HomeMy WebLinkAboutAgenda Police Pension 082214 Agenda
City of Palm Beach Gardens Police Officers’
Pension Fund
MEETING OF AUGUST 22, 2014
LOCATION: City Council Chambers’
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 9 AM
1. Call Meeting To Order
2. Roll Call:
• Jay Spencer, Chairman
• David Pierson, Secretary
• Brad Seidensticker, Trustee
• Greg Mull, Trustee
• Marc Glass, Trustee
3. Reappointment of 5th Trustee (Jay Spencer)
4. Investment Manger Report – ICC Capital (Steve Stack & Bob Ohanesian)
5. Investment Consultant Report – Thistle Assets (John McCann)
6. Attorney Report – Law Offices of Perry & Jensen (Bonni Jensen)
7. Administrator Report – Resource Centers (Audrey Ross)
8. Approval of Minutes
• April 17, 2014 Regular Meeting
• June 19, 2014 Special Meeting
9. Disbursements
10. Benefit Approvals
11. Financial Statements
12. Other Business
13. Public Comments
14. Adjourn
Next Meeting Date:
To be determined…
PLEASE NOTE:
Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he
will need a record of the proceedings and for such purpose may need to ensure 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 The Pension Resource Center, LLC no later than four days prior to the meeting.
Minutes 4-17-14.doc
Page 1 of 4
City of Palm Beach Gardens Police Officers’
Pension Fund
Minutes of the Meeting Held
April 17, 2014
The regular meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers’ Pension Fund was called to order at 3:37 PM by Jay Spencer in the
Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail,
Palm Beach Gardens, Florida.
TRUSTEES PRESENT OTHERS PRESENT
Jay Spencer, Chairman Audrey Ross (Resource Centers)
David Pierson, Secretary Bonni Jensen (Law Offices of Perry & Jensen)
Brad Seidensticker, Trustee Grant McMurry (ICC Capital)
Marc Glass, Trustee Allan Owens (City of PBG Finance Director)
INVESTMENT MANAGER REPORT
ICC Capital – Presented by Grant McMurry
Mr. McMurry briefly reviewed the market environment on the growth side and noted
that the Plan had a gain of $24K for the quarter, which is a return of .27% versus
the index at 1.12%. For the one year they are also slightly behind the index at
11.26% versus 11.67%. Mr. McMurry reviewed the Plan’s asset allocation and noted
that they are currently underweighted to consumer staples and healthcare and over
weighted to industrials and health care. Mr. McMurry then reviewed the fixed income
portfolio and commented that there is not a lot of movement going on. For the
quarter ending March 31, 2014 the fund underperformed the index at 1.57% versus
1.84% and for the fiscal year to date they are in the same position at 1.70% versus
the index at 1.71%. He briefly discussed the market outlook and noted that they are
starting to move into more larger cap companies because they have been up.
ATTORNEY REPORT
Law Offices of Perry & Jensen - Presented by Bonni Jensen
Ms. Jensen reviewed the drafted ordinance language changes that are due to the
new collective bargaining agreement. The Trustees discussed the Chapter 185
money and how the excess will be distributed to the City. Mr. Owen stated that the
City is not opting out of the Chapter 185 money and he also noted that the City’s
Attorney is working on drafting some language as well. Ms. Jensen commented that
she will get together with the City’s Attorney to get this completed.
Ms. Jensen briefly reviewed what was going on in Tallahassee during the legislative
session. She stated that the session has not ended and no bills have been passed as
of yet, but she did briefly discuss Senate Bill 246 that has moved along and if passed
would affect defined benefit plans. Ms. Jensen commented that she will update the
board as any new information comes along.
Ms. Jensen notified the board that Salem Trust has sent a written confirmation
confirming that they are reducing the Plan’s fee by 15% each quarter for the next
year.
Minutes 4-17-14.doc
Page 2 of 4
Ms. Jensen stated that the Resource Centers has received their SSAE16 audit report.
Lastly Ms. Jensen briefly reviewed the class action report from Kessler Topaz for the
quarter ending March 31, 2014. She noted that there were 3 reports filed and 1
settlement.
ADMINISTRATOR REPORT
Resource Centers – Presented by Audrey Ross
Ms. Ross explained that a couple of months ago the auditor presented to the Board
the draft report of the September 30, 2013 Audited Financial Statements. At that
time the report was not completed due to some outstanding confirmations that
needed to be retired by the Plan members. She stated that all the confirmations
have been returned and the final audit is now available. None of the numbers or
materials changed since it was last presented to the board. Therefore the Trustees
now need to approve their audited financial statements so that they can then be filed
with the Division of Retirement.
MOTION: Mr. Seidensticker made a motion to accept and approve the
September 30, 2013 Audited Financial Statements.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4-0.
MINUTES
MOTION: Mr. Seidensticker made a motion to approve the minutes from
the February 18, 2014 regular meeting.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4-0.
MOTION: Mr. Glass made a motion to approve the minutes from the
March 26, 2014 special meeting as amended.
SECOND: Mr. Seidensticker seconded the motion.
CARRIED: The motion carried unanimously 4-0.
DISBURSEMENTS APPROVALS
MOTION: Mr. Glass made a motion to approve the disbursements.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4-0.
BENEFIT APPROVALS
MOTION: Mr. Seidensticker made a motion to approve the applications
for distribution of DROP accounts for George Betscha and Jules
Barone and the applications to enter the DROP for George
Smith, Cecil Wagner and Michael Stelicha.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4-0.
Minutes 4-17-14.doc
Page 3 of 4
FINANCIAL STATEMENTS
The board reviewed and discussed the financial statements that were provided
through March 2014.
The board received and filed the financial statements through March 2014.
OTHER BUSINESS
Ms. Ross stated that Mr. Spencer’s term as 5th Trustees has expired on March 1,
2014 and therefore he needs to be reappointed. The Trustees decided to table this
until the next meeting when all the Trustees as present.
Ms. Ross presented the board with the letter from their Actuary (GRS) regarding the
GASB No. 67 Implementation Package. Ms. Jensen briefly explained to the board
what additional reports the Actuary will need to prepare next year to the new GASB
67 rules. Due to the new mandatory reporting requirements the Actuary will need to
increase their fee. Therefore they are stating that their fee range for these
additional reports is between 1,950 to $2,950. The Trustees had a lengthy
discussion on the new changes and noted that they are mandatory so it does require
more work for the Actuaries.
MOTION: Mr. Seidensticker made a motion to accept and approve the
GASB No. 67 Implementation Package presented by their Plan’s
Actuary (GRS), with the fees not to exceed $2,950 for the
additional reporting.
SECOND: Mr. Pierson seconded the motion.
CARRIED: The motion carried unanimously 4-0.
Lastly Ms. Jensen passed out correspondence from BCBLG Securities monitoring firm.
They approached her at the recent FPPTA conference and asked her to pass this
information along. The Trustees commented that they already have a service
provider that offers the same services and therefore they are not interest at this
time.
PUBLIC COMMENTS
Mr. Owens explained that the GASB 67 is for the pension plans and the City has
GASB 68 that will be implemented prior to GASB 67. Therefore the City will need
some investment information from the Plan’s Consultant for their additional reporting
that is required under the new GASB 68 rules. Mr. Owens passed out a memo of the
information he is requesting. The board directed Ms. Ross to pass this memo along
to the Plan’s Consultant so that he can provide the City with the requested
information.
AJOURN
There being no further business, the Trustees officially adjourned the meeting at
4:31PM. The next is still to be determined.
Respectfully submitted,
_____________________________
DAVID PIERSON, Secretary
PALM BEACH GARDENS POLICE
PENSION FUND
Benefit Approvals
Meeting of August 22, 2014
APPLICATION TO ENTER THE DROP
KATHLEEN HATCHETT DATE OF BIRTH 03/30/1964
DATE OF HIRE 03/15/1993
DROP ENTRY DATE 03/15/2013
AGE AT RETIREMENT 49 YRS & 0 MTHS
YEARS AT SERVICE 20 YRS & 0 MTHS
FORM OF BENEFIT LIFE ANNUITY
MONTHLY BENEFIT AMOUNT $5,886.67
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
MARIA DIAZ DATE OF BIRTH 12/26/1970
DATE OF HIRE 05/23/1994
DROP ENTRY DATE 05/23/2014
AGE AT RETIREMENT 43 YRS & 5 MTHS
YEARS AT SERVICE 20 YRS & 0 MTHS
FORM OF BENEFIT 50% J&S OPTION
MONTHLY BENEFIT AMOUNT $5,874.69
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
MATT TUMAN DATE OF BIRTH 06/03/1972
DATE OF HIRE 03/01/1994
DROP ENTRY DATE 03/01/2014
AGE AT RETIREMENT 41 YRS & 9 MTHS
YEARS AT SERVICE 20 YRS & 0 MTHS
FORM OF BENEFIT 100% J&S OPTION
MONTHLY BENEFIT AMOUNT $5,282.47
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
THOMAS GITTO DATE OF BIRTH 12/17/1961
DATE OF HIRE 08/22/1994
DROP ENTRY DATE 04/17/2014
AGE AT RETIREMENT 52 YRS & 4 MTHS
YEARS AT SERVICE 19 YRS & 8 MTHS
FORM OF BENEFIT 75% J&S OPTION
MONTHLY BENEFIT AMOUNT $5,273.54
SUPPLEMENTAL BENEFIT $ 237.50
_________________________
APPLICATION TO EXIT THE DROP
SHEREE BROWN DATE OF BIRTH 10/01/1954
DATE OF HIRE 05/18/1988
DROP ENTRY DATE 05/18/2009
DATE OF TERMINATION 05/27/2014
FORM OF BENEFIT LIFE ANNUITY
MONTHLY BENEFIT AMOUNT $5,444.06
SUPPLEMENTAL BENEFIT $ 262.50
_________________________
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT
(6/15/2014)
ROBERT WUMMER DATE OF RETIREMENT 11/18/2013
DATE OF BIRTH 11/14/1963
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $75,000.00
TAX WITHHOLDING (20%) $15,000.00
TOTAL NET DISTRIBUTION $60,000.00
CURRENT DROP ACCOUNT BALANCE $418,400.91
_________________________
WAYNE SIDEY DATE OF RETIREMENT 05/01/2012
DATE OF BIRTH 11/01/1961
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $10,000.00
TAX WITHHOLDING (20%) $ 2,000.00
TOTAL NET DISTRIBUTION $ 8,000.00
CURRENT DROP ACCOUNT BALANCE $308,149.13
_________________________
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT
(7/15/2014)
SHEREE BROWN DATE OF RETIREMENT 05/27/2014
DATE OF BIRTH 10/01/1954
TYPE OF DISTRIBUTION MONTHLY-CASH
(EFF. 8/1/2014)
TOTAL GROSS DISTRIBUTION $1,000.00
TAX WITHHOLDING (20%) $ 200.00
TOTAL NET DISTRIBUTION $ 800.00
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $120,000.00
TAX WITHHOLDING (20%) $ 24,000.00
TOTAL NET DISTRIBUTION $ 96,000.00
CURRENT DROP ACCOUNT BALANCE $418,400.91
_________________________
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT
(8/15/2014)
GEORGE BETSCHA DATE OF RETIREMENT 10/01/2010
DATE OF BIRTH 07/21/1951
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $5,000.00
TAX WITHHOLDING (20%) $1,000.00
TOTAL NET DISTRIBUTION $4,000.00
CURRENT DROP ACCOUNT BALANCE $121,577.04
_________________________
__________________________________, CHAIRMAN
APPROVED _________________________________, SECRETARY
_________________________________, DATE
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:
Pension Resource Centers
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
Meeting
Check Number Date Payee and Description Amount
2577April 11, 2014Cherry Bekaert & Holland $4,000.00
Progress Billing for fiscal year ending 9-30-2013
2578April 11, 2014Rhumblind Advisors $5,617.00
Investment Management Fees 1st Qtr 2014
2579April 11, 2014ICC Capital Management $26,499.72
Investment Management Fee 1st Qtr 2014
2580May 1, 2014City of Palm Beach Gardens $12,718.02
Retiree Insurance
2581May 5, 2014FPPTA $500.00
Registration Fee - Summer Conference - Jay Spencer
2582May 5, 2014FPPTA $500.00
Registration Fee - Summer Conference - Marc Glass
2583May 5, 2014Hilton Orlando Bonnet Creek $450.00
Reservation for Jay Spencer - Summer Conference 6/26/14- 7/1/14
2584May 5, 2014Hilton Orlando Bonnet Creek $450.00
Reservation for Marc Glass - Summer Conference 6/26/14 - 7/1/14
2585May 5, 2014Pension Resource Center $2,597.20
Administrative Fee - May 2014
2586May 5, 2014Gabriel Roeder Smith & Company $3,948.00
Actuarial Services Through 3/31/14
2587May 5, 2014Perry & Jensen LLC $1,693.45
Legal Services Through 4/15/14
2588May 5, 2014Cherry Bekaert & Holland $1,150.00
Final Billing on audit for fiscal year ending 9-30-13
2589May 5, 2014Thistle Asset Consulting Inc $5,052.00
Performance Monitor Through 3-31-14
2590May 15, 2014Hilton Orlando Bonnet Creek $450.00
Reservation for Gregory Mull - 6/29 - 7/02 - Summer Conference
2591May 15, 2014FPPTA $500.00
Registration for Gregory Mull - Summer Conference
2592June 1, 2014City of Palm Beach Gardens $15,355.27
Retiree Insurance
2593June 3, 2014Pension Resource Center $2,587.97
Administrative Fee - June 2014
2594June 3, 2014United Members Insurance Inc $905.62
Payment on Policy # UGL 5331094 - Commercial Package Policy
Period 6/30/14 - 6/30/2015
2595June 3, 2014Perry & Jensen LLC $1,609.89
Legal Services Rendered through 5-15-2014
2596June 3, 2014Gabriel Roeder Smith & Company $14,824.00
Actuarial Services Rendered Through 4/30/2014
2597July 1, 2014City of Palm Beach Gardens $14,355.27
Retiree Insurance
2598July 1, 2014Pension Resource Center $2,575.00
Administrative Fee - July 2014
2599July 1, 2014Gabriel Roeder Smith & Company $4,482.00
Actuarial Services Rendered through May 31, 2014
2600July 1, 2014Perry & Jensen LLC $681.98
Legal Services Rendered through June 15, 2014
2601July 11, 2014FPPTA $600.00
Registration Fee 15th Annual CPPT - April 15, 2015 Jay Spencer
2602July 11, 2014FPPTA $30.00
CPPT Re-Cert 2012 Jay Spencer
2603July 11, 2014FPPTA $30.00
CPPT Re Cert 2013 Jay Spencer
2604July 16, 2014Rhumbline Advisors $5,739.00
Investment Management Fee - 2nd Quarter 2014
2605July 16, 2014ICC Capital Management $26,904.04
Investment Management Fee - 2nd Quarter 2014
2606July 16, 2014Gabriel Roeder Smith & Company $2,984.00
Actuarial Services Rendered through June 30, 2014
2607July 16, 2014Marc Glass $308.58
Reimbursement for Travel Expenses - FPPTA Summer Conference
June 29, 2014 - July 2, 2014
2608July 16, 1984FPPTA $1,200.00
Registration Fee for CPPT NYSE Program - April 15, 2015 -
4/18/2015 - Greg Mull & Marc Glass
2609August 1, 2014City of Palm Beach Gardens $14,355.27
Retiree Insurance
2610July 25, 2014Jay Spencer $219.83
Reimbursement for Travel Expenses - FPPTA Summer Conference
6/29 - 7/2 - Orlando
2611July 25, 2014Hyatt Regency Coconut Point $570.00
Reservation for Marc Glass - Fall Trustee School - 10/5 - 10/8/2014
2612July 25, 2014FPPTA $900.00
Registration Fee - Fall Trustee School - 10/5 -10/8/2014 - Marc
Glass & Jay Spencer
2613August 1, 2014Pension Resource Center $2,632.14
Administrative Fee - August 2014
2614August 1, 2014Thistle Asset Management $5,304.00
Performance Monitoring through 6/30/2014
2615August 1, 2014Perry & Jensen LLC $577.20
Legal Services Rendered through 7/15/2014
2616August 1, 2014Hyatt Regency Coconut Point $525.00
Reservation for Jay Spencer Octover 5, 2014 - October 8, 2014
FPPTA Fall Trustee School
2617August 11, 2014FPPTA $450.00
Registration for Fall Trustee School - Greg Mull
2618August 11, 2014Hyatt Regency Coconut Point $525.00
Registration for Greg Mull - October 5, 2014 - October 7, 2014
Total:$187,356.45
Chair___________________________
Secretary___________________________
Date_______________________________
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PAGE
Market Snapshot 1
Index Comparisons 2
Compliance Report 3
Total Portfolio Pie Chart 5
Manager Pie Chart 6
Asset Allocation Table 7
Gain/Loss Table 8
Total Ranks Table 9
Manager Ranks 10
Scatterplot Graphs:
Total Fund Graph 13
Rhumbline Equities Graph 14
ICC Fixed income Graph 15
Beta Graph 16
Alpha Graph 17
Beta/Alpha Table 18
Batting Average Graph 19
Batting Average/R-Squared Table 20
Other Managers' Page 21
Palm Beach Gardens Police Pension Fund
Executive Summary Report
Table of Contents
SECTION
Page 2
Index Comparison
June 30, 2014
-10.00
0.00
10.00
20.00
30.00
3 Months Last 12 Months Last 3 Years (Annualized)
Re
t
u
r
n
(
%
)
Barclays Gov/Credit Bond Barclays Gov/Credit-Intermediate S&P 500
Russell 1000 Growth Russell 1000 Value Russell 2000 Growth
Russell 2000 Value Russell 3000 MSCI EAFE
5.23%S&P 500
1.23% BCIGC
26.92%R1000G
16.92%R1000V
2.83% BCIGC
2.86%BCIGC
1.
2.
3.
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
5.
6.
Page 3
Is the minimum quality rating of the domestic bond investments BBB from Standard & Poor's or BAA from Moody's?
Did the fixed income return, over the trailing 5-year period, rank in the top 40% of the Mobius Broad Fixed Income
Universe? [71st]
Did the total return of the fund over the trailing 3-year period equal or exceed 7.3% (actuarial assumption rate of return)?
[11.29 vs. 7.3]
TOTAL FIXED INCOME
Did the fixed income return, over the trailing 3-year period, exceed the 89% BCAB and 11% Non-US World Gov't Bond?
[3.28 vs. 3.38]
Is the amount invested in any single security less than or equal to 5% of the market value of the total equity portfolio?
Is the amount invested in any single industry less than or equal to 20% of the market value of the total equity portfolio?
Did the fixed income return, over the trailing 5-year period, exceed the BCAB? [4.36 vs. 4.74]
Did the fixed income return, over the trailing 3-year period, rank in the top 40% of the Mobius Broad Fixed Income
Universe? [70th]
Is the amount invested in any single security (with exception of U.S. Government and its agencies) less than or equal to 5%
of the market value of the total fixed income portfolio?
Palm Beach Gardens Police Pension Fund
Compliance Report
June 30, 2014
YES NO
Did the equity return, over the trailing 3-year period, exceed the 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4%
R1000G index and 15.4% EAFE? [15.25 vs. 15.19]
Did the equity return, over the trailing 5-year period, exceed the 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4%
R1000G index and 15.4% EAFE? [19.21 vs. 18.88]
Did the equity return, over the trailing 3-year period, rank in the top 40% of the Mobius 38.4% Broad Large Cap, 15.4%
Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [7th]
Did the equity return, over the trailing 5-year period, rank in the top 40% of the Mobius 38.4% Broad Large Cap, 15.4%
Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [5th]
TOTAL FUND
Did the total return, over the trailing 3-year period, exceed the policy, which is comprised of 25% S&P500, 10% S&P400,
10% S&P600, 10% R1000G, 10% EAFE, 29% BCAB , 4% Non US $ World Gov. Bond & 2% RE? [11.29 vs. 11.30]
TOTAL EQUITY
Did the total return, over the trailing 3-year period, rank in the top 40% of the Universe comprised of 25% Mobius Broad
Large Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Cap Growth, 10% International Equity, 29% Broad Fixed, 4%
International Fixed Income & 2% NCREIF? [42nd]
1.
ICC hired 3 new investment team members.
2.
No
3.
ICC hired 3 new investment team members.
4.
No
5.
No
6.
No
7.
N/A
8.
No
9.
0.00%
10.
N/A
11.
Steve Stack, CRCP. COO/CCO ICC Capital Management, Inc.
Page 4
Manager Compliance Questionnaire
June 30, 2014
Have there been any changes in your organization? Have you undergone any change in ownership or control?
Are you invested in any unhedged and/or levereged derivatives?
What percentage of equity is international? The
manager must immediately notify the Board and the Consultant when the international exposure reaches ten percent (10%). An explanation
will be needed as to why the manager is changing their discipline. (This does not apply to managers that are 100% international equity and to
those that have been previously given permission by the board and the consultant)
Are you invested in any companies on the SBA's website? (Please review list of scrutinized companies on the following website:
http://www.sbafla.com/fsb/Home/ProtectingFloridasInvestmentAct/tabid/751/Default.aspx
Name of person completing this form (please include company name)?
Have there been any changes in your investment philosophy?
Have there been any changes in your staff of investment professionals?
Have you lost a substantial amount of business (amount of percentage of assets under management)?
Have you gained a substantial amount of business (amount of percentage of assets under management)?
Have there been any new investigations begun by any state or federal government or their agencies, or any charges filed, with regard to any
division or unit of your company, and in particular anyone who directly or indirectly performs services for this client? Please provide details
(if there is any doubt, please err on the side of providing too much information).
For managers, with fixed income portfolios that we monitor, are you currently invested in commercial mortgage backed securities (CMBS)? (If
yes, please give % of fixed portfolio)
Page 5
Palm Beach Gardens Police Pension Fund
Total Assets
June 30, 2014
Equities
70%
Fixed Income
25%
Real Estate
4%
Cash
1%
Equities Fixed Income Real Estate Cash
Page 6
Palm Beach Gardens Police Pension Fund
Total Assets
June 30, 2014
Rhumbline S&P500
27%
Rhumbline S&P400
11%
Rhumbline S&P600
11%
Intl. Equity
8%
ICC Lg. Growth
13%
Intl. Bonds
3%
ICC Fixed
23%
American Realty
4%
Rhumbline S&P500 Rhumbline S&P400 Rhumbline S&P600 Intl. Equity ICC Lg. Growth Intl. Bonds ICC Fixed American Realty
Manager Equities Fixed Income Real Estate Cash Total % of Total
Rhumbline S&P500 $19,346,000 $0 $0 $0 $19,346,000 26.9%
25.0%
Rhumbline S&P400 $8,176,000 $0 $0 $0 $8,176,000 11.4%
10.0%
Rhumbline S&P600 $8,275,000 $0 $0 $0 $8,275,000 11.5%
10.0%
Intl. Equity $5,663,000 $0 $0 $0 $5,663,000 7.9%
10.0%
ICC Lg. Growth $9,007,000 $0 $0 $0 $9,007,000 12.5%
10.0%
Intl. Bonds $0 $2,237,000 $0 $0 $2,237,000 3.1%
4.0%
ICC Fixed $0 $15,417,000 $0 $943,000 $16,360,000 22.8%
26.0%
$0 $0 $2,792,000 $0 $2,792,000 3.9%
5.0%
Total $50,467,000 $17,654,000 $2,792,000 $943,000 $71,856,000 100.0%
100.0%
% of Total 70.2%24.6%3.9%1.3%100.0%
Target %65.0%30.0%5.0%0.0%100.0%
Page 7
Palm Beach Gardens Police Pension Fund
Performance Evaluation Summary
June 30, 2014
American Realty
Portfolio Last Qtr. MV Net Flows Inv G(L)This Qtr. MV
Total Fund $68,992,000 $446,000 $2,417,000 $71,856,000
Total Equities $48,569,000 -$186,000 $2,084,000 $50,467,000
ICC Large Growth $8,802,000 -$198,000 $404,000 $9,007,000
Rhumbline S&P 500 $18,388,000 $0 $958,000 $19,346,000
Rhumbline S&P 400 $7,835,000 $0 $341,000 $8,176,000
Rhumbline S&P 600 $8,108,000 $0 $167,000 $8,275,000
International Equity $5,437,000 $0 $226,000 $5,663,000
International Bonds $1,540,000 $651,000 $46,000 $2,237,000
ICC Fixed Income $14,752,000 $448,000 $217,000 $15,417,000
Real Estate $2,750,000 -$28,000 $70,000 $2,792,000
Page 8
Palm Beach Gardens Police Pension Fund
Performance Evaluation Summary
June 30, 2014
Current Fiscal Year
Quarter FYTD One Year Three Years Five Years 2013 2012 2011 2010 2009
Return 3.47%12.26%18.16%11.29%13.46%14.53%18.63%0.22%10.09%5.62%
Ranking (*)48 41 48 42 67 73 86 36 38 6
Policy Return (**)3.65%11.85%17.99%11.30%14.11%14.21%19.60%1.76%10.82%1.64%
Policy Ranking (*)32 56 52 41 42 80 67 6 28 52
Return 4.31%16.30%25.13%15.25%19.21% 24.43%28.59%-2.62%12.36%-1.00%
Ranking (***)28 14 33 7 5 33 10 52 16 24
23.27%27.80%-0.50%11.44%-4.36%
Policy Ranking (***)17 19 32 9 10 57 21 10 33 76
Return 1.57%3.20%3.73%3.28%4.36%-2.93%5.83%4.78%7.63%11.10%
Ranking (Broad Fixed)76 73 70 70 71 75 71 14 45 53
Policy Return (89% BCAB and 11%
Non-US World Gov't Bond)2.11%3.88%4.87%3.38%4.74%-2.12%4.98%5.21%7.79%11.19%
Policy Ranking (Broad Fixed)54 65 53 68 64 61 76 10 44 53
Page 9
* 25% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Growth, 10% International, 4% Intl. Bond, 26% Broad Fixed & 5% RE
** 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Intl. Bond, 26% BCAB & 5% NCREIF
Policy Return (38.4%S&P500,
15.4%S&P400, 15.4%S&P600,
15.4% R1000G, 15.4% EAFE)18.88%
Red indicates bottom 40% of universe
15.19%
*** 38.4% Broad Large Cap Core, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth, 15.4% International
TOTAL FIXED INCOME(Net of Fees)[Inception 3-31-1994](International Fixed Inception 9-30-2010)
Gold indicates equal to or beat the index, or in upper 40% of universe
4.47%
Palm Beach Gardens Police Pension Fund
Performance Evaluation Summary
June 30, 2014
25.19%
TOTAL FUND (Net of Fees)[Inception 3-31-1992]
TOTAL EQUITIES(Net of Fees)[Inception 6-30-2000]
16.07%
Current Fiscal Year
Quarter FYTD One Year Three Years Five Years 2013 2012 2011 2010 2009
5.21%18.32%24.52%16.56%18.82%19.31%30.17%1.19%10.21%-6.49%
Ranking (Br.Large Cap Core)21 22 53 27 27 66 21 20 29 55
5.23%18.40%24.61%16.58%18.83%19.34%30.20%1.15%10.16%-6.91%
Policy Ranking (Br.Large Cap Core)20 20 51 25 26 66 20 20 30 62
4.35%16.45%25.24%15.36%21.73%27.56%28.90%-1.17%17.77%-2.77%
39 44 46 33 21 46 28 26 12 100
4.33%16.46%25.24%15.26%21.67%27.68%28.54%-1.28%17.78%-3.10%
40 44 46 35 22 44 30 27 12 100
2.06%13.40%25.54%16.79%21.89%31.40%33.27%0.21%14.14%-10.54%
Ranking (Broad Small Cap)54 42 27 13 25 39 18 26 37 86
2.07%13.37%25.54%16.81%21.98%31.52%33.35%0.21%14.21%-10.61%
Policy Ranking (Broad Small Cap)54 43 27 13 24 37 18 26 36 86
4.69%17.36%26.82%15.49%19.88%28.72%27.52%-6.48%14.62%15.30%
Ranking (Broad Large Cap Growth)48 34 40 50 12 1 55 94 8 1
5.13%17.40%26.92%16.26%19.24%19.27%29.18%3.78%12.65%-1.85%
29 33 39 32 24 73 40 14 20 35
4.16%12.90%26.15%9.64%14.20%23.71%19.38%-11.11%9.09%2.30%
33 12 13 13 16 28 20 50 32 48
4.34%11.19%24.09%8.59%12.27%24.29%14.33%-8.94%3.71%3.79%
28 36 21 22 36 24 68 25 65 39
Page 10
Return
Policy (R1000G)
Policy (S&P 600)
Ranking (Broad Mid Cap)
ICC LARGE CAP GROWTH EQUITY PORTFOLIO(Inception 9-30-2007)
Return
Policy Ranking (Broad Mid Cap)
INTERNATIONAL EQUITY(Inception 9-30-2006)
Return
Ranking (International Equity)
Policy (MSCI EAFE)
Return
Gold indicates equal to or beat the index, or in upper 40% of universe
Policy (S&P 400)
Red indicates bottom 40% of universe
Policy Ranking (Broad Large Cap
Growth)
Policy Ranking (International
Equity)
Return
Palm Beach Gardens Police Pension Fund
Performance Evaluation Summary
June 30, 2014
RHUMBLINE S&P 500 EQUITY PORTFOLIO(Inception 6-30-2000)
RHUMBLINE S&P 400 EQUITY PORTFOLIO(Inception 12-31-2002)
Policy(S&P500)
RHUMBLINE S&P 600 EQUITY PORTFOLIO(Inception 10-31-2003)
Current Fiscal Year
Quarter FYTD One Year Three Years Five Years 2013 2012 2011 2010 2009
1.47%3.01%3.49%3.34%4.32%-2.93%5.59%5.20%7.44%11.10%
Ranking (Broad Fixed)77 75 72 69 71 75 72 10 46 53
2.04%3.78%4.38%3.67%4.86%-1.68%5.16%5.29%8.17%10.56%
Policy Ranking (Broad Fixed)57 66 61 64 62 53 75 9 41 57
Two Years Three Years
2.14%4.67%5.76%3.40%2.24%-2.82%7.89%0.33%n/a n/a
2.64%4.64%8.88%1.32%1.03%-5.65%3.46%4.14%n/a n/a
Inception
2.54%9.38%12.81%11.50%n/a 11.10%n/a n/a n/a n/a
2.91%8.40%11.21%10.97%n/a 11.00%n/a n/a n/a n/a
Page 11
INTERNATIONAL FIXED INCOME PORTFOLIO(Inception 9-30-2010)
Return
Policy (Non-US World Bond)
Gold indicates equal to or beat the index, or in upper 40% of universe
Red indicates bottom 40% of universe
AMERICAN REALTY PORTFOLIO(Inception 6-30-2012)
Return
Policy (NCREIF)
Palm Beach Gardens Police Pension Fund
Performance Evaluation Summary
June 30, 2014
ICC FIXED INCOME PORTFOLIO(Inception 3-31-1994)
Return
Policy(BCAB)
June 30, 2014
EXPLANATION OF RISK/REWARD SCATTERPLOT GRAPHS
The crossing lines represent the 5-year return (horizontal line) and 5-year standard deviation or
volatility or risk (vertical line) of the index against which the Fund is being measured.
Each point represents the Fund's 5 -year return (vertically) and standard deviation or volatility
(horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5 -year
return of the Fund has been less than (below) the index line, and the 5 -year standard deviation
(volatility) has also been less than (to the left of) the index line.
There are four points, one for each of the last four quarters. The earliest one is the smallest and the
quarter just ended being the largest. Each point shows the 5-year relative position of the Fund
versus the index for that quarter. The movement of the points shows the trend, or direction, over
time.
As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher return);
the worst place to be is the southeast quadrant (more risk and a lower return).
Page 13
Palm Beach Gardens Police Pension Fund
Total Fund Trailing 5-Years
June 30, 2014
(versus 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Non-US World Bond, 26% BCAB, 5% RE)
-3
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Risk (Difference in Standard Deviations)
6/30/2014 3/31/2014 12/31/2013 9/30/2013
Good Aggressive
Conservative Bad
Page 14
Palm Beach Gardens Police Pension Fund
Total Equity Trailing 5-Years
June 30, 2014
(versus 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% R1000G & 15.4% Intl. )
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Risk (Difference in Standard Deviations)
6/30/2014 3/31/2014 12/31/2013 9/30/2013
Good Aggressive
Conservative Bad
Page 15
Palm Beach Gardens Police Pension Fund
Total Fixed Income 5-Year Trailing
June 30, 2014
(versus 89% BCAB, 11% Non-US World Gov't Bond)
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Risk (Difference in Standard Deviations)
6/30/2014 3/31/2014 12/31/2013 9/30/2013
Good Aggressive
Conservative Bad
15451000 15451000
123518000 123518000
264000 264000
139233000
Page 16
Palm Beach Gardens Police Pension Fund
Beta: Trailing 5-Year Risk (or Inception if Less)
June 30, 2014
0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20
Jun-14
Mar-14
Dec-13
Sep-13
Total Fund Large Cap Mid Cap Small Cap Total Fixed International Large Growth
Page 17
Palm Beach Gardens Police Pension Fund
Alpha: Trailing 5-Year Reward (or Inception if Less)
June 30, 2014
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Jun-14 Mar-14 Dec-13 Sep-13
TOTAL FUND & INDIVIDUAL MANAGERS
Total Fund Large Cap Mid Cap Small Cap Total Fixed International Large Growth
Jun-14 Mar-14 Dec-13 Sep-13
Total Fund 0.96 0.93 0.89 0.86
Managers, Fixed Income
Total Fixed 0.97 0.96 0.88 0.83
Managers, Equities
Large Cap 1.00 1.00 1.00 0.99
Mid Cap 1.00 1.00 1.00 0.99
Small Cap 1.00 0.99 0.99 0.99
International 0.34 0.37 0.37 0.37
Large Growth 1.13 1.12 1.13 1.06
Real Estate NCREIF 0.60 1.23 1.23
Total Fund -0.15%-0.07%1.08%1.56%
Managers, Fixed Income
Total Fixed -0.23%-0.20%0.50%0.74%
Managers, Equities
Large Cap 0.04%0.07%0.09%0.17%
Mid Cap 0.11%0.11%0.14%0.21%
Small Cap -0.01%0.01%0.07%0.06%
International 10.08%12.33%10.48%5.41%
Large Growth -1.90%-2.21%-0.83%2.42%
Real Estate NCREIF 4.97%-1.43%14.59%
Page 18
S&P400
* 25% S&P 500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Non-US World Gov't Bond, 26% BCAB, 5% RE
S&P600
EAFE
R1000G
Policy
S&P500
S&P600
EAFE
S&P400
BCAB
R1000G
BCAB
S&P500
*
ALPHA
Palm Beach Gardens Police Pension Fund
Alpha & Beta: 5-Years Trailing (or Inception if Less)
June 30, 2014
Current
BETA
*
Page 19
Palm Beach Gardens Police Pension Fund
Batting Average: 5-Years Trailing (or Inception if Less)
June 30, 2014
0
10
20
30
40
50
60
70
80
90
100
Jun-14 Mar-14 Dec-13 Sep-13
TOTAL FUND & INDIVIDUAL MANAGERS
Total Fund Large Cap Mid Cap Small Cap Total Fixed International Large Growth
Jun-14 Mar-14 Dec-13 Sep-13
Total Fund 25.00 25.00 30.00 30.00
Managers, Fixed Income
Total Fixed 50.00 50.00 55.00 50.00
Managers, Equities
Large Cap 40.00 40.00 45.00 50.00
Mid Cap 60.00 55.00 55.00 60.00
Small Cap 30.00 30.00 30.00 30.00
International 55.00 55.00 60.00 55.00
Large Growth 45.00 45.00 50.00 50.00
Real Estate NCREIF 50.00 57.14 50.00 40.00
Total Fund 0.99 0.98 0.98 0.98
Managers, Fixed Income
Total Fixed 0.90 0.89 0.81 0.84
Managers, Equities
Large Cap 1.00 1.00 1.00 1.00
Mid Cap 1.00 1.00 1.00 1.00
Small Cap 1.00 1.00 1.00 1.00
International 0.15 0.19 0.21 0.22
Large Growth 0.93 0.93 0.93 0.92
Real Estate NCREIF 0.05 0.12 0.38 0.44
Page 20
BCAB
BCAB
*
S&P600
R1000G
R-SQUARED
S&P500
S&P400
* 25% S&P 500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Non-US World Gov't Bond, 26% BCAB, 5% RE
S&P600
EAFE
R1000G
June 30, 2014
EAFE
Palm Beach Gardens Police Pension Fund
Batting Average: 5-Years Trailing (or Inception if Less)
BATTING AVERAGE
S&P500
S&P400
Current
Policy
*
Qtr YTD 1Yr 3Yr 5Yr 10Yr
Great Lakes - Large Cap - Gross Size 3.78 17.13 24.17 17.97 19.28 9.22
Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size 3.71 17.14 23.99 12.63 17.45 8.11
ICC Capital Management, Inc - Core Value - Gross Size 4.38 17.38 22.66 14.37 16.93 7.79
Logan Capital Management - Large Core 60/40 - Gross Size 4.34 16.73 24.35 14.07 20.87 9.80
Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size 3.59 17.35 22.13 16.34 17.18 7.49
Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size 5.10 14.78 21.65 14.80 18.11 7.76
Valley Forge Asset Management - Large Cap Core - Gross Size 4.52 15.25 18.79 12.23 13.54 7.55
Russell 1000 5.12 18.24 25.35 16.63 19.25 8.19
S&P 500 5.23 18.40 24.61 16.58 18.83 7.78
Dana Investment Management - Large Growth - Gross Size 4.98 19.21 28.61 16.07 18.67 9.89
Denver Investment Advisors, LLC - Growth - Gross Size 2.77 12.96 25.33 25.33 14.14 8.48
Garcia Hamilton & Associates - Quality Growth - Gross Size 4.10 13.42 20.94 12.41 16.03 7.02
Logan Capital Management - Large Cap Growth - Gross Size 4.54 15.77 28.93 12.53 20.20 8.83
Montag & Caldwell, Inc. - Large Cap Growth - Gross Size 5.03 15.16 20.36 14.66 15.83 8.22
Polen Capital Management - Large Cap Growth - Gross Size 4.21 16.99 24.78 13.93 17.93 9.23
Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size 5.14 17.37 26.87 16.24 19.22 8.24
Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size 3.80 17.49 25.29 17.54 19.08 8.51
Silvant Capital - Select LCG Stock - Grosss Size 3.84 15.39 26.22 12.33 15.49 7.85
Russell 1000 Growth 5.13 17.40 26.92 16.26 19.24 8.20
S&P 500/Citigroup Growth 5.82 19.26 27.13 16.96 19.19 8.16
Rhumbline Large Cap(FYE)5.21 18.32 24.52 16.56 18.82 7.89
Rhumbline Mid Cap(FYE)4.35 16.45 25.24 15.36 21.73 10.62
Rhumbline Small Cap(FYE)2.06 13.40 25.54 16.79 21.89 10.03
ICC Large Growth(FYE)4.69 17.36 26.82 15.49 19.88 n/a
International Equity(FYE)4.16 12.90 26.15 9.64 14.20 n/a
Page 21
Performance of Other Managers
June 30, 2014
CORE EQUITY
GROWTH EQUITY
Qtr YTD 1Yr 3Yr 5Yr 10Yr
BRC Investment Management Large Cap Value - Gross Size 5.50 21.22 30.42 17.98 20.13 11.55
Ceredex Value Ad Large Cap Value 5.64 18.04 26.78 17.17 19.67 9.91
Eagle Asset Management - Value - Institutional - Gross Size 6.58 21.56 28.08 17.18 19.22 9.59
ICC Capital Management, Inc - Core Value - Gross Size 4.38 17.38 22.66 14.37 16.93 7.79
Missouri Valley Partners - Large Cap Value - Gross Size 7.02 20.80 27.31 16.99 17.85 6.93
Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size 5.07 19.02 23.69 16.89 19.19 8.1
The Boston Company Asset Mgmt., LLC - US Large Cap Value Equity Management 3.13 17.83 24.45 16.26 18.42 9.58
RBC Global Asset Management, Inc. - Large Cap Value - Gross Size 5.60 18.57 22.71 16.86 17.96 8.96
RNC Genter Capital - Dividend Income Equity - Gross Size 6.49 17.25 20.98 16.38 18.19 9.59
Westwood Management Corporation - LargeCap Equity - Gross Size 4.16 16.79 21.62 15.28 17.08 9.49
Russell 1000 Value 5.10 19.12 23.81 16.92 19.23 8.03
S&P 500/Citigroup Value 4.60 17.48 21.99 16.25 18.52 7.31
Amalgamated Bank - LongView 400 MidCap Index Fund - Gross Size 4.34 16.45 25.22 15.25 21.65 10.50
Batterymarch Financial Mgmt., Inc. - US Mid Cap Russell - Gross Size 4.94 20.08 29.11 17.04 22.27 10.86
Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size 4.26 17.29 27.87 16.45 23.43 9.77
Robeco Investment Management, Inc. - BPAM Mid Cap Value Equity - Gross Size 3.48 20.13 29.47 18.76 24.13 13.46
Russell Midcap 4.97 17.79 26.85 16.09 22.07 10.43
S&P Midcap 400 4.33 16.46 25.24 15.26 21.67 10.50
Great Lakes - SMID - Gross Size 4.70 16.93 29.34 19.45 25.09 12.27
Eagle Asset Management - SMID Core - Institutional - Gross Size 2.84 16.62 25.79 13.40 19.44 11.09
Earnest Partners - SMID Core - Gross Size 5.11 19.95 31.37 17.12 22.21
Kayne AndersonRudnick - SMID Core - Gross Size 5.69 13.07 22.98 13.85 18.80 8.42
New Amsterdam Partners - SMID Active Equity - Gross Size 1.07 10.88 25.57 17.62 23.76 12.43
Westwood Management Corporation - SMID Cap Equity - Gross Size 3.70 16.60 28.01 14.64 21.20 15.07
Russell 2500 3.57 15.13 25.58 15.51 21.63 9.78
Rhumbline Large Cap(FYE)5.21 18.32 24.52 16.56 18.82 7.89
Rhumbline Mid Cap(FYE)4.35 16.45 25.24 15.36 21.73 10.62
Rhumbline Small Cap(FYE)2.06 13.40 25.54 16.79 21.89 10.03
ICC Large Growth(FYE)4.69 17.36 26.82 15.49 19.88 n/a
International Equity(FYE)4.16 12.90 26.15 9.64 14.20 n/a
Page 22
Performance of Other Managers
June 30, 2014
VALUE EQUITY
MID-CAP EQUITY
SMID-CAP EQUITY
Qtr YTD 1Yr 3Yr 5Yr 10Yr
Great Lakes - AllCap - Gross Size 4.36 18.37 26.17 18.18 20.31 8.89
HGK Asset Management - All Cap - Gross Size 6.44 21.37 28.02 17.31 18.23 9.33
ICC Capital Management, Inc - Multi-Cap Eq. - Gross Size 4.15 14.38 19.66 8.19 15.13 10.49
Oak Ridge Investments, LLC - All-Cap - Gross Size 5.32 13.30 26.84 15.01 17.75 8.91
Russell 3000 4.87 17.75 25.22 16.46 19.33 8.23
Dow Jones Wilshire 5000 (Full Cap)4.87 17.84 24.96 16.32 19.16 8.28
Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size 0.23 9.91 21.03 15.94 21.60 12.80
Ceredex - Value Ad Small Cap Value - Gross Size 3.71 14.75 26.82 14.88 21.98 12.55
GW Capital, Inc. - Small Cap Value Equity - Gross Size 3.30 14.44 22.35 12.80 21.45 13.26
Kayne Anderson Rudnick Invst. - Small Cap - Gross Size 3.61 8.50 17.91 12.57 21.10 10.53
Missouri Valley Partners 3.42 19.38 30.26 19.94 26.14 10.18
Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size 2.76 14.67 26.39 12.95 19.70 6.10
Silvant Capital - Small Cap Growth - Gross Size -1.72 4.04 19.19 13.64 20.46 8.71
Russell 2000 2.05 12.19 23.64 14.57 20.21 8.70
S&P SmallCap 600 2.07 13.37 25.54 16.81 21.98 9.95
American Realty Advisors - Core Equity Real Estate-Sep. Accts. - Gross Size 3.20 5.87 13.14 12.41 5.81 6.56
Intercontinental - US REIF - Gross Size 1.87 7.03 15.68 15.01 9.37
JPMorgan Asset Management - Strategic Property Fund - Gross Size 2.36 6.08 14.60 14.18 8.34 8.33
Principal Global - Real Estate Core - Gross Size 2.32 5.74 13.74 14.33 7.29 6.96
Dow Jones Wilshire REIT Index 10.13 9.22 4.45 10.53 29.26 8.20
NCREIF Property Index 2.74 5.34 11.17 11.69 7.89 8.65
Altrinsic Global Advisors - International Equity - Gross Size 4.82 9.03 19.98 6.75 11.24 7.13
DePrince, Race, Zollo, Inc. - International Equity - Gross Size 2.62 7.26 18.36 4.56 11.22 7.05
Harding Loevner - International Equity - Gross Size 5.02 9.41 20.01 7.77 14.99 10.48
Harding Loevner - Emerging Mkts. Equity - Gross Size 7.35 13.66 20.58 6.54 13.71 14.88
ICC Capital Management, Inc - International ADR Equity - Gross Size 0.66 8.28 18.56 7.84 12.24 6.14
INVESCO - International EM Equity - Gross Size 7.61 8.37 16.08 -4.89 6.31
Manning & Napier - International Equity - Gross Size 3.42 10.81 21.66 6.46 12.60 9.35
Nuveen Asset Management - International Growth ADR - Gross Size 1.93 10.23 26.8 9.75 16.1
OFI Institutional Asset Mgmt. - Emerging Mkts.Equity - Gross Size 8.13 10.79 20.93 6.20 15.26
The Boston Company Asset Mgmt., LLC - International Core Equity Management 3.71 14.52 27.05 11.22 14.84 8.06
Thornburg Investment Mgmt. - International Equity - Gross Size 2.56 2.60 13.03 3.58 10.36 9.07
WHV - WHV International Equity - Gross Size 8.79 18.50 27.82 6.71 14.04 14.25
MSCI EAFE 4.34 11.19 24.09 8.59 12.27 7.42
MSCI EMERGING MARKETS 6.71 8.30 14.68 -0.06 9.58 12.30
Rhumbline Large Cap(FYE)5.21 18.32 24.52 16.56 18.82 7.89
Rhumbline Mid Cap(FYE)4.35 16.45 25.24 15.36 21.73 10.62
Rhumbline Small Cap(FYE)2.06 13.40 25.54 16.79 21.89 10.03
ICC Large Growth(FYE)4.69 17.36 26.82 15.49 19.88 n/a
International Equity(FYE)4.16 12.90 26.15 9.64 14.20 n/a
Page 23
Performance of Other Managers
June 30, 2014
ALL CAP EQUITY
SMALL CAP EQUITY
REAL ESTATE (3/31/2014)
INTERNATIONAL EQUITY
Qtr YTD 1Yr 3Yr 5Yr 10Yr
Denver Investment Advisors - Core Bond Gov't/Corp. - Gross Size 2.29 4.48 5.15 4.40 5.50 5.32
Eagle Asset Management - Core Fixed Institutional - Gross Size 1.50 2.66 3.21 3.60 4.97 4.99
Garcia Hamilton & Associates - Fixed Aggregate - Gross Size 2.18 5.75 6.61 5.88 7.19 6.76
ICC Capital Management, Inc - Core Fixed Income - Gross Size 1.59 3.22 3.64 3.74 4.66 4.50
Integrity Fixed Income Mgmt, LLC - Core Fixed Income - Gross Size 2.11 4.78 5.57 4.89 5.84
Montage & Caldwell Inc. - Core Fixed Income - Gross Size 1.32 2.89 3.31 2.91 3.78 4.95
Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size 1.86 3.72 4.04 3.90 5.09 5.35
RBC Global Asset Management, Inc. - Broad Market Core - Gross Size 2.16 4.05 4.84 3.99 5.63 4.82
Wedge Capital Management - Core Fixed Income - Gross Size 2.21 4.86 5.38 4.70 5.56 5.70
Barclays Aggregate Bond 2.04 3.78 4.37 3.66 4.85 4.93
Barclays Gov/Credit Bond 1.92 3.90 4.28 4.08 5.09 4.94
Barclays High Yield US Corporate Bond 2.41 9.24 11.73 9.48 13.98 9.05
Denver Investment Advisors - Intermediate Fixed - Gross Size 1.71 3.66 4.55 3.84 5.09 5.05
Eagle Asset Management - Institutional Conservative - Gross Size 1.32 1.91 2.40 3.01 4.28 4.68
Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size 1.63 4.51 5.70 4.90 6.36 5.97
Integrity Fixed Income Mgmt, LLC - Intermediate Fixed Income - Gross Size 1.54 3.56 4.56 3.94 5.19
Missouri Valley Partners - Intermediate Government/Credit Fixed Income - Gross Size 1.34 2.39 2.88 2.94 4.26 4.84
RBC Global Asset Management, Inc. - Intermediate Core - Gross Size 1.33 2.52 3.45 3.17 4.80 4.07
Sit Investment Associates, Inc. - Intermediate Govt/Corp - Gross Size 1.63 3.33 3.73 3.66 6.67 5.43
Barclays Intermediate Aggregate 1.62 2.70 3.48 2.86 4.23 4.57
Barclays Gov/Credit-Intermediate 1.23 2.30 2.86 2.83 4.09 4.33
Brandywine Global - International Fixed Invst. Grade - Gross Size 3.98 7.34 8.70 6.47 7.71 6.79
PIMCO - Non US Fixed Income Unhedged - Gross Size 3.99 7.60 11.70 4.02 8.39 6.84
Wells Capital Mgmt. - Global Fixed Income Ex-US - Gross Size 4.14 7.88 10.97 2.98 6.17 6.58
Citigroup World Government Ex-US 2.64 4.64 8.88 1.03 3.59 4.90
ICC Fixed Income(FYE)1.47 3.01 3.49 3.34 4.32 4.04
International Bonds(FYE)2.14 4.67 5.76 2.24 n/a n/a
American Realty(FYE)2.54 9.38 12.81 n/a n/a n/a
Page 24
INTERMEDIATE FIXED INCOME
INTERNATIONAL FIXED INCOME
Performance of Other Managers
June 30, 2014
CORE FIXED INCOME