HomeMy WebLinkAboutAgenda Fire Pension 050416THE 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 May 4, 2016
Location: City Hall, Council Chambers
Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 1 PM
AGENDA
1. Call Meeting to Order
2. Public Comments
3. Minutes:
• Regular Meeting Held on March 7, 2016
• Special Meeting Held on April 12, 2016
4. Investment Monitor Report: The Bogdahn Group (Dan Johnson)
5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
• DROP Distribution Policy
6. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
• Service Provider Contract Review (Actuary)
7. Old Business
8. Other Business
• Rick Rhodes Reappointed by City Council (term expired 9/30/2019)
9. Next Meeting Previously Scheduled for Monday July 11, 2016 at 1PM
10. 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.
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Comparative Performance Trailing Returns
QTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Bond
VT Vantagepoint Core Bond Index (VQCIX)3.00 (24)1.81 (18)2.31 (28)N/A N/A N/A 2.31 (28)04/01/2013
Barclays Aggregate Index 3.03 (20)1.96 (11)2.50 (15)3.78 (34)4.52 (75)4.90 (31)2.50 (15)
IM U.S. Broad Market Core Fixed Income (MF) Median 2.73 1.07 1.99 3.58 5.40 4.58 1.99
Dodge & Cox Income (DODIX)2.37 (85)0.47 (75)2.42 (20)3.80 (31)6.12 (28)5.25 (11)6.90 (1)02/01/1989
Barclays Aggregate Index 3.03 (20)1.96 (11)2.50 (15)3.78 (34)4.52 (75)4.90 (31)6.57 (6)
IM U.S. Broad Market Core Fixed Income (MF) Median 2.73 1.07 1.99 3.58 5.40 4.58 6.34
Balanced/Asset Allocation
VT Puritan (FPURX)-0.79 (86)-1.64 (29)8.36 (6)8.03 (14)12.86 (14)6.40 (10)7.98 (23)06/01/1995
60% S&P 500/40% BC Gov/Cred 2.28 (7)2.00 (4)8.14 (9)8.73 (5)12.18 (28)6.49 (10)7.82 (25)
IM Mixed-Asset Target Alloc Growth (MF) Median 0.59 -3.06 5.78 6.08 11.42 4.81 7.15
U.S. Stock
VT Invesco Diversified Dividend (LCEYX)5.27 (3)5.19 (1)11.39 (4)11.79 (3)17.30 (4)N/A 13.23 (5)11/01/2008
Russell 1000 Value Index 1.64 (20)-1.54 (24)9.38 (23)10.25 (15)16.31 (13)5.72 (32)11.59 (24)
IM U.S. Large Cap Value Equity (MF) Median 0.15 -3.55 8.32 8.62 14.41 5.04 10.79
VT Vantagepoint 500 Stock Index (VQFIX)1.27 (41)1.60 (26)11.63 (20)N/A N/A N/A 11.63 (20)04/01/2013
S&P 500 Index 1.35 (4)1.78 (2)11.82 (1)11.58 (1)16.97 (1)7.01 (3)11.82 (1)
IM S&P 500 Index (MF) Median 1.25 1.36 11.32 11.05 16.43 6.55 11.32
VT Parnassus Core Equity (PRBLX)2.59 (13)2.82 (9)11.57 (17)12.10 (6)16.61 (21)9.61 (2)10.51 (4)09/01/1992
S&P 500 Index 1.35 (27)1.78 (18)11.82 (13)11.58 (13)16.97 (15)7.01 (20)9.20 (31)
IM U.S. Large Cap Core Equity (MF) Median 0.30 -1.10 10.02 9.96 15.34 6.01 8.60
VT Oppenheimer Main Street (MIGYX)1.09 (32)2.76 (9)12.06 (10)11.72 (11)16.85 (17)6.66 (28)6.91 (39)12/01/1996
S&P 500 Index 1.35 (27)1.78 (18)11.82 (13)11.58 (13)16.97 (15)7.01 (20)7.29 (27)
IM U.S. Large Cap Core Equity (MF) Median 0.30 -1.10 10.02 9.96 15.34 6.01 6.57
VT Contrafund (FCNTX)-1.58 (37)0.70 (28)12.15 (45)11.24 (34)16.36 (42)8.03 (20)12.31 (N/A)06/01/1967
Russell 1000 Growth Index 0.74 (7)2.52 (10)13.61 (21)12.38 (14)17.94 (13)8.28 (14)N/A
IM U.S. Large Cap Growth Equity (MF) Median -2.74 -1.25 11.83 10.51 15.97 6.90 N/A
VT Vantagepoint SMID Company Index (VQSIX)0.41 (70)-7.35 (56)8.31 (28)N/A N/A N/A 8.31 (28)04/01/2013
Russell 2500 Index 0.39 (70)-7.31 (55)8.16 (30)8.58 (23)17.84 (25)6.47 (32)8.16 (30)
IM U.S. SMID Cap Core Equity (MF) Median 1.23 -7.11 7.30 7.18 16.57 5.79 7.30
International/Global Stock
VT Diversified International (FDIVX)-2.94 (70)-5.89 (33)5.13 (4)3.89 (15)10.77 (27)2.52 (72)8.13 (N/A)01/01/1992
MSCI EAFE (net) Index -3.01 (70)-8.27 (66)2.23 (57)2.29 (48)9.69 (60)1.80 (79)4.94 (N/A)
IM International Large Cap Growth Equity (MF) Median -2.41 -7.56 2.46 2.15 9.84 3.24 N/A
Palm Beach Gardens Firefighters' DROP Plan
Investment Option Comparative Performance
As of March 31, 2016
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
2
Palm Beach Gardens Firefighters' DROP Plan
Investment Option Comparative Performance
As of March 31, 2016
QTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Specialty
VT Nuveen Real Estate Securities (FARCX)4.76 (53)4.07 (31)10.53 (29)11.59 (25)23.71 (29)7.69 (4)12.33 (14)07/01/1995
MSCI U.S. REIT Index 6.31 (6)4.05 (31)10.45 (30)11.85 (15)24.27 (16)6.49 (30)11.15 (52)
IM Real Estate Sector (MF) Median 4.81 3.36 9.84 10.92 22.98 5.95 11.19
Stable Value/Cash Management
VT PLUS Fund 0.42 (71)1.74 (63)1.83 (46)2.13 (45)2.47 (39)3.11 (40)3.26 (44)01/01/2005
BofA Merrill Lynch 3 Month U.S. T-Bill 0.07 (100)0.12 (100)0.07 (100)0.08 (100)0.10 (100)1.15 (100)1.38 (100)
IM U.S. GIC/Stable Value (SA+CF) Median 0.46 1.86 1.81 2.05 2.39 2.98 3.24
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
3
City of Palm Beach Gardens
Firefighters' Pension Trust Fund
Investment Performance Review
Period ended March 31, 2016
Private Real Estate Data is Preliminary
Preliminary Universe Data
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The Market Environment Major Market Index Performance As of March 31, 2016
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3
The Market Environment
GI
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&
(
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As of March 31, 2016
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So
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:
B
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C
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p
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L
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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
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M a r k e t
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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 7/15 3/16
$50,672,149.3
$77,522,399.8
Schedule of Investable Assets
Total Fund
August 1, 2007 To March 31, 2016
11
December 31, 2015 : $77,201,950
Domestic Equity
Cash & Equivalents
Other Assets
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
March 31, 2016 : $77,522,400
Domestic Equity
Cash & Equivalents
Other Assets
Real Estate
Global Fixed Income
Domestic Fixed Income
International Equity
Allocation
Market Value Allocation
Domestic Equity 38,030,916 49.3¢£
International Equity 7,747,110 10.0¢£
Domestic Fixed Income 15,028,021 19.5¢£
Global Fixed Income 3,974,984 5.1¢£
Real Estate 8,333,066 10.8¢£
Other Assets 3,866,710 5.0¢£
Cash & Equivalents 221,143 0.3¢£
Allocation
Market Value Allocation
Domestic Equity 38,243,327 49.3¢£
International Equity 7,635,526 9.8¢£
Domestic Fixed Income 15,086,270 19.5¢£
Global Fixed Income 3,980,192 5.1¢£
Real Estate 8,488,098 10.9¢£
Other Assets 3,889,657 5.0¢£
Cash & Equivalents 199,331 0.3¢£
Asset Allocation by Asset Class
Total Fund
As of March 31, 2016
12
December 31, 2015 : $77,201,950
VG TSMI
Dana (LC)
Fiduciary
Dana (SC)
R & D
BlackRock MAI
Intercontinental
American
Templeton GB
GHA
Agincourt
EuroPacific
RBC
March 31, 2016 : $77,522,400
VG TSMI
Dana (LC)
Fiduciary
Dana (SC)
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BlackRock MAI
Intercontinental
American
Templeton GB
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EuroPacific
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Allocation
Market Value Allocation
VG TSMI 10,920,068 14.1¢£
Dana (LC)15,422,530 20.0¢£
Fiduciary 8,071,441 10.5¢£
Dana (SC)3,616,876 4.7¢£
RBC 4,225,771 5.5¢£
EuroPacific 3,521,339 4.6¢£
Agincourt 7,522,428 9.7¢£
GHA 7,505,593 9.7¢£
Templeton GB 3,974,984 5.1¢£
American 4,141,732 5.4¢£
Intercontinental 4,191,334 5.4¢£
BlackRock MAI 3,866,710 5.0¢
R & D 221,143 0.3¢
Allocation
Market Value Allocation
VG TSMI 11,023,288 14.2¢£
Dana (LC)15,324,191 19.8¢£
Fiduciary 8,430,073 10.9¢£
Dana (SC)3,465,775 4.5¢£
RBC 4,195,770 5.4¢£
EuroPacific 3,439,755 4.4¢£
Agincourt 7,558,283 9.7¢£
GHA 7,527,987 9.7¢£
Templeton GB 3,980,192 5.1¢£
American 4,250,659 5.5¢£
Intercontinental 4,237,439 5.5¢£
BlackRock MAI 3,889,657 5.0¢
R & D 199,331 0.3¢
Asset Allocation By Manager
Total Fund
As of March 31, 2016
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
Other Assets
Real Estate
Global Fixed Income
Intermediate Fixed Income
Broad Market Fixed Income
International Equity
Domestic Equity
0.26%
0.02%
0.95%
0.13%
-0.29 %
-0.25 %
-0.15 %
-0.67 %
Market Value
$Allocation (%)Target (%)
Domestic Equity 38,243,327 49.3 50.0
International Equity 7,635,526 9.8 10.0
Broad Market Fixed Income 7,558,283 9.7 10.0
Intermediate Fixed Income 7,527,987 9.7 10.0
Global Fixed Income 3,980,192 5.1 5.0
Real Estate 8,488,098 10.9 10.0
Other Assets 3,889,657 5.0 5.0
Cash Equivalents 199,331 0.3 0.0
Total Fund 77,522,400 100.0 100.0
Asset Allocation vs. Target Allocation
Total Fund
As of March 31, 2016
14
Asset Allocation Attributes
Domestic Equity International
Equity
Domestic Fixed
Income
Global Fixed
Income Real Estate Real Return Cash Equivalent Total Fund
($) % ($) % ($) % ($) % ($) % ($) % ($) % ($)%
Total Domestic Equity 37,180,743 97.22 - -- -- - - - - - 1,062,584 2.78 38,243,327 49.33
Vanguard Total Stock Index (VITSX) 11,023,288 100.00 - -- -- - - - - -- - 11,023,288 14.22
Dana (Large Cap)15,112,413 98.62 - -- -- - - - - - 211,778 1.38 15,324,191 19.77
Fiduciary Management, Inc.7,627,108 90.47 - -- -- - - - - - 802,965 9.53 8,430,073 10.87
Dana (Small Cap)3,417,934 98.62 - -- -- - - - - - 47,841 1.38 3,465,775 4.47
Total International Equity - - 7,635,526 100.00 - -- - - - - -- - 7,635,526 9.85
RBC International Portfolio - - 4,195,770 100.00 - -- - - - - -- - 4,195,770 5.41
American Funds EuroPacific Gr R6 (RERGX)- - 3,439,755 100.00 - -- - - - - -- - 3,439,755 4.44
Total Domestic Fixed Income - - - - 14,975,073 99.26 - - - - - - 111,197 0.74 15,086,270 19.46
Agincourt Capital Management - - - - 7,482,885 99.00 - - - - - - 75,398 1.00 7,558,283 9.75
Garcia, Hamilton & Associates - - - - 7,492,188 99.52 - - - - - - 35,799 0.48 7,527,987 9.71
Total Global Fixed Income - - - -- - 3,980,192 100.00 - - - -- - 3,980,192 5.13
Templeton Global Bond Adv (FBNRX)- - - -- - 3,980,192 100.00 - - - -- - 3,980,192 5.13
Total Real Estate - - - -- -- - 8,488,098 100.00 - -- - 8,488,098 10.95
American Core Realty Fund - - - -- -- - 4,250,659 100.00 - -- - 4,250,659 5.48
Intercontinental Real Estate - - - -- -- - 4,237,439 100.00 - -- - 4,237,439 5.47
Total Other Assets - - - -- -- - - - 3,873,571 99.59 16,086 0.41 3,889,657 5.02
BlackRock Multi-Asset Income Fund (BIICX)- - - -- -- - - - 3,873,571 99.59 16,086 0.41 3,889,657 5.02
Receipt & Disbursement - - - -- -- - - - - - 199,331 100.00 199,331 0.26
Total Fund Portfolio 37,180,743 47.96 7,635,526 9.85 14,975,073 19.32 3,980,192 5.13 8,488,098 10.95 3,873,571 5.00 1,389,198 1.79 77,522,400 100.00
Asset Allocation
Total Fund
As of March 31, 2016
15
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16
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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Total Fund 49.33 (36)9.85 (82)19.46 (89)5.13 (20)5.00 (65)10.95 (9)0.28 (88)
5th Percentile 57.51 19.67 43.58 9.21 18.39 12.01 4.02
1st Quartile 50.64 14.34 36.55 5.03 11.27 9.71 2.31
Median 46.72 13.20 31.35 4.77 6.43 6.20 1.30
3rd Quartile 43.32 10.87 24.61 4.46 3.25 5.35 0.65
95th Percentile 30.50 7.43 16.07 3.86 0.67 2.76 0.06
Plan Sponsor TF Asset Allocation
Total Fund
As of March 31, 2016
Parentheses contain percentile rankings.
Calculation based on <Periodicity> periodicity.
17
Financial Reconciliation Quarter to Date
Market Value
01/01/2016
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
03/31/2016
Total Domestic Equity 38,030,916 44,801 44,801 - -44,801 - 183,052 29,359 38,243,327
Vanguard Total Stock Index (VITSX)10,920,068 -----50,516 52,704 11,023,288
Dana (Large Cap)15,422,530 24,045 24,045 - -24,045 -88,219 -186,558 15,324,191
Fiduciary Management, Inc.8,071,441 15,117 15,117 - -15,117 -33,776 324,856 8,430,073
Dana (Small Cap)3,616,876 5,639 5,639 - -5,639 -10,541 -161,643 3,465,775
Total International Equity 7,747,110 9,385 9,385 - -9,385 -- -111,585 7,635,526
RBC International Portfolio 4,225,771 9,385 9,385 - -9,385 -- -30,001 4,195,770
American Funds EuroPacific Gr R6 (RERGX) 3,521,339 ------ -81,584 3,439,755
Total Domestic Fixed Income 15,028,021 -390,589 9,411 -400,000 -9,411 - 138,661 319,589 15,086,270
Agincourt Capital Management 7,522,428 -195,280 4,720 -200,000 -4,720 -80,061 155,794 7,558,283
Garcia, Hamilton & Associates 7,505,593 -195,309 4,691 -200,000 -4,691 -58,599 163,795 7,527,987
Total Global Fixed Income 3,974,984 -----34,996 -29,788 3,980,192
Templeton Global Bond Adv (FBNRX)3,974,984 -----34,996 -29,788 3,980,192
Total Real Estate 8,333,066 ------ 155,032 8,488,098
American Core Realty Fund 4,141,732 ------ 108,928 4,250,659
Intercontinental Real Estate 4,191,334 ------46,105 4,237,439
Total Other Assets 3,866,710 -----40,725 -17,779 3,889,657
BlackRock Multi-Asset Income Fund (BIICX) 3,866,710 -----40,725 -17,779 3,889,657
Receipt & Disbursement 221,143 336,403 694,394 -653,384 - -63,316 352 141 199,331
Total Fund Portfolio 77,201,950 - 757,991 -1,053,384 -63,597 -63,316 397,786 344,969 77,522,400
Financial Reconciliation
Total Fund
1 Quarter Ending March 31, 2016
18
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2015
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses
Return On
Investment Income Apprec./
Deprec.
Market Value
03/31/2016
Total Domestic Equity 37,466,876 -1,355,286 2,744,714 -4,100,000 -84,714 - 2,216,451 377,436 1,839,015 38,243,327
Vanguard Total Stock Index (VITSX)13,320,914 -3,340,000 760,000 -4,100,000 -- 1,042,373 111,644 930,729 11,023,288
Dana (Large Cap)13,749,569 1,045,565 1,045,565 - -45,565 - 574,622 172,389 402,233 15,324,191
Fiduciary Management, Inc.6,871,677 927,994 927,994 - -27,994 - 658,396 68,719 589,677 8,430,073
Dana (Small Cap)3,524,715 11,156 11,156 - -11,156 - -58,941 24,683 -83,624 3,465,775
Total International Equity 6,526,425 1,024,302 1,024,302 - -24,302 - 109,101 116,957 -7,857 7,635,526
RBC International Portfolio 3,106,743 1,024,302 1,024,302 - -24,302 - 89,028 - 89,028 4,195,770
American Funds EuroPacific Gr R6 (RERGX) 3,419,682 ----- 20,073 116,957 -96,885 3,439,755
Total Domestic Fixed Income 15,134,791 -381,151 18,849 -400,000 -18,849 - 351,479 284,353 67,126 15,086,270
Agincourt Capital Management 7,570,585 -190,569 9,431 -200,000 -9,431 - 187,698 161,776 25,922 7,558,283
Garcia, Hamilton & Associates 7,564,206 -190,582 9,418 -200,000 -9,418 - 163,781 122,577 41,204 7,527,987
Total Global Fixed Income 3,397,142 500,000 500,000 --- 83,050 68,427 14,623 3,980,192
Templeton Global Bond Adv (FBNRX)3,397,142 500,000 500,000 --- 83,050 68,427 14,623 3,980,192
Total Real Estate 8,040,236 --- -63,797 - 511,660 107,125 404,535 8,488,098
American Core Realty Fund 4,030,950 --- -11,443 - 231,153 60,429 170,724 4,250,659
Intercontinental Real Estate 4,009,286 --- -52,354 - 280,507 46,696 233,811 4,237,439
Total Other Assets - 3,900,000 3,900,000 --- -10,343 69,557 -79,900 3,889,657
BlackRock Multi-Asset Income Fund (BIICX)- 3,900,000 3,900,000 --- -10,343 69,557 -79,900 3,889,657
Receipt & Disbursement 409,015 -3,687,865 9,224,536 -9,345,587 - -89,286 653 512 141 199,331
Total Fund Portfolio 70,974,484 - 17,412,401 -13,845,587 -191,663 -89,286 3,262,050 1,024,368 2,237,683 77,522,400
Financial Reconciliation
Total Fund
October 1, 2015 To March 31, 2016
19
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Comparative Performance Trailing Returns
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Portfolio (Gross)0.98 (43)4.49 (28)-0.28 (16)8.35 (1)7.86 (7)5.72 (48)05/01/1998
Total Fund Policy 1.67 (10)5.50 (4)0.97 (3)8.11 (3)8.41 (2)5.50 (63)
All Public Plans-Total Fund Median 0.80 3.82 -1.69 6.27 6.50 5.72
Total Fund Portfolio (Net)0.89 4.23 -0.76 7.86 7.35 5.16 05/01/1998
Total Fund Policy 1.67 5.50 0.97 8.11 8.41 5.50
Total Equity 0.22 5.06 -3.18 9.80 8.45 7.62 07/31/2008
Total Equity Policy 0.78 6.65 -1.62 9.68 9.66 7.42
Total Domestic Equity 0.56 (44)5.60 (41)-2.51 (40)11.02 (28)9.40 (50)8.30 (26)07/01/2002
Total Domestic Equity Policy 0.97 (37)7.30 (19)-0.34 (16)11.15 (24)11.01 (18)7.68 (45)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 0.31 5.00 -3.48 9.70 9.39 7.43
Total International Equity -1.44 (57)2.26 (57)-6.67 (38)3.38 (31)3.53 (27)5.02 (29)01/01/2006
Total International Equity Policy -0.26 (46)3.03 (49)-8.78 (55)1.51 (53)2.06 (45)N/A
MSCI EAFE Index -2.88 (76)1.73 (64)-7.87 (46)2.68 (39)2.76 (35)3.12 (61)
IM International Equity (SA+CF+MF) Median -0.72 2.88 -8.28 1.73 1.67 3.66
Total Fixed Income 2.48 2.34 1.18 2.41 4.15 4.91 07/01/2002
Total Fixed Income Policy 3.55 2.85 2.85 2.04 2.81 4.35
Total Domestic Fixed Income 3.12 (40)2.39 (74)2.49 (19)3.10 (12)N/A 3.92 (15)09/01/2011
Total Domestic Fixed Income Policy 2.67 (91)2.12 (93)2.08 (50)2.41 (85)3.28 (100)2.59 (100)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.05 2.54 2.07 2.70 4.13 3.46
Total Global Fixed Income 0.13 (100)2.41 (59)-4.05 (99)-0.34 (68)N/A 2.41 (30)09/01/2011
Citigroup World Government Bond Index 7.09 (4)5.78 (5)5.92 (1)0.49 (45)1.16 (66)-0.39 (82)
IM Global Fixed Income (MF) Median 3.15 2.71 0.49 0.24 1.84 1.35
Total Real Estate 1.86 (N/A)6.38 (N/A)14.02 (N/A)13.81 (N/A)13.65 (N/A)6.37 (N/A)07/01/2006
Total Real Estate Policy 2.50 (N/A)6.02 (N/A)14.17 (N/A)13.28 (N/A)12.74 (N/A)7.78 (N/A)
NCREIF Property Index 2.21 (N/A)5.19 (N/A)11.84 (N/A)11.91 (N/A)11.93 (N/A)7.38 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) Median N/A N/A N/A N/A N/A N/A
Total Other Assets 0.59 (57)N/A N/A N/A N/A -0.43 (52)12/01/2015
50% MSCI World/50% BC Agg 1.52 (41)4.12 (21)-0.22 (13)5.11 (16)5.69 (24)0.49 (35)
IM Flexible Portfolio (MF) Median 0.81 2.34 -4.31 2.64 3.71 -0.37
Comparative Performance
Total Fund
As of March 31, 2016
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 March 31, 2016
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Equity
Vanguard Total Stock Index (VITSX)0.95 (38)7.27 (19)-0.47 (18)11.12 (23)N/A 11.12 (23)04/01/2013
Vanguard Total Stock Market Index 0.95 (38)7.25 (20)-0.45 (18)11.12 (23)11.01 (17)11.12 (23)
IM U.S. Multi-Cap Core Equity (MF) Median 0.34 5.04 -3.48 9.70 9.36 9.70
Dana (Large Cap)-0.64 (71)4.17 (83)-4.37 (87)10.84 (66)10.72 (64)8.04 (66)07/01/2002
Dana Custom Index 1.35 (32)8.49 (21)1.78 (25)11.82 (45)11.58 (44)7.52 (85)
IM U.S. Large Cap Core Equity (SA+CF) Median 0.64 6.40 -0.22 11.66 11.33 8.21
Fiduciary Management, Inc.4.44 (4)9.00 (9)0.99 (15)N/A N/A 9.85 (29)08/01/2013
Russell 3000 Index 0.97 (35)7.30 (18)-0.34 (25)11.15 (33)11.01 (37)9.30 (33)
IM U.S. All Cap Core Equity (SA+CF) Median -0.11 4.48 -3.49 9.78 9.97 7.92
Dana (Small Cap)-4.18 (94)-1.67 (91)-10.10 (84)9.86 (43)11.43 (12)8.09 (70)05/01/2005
Russell 2000 Index -1.52 (71)2.02 (68)-9.76 (81)6.84 (89)7.20 (81)7.62 (80)
IM U.S. Small Cap Core Equity (SA+CF) Median -0.22 3.15 -6.80 9.20 9.48 9.14
Total International Equity
RBC International Portfolio -0.71 (35)3.79 (28)-5.19 (33)6.15 (11)6.57 (10)6.77 (8)01/01/2006
MSCI AC World ex USA -0.26 (29)3.03 (42)-8.78 (69)0.76 (86)0.76 (86)3.27 (72)
IM International Large Cap Value Equity (SA+CF) Median -1.99 2.66 -7.09 2.99 2.98 3.96
American Funds EuroPacific Gr R6 (RERGX)-2.32 (53)0.59 (65)-8.26 (50)N/A N/A -7.46 (36)03/01/2015
MSCI AC World ex USA -0.26 (27)3.03 (22)-8.78 (61)0.76 (77)0.76 (83)-9.44 (65)
IM International Multi-Cap Core Equity (MF) Median -2.14 1.18 -8.28 2.08 1.91 -8.70
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, 2016
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Domestic Fixed Income
Agincourt Capital Management 3.21 (19)2.55 (48)2.06 (53)2.73 (43)4.16 (48)5.87 (39)10/01/2008
Barclays Aggregate Index 3.03 (56)2.44 (67)1.96 (61)2.50 (76)3.78 (87)4.85 (97)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.05 2.54 2.07 2.70 4.13 5.68
Garcia, Hamilton & Associates 3.02 (2)2.22 (13)2.92 (6)3.47 (3)4.62 (4)5.79 (4)07/01/2008
Barclays Intermediate Aggregate Index 2.31 (58)1.79 (62)2.20 (47)2.14 (42)3.11 (66)4.13 (73)
IM U.S. Intermediate Duration (SA+CF) Median 2.34 1.88 2.14 2.05 3.27 4.44
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)0.13 (100)2.43 (58)-4.02 (98)-0.29 (66)N/A 3.78 (15)10/01/2011
Citigroup World Government Bond Index 7.09 (4)5.78 (5)5.92 (1)0.49 (45)1.16 (66)0.04 (86)
IM Global Fixed Income (MF) Median 3.15 2.71 0.49 0.24 1.84 1.90
Total Real Estate
American Core Realty Fund 2.63 (N/A)5.74 (N/A)13.35 (N/A)13.16 (N/A)12.72 (N/A)5.50 (N/A)07/01/2006
NCREIF Fund Index-Open End Diversified Core (EW) 2.50 (N/A)6.02 (N/A)14.17 (N/A)13.56 (N/A)13.21 (N/A)5.83 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) Median 2.37 5.67 12.71 13.55 13.74 N/A
Intercontinental Real Estate 1.10 (N/A)7.01 (N/A)14.68 (N/A)14.53 (N/A)14.67 (N/A)14.97 (N/A)10/01/2010
NCREIF Fund Index-Open End Diversified Core (EW) 2.50 (N/A)6.02 (N/A)14.17 (N/A)13.56 (N/A)13.21 (N/A)13.72 (N/A)
IM U.S. Open End Private Real Estate (SA+CF) Median 2.37 5.67 12.71 13.55 13.74 N/A
Total Other Assets
BlackRock Multi-Asset Income Fund (BIICX)0.59 (57)N/A N/A N/A N/A -0.43 (52)12/01/2015
50% MSCI World/50% BC Agg 1.52 (41)4.12 (21)-0.22 (13)5.11 (16)5.69 (24)0.49 (35)
IM Flexible Portfolio (MF) Median 0.81 2.34 -4.31 2.64 3.71 -0.37
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
FYTD FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005
Total Fund Portfolio (Gross)4.49 (28)1.87 (6)12.50 (7)15.11 (12)18.93 (28)0.08 (55)8.61 (83)0.00 (72)-11.96 (32)11.67 (88)8.65 (46)14.35 (21)
Total Fund Policy 5.50 (4)0.43 (25)12.13 (10)14.70 (16)19.99 (14)2.54 (11)9.32 (68)-1.86 (86)-14.02 (62)13.39 (68)9.16 (36)9.23 (83)
All Public Plans-Total Fund Median 3.82 -0.54 10.21 12.55 17.92 0.29 9.98 1.62 -13.25 14.23 8.43 11.70
Total Fund Portfolio (Net)4.23 1.41 12.01 14.56 18.28 -0.37 8.14 -0.46 -12.30 10.96 7.92 13.82
Total Fund Policy 5.50 0.43 12.13 14.70 19.99 2.54 9.32 -1.86 -14.02 13.39 9.16 9.23
Total Equity 5.06 -0.20 15.44 22.06 25.54 -4.38 10.56 -1.59 N/A N/A N/A N/A
Total Equity Policy 6.65 -2.23 15.81 21.82 27.76 -0.89 9.91 -4.90 N/A N/A N/A N/A
Total Domestic Equity 5.60 (41)0.72 (20)17.57 (32)21.70 (62)26.53 (51)-2.59 (60)11.15 (31)-3.60 (38)-16.51 (9)14.18 (71)10.21 (32)21.50 (13)
Total Domestic Equity Policy 7.30 (19)-0.49 (31)17.76 (28)21.60 (63)30.20 (20)0.55 (28)10.96 (34)-6.42 (61)-21.52 (37)16.52 (52)10.22 (32)12.69 (72)
IM U.S. All Cap Core Equity (SA+CF+MF) Median 5.00 -1.79 15.93 23.20 26.62 -1.61 9.65 -5.47 -22.62 16.67 9.04 14.79
Total International Equity 2.26 (57)-5.28 (29)4.49 (52)24.24 (24)20.29 (19)-10.51 (43)8.14 (54)11.28 (30)-30.51 (46)24.22 (72)N/A N/A
Total International Equity Policy 3.03 (49)-11.78 (63)5.22 (43)22.69 (31)14.33 (68)-8.94 (31)3.71 (76)3.80 (56)-30.13 (42)N/A N/A N/A
MSCI EAFE Index 1.73 (64)-8.27 (47)4.70 (49)24.29 (24)14.33 (68)-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 2.88 -8.85 4.61 18.40 16.54 -11.38 8.94 5.19 -31.12 28.16 19.17 27.04
Total Fixed Income 2.34 1.30 5.04 0.12 8.82 3.39 9.20 15.33 0.03 5.24 3.64 1.77
Total Fixed Income Policy 2.85 1.57 2.66 -1.56 4.11 4.22 7.52 9.69 4.16 5.43 3.54 1.48
Total Domestic Fixed Income 2.39 (74)3.55 (10)4.65 (43)-0.24 (13)8.27 (14)N/A N/A N/A N/A N/A N/A N/A
Total Domestic Fixed Income Policy 2.12 (93)2.95 (58)3.34 (96)-0.80 (29)4.31 (98)4.22 (90)7.52 (96)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) Median 2.54 3.02 4.47 -1.27 6.59 5.25 9.20 12.28 2.55 5.15 3.86 3.10
Total Global Fixed Income 2.41 (59)-7.62 (90)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 Index 5.78 (5)-3.83 (52)-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 2.71 -3.75 3.53 -1.52 7.19 1.61 7.82 13.86 -1.53 7.30 2.53 5.11
Total Real Estate 6.38 (N/A)14.00 (71)13.05 (44)15.18 (38)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 6.02 (N/A)14.71 (66)12.39 (69)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 5.19 (N/A)13.48 (75)11.26 (89)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 N/A 15.93 12.78 13.22 12.90 16.62 6.39 -34.80 3.23 18.34 18.08 19.98
Total Other Assets N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
50% MSCI World/50% BC Agg 4.12 (21)-0.71 (17)8.39 (45)9.16 (42)13.82 (62)0.99 (32)8.26 (74)5.44 (40)-11.78 (21)13.22 (46)9.16 (33)11.00 (47)
IM Flexible Portfolio (MF) Median 2.34 -4.46 7.90 8.03 15.58 -0.43 9.69 3.87 -17.26 12.42 8.04 10.70
Comparative Performance
Total Fund
As of March 31, 2016
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, 2016
FYTD FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005
Total Domestic Equity
Vanguard Total Stock Index (VITSX)7.27 (19)-0.57 (32)17.78 (28)N/A N/A N/A N/A N/A N/A N/A N/A N/A
Vanguard Total Stock Market Index 7.25 (20)-0.55 (31)17.77 (28)21.50 (64)30.28 (18)0.71 (22)11.16 (29)-6.03 (57)-21.19 (31)16.98 (46)10.38 (29)14.70 (50)
IM U.S. Multi-Cap Core Equity (MF) Median 5.04 -1.85 15.89 22.99 26.59 -1.80 9.50 -5.42 -22.84 16.64 9.00 14.60
Dana (Large Cap)4.17 (83)-0.05 (51)20.65 (29)19.62 (63)31.58 (22)-0.89 (72)10.10 (41)-13.66 (97)-12.23 (7)15.43 (72)10.93 (46)18.87 (23)
Dana Custom Index 8.49 (21)-0.61 (62)19.73 (45)19.34 (65)30.20 (45)0.95 (53)8.90 (59)-10.62 (92)-21.56 (63)16.52 (59)10.22 (58)14.57 (57)
IM U.S. Large Cap Core Equity (SA+CF) Median 6.40 -0.02 19.25 20.70 29.69 1.15 9.45 -5.77 -20.35 16.98 10.76 15.13
Fiduciary Management, Inc.9.00 (9)1.78 (28)14.12 (68)N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 3000 Index 7.30 (18)-0.49 (45)17.76 (27)21.60 (79)30.20 (31)0.55 (59)10.96 (50)-6.42 (58)-21.52 (67)16.52 (63)10.22 (35)14.57 (77)
IM U.S. All Cap Core Equity (SA+CF) Median 4.48 -1.31 16.14 24.14 27.52 1.01 10.90 -5.83 -20.69 18.09 9.29 18.66
Dana (Small Cap)-1.67 (91)6.55 (21)11.03 (16)31.48 (55)39.20 (6)3.82 (13)15.86 (37)-13.06 (83)-21.93 (81)8.02 (89)5.23 (79)N/A
Russell 2000 Index 2.02 (68)1.25 (70)3.93 (78)30.06 (70)31.91 (52)-3.53 (77)13.35 (73)-9.55 (64)-14.48 (25)12.34 (71)9.92 (32)17.95 (82)
IM U.S. Small Cap Core Equity (SA+CF) Median 3.15 3.25 6.96 31.90 32.31 -0.59 14.62 -7.80 -17.46 14.73 8.18 21.87
Total International Equity
RBC International Portfolio 3.79 (28)-4.42 (22)10.00 (9)27.45 (18)24.65 (3)-8.87 (55)12.31 (10)7.72 (41)-29.87 (71)24.22 (48)N/A N/A
MSCI AC World ex USA 3.03 (42)-11.78 (81)5.22 (58)16.98 (84)15.04 (51)-10.42 (69)8.00 (38)6.43 (50)-29.97 (71)31.06 (14)19.36 (71)29.48 (29)
IM International Large Cap Value Equity (SA+CF) Median 2.66 -8.78 5.75 22.91 15.14 -8.56 5.04 6.28 -27.34 23.87 20.92 26.92
American Funds EuroPacific Gr R6 (RERGX)0.59 (65)N/A 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 3.03 (22)-11.78 (86)5.22 (30)16.98 (84)15.04 (51)-10.42 (37)8.00 (20)6.43 (23)-29.97 (34)31.06 (6)19.36 (27)29.48 (8)
IM International Multi-Cap Core Equity (MF) Median 1.18 -7.97 4.29 21.60 15.08 -11.12 4.88 1.75 -31.12 24.85 18.28 25.21
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, 2016
FYTD FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005
Total Domestic Fixed Income
Agincourt Capital Management 2.55 (48)2.96 (57)4.40 (52)-1.40 (59)6.96 (42)4.92 (68)9.55 (38)14.76 (17)N/A N/A N/A N/A
Barclays Aggregate Index 2.44 (67)2.94 (59)3.96 (80)-1.68 (80)5.16 (91)5.26 (49)8.16 (87)10.56 (82)3.65 (32)5.14 (52)3.67 (76)2.80 (82)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 2.54 3.02 4.47 -1.27 6.59 5.25 9.20 12.28 2.55 5.15 3.86 3.10
Garcia, Hamilton & Associates 2.22 (13)4.15 (3)4.88 (9)0.88 (9)9.51 (5)2.32 (91)8.87 (28)15.91 (7)N/A N/A N/A N/A
Barclays Intermediate Aggregate Index 1.79 (62)2.95 (30)2.74 (57)-0.71 (77)4.31 (83)4.22 (22)7.52 (77)9.69 (81)4.16 (35)5.33 (68)3.84 (61)2.23 (41)
IM U.S. Intermediate Duration (SA+CF) Median 1.88 2.70 2.87 -0.27 5.57 3.60 8.26 11.50 3.26 5.47 3.92 2.09
Total Global Fixed Income
Templeton Global Bond Adv (FBNRX)2.43 (58)-7.57 (90)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 Index 5.78 (5)-3.83 (52)-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 2.71 -3.75 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 5.74 (N/A)13.98 (71)12.49 (65)12.27 (72)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) 6.02 (N/A)14.71 (66)12.39 (69)12.47 (69)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 5.67 15.93 12.78 13.22 12.90 16.62 6.39 -34.80 3.23 18.34 18.08 19.98
Intercontinental Real Estate 7.01 (N/A)13.88 (72)13.98 (36)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) 6.02 (N/A)14.71 (66)12.39 (69)12.47 (69)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 5.67 15.93 12.78 13.22 12.90 16.62 6.39 -34.80 3.23 18.34 18.08 19.98
Total Other Assets
BlackRock Multi-Asset Income Fund (BIICX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
50% MSCI World/50% BC Agg 4.12 (21)-0.71 (17)8.39 (45)9.16 (42)13.82 (62)0.99 (32)8.26 (74)5.44 (40)-11.78 (21)13.22 (46)9.16 (33)11.00 (47)
IM Flexible Portfolio (MF) Median 2.34 -4.46 7.90 8.03 15.58 -0.43 9.69 3.87 -17.26 12.42 8.04 10.70
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.
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Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund
Comparative Performance
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
R
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QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund 0.98 (43)4.49 (28)-0.28 (16)4.60 (7)8.35 (1)8.98 (3)7.86 (7)
Total Policy 1.67 (10)5.50 (4)0.97 (3)4.78 (3)8.11 (3)8.81 (3)8.41 (2)
Median 0.80 3.82 -1.69 3.00 6.27 7.14 6.50
-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-2014
To
Sep-2015
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
Total Fund 1.87 (6)12.50 (7)15.11 (12)18.93 (28)0.08 (55)8.61 (83)
Total Policy 0.43 (25)12.13 (10)14.70 (16)19.99 (14)2.54 (11)9.32 (68)
Median -0.54 10.21 12.55 17.92 0.29 9.98
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Total Fund 3.48 (20)-4.62 (34)0.06 (39)3.15 (9)3.48 (8)-1.05 (47)
Total Policy 3.77 (11)-4.52 (28)0.23 (30)1.86 (90)3.03 (19)-0.34 (13)
All Public Plans-Total Fund Median 2.86 -5.04 -0.10 2.43 2.26 -1.14
As of March 31, 2016
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
0.0
5.0
10.0
15.0
20.0
25.0
T o
t a l
F
u
n
d
(%
)
0.0 5.0 10.0 15.0 20.0 25.0
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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund 20 11 (55%)3 (15%)3 (15%)3 (15%)
Total Policy 20 18 (90%)0 (0%)1 (5%)1 (5%)
5.44
6.12
6.80
7.48
8.16
8.84
R
e
t u
r
n
(%
)
5.28 5.36 5.44 5.52 5.60 5.68 5.76 5.84 5.92
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 8.35 5.80
Total Policy 8.11 5.41
Median 6.27 5.71¾
5.67
6.30
6.93
7.56
8.19
8.82
R
e
t u
r
n
(%
)
7.8 8.0 8.2 8.4 8.6 8.8 9.0 9.2
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund 7.86 9.01
Total Policy 8.41 8.21
Median 6.50 8.52¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.10 105.35 116.83 -0.18 0.22 1.41 1.05 2.74
Total Policy 0.00 100.00 100.00 0.00 N/A 1.47 1.00 2.62
90 Day U.S. Treasury Bill 5.42 0.46 -0.62 0.07 -1.47 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund 1.49 101.98 121.04 -1.17 -0.30 0.89 1.09 5.57
Total Policy 0.00 100.00 100.00 0.00 N/A 1.03 1.00 4.74
90 Day U.S. Treasury Bill 8.22 0.41 -0.35 0.07 -1.03 N/A 0.00 0.00
As of March 31, 2016
Performance Review
Total Fund
NONE
29
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-20.00
-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
VG TSMI 0.95 (38)7.27 (19)-0.47 (18)5.75 (16)11.12 (23)N/A N/A
VG TSM Index 0.95 (38)7.25 (20)-0.45 (18)5.75 (16)11.12 (23)11.94 (23)11.01 (17)
Median 0.34 5.04 -3.48 3.12 9.70 10.68 9.36
-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-2014
To
Sep-2015
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
VG TSMI -0.57 (32)17.78 (28)N/A N/A N/A N/A
VG TSM Index -0.55 (31)17.77 (28)21.50 (64)30.28 (18)0.71 (22)11.16 (29)
Median -1.85 15.89 22.99 26.59 -1.80 9.50
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
VG TSMI 6.26 (15)-7.26 (35)0.06 (42)1.84 (56)5.22 (37)-0.01 (32)
VG TSM Index 6.25 (15)-7.26 (35)0.08 (40)1.81 (57)5.24 (35)-0.02 (33)
IM U.S. Multi-Cap Core Equity (MF) Median 4.86 -8.11 -0.13 2.14 4.56 -0.73
Performance Review (Fiscal Years)
As of March 31, 2016
VG TSMI
NONE
30
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
No data found.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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG TSMI 1 1 (100%)0 (0%)0 (0%)0 (0%)
VG TSM Index 20 8 (40%)12 (60%)0 (0%)0 (0%)
9.40
9.87
10.34
10.81
11.28
11.75
R
e
t u
r
n
(%
)
11.25 11.34 11.43 11.52 11.61 11.70 11.79
Risk (Standard Deviation %)
Return Standard
Deviation
VG TSMI 11.12 11.37
VG TSM Index 11.12 11.37
Median 9.70 11.73¾
8.64
9.18
9.72
10.26
10.80
11.34
R
e
t u
r
n
(%
)
12.40 12.60 12.80 13.00 13.20
Risk (Standard Deviation %)
Return Standard
Deviation
VG TSMI N/A N/A
VG TSM Index 11.01 12.56
Median 9.36 13.11¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG TSMI 0.04 99.96 99.89 0.00 0.08 0.98 1.00 6.32
VG TSM Index 0.00 100.00 100.00 0.00 N/A 0.98 1.00 6.31
90 Day U.S. Treasury Bill 11.37 0.08 -0.32 0.06 -0.98 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG TSMI N/A N/A N/A N/A N/A N/A N/A N/A
VG TSM Index 0.00 100.00 100.00 0.00 N/A 0.89 1.00 7.31
90 Day U.S. Treasury Bill 12.56 0.13 -0.25 0.06 -0.89 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
VG TSMI
NONE
31
Peer Group Analysis - IM U.S. Large Cap Core 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
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Dana LC -0.64 (71)4.17 (83)-4.37 (87)4.75 (73)10.84 (66)11.52 (62)10.72 (64)
Dana Index 1.35 (32)8.49 (21)1.78 (25)7.12 (34)11.82 (45)12.35 (40)11.58 (44)
Median 0.64 6.40 -0.22 6.20 11.66 11.95 11.33
-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-2014
To
Sep-2015
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
Dana LC -0.05 (51)20.65 (29)19.62 (63)31.58 (22)-0.89 (72)10.10 (41)
Dana Index -0.61 (62)19.73 (45)19.34 (65)30.20 (45)0.95 (53)8.90 (59)
Median -0.02 19.25 20.70 29.69 1.15 9.45
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Dana LC 4.83 (78)-7.35 (67)-0.91 (82)2.93 (29)5.78 (29)-0.15 (78)
Dana Index 7.04 (25)-6.44 (44)0.28 (49)0.95 (74)4.93 (53)1.13 (44)
IM U.S. Large Cap Core Equity (SA+CF) Median 5.94 -6.65 0.26 1.83 5.02 0.92
Performance Review (Fiscal Years)
As of March 31, 2016
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
-10.0
0.0
10.0
20.0
30.0
D
a n
a
L
C
(%
)
-10.0 0.0 10.0 20.0 30.0
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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana LC 20 0 (0%)10 (50%)7 (35%)3 (15%)
Dana Index 20 0 (0%)6 (30%)11 (55%)3 (15%)
10.56
10.89
11.22
11.55
11.88
12.21
R
e
t u
r
n
(%
)
7.80 8.00 8.20 8.40 8.60 8.80 9.00
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 10.84 8.75
Dana Index 11.82 8.06
Median 11.66 8.45¾
10.50
10.80
11.10
11.40
11.70
12.00
R
e
t u
r
n
(%
)
12.00 12.30 12.60 12.90 13.20 13.50 13.80 14.10
Risk (Standard Deviation %)
Return Standard
Deviation
Dana LC 10.72 13.67
Dana Index 11.58 12.42
Median 11.33 13.01¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.91 95.44 98.43 -0.66 -0.30 0.96 0.98 6.68
Dana Index 0.00 100.00 100.00 0.00 N/A 1.05 1.00 6.08
90 Day U.S. Treasury Bill 11.20 0.09 -0.32 0.06 -1.05 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana LC 2.59 97.73 101.65 -0.86 -0.28 0.87 1.01 7.54
Dana Index 0.00 100.00 100.00 0.00 N/A 0.96 1.00 6.90
90 Day U.S. Treasury Bill 12.12 0.13 -0.26 0.06 -0.96 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
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
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Fiduciary 4.44 (4)9.00 (9)0.99 (15)7.07 (15)N/A N/A N/A
R3000 0.97 (35)7.30 (18)-0.34 (25)5.82 (25)11.15 (33)11.99 (44)11.01 (37)
Median -0.11 4.48 -3.49 3.23 9.78 11.21 9.97
-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-2014
To
Sep-2015
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
Fiduciary 1.78 (28)14.12 (68)N/A N/A N/A N/A
R3000 -0.49 (45)17.76 (27)21.60 (79)30.20 (31)0.55 (59)10.96 (50)
Median -1.31 16.14 24.14 27.52 1.01 10.90
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Fiduciary 4.37 (62)-6.68 (31)-0.72 (75)3.03 (42)6.62 (12)-2.32 (74)
R3000 6.27 (21)-7.25 (44)0.14 (49)1.80 (78)5.24 (38)0.01 (32)
IM U.S. All Cap Core Equity (SA+CF) Median 5.10 -7.57 0.12 2.87 4.76 -1.20
Performance Review (Fiscal Years)
As of March 31, 2016
Fiduciary
NONE
35
Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF)
Comparative Performance
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Dana SC -4.18 (94)-1.67 (91)-10.10 (84)1.57 (50)9.86 (43)12.09 (33)11.43 (12)
R2000 -1.52 (71)2.02 (68)-9.76 (81)-1.18 (87)6.84 (89)9.13 (82)7.20 (81)
Median -0.22 3.15 -6.80 1.47 9.20 11.18 9.48
-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-2014
To
Sep-2015
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
Dana SC 6.55 (21)11.03 (16)31.48 (55)39.20 (6)3.82 (13)15.86 (37)
R2000 1.25 (70)3.93 (78)30.06 (70)31.91 (52)-3.53 (77)13.35 (73)
Median 3.25 6.96 31.90 32.31 -0.59 14.62
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Dana SC 2.61 (71)-9.79 (51)1.34 (23)8.81 (3)7.11 (70)-4.73 (21)
R2000 3.59 (41)-11.92 (85)0.42 (50)4.32 (67)9.73 (29)-7.36 (88)
IM U.S. Small Cap Core Equity (SA+CF) Median 3.31 -9.71 0.40 5.01 8.72 -5.75
Performance Review (Fiscal Years)
As of March 31, 2016
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 Earliest Date Latest Date
-15.0
0.0
15.0
30.0
45.0
D
a n
a
S
C
(%
)
-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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dana SC 20 15 (75%)2 (10%)3 (15%)0 (0%)
R2000 20 0 (0%)0 (0%)8 (40%)12 (60%)
6.00
8.00
10.00
12.00
R
e
t u
r
n
(%
)
11.73 11.90 12.07 12.24 12.41 12.58 12.75
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 9.86 12.16
R2000 6.84 12.62
Median 9.20 11.87¾
6.00
8.00
10.00
12.00
14.00
R
e
t u
r
n
(%
)
17.16 17.22 17.28 17.34 17.40 17.46 17.52
Risk (Standard Deviation %)
Return Standard
Deviation
Dana SC 11.43 17.42
R2000 7.20 17.32
Median 9.48 17.18¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 3.87 98.25 83.16 3.47 0.69 0.74 0.90 8.64
R2000 0.00 100.00 100.00 0.00 N/A 0.51 1.00 9.85
90 Day U.S. Treasury Bill 15.12 0.05 -0.22 0.06 -0.51 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dana SC 4.30 101.32 81.86 4.39 0.89 0.75 0.94 9.64
R2000 0.00 100.00 100.00 0.00 N/A 0.50 1.00 10.65
90 Day U.S. Treasury Bill 16.54 0.09 -0.18 0.06 -0.50 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
Dana SC
NONE
37
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC -0.71 (35)3.79 (28)-5.19 (33)-3.15 (39)6.15 (11)9.81 (5)6.57 (10)
MSCI ACW -0.26 (29)3.03 (42)-8.78 (69)-4.77 (59)0.76 (86)2.73 (84)0.76 (86)
Median -1.99 2.66 -7.09 -3.74 2.99 5.06 2.98
-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-2014
To
Sep-2015
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
RBC -4.42 (22)10.00 (9)27.45 (18)24.65 (3)-8.87 (55)12.31 (10)
MSCI ACW -11.78 (81)5.22 (58)16.98 (84)15.04 (51)-10.42 (69)8.00 (38)
Median -8.78 5.75 22.91 15.14 -8.56 5.04
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
RBC 4.54 (38)-10.24 (45)1.77 (43)6.12 (15)-1.40 (15)-7.82 (92)
MSCI ACW 3.30 (59)-12.10 (77)0.72 (69)3.59 (71)-3.81 (49)-5.19 (37)
IM International Large Cap Value Equity (SA+CF) Median 3.96 -10.77 1.35 4.52 -3.85 -5.67
Performance Review (Fiscal Years)
As of March 31, 2016
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
-8.0
0.0
8.0
16.0
24.0
32.0
R
B
C
(%
)
-8.0 0.0 8.0 16.0 24.0 32.0
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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC 20 16 (80%)3 (15%)1 (5%)0 (0%)
MSCI ACW 20 0 (0%)3 (15%)5 (25%)12 (60%)
-2.00
0.00
2.00
4.00
6.00
8.00
R
e
t u
r
n
(%
)
11.00 11.20 11.40 11.60 11.80 12.00 12.20
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 6.15 12.05
MSCI ACW 0.76 11.16
Median 2.99 11.44¾
-2.00
0.00
2.00
4.00
6.00
8.00
R
e
t u
r
n
(%
)
14.00 14.56 15.12 15.68 16.24 16.80 17.36 17.92
Risk (Standard Deviation %)
Return Standard
Deviation
RBC 6.57 16.99
MSCI ACW 0.76 14.57
Median 2.98 14.76¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.34 107.80 78.85 5.48 0.98 0.50 0.93 8.02
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.12 1.00 8.76
90 Day U.S. Treasury Bill 13.41 0.13 -0.17 0.05 -0.12 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC 5.14 115.84 88.62 5.89 1.11 0.47 0.99 10.58
MSCI ACW 0.00 100.00 100.00 0.00 N/A 0.12 1.00 10.92
90 Day U.S. Treasury Bill 15.54 0.15 -0.13 0.06 -0.12 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
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
-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
EuroPacific -2.32 (53)0.59 (65)-8.26 (50)N/A N/A N/A N/A
MSCI ACW -0.26 (27)3.03 (22)-8.78 (61)-4.77 (54)0.76 (77)2.73 (80)0.76 (83)
Median -2.14 1.18 -8.28 -4.67 2.08 4.13 1.91
-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-2014
To
Sep-2015
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
EuroPacific N/A N/A N/A N/A N/A N/A
MSCI ACW -11.78 (86)5.22 (30)16.98 (84)15.04 (51)-10.42 (37)8.00 (20)
Median -7.97 4.29 21.60 15.08 -11.12 4.88
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
EuroPacific 2.97 (72)-9.81 (47)1.12 (48)N/A N/A N/A
MSCI ACW 3.30 (63)-12.10 (87)0.72 (65)3.59 (82)-3.81 (50)-5.19 (24)
IM International Multi-Cap Core Equity (MF) Median 3.55 -9.95 1.05 4.78 -3.81 -5.66
Performance Review (Fiscal Years)
As of March 31, 2016
EuroPacific Growth
NONE
41
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Comparative Performance
0.34
0.92
1.50
2.08
2.66
3.24
3.82
4.40
4.98
5.56
6.14
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Agincourt 3.21 (19)2.55 (48)2.06 (53)3.96 (54)2.73 (43)3.18 (52)4.16 (48)
BC Agg 3.03 (56)2.44 (67)1.96 (61)3.82 (67)2.50 (76)2.82 (90)3.78 (87)
Median 3.05 2.54 2.07 3.98 2.70 3.22 4.13
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
R
e
t u
r
n
Oct-2014
To
Sep-2015
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
Agincourt 2.96 (57)4.40 (52)-1.40 (59)6.96 (42)4.92 (68)9.55 (38)
BC Agg 2.94 (59)3.96 (80)-1.68 (80)5.16 (91)5.26 (49)8.16 (87)
Median 3.02 4.47 -1.27 6.59 5.25 9.20
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Agincourt -0.64 (86)1.25 (37)-1.71 (75)1.80 (35)1.63 (64)0.16 (66)
BC Agg -0.57 (72)1.23 (41)-1.68 (72)1.61 (74)1.79 (39)0.17 (66)
IM U.S. Broad Market Core Fixed Income (SA+CF) Median -0.45 1.15 -1.60 1.74 1.74 0.21
Performance Review (Fiscal Years)
As of March 31, 2016
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
-5.0
0.0
5.0
10.0
15.0
A g
i
n
c
o
u
r
t
(%
)
-5.0 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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Agincourt 19 0 (0%)6 (32%)13 (68%)0 (0%)
BC Agg 20 0 (0%)0 (0%)0 (0%)20 (100%)
2.40
2.48
2.56
2.64
2.72
2.80
R
e
t u
r
n
(%
)
3.03 3.06 3.09 3.12 3.15 3.18 3.21 3.24
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 2.73 3.19
BC Agg 2.50 3.07
Median 2.70 3.13¾
3.60
3.80
4.00
4.20
4.40
R
e
t u
r
n
(%
)
2.89 2.90 2.91 2.92 2.93 2.94 2.95
Risk (Standard Deviation %)
Return Standard
Deviation
Agincourt 4.16 2.90
BC Agg 3.78 2.94
Median 4.13 2.90¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.42 103.81 99.70 0.19 0.53 0.89 1.01 1.76
BC Agg 0.00 100.00 100.00 0.00 N/A 0.83 1.00 1.76
90 Day U.S. Treasury Bill 2.96 0.63 -0.63 0.05 -0.83 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Agincourt 0.62 106.10 99.58 0.39 0.60 1.45 1.00 1.44
BC Agg 0.00 100.00 100.00 0.00 N/A 1.35 1.00 1.43
90 Day U.S. Treasury Bill 2.74 0.70 -0.81 0.06 -1.35 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
Agincourt
NONE
43
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-0.24
0.34
0.92
1.50
2.08
2.66
3.24
3.82
4.40
4.98
5.56
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
GHA 3.02 (2)2.22 (13)2.92 (6)4.19 (4)3.47 (3)4.16 (3)4.62 (4)
BC Int Agg 2.31 (58)1.79 (62)2.20 (47)3.21 (29)2.14 (42)2.36 (68)3.11 (66)
Median 2.34 1.88 2.14 2.98 2.05 2.50 3.27
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
R
e
t u
r
n
Oct-2014
To
Sep-2015
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
GHA 4.15 (3)4.88 (9)0.88 (9)9.51 (5)2.32 (91)8.87 (28)
BC Int Agg 2.95 (30)2.74 (57)-0.71 (77)4.31 (83)4.22 (22)7.52 (77)
Median 2.70 2.87 -0.27 5.57 3.60 8.26
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
GHA -0.77 (94)1.74 (1)-1.04 (95)1.79 (11)1.62 (3)0.25 (11)
Barclays Int Agg -0.51 (64)1.08 (31)-0.67 (61)1.32 (79)1.20 (17)0.03 (39)
IM U.S. Intermediate Duration (SA+CF) Median -0.43 0.93 -0.61 1.47 0.93 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
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
e t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
GHA 20 19 (95%)1 (5%)0 (0%)0 (0%)
BC Int Agg 20 0 (0%)2 (10%)10 (50%)8 (40%)
1.44
1.92
2.40
2.88
3.36
3.84
R
e
t u
r
n
(%
)
2.10 2.20 2.30 2.40 2.50 2.60 2.70 2.80
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 3.47 2.69
BC Int Agg 2.14 2.22
Median 2.05 2.21¾
2.65
3.18
3.71
4.24
4.77
5.30
R
e
t u
r
n
(%
)
1.80 2.00 2.20 2.40 2.60 2.80
Risk (Standard Deviation %)
Return Standard
Deviation
GHA 4.62 2.61
BC Int Agg 3.11 2.06
Median 3.27 2.05¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 1.03 128.88 96.81 1.07 1.28 1.29 1.12 1.25
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 0.95 1.00 1.23
90 Day U.S. Treasury Bill 2.18 0.96 -0.61 0.05 -0.95 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
GHA 1.94 142.67 130.91 1.18 0.76 1.53 1.10 1.45
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 1.51 1.00 0.98
90 Day U.S. Treasury Bill 2.01 1.00 -1.01 0.06 -1.51 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
GHA
NONE
45
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Templeton GB 0.13 (94)2.43 (87)-4.02 (92)-1.34 (42)-0.29 (37)2.15 (18)N/A
Citi WGB 7.09 (42)5.78 (45)5.92 (5)0.05 (30)0.49 (24)0.20 (58)1.16 (48)
Median 5.99 5.22 1.80 -1.55 -0.73 0.56 1.09
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
R
e
t u
r
n
Oct-2014
To
Sep-2015
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
Templeton GB -7.57 (46)6.54 (12)3.44 (11)13.25 (6)N/A N/A
Citi WGB -3.83 (25)-0.07 (79)-4.60 (62)3.29 (90)4.61 (6)4.99 (65)
Median -7.81 2.71 -3.38 6.51 1.70 6.79
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Templeton GB 2.30 (8)-6.08 (88)-0.24 (16)0.26 (26)-1.60 (47)0.11 (20)
Citi WGB -1.23 (70)1.71 (4)-1.55 (42)-2.51 (62)-1.49 (45)-3.78 (57)
IM International Fixed Income (MF) Median -0.75 -1.38 -1.76 -1.40 -1.68 -2.90
Performance Review (Fiscal Years)
As of March 31, 2016
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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Templeton GB 7 6 (86%)1 (14%)0 (0%)0 (0%)
Citi WGB 20 1 (5%)1 (5%)14 (70%)4 (20%)
-0.80
-0.40
0.00
0.40
0.80
R
e
t u
r
n
(%
)
4.64 4.93 5.22 5.51 5.80 6.09 6.38 6.67
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB -0.29 6.39
Citi WGB 0.49 4.96
Median -0.73 6.22¾
1.05
1.08
1.11
1.14
1.17
1.20
R
e
t u
r
n
(%
)
4.34 4.65 4.96 5.27 5.58 5.89 6.20 6.51 6.82
Risk (Standard Deviation %)
Return Standard
Deviation
Templeton GB N/A N/A
Citi WGB 1.16 4.79
Median 1.09 6.41¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Templeton GB 7.52 5.79 7.69 -0.20 -0.09 -0.02 0.18 4.53
Citi WGB 0.00 100.00 100.00 0.00 N/A 0.11 1.00 3.63
90 Day U.S. Treasury Bill 4.94 0.72 -0.04 0.05 -0.11 N/A 0.00 0.02
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 0.25 1.00 3.24
90 Day U.S. Treasury Bill 4.77 0.60 -0.26 0.06 -0.25 N/A 0.00 0.01
Performance Review (Fiscal Years)
As of March 31, 2016
Templeton GB
NONE
47
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American 2.63 (N/A)5.74 (N/A)13.35 (N/A)13.16 (N/A)13.16 (N/A)12.54 (N/A)12.72 (N/A)
NCREIF ODCE 2.21 (N/A)5.62 (N/A)13.70 (N/A)13.57 (N/A)13.64 (N/A)12.92 (N/A)13.26 (N/A)
Median N/A N/A N/A N/A N/A N/A N/A
-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-2014
To
Sep-2015
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
American 13.98 (71)12.49 (65)12.27 (72)11.57 (67)16.11 (73)2.72 (77)
NCREIF ODCE 14.92 (64)12.40 (69)13.04 (55)11.61 (67)18.27 (40)6.97 (43)
Median 15.93 12.78 13.22 12.90 16.62 6.39
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
American 3.03 (79)3.33 (69)3.75 (50)4.46 (24)1.80 (94)3.36 (50)
NCREIF ODCE 3.34 (65)3.68 (44)3.82 (46)3.39 (59)3.26 (55)3.24 (57)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.72 3.48 3.74 3.56 3.50 3.35
Performance Review (Fiscal Years)
As of March 31, 2016
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
A m
e
r
i
c
a n
(%
)
-20.0 -10.0 0.0 10.0 20.0
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
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American 19 0 (0%)0 (0%)9 (47%)10 (53%)
NCREIF ODCE 19 0 (0%)6 (32%)12 (63%)1 (5%)
13.00
13.20
13.40
13.60
13.80
R
e
t u
r
n
(%
)
0.84 0.91 0.98 1.05 1.12 1.19 1.26 1.33
Risk (Standard Deviation %)
Return Standard
Deviation
American 13.16 1.26
NCREIF ODCE 13.64 0.95
Median N/A N/A¾
12.60
12.80
13.00
13.20
13.40
R
e
t u
r
n
(%
)
1.13 1.14 1.15 1.16
Risk (Standard Deviation %)
Return Standard
Deviation
American 12.72 1.14
NCREIF ODCE 13.26 1.15
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.24 96.68 N/A 5.84 -0.35 9.88 0.53 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.33 1.00 0.00
90 Day U.S. Treasury Bill 0.97 0.42 N/A 0.29 -13.33 N/A -0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American 1.04 96.08 N/A 4.82 -0.48 10.55 0.59 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 10.87 1.00 0.00
90 Day U.S. Treasury Bill 1.16 0.47 N/A 0.15 -10.87 N/A -0.01 0.00
Performance Review (Fiscal Years)
As of March 31, 2016
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
R
e
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental 1.10 (N/A)7.01 (N/A)14.68 (N/A)13.77 (N/A)14.53 (N/A)14.72 (N/A)14.67 (N/A)
NCREIF ODCE 2.21 (N/A)5.62 (N/A)13.70 (N/A)13.57 (N/A)13.64 (N/A)12.92 (N/A)13.26 (N/A)
Median N/A N/A N/A N/A N/A N/A N/A
-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-2014
To
Sep-2015
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
Intercontinental 13.88 (72)13.98 (36)18.19 (10)13.33 (43)15.80 (77)N/A
NCREIF ODCE 14.92 (64)12.40 (69)13.04 (55)11.61 (67)18.27 (40)6.97 (43)
Median 15.93 12.78 13.22 12.90 16.62 6.39
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
Intercontinental 5.85 (5)3.67 (45)3.37 (66)1.18 (100)5.03 (14)3.76 (28)
NCREIF ODCE 3.34 (65)3.68 (44)3.82 (46)3.39 (59)3.26 (55)3.24 (57)
IM U.S. Open End Private Real Estate (SA+CF) Median 3.72 3.48 3.74 3.56 3.50 3.35
Performance Review (Fiscal Years)
As of March 31, 2016
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
e
n
t a
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
e t u
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n
P e
r
c
e
n
t i
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e
R
a
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k
6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 10 1 (10%)9 (90%)0 (0%)0 (0%)
NCREIF ODCE 19 0 (0%)6 (32%)12 (63%)1 (5%)
13.20
13.50
13.80
14.10
14.40
14.70
R
e
t u
r
n
(%
)
0.50 1.00 1.50 2.00 2.50 3.00 3.50
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 14.53 3.03
NCREIF ODCE 13.64 0.95
Median N/A N/A¾
12.74
13.23
13.72
14.21
14.70
15.19
R
e
t u
r
n
(%
)
0.80 1.20 1.60 2.00 2.40 2.80 3.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 14.67 2.77
NCREIF ODCE 13.26 1.15
Median N/A N/A¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.68 106.53 N/A -6.94 0.32 4.52 1.61 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 13.33 1.00 0.00
90 Day U.S. Treasury Bill 0.97 0.42 N/A 0.29 -13.33 N/A -0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.80 110.35 N/A 8.77 0.47 5.00 0.43 0.00
NCREIF ODCE 0.00 100.00 N/A 0.00 N/A 10.87 1.00 0.00
90 Day U.S. Treasury Bill 1.16 0.47 N/A 0.15 -10.87 N/A -0.01 0.00
Performance Review (Fiscal Years)
As of March 31, 2016
Intercontinental
NONE
51
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i
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a
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L
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f
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B
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a
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52
Peer Group Analysis - IM Flexible Portfolio (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
t u
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
BlackRock MAI 0.59 (57)N/A N/A N/A N/A N/A N/A
50% MSCI World/50% BC Agg 1.52 (41)4.12 (21)-0.22 (13)2.97 (13)5.11 (16)5.90 (26)5.69 (24)
Median 0.81 2.34 -4.31 -0.36 2.64 4.05 3.71
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
R
e
t u
r
n
Oct-2014
To
Sep-2015
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
BlackRock MAI N/A N/A N/A N/A N/A N/A
50% MSCI World/50% BC Agg -0.71 (17)8.39 (45)9.16 (42)13.82 (62)0.99 (32)8.26 (74)
Median -4.46 7.90 8.03 15.58 -0.43 9.69
1 Qtr
Ending
Dec-2015
1 Qtr
Ending
Sep-2015
1 Qtr
Ending
Jun-2015
1 Qtr
Ending
Mar-2015
1 Qtr
Ending
Dec-2014
1 Qtr
Ending
Sep-2014
BlackRock MAI N/A N/A N/A N/A N/A N/A
50% MSCI World/50% BC Agg 2.56 (25)-3.59 (24)-0.59 (39)2.11 (44)1.46 (30)-0.94 (27)
IM Flexible Portfolio (MF) Median 1.07 -5.69 -0.93 1.87 0.23 -1.90
Performance Review (Fiscal Years)
As of March 31, 2016
BlackRock MAI
NONE
53
Total Fund Compliance:Yes No N/A
Equity Compliance:Yes No N/A
Fixed Income Compliance:Yes No N/A
54
Yes No N/A
Manager Compliance:
Yes No N/A Yes No N/A Yes No N/A Yes No N/A
55
Pa
g
e
I
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t
i
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a
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L
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B
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56
Estimated
Annual Fee
(%)*
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Index (VITSX)0.04 11,023,288 4,409 0.04 % of Assets
Dana (Large Cap)0.63 15,324,191 96,445 0.75 % of First $3 M
0.60 % Thereafter
Fiduciary Management, Inc.0.75 8,430,073 63,226 0.75 % of First $25 M
0.65 % of Next $25 M
0.60 % of Next $50 M
0.55 % Thereafter
Dana (Small Cap)0.73 3,465,775 25,295 0.75 % of First $3 M
0.60 % Thereafter
Total Domestic Equity 0.50 38,243,327 189,375
RBC International Portfolio 0.88 4,195,770 36,923 0.88 % of Assets
American Funds EuroPacific Gr R6 (RERGX)0.49 3,439,755 16,855 0.49 % of Assets
Total International Equity 0.70 7,635,526 53,778
Agincourt Capital Management 0.25 7,558,283 18,896 0.25 % of First $25 M
0.20 % of Next $75 M
0.15 % of Next $100 M
0.10 % Thereafter
Garcia, Hamilton & Associates 0.25 7,527,987 18,820 0.25 % of Assets
Total Domestic Fixed Income 0.25 15,086,270 37,716
Templeton Global Bond Adv (FBNRX)0.52 3,980,192 20,697 0.52 % of Assets
Total Global Fixed Income 0.52 3,980,192 20,697
American Core Realty Fund 1.10 4,250,659 46,757 1.10 % of Assets
Intercontinental Real Estate 1.10 4,237,439 46,612 1.10 % of Assets
Total Real Estate 1.10 8,488,098 93,369
BlackRock Multi-Asset Income Fund (BIICX)0.55 3,889,657 21,393 0.55 % of Assets
Total Other Assets 0.55 3,889,657 21,393
Total Cash**199,331
Total Fund 0.54 77,522,400 416,327
Palm Beach Gardens Firefighters' Pension Fund Pension Trust Fund
Fee Analysis
As of March 31, 2016
*Excludes incentive fees.
**Manager fees associated with money market or cash accounts are not tracked.
Mutual fund related expenses updated on an annual basis.
57
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58
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 Index 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 Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
Citigroup 3 Month T-Bill Index 0.00
Dec-2015
Russell 3000 Index 50.00
MSCI AC World ex USA 10.00
Barclays Aggregate Index 10.00
Barclays Intermediate Aggregate Index 10.00
Citigroup World Government Bond Index 5.00
NCREIF Fund Index-Open End Diversified Core (EW)10.00
50% MSCI World/50% BC Agg 5.00
Citigroup 3 Month T-Bill Index 0.00
Benchmark History
Investment Policy Benchmarks
As of March 31, 2016
59
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, 2016
Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager.
60
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, 2016
Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager.
61
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62
Disclosures
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63
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
MEETING OF MAY 4, 2016
RATIFICATION OF BENEFIT PAYMENTS
APPLICATION FOR DISTRIBUTION OF SHARE ACCOUNT
CATHERINE MAUSER Date of Retirement: 1/31/2016
Date of Birth: 07/19
Type of Distribution: cash
Total Gross Distribution: $15,000.00
Tax Withholding (20%): $ 3,000.00
Total Net Distribution: $12,000.00
Type of Distribution: rollover (remaining balance)
Total Gross Distribution: $52,474.87
Tax Withholding (0%): $ 0.00
Total Net Distribution: $52,474.87
Action: ______________________________
Chairman________________________________
Secretary________________________________
Date_____5/4/2016_____________________
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