HomeMy WebLinkAboutAgenda Fire Pension 020415THE 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 February 4, 2015
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 January 12, 2015
4. Presentation of the 9/30/2014 Audited Financial Statements: S.I. Gordon &
Company (Steve Gordon)
5. Investment Monitor Report: The Bogdahn Group (Dan Johnson)
• 12/31/2014 Quarterly Performance Report (preliminary)
• Quarterly DROP Plan Fund Menu Review (and DROP Plan Special Exception
Update)
• Updates International Equity Manager Review
• Bogdahn Group Organizational Update
6. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
• BancorpSouth Update
7. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
8. Old Business
9. New Business
10. Other Business
• GASB Statements No. 67 & No. 68 (Prepared by Foster & Foster)
• Discussion Regarding Amortization Schedules
11. Next Meeting Previously Scheduled for Monday 3/9/2015 at 1PM
12. Adjourn
2
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.
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Palm Beach Gardens
Firefighters'
International Equity Review
Period ended December 31, 2014
Investment Manager
Comparison
1
Pa
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Firm Information
Firm Name Firm City State
Firm
Assets
($M)
Employee
Ownership
(%)
American Funds Europacific Growth R6
Transamerica International Equity I
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
American Funds San Francisco CA
Transamerica St Petersburg FL
RBC Global Asset Management Toronto Ontario 315,190 0
Morgan Stanley Capital Intl (MSCI)New York NY
WCM Investment Management Laguna Beach CA 6,349 100
Manning & Napier Fairport NY
Fund Information
Short Product Name Ticker
Fund
Inception
Date
Strategy
Inception
Date
Manager
Tenure
(Longest)
Min
Investment
Semi-Annual
Report
Net
Expense
Ratio
Max
Management
Fee
Strategy
Assets
($M)
Fund
Size
($M)
Closed
to New
Inv
American Funds Europacific Growth R6
Transamerica International Equity I
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
11/29/200411/29/2004 10.1710,000,000 1.00 4,771 No
RERGX5/1/2009 23.08 250 0.49 0.69 124,698 No
TSWIX12/18/1992 9.171,000,000 0.96 0.74 1,414 No
7/1/19987/1/1998 16.50500,000,000 0.95 434 No
12/31/1998
EXOSX7/10/200210/1/1996 12.501,000,000 0.74 0.7013,399 2,455 No
Portfolio Construction
Short Product Name Fundamental Technical Quantitative # of
Holdings
Average
Market
Cap
(mil)
Turnover
Ratio %
Portfolio
Date
American Funds Europacific Growth R6
Transamerica International Equity I
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
Yes No No 73 19,398.80 39 12/31/2014
468 35,167.61 28 12/31/2014
104 19,714.28 19 9/30/2014
Yes No No 58 9,406.00 14 12/31/2014
Yes No No 30 27,752.61 17 12/31/2014
1,839 29,565.87 12/31/2014
3
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4
Region (% Long Rescaled)
81
97
89
94
8685
19
3
11
6
1415
0
20
40
60
80
100
Developed Emerging
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Region (% Long Rescaled)
4 4
30
2
22
11
57 61
52
81
70
51
39 35
18 17
8
38
0
20
40
60
80
100
Americas Europe Asia
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Sector (% Long Rescaled)
39
42
25
57
32
46
34 36
45
24
31 32
27
21
30
19
37
22
0
10
20
30
40
50
60
Cyclical Sensitive Defensive
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Holdings-Based Style Map
Mi
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M
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Deep-ValCore-ValCore Core-GrthHigh-Grth
5
Returns
As of Date: 12/31/2014 Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Qtr YTD 1 Year2 Years3 Years4 Years5 Years6 Years7 Years8 Years9 Years
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
10 Years
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Trailing Returns
As of Date: 12/31/2014Data Point: ReturnCalculation Benchmark: MSCI ACWI Ex USA NR USD
QtrYTD1 Year2 Years3 Years4 Years5 Years6 Years7 Years8 Years9 Years10 Years
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
-1.65
-3.55
0.40
-1.40
-4.73
-3.87
-2.35
-4.45
1.07
-2.93
-9.26
-3.87
-2.35
-4.45
1.07
-2.93
-9.26
-3.87
8.49
9.52
11.45
13.71
4.08
5.28
12.06
13.37
12.20
19.34
8.92
8.99
5.09
7.43
7.83
9.36
2.19
2.81
6.00
8.41
11.12
11.46
3.61
4.43
10.97
11.62
16.34
17.55
8.88
9.85
1.55
1.84
7.51
3.99
-0.34
-0.63
3.60
3.03
9.49
3.71
1.77
1.39
5.52
5.54
11.37
6.75
4.79
3.92
7.01
6.22
11.86
7.71
5.50
5.13
6
Returns
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
YTD 2013 2012 20112010 2009 2008 2007 2006 2005
-52.5
-45.0
-37.5
-30.0
-22.5
-15.0
-7.5
0.0
7.5
15.0
22.5
30.0
37.5
45.0
52.5
60.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Calendar Year Returns
Data Point: ReturnCalculation Benchmark: MSCI ACWI Ex USA NR USD
YTD 2013 2012 2011 2010 2009 2008 2007 2006 2005
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
-0.71
-0.93
0.67
-1.54
-4.75
0.00
20.54
25.53
22.89
33.20
19.38
15.29
19.57
21.48
13.72
31.44
19.28
16.83
-13.33
-8.59
-4.28
-15.84
-15.60
-13.71
9.72
12.42
25.33
20.27
9.50
11.15
39.55
29.13
46.35
53.36
39.55
41.45
-40.38
-41.23
-33.06
-50.14
-41.41
-45.53
19.22
11.75
24.39
1.73
17.87
16.65
22.17
27.94
27.66
34.58
32.37
26.65
21.39
12.51
16.37
16.68
12.16
16.62
7
Trailing Returns
As of Date: 12/31/2014Data Point: ReturnCalculation Benchmark: MSCI ACWI Ex USA NR USDPeer Group: Open End Funds -U.S. -Foreign Large Blend
QtrYTD1 Year2 Years3 Years4 Years5 Years6 Years7 Years8 Years9 Years10 Years
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
Median
-1.65
-3.55
0.40
-1.40
-4.73
-3.87
-2.35
-4.45
1.07
-2.93
-9.26
-3.87
-2.35
-4.45
1.07
-2.93
-9.26
-3.87
8.49
9.52
11.45
13.71
4.08
5.28
12.06
13.37
12.20
19.34
8.92
8.99
5.09
7.43
7.83
9.36
2.19
2.81
6.00
8.41
11.12
11.46
3.61
4.43
10.97
11.62
16.34
17.55
8.88
9.85
1.55
1.84
7.51
3.99
-0.34
-0.63
3.60
3.03
9.49
3.71
1.77
1.39
5.52
5.54
11.37
6.75
4.79
3.92
7.01
6.22
11.86
7.71
5.50
5.13
-3.53-5.34-5.346.4710.133.765.108.99-0.910.683.184.25
Performance Relative to Peer Group
As of Date: 12/31/2014 Peer Group (5-95%): Open End Funds -U.S. -Foreign Large Blend Calculation Benchmark: MSCI ACWI Ex USA NR USD
Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile
Re
t
u
r
n
-12.0
-10.0
-8.0
-6.0
-4.0
QTR YTD 1 Year2 Years3 Years4 Years5 Years6 Years7 Years8 Years9 Years10 Years
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
8
Trailing Returns
Data Point: ReturnCalculation Benchmark: MSCI ACWI Ex USA NR USDPeer Group: Open End Funds -U.S. -Foreign Large Blend
YTD 2013 2012 2011 2010 2009 2008 2007 2006 2005
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
Median
-2.35
-4.45
1.07
-2.93
-9.26
-3.87
20.54
25.53
22.89
33.20
19.38
15.29
19.57
21.48
13.72
31.44
19.28
16.83
-13.33
-8.59
-4.28
-15.84
-15.60
-13.71
9.72
12.42
25.33
20.27
9.50
11.15
39.55
29.13
46.35
53.36
39.55
41.45
-40.38
-41.23
-33.06
-50.14
-41.41
-45.53
19.22
11.75
24.39
1.73
17.87
16.65
22.17
27.94
27.66
34.58
32.37
26.65
21.39
12.51
16.37
16.68
12.16
16.62
-5.35 19.73 18.06 -13.54 10.61 31.40 -43.42 12.04 25.87 14.13
Performance Relative to Peer Group
Peer Group (5-95%): Open End Funds -U.S. -Foreign Large Blend Calculation Benchmark: MSCI ACWIEx USA NR USD
Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile
Re
t
u
r
n
-52.5
-45.0
-37.5
-30.0
-22.5
YTD 2013 2012 2011 2010 2009 2008 2007 2006 2005
-15.0
-7.5
0.0
7.5
15.0
22.5
30.0
37.5
45.0
52.5
60.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
9
Risk-Reward
Time Period: 12/1/2004 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.0 2.0 4.06.0 8.010.0 12.014.0 16.018.0 20.022.0 24.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Time Period: 12/1/2004 to 12/31/2014Calculation Benchmark: MSCI ACWI Ex USA NR USD
Return Std Dev Downside
Deviation Alpha Beta R2 Sharpe
Ratio
Tracking
Error
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
7.37
6.60
12.05
8.14
5.89
5.52
17.40
18.01
14.65
21.08
18.99
18.79
2.14
2.44
4.10
4.39
3.53
0.00
1.99
1.21
6.90
2.57
0.56
0.00
0.91
0.94
0.72
1.07
0.97
1.00
96.69
96.22
85.73
89.88
92.55
100.00
0.41
0.36
0.75
0.41
0.32
0.30
3.58
3.67
7.60
6.82
5.20
0.00
10
Risk-Reward
Time Period: 12/1/2004 to 2/28/2009
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.026.028.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Risk-Reward
Time Period: 3/1/2009 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
28.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Time Period: 3/1/2009 to 12/31/2014Calculation Benchmark: MSCI ACWI Ex USA NR USD
ReturnStd DevAlphaBetaR2 Sharpe
Ratio
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
14.25
16.32
18.76
21.24
12.52
13.80
16.96
16.58
14.73
19.93
19.07
17.86
1.20
3.34
7.18
6.00
-1.30
0.00
0.93
0.91
0.77
1.05
1.03
1.00
96.85
95.74
86.63
89.24
92.63
100.00
0.87
0.99
1.24
1.07
0.71
0.81
Time Period: 12/1/2004 to 2/28/2009Calculation Benchmark: MSCI ACWI Ex USA NR USD
ReturnStd DevAlphaBetaR2 Sharpe
Ratio
Europacific
TSW
WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity
Manning & Napier Overseas
MSCI ACWI Ex USA NR USD
-1.41
-5.44
3.47
-7.57
-2.58
-4.86
17.87
19.48
14.35
21.99
18.80
19.80
2.43
-0.88
5.23
-1.97
1.65
0.00
0.89
0.97
0.66
1.06
0.91
1.00
96.50
96.86
84.59
90.32
92.96
100.00
-0.18
-0.37
0.07
-0.40
-0.22
-0.32
11
Batting Average
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Ba
t
t
i
n
g
A
v
e
r
a
g
e
12/1/2004 -12/31/2014
0.0
25.0
50.0
75.0
100.0
50.450.4 52.9 57.0
47.9
100.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Up Capture Ratio
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Up
C
a
p
t
u
r
e
R
a
t
i
o
12/1/2004 -12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
96.7 99.1
88.9
110.5
99.6 100.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Max Drawdown
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Ma
x
D
r
a
w
d
o
w
n
12/1/2004 -12/31/2014
-65.0
-60.0
-55.0
-50.0
-45.0
-40.0
-35.0
-30.0
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
-51.1
-55.7
-40.6
-61.6
-52.2
-57.6
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Down Capture Ratio
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Do
w
n
C
a
p
t
u
r
e
R
a
t
i
o
12/1/2004 -12/31/2014
0.0
7.5
15.0
22.5
30.0
37.5
45.0
52.5
60.0
67.5
75.0
82.5
90.0
97.5
105.0
88.2
94.4
59.3
101.5 97.9 100.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
12
Excess Return
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Ex
c
e
s
s
R
e
t
u
r
n
12/1/2004 -12/31/2014
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
1.8
1.1
6.5
2.6
0.4
0.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Sharpe Ratio
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Sh
a
r
p
e
R
a
t
i
o
12/1/2004 -12/31/2014
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.4
0.4
0.8
0.4
0.3 0.3
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Information Ratio
Calculation Benchmark: MSCI ACWI Ex USA NR USD
In
f
o
r
m
a
t
i
o
n
R
a
t
i
o
(
a
r
i
t
h
)
12/1/2004 -12/31/2014
0.0
0.1
0.2
0.3
0.4
0.5
0.5
0.6
0.7
0.8
0.9
0.5
0.3
0.9
0.4
0.1
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Alpha
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Al
p
h
a
12/1/2004 -12/31/2014
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
2.0
1.2
6.9
2.6
0.6
0.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
13
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
14
Rolling Excess Returns
Time Period: 12/1/2004 to 12/31/2014
Rolling Window: 3 Years 1 Month shift Calculation Benchmark: MSCI ACWI Ex USA NR USD
Ex
c
e
s
s
R
e
t
u
r
n
12
2008
03060912
2009
03060912
2010
03060912
2011
03060912
2012
03060912
2013
03060912
2014
03060912
-7.5
-5.0
-2.5
0.0
2.5
5.0
7.5
10.0
12.5
15.0
Rolling Excess Returns (Descending Rank)
Time Period: 12/1/2004 to 12/31/2014
Peer Group (5-95%): Open End Funds -U.S. -Foreign Large Blend Rolling Window: 3 Years 1 Month shift Calculation Benchmark: MSCI ACWI Ex USA NR USD
1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile
Ex
c
e
s
s
R
e
t
u
r
n
12
2008
03060912
2009
03060912
2010
03060912
2011
03060912
2012
03060912
2013
03060912
2014
03060912
100.0
75.0
50.0
25.0
0.0
Europacific TSW WCM Inv Mgt Focused Growth Intl
RBC GAM International Equity Manning & Napier Overseas MSCI ACWI Ex USA NR USD
15
American Funds Europacific Growth R6 -Snapshot
Name
Open for Investment
Manager Preferred Index
Semi-Annual Report Net Expense Ratio
Ticker
Fund Size Date
Fund Size
Inception Date
American Funds Europacific Growth R6
Yes
0.49
RERGX
1/27/2015
124,698,334,275
5/1/2009
Investment Strategy
The investment seeks long-term growth of capital. The fund
invests primarily in common stocks of issuers in Europe
and the Pacific Basin that the investment adviser believes
have the potential for growth. Growth stocks are stocks that
the investment adviser believes have the potential for
above-average capital appreciation. It normally invests at
least 80% of net assets in securities of issuers in Europe
and the Pacific Basin. The fund may invest a portion of its
assets in common stocks and other securities of
companies in countries with developing economies and/or
markets.
American Funds Europacific Growth R5 -Performance
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Inv Bmk1
Return
Std Dev
Excess Return
Information Ratio (arith)
Alpha
Beta
R2
Tracking Error
1.55
19.63
2.17
0.55
1.94
0.91
96.91
3.96
-0.63
21.26
0.00
0.00
1.00
100.00
0.00
Manager Biography
Mark E. Denning since 12/31/1991
Carl M. Kawaja since 8/29/2000
Sung Lee since 6/1/2002
Nicholas J. Grace since 6/1/2002
Jesper Lyckeus since 6/1/2004
Jonathan Knowles since 8/29/2005
Christopher M. Thomsen since 6/1/2007
Andrew B. Suzman since 6/1/2007
Lawrence Kymisis since 8/29/2013
Investment Growth
Time Period: 1/1/2008 to 12/31/2014
2008200920102011201220132014
40.0
47.5
55.0
62.5
70.0
77.5
85.0
92.5
100.0
107.5
115.0
122.5
American Funds Europacific Growth R5 MSCI ACWI Ex USA NR USD
Risk-Reward
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
American Funds Europacific Growth R5 MSCI ACWI Ex USA NR USD
16
Europacific -Equity Super Regions (Long Rescaled)
Time Period: 3/1/2005 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Americas %Greater Asia %Greater Europe %
Europacific -Equity Super Sectors (Morningstar) (Long Rescaled)
Time Period: 3/1/2005 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cyclical Sensitive Defensive
17
Transamerica International Equity I -Snapshot
Name
Open for Investment
Manager Preferred Index
Semi-Annual Report Net Expense Ratio
Ticker
Fund Size Date
Fund Size
Inception Date
Transamerica International Equity I
Yes
MSCI EAFE NR USD
0.96
TSWIX
1/27/2015
1,414,495,910
12/18/1992
Investment Strategy
The investment seeks maximum long-term total return. The
fund invests at least 80% of its net assets (plus the amount
of borrowings, if any, for investment purposes) in equity
securities of foreign companies representing at least three
countries other than the United States. The sub-adviser will
emphasize established companies in individual foreign
markets and will attempt to stress companies and markets
that it believes are undervalued. The fund will invest
primarily in securities of companies domiciled in developed
countries, but may invest up to 10% of its assets in
securities of companies in developing countries.
Transamerica International Equity I -Performance
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Inv Bmk1
Return
Std Dev
Excess Return
Information Ratio (arith)
Alpha
Beta
R2
Tracking Error
1.84
20.32
2.47
0.60
2.35
0.94
96.38
4.09
-0.63
21.26
0.00
0.00
1.00
100.00
0.00
Manager Biography
Brandon H. Harrell since 11/1/2005
Investment Growth
Time Period: 1/1/2008 to 12/31/2014
2008200920102011201220132014
40.0
47.5
55.0
62.5
70.0
77.5
85.0
92.5
100.0
107.5
115.0
122.5
130.0
TSW MSCI ACWI Ex USA NR USD
Risk-Reward
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
TSW MSCI ACWI Ex USA NR USD
18
Transamerica International Equity I -Equity Super Regions (Long Rescaled)
Time Period: 3/1/2005 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Americas %Greater Asia %Greater Europe %
Transamerica International Equity I -Equity Super Sectors (Morningstar) (Long Rescaled)
Time Period: 3/1/2005 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cyclical Sensitive Defensive
19
WCM Inv Mgt Focused Growth Intl -Snapshot
Name
Open for Investment
Manager Preferred Benchmark
Semi-Annual Report Net Expense Ratio
Ticker
Fund Size Date
Fund Size
Inception Date
WCM Inv Mgt Focused Growth Intl
Yes
MSCI ACWI Ex USA GR USD
11/29/2004
Investment Strategy
WCM Investment Management’s Focused Growth
International strategy is a concentrated, large cap, quality
growth product for the non-U.S. universe. Unlike the broad
international indices, the Focused Growth International
strategy employs a traditional growth emphasis by seeking
quality growth businesses from conventional growth
sectors. This unique approach, combined with our
concentrated focus of around 30 holdings, means the
product will have investment characteristics distinct from
any broad international benchmark. The product will
include mega-, large-and mid-cap international securities
from developed and emerging markets.
WCM Inv Mgt Focused Growth Intl -Performance
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Inv Bmk1
Return
Std Dev
Excess Return
Information Ratio (arith)
Alpha
Beta
R2
Tracking Error
7.51
16.36
8.14
1.00
7.30
0.72
88.19
8.16
-0.63
21.26
0.00
0.00
1.00
100.00
0.00
Manager Biography
Paul Russell Black since 11/29/2004
Kurt R. Winrich since 11/29/2004
Peter J. Hunkel since 11/29/2004
Michael B. Trigg since 4/1/2006
Investment Growth
Time Period: 1/1/2008 to 12/31/2014
2008200920102011201220132014
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
WCM Inv Mgt Focused Growth Intl MSCI ACWI Ex USA NR USD
Risk-Reward
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
WCM Inv Mgt Focused Growth Intl MSCI ACWI Ex USA NR USD
20
WCM Inv Mgt Focused Growth Intl -Equity Super Regions (Long Rescaled)
Time Period: 12/1/2012 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
3/2013 6/2013 9/2013 12/2013 3/2014 6/2014 9/2014 12/2014
Americas %Greater Asia %Greater Europe %
WCM Inv Mgt Focused Growth Intl -Equity Super Sectors (Morningstar) (Long Rescaled)
Time Period: 12/1/2012 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
3/2013 6/2013 9/2013 12/2013 3/2014 6/2014 9/2014 12/2014
Cyclical Sensitive Defensive
21
RBC GAM International Equity -Snapshot
Name
Open for Investment
Manager Preferred Benchmark
Semi-Annual Report Net Expense Ratio
Ticker
Fund Size Date
Fund Size
Inception Date
RBC GAM International Equity
Yes
MSCI EAFE GLGC GD
7/1/1998
RBC GAM International Equity -Performance
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Inv Bmk1
Return
Std Dev
Excess Return
Information Ratio (arith)
Alpha
Beta
R2
Tracking Error
3.99
23.84
4.62
0.63
5.07
1.07
90.97
7.33
-0.63
21.26
0.00
0.00
1.00
100.00
0.00
Manager Biography
Bernard R. Horn, Jr. since 7/1/1998
Sumanta Biswas since 1/2/2002
Bin Xiao since 8/14/2006
Michael Spencer since 7/1/1998
Investment Growth
Time Period: 1/1/2008 to 12/31/2014
2008200920102011201220132014
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
RBC GAM International Equity MSCI ACWI Ex USA NR USD
Risk-Reward
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.026.028.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
RBC GAM International Equity MSCI ACWI Ex USA NR USD
Investment Strategy
The investment seeks high risk-adjusted returns that
exceed the global cost of equity with a focus on absolute
risk. The fund seeks to identify the best values in the world
using a disciplined bottom-up value approach,
encompassing proprietary investment technology and in-
depth fundamental research. The final portfolio contains
50-65 equally weighted securities that are diversified
across industry and country. Portfolio turnover is very low
and averages less than 30% annually.
22
RBC GAM International Equity -Equity Super Regions (Long Rescaled)
Time Period: 9/1/2006 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2006 2007 2008 2009 2010 2011 2012 2013 2014
Americas %Greater Asia %Greater Europe %
RBC GAM International Equity -Equity Super Sectors (Morningstar) (Long Rescaled)
Time Period: 9/1/2006 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2006 2007 2008 2009 2010 2011 2012 2013 2014
Cyclical Sensitive Defensive
23
Manning & Napier Overseas -Snapshot
Name
Open for Investment
Manager Preferred Benchmark
Semi-Annual Report Net Expense Ratio
Ticker
Fund Size Date
Fund Size
Inception Date
Manning & Napier Overseas
Yes
MSCI ACWI Ex USA NR USD
0.74
EXOSX
1/27/2015
2,454,915,136
7/10/2002
Manning & Napier Overseas -Performance
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Inv Bmk1
Return
Std Dev
Excess Return
Information Ratio (arith)
Alpha
Beta
R2
Tracking Error
-0.34
21.74
0.28
0.05
0.42
0.99
93.44
5.58
-0.63
21.26
0.00
0.00
1.00
100.00
0.00
Manager Biography
Brian P. Gambill since 7/10/2002
Jeffrey A. Herrmann since 7/10/2002
Michael J. Magiera since 7/10/2002
Marc D. Tommasi since 7/10/2002
Brian W. Lester since 7/10/2002
Jeffrey S. Coons since 7/10/2002
Christian A. Andreach since 10/18/2002
Jeffrey W. Donlon since 4/23/2004
Virge J. Trotter, III since 1/1/2009
Ebrahim Busheri since 1/1/2012
Christopher F. Petrosino since 1/1/2012
Robert F. Pickels since 5/1/2013
Investment Growth
Time Period: 1/1/2008 to 12/31/2014
2008200920102011201220132014
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0
105.0
110.0
115.0
Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Risk-Reward
Time Period: 1/1/2008 to 12/31/2014
Calculation Benchmark: MSCI ACWI Ex USA NR USD
Re
t
u
r
n
Std Dev
0.02.04.06.08.010.012.014.016.018.020.022.024.0
-2.0
-0.0
2.0
4.0
6.0
8.0
10.0
Manning & Napier Overseas MSCI ACWI Ex USA NR USD
Investment Strategy
The investment seeks to provide long-term growth. The
fund normally invests at least 80% of its assets in securities
of issuers from countries outside the United States;
typically, the actual percentage will be considerably higher.
It may invest in American Depository Receipts (ADRs) and
other U.S. dollar denominated securities of foreign issuers.
The fund may invest in small, large, or mid-size companies.
It may purchase shares of exchange-traded funds (ETFs),
including to establish a diversified position in a particular
sector of the market or to be fully invested while awaiting
an opportunity to purchase securities directly.
24
Manning & Napier Overseas -Equity Super Regions (Long Rescaled)
Time Period: 1/1/2005 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Americas %Greater Asia %Greater Europe %
Manning & Napier Overseas -Equity Super Sectors (Morningstar) (Long Rescaled)
Time Period: 1/1/2005 to 12/31/2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cyclical Sensitive Defensive
25
Report Statistics Definitions and Descriptions
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26
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+
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.
6
The Market Environment
U.
S
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&
C
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As of December 31, 2014
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t
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s
2.
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2.
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1.
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m
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k
1.
5
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1
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a
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-24.9%-21.2%
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4
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78
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2.
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1.
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d
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7
So
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r
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:
B
a
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y
s
C
a
p
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t
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l
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Do
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(
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As of December 31, 2014
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10
Schedule of Investable Assets
Total Fund Total Fund Policy Net Cash Flow
$0.0
$6,553,846.2
$13,107,692.4
$19,661,538.6
$26,215,384.8
$32,769,231.0
$39,323,077.2
$45,876,923.4
$52,430,769.6
$58,984,615.8
$65,538,462.0
$72,092,308.2
$78,646,154.4
$85,200,000.6
($6,553,846.2)
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 7/14 12/14
$46,098,636.6
$70,924,502.2
Schedule of Investable Assets
Total Fund
August 1, 2007 To December 31, 2014
11
December 31, 2014 : $70,924,502
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
September 30, 2014 : $67,418,844
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
Allocation
Market Value Allocation
Domestic Equity 39,436,676 55.6¢£
International Equity 6,705,551 9.5¢£
Domestic Fixed Income 13,722,493 19.3¢£
Global Fixed Income 3,418,151 4.8¢£
Real Estate 7,334,127 10.3¢£
Cash & Equivalents 307,503 0.4¢£
Allocation
Market Value Allocation
Domestic Equity 37,128,509 55.1¢£
International Equity 6,535,131 9.7¢£
Domestic Fixed Income 13,503,205 20.0¢£
Global Fixed Income 3,473,887 5.2¢£
Real Estate 6,482,718 9.6¢£
Cash & Equivalents 295,392 0.4¢£
Asset Allocation by Asset Class
Total Fund
As of December 31, 2014
12
December 31, 2014 : $70,924,502
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
Manning & Napier
RBC
Dana (SC)Fiduciary
September 30, 2014 : $67,418,844
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
Manning & Napier
RBC
Dana (SC)Fiduciary
Allocation
Market Value Allocation
VG TSMI 14,385,074 20.3¢£
Dana (LC)14,504,955 20.5¢£
Fiduciary 7,003,487 9.9¢£
Dana (SC)3,543,160 5.0¢£
RBC 3,204,796 4.5¢£
Manning & Napier 3,500,755 4.9¢£
Agincourt 6,750,296 9.5¢£
GHA 6,972,198 9.8¢£
Templeton GB 3,418,151 4.8¢£
American 3,638,953 5.1¢£
Intercontinental 3,695,174 5.2¢£
R & D 307,503 0.4¢
Allocation
Market Value Allocation
VG TSMI 13,908,896 20.6¢£
Dana (LC)13,941,669 20.7¢£
Fiduciary 5,970,041 8.9¢£
Dana (SC)3,307,904 4.9¢£
RBC 3,250,350 4.8¢£
Manning & Napier 3,284,781 4.9¢£
Agincourt 6,642,209 9.9¢£
GHA 6,860,996 10.2¢£
Templeton GB 3,473,887 5.2¢£
American 2,903,857 4.3¢£
Intercontinental 3,578,861 5.3¢£
R & D 295,392 0.4¢
Asset Allocation By Manager
Total Fund
As of December 31, 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
0.43%
0.34%
-0.18 %
-0.17 %
-0.48 %
-0.55 %
0.60%
Market Value
$Allocation (%)Target (%)
Domestic Equity 39,436,676 55.6 55.0
International Equity 6,705,551 9.5 10.0
Broad Fixed Income 6,750,296 9.5 10.0
Intermediate Fixed Income 6,972,198 9.8 10.0
Global Fixed Income 3,418,151 4.8 5.0
Real Estate 7,334,127 10.3 10.0
Cash Equivalents 307,503 0.4 0.0
Total Fund 70,924,502 100.0 100.0
Asset Allocation vs. Target Allocation
Total Fund
As of December 31, 2014
14
Asset Allocation Attributes
Domestic EquityInternational Equity Domestic Fixed
Income Global Fixed IncomeReal EstateCash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Total Domestic Equity 38,248,76796.99 --------1,187,9093.0139,436,67655.60
Vanguard Total Stock Index (VITSX)14,313,32999.50 --------71,7450.5014,385,07420.28
Dana (Large Cap)14,321,77898.74 --------183,1771.2614,504,95520.45
Fiduciary Management, Inc.6,169,18688.09 --------834,30111.917,003,4879.87
Dana (Small Cap)3,444,47597.21 --------98,6852.793,543,1605.00
Total International Equity --6,705,551100.00 --------6,705,5519.45
RBC International Portfolio --3,204,796100.00 --------3,204,7964.52
Manning & Napier Overseas (EXOSX)--3,500,755100.00 --------3,500,7554.94
Total Domestic Fixed Income ----13,536,05298.64 ----186,4411.3613,722,49319.35
Agincourt Capital Management ----6,628,54598.20 ----121,7511.806,750,2969.52
Garcia, Hamilton & Associates ----6,907,50799.07 ----64,6900.936,972,1989.83
Total Global Fixed Income ------3,418,151100.00 ----3,418,1514.82
Templeton Global Bond Adv (FBNRX)------3,418,151100.00 ----3,418,1514.82
Total Real Estate --------7,334,127100.00 --7,334,12710.34
American Core Realty Fund --------3,638,953100.00 --3,638,9535.13
Intercontinental Real Estate --------3,695,174100.00 --3,695,1745.21
Receipt & Disbursement ----------307,503100.00307,5030.43
Total Fund Portfolio 38,248,76753.936,705,5519.4513,536,05219.093,418,1514.827,334,12710.341,681,8532.3770,924,502100.00
Asset Allocation
Total Fund
As of December 31, 2014
15
Financial Reconciliation Quarter to Date
Market Value
10/01/2014
Net
Transfers ContributionsDistributions Management
Fees
Other
Expenses
Return On
Investment
Market Value
12/31/2014
Total Domestic Equity 37,128,509 162,686 838,186 -675,500 -38,186 -2,183,66739,436,676
Vanguard Total Stock Index (VITSX)13,908,896 -250,000 --250,000 --726,17814,385,074
Dana (Large Cap)13,941,669 -203,678 221,822 -425,500 -21,822 -788,78614,504,955
Fiduciary Management, Inc.5,970,041 611,187 611,187 --11,187 -433,447 7,003,487
Dana (Small Cap)3,307,904 5,178 5,178 --5,178 -235,255 3,543,160
Total International Equity 6,535,131 382,335 382,335 --7,335 --204,579 6,705,551
RBC International Portfolio 3,250,350 7,335 7,335 --7,335 --45,554 3,204,796
Manning & Napier Overseas (EXOSX)3,284,781 375,000 375,000 ----159,026 3,500,755
Total Domestic Fixed Income 13,503,205 8,493 8,493 --8,493 -219,28813,722,493
Agincourt Capital Management 6,642,209 4,205 4,205 --4,205 -108,087 6,750,296
Garcia, Hamilton & Associates 6,860,996 4,288 4,288 --4,288 -111,201 6,972,198
Total Global Fixed Income 3,473,887 ------55,736 3,418,151
Templeton Global Bond Adv (FBNRX)3,473,887 ------55,736 3,418,151
Total Real Estate 6,482,718 675,500 675,500 ---175,908 7,334,127
American Core Realty Fund 2,903,857 675,500 675,500 ---59,596 3,638,953
Intercontinental Real Estate 3,578,861 -----116,313 3,695,174
Receipt & Disbursement 295,392-1,229,0142,388,466-2,357,041 --19,323 9 307,503
Total Fund Portfolio 67,418,844 -4,292,980-3,032,541 -54,014 -19,323 2,318,55770,924,502
Financial Reconciliation
Total Fund
1 Quarter Ending December 31, 2014
16
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2014
Net
Transfers ContributionsDistributions Management
Fees
Other
Expenses
Return On
Investment
Market Value
12/31/2014
Total Domestic Equity 37,128,509 162,686 838,186 -675,500 -38,186 -2,183,66739,436,676
Vanguard Total Stock Index (VITSX)13,908,896 -250,000 --250,000 --726,17814,385,074
Dana (Large Cap)13,941,669 -203,678 221,822 -425,500 -21,822 -788,78614,504,955
Fiduciary Management, Inc.5,970,041 611,187 611,187 --11,187 -433,447 7,003,487
Dana (Small Cap)3,307,904 5,178 5,178 --5,178 -235,255 3,543,160
Total International Equity 6,535,131 382,335 382,335 --7,335 --204,579 6,705,551
RBC International Portfolio 3,250,350 7,335 7,335 --7,335 --45,554 3,204,796
Manning & Napier Overseas (EXOSX)3,284,781 375,000 375,000 ----159,026 3,500,755
Total Domestic Fixed Income 13,503,205 8,493 8,493 --8,493 -219,28813,722,493
Agincourt Capital Management 6,642,209 4,205 4,205 --4,205 -108,087 6,750,296
Garcia, Hamilton & Associates 6,860,996 4,288 4,288 --4,288 -111,201 6,972,198
Total Global Fixed Income 3,473,887 ------55,736 3,418,151
Templeton Global Bond Adv (FBNRX)3,473,887 ------55,736 3,418,151
Total Real Estate 6,482,718 675,500 675,500 ---175,908 7,334,127
American Core Realty Fund 2,903,857 675,500 675,500 ---59,596 3,638,953
Intercontinental Real Estate 3,578,861 -----116,313 3,695,174
Receipt & Disbursement 295,392-1,229,0142,388,466-2,357,041 --19,323 9 307,503
Total Fund Portfolio 67,418,844 -4,292,980-3,032,541 -54,014 -19,323 2,318,55770,924,502
Financial Reconciliation
Total Fund
October 1, 2014 To December 31, 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)3.39 (12)3.39 (12)8.84 (9)14.49 (5)11.01 (9)5.98 (58)05/01/1998
Total Fund Policy 3.04 (25)3.04 (25)8.72 (10)13.94 (11)11.51 (5)5.75 (68)
All Public Plans-Total Fund Median 2.65 2.65 6.88 12.19 9.78 6.06
Total Fund Portfolio (Net)3.31 3.31 8.42 13.95 10.50 5.41 05/01/1998
Total Fund Policy 3.04 3.04 8.72 13.94 11.51 5.75
Total Equity 4.49 4.49 10.05 19.14 13.37 9.10 07/31/2008
Total Equity Policy 3.85 3.85 10.04 19.11 14.12 8.84
Total Domestic Equity 5.84 (24)5.84 (24)13.21 (19)20.11 (44)14.49 (48)9.12 (24)07/01/2002
Total Domestic Equity Policy 5.24 (33)5.24 (33)12.56 (25)20.51 (36)15.63 (24)8.36 (47)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 4.43 4.43 10.63 19.63 14.37 8.19
Total International Equity -3.05 (44)-3.05 (44)-6.14 (71)14.03 (15)8.01 (20)5.75 (31)01/01/2006
Total International Equity Policy -3.81 (57)-3.81 (57)-3.44 (43)11.15 (37)5.58 (46)N/A
MSCI EAFE Index -3.53 (52)-3.53 (52)-4.48 (54)11.56 (33)5.81 (42)3.94 (59)
IM International Equity (SA+CF+MF) Median -3.47 -3.47 -4.17 10.04 5.32 4.49
Total Fixed Income 0.96 0.96 4.98 4.45 5.26 5.19 07/01/2002
Total Fixed Income Policy 0.90 0.90 3.92 1.77 3.42 4.51
Total Domestic Fixed Income 1.62 (61)1.62 (61)5.72 (77)4.24 (12)N/A 4.10 (21)09/01/2011
Total Domestic Fixed Income Policy 1.50 (76)1.50 (76)5.04 (94)2.46 (93)3.88 (98)2.49 (98)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median1.69 1.69 6.12 3.29 5.00 3.54
Total Global Fixed Income -1.60 (73)-1.60 (73)2.04 (48)6.61 (2)N/A 4.55 (14)09/01/2011
Citigroup World Government Bond -1.49 (71)-1.49 (71)-0.48 (82)-0.97 (94)1.67 (91)-1.49 (93)
IM Global Fixed Income (MF) Median -1.05 -1.05 1.93 2.61 3.39 1.86
Total Real Estate 2.55 (N/A)2.55 (N/A)11.52 (N/A)13.19 (N/A)13.23 (N/A)5.24 (N/A)07/01/2006
Total Real Estate Policy 3.11 (N/A)3.11 (N/A)12.38 (N/A)11.80 (N/A)12.55 (N/A)6.88 (N/A)
NCREIF Property Index 3.04 (N/A)3.04 (N/A)11.82 (N/A)11.11 (N/A)12.14 (N/A)6.65 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) Median N/A N/A N/A N/A N/A N/A
Comparative Performance
Total Fund
As of December 31, 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 December 31, 2014
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Equity
Vanguard Total Stock Index (VITSX)5.22 (35)5.22 (35)12.58 (25)N/A N/A 18.90 (35)04/01/2013
Vanguard Total Stock Market Index 5.24 (33)5.24 (33)12.58 (25)20.50 (34)15.72 (19)18.90 (35)
IM U.S. Multi-Cap Core Equity (MF) Median 4.42 4.42 10.62 19.57 14.30 17.92
Dana (Large Cap)5.78 (32)5.78 (32)15.41 (22)21.22 (35)15.97 (37)9.02 (48)07/01/2002
Dana Custom Index 4.93 (55)4.93 (55)13.69 (41)20.41 (55)15.54 (49)8.06 (85)
IM U.S. Large Cap Core Equity (SA+CF) Median 5.07 5.07 13.26 20.60 15.52 8.98
Fiduciary Management, Inc.6.62 (8)6.62 (8)12.45 (30)N/A N/A 16.03 (53)08/01/2013
Russell 3000 Index 5.24 (34)5.24 (34)12.56 (26)20.51 (61)15.63 (57)17.03 (36)
IM U.S. All Cap Core Equity (SA+CF) Median 4.76 4.76 10.80 20.73 15.74 16.28
Dana (Small Cap)7.11 (68)7.11 (68)6.83 (42)23.08 (22)20.49 (10)9.44 (73)05/01/2005
Russell 2000 Index 9.73 (22)9.73 (22)4.89 (58)19.21 (69)15.55 (83)9.32 (76)
IM U.S. Small Cap Core Equity (SA+CF) Median 8.49 8.49 5.61 20.57 17.33 10.36
Total International Equity
RBC International Portfolio -1.40 (15)-1.40 (15)-2.93 (28)19.34 (4)12.15 (1)7.67 (12)01/01/2006
MSCI AC World ex USA -3.81 (53)-3.81 (53)-3.44 (33)9.49 (78)4.89 (75)4.39 (57)
IM International Large Cap Value Equity (SA+CF) Median-3.50 -3.50 -4.53 11.09 6.34 4.68
Manning & Napier Overseas (EXOSX)-4.73 (85)-4.73 (85)-9.26 (94)8.92 (78)3.61 (88)7.39 (69)06/01/2009
MSCI AC World ex USA -3.81 (58)-3.81 (58)-3.44 (27)9.49 (65)4.89 (61)8.30 (46)
IM International Multi-Cap Core Equity (MF) Median -3.54 -3.54 -4.83 10.32 5.23 8.21
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 December 31, 2014
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Fixed Income
Agincourt Capital Management 1.63 (61)1.63 (61)5.99 (60)3.35 (48)5.04 (48)6.43 (35)10/01/2008
Barclays Aggregate Index 1.79 (37)1.79 (37)5.97 (62)2.66 (85)4.45 (86)5.25 (91)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median1.69 1.69 6.12 3.29 5.00 5.99
Garcia, Hamilton & Associates 1.62 (2)1.62 (2)5.44 (8)5.09 (5)5.31 (8)6.18 (7)07/01/2008
Barclays Intermediate Aggregate Index 1.20 (17)1.20 (17)4.12 (29)2.19 (76)3.72 (69)4.39 (76)
IM U.S. Intermediate Duration (SA+CF) Median 0.90 0.90 3.47 2.63 3.97 4.79
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)-1.60 (73)-1.60 (73)2.04 (48)6.65 (2)N/A 6.52 (3)10/01/2011
Citigroup World Government Bond -1.49 (71)-1.49 (71)-0.48 (82)-0.97 (94)1.67 (91)-0.93 (95)
IM Global Fixed Income (MF) Median -1.05 -1.05 1.93 2.61 3.39 2.56
Total Real Estate
American Core Realty Fund 1.79 (N/A)1.79 (N/A)11.61 (N/A)11.75 (N/A)12.30 (N/A)4.24 (N/A)07/01/2006
NCREIF Fund Index-Open End Diversified Core (EW)3.11 (N/A)3.11 (N/A)12.38 (N/A)12.25 (N/A)13.75 (N/A)4.66 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) Median N/A N/A N/A N/A N/A N/A
Intercontinental Real Estate 3.25 (N/A)3.25 (N/A)11.65 (N/A)14.75 (N/A)N/A 15.21 (N/A)10/01/2010
NCREIF Fund Index-Open End Diversified Core (EW)3.11 (N/A)3.11 (N/A)12.38 (N/A)12.25 (N/A)13.75 (N/A)13.60 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) Median N/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
g
e
I
n
t
e
n
t
i
o
n
a
l
l
y
L
e
f
t
B
l
a
n
k
22
Comparative Performance Fiscal Year Returns
FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Fund Portfolio (Gross)12.50 (8)15.11 (12)18.93 (30)0.08 (57)8.61 (82)0.00 (69)-11.96 (28)11.67 (88)8.65 (49)14.35 (25)
Total Fund Policy 12.13 (12)14.70 (16)19.99 (15)2.54 (13)9.32 (68)-1.86 (83)-14.02 (56)13.39 (68)9.16 (41)9.23 (84)
All Public Plans-Total Fund Median 10.1912.5117.870.329.901.52-13.6414.398.5912.27
Total Fund Portfolio (Net)12.0114.5618.28-0.378.14-0.46-12.3010.967.9213.82
Total Fund Policy 12.1314.7019.992.549.32-1.86-14.0213.399.169.23
Total Equity 15.4422.0625.54-4.3810.56-1.59N/AN/AN/AN/A
Total Equity Policy 15.8121.8227.76-0.899.91-4.90N/AN/AN/AN/A
Total Domestic Equity 17.57 (29)21.70 (64)26.53 (50)-2.59 (60)11.15 (31)-3.60 (40)-16.51 (10)14.18 (73)10.21 (34)21.50 (14)
Total Domestic Equity Policy 17.76 (26)21.60 (65)30.20 (20)0.55 (28)10.96 (34)-6.42 (63)-21.52 (38)16.52 (52)10.22 (34)12.69 (72)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 15.7323.4626.39-1.649.71-5.31-22.6016.689.1614.84
Total International Equity 4.49 (51)24.24 (23)20.29 (18)-10.51 (42)8.14 (54)11.28 (30)-30.51 (46)24.22 (72)N/AN/A
Total International Equity Policy 5.22 (42)22.69 (31)14.33 (67)-8.94 (31)3.71 (76)3.80 (56)-30.13 (42)N/AN/AN/A
MSCI EAFE Index 4.70 (48)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 4.5618.2816.46-11.428.895.13-31.1028.2119.2027.03
Total Fixed Income 5.040.128.823.399.2015.330.035.243.641.77
Total Fixed Income Policy 2.66-1.564.114.227.529.694.165.433.541.48
Total Domestic Fixed Income 4.65 (43)-0.24 (11)8.27 (14)N/AN/AN/AN/AN/AN/AN/A
Total Domestic Fixed Income Policy 3.34 (96)-0.80 (28)4.31 (98)4.22 (91)7.52 (95)9.69 (89)4.16 (21)5.43 (26)3.54 (87)1.48 (100)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median4.50-1.286.605.269.2012.302.555.153.863.10
Total Global Fixed Income 6.54 (11)3.33 (3)13.25 (5)N/AN/AN/AN/AN/AN/AN/A
Citigroup World Government Bond -0.07 (97)-4.60 (85)3.29 (97)4.61 (8)4.99 (95)13.78 (51)5.90 (6)8.69 (31)2.23 (64)3.02 (74)
IM Global Fixed Income (MF) Median 3.57-1.527.191.617.8213.86-1.537.302.535.11
Total Real Estate 13.05 (44)15.18 (36)12.45 (56)15.92 (79)2.44 (80)-32.96 (39)4.98 (35)21.07 (12)N/AN/A
Total Real Estate Policy 12.39 (69)11.84 (81)11.00 (77)16.10 (78)5.84 (52)-22.09 (5)5.27 (28)17.31 (69)N/AN/A
NCREIF Property Index 11.26 (90)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) Median12.7813.0912.9016.626.09-35.273.4718.5318.1719.98
Comparative Performance
Total Fund
As of December 31, 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 December 31, 2014
FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Domestic Equity
Vanguard Total Stock Index (VITSX)17.78 (25)N/AN/A N/AN/A N/AN/AN/AN/AN/A
Vanguard Total Stock Market Index 17.77 (25)21.50 (66)30.28 (17)0.71 (21)11.16 (29)-6.03 (59)-21.19 (31)16.98 (46)10.38 (30)14.70 (51)
IM U.S. Multi-Cap Core Equity (MF) Median 15.6523.3626.32-1.869.55-5.13-22.8416.649.1414.76
Dana (Large Cap)20.65 (29)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 19.73 (43)19.34 (64)30.20 (46)0.95 (53)8.90 (59)-10.62 (93)-21.56 (62)16.52 (57)10.22 (57)14.57 (56)
IM U.S. Large Cap Core Equity (SA+CF) Median 19.0820.7229.821.169.46-5.80-20.4816.9710.7615.07
Fiduciary Management, Inc.14.12 (67)N/AN/A N/AN/A N/AN/AN/AN/AN/A
Russell 3000 Index 17.76 (31)21.60 (78)30.20 (30)0.55 (60)10.96 (53)-6.42 (60)-21.52 (66)16.52 (62)10.22 (38)14.57 (73)
IM U.S. All Cap Core Equity (SA+CF) Median 16.3823.8927.720.9411.05-6.02-20.9817.379.5217.25
Dana (Small Cap)11.03 (16)31.48 (59)39.20 (7)3.82 (14)15.86 (36)-13.06 (84)-21.93 (79)8.02 (90)5.23 (80)N/A
Russell 2000 Index 3.93 (77)30.06 (73)31.91 (55)-3.53 (76)13.35 (72)-9.55 (66)-14.48 (24)12.34 (71)9.92 (32)17.95 (82)
IM U.S. Small Cap Core Equity (SA+CF) Median 6.5032.4532.36-0.5714.62-7.73-17.6814.738.1921.89
Total International Equity
RBC International Portfolio 10.00 (10)27.45 (15)24.65 (4)-8.87 (57)12.31 (11)7.72 (40)-29.87 (70)24.22 (48)N/AN/A
MSCI AC World ex USA 5.22 (58)16.98 (82)15.04 (51)-10.42 (70)8.00 (37)6.43 (49)-29.97 (70)31.06 (14)19.36 (72)29.48 (1)
IM International Large Cap Value Equity (SA+CF) Median5.7622.6315.24-8.415.006.20-27.3623.9120.94-3.84
Manning & Napier Overseas (EXOSX)-0.43 (95)20.93 (48)16.04 (35)-12.51 (75)2.52 (80)N/AN/AN/AN/AN/A
MSCI AC World ex USA 5.22 (30)16.98 (81)15.04 (51)-10.42 (42)8.00 (20)6.43 (23)-29.97 (39)31.06 (7)19.36 (34)29.48 (8)
IM International Multi-Cap Core Equity (MF) Median 4.3220.6015.06-11.024.701.85-31.0524.8918.6325.33
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 December 31, 2014
FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Domestic Fixed Income
Agincourt Capital Management 4.40 (55)-1.40 (59)6.96 (42)4.92 (69)9.55 (37)14.76 (18)N/AN/AN/AN/A
Barclays Aggregate Index 3.96 (81)-1.68 (79)5.16 (90)5.26 (50)8.16 (87)10.56 (81)3.65 (33)5.14 (52)3.67 (76)2.80 (81)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median4.50-1.286.605.269.2012.302.555.153.863.10
Garcia, Hamilton & Associates 4.88 (8)0.88 (8)9.51 (4)2.32 (91)8.87 (28)15.91 (7)N/AN/AN/AN/A
Barclays Intermediate Aggregate Index 2.74 (60)-0.71 (77)4.31 (84)4.22 (20)7.52 (77)9.69 (81)4.16 (35)5.33 (69)3.84 (61)2.23 (41)
IM U.S. Intermediate Duration (SA+CF) Median 2.87-0.275.583.588.2711.503.215.493.922.09
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)6.54 (11)3.44 (3)13.25 (5)N/AN/A N/AN/AN/AN/AN/A
Citigroup World Government Bond -0.07 (97)-4.60 (85)3.29 (97)4.61 (8)4.99 (95)13.78 (51)5.90 (6)8.69 (31)2.23 (64)3.02 (74)
IM Global Fixed Income (MF) Median 3.57-1.527.191.617.8213.86-1.537.302.535.11
Total Real Estate
American Core Realty Fund 12.49 (65)12.27 (71)11.57 (67)16.11 (75)2.72 (76)-32.96 (39)4.98 (35)16.31 (82)N/AN/A
NCREIF Fund Index-Open End Diversified Core (EW)12.39 (69)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) Median12.7813.0912.9016.626.09-35.273.4718.5318.1719.98
Intercontinental Real Estate 13.98 (37)18.19 (10)13.33 (43)15.80 (79)N/A N/AN/AN/AN/AN/A
NCREIF Fund Index-Open End Diversified Core (EW)12.39 (69)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) Median12.7813.0912.9016.626.09-35.273.4718.5318.1719.98
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
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
R
etu
r
n
Oct-2013
To
Sep-2014
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
Total Fund12.50 (8)15.11 (12)18.93 (30)0.08 (57)8.61 (82)0.00 (69)Å
Total Policy12.13 (12)14.70 (16)19.99 (15)2.54 (13)9.32 (68)-1.86 (83)Å
Median10.1912.5117.870.329.901.52
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
R
etu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Total Fund3.39 (12)3.39 (12)8.84 (9)14.89 (3)14.49 (5)10.62 (8)11.01 (9)Å
Total Policy3.04 (25)3.04 (25)8.72 (10)14.54 (5)13.94 (11)11.02 (3)11.51 (5)Å
Median2.652.656.8812.2112.198.879.78
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Total Fund -1.05 (50)3.88 (33)2.41 (14)6.87 (7)5.02 (45)1.15 (6)
Total Policy -0.34 (15)3.96 (26)1.84 (38)6.27 (25)5.12 (42)1.19 (6)
All Public Plans-Total Fund Median -1.07 3.63 1.71 5.60 4.91 0.10
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund20 6 (30%)3 (15%)7 (35%)4 (20%)Å
Total Policy20 12 (60%)1 (5%)1 (5%)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
tal
F
u
n
d
(%
)
-12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0
Total Policy (%)
Over
Performance
Under
Performance
11.25
12.00
12.75
13.50
14.25
15.00
R
e
tu
r
n
(%
)
5.80 6.00 6.20 6.40 6.60 6.80
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 14.49 6.64Å
Total Policy 13.94 5.94Å
Median 12.19 6.17¾
9.12
9.69
10.26
10.83
11.40
11.97
R
e
tu
r
n
(%
)
9.2 9.3 9.4 9.5 9.6
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 11.01 9.51Å
Total Policy 11.51 9.29Å
Median 9.78 9.41¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 0.99 107.20 166.90 -0.97 0.54 2.09 1.11 1.61
Total Policy 0.00 100.00 100.00 0.00 N/A 2.25 1.00 1.08
90 Day U.S. Treasury Bill 5.94 0.33 -1.12 0.07 -2.25 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.82 99.30 108.98 -0.49 -0.24 1.15 1.01 5.61
Total Policy 0.00 100.00 100.00 0.00 N/A 1.23 1.00 5.19
90 Day U.S. Treasury Bill 9.29 0.40 -0.43 0.08 -1.23 N/A 0.00 0.00
As of December 31, 2014
Performance Review
Total Fund
NONE
27
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
VG TSMI17.78 (25)N/AN/AN/AN/AN/AÅ
VG TSM Index17.77 (25)21.50 (66)30.28 (17)0.71 (21)11.16 (29)-6.03 (59)Å
Median15.6523.3626.32-1.869.55-5.13
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
32.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
VG TSMI5.22 (35)5.22 (35)12.58 (25)N/AN/AN/AN/AÅ
VG TSM Index5.24 (33)5.24 (33)12.58 (25)22.59 (36)20.50 (34)15.32 (20)15.72 (19)Å
Median4.424.4210.6221.9719.5713.8414.30
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
VG TSMI -0.01 (32)4.86 (35)2.05 (48)10.08 (34)6.30 (59)2.77 (47)
VG TSM Index -0.02 (32)4.87 (34)2.04 (48)10.09 (33)6.29 (60)2.76 (47)
IM U.S. Multi-Cap Core Equity (MF) Median -0.73 4.49 1.99 9.58 6.72 2.67
Performance Review (Fiscal Years)
As of December 31, 2014
VG TSMI
NONE
28
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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG TSMI 0 0 0 0 0Å
VG TSM Index20 5 (25%)15 (75%)0 (0%)0 (0%)Å
No data found.
19.22
19.53
19.84
20.15
20.46
20.77
R
e
tu
r
n
(%
)
9.00 9.20 9.40 9.60 9.80 10.00 10.20
Risk (Standard Deviation %)
Return Standard
Deviation
VG TSMI N/A N/AÅ
VG TSM Index 20.50 9.30Å
Median 19.57 9.93¾
13.63
14.10
14.57
15.04
15.51
15.98
R
e
tu
r
n
(%
)
13.20 13.40 13.60 13.80 14.00 14.20
Risk (Standard Deviation %)
Return Standard
Deviation
VG TSMI N/A N/AÅ
VG TSM Index 15.72 13.45Å
Median 14.30 14.04¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG TSMI N/A N/A N/A N/A N/A N/A N/A N/A
VG TSM Index 0.00 100.00 100.00 0.00 N/A 2.06 1.00 4.81
90 Day U.S. Treasury Bill 9.30 0.15 -0.25 0.07 -2.06 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG TSMI N/A N/A N/A N/A N/A N/A N/A N/A
VG TSM Index 0.00 100.00 100.00 0.00 N/A 1.15 1.00 7.81
90 Day U.S. Treasury Bill 13.45 0.19 -0.19 0.08 -1.15 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
VG TSMI
NONE
29
Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF)
Comparative Performance
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
52.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
Dana LC20.65 (29)19.62 (62)31.58 (21)-0.89 (72)10.10 (42)-13.66 (97)Å
Dana Index19.73 (43)19.34 (64)30.20 (46)0.95 (53)8.90 (59)-10.62 (93)Å
Median19.0820.7229.821.169.46-5.80
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Dana LC5.78 (32)5.78 (32)15.41 (22)24.01 (31)21.22 (35)16.24 (36)15.97 (37)Å
Dana Index4.93 (55)4.93 (55)13.69 (41)22.68 (55)20.41 (55)15.55 (53)15.54 (49)Å
Median5.075.0713.2622.8320.6015.5715.52
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Dana LC -0.15 (74)5.54 (22)3.53 (13)10.58 (46)6.01 (49)2.26 (67)
Dana Index 1.13 (41)5.23 (31)1.81 (62)10.51 (49)5.24 (70)2.91 (47)
IM U.S. Large Cap Core Equity (SA+CF) Median 0.82 4.86 2.06 10.47 5.97 2.83
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana LC20 0 (0%)9 (45%)6 (30%)5 (25%)Å
Dana Index20 0 (0%)4 (20%)8 (40%)8 (40%)Å
Over Performance Under Performance
Earliest Date Latest Date
-20.0
-10.0
0.0
10.0
20.0
30.0
D
an
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
20.16
20.44
20.72
21.00
21.28
21.56
R
e
tu
r
n
(%
)
8.80 9.00 9.20 9.40 9.60 9.80
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 21.22 9.33Å
Dana Index 20.41 8.94Å
Median 20.60 9.66¾
15.40
15.60
15.80
16.00
16.20
R
e
tu
r
n
(%
)
13.68 13.86 14.04 14.22 14.40 14.58 14.76 14.94
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 15.97 14.62Å
Dana Index 15.54 13.89Å
Median 15.52 14.66¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 1.88 101.77 96.20 0.71 0.37 2.16 1.00 4.59
Dana Index 0.00 100.00 100.00 0.00 N/A 2.12 1.00 4.69
90 Day U.S. Treasury Bill 8.98 0.15 -0.25 0.07 -2.12 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.18 100.72 98.52 0.67 0.17 1.22 0.98 7.37
Dana Index 0.00 100.00 100.00 0.00 N/A 1.19 1.00 7.47
90 Day U.S. Treasury Bill 12.89 0.20 -0.20 0.08 -1.19 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
Dana LC
NONE
31
Peer Group Analysis - IM U.S. All Cap Core Equity (SA+CF)
Comparative Performance
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
Fiduciary14.12 (67)N/AN/AN/AN/AN/AÅ
R300017.76 (31)21.60 (78)30.20 (30)0.55 (60)10.96 (53)-6.42 (60)Å
Median16.3823.8927.720.9411.05-6.02
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Fiduciary6.62 (8)6.62 (8)12.45 (30)N/A N/A N/A N/AÅ
R30005.24 (34)5.24 (34)12.56 (26)22.61 (43)20.51 (61)15.31 (50)15.63 (57)Å
Median4.764.7610.8022.2920.7315.2915.74
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Fiduciary -2.32 (74)5.78 (19)2.06 (41)8.21 (87)N/A N/A
R3000 0.01 (34)4.87 (36)1.97 (46)10.10 (54)6.35 (76)2.69 (52)
IM U.S. All Cap Core Equity (SA+CF) Median -1.24 4.45 1.86 10.14 7.23 2.70
Performance Review (Fiscal Years)
As of December 31, 2014
Fiduciary
NONE
32
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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Fiduciary0 0 0 0 0Å
R300020 0 (0%)4 (20%)16 (80%)0 (0%)Å
No data found.
20.40
20.48
20.56
20.64
20.72
20.80
R
e
tu
r
n
(%
)
9.00 9.18 9.36 9.54 9.72 9.90 10.08 10.26
Risk (Standard Deviation %)
Return Standard
Deviation
Fiduciary N/A N/AÅ
R3000 20.51 9.24Å
Median 20.73 10.11¾
15.60
15.64
15.68
15.72
15.76
R
e
tu
r
n
(%
)
14.40 14.60 14.80 15.00 15.20 15.40 15.60
Risk (Standard Deviation %)
Return Standard
Deviation
Fiduciary N/A N/AÅ
R3000 15.63 14.68Å
Median 15.74 15.32¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Fiduciary N/A N/A N/A N/A N/A N/A N/A N/A
R3000 0.00 100.00 100.00 0.00 N/A 2.06 1.00 4.81
90 Day U.S. Treasury Bill 9.30 0.15 -0.24 0.07 -2.06 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Fiduciary N/A N/A N/A N/A N/A N/A N/A N/A
R3000 0.00 100.00 100.00 0.00 N/A 1.15 1.00 7.82
90 Day U.S. Treasury Bill 13.44 0.19 -0.19 0.08 -1.15 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
Fiduciary
NONE
33
Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF)
Comparative Performance
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
Dana SC11.03 (16)31.48 (59)39.20 (7)3.82 (14)15.86 (36)-13.06 (84)Å
R20003.93 (77)30.06 (73)31.91 (55)-3.53 (76)13.35 (72)-9.55 (66)Å
Median6.5032.4532.36-0.5714.62-7.73
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
38.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Dana SC7.11 (68)7.11 (68)6.83 (42)24.78 (21)23.08 (22)17.50 (10)20.49 (10)Å
R20009.73 (22)9.73 (22)4.89 (58)20.67 (68)19.21 (69)12.88 (79)15.55 (83)Å
Median8.498.495.6122.3420.5714.4717.33
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Dana SC -4.73 (22)3.35 (27)1.29 (49)11.33 (22)9.64 (68)3.96 (49)
R2000 -7.36 (89)2.05 (62)1.12 (54)8.72 (79)10.21 (56)3.08 (61)
IM U.S. Small Cap Core Equity (SA+CF) Median -5.85 2.45 1.24 9.79 10.43 3.87
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana SC20 11 (55%)1 (5%)4 (20%)4 (20%)Å
R200020 0 (0%)1 (5%)9 (45%)10 (50%)Å
Over Performance Under Performance
Earliest Date Latest Date
-20.0
0.0
20.0
40.0
D
an
a
S
C
(%
)
-30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0
R2000 (%)
Over
Performance
Under
Performance
18.00
20.00
22.00
24.00
R
e
tu
r
n
(%
)
11.80 12.00 12.20 12.40 12.60 12.80
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 23.08 12.64Å
R2000 19.21 12.03Å
Median 20.57 12.21¾
14.00
16.00
18.00
20.00
22.00
R
e
tu
r
n
(%
)
18.40 18.42 18.44 18.46 18.48 18.50
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 20.49 18.42Å
R2000 15.55 18.48Å
Median 17.33 18.46¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.41 98.72 69.73 5.12 0.72 1.73 0.90 6.49
R2000 0.00 100.00 100.00 0.00 N/A 1.41 1.00 7.30
90 Day U.S. Treasury Bill 13.12 0.10 -0.21 0.06 -1.41 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.26 99.76 76.85 5.44 0.96 1.19 0.92 9.30
R2000 0.00 100.00 100.00 0.00 N/A 0.90 1.00 10.67
90 Day U.S. Treasury Bill 17.83 0.14 -0.16 0.08 -0.90 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
Dana SC
NONE
35
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
RBC10.00 (10)27.45 (15)24.65 (4)-8.87 (57)12.31 (11)7.72 (40)Å
MSCI ACW5.22 (58)16.98 (82)15.04 (51)-10.42 (70)8.00 (37)6.43 (49)Å
Median5.7622.6315.24-8.415.006.20
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
RBC-1.40 (15)-1.40 (15)-2.93 (28)13.71 (7)19.34 (4)9.35 (9)12.15 (1)Å
MSCI ACW-3.81 (53)-3.81 (53)-3.44 (33)5.74 (82)9.49 (78)3.28 (77)4.89 (75)Å
Median-3.50-3.50-4.538.0911.095.306.34
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
RBC -7.82 (93)2.56 (85)4.13 (5)11.73 (1)8.86 (79)0.67 (33)
MSCI ACW -5.19 (38)5.25 (23)0.61 (64)4.81 (83)10.17 (60)-2.90 (90)
IM International Large Cap Value Equity (SA+CF) Median-5.67 4.16 1.16 6.14 10.79 -0.03
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC 20 12 (60%)5 (25%)2 (10%)1 (5%)Å
MSCI ACW20 0 (0%)5 (25%)8 (40%)7 (35%)Å
Over Performance Under Performance
Earliest Date Latest Date
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
R
B
C
(%
)
-30.0 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
MSCI ACW (%)
Over
Performance
Under
Performance
4.00
8.00
12.00
16.00
20.00
24.00
R
e
tu
r
n
(%
)
11.16 11.78 12.40 13.02 13.64 14.26 14.88 15.50
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 19.34 14.47Å
MSCI ACW 9.49 11.78Å
Median 11.09 12.33¾
3.00
6.00
9.00
12.00
15.00
R
e
tu
r
n
(%
)
15.99 16.40 16.81 17.22 17.63 18.04 18.45
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 12.15 18.09Å
MSCI ACW 4.89 16.38Å
Median 6.34 16.63¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.39 128.65 80.41 8.79 1.66 1.30 1.05 8.25
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.77 1.00 8.47
90 Day U.S. Treasury Bill 12.78 0.16 -0.15 0.06 -0.77 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 6.15 114.31 82.39 7.23 1.11 0.76 0.97 10.12
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.37 1.00 11.01
90 Day U.S. Treasury Bill 16.34 0.18 -0.17 0.08 -0.37 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
RBC
NONE
37
Peer Group Analysis - IM International Multi-Cap Core Equity (MF)
Comparative Performance
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
M & N-0.43 (95)20.93 (48)16.04 (35)-12.51 (75)2.52 (80)N/AÅ
MSCI ACW5.22 (30)16.98 (81)15.04 (51)-10.42 (42)8.00 (20)6.43 (23)Å
Median4.3220.6015.06-11.024.701.85
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
M & N-4.73 (85)-4.73 (85)-9.26 (94)4.08 (95)8.92 (78)2.19 (91)3.61 (88)Å
MSCI ACW-3.81 (58)-3.81 (58)-3.44 (27)5.74 (69)9.49 (65)3.28 (67)4.89 (61)Å
Median-3.54-3.54-4.836.8810.323.925.23
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
M & N -9.66 (100)3.24 (72)2.13 (10)4.54 (85)9.59 (65)-0.90 (50)
MSCI ACW -5.19 (28)5.25 (7)0.61 (44)4.81 (79)10.17 (49)-2.90 (84)
IM International Multi-Cap Core Equity (MF) Median -5.65 3.94 0.43 5.79 10.13 -0.96
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
M & N 11 0 (0%)1 (9%)8 (73%)2 (18%)Å
MSCI ACW20 8 (40%)4 (20%)7 (35%)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
8.46
8.93
9.40
9.87
10.34
10.81
R
e
tu
r
n
(%
)
12.48 12.74 13.00 13.26 13.52 13.78 14.04
Risk (Standard Deviation %)
Return Standard
Deviation
M & N 8.92 13.81Å
MSCI ACW 9.49 12.78Å
Median 10.32 12.67¾
3.24
3.78
4.32
4.86
5.40
5.94
R
e
tu
r
n
(%
)
15.84 16.20 16.56 16.92 17.28 17.64 18.00 18.36
Risk (Standard Deviation %)
Return Standard
Deviation
M & N 3.61 17.82Å
MSCI ACW 4.89 16.34Å
Median 5.23 16.60¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
M & N 4.35 101.51 105.79 -0.64 -0.09 0.69 1.03 9.22
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.77 1.00 8.47
90 Day U.S. Treasury Bill 12.78 0.16 -0.15 0.06 -0.77 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
M & N 4.48 103.27 109.52 -1.31 -0.22 0.29 1.06 12.39
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.37 1.00 11.01
90 Day U.S. Treasury Bill 16.34 0.18 -0.17 0.08 -0.37 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
Manning & Napier
NONE
39
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Comparative Performance
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
Agincourt4.40 (55)-1.40 (59)6.96 (42)4.92 (69)9.55 (37)14.76 (18)Å
BC Agg3.96 (81)-1.68 (79)5.16 (90)5.26 (50)8.16 (87)10.56 (81)Å
Median4.50-1.286.605.269.2012.30
0.80
1.76
2.72
3.68
4.64
5.60
6.56
7.52
8.48
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Agincourt1.63 (61)1.63 (61)5.99 (60)2.11 (54)3.35 (48)4.39 (49)5.04 (48)Å
BC Agg1.79 (37)1.79 (37)5.97 (62)1.89 (75)2.66 (85)3.93 (81)4.45 (86)Å
Median1.691.696.122.153.294.385.00
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Agincourt 0.16 (67)2.20 (42)1.88 (72)0.11 (48)0.81 (19)-2.46 (57)
BC Agg 0.17 (66)2.04 (72)1.84 (78)-0.14 (76)0.57 (64)-2.32 (38)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.21 2.15 2.03 0.08 0.63 -2.42
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Agincourt14 0 (0%)5 (36%)9 (64%)0 (0%)Å
BC Agg20 0 (0%)0 (0%)3 (15%)17 (85%)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 11.0 12.0
BC Agg (%)
Over
Performance
Under
Performance
2.40
2.70
3.00
3.30
3.60
R
e
tu
r
n
(%
)
2.46 2.49 2.52 2.55 2.58 2.61
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 3.35 2.58Å
BC Agg 2.66 2.46Å
Median 3.29 2.57¾
4.20
4.40
4.60
4.80
5.00
5.20
R
e
tu
r
n
(%
)
2.88 2.90 2.92 2.94 2.96
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 5.04 2.89Å
BC Agg 4.45 2.95Å
Median 5.00 2.90¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.43 109.63 92.61 0.64 1.55 1.22 1.01 1.61
BC Agg 0.00 100.00 100.00 0.00 N/A 0.99 1.00 1.60
90 Day U.S. Treasury Bill 2.63 0.75 -0.70 0.05 -0.99 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.57 108.38 97.94 0.53 0.98 1.78 1.01 1.39
BC Agg 0.00 100.00 100.00 0.00 N/A 1.62 1.00 1.36
90 Day U.S. Treasury Bill 2.66 0.92 -0.98 0.08 -1.62 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
Agincourt
NONE
41
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
R
e
tu
r
n
Oct-2013
To
Sep-2014
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
GHA4.88 (8)0.88 (8)9.51 (4)2.32 (91)8.87 (28)15.91 (7)Å
BC Int Agg2.74 (60)-0.71 (77)4.31 (84)4.22 (20)7.52 (77)9.69 (81)Å
Median2.87-0.275.583.588.2711.50
-1.56
-0.64
0.28
1.20
2.12
3.04
3.96
4.88
5.80
6.72
7.64
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
GHA1.62 (2)1.62 (2)5.44 (8)3.17 (5)5.09 (5)4.84 (6)5.31 (8)Å
BC Int Agg1.20 (17)1.20 (17)4.12 (29)1.51 (52)2.19 (76)3.12 (65)3.72 (69)Å
Median0.900.903.471.522.633.363.97
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
GHA 0.25 (10)1.70 (18)1.77 (12)1.08 (6)0.93 (17)-1.70 (42)
Barclays Int Agg 0.03 (38)1.62 (26)1.20 (51)-0.14 (92)0.76 (41)-1.78 (51)
IM U.S. Intermediate Duration (SA+CF) Median 0.00 1.40 1.21 0.20 0.72 -1.78
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
GHA 15 14 (93%)1 (7%)0 (0%)0 (0%)Å
BC Int Agg20 0 (0%)0 (0%)11 (55%)9 (45%)ÅOver Performance Earliest Date Latest Date
2.0
4.0
6.0
8.0
10.0
G
H
A
(%
)
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
Barclays Int Agg (%)
Over
Performance
Under
Performance
0.98
1.96
2.94
3.92
4.90
5.88
R
e
tu
r
n
(%
)
1.60 1.80 2.00 2.20 2.40 2.60 2.80
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 5.09 2.49Å
BC Int Agg 2.19 1.81Å
Median 2.63 1.88¾
3.36
3.92
4.48
5.04
5.60
6.16
R
e
tu
r
n
(%
)
2.16 2.20 2.24 2.28 2.32 2.36 2.40 2.44
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 5.31 2.39Å
BC Int Agg 3.72 2.19Å
Median 3.97 2.33¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 1.36 152.70 59.72 2.87 2.08 2.09 0.99 1.03
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.09 1.00 1.15
90 Day U.S. Treasury Bill 1.96 0.97 -0.92 0.05 -1.09 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 2.23 132.29 106.60 1.58 0.69 1.69 0.99 1.76
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.73 1.00 1.01
90 Day U.S. Treasury Bill 2.08 1.14 -1.32 0.07 -1.73 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 2014
GHA
NONE
43
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
tu
r
n
Oct-2013
To
Sep-2014
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
Templeton GB6.54 (11)3.44 (8)13.25 (5)N/AN/AN/AÅ
Citi WGB-0.07 (77)-4.60 (62)3.29 (90)4.61 (6)4.99 (64)13.78 (71)Å
Median2.74-3.386.511.706.6616.13
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Templeton GB-1.60 (46)-1.60 (46)2.04 (36)2.19 (13)6.65 (11)N/AN/AÅ
Citi WGB-1.49 (46)-1.49 (46)-0.48 (58)-2.25 (57)-0.97 (86)0.81 (69)1.67 (67)Å
Median-1.72-1.720.50-1.981.051.522.53
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Templeton GB 0.11 (18)2.71 (32)0.86 (90)2.74 (6)1.03 (71)-2.73 (16)
Citi WGB -3.78 (57)2.27 (78)2.66 (33)-1.09 (91)2.88 (40)-2.97 (23)
IM International Fixed Income (MF) Median -2.95 2.56 2.39 0.14 1.93 -3.47
Performance Review (Fiscal Years)
As of December 31, 2014
Templeton GB
NONE
44
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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Templeton GB2 2 (100%)0 (0%)0 (0%)0 (0%)Å
Citi WGB 20 0 (0%)4 (20%)12 (60%)4 (20%)ÅEarliest Date Latest Date
0.0
2.0
4.0
6.0
8.0
Te
m
p
l
e
to
n
G
B
(%
)
-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0
Citi WGB (%)
Over
Performance
Under
Performance
-3.00
0.00
3.00
6.00
9.00
R
e
tu
r
n
(%
)
3.30 3.85 4.40 4.95 5.50 6.05 6.60 7.15 7.70
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB 6.65 7.04Å
Citi WGB -0.97 4.28Å
Median 1.05 5.68¾
1.45
1.74
2.03
2.32
2.61
2.90
R
e
tu
r
n
(%
)
4.68 5.07 5.46 5.85 6.24 6.63 7.02 7.41 7.80
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB N/A N/AÅ
Citi WGB 1.67 5.27Å
Median 2.53 7.37¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Templeton GB 6.62 147.16 23.63 7.53 1.15 0.94 0.66 4.32
Citi WGB 0.00 100.00 100.00 0.00 N/A -0.22 1.00 3.36
90 Day U.S. Treasury Bill 4.27 0.40 -0.50 0.06 0.22 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Templeton GB N/A N/A N/A N/A N/A N/A N/A N/A
Citi WGB 0.00 100.00 100.00 0.00 N/A 0.33 1.00 3.66
90 Day U.S. Treasury Bill 5.26 0.60 -0.46 0.07 -0.33 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of December 31, 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
tu
r
n
Oct-2013
To
Sep-2014
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
American12.49 (65)12.27 (71)11.57 (67)16.11 (75)2.72 (76)-32.96 (39)Å
NCREIF ODCE12.40 (69)13.04 (51)11.61 (67)18.27 (41)6.97 (45)-35.19 (50)Å
Median12.7813.0912.9016.626.09 -35.27
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
American1.79 (N/A)1.79 (N/A)11.61 (N/A)11.99 (N/A)11.75 (N/A)12.57 (N/A)12.30 (N/A)Å
NCREIF ODCE3.25 (N/A)3.25 (N/A)12.48 (N/A)13.21 (N/A)12.45 (N/A)13.32 (N/A)13.92 (N/A)Å
Median N/AN/AN/AN/AN/AN/AN/A
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
American 3.36 (50)2.80 (61)3.20 (40)2.59 (76)3.40 (54)3.36 (66)
NCREIF ODCE 3.24 (59)2.93 (57)2.52 (65)3.17 (53)3.56 (50)3.86 (52)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.35 3.18 2.87 3.23 3.54 3.88
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American 19 0 (0%)5 (26%)8 (42%)6 (32%)Å
NCREIF ODCE19 0 (0%)10 (53%)9 (47%)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
an
(%
)
-20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
NCREIF ODCE (%)
Over
Performance
Under
Performance
11.40
11.70
12.00
12.30
12.60
R
e
tu
r
n
(%
)
0.84 0.86 0.88 0.90 0.92 0.94
Risk (Standard Deviation %)
Return Standard
Deviation
American 11.75 0.91Å
NCREIF ODCE 12.45 0.86Å
Median N/A N/A¾
11.76
12.32
12.88
13.44
14.00
14.56
R
e
tu
r
n
(%
)
2.04 2.06 2.08 2.10 2.12 2.14
Risk (Standard Deviation %)
Return Standard
Deviation
American 12.30 2.11Å
NCREIF ODCE 13.92 2.05Å
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.01 94.63 N/A 7.07 -0.63 12.33 0.37 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.68 1.00 0.00
90 Day U.S. Treasury Bill 0.87 0.46 N/A 0.14 -13.68 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.20 88.86 N/A 0.37 -1.23 5.59 0.86 0.30
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 6.51 1.00 0.00
90 Day U.S. Treasury Bill 2.03 0.58 N/A -0.04 -6.51 N/A 0.01 0.00
Performance Review (Fiscal Years)
As of December 31, 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
tu
r
n
Oct-2013
To
Sep-2014
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
Intercontinental13.98 (37)18.19 (10)13.33 (43)15.80 (79)N/AN/AÅ
NCREIF ODCE12.40 (69)13.04 (51)11.61 (67)18.27 (41)6.97 (45)-35.19 (50)Å
Median12.7813.0912.9016.626.09 -35.27
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Intercontinental3.25 (N/A)3.25 (N/A)11.65 (N/A)14.38 (N/A)14.75 (N/A)15.09 (N/A)N/AÅ
NCREIF ODCE3.25 (N/A)3.25 (N/A)12.48 (N/A)13.21 (N/A)12.45 (N/A)13.32 (N/A)13.92 (N/A)Å
Median N/AN/AN/AN/AN/AN/AN/A
1 Qtr
Ending
Sep-2014
1 Qtr
Ending
Jun-2014
1 Qtr
Ending
Mar-2014
1 Qtr
Ending
Dec-2013
1 Qtr
Ending
Sep-2013
1 Qtr
Ending
Jun-2013
Intercontinental 3.76 (26)2.38 (91)1.80 (88)5.40 (3)3.66 (43)4.35 (30)
NCREIF ODCE 3.24 (59)2.93 (57)2.52 (65)3.17 (53)3.56 (50)3.86 (52)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.35 3.18 2.87 3.23 3.54 3.88
Performance Review (Fiscal Years)
As of December 31, 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
etu
r
n
Pe
r
c
e
n
ti
l
e
R
a
n
k
3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 12/14
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental5 1 (20%)4 (80%)0 (0%)0 (0%)Å
NCREIF ODCE19 0 (0%)10 (53%)9 (47%)0 (0%)ÅOver Performance Earliest Date Latest Date
12.0
13.0
14.0
15.0
16.0
I
n
te
r
c
o
n
tin
e
n
ta
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
12.64
13.43
14.22
15.01
15.80
R
e
tu
r
n
(%
)
0.40 0.80 1.20 1.60 2.00 2.40 2.80
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 14.75 2.49Å
NCREIF ODCE 12.45 0.86Å
Median N/A N/A¾
12.88
13.34
13.80
14.26
14.72
15.18
R
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(%
)
1.88 1.92 1.96 2.00 2.04 2.08 2.12 2.16 2.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental N/A N/AÅ
NCREIF ODCE 13.92 2.05Å
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.50 117.77 N/A 8.65 0.85 5.63 0.47 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.68 1.00 0.00
90 Day U.S. Treasury Bill 0.87 0.46 N/A 0.14 -13.68 N/A -0.01 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 N/A 0.00 N/A 6.51 1.00 0.00
90 Day U.S. Treasury Bill 2.03 0.58 N/A -0.04 -6.51 N/A 0.01 0.00
Performance Review (Fiscal Years)
As of December 31, 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
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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 December 31, 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 December 31, 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 December 31, 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
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57
4901 Vineland Road Suite 600 Orlando, Florida 32811
Telephone (866) 240-7932 Facsimile (863) 292-8717
www.bogdahngroup.com
FROM: The Bogdahn Group
TO: Valued Clients
DATE: January 12, 2015
RE: Change of Internal Control Notification
The Bogdahn Group will celebrate its fifteenth anniversary in 2015. Since our inception, we
have been fortunate to have had steady growth. We currently serve over 350 clients in 20
states and the District of Columbia with combined assets of approximately $60 billion. Our
clients are served by 54 employees who operate out of offices in Orlando, Chicago, Milwaukee,
Detroit, Cleveland, and Pittsburgh, with additional professionals in Buffalo, Memphis, and
Dallas.
Joe Bogdahn has been the majority equity owner of the firm since its inception. In 2005 and
2006, Mike Welker and Dave West became equity partners, respectively. Joe and Mike co-
managed the firm for several years while Dave led our Investment Policy Committee. In 2011,
Mike became the CEO and President of the firm, and we formalized an organizational structure
to include an Executive Committee along with an oversight Board. With these leadership
changes, Joe began to step away from the day-to-day management of the firm, while Mike and
the Executive Committee stepped up to assume these responsibilities.
Over the past year, Joe and Mike have been working hard on a succession plan to ensure the
long-term success and stability of the firm. Last week at our annual retreat it was announced
that Mike has acquired the majority of the firm’s equity and, over the next several years, their
implicit goal is to broaden the ownership of the firm amongst the employees. This is a milestone
event for The Bogdahn Group and is a tangible representation of the values and philosophy that
have driven the firm since its inception. The firm will remain employee-owned and 100%
independent. We want to emphasize there will be no change in firm personnel or our
investment consulting process. Our clients will continue to experience the same high level of
service and attention to detail from the firm and their consulting teams, and we will continue to
retain and attract the best talent in the investment consulting industry.
This change of internal control constitutes an assignment of your investment consulting
agreement to the revised employee ownership group. Accordingly, we are required by the
Investment Advisers Act to notify our clients. Unless your client agreement stipulates written
consent for a control change, this notification does not require any action by you as the terms of
our existing agreement remain in place. We truly appreciate your business, and unless we hear
to the contrary by April 1, 2015, we will conclude you consent to this change of internal control.
This is an extremely exciting time at The Bogdahn Group, and we firmly believe it puts us in a
fantastic position to serve our clients and employees for the next fifteen years and beyond.
Please do not hesitate to call if you have any questions.
Consent to Change in Internal Control
Effective January 1, 2015, a transaction was completed whereby Joe Bogdahn transferred the majority
ownership position in Bogdahn Consulting, LLC, D/B/A The Bogdahn Group to Mike Welker. This change
in internal ownership structure meets the definition of an assignment of your investment advisory contract
under SEC rules, which requires your consent. We ask that you provide this consent by signing and dating
this notice in the space provided below and returning a signed copy to your consultant. Or, if you prefer,
you may mail it to:
The Bogdahn Group
4901 Vineland Road, Suite 600
Orlando, FL 32811
Client Consent and Acceptance:
The undersigned consents to the assignment of its investment advisory agreement to the revised employee
ownership group.
Client Name: _____________________________
Signed: __________________________________
Printed Name: ____________________________
Title: ___________________________________
Date: ___________________________________