HomeMy WebLinkAboutAgenda Fire Pension 080515THE RESOURCE CENTERS , LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW .RESOURCE CENTERS .COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Meeting of Wednesday August 5, 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)
• 6/30/2015 Quarterly Investment Performance Report
• 6/30/2015 Quarterly ICMA DROP Plan Report
• GTAA Review
4. Minutes:
• Regular Meeting Held on July 13, 2015
5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
• DROP Distribution Policy (draft)
• DROP/Retirement Benefit Election Policy (draft)
6. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
• Administrative Budget Review
7. Old Business
• Discussion Regarding Alternative Share Account Investment Options
8. New Business
• Letter - Census Data Request from City of PBG
• Discussion Regarding City’s Additional Contributions
9. Other Business
• Updated Trustee Terms
10. Next Meeting Previously Scheduled for Wednesday November 4, 2015 at 1PM
*note the September 7, 2015 meeting has been canceled*
11. 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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Comparative Performance Trailing Returns
QTR 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
VT Vantagepoint Core Bond Index (VQCIX)-1.65 (39)1.75 (20)N/A N/A N/A N/A 1.52 (45)04/01/2013
Barclays Aggregate Index -1.68 (43)1.86 (13)1.83 (59)3.35 (58)4.59 (54)4.44 (36)1.69 (31)
IM U.S. Broad Market Core Fixed Income (MF) Median -1.73 1.21 2.00 3.52 4.64 4.23 1.45
Dodge & Cox Income (DODIX)-1.19 (13)0.97 (63)3.22 (10)4.31 (18)5.83 (8)5.12 (8)7.03 (1)02/01/1989
Barclays Aggregate Index -1.68 (43)1.86 (13)1.83 (59)3.35 (58)4.59 (54)4.44 (36)6.62 (11)
IM U.S. Broad Market Core Fixed Income (MF)-1.73 1.21 2.00 3.52 4.64 4.23 6.42
VT Fidelity Puritan (FPURX)-0.28 (41)6.54 (4)12.84 (11)12.75 (12)8.19 (8)7.41 (10)10.86 (N/A)01/01/1960
60% S&P 500/40% BC Aggregate -0.51 (61)5.28 (11)10.98 (59)11.76 (31)7.82 (14)6.60 (31)N/A
IM Mixed-Asset Target Alloc Growth (MF) Median -0.36 2.84 11.28 11.13 6.40 6.08 N/A
VT Invesco Diversified Dividend (LCEYX)-0.07 (68)6.29 (12)16.94 (45)15.75 (36)N/A N/A 13.95 (16)11/01/2008
Russell 1000 Value Index 0.11 (63)4.13 (54)17.34 (35)16.50 (19)8.59 (32)7.05 (30)13.26 (34)
IM U.S. Large Cap Value Equity (MF) Median 0.43 4.32 16.68 15.25 7.93 6.49 12.70
VT Vantagepoint 500 Stock Index (VQFIX)0.25 (23)7.29 (17)N/A N/A N/A N/A 15.11 (17)04/01/2013
S&P 500 Index 0.28 (11)7.42 (2)17.31 (1)17.34 (1)9.42 (3)7.89 (3)15.30 (1)
IM S&P 500 Index (MF) Median 0.17 6.93 16.77 16.77 8.92 7.43 14.77
VT Oppenheimer Main Street (MIGYX)0.66 (27)6.70 (40)17.06 (41)17.04 (27)8.74 (40)7.66 (34)7.08 (43)12/01/1996
S&P 500 Index 0.28 (43)7.42 (27)17.31 (36)17.34 (21)9.42 (22)7.89 (28)7.51 (31)
IM U.S. Large Cap Core Equity (MF) Median 0.15 6.26 16.72 15.99 8.33 7.23 6.90
VT Fidelity Contrafund (FCNTX)1.00 (38)10.29 (56)17.42 (58)17.11 (53)9.22 (49)9.85 (12)12.52 (N/A)06/01/1967
S&P 500 Index 0.28 (60)7.42 (83)17.31 (61)17.34 (49)9.42 (44)7.89 (62)10.01 (N/A)
IM U.S. Large Cap Growth Equity (MF) Median 0.64 10.72 17.76 17.24 9.16 8.29 N/A
VT Vantagepoint SMID Company Index (VQSIX)-0.33 (55)5.93 (38)N/A N/A N/A N/A 14.89 (23)04/01/2013
Russell 2500 Index -0.34 (55)5.92 (38)18.66 (23)17.85 (16)10.93 (23)9.09 (29)14.66 (26)
IM U.S. SMID Cap Core Equity (MF) Median -0.12 5.20 17.32 16.09 9.78 8.30 13.35
VT Fidelity Diversified International (FDIVX)2.18 (18)2.08 (13)14.09 (3)11.37 (4)2.50 (58)5.93 (62)8.78 (23)01/01/1992
MSCI EAFE (net) Index 0.62 (62)-4.22 (87)11.97 (26)9.54 (38)1.97 (70)5.12 (74)5.51 (93)
IM International Large Cap Growth Equity (MF) Median 0.88 -1.42 10.94 9.19 2.75 6.44 7.64
VT Nuveen Real Estate Securities (FARCX)-9.92 (53)3.85 (56)8.67 (29)14.36 (16)8.89 (15)8.60 (4)12.01 (14)07/01/1995
MSCI U.S. REIT Index -10.44 (77)3.93 (52)8.72 (27)14.29 (20)7.90 (36)6.96 (36)10.76 (55)
IM Real Estate Sector (MF) Median -9.87 4.02 8.20 13.57 7.32 6.48 10.85
VT PLUS Fund 0.44 (47)1.81 (42)1.99 (28)2.35 (39)2.75 (31)3.32 (33)3.37 (37)01/01/2005
BofA Merrill Lynch 3 Month U.S. T-Bill 0.01 (97)0.02 (100)0.06 (100)0.08 (100)0.22 (100)1.42 (100)1.47 (100)
IM U.S. GIC/Stable Value (SA+CF) Median 0.42 1.68 1.67 2.12 2.59 3.18 3.23
Palm Beach Gardens Firefighters' DROP Plan
Investment Option Comparative Performance
As of June 30, 2015
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
2
City of Palm Beach Gardens
Firefighters' Pension Trust Fund
Investment Performance Review
Period ended June 30, 2015
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.
6
%
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.
2
%
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%
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4
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0
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4
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s
(
3
.
5
%
)
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r
v
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s
(
0
.
8
%
)
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s
(
4
.
4
%
)
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f
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(
1
8
.
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%
)
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(
1
3
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5
%
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(
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5
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7
%
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s
(
2
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%
)
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(
3
.
6
%
)
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s
(
3
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%
)
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c
(
1
3
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%
)
Ru
s
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0
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Quarter 1-Year
4
The Market Environment
To
p
1
0
I
n
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x
W
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&
Q
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e
R
u
s
s
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l
l
1
0
0
0
&
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0
0
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As of June 30, 2015
So
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r
c
e
:
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2
0
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1-
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1-Year Return Sector
Ap
p
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c
3
.
4
4
%
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.
2
%
3
7
.
3
%
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f
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%
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1
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7
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7
%
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n
f
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0
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2
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c
0
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2
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s
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&
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o
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2
5
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.
9
%
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st
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p
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n
c
0.
23
%
5
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%
1
3
.
6
%
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s
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%
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.
5
%
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p
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2
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.
3
%
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1
.
0
%
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C
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JP
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&
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2
0
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1
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.
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%
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0
.
8
%
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s
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h
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c
0
.
2
2
%
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3
.
3
%
3
8
.
9
%
H
e
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C
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Pr
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c
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r
&
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C
o
1.
0
1
%
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3
.
7
%
2
.
7
%
C
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s
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t
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s
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c
0.
2
2
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.
3
%
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%
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c
0.
9
8
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1
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.
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H
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Pr
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y
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c
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2
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0
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5
%
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6
.
0
%
F
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c
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l
s
To
p
1
0
P
e
r
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m
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s
(
b
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)
To
p
1
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(
b
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)
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1
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Q
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1-
Q
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1-Year Return Sector
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t
f
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x
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n
c
0.
1
9
%
5
7
.
7
%
4
9
.
1
%
C
o
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s
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s
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r
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t
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e
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c
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1
.
5
%
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c
0.
0
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%
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2
.
7
%
1
4
0
.
2
%
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t
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0.
0
2
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.
2
%
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3
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1
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c
0.
1
2
%
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2
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1
%
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.
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%
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s
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o
r
p
0.
0
2
%
1
3
1
.
8
%
5
2
1
.
1
%
Consumer Staples
Go
l
a
r
L
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t
d
0.
0
2
%
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.
0
%
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c
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0
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.
4
%
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b
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c
0.
0
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%
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0
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.
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0
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.
9
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6
.
5
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c
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s
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n
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1
5
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%
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e
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t
y
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c
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s
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0.
0
1
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%
88
.
9
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s
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f
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ed
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0
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%
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.
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%
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/
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3
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%
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c
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0
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9
.
0
%
7
6
.
2
%
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e
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e
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t
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1
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(
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m
1
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0
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Q
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2
0
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i
g
h
t
1-
Q
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r
n
1-Year Return Sector
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a
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n
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r
p
0.
0
0
%
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5
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5
%
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6
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%
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p
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c
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%
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c
0.
0
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2
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6
%
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9
3
.
4% Consumer Discretionary
Pu
m
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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)
M a r k e t
V a l u
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 1/15 6/15
$46,256,756.8
$73,308,238.8
Schedule of Investable Assets
Total Fund
August 1, 2007 To June 30, 2015
11
March 31, 2015 : $73,007,856
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
June 30, 2015 : $73,308,239
Cash & Equivalents
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
Allocation
Market Value Allocation
Domestic Equity 40,410,652 55.4¢£
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 7,537,171 10.3¢£
Cash & Equivalents 184,840 0.3¢£
Allocation
Market Value Allocation
Domestic Equity 39,992,900 54.6¢£
International Equity 7,252,781 9.9¢£
Domestic Fixed Income 14,483,110 19.8¢£
Global Fixed Income 3,617,006 4.9¢£
Real Estate 7,787,034 10.6¢£
Cash & Equivalents 175,407 0.2¢£
Asset Allocation by Asset Class
Total Fund
As of June 30, 2015
12
March 31, 2015 : $73,007,856
VG TSMI
Dana (LC)
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
EuroPacific
RBC
Dana (SC)Fiduciary
June 30, 2015 : $73,308,239
VG TSMI
Dana (LC)
Fiduciary
R & D
Intercontinental
American
Templeton GB
GHA
Agincourt
EuroPacific
RBC
Dana (SC)
Allocation
Market Value Allocation
VG TSMI 14,649,226 20.1¢£
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¢£
Agincourt 7,001,793 9.6¢£
GHA 7,097,211 9.7¢£
Templeton GB 3,625,556 5.0¢£
American 3,781,084 5.2¢£
Intercontinental 3,756,087 5.1¢£
R & D 184,840 0.3¢
Allocation
Market Value Allocation
VG TSMI 14,364,406 19.6¢£
Dana (LC)14,557,134 19.9¢£
Fiduciary 7,164,208 9.8¢£
Dana (SC)3,907,152 5.3¢£
RBC 3,461,150 4.7¢£
EuroPacific 3,791,632 5.2¢£
Agincourt 7,177,620 9.8¢£
GHA 7,305,490 10.0¢£
Templeton GB 3,617,006 4.9¢£
American 3,911,971 5.3¢£
Intercontinental 3,875,063 5.3¢£
R & D 175,407 0.2¢
Asset Allocation By Manager
Total Fund
As of June 30, 2015
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
0.24%
0.62%
-0.07 %
-0.03 %
-0.21 %
-0.11 %
-0.45 %
Market Value
$Allocation (%)Target (%)
Domestic Equity 39,992,900 54.6 55.0
International Equity 7,252,781 9.9 10.0
Broad Fixed Income 7,177,620 9.8 10.0
Intermediate Fixed Income 7,305,490 10.0 10.0
Global Fixed Income 3,617,006 4.9 5.0
Real Estate 7,787,034 10.6 10.0
Cash Equivalents 175,407 0.2 0.0
Total Fund 73,308,239 100.0 100.0
Asset Allocation vs. Target Allocation
Total Fund
As of June 30, 2015
14
Asset Allocation Attributes
Domestic Equity International Equity Domestic Fixed
Income Global Fixed Income Real Estate Cash Equivalent Total Fund
($) % ($) % ($) % ($) % ($) % ($) % ($)%
Total Domestic Equity 38,893,971 97.25 - -- -- -- - 1,098,928 2.75 39,992,900 54.55
Vanguard Total Stock Index (VITSX) 14,364,406 100.00 - -- -- -- -- - 14,364,406 19.59
Dana (Large Cap)14,400,728 98.93 - -- -- -- - 156,406 1.07 14,557,134 19.86
Fiduciary Management, Inc.6,253,431 87.29 - -- -- -- - 910,777 12.71 7,164,208 9.77
Dana (Small Cap)3,875,407 99.19 - -- -- -- - 31,745 0.81 3,907,152 5.33
Total International Equity - - 7,252,781 100.00 - -- -- -- - 7,252,781 9.89
RBC International Portfolio - - 3,461,150 100.00 - -- -- -- - 3,461,150 4.72
American Funds EuroPacific Gr R6 (RERGX)- - 3,791,632 100.00 - -- -- -- - 3,791,632 5.17
Total Domestic Fixed Income - -- - 14,156,122 97.74 - -- - 326,989 2.26 14,483,110 19.76
Agincourt Capital Management - -- - 6,942,775 96.73 - -- - 234,845 3.27 7,177,620 9.79
Garcia, Hamilton & Associates - -- - 7,213,346 98.74 - -- - 92,144 1.26 7,305,490 9.97
Total Global Fixed Income - -- -- - 3,617,006 100.00 - -- - 3,617,006 4.93
Templeton Global Bond Adv (FBNRX)- -- -- - 3,617,006 100.00 - -- - 3,617,006 4.93
Total Real Estate - -- -- -- - 7,787,034 100.00 - - 7,787,034 10.62
American Core Realty Fund - -- -- -- - 3,911,971 100.00 - - 3,911,971 5.34
Intercontinental Real Estate - -- -- -- - 3,875,063 100.00 - - 3,875,063 5.29
Receipt & Disbursement - -- -- -- -- - 175,407 100.00 175,407 0.24
Total Fund Portfolio 38,893,971 53.06 7,252,781 9.89 14,156,122 19.31 3,617,006 4.93 7,787,034 10.62 1,601,324 2.18 73,308,239 100.00
Asset Allocation
Total Fund
As of June 30, 2015
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Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
A l l o
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(%)
US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv.Real Estate Cash
Total Fund 54.55 (11)9.89 (85)19.76 (79)4.93 (30)0.00 10.62 (10)0.24 (86)Å
5th Percentile 57.53 26.58 48.07 8.56 35.97 11.64 5.34
1st Quartile 50.47 20.22 33.75 5.02 20.37 9.51 2.09
Median 43.86 14.90 27.86 4.58 11.85 5.21 1.13
3rd Quartile 32.03 12.57 21.24 3.61 5.60 4.02 0.55
95th Percentile 19.79 8.45 12.58 0.16 1.13 2.23 0.06
Plan Sponsor TF Asset Allocation
Total Fund
As of June 30, 2015
Parentheses contain percentile rankings.
Calculation based on <Periodicity> periodicity.
17
Financial Reconciliation Quarter to Date
Market Value
04/01/2015
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses
Market Value
06/30/2015 Income Apprec./
Deprec.
Total Domestic Equity 40,410,652 -244,422 55,578 -300,000 -55,578 - 39,992,900 174,986 -292,738
Vanguard Total Stock Index (VITSX)14,649,226 -300,000 - -300,000 -- 14,364,406 59,014 -43,835
Dana (Large Cap)14,690,104 22,926 22,926 - -22,926 - 14,557,134 72,771 -205,741
Fiduciary Management, Inc.7,216,011 26,635 26,635 - -26,635 - 7,164,208 33,970 -85,774
Dana (Small Cap)3,855,310 6,017 6,017 - -6,017 - 3,907,152 9,231 42,612
Total International Equity 7,150,633 14,531 14,531 - -14,531 - 7,252,781 - 102,148
RBC International Portfolio 3,401,081 14,531 14,531 - -14,531 - 3,461,150 -60,069
American Funds EuroPacific Gr R6 (RERGX) 3,749,553 ----- 3,791,632 -42,079
Total Domestic Fixed Income 14,099,004 598,141 598,141 - -13,141 - 14,483,110 139,406 -340,300
Agincourt Capital Management 7,001,793 304,348 304,348 - -4,348 - 7,177,620 75,497 -199,670
Garcia, Hamilton & Associates 7,097,211 293,793 293,793 - -8,793 - 7,305,490 63,909 -140,630
Total Global Fixed Income 3,625,556 ----- 3,617,006 29,991 -38,541
Templeton Global Bond Adv (FBNRX)3,625,556 ----- 3,617,006 29,991 -38,541
Total Real Estate 7,537,171 --- -18,478 - 7,787,034 111,201 157,140
American Core Realty Fund 3,781,084 --- -10,788 - 3,911,971 56,716 84,959
Intercontinental Real Estate 3,756,087 --- -7,690 - 3,875,063 54,485 72,181
Receipt & Disbursement 184,840 -368,250 1,206,711 -1,187,659 - -28,532 175,407 47 -
Total Fund Portfolio 73,007,856 - 1,874,961 -1,487,659 -101,727 -28,532 73,308,239 455,631 -412,291
Financial Reconciliation
Total Fund
1 Quarter Ending June 30, 2015
18
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2014
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses
Return On
Investment Income Apprec./
Deprec.
Market Value
06/30/2015
Total Domestic Equity 37,128,509 -293,538 921,962 -1,215,500 -121,962 - 3,279,890 545,956 2,733,934 39,992,900
Vanguard Total Stock Index (VITSX)13,908,896 -550,000 - -550,000 -- 1,005,510 209,015 796,495 14,364,406
Dana (Large Cap)13,941,669 -398,090 267,410 -665,500 -67,410 - 1,080,966 219,128 861,837 14,557,134
Fiduciary Management, Inc.5,970,041 637,822 637,822 - -37,822 - 594,167 88,667 505,500 7,164,208
Dana (Small Cap)3,307,904 16,730 16,730 - -16,730 - 599,248 29,146 570,102 3,907,152
Total International Equity 6,535,131 396,865 3,981,859 -3,584,994 -21,866 - 342,651 316,266 26,385 7,252,781
RBC International Portfolio 3,250,350 21,866 21,866 - -21,866 - 210,800 - 210,800 3,461,150
American Funds EuroPacific Gr R6 (RERGX)- 3,584,993 3,584,993 --- 206,639 - 206,639 3,791,632
Total Domestic Fixed Income 13,503,205 740,842 740,842 - -25,842 - 264,905 406,381 -141,477 14,483,110
Agincourt Capital Management 6,642,209 442,761 442,761 - -12,761 - 105,412 219,809 -114,397 7,177,620
Garcia, Hamilton & Associates 6,860,996 298,081 298,081 - -13,081 - 159,493 186,573 -27,079 7,305,490
Total Global Fixed Income 3,473,887 200,000 200,000 --- -56,881 215,805 -272,687 3,617,006
Templeton Global Bond Adv (FBNRX)3,473,887 200,000 200,000 --- -56,881 215,805 -272,687 3,617,006
Total Real Estate 6,482,718 675,500 675,500 - -84,721 - 713,537 304,260 409,278 7,787,034
American Core Realty Fund 2,903,857 675,500 675,500 - -30,534 - 363,148 161,104 202,045 3,911,971
Intercontinental Real Estate 3,578,861 --- -54,187 - 350,389 143,156 207,233 3,875,063
Receipt & Disbursement 295,392 -1,719,669 8,244,112 -8,270,165 - -94,003 71 71 - 175,407
Total Fund Portfolio 67,418,844 - 14,764,274 -13,070,659 -254,391 -94,003 4,544,174 1,788,740 2,755,434 73,308,239
Financial Reconciliation
Total Fund
October 1, 2014 To June 30, 2015
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Comparative Performance Trailing Returns
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Portfolio (Gross)0.06 (34)6.80 (3)5.68 (6)13.25 (3)12.05 (11)6.00 (61)05/01/1998
Total Fund Policy 0.23 (24)5.18 (34)4.82 (15)12.33 (13)12.63 (4)5.70 (80)
All Public Plans-Total Fund Median -0.17 4.63 3.46 10.71 10.78 6.23
Total Fund Portfolio (Net)-0.08 6.42 5.20 12.73 11.51 5.43 05/01/1998
Total Fund Policy 0.23 5.18 4.82 12.33 12.63 5.70
Total Equity -0.04 8.25 5.93 17.47 15.45 8.97 07/31/2008
Total Equity Policy 0.24 6.26 5.44 16.82 16.34 8.54
Total Domestic Equity -0.30 (58)8.77 (20)7.80 (24)18.08 (40)16.33 (51)8.99 (23)07/01/2002
Total Domestic Equity Policy 0.14 (38)7.28 (39)7.29 (29)17.73 (46)17.54 (26)8.18 (48)
IM U.S. All Cap Core Equity (SA+CF+MF) Median -0.11 6.71 5.75 17.61 16.38 8.04
Total International Equity 1.43 (47)5.26 (25)-3.95 (55)14.26 (19)11.30 (22)6.36 (27)01/01/2006
Total International Equity Policy 0.72 (64)0.37 (63)-4.85 (63)11.50 (43)9.47 (45)N/A
MSCI EAFE Index 0.84 (61)2.14 (49)-3.82 (53)12.45 (32)10.03 (36)4.36 (61)
IM International Equity (SA+CF+MF) Median 1.25 2.01 -3.49 10.82 9.10 4.94
Total Fixed Income -1.14 1.29 1.47 3.13 4.30 5.01 07/01/2002
Total Fixed Income Policy -1.24 0.30 -0.38 1.01 2.34 4.28
Total Domestic Fixed Income -1.37 (21)2.03 (23)2.24 (31)3.03 (18)N/A 3.66 (24)09/01/2011
Total Domestic Fixed Income Policy -1.18 (12)1.77 (55)1.87 (71)1.88 (83)2.97 (99)2.23 (99)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median -1.60 1.81 2.03 2.37 3.90 3.15
Total Global Fixed Income -0.24 (10)-1.64 (35)-1.54 (32)4.50 (2)N/A 3.93 (13)09/01/2011
Citigroup World Government Bond -1.55 (41)-5.45 (91)-9.02 (91)-2.45 (96)1.05 (89)-2.35 (95)
IM Global Fixed Income (MF) Median -1.91 -3.45 -4.85 1.17 2.63 1.06
Total Real Estate 3.56 (58)10.15 (68)13.98 (53)13.78 (45)14.28 (72)5.78 (40)07/01/2006
Total Real Estate Policy 3.91 (51)10.68 (65)14.51 (52)12.50 (74)13.24 (77)7.33 (12)
NCREIF Property Index 3.14 (68)10.08 (69)12.98 (61)11.63 (78)12.72 (79)7.05 (15)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.94 11.87 14.88 13.57 15.45 5.50
Comparative Performance
Total Fund
As of June 30, 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.
21
Comparative Performance
Total Fund
As of June 30, 2015
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Equity
Vanguard Total Stock Index (VITSX)0.06 (43)7.22 (39)7.21 (30)N/A N/A 15.37 (36)04/01/2013
Vanguard Total Stock Market Index 0.08 (42)7.23 (38)7.20 (31)17.69 (46)17.58 (21)15.37 (36)
IM U.S. Multi-Cap Core Equity (MF) Median -0.12 6.57 5.59 17.58 16.24 14.52
Dana (Large Cap)-0.91 (83)7.89 (40)7.73 (57)17.87 (53)17.50 (59)8.82 (52)07/01/2002
Dana Custom Index 0.28 (50)6.22 (66)7.42 (64)17.31 (68)17.05 (68)7.84 (92)
IM U.S. Large Cap Core Equity (SA+CF) Median 0.28 7.28 8.26 18.02 17.89 8.87
Fiduciary Management, Inc.-0.72 (73)9.07 (26)6.54 (59)N/A N/A 12.95 (64)08/01/2013
Russell 3000 Index 0.14 (51)7.28 (63)7.29 (50)17.73 (64)17.54 (63)13.45 (52)
IM U.S. All Cap Core Equity (SA+CF) Median 0.14 7.41 7.29 18.23 17.94 13.49
Dana (Small Cap)1.34 (28)18.12 (19)12.53 (18)22.61 (14)22.78 (5)10.00 (65)05/01/2005
Russell 2000 Index 0.42 (53)14.94 (50)6.49 (65)17.81 (75)17.08 (79)9.34 (77)
IM U.S. Small Cap Core Equity (SA+CF) Median 0.49 14.86 8.34 19.97 19.05 10.68
Total International Equity
RBC International Portfolio 1.77 (46)6.49 (20)-1.84 (39)18.43 (4)14.73 (6)8.13 (15)01/01/2006
MSCI AC World ex USA 0.72 (71)0.37 (73)-4.85 (66)9.92 (86)8.23 (79)4.62 (65)
IM International Large Cap Value Equity (SA+CF) Median 1.54 2.11 -2.73 12.45 9.88 5.25
American Funds EuroPacific Gr R6 (RERGX)1.12 (45)N/A N/A N/A N/A 1.35 (13)03/01/2015
MSCI AC World ex USA 0.72 (62)0.37 (80)-4.85 (73)9.92 (73)8.23 (78)-0.83 (63)
IM International Multi-Cap Core Equity (MF) Median 1.01 2.26 -3.75 11.46 9.38 -0.42
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 June 30, 2015
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Fixed Income
Agincourt Capital Management -1.71 (73)1.69 (69)1.85 (72)2.28 (54)3.86 (54)5.95 (40)10/01/2008
Barclays Aggregate Index -1.68 (70)1.69 (69)1.86 (72)1.83 (85)3.35 (90)4.84 (95)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median -1.60 1.81 2.03 2.37 3.90 5.72
Garcia, Hamilton & Associates -1.04 (95)2.36 (6)2.62 (6)3.75 (5)4.58 (8)5.84 (6)07/01/2008
Barclays Intermediate Aggregate Index -0.67 (62)1.85 (39)1.89 (35)1.74 (74)2.89 (75)4.16 (78)
IM U.S. Intermediate Duration (SA+CF) Median -0.60 1.75 1.76 2.09 3.21 4.59
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)-0.24 (10)-1.59 (35)-1.48 (31)4.56 (2)N/A 5.64 (3)10/01/2011
Citigroup World Government Bond -1.55 (41)-5.45 (91)-9.02 (91)-2.45 (96)1.05 (89)-1.89 (95)
IM Global Fixed Income (MF) Median -1.91 -3.45 -4.85 1.17 2.63 1.69
Total Real Estate
American Core Realty Fund 3.75 (54)10.31 (67)14.02 (53)12.64 (73)13.54 (75)4.93 (92)07/01/2006
NCREIF Fund Index-Open End Diversified Core (EW) 3.91 (51)10.68 (65)14.51 (52)12.88 (72)14.26 (72)5.23 (76)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.94 11.87 14.88 13.57 15.45 5.50
Intercontinental Real Estate 3.37 (63)9.85 (70)13.98 (53)15.01 (36)N/A 15.00 (42)10/01/2010
NCREIF Fund Index-Open End Diversified Core (EW) 3.91 (51)10.68 (65)14.51 (52)12.88 (72)14.26 (72)13.77 (71)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.94 11.87 14.88 13.57 15.45 14.80
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
FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005
Total Fund Portfolio (Gross)12.50 (7)15.11 (13)18.93 (30)0.08 (56)8.61 (83)0.00 (69)-11.96 (29)11.67 (89)8.65 (48)14.35 (25)
Total Fund Policy 12.13 (11)14.70 (16)19.99 (15)2.54 (12)9.32 (68)-1.86 (84)-14.02 (56)13.39 (68)9.16 (40)9.23 (84)
All Public Plans-Total Fund Median 10.15 12.60 17.93 0.32 9.93 1.59 -13.57 14.37 8.55 12.24
Total Fund Portfolio (Net)12.01 14.56 18.28 -0.37 8.14 -0.46 -12.30 10.96 7.92 13.82
Total Fund Policy 12.13 14.70 19.99 2.54 9.32 -1.86 -14.02 13.39 9.16 9.23
Total Equity 15.44 22.06 25.54 -4.38 10.56 -1.59 N/A N/A N/A N/A
Total Equity Policy 15.81 21.82 27.76 -0.89 9.91 -4.90 N/A N/A N/A N/A
Total Domestic Equity 17.57 (30)21.70 (63)26.53 (50)-2.59 (59)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 (65)30.20 (20)0.55 (27)10.96 (35)-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 15.77 23.43 26.46 -1.77 9.80 -5.37 -22.59 16.64 9.02 14.81
Total International Equity 4.49 (52)24.24 (24)20.29 (18)-10.51 (42)8.14 (54)11.28 (30)-30.51 (46)24.22 (72)N/A N/A
Total International Equity Policy 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 (49)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 4.58 18.38 16.49 -11.41 8.88 5.18 -31.11 28.17 19.20 27.05
Total Domestic Fixed Income 4.65 (44)-0.24 (13)8.27 (15)N/A N/A N/A N/A N/A N/A N/A
Total Domestic Fixed Income Policy 3.34 (96)-0.80 (29)4.31 (98)4.22 (91)7.52 (96)9.69 (89)4.16 (21)5.43 (27)3.54 (87)1.48 (100)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 4.51 -1.28 6.60 5.26 9.22 12.29 2.54 5.15 3.86 3.10
Total Global Fixed Income 6.54 (10)3.33 (3)13.25 (5)N/A N/A N/A N/A N/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 -1.52 7.19 1.61 7.82 13.86 -1.53 7.30 2.53 5.11
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/A N/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) Median 12.90 13.18 12.90 16.62 6.39 -34.80 3.23 18.34 18.08 19.98
Comparative Performance
Total Fund
As of June 30, 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 June 30, 2015
FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005
Total Domestic Equity
Vanguard Total Stock Index (VITSX)17.78 (25)N/A N/A N/A N/A N/A N/A N/A N/A N/A
Vanguard Total Stock Market Index 17.77 (25)21.50 (66)30.28 (17)0.71 (20)11.16 (30)-6.03 (58)-21.19 (32)16.98 (45)10.38 (28)14.70 (51)
IM U.S. Multi-Cap Core Equity (MF) Median 15.74 23.37 26.38 -2.00 9.65 -5.26 -22.83 16.55 8.96 14.74
Dana (Large Cap)20.65 (29)19.62 (63)31.58 (21)-0.89 (72)10.10 (41)-13.66 (97)-12.23 (7)15.43 (71)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 (63)16.52 (58)10.22 (58)14.57 (56)
IM U.S. Large Cap Core Equity (SA+CF) Median 19.25 20.74 29.76 1.13 9.45 -5.82 -20.44 16.97 10.77 15.13
Fiduciary Management, Inc.14.12 (68)N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 3000 Index 17.76 (32)21.60 (76)30.20 (31)0.55 (62)10.96 (53)-6.42 (60)-21.52 (68)16.52 (62)10.22 (39)14.57 (75)
IM U.S. All Cap Core Equity (SA+CF) Median 16.46 23.80 28.04 0.96 11.05 -6.02 -20.98 17.37 9.52 17.25
Dana (Small Cap)11.03 (16)31.48 (58)39.20 (7)3.82 (13)15.86 (35)-13.06 (84)-21.93 (79)8.02 (89)5.23 (79)N/A
Russell 2000 Index 3.93 (78)30.06 (72)31.91 (55)-3.53 (77)13.35 (70)-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 6.67 32.33 32.36 -0.54 14.54 -7.73 -17.69 14.73 8.19 21.89
Total International Equity
RBC International Portfolio 10.00 (10)27.45 (16)24.65 (4)-8.87 (56)12.31 (11)7.72 (41)-29.87 (70)24.22 (48)N/A N/A
MSCI AC World ex USA 5.22 (58)16.98 (83)15.04 (51)-10.42 (70)8.00 (39)6.43 (49)-29.97 (70)31.06 (14)19.36 (72)29.48 (29)
IM International Large Cap Value Equity (SA+CF) Median 5.72 22.77 15.09 -8.41 5.04 6.27 -27.34 23.89 20.96 26.92
American Funds EuroPacific Gr R6 (RERGX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
MSCI AC World ex USA 5.22 (30)16.98 (82)15.04 (51)-10.42 (40)8.00 (19)6.43 (23)-29.97 (38)31.06 (7)19.36 (28)29.48 (8)
IM International Multi-Cap Core Equity (MF) Median 4.28 21.36 15.07 -11.08 4.69 1.80 -31.01 24.97 18.39 25.25
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 June 30, 2015
FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 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/A N/A N/A N/A
Barclays Aggregate Index 3.96 (80)-1.68 (80)5.16 (91)5.26 (50)8.16 (87)10.56 (82)3.65 (32)5.14 (52)3.67 (76)2.80 (81)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 4.51 -1.28 6.60 5.26 9.22 12.29 2.54 5.15 3.86 3.10
Garcia, Hamilton & Associates 4.88 (10)0.88 (10)9.51 (6)2.32 (91)8.87 (29)15.91 (8)N/A N/A N/A N/A
Barclays Intermediate Aggregate Index 2.74 (59)-0.71 (78)4.31 (85)4.22 (22)7.52 (77)9.69 (82)4.16 (35)5.33 (69)3.84 (61)2.23 (41)
IM U.S. Intermediate Duration (SA+CF) Median 2.88 -0.27 5.58 3.60 8.28 11.52 3.22 5.49 3.92 2.09
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)6.54 (10)3.44 (3)13.25 (5)N/A N/A N/A N/A N/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 -1.52 7.19 1.61 7.82 13.86 -1.53 7.30 2.53 5.11
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) Median 12.90 13.18 12.90 16.62 6.39 -34.80 3.23 18.34 18.08 19.98
Intercontinental Real Estate 13.98 (38)18.19 (10)13.33 (43)15.80 (77)N/A N/A N/A N/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) Median 12.90 13.18 12.90 16.62 6.39 -34.80 3.23 18.34 18.08 19.98
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
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
R
e t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund 0.06 (34)6.80 (3)5.68 (6)12.33 (4)13.25 (3)9.93 (6)12.05 (11)Å
Total Policy 0.23 (24)5.18 (34)4.82 (15)11.34 (13)12.33 (13)10.12 (3)12.63 (4)Å
Median -0.17 4.63 3.46 9.96 10.71 8.21 10.78
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
R
e t u
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 Fund 12.50 (7)15.11 (13)18.93 (30)0.08 (56)8.61 (83)0.00 (69)Å
Total Policy 12.13 (11)14.70 (16)19.99 (15)2.54 (12)9.32 (68)-1.86 (84)Å
Median 10.15 12.60 17.93 0.32 9.93 1.59
1 Qtr
Ending
Mar-2015
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
Total Fund 3.15 (9)3.48 (8)-1.05 (48)3.88 (33)2.41 (13)6.87 (7)
Total Policy 1.86 (89)3.03 (19)-0.34 (14)3.96 (26)1.84 (37)6.27 (25)
All Public Plans-Total Fund Median 2.44 2.25 -1.13 3.63 1.70 5.60
As of June 30, 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
-8.0
0.0
8.0
16.0
24.0
T o
t a l
F
u
n
d
(%
)
-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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund 20 8 (40%)2 (10%)7 (35%)3 (15%)Å
Total Policy 20 14 (70%)1 (5%)2 (10%)3 (15%)Å
10.20
11.05
11.90
12.75
13.60
14.45
R
e
t u
r
n
(%
)
4.50 4.56 4.62 4.68 4.74 4.80 4.86 4.92
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 13.25 4.82Å
Total Policy 12.33 4.55Å
Median 10.71 4.62¾
10.37
10.98
11.59
12.20
12.81
13.42
R
e
t u
r
n
(%
)
8.2 8.4 8.6 8.8 9.0 9.2
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 12.05 8.94Å
Total Policy 12.63 8.35Å
Median 10.78 8.44¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 0.97 109.09 311.94 0.41 0.88 2.63 1.04 0.61
Total Policy 0.00 100.00 100.00 0.00 N/A 2.60 1.00 0.19
90 Day U.S. Treasury Bill 4.56 0.41 -3.54 0.06 -2.60 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.76 101.21 128.36 -1.11 -0.27 1.33 1.05 5.17
Total Policy 0.00 100.00 100.00 0.00 N/A 1.48 1.00 4.28
90 Day U.S. Treasury Bill 8.34 0.43 -0.34 0.06 -1.48 N/A 0.00 0.00
As of June 30, 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
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG TSMI 0.06 (43)7.22 (39)7.21 (30)15.86 (33)N/A N/A N/AÅ
VG TSM Index 0.08 (42)7.23 (38)7.20 (31)15.86 (33)17.69 (46)14.09 (20)17.58 (21)Å
Median -0.12 6.57 5.59 14.85 17.58 12.62 16.24
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
t u
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 TSMI 17.78 (25)N/A N/A N/A N/A N/AÅ
VG TSM Index 17.77 (25)21.50 (66)30.28 (17)0.71 (20)11.16 (30)-6.03 (58)Å
Median 15.74 23.37 26.38 -2.00 9.65 -5.26
1 Qtr
Ending
Mar-2015
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
VG TSMI 1.84 (56)5.22 (36)-0.01 (30)4.86 (35)2.05 (47)10.08 (37)
VG TSM Index 1.81 (58)5.24 (34)-0.02 (30)4.87 (34)2.04 (47)10.09 (36)
IM U.S. Multi-Cap Core Equity (MF) Median 2.18 4.45 -0.82 4.51 1.98 9.64
Performance Review (Fiscal Years)
As of June 30, 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
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Dana LC -0.91 (83)7.89 (40)7.73 (57)17.47 (36)17.87 (53)14.31 (57)17.50 (59)Å
Dana Index 0.28 (50)6.22 (66)7.42 (64)15.70 (68)17.31 (68)14.22 (61)17.05 (68)Å
Median 0.28 7.28 8.26 16.53 18.02 14.54 17.89
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
52.00
R
e
t u
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 LC 20.65 (29)19.62 (63)31.58 (21)-0.89 (72)10.10 (41)-13.66 (97)Å
Dana Index 19.73 (44)19.34 (66)30.20 (45)0.95 (53)8.90 (59)-10.62 (93)Å
Median 19.25 20.74 29.76 1.13 9.45 -5.82
1 Qtr
Ending
Mar-2015
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
Dana LC 2.93 (30)5.78 (30)-0.15 (78)5.54 (22)3.53 (13)10.58 (44)
Dana Index 0.95 (73)4.93 (54)1.13 (43)5.23 (30)1.81 (63)10.51 (47)
IM U.S. Large Cap Core Equity (SA+CF) Median 1.82 5.05 0.92 4.81 2.07 10.42
Performance Review (Fiscal Years)
As of June 30, 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
-15.0
0.0
15.0
30.0
45.0
D
a n
a
L
C
(%
)
-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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana LC 20 0 (0%)10 (50%)5 (25%)5 (25%)Å
Dana Index 20 0 (0%)5 (25%)9 (45%)6 (30%)Å
17.40
17.70
18.00
18.30
R
e
t u
r
n
(%
)
7.00 7.10 7.20 7.30 7.40 7.50 7.60 7.70
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 17.87 7.59Å
Dana Index 17.31 7.11Å
Median 18.02 7.37¾
16.80
17.08
17.36
17.64
17.92
18.20
R
e
t u
r
n
(%
)
11.88 12.15 12.42 12.69 12.96 13.23 13.50 13.77
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 17.50 13.34Å
Dana Index 17.05 12.25Å
Median 17.89 12.96¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.52 99.02 88.70 0.94 0.20 1.96 0.97 3.69
Dana Index 0.00 100.00 100.00 0.00 N/A 1.94 1.00 3.86
90 Day U.S. Treasury Bill 8.44 0.17 -0.23 0.06 -1.94 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.36 101.11 98.64 0.36 0.18 1.39 1.00 6.38
Dana Index 0.00 100.00 100.00 0.00 N/A 1.39 1.00 6.12
90 Day U.S. Treasury Bill 11.83 0.20 -0.20 0.07 -1.39 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 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
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Fiduciary -0.72 (73)9.07 (26)6.54 (59)N/A N/A N/A N/AÅ
R3000 0.14 (51)7.28 (63)7.29 (50)15.91 (54)17.73 (64)14.09 (63)17.54 (63)Å
Median 0.14 7.41 7.29 15.97 18.23 14.30 17.94
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
R
e
t u
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
Fiduciary 14.12 (68)N/A N/A N/A N/A N/AÅ
R3000 17.76 (32)21.60 (76)30.20 (31)0.55 (62)10.96 (53)-6.42 (60)Å
Median 16.46 23.80 28.04 0.96 11.05 -6.02
1 Qtr
Ending
Mar-2015
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
Fiduciary 3.03 (38)6.62 (14)-2.32 (76)5.78 (17)2.06 (43)8.21 (87)
R3000 1.80 (74)5.24 (44)0.01 (36)4.87 (39)1.97 (49)10.10 (52)
IM U.S. All Cap Core Equity (SA+CF) Median 2.76 4.88 -0.93 4.64 1.96 10.11
Performance Review (Fiscal Years)
As of June 30, 2015
Fiduciary
NONE
35
Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF)
Comparative Performance
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Dana SC 1.34 (28)18.12 (19)12.53 (18)19.91 (11)22.61 (14)17.83 (4)22.78 (5)Å
R2000 0.42 (53)14.94 (50)6.49 (65)14.74 (75)17.81 (75)12.49 (79)17.08 (79)Å
Median 0.49 14.86 8.34 16.76 19.97 14.42 19.05
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
R
e
t u
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 SC 11.03 (16)31.48 (58)39.20 (7)3.82 (13)15.86 (35)-13.06 (84)Å
R2000 3.93 (78)30.06 (72)31.91 (55)-3.53 (77)13.35 (70)-9.55 (66)Å
Median 6.67 32.33 32.36 -0.54 14.54 -7.73
1 Qtr
Ending
Mar-2015
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
Dana SC 8.81 (4)7.11 (71)-4.73 (23)3.35 (28)1.29 (48)11.33 (22)
R2000 4.32 (66)9.73 (30)-7.36 (89)2.05 (61)1.12 (54)8.72 (79)
IM U.S. Small Cap Core Equity (SA+CF) Median 5.02 8.94 -5.75 2.45 1.22 9.86
Performance Review (Fiscal Years)
As of June 30, 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
a n
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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana SC 20 13 (65%)1 (5%)4 (20%)2 (10%)Å
R2000 20 0 (0%)0 (0%)10 (50%)10 (50%)Å
16.00
18.00
20.00
22.00
24.00
R
e
t u
r
n
(%
)
10.38 10.40 10.42 10.44
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 22.61 10.43Å
R2000 17.81 10.39Å
Median 19.97 10.39¾
16.00
18.00
20.00
22.00
24.00
R
e
t u
r
n
(%
)
17.28 17.31 17.34 17.37 17.40 17.43 17.46
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 22.78 17.41Å
R2000 17.08 17.32Å
Median 19.05 17.35¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.34 100.48 65.09 6.24 0.91 1.83 0.88 5.32
R2000 0.00 100.00 100.00 0.00 N/A 1.40 1.00 6.59
90 Day U.S. Treasury Bill 12.33 0.10 -0.23 0.06 -1.40 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.14 103.57 76.67 5.88 1.15 1.35 0.94 8.51
R2000 0.00 100.00 100.00 0.00 N/A 1.03 1.00 9.54
90 Day U.S. Treasury Bill 16.65 0.14 -0.17 0.07 -1.03 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2015
Dana SC
NONE
37
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC 1.77 (46)6.49 (20)-1.84 (39)12.92 (14)18.43 (4)10.04 (10)14.73 (6)Å
MSCI ACW 0.72 (71)0.37 (73)-4.85 (66)7.86 (73)9.92 (86)3.33 (85)8.23 (79)Å
Median 1.54 2.11 -2.73 9.32 12.45 5.41 9.88
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
t u
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
RBC 10.00 (10)27.45 (16)24.65 (4)-8.87 (56)12.31 (11)7.72 (41)Å
MSCI ACW 5.22 (58)16.98 (83)15.04 (51)-10.42 (70)8.00 (39)6.43 (49)Å
Median 5.72 22.77 15.09 -8.41 5.04 6.27
1 Qtr
Ending
Mar-2015
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
RBC 6.12 (17)-1.40 (16)-7.82 (94)2.56 (83)4.13 (6)11.73 (1)
MSCI ACW 3.59 (72)-3.81 (51)-5.19 (40)5.25 (24)0.61 (64)4.81 (83)
IM International Large Cap Value Equity (SA+CF) Median 4.56 -3.73 -5.57 4.16 1.20 6.11
Performance Review (Fiscal Years)
As of June 30, 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
-20.0
-10.0
0.0
10.0
20.0
30.0
R
B
C
(%
)
-20.0 -10.0 0.0 10.0 20.0 30.0
MSCI ACW (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC 20 14 (70%)5 (25%)1 (5%)0 (0%)Å
MSCI ACW 20 0 (0%)3 (15%)8 (40%)9 (45%)Å
6.00
9.00
12.00
15.00
18.00
21.00
R
e
t u
r
n
(%
)
8.40 8.80 9.20 9.60 10.00 10.40 10.80 11.20 11.60
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 18.43 10.90Å
MSCI ACW 9.92 9.03Å
Median 12.45 9.26¾
6.00
9.00
12.00
15.00
18.00
R
e
t u
r
n
(%
)
14.58 15.12 15.66 16.20 16.74 17.28 17.82
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 14.73 17.36Å
MSCI ACW 8.23 15.14Å
Median 9.88 15.00¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.31 123.60 70.28 8.32 1.44 1.58 0.96 5.06
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.98 1.00 5.68
90 Day U.S. Treasury Bill 10.20 0.19 -0.15 0.05 -0.98 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.52 116.92 89.22 6.01 1.10 0.90 1.03 9.62
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.59 1.00 9.84
90 Day U.S. Treasury Bill 15.50 0.18 -0.16 0.07 -0.59 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 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
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
EuroPacific 1.12 (45)N/A N/A N/A N/A N/A N/AÅ
MSCI ACW 0.72 (62)0.37 (80)-4.85 (73)7.86 (65)9.92 (73)3.33 (79)8.23 (78)Å
Median 1.01 2.26 -3.75 8.46 11.46 4.44 9.38
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
t u
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
EuroPacific N/A N/A N/A N/A N/A N/AÅ
MSCI ACW 5.22 (30)16.98 (82)15.04 (51)-10.42 (40)8.00 (19)6.43 (23)Å
Median 4.28 21.36 15.07 -11.08 4.69 1.80
1 Qtr
Ending
Mar-2015
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
EuroPacific N/A N/A N/A N/A N/A N/A
MSCI ACW 3.59 (82)-3.81 (56)-5.19 (27)5.25 (6)0.61 (45)4.81 (84)
IM International Multi-Cap Core Equity (MF) Median 4.83 -3.59 -5.67 3.97 0.48 5.82
Performance Review (Fiscal Years)
As of June 30, 2015
EuroPacific Growth
NONE
41
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Agincourt -1.71 (73)1.69 (69)1.85 (72)3.46 (52)2.28 (54)3.64 (53)3.86 (54)Å
BC Agg -1.68 (70)1.69 (69)1.86 (72)3.11 (85)1.83 (85)3.21 (89)3.35 (90)Å
Median -1.60 1.81 2.03 3.49 2.37 3.73 3.90
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
R
e
t u
r
n
Oct-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
Agincourt 4.40 (54)-1.40 (59)6.96 (42)4.92 (69)9.55 (38)14.76 (18)Å
BC Agg 3.96 (80)-1.68 (80)5.16 (91)5.26 (50)8.16 (87)10.56 (82)Å
Median 4.51 -1.28 6.60 5.26 9.22 12.29
1 Qtr
Ending
Mar-2015
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
Agincourt 1.80 (35)1.63 (64)0.16 (67)2.20 (42)1.88 (71)0.11 (48)
BC Agg 1.61 (74)1.79 (39)0.17 (66)2.04 (72)1.84 (77)-0.14 (77)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.73 1.74 0.21 2.15 2.03 0.08
Performance Review (Fiscal Years)
As of June 30, 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
A g
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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Agincourt 16 0 (0%)4 (25%)12 (75%)0 (0%)Å
BC Agg 20 0 (0%)0 (0%)1 (5%)19 (95%)Å
1.60
1.80
2.00
2.20
2.40
2.60
R
e
t u
r
n
(%
)
2.64 2.68 2.72 2.76 2.80 2.84 2.88 2.92
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 2.28 2.89Å
BC Agg 1.83 2.71Å
Median 2.37 2.84¾
3.20
3.40
3.60
3.80
4.00
R
e
t u
r
n
(%
)
2.90 2.92 2.94 2.96 2.98
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 3.86 2.92Å
BC Agg 3.35 2.97Å
Median 3.90 2.95¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.31 107.76 98.00 0.42 1.47 0.76 1.02 1.78
BC Agg 0.00 100.00 100.00 0.00 N/A 0.62 1.00 1.79
90 Day U.S. Treasury Bill 2.91 0.73 -0.55 0.05 -0.62 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.57 107.93 98.24 0.50 0.88 1.32 1.00 1.52
BC Agg 0.00 100.00 100.00 0.00 N/A 1.17 1.00 1.52
90 Day U.S. Treasury Bill 2.79 0.90 -0.80 0.07 -1.17 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2015
Agincourt
NONE
43
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
GHA -1.04 (95)2.36 (6)2.62 (6)4.09 (6)3.75 (5)4.29 (8)4.58 (8)Å
BC Int Agg -0.67 (62)1.85 (39)1.89 (35)2.68 (51)1.74 (74)2.61 (74)2.89 (75)Å
Median -0.60 1.75 1.76 2.68 2.09 2.98 3.21
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
R
e
t u
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
GHA 4.88 (10)0.88 (10)9.51 (6)2.32 (91)8.87 (29)15.91 (8)Å
BC Int Agg 2.74 (59)-0.71 (78)4.31 (85)4.22 (22)7.52 (77)9.69 (82)Å
Median 2.88 -0.27 5.58 3.60 8.28 11.52
1 Qtr
Ending
Mar-2015
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
GHA 1.79 (10)1.62 (4)0.25 (11)1.70 (20)1.77 (14)1.08 (7)
Barclays Int Agg 1.32 (79)1.20 (18)0.03 (39)1.62 (28)1.20 (52)-0.14 (93)
IM U.S. Intermediate Duration (SA+CF) Median 1.47 0.93 0.01 1.40 1.22 0.21
Performance Review (Fiscal Years)
As of June 30, 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
G
H
A
(%
)
0.0 2.5 5.0 7.5 10.0
Barclays Int Agg (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
GHA 17 16 (94%)1 (6%)0 (0%)0 (0%)Å
BC Int Agg 20 0 (0%)0 (0%)10 (50%)10 (50%)Å
1.38
2.07
2.76
3.45
4.14
R
e
t u
r
n
(%
)
1.80 2.00 2.20 2.40 2.60
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 3.75 2.49Å
BC Int Agg 1.74 1.92Å
Median 2.09 1.98¾
2.36
2.95
3.54
4.13
4.72
5.31
R
e
t u
r
n
(%
)
1.90 2.00 2.10 2.20 2.30 2.40 2.50 2.60 2.70
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 4.58 2.54Å
BC Int Agg 2.89 2.05Å
Median 3.21 2.24¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 1.00 142.24 84.42 1.85 1.96 1.49 1.07 1.22
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 0.81 1.00 1.24
90 Day U.S. Treasury Bill 2.10 0.96 -0.77 0.05 -0.81 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 2.19 146.02 125.00 1.34 0.76 1.41 1.12 1.84
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.36 1.00 1.08
90 Day U.S. Treasury Bill 2.07 1.15 -1.16 0.07 -1.36 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 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
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Templeton GB -0.24 (15)-1.59 (28)-1.48 (25)2.92 (18)4.56 (10)N/A N/AÅ
Citi WGB -1.55 (43)-5.45 (46)-9.02 (54)-1.40 (68)-2.45 (75)-1.19 (60)1.05 (76)Å
Median -1.71 -5.89 -8.52 -0.18 0.23 -0.65 2.26
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
38.00
R
e
t u
r
n
Oct-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 GB 6.54 (12)3.44 (11)13.25 (6)N/A N/A N/AÅ
Citi WGB -0.07 (79)-4.60 (63)3.29 (90)4.61 (6)4.99 (65)13.78 (71)Å
Median 2.76 -3.37 6.51 1.70 6.79 16.13
1 Qtr
Ending
Mar-2015
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
Templeton GB 0.26 (27)-1.60 (48)0.11 (20)2.71 (34)0.86 (87)2.74 (7)
Citi WGB -2.51 (63)-1.49 (46)-3.78 (58)2.27 (77)2.66 (32)-1.09 (91)
IM International Fixed Income (MF) Median -1.39 -1.64 -2.41 2.58 2.34 0.22
Performance Review (Fiscal Years)
As of June 30, 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
-8.0
-4.0
0.0
4.0
8.0
12.0
T e
m
p
l
e
t o
n
G
B
(%
)
-8.0 -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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Templeton GB 4 4 (100%)0 (0%)0 (0%)0 (0%)Å
Citi WGB 20 0 (0%)2 (10%)14 (70%)4 (20%)Å
-6.00
-3.00
0.00
3.00
6.00
R
e
t u
r
n
(%
)
3.99 4.18 4.37 4.56 4.75 4.94 5.13 5.32 5.51
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB 4.56 4.78Å
Citi WGB -2.45 4.33Å
Median 0.23 5.30¾
0.80
1.20
1.60
2.00
2.40
2.80
R
e
t u
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 1.05 5.33Å
Median 2.26 7.40¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Templeton GB 4.79 104.70 8.26 5.92 1.45 0.95 0.50 2.95
Citi WGB 0.00 100.00 100.00 0.00 N/A -0.56 1.00 3.64
90 Day U.S. Treasury Bill 4.33 0.48 -0.41 0.06 0.56 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 0.21 1.00 3.77
90 Day U.S. Treasury Bill 5.32 0.61 -0.36 0.07 -0.21 N/A 0.00 0.00
Performance Review (Fiscal Years)
As of June 30, 2015
Templeton GB
NONE
47
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
26.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American 3.75 (54)10.31 (67)14.02 (53)13.28 (72)12.64 (73)12.54 (69)13.54 (75)Å
NCREIF ODCE 3.82 (53)10.84 (62)14.43 (52)13.59 (66)13.11 (71)12.94 (64)14.41 (71)Å
Median 3.95 11.87 14.88 13.73 13.57 13.44 15.45
-85.00
-70.00
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
e
t u
r
n
Oct-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
American 12.49 (67)12.27 (71)11.57 (67)16.11 (73)2.72 (77)-32.96 (38)Å
NCREIF ODCE 12.40 (71)13.04 (54)11.61 (67)18.27 (40)6.97 (43)-35.19 (52)Å
Median 12.90 13.18 12.90 16.62 6.39 -34.80
1 Qtr
Ending
Mar-2015
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
American 4.46 (25)1.80 (94)3.36 (50)2.80 (65)3.20 (39)2.59 (77)
NCREIF ODCE 3.39 (59)3.26 (55)3.24 (57)2.93 (60)2.52 (62)3.17 (52)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.56 3.50 3.35 3.15 2.81 3.22
Performance Review (Fiscal Years)
As of June 30, 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
Under Performance Earliest Date Latest Date
-20.0
-10.0
0.0
10.0
20.0
30.0
A m
e
r
i
c
a n
(%
)
-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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American 20 0 (0%)3 (15%)10 (50%)7 (35%)Å
NCREIF ODCE 20 0 (0%)9 (45%)11 (55%)0 (0%)Å
12.40
12.71
13.02
13.33
13.64
13.95
R
e
t u
r
n
(%
)
0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00
Risk (Standard Deviation %)
Return Standard
Deviation
American 12.64 1.35Å
NCREIF ODCE 13.11 0.94Å
Median 13.57 1.83¾
13.23
13.86
14.49
15.12
15.75
R
e
t u
r
n
(%
)
1.20 1.50 1.80 2.10 2.40 2.70 3.00 3.30
Risk (Standard Deviation %)
Return Standard
Deviation
American 13.54 1.45Å
NCREIF ODCE 14.41 1.63Å
Median 15.45 3.00¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.20 96.59 N/A 3.21 -0.35 8.90 0.71 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.15 1.00 0.00
90 Day U.S. Treasury Bill 0.95 0.43 N/A 0.17 -13.15 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 94.26 N/A 4.46 -0.66 8.96 0.62 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 8.43 1.00 0.00
90 Day U.S. Treasury Bill 1.62 0.52 N/A -0.06 -8.43 N/A 0.01 0.00
Performance Review (Fiscal Years)
As of June 30, 2015
American
NONE
49
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
26.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental 3.37 (63)9.85 (70)13.98 (53)13.92 (44)15.01 (36)14.68 (36)N/AÅ
NCREIF ODCE 3.82 (53)10.84 (62)14.43 (52)13.59 (66)13.11 (71)12.94 (64)14.41 (71)Å
Median 3.95 11.87 14.88 13.73 13.57 13.44 15.45
-85.00
-70.00
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
R
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t u
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
Intercontinental 13.98 (38)18.19 (10)13.33 (43)15.80 (77)N/A N/AÅ
NCREIF ODCE 12.40 (71)13.04 (54)11.61 (67)18.27 (40)6.97 (43)-35.19 (52)Å
Median 12.90 13.18 12.90 16.62 6.39 -34.80
1 Qtr
Ending
Mar-2015
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
Intercontinental 1.18 (100)5.03 (13)3.76 (28)2.38 (92)1.80 (86)5.40 (3)
NCREIF ODCE 3.39 (59)3.26 (55)3.24 (57)2.93 (60)2.52 (62)3.17 (52)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.56 3.50 3.35 3.15 2.81 3.22
Performance Review (Fiscal Years)
As of June 30, 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
t e
r
c
o
n
t i n
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n
t a
l
(%
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10.0 12.0 14.0 16.0 18.0
NCREIF ODCE (%)
Over
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Under
Performance
0.0
25.0
50.0
75.0
100.0R
e t u
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P e
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t i
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9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 6/15
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 8 1 (13%)7 (88%)0 (0%)0 (0%)Å
NCREIF ODCE 20 0 (0%)9 (45%)11 (55%)0 (0%)Å
12.54
13.20
13.86
14.52
15.18
15.84
R
e
t u
r
n
(%
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0.40 0.80 1.20 1.60 2.00 2.40 2.80 3.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 15.01 2.90Å
NCREIF ODCE 13.11 0.94Å
Median 13.57 1.83¾
13.94
14.28
14.62
14.96
15.30
15.64
R
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t u
r
n
(%
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1.30 1.56 1.82 2.08 2.34 2.60 2.86 3.12 3.38
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental N/A N/AÅ
NCREIF ODCE 14.41 1.63Å
Median 15.45 3.00¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 3.05 113.98 N/A 15.38 0.57 4.91 -0.02 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.15 1.00 0.00
90 Day U.S. Treasury Bill 0.95 0.43 N/A 0.17 -13.15 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 8.43 1.00 0.00
90 Day U.S. Treasury Bill 1.62 0.52 N/A -0.06 -8.43 N/A 0.01 0.00
Performance Review (Fiscal Years)
As of June 30, 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 June 30, 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 June 30, 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 June 30, 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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59