HomeMy WebLinkAboutAgenda Fire Pension 050615THE 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 Monday May 6, 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. Investment Monitor Report: The Bogdahn Group (Dan Johnson)
• 3/31/2015 Quarterly Pension Plan Performance Report
• ICMA DROP Plan Quarterly Performance Report
• ICMA Confirmation Letter
4. Minutes:
• Regular Meeting Held on March 9, 2015
5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
• Memo Regarding IRS Update on 415 Limits to DROP Accounts
6. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
• Ratification of the 2015 Fiduciary Insurance Renewal
7. Old Business
8. New Business
9. Other Business
10. Next Meeting Previously Scheduled for Monday, July 13, 2015 at 1PM
11. Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a
record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation
to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting.
City of Palm Beach Gardens
Firefighters' Pension Trust Fund
Investment Performance Review
Period ended March 31, 2015
Private Real Estate Data is Preliminary
Universe Sample Information is Preliminary
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l
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3
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16.7%6.9%
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7
So
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B
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C
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The Market Environment
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Schedule of Investable Assets
Total Fund Net Cash Flow
$0.0
$7,384,615.4
$14,769,230.8
$22,153,846.2
$29,538,461.6
$36,923,077.0
$44,307,692.4
$51,692,307.8
$59,076,923.2
$66,461,538.6
$73,846,154.0
$81,230,769.4
$88,615,384.8
$96,000,000.2
($7,384,615.4)
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 3/15
$46,020,038.9
$73,100,319.9
Schedule of Investable Assets
Total Fund
August 1, 2007 To March 31, 2015
13
December 31, 2014 : $70,931,430
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
March 31, 2015 : $73,100,320
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
Allocation
Market Value Allocation
Domestic Equity 39,436,441 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 7,341,290 10.3¢£
Cash & Equivalents 307,503 0.4¢£
Allocation
Market Value Allocation
Domestic Equity 40,411,280 55.3¢£
International Equity 7,150,633 9.8¢£
Domestic Fixed Income 14,099,004 19.3¢£
Global Fixed Income 3,625,556 5.0¢£
Real Estate 7,629,007 10.4¢£
Cash & Equivalents 184,840 0.3¢£
Asset Allocation by Asset Class
Total Fund
As of March 31, 2015
14
December 31, 2014 : $70,931,430
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
Manning & Napier
RBC
Dana (SC)Fiduciary
March 31, 2015 : $73,100,320
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
EuroPacific
RBC
Dana (SC)Fiduciary
Allocation
Market Value Allocation
VG TSMI 14,384,839 20.3¢£
Dana (LC)14,504,955 20.4¢£
Fiduciary 7,003,487 9.9¢£
Dana (SC)3,543,160 5.0¢£
RBC 3,204,796 4.5¢£
EuroPacific -0.0¢£
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 3,629,800 5.1¢£
Intercontinental 3,711,490 5.2¢
R & D 307,503 0.4¢
Allocation
Market Value Allocation
VG TSMI 14,649,854 20.0¢£
Dana (LC)14,690,104 20.1¢£
Fiduciary 7,216,011 9.9¢£
Dana (SC)3,855,310 5.3¢£
RBC 3,401,081 4.7¢£
EuroPacific 3,749,553 5.1¢£
Manning & Napier -0.0¢£
Agincourt 7,001,793 9.6¢£
GHA 7,097,211 9.7¢£
Templeton GB 3,625,556 5.0¢£
American 3,791,326 5.2¢£
Intercontinental 3,837,681 5.2¢
R & D 184,840 0.3¢
Asset Allocation By Manager
Total Fund
As of March 31, 2015
15
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
0.25%
0.44%
-0.04 %
-0.29 %
-0.42 %
-0.22 %
0.28%
Market Value
$Allocation (%)Target (%)
Domestic Equity 40,411,280 55.3 55.0
International Equity 7,150,633 9.8 10.0
Broad Fixed Income 7,001,793 9.6 10.0
Intermediate Fixed Income 7,097,211 9.7 10.0
Global Fixed Income 3,625,556 5.0 5.0
Real Estate 7,629,007 10.4 10.0
Cash Equivalents 184,840 0.3 0.0
Total Fund 73,100,320 100.0 100.0
Asset Allocation vs. Target Allocation
Total Fund
As of March 31, 2015
16
Asset Allocation Attributes
Domestic EquityInternational Equity Domestic Fixed
Income Global Fixed IncomeReal EstateCash Equivalent Total Fund
($)%($)%($)%($)%($)%($)%($)%
Total Domestic Equity 39,373,95597.43 --------1,037,3252.5740,411,28055.28
Vanguard Total Stock Index (VITSX)14,580,99799.53 --------68,8580.4714,649,85420.04
Dana (Large Cap)14,573,82399.21 --------116,2820.7914,690,10420.10
Fiduciary Management, Inc.6,401,94588.72 --------814,06711.287,216,0119.87
Dana (Small Cap)3,817,19199.01 --------38,1180.993,855,3105.27
Total International Equity --7,150,633100.00 --------7,150,6339.78
RBC International Portfolio --3,401,081100.00 --------3,401,0814.65
American Funds EuroPacific Gr R6 (RERGX)--3,749,553100.00 --------3,749,5535.13
Total Domestic Fixed Income ----13,922,14098.75 ----176,8641.2514,099,00419.29
Agincourt Capital Management ----6,873,98398.17 ----127,8091.837,001,7939.58
Garcia, Hamilton & Associates ----7,048,15799.31 ----49,0550.697,097,2119.71
Total Global Fixed Income ------3,625,556100.00 ----3,625,5564.96
Templeton Global Bond Adv (FBNRX)------3,625,556100.00 ----3,625,5564.96
Total Real Estate --------7,629,007100.00 --7,629,00710.44
American Core Realty Fund --------3,791,326100.00 --3,791,3265.19
Intercontinental Real Estate --------3,837,681100.00 --3,837,6815.25
Receipt & Disbursement ----------184,840100.00184,8400.25
Total Fund Portfolio 39,373,95553.867,150,6339.7813,922,14019.053,625,5564.967,629,00710.441,399,0291.9173,100,320100.00
Asset Allocation
Total Fund
As of March 31, 2015
17
Financial Reconciliation Quarter to Date
Market Value
01/01/2015
Net
Transfers ContributionsDistributions Management
Fees
Other
Expenses
Return On
Investment
Market Value
03/31/2015
Total Domestic Equity 39,436,441 -211,803 28,197 -240,000 -28,197 -1,214,83940,411,280
Vanguard Total Stock Index (VITSX)14,384,839 -----265,01614,649,854
Dana (Large Cap)14,504,955 -217,338 22,662 -240,000 -22,662 -425,15014,690,104
Fiduciary Management, Inc.7,003,487 -----212,5247,216,011
Dana (Small Cap)3,543,160 5,536 5,536 --5,536 -312,1503,855,310
Total International Equity 6,705,551 -13,584,993-3,584,994 --445,0837,150,633
RBC International Portfolio 3,204,796 -----196,2853,401,081
American Funds EuroPacific Gr R6 (RERGX)-3,584,9933,584,993 ---164,5603,749,553
Manning & Napier Overseas (EXOSX)3,500,755-3,584,994 --3,584,994 --84,238 -
Total Domestic Fixed Income 13,722,493 134,209 134,209 --4,209 -246,51114,099,004
Agincourt Capital Management 6,750,296 134,209 134,209 --4,209 -121,4977,001,793
Garcia, Hamilton & Associates 6,972,198 -----125,0147,097,211
Total Global Fixed Income 3,418,151 200,000 200,000 ---7,4053,625,556
Templeton Global Bond Adv (FBNRX)3,418,151 200,000 200,000 ---7,4053,625,556
Total Real Estate 7,341,290 -----287,7177,629,007
American Core Realty Fund 3,629,800 -----161,5263,791,326
Intercontinental Real Estate 3,711,490 -----126,1913,837,681
Receipt & Disbursement 307,503 -122,4054,648,935-4,725,466 --46,147 15 184,840
Total Fund Portfolio 70,931,430 -8,596,334-8,550,459 -32,406 -46,147 2,201,56973,100,320
Financial Reconciliation
Total Fund
1 Quarter Ending March 31, 2015
18
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2014
Net
Transfers ContributionsDistributions Management
Fees
Other
Expenses
Return On
Investment
Market Value
03/31/2015
Total Domestic Equity 37,128,509 -49,116 866,384 -915,500 -66,384 -3,398,27140,411,280
Vanguard Total Stock Index (VITSX)13,908,896 -250,000 --250,000 --990,95914,649,854
Dana (Large Cap)13,941,669 -421,017 244,483 -665,500 -44,483 -1,213,93614,690,104
Fiduciary Management, Inc.5,970,041 611,187 611,187 --11,187 -645,9717,216,011
Dana (Small Cap)3,307,904 10,713 10,713 --10,713 -547,4053,855,310
Total International Equity 6,535,131 382,3343,967,328-3,584,994 -7,335 -240,5037,150,633
RBC International Portfolio 3,250,350 7,335 7,335 --7,335 -150,7313,401,081
American Funds EuroPacific Gr R6 (RERGX)-3,584,9933,584,993 ---164,5603,749,553
Manning & Napier Overseas (EXOSX)3,284,781-3,209,994 375,000-3,584,994 ---74,787 -
Total Domestic Fixed Income 13,503,205 142,701 142,701 --12,701 -465,79914,099,004
Agincourt Capital Management 6,642,209 138,414 138,414 --8,414 -229,5847,001,793
Garcia, Hamilton & Associates 6,860,996 4,288 4,288 --4,288 -236,2157,097,211
Total Global Fixed Income 3,473,887 200,000 200,000 ----48,3323,625,556
Templeton Global Bond Adv (FBNRX)3,473,887 200,000 200,000 ----48,3323,625,556
Total Real Estate 6,482,718 675,500 675,500 --45,919 -516,7087,629,007
American Core Realty Fund 2,903,857 675,500 675,500 --9,320 -221,2893,791,326
Intercontinental Real Estate 3,578,861 ----36,599 -295,4193,837,681
Receipt & Disbursement 295,392-1,351,4197,037,400-7,082,506 --65,470 24 184,840
Total Fund Portfolio 67,418,844 -12,889,313-11,583,000-132,339 -65,470 4,572,97373,100,320
Financial Reconciliation
Total Fund
October 1, 2014 To March 31, 2015
19
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Comparative Performance Trailing Returns
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Portfolio (Gross)3.27 (5)6.85 (4)9.83 (7)12.29 (4)10.94 (8)6.10 (66)05/01/1998
Total Fund Policy 1.84 (89)4.94 (42)8.73 (20)11.55 (10)11.07 (6)5.78 (86)
All Public Plans-Total Fund Median 2.45 4.76 7.44 10.04 9.56 6.33
Total Fund Portfolio (Net)3.22 6.65 9.40 11.78 10.42 5.53 05/01/1998
Total Fund Policy 1.84 4.94 8.73 11.55 11.07 5.78
Total Equity 3.65 8.29 11.01 15.41 12.98 9.32 07/31/2008
Total Equity Policy 2.07 6.00 10.37 15.27 13.43 8.83
Total Domestic Equity 3.08 (29)9.10 (16)13.65 (16)16.30 (42)13.89 (44)9.20 (23)07/01/2002
Total Domestic Equity Policy 1.80 (58)7.13 (45)12.37 (28)16.43 (37)14.71 (24)8.34 (47)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 2.16 6.88 11.00 15.90 13.59 8.21
Total International Equity 7.04 (10)3.78 (22)-2.56 (67)10.76 (19)8.63 (19)6.37 (27)01/01/2006
Total International Equity Policy 3.59 (61)-0.36 (60)-0.57 (47)8.63 (40)6.12 (48)N/A
MSCI EAFE Index 5.00 (36)1.29 (43)-0.48 (46)9.52 (29)6.64 (40)4.38 (59)
IM International Equity (SA+CF+MF) Median 4.21 0.65 -0.93 7.70 5.98 4.88
Total Fixed Income 1.48 2.46 4.81 4.00 5.14 5.21 07/01/2002
Total Fixed Income Policy 0.66 1.56 2.81 1.85 3.19 4.47
Total Domestic Fixed Income 1.80 (34)3.45 (52)5.69 (67)4.08 (26)N/A 4.32 (24)09/01/2011
Total Domestic Fixed Income Policy 1.46 (90)2.98 (87)4.98 (91)2.73 (98)3.81 (100)2.73 (98)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median1.70 3.46 5.87 3.61 4.93 3.81
Total Global Fixed Income 0.20 (46)-1.41 (52)1.37 (35)4.24 (14)N/A 4.28 (17)09/01/2011
Citigroup World Government Bond -2.51 (98)-3.97 (89)-5.50 (92)-1.64 (95)1.42 (91)-2.09 (95)
IM Global Fixed Income (MF) Median 0.06 -1.34 -0.91 1.71 2.96 1.71
Total Real Estate 3.92 (N/A)7.36 (N/A)13.96 (N/A)13.81 (N/A)14.43 (N/A)5.64 (N/A)07/01/2006
Total Real Estate Policy 3.28 (N/A)6.49 (N/A)13.21 (N/A)12.05 (N/A)13.11 (N/A)7.07 (N/A)
NCREIF Property Index 3.57 (N/A)6.72 (N/A)12.72 (N/A)11.47 (N/A)12.75 (N/A)6.88 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) MedianN/A N/A N/A N/A N/A N/A
Comparative Performance
Total Fund
As of March 31, 2015
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.
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Comparative Performance
Total Fund
As of March 31, 2015
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Equity
Vanguard Total Stock Index (VITSX)1.84 (55)7.16 (43)12.36 (27)N/A N/A 17.42 (38)04/01/2013
Vanguard Total Stock Market Index 1.81 (56)7.14 (43)12.33 (27)16.40 (37)14.77 (19)17.40 (39)
IM U.S. Multi-Cap Core Equity (MF) Median 2.11 6.73 10.90 15.78 13.50 16.70
Dana (Large Cap)2.93 (30)8.87 (28)14.73 (34)17.38 (33)15.25 (39)9.08 (44)07/01/2002
Dana Custom Index 0.95 (74)5.93 (68)12.73 (60)16.11 (62)14.25 (64)7.98 (90)
IM U.S. Large Cap Core Equity (SA+CF) Median 1.82 7.02 13.35 16.64 14.88 8.94
Fiduciary Management, Inc.3.03 (39)9.86 (16)13.52 (28)N/A N/A 15.53 (50)08/01/2013
Russell 3000 Index 1.80 (79)7.13 (66)12.37 (40)16.43 (61)14.71 (61)15.53 (50)
IM U.S. All Cap Core Equity (SA+CF) Median 2.74 7.63 12.11 16.68 14.92 15.51
Dana (Small Cap)8.81 (3)16.55 (22)14.75 (14)20.64 (11)20.31 (5)10.12 (65)05/01/2005
Russell 2000 Index 4.32 (66)14.46 (52)8.21 (73)16.27 (73)14.57 (84)9.54 (78)
IM U.S. Small Cap Core Equity (SA+CF) Median 5.06 14.56 10.31 17.82 16.68 10.91
Total International Equity
RBC International Portfolio 6.12 (16)4.64 (13)-1.07 (52)15.32 (5)12.41 (1)8.15 (11)01/01/2006
MSCI AC World ex USA 3.59 (74)-0.36 (66)-0.57 (44)6.89 (83)5.29 (78)4.66 (59)
IM International Large Cap Value Equity (SA+CF) Median4.60 0.40 -0.99 8.95 6.88 5.12
American Funds EuroPacific Gr R6 (RERGX)N/A N/A N/A N/A N/A 0.22 (5)03/01/2015
MSCI AC World ex USA 3.59 (82)-0.36 (79)-0.57 (40)6.89 (75)5.29 (68)-1.54 (69)
IM International Multi-Cap Core Equity (MF) Median 4.86 1.14 -1.09 8.28 6.00 -1.32
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.
22
Comparative Performance
Total Fund
As of March 31, 2015
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Fixed Income
Agincourt Capital Management 1.80 (32)3.46 (51)5.90 (46)3.56 (54)4.97 (44)6.47 (37)10/01/2008
Barclays Aggregate Index 1.61 (69)3.43 (57)5.72 (64)3.10 (87)4.41 (86)5.30 (91)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median1.70 3.46 5.87 3.61 4.93 6.09
Garcia, Hamilton & Associates 1.79 (10)3.44 (5)5.47 (8)4.58 (8)5.26 (9)6.22 (7)07/01/2008
Barclays Intermediate Aggregate Index 1.32 (81)2.54 (31)4.24 (30)2.41 (76)3.62 (74)4.42 (77)
IM U.S. Intermediate Duration (SA+CF) Median 1.47 2.40 3.87 2.75 3.91 4.90
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)0.26 (44)-1.35 (51)1.43 (33)4.30 (14)N/A 6.12 (7)10/01/2011
Citigroup World Government Bond -2.51 (98)-3.97 (89)-5.50 (92)-1.64 (95)1.42 (91)-1.58 (95)
IM Global Fixed Income (MF) Median 0.06 -1.34 -0.91 1.71 2.96 2.32
Total Real Estate
American Core Realty Fund 4.45 (N/A)6.32 (N/A)12.97 (N/A)12.26 (N/A)13.44 (N/A)4.63 (N/A)07/01/2006
NCREIF Fund Index-Open End Diversified Core (EW)3.28 (N/A)6.49 (N/A)13.21 (N/A)12.41 (N/A)14.33 (N/A)4.91 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) MedianN/A N/A N/A N/A N/A N/A
Intercontinental Real Estate 3.40 (N/A)8.29 (N/A)15.03 (N/A)15.46 (N/A)N/A 15.52 (N/A)10/01/2010
NCREIF Fund Index-Open End Diversified Core (EW)3.28 (N/A)6.49 (N/A)13.21 (N/A)12.41 (N/A)14.33 (N/A)13.61 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) MedianN/A N/A N/A N/A N/A N/A
Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage.
Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present.
Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.
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Comparative Performance Fiscal Year Returns
FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Fund Portfolio (Gross)12.50 (7)15.11 (12)18.93 (30)0.08 (57)8.61 (82)0.00 (69)-11.96 (29)11.67 (88)8.65 (49)14.35 (25)
Total Fund Policy 12.13 (11)14.70 (16)19.99 (15)2.54 (12)9.32 (67)-1.86 (84)-14.02 (56)13.39 (68)9.16 (41)9.23 (83)
All Public Plans-Total Fund Median 10.1012.5217.890.329.891.55-13.5714.398.5712.25
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 15.8121.8227.76-0.899.91-4.90 N/AN/A N/A N/A
Total Domestic Equity 17.57 (30)21.70 (63)26.53 (50)-2.59 (60)11.15 (31)-3.60 (39)-16.51 (10)14.18 (72)10.21 (32)21.50 (14)
Total Domestic Equity Policy 17.76 (26)21.60 (64)30.20 (20)0.55 (27)10.96 (34)-6.42 (63)-21.52 (38)16.52 (52)10.22 (32)12.69 (72)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 15.7823.3526.43-1.709.81-5.34-22.6216.679.0614.79
Total International Equity 4.49 (51)24.24 (24)20.29 (18)-10.51 (42)8.14 (54)11.28 (30)-30.51 (45)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/A N/A N/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 4.5618.3716.46-11.438.895.18-31.1428.1619.2027.04
Total Domestic Fixed Income 4.65 (44)-0.24 (12)8.27 (14)N/AN/A N/AN/AN/AN/AN/A
Total Domestic Fixed Income Policy 3.34 (96)-0.80 (29)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) Median4.50-1.286.605.269.2012.292.565.153.863.10
Total Global Fixed Income 6.54 (10)3.33 (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 3.53-1.527.191.617.8213.86-1.537.302.535.11
Total Real Estate 13.05 (45)15.18 (36)12.45 (56)15.92 (77)2.44 (80)-32.96 (38)4.98 (34)21.07 (12)N/AN/A
Total Real Estate Policy 12.39 (71)11.84 (81)11.00 (77)16.10 (76)5.84 (53)-22.09 (5)5.27 (28)17.31 (68)N/A N/A
NCREIF Property Index 11.26 (88)11.00 (83)11.00 (77)16.10 (76)5.84 (53)-22.09 (5)5.27 (28)17.31 (68)17.62 (54)19.19 (71)
IM U.S. Open End Private Real Estate (SA+CF) Median12.9013.1812.9016.626.39-34.803.2318.3418.0819.98
Comparative Performance
Total Fund
As of March 31, 2015
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
Comparative Performance
Total Fund
As of March 31, 2015
FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Domestic Equity
Vanguard Total Stock Index (VITSX)17.78 (25)N/A N/A N/AN/A N/A N/AN/A N/A N/A
Vanguard Total Stock Market Index 17.77 (26)21.50 (65)30.28 (17)0.71 (21)11.16 (29)-6.03 (59)-21.19 (32)16.98 (46)10.38 (29)14.70 (50)
IM U.S. Multi-Cap Core Equity (MF) Median 15.7523.3126.36-1.889.66-5.25-22.8416.649.0514.68
Dana (Large Cap)20.65 (28)19.62 (64)31.58 (21)-0.89 (72)10.10 (41)-13.66 (98)-12.23 (6)15.43 (72)10.93 (46)18.87 (23)
Dana Custom Index 19.73 (44)19.34 (66)30.20 (45)0.95 (53)8.90 (59)-10.62 (93)-21.56 (62)16.52 (58)10.22 (58)14.57 (56)
IM U.S. Large Cap Core Equity (SA+CF) Median 19.2520.7529.771.149.45-5.82-20.4416.9810.7715.13
Fiduciary Management, Inc.14.12 (67)N/A N/A N/AN/A N/A N/AN/A N/A N/A
Russell 3000 Index 17.76 (32)21.60 (78)30.20 (32)0.55 (61)10.96 (53)-6.42 (60)-21.52 (67)16.52 (63)10.22 (39)14.57 (74)
IM U.S. All Cap Core Equity (SA+CF) Median 16.3823.8727.720.9811.05-5.94-20.9517.439.4617.57
Dana (Small Cap)11.03 (16)31.48 (60)39.20 (7)3.82 (13)15.86 (35)-13.06 (84)-21.93 (79)8.02 (90)5.23 (80)N/A
Russell 2000 Index 3.93 (78)30.06 (74)31.91 (56)-3.53 (77)13.35 (71)-9.55 (66)-14.48 (24)12.34 (71)9.92 (32)17.95 (83)
IM U.S. Small Cap Core Equity (SA+CF) Median 6.6732.4532.40-0.5514.58-7.80-17.7014.698.1921.89
Total International Equity
RBC International Portfolio 10.00 (10)27.45 (17)24.65 (4)-8.87 (56)12.31 (11)7.72 (41)-29.87 (69)24.22 (48)N/A N/A
MSCI AC World ex USA 5.22 (57)16.98 (83)15.04 (50)-10.42 (68)8.00 (37)6.43 (49)-29.97 (69)31.06 (14)19.36 (73)29.48 (29)
IM International Large Cap Value Equity (SA+CF) Median5.4722.7915.04-8.435.006.27-27.3723.8720.9726.82
American Funds EuroPacific Gr R6 (RERGX)N/A N/A N/A N/AN/A N/A N/AN/A N/A N/A
MSCI AC World ex USA 5.22 (29)16.98 (82)15.04 (50)-10.42 (44)8.00 (19)6.43 (23)-29.97 (42)31.06 (7)19.36 (33)29.48 (8)
IM International Multi-Cap Core Equity (MF) Median 4.2720.9015.01-10.954.661.83-30.9724.8918.6325.25
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.
26
Comparative Performance
Total Fund
As of March 31, 2015
FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007FY2006 FY2005
Total Domestic Fixed Income
Agincourt Capital Management 4.40 (54)-1.40 (59)6.96 (42)4.92 (69)9.55 (38)14.76 (18)N/AN/A N/A N/A
Barclays Aggregate Index 3.96 (80)-1.68 (80)5.16 (90)5.26 (50)8.16 (87)10.56 (82)3.65 (33)5.14 (52)3.67 (76)2.80 (81)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median4.50-1.286.605.269.2012.292.565.153.863.10
Garcia, Hamilton & Associates 4.88 (10)0.88 (9)9.51 (5)2.32 (91)8.87 (29)15.91 (7)N/AN/A N/A N/A
Barclays Intermediate Aggregate Index 2.74 (59)-0.71 (78)4.31 (84)4.22 (21)7.52 (77)9.69 (81)4.16 (35)5.33 (69)3.84 (60)2.23 (41)
IM U.S. Intermediate Duration (SA+CF) Median 2.87-0.275.583.608.2711.483.245.493.922.09
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)6.54 (10)3.44 (3)13.25 (5)N/AN/A N/A N/AN/A N/A N/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 3.53-1.527.191.617.8213.86-1.537.302.535.11
Total Real Estate
American Core Realty Fund 12.49 (67)12.27 (71)11.57 (67)16.11 (73)2.72 (77)-32.96 (38)4.98 (34)16.31 (82)N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)12.39 (71)12.47 (68)11.77 (66)18.03 (41)6.14 (52)-36.09 (54)3.73 (46)17.84 (58)17.49 (55)18.91 (73)
IM U.S. Open End Private Real Estate (SA+CF) Median12.9013.1812.9016.626.39-34.803.2318.3418.0819.98
Intercontinental Real Estate 13.98 (38)18.19 (10)13.33 (43)15.80 (77)N/A N/A N/AN/A N/A N/A
NCREIF Fund Index-Open End Diversified Core (EW)12.39 (71)12.47 (68)11.77 (66)18.03 (41)6.14 (52)-36.09 (54)3.73 (46)17.84 (58)17.49 (55)18.91 (73)
IM U.S. Open End Private Real Estate (SA+CF) Median12.9013.1812.9016.626.39-34.803.2318.3418.0819.98
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.
27
Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
R
etu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Total Fund3.27 (5)6.85 (4)9.83 (7)13.00 (3)12.29 (4)10.03 (9)10.94 (8)Å
Total Policy1.84 (89)4.94 (42)8.73 (20)11.87 (12)11.55 (10)10.36 (5)11.07 (6)Å
Median2.454.767.4410.1410.048.479.56
-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 (7)15.11 (12)18.93 (30)0.08 (57)8.61 (82)0.00 (69)Å
Total Policy12.13 (11)14.70 (16)19.99 (15)2.54 (12)9.32 (67)-1.86 (84)Å
Median10.1012.5217.890.329.891.55
1 Qtr
Ending
Dec-2014
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
Total Fund 3.47 (9)-1.05 (48)3.88 (33)2.41 (14)6.87 (7)5.02 (46)
Total Policy 3.04 (19)-0.34 (14)3.96 (26)1.84 (38)6.27 (25)5.12 (43)
All Public Plans-Total Fund Median 2.21 -1.13 3.63 1.71 5.59 4.94
As of March 31, 2015
Performance Review
Total Fund
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
Over Performance Under Performance
Earliest Date Latest Date
-16.0
-8.0
0.0
8.0
16.0
24.0
To
tal
F
u
n
d
(%
)
-16.0 -8.0 0.0 8.0 16.0 24.0
Total Policy (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund20 7 (35%)2 (10%)8 (40%)3 (15%)Å
Total Policy20 13 (65%)1 (5%)3 (15%)3 (15%)Å
9.62
10.36
11.10
11.84
12.58
13.32
R
e
tu
r
n
(%
)
5.00 5.10 5.20 5.30 5.40 5.50 5.60 5.70
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 12.29 5.55Å
Total Policy 11.55 5.08Å
Median 10.04 5.10¾
9.00
9.50
10.00
10.50
11.00
11.50
R
e
tu
r
n
(%
)
9.1 9.2 9.3 9.4 9.5 9.6
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 10.94 9.51Å
Total Policy 11.07 9.28Å
Median 9.56 9.23¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.13 109.92 166.88 -0.12 0.62 2.13 1.07 1.61
Total Policy 0.00 100.00 100.00 0.00 N/A 2.19 1.00 1.08
90 Day U.S. Treasury Bill 5.08 0.39 -1.12 0.06 -2.19 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.94 101.59 108.98 -0.12 -0.05 1.15 1.00 5.61
Total Policy 0.00 100.00 100.00 0.00 N/A 1.18 1.00 5.19
90 Day U.S. Treasury Bill 9.28 0.42 -0.43 0.08 -1.18 N/A 0.00 0.00
As of March 31, 2015
Performance Review
Total Fund
NONE
29
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
30
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
VG TSMI1.84 (55)7.16 (43)12.36 (27)17.42 (38)N/AN/AN/AÅ
VG TSM Index1.81 (56)7.14 (43)12.33 (27)17.40 (39)16.40 (37)14.07 (23)14.77 (19)Å
Median2.116.7310.9016.7015.7812.8613.50
-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 (26)21.50 (65)30.28 (17)0.71 (21)11.16 (29)-6.03 (59)Å
Median15.7523.3126.36-1.889.66-5.25
1 Qtr
Ending
Dec-2014
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
VG TSMI 5.22 (35)-0.01 (31)4.86 (34)2.05 (46)10.08 (36)6.30 (60)
VG TSM Index 5.24 (33)-0.02 (31)4.87 (33)2.04 (47)10.09 (36)6.29 (60)
IM U.S. Multi-Cap Core Equity (MF) Median 4.42 -0.77 4.49 1.98 9.64 6.80
Performance Review (Fiscal Years)
As of March 31, 2015
VG TSMI
NONE
31
Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF)
Comparative Performance
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Dana LC2.93 (30)8.87 (28)14.73 (34)19.33 (32)17.38 (33)14.85 (44)15.25 (39)Å
Dana Index0.95 (74)5.93 (68)12.73 (60)17.21 (65)16.11 (62)14.17 (59)14.25 (64)Å
Median1.827.0213.3517.9416.6414.5514.88
-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 (28)19.62 (64)31.58 (21)-0.89 (72)10.10 (41)-13.66 (98)Å
Dana Index19.73 (44)19.34 (66)30.20 (45)0.95 (53)8.90 (59)-10.62 (93)Å
Median19.2520.7529.771.149.45-5.82
1 Qtr
Ending
Dec-2014
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
Dana LC 5.78 (31)-0.15 (78)5.54 (22)3.53 (12)10.58 (44)6.01 (47)
Dana Index 4.93 (56)1.13 (43)5.23 (31)1.81 (63)10.51 (48)5.24 (69)
IM U.S. Large Cap Core Equity (SA+CF) Median 5.11 0.92 4.81 2.06 10.43 5.94
Performance Review (Fiscal Years)
As of March 31, 2015
Dana LC
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
Over Performance Under Performance
Earliest Date Latest Date
-30.0
-15.0
0.0
15.0
30.0
45.0
D
an
a
L
C
(%
)
-30.0 -15.0 0.0 15.0 30.0 45.0
Dana Index (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana LC20 0 (0%)11 (55%)4 (20%)5 (25%)Å
Dana Index20 0 (0%)4 (20%)9 (45%)7 (35%)Å
15.48
15.91
16.34
16.77
17.20
17.63
R
e
tu
r
n
(%
)
7.70 7.80 7.90 8.00 8.10 8.20 8.30 8.40 8.50
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 17.38 7.90Å
Dana Index 16.11 7.82Å
Median 16.64 8.34¾
13.86
14.19
14.52
14.85
15.18
15.51
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 15.25 14.60Å
Dana Index 14.25 13.88Å
Median 14.88 14.67¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 1.97 100.81 88.72 1.63 0.55 1.77 0.97 4.74
Dana Index 0.00 100.00 100.00 0.00 N/A 1.63 1.00 5.08
90 Day U.S. Treasury Bill 9.46 0.16 -0.23 0.06 -1.63 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.19 101.32 95.67 1.16 0.40 1.17 0.98 7.33
Dana Index 0.00 100.00 100.00 0.00 N/A 1.10 1.00 7.52
90 Day U.S. Treasury Bill 12.88 0.20 -0.20 0.08 -1.10 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
Dana LC
NONE
33
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
34
Peer Group Analysis - IM U.S. All Cap Core Equity (SA+CF)
Comparative Performance
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Fiduciary3.03 (40)9.86 (16)13.52 (27)N/A N/A N/A N/AÅ
R30001.80 (79)7.13 (67)12.37 (40)17.38 (57)16.43 (60)14.05 (62)14.71 (60)Å
Median2.767.6312.0717.5716.6214.1614.86
-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 (32)21.60 (78)30.20 (32)0.55 (61)10.96 (53)-6.42 (60)Å
Median16.3823.8727.720.9811.05-5.94
1 Qtr
Ending
Dec-2014
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
Fiduciary 6.62 (13)-2.32 (76)5.78 (17)2.06 (42)8.21 (87)N/A
R3000 5.24 (43)0.01 (34)4.87 (38)1.97 (48)10.10 (54)6.35 (72)
IM U.S. All Cap Core Equity (SA+CF) Median 4.86 -1.20 4.59 1.89 10.13 7.17
Performance Review (Fiscal Years)
As of March 31, 2015
Fiduciary
NONE
35
Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF)
Comparative Performance
-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
Dana SC8.81 (3)16.55 (22)14.75 (14)21.45 (15)20.64 (11)17.57 (6)20.31 (5)Å
R20004.32 (66)14.46 (52)8.21 (73)16.26 (76)16.27 (73)11.92 (79)14.57 (84)Å
Median5.0614.5610.3118.3917.8213.9116.68
-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 (60)39.20 (7)3.82 (13)15.86 (35)-13.06 (84)Å
R20003.93 (78)30.06 (74)31.91 (56)-3.53 (77)13.35 (71)-9.55 (66)Å
Median6.6732.4532.40-0.5514.58-7.80
1 Qtr
Ending
Dec-2014
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
Dana SC 7.11 (72)-4.73 (22)3.35 (28)1.29 (49)11.33 (23)9.64 (68)
R2000 9.73 (30)-7.36 (90)2.05 (62)1.12 (54)8.72 (79)10.21 (57)
IM U.S. Small Cap Core Equity (SA+CF) Median 8.94 -5.82 2.45 1.24 9.86 10.45
Performance Review (Fiscal Years)
As of March 31, 2015
Dana SC
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
Over Performance Under Performance
Earliest Date Latest Date
-30.0
-15.0
0.0
15.0
30.0
45.0
D
an
a
S
C
(%
)
-30.0 -15.0 0.0 15.0 30.0 45.0
R2000 (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana SC20 12 (60%)1 (5%)4 (20%)3 (15%)Å
R200020 0 (0%)1 (5%)9 (45%)10 (50%)Å
14.00
16.00
18.00
20.00
22.00
R
e
tu
r
n
(%
)
10.99 11.06 11.13 11.20 11.27 11.34 11.41
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 20.64 11.34Å
R2000 16.27 11.08Å
Median 17.82 11.28¾
12.00
14.00
16.00
18.00
20.00
22.00
R
e
tu
r
n
(%
)
18.32 18.34 18.36 18.38 18.40
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 20.31 18.39Å
R2000 14.57 18.35Å
Median 16.68 18.34¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.47 98.06 67.24 5.62 0.81 1.58 0.89 6.54
R2000 0.00 100.00 100.00 0.00 N/A 1.21 1.00 7.53
90 Day U.S. Treasury Bill 13.23 0.10 -0.21 0.06 -1.21 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.35 101.71 76.27 6.10 1.11 1.19 0.93 9.26
R2000 0.00 100.00 100.00 0.00 N/A 0.86 1.00 10.64
90 Day U.S. Treasury Bill 17.61 0.14 -0.17 0.08 -0.86 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
Dana SC
NONE
37
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-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
RBC6.12 (16)4.64 (13)-1.07 (52)12.32 (8)15.32 (5)9.73 (10)12.41 (1)Å
MSCI ACW3.59 (74)-0.36 (66)-0.57 (44)5.91 (84)6.89 (83)3.30 (81)5.29 (78)Å
Median4.600.40-0.998.688.955.526.88
-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 (17)24.65 (4)-8.87 (56)12.31 (11)7.72 (41)Å
MSCI ACW5.22 (57)16.98 (83)15.04 (50)-10.42 (68)8.00 (37)6.43 (49)Å
Median5.4722.7915.04-8.435.006.27
1 Qtr
Ending
Dec-2014
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
RBC -1.40 (15)-7.82 (94)2.56 (83)4.13 (6)11.73 (1)8.86 (81)
MSCI ACW -3.81 (51)-5.19 (38)5.25 (21)0.61 (65)4.81 (83)10.17 (61)
IM International Large Cap Value Equity (SA+CF) Median-3.73 -5.61 4.11 1.20 6.11 10.84
Performance Review (Fiscal Years)
As of March 31, 2015
RBC
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
Over Performance Under Performance
Earliest Date Latest Date
-30.0
-15.0
0.0
15.0
30.0
R
B
C
(%
)
-30.0 -15.0 0.0 15.0 30.0
MSCI ACW (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC 20 13 (65%)5 (25%)2 (10%)0 (0%)Å
MSCI ACW20 0 (0%)4 (20%)9 (45%)7 (35%)Å
3.00
6.00
9.00
12.00
15.00
18.00
R
e
tu
r
n
(%
)
9.89 10.32 10.75 11.18 11.61 12.04 12.47 12.90
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 15.32 12.31Å
MSCI ACW 6.89 10.55Å
Median 8.95 10.92¾
3.00
6.00
9.00
12.00
15.00
R
e
tu
r
n
(%
)
15.96 16.38 16.80 17.22 17.64 18.06 18.48 18.90
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 12.41 18.12Å
MSCI ACW 5.29 16.41Å
Median 6.88 16.35¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.20 126.04 79.83 7.96 1.50 1.12 1.02 8.32
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.60 1.00 8.48
90 Day U.S. Treasury Bill 12.28 0.18 -0.15 0.06 -0.60 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.56 118.50 87.68 6.90 1.21 0.77 1.01 10.14
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.40 1.00 10.82
90 Day U.S. Treasury Bill 16.09 0.18 -0.19 0.08 -0.40 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
RBC
NONE
39
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
40
Peer Group Analysis - IM International Multi-Cap Core Equity (MF)
Comparative Performance
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
EuroPacificN/A N/A N/A N/A N/A N/A N/AÅ
MSCI ACW3.59 (82)-0.36 (79)-0.57 (40)5.91 (74)6.89 (75)3.30 (77)5.29 (68)Å
Median4.861.14-1.097.308.284.456.00
-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
EuroPacificN/AN/AN/AN/AN/AN/AÅ
MSCI ACW5.22 (29)16.98 (82)15.04 (50)-10.42 (44)8.00 (19)6.43 (23)Å
Median4.2720.9015.01-10.954.661.83
1 Qtr
Ending
Dec-2014
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
EuroPacific N/A N/A N/A N/A N/A N/A
MSCI ACW -3.81 (55)-5.19 (26)5.25 (5)0.61 (44)4.81 (81)10.17 (51)
IM International Multi-Cap Core Equity (MF) Median -3.62 -5.69 3.92 0.44 5.79 10.20
Performance Review (Fiscal Years)
As of March 31, 2015
EuroPacific Growth
NONE
41
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Comparative Performance
-0.04
0.80
1.64
2.48
3.32
4.16
5.00
5.84
6.68
7.52
8.36
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Agincourt1.80 (32)3.46 (51)5.90 (46)3.06 (47)3.56 (54)4.70 (49)4.97 (44)Å
BC Agg1.61 (69)3.43 (57)5.72 (64)2.77 (72)3.10 (87)4.24 (83)4.41 (86)Å
Median1.703.465.873.033.614.654.93
-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 (54)-1.40 (59)6.96 (42)4.92 (69)9.55 (38)14.76 (18)Å
BC Agg3.96 (80)-1.68 (80)5.16 (90)5.26 (50)8.16 (87)10.56 (82)Å
Median4.50-1.286.605.269.2012.29
1 Qtr
Ending
Dec-2014
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
Agincourt 1.63 (64)0.16 (67)2.20 (41)1.88 (72)0.11 (49)0.81 (20)
BC Agg 1.79 (39)0.17 (66)2.04 (73)1.84 (77)-0.14 (77)0.57 (63)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.72 0.21 2.15 2.02 0.08 0.62
Performance Review (Fiscal Years)
As of March 31, 2015
Agincourt
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
Over Performance Earliest Date Latest Date
0.0
5.0
10.0
15.0
Ag
i
n
c
o
u
r
t
(%
)
0.0 5.0 10.0 15.0
BC Agg (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Agincourt15 0 (0%)4 (27%)11 (73%)0 (0%)Å
BC Agg20 0 (0%)0 (0%)2 (10%)18 (90%)Å
3.00
3.20
3.40
3.60
3.80
R
e
tu
r
n
(%
)
2.46 2.49 2.52 2.55 2.58 2.61 2.64 2.67
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 3.56 2.63Å
BC Agg 3.10 2.50Å
Median 3.61 2.62¾
4.20
4.40
4.60
4.80
5.00
5.20
R
e
tu
r
n
(%
)
2.84 2.86 2.88 2.90 2.92 2.94 2.96
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 4.97 2.88Å
BC Agg 4.41 2.94Å
Median 4.93 2.87¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.36 106.60 97.23 0.43 1.25 1.21 1.00 1.65
BC Agg 0.00 100.00 100.00 0.00 N/A 1.07 1.00 1.66
90 Day U.S. Treasury Bill 2.86 0.72 -0.58 0.05 -1.07 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.57 107.64 97.70 0.54 0.94 1.70 1.00 1.43
BC Agg 0.00 100.00 100.00 0.00 N/A 1.54 1.00 1.42
90 Day U.S. Treasury Bill 2.78 0.93 -0.86 0.08 -1.54 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
Agincourt
NONE
43
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-0.37
0.44
1.25
2.06
2.87
3.68
4.49
5.30
6.11
6.92
7.73
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
GHA1.79 (10)3.44 (5)5.47 (8)3.75 (6)4.58 (8)5.05 (8)5.26 (9)Å
BC Int Agg1.32 (81)2.54 (31)4.24 (30)2.10 (49)2.41 (76)3.34 (72)3.62 (74)Å
Median1.472.403.872.102.753.603.91
-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 (10)0.88 (9)9.51 (5)2.32 (91)8.87 (29)15.91 (7)Å
BC Int Agg2.74 (59)-0.71 (78)4.31 (84)4.22 (21)7.52 (77)9.69 (81)Å
Median2.87-0.275.583.608.2711.48
1 Qtr
Ending
Dec-2014
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
GHA 1.62 (3)0.25 (10)1.70 (19)1.77 (13)1.08 (7)0.93 (18)
Barclays Int Agg 1.20 (18)0.03 (39)1.62 (27)1.20 (52)-0.14 (93)0.76 (42)
IM U.S. Intermediate Duration (SA+CF) Median 0.91 0.00 1.40 1.22 0.21 0.72
Performance Review (Fiscal Years)
As of March 31, 2015
GHA
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
Over Performance Earliest Date Latest Date
0.0
2.5
5.0
7.5
10.0
12.5
G
H
A
(%
)
0.0 2.5 5.0 7.5 10.0 12.5
Barclays Int Agg (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
GHA 16 15 (94%)1 (6%)0 (0%)0 (0%)Å
BC Int Agg20 0 (0%)0 (0%)10 (50%)10 (50%)Å
1.44
2.16
2.88
3.60
4.32
5.04
R
e
tu
r
n
(%
)
1.82 1.89 1.96 2.03 2.10 2.17 2.24 2.31
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 4.58 2.19Å
BC Int Agg 2.41 1.86Å
Median 2.75 1.92¾
2.80
3.36
3.92
4.48
5.04
5.60
R
e
tu
r
n
(%
)
2.10 2.15 2.20 2.25 2.30 2.35 2.40 2.45
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 5.26 2.38Å
BC Int Agg 3.62 2.16Å
Median 3.91 2.29¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 1.19 138.43 76.42 2.08 1.77 1.83 1.02 1.16
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.13 1.00 1.18
90 Day U.S. Treasury Bill 2.07 0.95 -0.75 0.05 -1.13 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 2.21 138.25 122.53 1.36 0.73 1.62 1.07 1.80
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.67 1.00 1.04
90 Day U.S. Treasury Bill 2.09 1.17 -1.18 0.07 -1.67 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
GHA
NONE
45
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
R
e
tu
r
n
QTRFYTD1 YR2 YR3 YR4 YR5 YR
Templeton GB0.26 (27)-1.35 (33)1.43 (23)1.63 (11)4.30 (15)N/AN/AÅ
Citi WGB-2.51 (62)-3.97 (52)-5.50 (59)-2.12 (57)-1.64 (71)0.01 (61)1.42 (67)Å
Median-1.36-2.57-2.39-1.77-0.380.782.23
-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 (6)N/AN/AN/AÅ
Citi WGB-0.07 (78)-4.60 (61)3.29 (90)4.61 (6)4.99 (65)13.78 (71)Å
Median2.76-3.426.601.706.7916.13
1 Qtr
Ending
Dec-2014
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
Templeton GB -1.60 (46)0.11 (17)2.71 (32)0.86 (90)2.74 (6)1.03 (71)
Citi WGB -1.49 (45)-3.78 (57)2.27 (78)2.66 (34)-1.09 (91)2.88 (39)
IM International Fixed Income (MF) Median -1.75 -2.94 2.57 2.40 0.15 1.96
Performance Review (Fiscal Years)
As of March 31, 2015
Templeton GB
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
Over Performance Earliest Date Latest Date
-4.0
0.0
4.0
8.0
12.0
Te
m
p
l
e
to
n
G
B
(%
)
-4.0 0.0 4.0 8.0 12.0
Citi WGB (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Templeton GB3 3 (100%)0 (0%)0 (0%)0 (0%)Å
Citi WGB 20 0 (0%)3 (15%)13 (65%)4 (20%)Å
-4.00
-2.00
0.00
2.00
4.00
6.00
R
e
tu
r
n
(%
)
3.69 4.10 4.51 4.92 5.33 5.74 6.15 6.56 6.97
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB 4.30 6.32Å
Citi WGB -1.64 4.20Å
Median -0.38 5.54¾
1.08
1.35
1.62
1.89
2.16
2.43
R
e
tu
r
n
(%
)
4.92 5.33 5.74 6.15 6.56 6.97 7.38 7.79 8.20
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB N/A N/AÅ
Citi WGB 1.42 5.27Å
Median 2.23 7.46¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Templeton GB 6.16 126.77 30.84 5.42 0.97 0.69 0.56 4.30
Citi WGB 0.00 100.00 100.00 0.00 N/A -0.39 1.00 3.39
90 Day U.S. Treasury Bill 4.20 0.44 -0.49 0.06 0.39 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 0.28 1.00 3.65
90 Day U.S. Treasury Bill 5.26 0.61 -0.46 0.07 -0.28 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
Templeton GB
NONE
47
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
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
American4.45 (N/A)6.32 (N/A)12.97 (N/A)13.06 (N/A)12.26 (N/A)12.56 (N/A)13.44 (N/A)Å
NCREIF ODCE3.40 (N/A)6.77 (N/A)13.46 (N/A)13.61 (N/A)12.66 (N/A)13.16 (N/A)14.52 (N/A)Å
Median N/AN/AN/AN/AN/AN/AN/A
-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 (67)12.27 (71)11.57 (67)16.11 (73)2.72 (77)-32.96 (38)Å
NCREIF ODCE12.40 (71)13.04 (54)11.61 (67)18.27 (40)6.97 (43)-35.19 (52)Å
Median12.9013.1812.9016.626.39 -34.80
1 Qtr
Ending
Dec-2014
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
American 1.80 (97)3.36 (48)2.80 (65)3.20 (51)2.59 (77)3.40 (54)
NCREIF ODCE 3.26 (54)3.24 (56)2.93 (60)2.52 (80)3.17 (52)3.56 (50)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.41 3.33 3.15 3.22 3.22 3.54
Performance Review (Fiscal Years)
As of March 31, 2015
American
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
Over Performance Under Performance
Earliest Date Latest Date
-20.0
-10.0
0.0
10.0
20.0
30.0
Am
e
r
i
c
an
(%
)
-20.0 -10.0 0.0 10.0 20.0 30.0
NCREIF ODCE (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American 19 0 (0%)4 (21%)8 (42%)7 (37%)Å
NCREIF ODCE19 0 (0%)10 (53%)9 (47%)0 (0%)Å
12.00
12.20
12.40
12.60
12.80
R
e
tu
r
n
(%
)
0.80 0.88 0.96 1.04 1.12 1.20 1.28 1.36 1.44
Risk (Standard Deviation %)
Return Standard
Deviation
American 12.26 1.28Å
NCREIF ODCE 12.66 0.89Å
Median N/A N/A¾
12.96
13.32
13.68
14.04
14.40
14.76
R
e
tu
r
n
(%
)
1.35 1.40 1.45 1.50 1.55 1.60 1.65 1.70 1.75
Risk (Standard Deviation %)
Return Standard
Deviation
American 13.44 1.43Å
NCREIF ODCE 14.52 1.67Å
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.21 97.03 N/A 4.30 -0.30 9.11 0.62 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.50 1.00 0.00
90 Day U.S. Treasury Bill 0.89 0.46 N/A 0.15 -13.50 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.25 92.85 N/A 4.85 -0.79 9.03 0.58 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 8.30 1.00 0.00
90 Day U.S. Treasury Bill 1.65 0.56 N/A -0.07 -8.30 N/A 0.01 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
American
NONE
49
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
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
Intercontinental3.40 (N/A)8.29 (N/A)15.03 (N/A)15.54 (N/A)15.46 (N/A)15.22 (N/A)N/AÅ
NCREIF ODCE3.40 (N/A)6.77 (N/A)13.46 (N/A)13.61 (N/A)12.66 (N/A)13.16 (N/A)14.52 (N/A)Å
Median N/AN/AN/AN/AN/AN/AN/A
-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 (38)18.19 (10)13.33 (43)15.80 (77)N/AN/AÅ
NCREIF ODCE12.40 (71)13.04 (54)11.61 (67)18.27 (40)6.97 (43)-35.19 (52)Å
Median12.9013.1812.9016.626.39 -34.80
1 Qtr
Ending
Dec-2014
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
Intercontinental 4.73 (17)3.76 (25)2.38 (92)1.80 (86)5.40 (3)3.66 (43)
NCREIF ODCE 3.26 (54)3.24 (56)2.93 (60)2.52 (62)3.17 (52)3.56 (50)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.41 3.33 3.15 2.81 3.22 3.54
Performance Review (Fiscal Years)
As of March 31, 2015
Intercontinental
NONE
50
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
Over Performance Earliest Date Latest Date
10.0
12.0
14.0
16.0
18.0
I
n
te
r
c
o
n
tin
e
n
ta
l
(%
)
10.0 12.0 14.0 16.0 18.0
NCREIF ODCE (%)
Over
Performance
Under
Performance
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
6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 3/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental6 1 (17%)5 (83%)0 (0%)0 (0%)Å
NCREIF ODCE19 0 (0%)10 (53%)9 (47%)0 (0%)Å
11.40
12.35
13.30
14.25
15.20
16.15
R
e
tu
r
n
(%
)
0.40 0.80 1.20 1.60 2.00 2.40 2.80 3.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 15.46 2.54Å
NCREIF ODCE 12.66 0.89Å
Median N/A N/A¾
13.44
13.92
14.40
14.88
15.36
15.84
R
e
tu
r
n
(%
)
1.56 1.60 1.64 1.68 1.72 1.76 1.80
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental N/A N/AÅ
NCREIF ODCE 14.52 1.67Å
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.53 121.16 N/A 8.52 1.01 5.75 0.53 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.50 1.00 0.00
90 Day U.S. Treasury Bill 0.89 0.46 N/A 0.15 -13.50 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 8.30 1.00 0.00
90 Day U.S. Treasury Bill 1.65 0.56 N/A -0.07 -8.30 N/A 0.01 0.00
Performance Review (Fiscal Years)
As of March 31, 2015
Intercontinental
NONE
51
Total Fund Compliance:Yes No N/A
Equity Compliance:Yes No N/A
Fixed Income Compliance:Yes No N/A
52
Yes No N/A
Manager Compliance:
Yes No N/A Yes No N/A Yes No N/A Yes No N/A
53
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54
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 March 31, 2015
55
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
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
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
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 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 March 31, 2015
Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager.
56
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
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
Benchmark History
Investment Policy Benchmarks
As of March 31, 2015
Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager.
57
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58
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1
Comparative Performance Trailing Returns
QTR 1 YR 3 YR 5 YR 7 YR 10 YRInception Inception
Date
VT Vantagepoint Core Bond Index (VQCIX)1.55 (57)5.56 (29)N/A N/A N/A N/A 2.56 (45)04/01/2013
Barclays Aggregate Index 1.61 (48)5.72 (20)3.10 (55)4.41 (54)4.69 (54)4.93 (34)2.77 (29)
IM U.S. Broad Market Core Fixed Income (MF) Median1.59 5.05 3.22 4.49 4.75 4.66 2.51
Dodge & Cox Income (DODIX)1.29 (88)4.43 (73)4.07 (17)4.97 (27)5.96 (7)5.47 (9)7.15 (1)02/01/1989
Barclays Aggregate Index 1.61 (48)5.72 (20)3.10 (55)4.41 (54)4.69 (54)4.93 (34)6.75 (11)
IM U.S. Broad Market Core Fixed Income (MF)1.59 5.05 3.22 4.49 4.75 4.66 6.56
VT Fidelity Puritan (FPURX)2.65 (28)11.12 (4)12.15 (8)11.35 (8)8.18 (6)7.57 (11)10.92 (N/A)01/01/1960
60% S&P 500/40% BC Aggregate 1.30 (77)10.00 (8)10.88 (37)10.60 (17)7.37 (19)6.91 (27)N/A
IM Mixed-Asset Target Alloc Growth (MF) Median2.06 6.98 10.30 9.36 6.32 6.30 N/A
VT Invesco Diversified Dividend (LCEYX)2.12 (8)10.45 (16)16.49 (15)13.39 (20)N/A N/A 14.54 (16)11/01/2008
Russell 1000 Value Index -0.72 (75)9.33 (28)16.44 (15)13.75 (13)7.73 (35)7.21 (27)13.79 (33)
IM U.S. Large Cap Value Equity (MF) Median -0.17 8.06 15.08 12.12 7.08 6.51 13.17
VT Vantagepoint 500 Stock Index (VQFIX)0.93 (9)12.55 (18)N/A N/A N/A N/A 17.01 (17)04/01/2013
S&P 500 Index 0.95 (2)12.73 (1)16.11 (1)14.47 (1)8.95 (3)8.01 (3)17.21 (1)
IM S&P 500 Index (MF) Median 0.84 12.20 15.59 13.91 8.46 7.55 16.69
VT Oppenheimer Main Street (MIGYX)1.68 (21)11.36 (38)14.69 (58)13.99 (27)8.94 (26)7.75 (33)7.14 (43)12/01/1996
S&P 500 Index 0.95 (53)12.73 (23)16.11 (26)14.47 (19)8.95 (25)8.01 (25)7.60 (30)
IM U.S. Large Cap Core Equity (MF) Median 1.04 10.55 14.98 12.98 7.96 7.26 6.98
VT Fidelity Contrafund (FCNTX)4.05 (35)13.46 (66)15.64 (41)14.91 (30)9.59 (45)10.06 (12)12.56 (N/A)06/01/1967
S&P 500 Index 0.95 (97)12.73 (73)16.11 (32)14.47 (39)8.95 (59)8.01 (64)10.06 (N/A)
IM U.S. Large Cap Growth Equity (MF) Median 3.37 14.65 15.14 13.99 9.40 8.46 N/A
VT Vantagepoint SMID Company Index (VQSIX)5.12 (25)10.08 (25)N/A N/A N/A N/A 17.10 (19)04/01/2013
Russell 2500 Index 5.17 (23)10.07 (25)17.13 (18)15.48 (16)11.20 (22)9.62 (25)16.83 (22)
IM U.S. SMID Cap Core Equity (MF) Median 4.19 7.72 15.09 13.64 9.91 8.77 15.04
VT Fidelity Diversified International (FDIVX)6.36 (12)3.80 (15)10.97 (5)7.66 (14)2.18 (56)5.75 (70)8.78 (23)01/01/1992
MSCI EAFE (net) Index 4.88 (58)-0.92 (83)9.02 (23)6.16 (51)1.55 (72)4.95 (79)5.55 (93)
IM International Large Cap Growth Equity (MF) Median5.46 1.63 7.99 6.21 2.42 6.48 7.68
VT Nuveen Real Estate Securities (FARCX)4.17 (62)23.75 (49)13.97 (19)15.83 (19)9.86 (10)11.07 (4)12.76 (14)07/01/1995
MSCI U.S. REIT Index 4.75 (36)24.17 (42)14.18 (15)15.89 (15)8.74 (34)9.66 (32)11.52 (54)
IM Real Estate Sector (MF) Median 4.44 23.69 13.10 15.14 8.14 9.01 11.55
VT PLUS Fund 0.46 (40)1.82 (40)2.05 (39)2.43 (43)2.87 (43)3.39 (50)3.41 (50)01/01/2005
BofA Merrill Lynch 3 Month U.S. T-Bill 0.00 (100)0.03 (100)0.07 (100)0.09 (100)0.26 (100)1.49 (100)1.51 (100)
IM U.S. GIC/Stable Value (SA+CF) Median 0.43 1.60 1.72 2.19 2.66 3.34 3.38
Palm Beach Gardens Firefighters' DROP Plan
Investment Option Comparative Performance
As of March 31, 2015
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
2
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
MEETING OF MAY 6, 2015
RATIFICATION OF BENEFIT PAYMENTS
APPLICATION FOR DISTRIBUTION OF SHARE ACCOUNT
MIKE DUNAWAY Date of Retirement: 10/19/2014
Date of Birth: 08/16/1964
Type of Distribution: rollover – 1st distribution
Total Gross Distribution: $143,434.54
Tax Withholding (20%): $ 0.00
Total Net Distribution: $143,434.54
Action: ______________________________
APPLICATION TO ENTER THE DROP
MARK PETRUZZI Years Of Credited Service: 28 Years & 4 Months
Age at Retirement: 50 Years & 11 Months
Total Monthly Benefit: $7,965.36
DROP Entry/Retirement Date: August 1, 2014
Type Of Benefit: DROP
Form Of Benefit: 100% J&S Annuity
Action: ______________________________
Chairman________________________________
Secretary________________________________
Date______5/6/2015____________________
Sugarman & Susskind P.A.
NEWSLETTER
January 2015
1-800-329-2122
IRS Issues New Guidance on Applying 415 Limits to DROP Accounts
On December 8, 2014, the IRS issued a memorandum announcing a new limitation
on DROP plans. DROP benefits that contain certain features will now be subject to limits
applicable to defined contribution plans under section 415(c) of the tax code.
The new memorandum states that the IRS will now apply section 415(c) limits to
DROP benefits in a very limited manner which will likely not affect the vast majority of
Florida municipal DROP plans. The IRS will not apply the limit to the amount of a
participant’s defined benefit that is credited to a DROP account. Instead, the IRS will apply
the limit only to certain “Additional Contributions” that are credited to a DROP. Additional
Contributions are defined by the IRS as employer or employee contributions that are above
and beyond the amounts credited to a participant’s DROP account from a defined benefit
plan. Further, even if a DROP benefit provides for “Additional Contributions,” only those
DROP benefits that are invested in segregated accounts with no fixed rate of return will be
affected. Consequently, only “Additional Contributions” are subject to the 415(c) limits. In
2015, that limit is the lesser of 100% of a participant’s compensation or $53,000.1
We expect that very few of our clients with DROP plans will be affected by this
change. Plans that do not offer a DROP benefit do not need to worry as there is obviously
no impact. Plans that provide for participant DROP accounts to be credited solely with the
monthly retirement benefit which would have been payable had the participant ceased
employment and commenced receiving a normal retirement benefit, as well as investment
earnings on those monies, are not impacted by this change. Plans that provide for both
“Additional Contributions” and investing DROP benefits in segregated accounts with no
fixed rate of return will require a simple amendment to guard against possible violations of
the new rule. We are currently reviewing all of our clients’ DROP benefits and will advise
you promptly if any changes are necessary to comply with the IRS’ new position within the
next few weeks.
1 26 U.S.C. § 415(c)(1).