61.
(6) Payment of benefits. If a member terminates employment and is otherwise
entitled to receive all or a portion of the balance in the member's share account,
the member's share account shall be valued on the next valuation date as provided
for in subsection (3) above, following termination of employment. Payment of the
calculated share account balance or the vested portion thereof are payable not
later than thirty (30) days following the valuation date and shall be paid in one
(1) lump sum payment. No optional forms of payments shall be permitted.
Participants shall elect when such distribution of the balance in their share
accounts will take place. Elections for distributions shall be made to the board of
trustees in writing in such a manner and form acceptable to the board.
Notwithstanding, any payments to a member must comply with the minimum
distribution requirements of the IRC 401(A)(9), and are subject to the
requirements of section 38-65(2), e.g. payments must commence by age seventy
and one-half (70½). All share account monies not paid out shall continue to be
adjusted to reflect earnings and losses accordingly as provided for in section 38-
78(3)(b). (emphasis added)
Sec. 38-78(3)(a)(2) of the Palm Beach Gardens Code provides a definition for “valuation date”
by providing as follows:
Effective October 1, 2000 (only as to funds received on or after the effective date
of the ordinance adopting this section), the allocation method in subsection 3.a.1.
above shall be discontinued and premium tax monies received on or after that date
after the deduction of the two percent total compensation which commences in
FY 2004, shall be allocated as provided for in this paragraph 2. All monies
received from Chapter 175, Florida Statutes, premium tax rebates, including any
supplemental payments, shall be allocated to individual member share accounts at
the end of each fiscal year on September 30 (a "valuation date") in an amount
determined as follows…(emphasis added)
In keeping with the language in the ordinance and the feasibility involved in
calculating net Share Account balances, having payments made available for payment 30
days subsequent to the first fiscal year end after separation from service appears to be the
most reasonable interpretation of the ordinance. Notwithstanding, it may prove beneficial
to request the City of Palm Beach Gardens’ legislature to amend the pension ordinance to
Board of Trustees
City of Palm Beach Gardens Firefighters’ Pension Fund
July 2, 2014
Page 4
provide greater flexibility to the Board and Fund members in paying out the Ch. 175
Share Accounts. After discussion by the Board with input from its vendors (i.e. actuary,
financial consultant, administrator), as per our standard protocol, we would draft a
proposed amendment and submit to the City Attorney for possible enactment. Further, we
would also recommend formalizing a policy and procedure with respect to the Share
Accounts governing its administration going forward. This matter should also be placed
on a future agenda as directed by the Chair for discussion by the Board.
Please feel free to contact me directly should you have any questions or
comments. I look forward to discussing this matter with you in the near future.
Yours truly,
PEDRO A. HERRERA
PAH/jd
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