HomeMy WebLinkAboutAgenda Police Pension 092216 Agenda
City of Palm Beach Gardens Police Officers’
Pension Fund
MEETING OF SEPTEMBER 22, 2016
LOCATION: City Council Chambers’
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 9 AM
1. Call Meeting To Order
2. Roll Call:
• Jay Spencer, Chairman
• Marc Glass, Trustee
• Greg Mull, Trustee
• Brad Seidensticker, Trustee
3. Trustee Update
4. Salem Trust Company – Brad Rinsem & Karen Russo
• Prime Money Market Account Changes
5. Investment Consultant Report – The Bogdahn Group (John McCann)
6. Investment Manager Report – Highland Capital (Steve Stack)
7. Attorney Report – KKJ&L (Bonni Jensen)
• Chapter 185 State Money Update / CBA
8. Administrator Report – Resource Centers (Audrey Ross)
• 9/30/2016 Audit Engagement Letter
• 2016/2017 Administrative Budget
• 2017 Meeting Dates
• Ratification of Commercial General Liability Insurance Renewal (6/30/16-
6/30/17)
9. Approval of Minutes
• June 1, 2016 Regular Meeting
10. Disbursements
11. Benefit Approvals
12. Financial Statements
13. Other Business
• 9/30/2015 Chapter 112.664, F.S. Compliance Report
14. Public Comments
15. Adjourn
Next Meeting Date:
Scheduled for Thursday December 1, 2016 @ 9AM.
PLEASE NOTE:
Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he
will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which
record includes the testimony and evidence upon which the appeal is to be based.
In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting
should contact the The Pension Resource Center, LLC no later than four days prior to the meeting.
CITY OF PALM BEACH GARDENS POLICE OFFICERS’ PENSION FUND
Chapter 112.664, F.S. Compliance Report
In Connection with the October 1, 2015 Funding Actuarial Valuation Report
And the Plan’s Financial Reporting for the Year Ending September 30, 2015
TABLE OF CONTENTS
Title Page
Ch. 112.664, F.S. Results
Schedule of Changes in Net Pension Liability
1. Using financial reporting assumptions per GASB Statement No. 67 1
2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 2
3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 3
4. Using the mandated mortality and funding interest rate +2% 4
Assets Versus Benefit Payments Projections
1. Using funding assumptions 5
2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 6
3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 7
4. Using the mandated mortality and funding interest rate +2% 8
Actuarially Determined Contribution 9
CH. 112.664, Florida Statutes
RESULTS
1
Schedule of Changes in the Employers' Net Pension Liability
Using Financial Reporting Assumptions per GASB Statement No. 67
Fiscal year ending September 30,2015
1. Total pension liability
a. Service Cost 1,206,826$
b. Interest 6,504,741
c. Benefit Changes -
d. Difference between actual & expected experience & Other (82,607)
e. Assumption Changes 875,147
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Net Change in Total Pension Liability 5,206,602
i. Total Pension Liability - Beginning 90,998,913
j. Total Pension Liability - Ending 96,205,515$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 3,007,780$
b. Contributions - Employer (From State) 524,479
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 422,145
e. Net Investment Income 925,754
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Administrative Expense (116,088)
i. Other -
j. Net Change in Plan Fiduciary Net Position 1,466,565
k. Plan Fiduciary Net Position - Beginning 72,626,331
l. Plan Fiduciary Net Position - Ending 74,092,896$
3. Net Pension Liability / (Asset)22,112,619
Certain Key Assumptions
Valuation Date 10/01/2014
Measurement Date 09/30/2015
Investment Return Assumption 7.10%
Mortality Table RP-2000 fully generational
using Scale AA
2
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions required under 112.664(1)(a), F.S.
Fiscal year ending September 30,2015
1. Total pension liability
a. Service Cost 1,206,826$
b. Interest 6,504,741
c. Benefit Changes -
d. Difference between actual & expected experience & Other (82,607)
e. Assumption Changes 875,147
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Net Change in Total Pension Liability 5,206,602
i. Total Pension Liability - Beginning 90,998,913
j. Total Pension Liability - Ending 96,205,515$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 3,007,780$
b. Contributions - Employer (From State) 524,479
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 422,145
e. Net Investment Income 925,754
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Administrative Expense (116,088)
i. Other -
j. Net Change in Plan Fiduciary Net Position 1,466,565
k. Plan Fiduciary Net Position - Beginning 72,626,331
l. Plan Fiduciary Net Position - Ending 74,092,896$
3. Net Pension Liability / (Asset)22,112,619
Certain Key Assumptions
Valuation Date 10/01/2014
Measurement Date 09/30/2015
Investment Return Assumption 7.10%
Mortality Table RP-2000 fully generational
using Scale AA
3
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions required under 112.664(1)(b), F.S.
Fiscal year ending September 30,2015
1. Total pension liability
a. Service Cost 1,900,045$
b. Interest 5,801,757
c. Benefit Changes -
d. Difference between actual & expected experience & Other (426,717)
e. Assumption Changes -
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Net Change in Total Pension Liability 3,977,580
i. Total Pension Liability - Beginning 113,722,000
j. Total Pension Liability - Ending 117,699,580$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 3,007,780$
b. Contributions - Employer (From State) 524,479
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 422,145
e. Net Investment Income 925,754
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Administrative Expense (116,088)
i. Other -
j. Net Change in Plan Fiduciary Net Position 1,466,565
k. Plan Fiduciary Net Position - Beginning 72,626,331
l. Plan Fiduciary Net Position - Ending 74,092,896$
3. Net Pension Liability / (Asset)43,606,684
Certain Key Assumptions
Valuation Date 10/01/2014
Measurement Date 09/30/2015
Investment Return Assumption 5.10%
Mortality Table RP-2000 fully generational
using Scale AA
4
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
Fiscal year ending September 30,2015
1. Total pension liability
a. Service Cost 830,108$
b. Interest 6,940,826
c. Benefit Changes -
d. Difference between actual & expected experience & Other (426,717)
e. Assumption Changes -
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Net Change in Total Pension Liability 4,046,712
i. Total Pension Liability - Beginning 77,304,818
j. Total Pension Liability - Ending 81,351,530$
2. Plan Fiduciary Net Position
a. Contributions - Employer (From City) 3,007,780$
b. Contributions - Employer (From State) 524,479
c. Contributions - Non-Employer Contributing Entity -
d. Contributions - Member 422,145
e. Net Investment Income 925,754
f. Benefit Payments (3,297,505)
g. Contribution Refunds -
h. Administrative Expense (116,088)
i. Other -
j. Net Change in Plan Fiduciary Net Position 1,466,565
k. Plan Fiduciary Net Position - Beginning 72,626,331
l. Plan Fiduciary Net Position - Ending 74,092,896$
3. Net Pension Liability / (Asset)7,258,634
Certain Key Assumptions
Valuation Date 10/01/2014
Measurement Date 09/30/2015
Investment Return Assumption 9.10%
Mortality Table RP-2000 fully generational
using Scale AA
5
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using assumptions from the Plan's Latest Actuarial Valuation
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2016 60,083,405 3,963,922 5,270,513 58,776,814
2017 58,776,814 3,869,272 5,400,821 57,245,265
2018 57,245,265 3,758,178 5,557,830 55,445,613
2019 55,445,613 3,630,171 5,668,883 53,406,901
2020 53,406,901 3,486,802 5,747,080 51,146,623
2021 51,146,623 3,325,623 5,898,384 48,573,862
2022 48,573,862 3,143,354 6,036,002 45,681,214
2023 45,681,214 2,940,768 6,122,782 42,499,200
2024 42,499,200 2,718,514 6,200,880 39,016,834
2025 39,016,834 2,477,063 6,234,731 35,259,167
2026 35,259,167 2,217,628 6,239,261 31,237,534
2027 31,237,534 1,940,036 6,242,131 26,935,439
2028 26,935,439 1,642,607 6,259,077 22,318,969
2029 22,318,969 1,323,594 6,272,883 17,369,681
2030 17,369,681 980,802 6,310,320 12,040,163
2031 12,040,163 612,618 6,323,274 6,329,507
2032 6,329,507 219,284 6,302,968 245,822
2033 245,822 - 6,256,336 -
2034 - - 6,199,650 -
2035 - - 6,122,305 -
2036 - - 6,036,913 -
2037 - - 5,949,403 -
2038 - - 5,849,950 -
2039 - - 5,764,088 -
2040 - - 5,663,583 -
2041 - - 5,557,106 -
17.00
Certain Key Assumptions
Valuation Investment return assumption 6.90%
Valuation Mortality Table FRS Mortality Rates from 7/1/15 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
6
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions required under 112.664(1)(a), F.S.
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2016 60,083,405 3,963,912 5,270,802 58,776,515
2017 58,776,515 3,868,983 5,408,596 57,236,902
2018 57,236,902 3,757,043 5,574,006 55,419,939
2019 55,419,939 3,627,522 5,694,325 53,353,136
2020 53,353,136 3,481,892 5,781,870 51,053,158
2021 51,053,158 3,317,478 5,947,530 48,423,106
2022 48,423,106 3,130,755 6,099,691 45,454,170
2023 45,454,170 2,922,465 6,199,212 42,177,423
2024 42,177,423 2,693,337 6,287,115 38,583,644
2025 38,583,644 2,443,917 6,329,121 34,698,440
2026 34,698,440 2,175,105 6,350,358 30,523,187
2027 30,523,187 1,886,497 6,365,291 26,044,394
2028 26,044,394 1,576,403 6,395,944 21,224,853
2029 21,224,853 1,243,007 6,420,521 16,047,339
2030 16,047,339 884,068 6,469,526 10,461,880
2031 10,461,880 497,822 6,494,144 4,465,558
2032 4,465,558 84,417 6,484,234 -
2033 - - 6,444,406 -
2034 - - 6,393,784 -
2035 - - 6,319,481 -
2036 - - 6,235,428 -
2037 - - 6,147,622 -
2038 - - 6,046,598 -
2039 - - 5,956,620 -
2040 - - 5,850,482 -
2041 - - 5,734,407 -
16.67
Certain Key Assumptions
Valuation Investment return assumption 6.90%
Valuation Mortality Table RP-2000 fully generational using Scale AA
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
7
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions required under 112.664(1)(b), F.S.
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2016 60,083,405 2,814,952 5,270,802 57,627,555
2017 57,627,555 2,691,240 5,408,596 54,910,199
2018 54,910,199 2,554,037 5,574,006 51,890,229
2019 51,890,229 2,403,110 5,694,325 48,599,015
2020 48,599,015 2,239,696 5,781,870 45,056,841
2021 45,056,841 2,062,071 5,947,530 41,171,381
2022 41,171,381 1,867,955 6,099,691 36,939,646
2023 36,939,646 1,658,162 6,199,212 32,398,595
2024 32,398,595 1,433,497 6,287,115 27,544,977
2025 27,544,977 1,194,640 6,329,121 22,410,497
2026 22,410,497 942,531 6,350,358 17,002,669
2027 17,002,669 677,181 6,365,291 11,314,559
2028 11,314,559 397,713 6,395,944 5,316,328
2029 5,316,328 103,197 6,420,521 -
2030 - - 6,469,526 -
2031 - - 6,494,144 -
2032 - - 6,484,234 -
2033 - - 6,444,406 -
2034 - - 6,393,784 -
2035 - - 6,319,481 -
2036 - - 6,235,428 -
2037 - - 6,147,622 -
2038 - - 6,046,598 -
2039 - - 5,956,620 -
2040 - - 5,850,482 -
2041 - - 5,734,407 -
13.83
Certain Key Assumptions
Valuation Investment return assumption 4.90%
Valuation Mortality Table RP-2000 fully generational using Scale AA
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
8
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2016 60,083,405 5,112,872 5,270,802 59,925,475
2017 59,925,475 5,092,685 5,408,596 59,609,564
2018 59,609,564 5,057,208 5,574,006 59,092,766
2019 59,092,766 5,005,859 5,694,325 58,404,300
2020 58,404,300 4,940,689 5,781,870 57,563,119
2021 57,563,119 4,858,453 5,947,530 56,474,042
2022 56,474,042 4,754,753 6,099,691 55,129,104
2023 55,129,104 4,630,625 6,199,212 53,560,518
2024 53,560,518 4,487,109 6,287,115 51,760,512
2025 51,760,512 4,325,040 6,329,121 49,756,431
2026 49,756,431 4,145,731 6,350,358 47,551,804
2027 47,551,804 3,948,855 6,365,291 45,135,368
2028 45,135,368 3,732,428 6,395,944 42,471,853
2029 42,471,853 3,494,282 6,420,521 39,545,613
2030 39,545,613 3,231,666 6,469,526 36,307,753
2031 36,307,753 2,942,401 6,494,144 32,756,010
2032 32,756,010 2,626,736 6,484,234 28,898,512
2033 28,898,512 2,285,191 6,444,406 24,739,297
2034 24,739,297 1,917,274 6,393,784 20,262,788
2035 20,262,788 1,522,171 6,319,481 15,465,478
2036 15,465,478 1,098,951 6,235,428 10,329,001
2037 10,329,001 645,712 6,147,622 4,827,091
2038 4,827,091 160,537 6,046,598 -
2039 - - 5,956,620 -
2040 - - 5,850,482 -
2041 - - 5,734,407 -
22.83
Certain Key Assumptions
Valuation Investment return assumption 8.90%
Valuation Mortality Table RP-2000 fully generational using Scale AA
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of
the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO
include contributions from the employer, employee and State, the Fund is expected to be able to
sustain the benefit payment demands in the near-term and long-term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
9
A. Valuation Date
B. Actuarially Determined Contribution (ADC)
to Be Paid During Fiscal Year Ending 9/30/2016 9/30/2016 9/30/2016 9/30/2016
C. Assumed Dates of Employer Contributions 10/1/2016 10/1/2016 10/1/2016 10/1/2016
D. Annual Payment to Amortize Unfunded
Actuarial Liability $ 2,101,220 $ 2,213,578 $ 3,991,498 $ 743,085
E. Employer Normal Cost 999,840 1,009,007 1,741,936 566,993
F. Employer ADC if Paid on Valuation
Date: D + E 3,101,060 3,222,585 5,733,434 1,310,078
G. Employer ADC Adjusted for Frequency
of Payments 3,101,060 3,222,585 5,733,434 1,310,078
H. Employer ADC Adjusted for Frequency of
Payments as % of Covered Payroll 61.11 % 63.51 % 112.99 % 25.82 %
I. Assumed Rate of Increase in Covered
Payroll to Contribution Year 5.00 % 5.00 % 5.00 % 5.00 %
J. Covered Payroll for Contribution Year 5,328,207 5,328,207 5,328,207 5,328,207
K. Employer ADC for Contribution Year: H x J 3,256,067 3,383,944 6,020,341 1,375,743
L. Estimated State Revenue in Contribution Year 412,644 412,644 412,644 412,644
M.Net Employer ADC in Contribution Year 2,843,423 2,971,300 5,607,697 963,099
N. Net Employer ADC as % of Covered
Payroll in Contribution Year: M ÷ J 53.37 % 55.77 % 105.25 % 18.08 %
O. Expected Member Contributions 458,226 458,226 458,226 458,226
P. Total Contribution (including Members) 3,714,293 3,842,170 6,478,567 1,833,969
Q. Total Contribution as % of Covered Payroll
in Contribution Year: P ÷ J 69.71 % 72.11 % 121.59 % 34.42 %
R. Certain Key Assumptions
Investment Return Assumption 6.90% 6.90% 4.90% 8.90%
Mortality Table FRS Mortality
Rates from
7/1/15 FRS
Valuation
RP-2000 fully
generational
using Scale AA
RP-2000 fully
generational
using Scale AA
RP-2000 fully
generational
using Scale AA
October 1, 2015
ACTUARIALLY DETERMINED CONTRIBUTION
October 1, 2015 October 1, 2015October 1, 2015
112.664(1)(b) F.S.
except 2% higher
investment return
assumption
112.664(1)(b) F.S.
Assumptions
112.664(1)(a) F.S.
Assumptions
Plan's Latest
Actuarial Valuation
Resource Centers LLC – Omega Recordkeeping Group LLC
Pension Resource Center LLC – Financial Resource Center LLC
THE 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 POLICE OFFICERS’ PENSION FUND
2017 MEETING DATES
Thursday March 9, 2017 @ 9AM
Thursday June 1, 2017 @ 9AM
Thursday September 21, 2017 @ 9AM
Thursday December 7, 2017 @ 9AM
800 N. Magnolia Avenue, Suite 1300, Orlando, FL 32803 | P 407.423.7911 | cbh.com
August 24, 2016
Board of Trustees
Palm Beach Gardens Police Pension Fund
Palm Beach Gardens, Florida
Board of Trustees:
This engagement letter between Palm Beach Gardens Police Pension Fund (hereafter
referred to as the “Fund”) and Cherry Bekaert LLP (the “Firm” or “Cherry Bekaert”) sets forth
the nature and scope of the services we will provide, the Fund’s required involvement and
assistance in support of our services, the related fee arrangements and other Terms and
Conditions, which are attached hereto and incorporated by reference, designed to facilitate
the performance of our professional services and to achieve the mutually agreed upon
objectives of the Fund.
SUMMARY OF SERVICES
We will provide the following services to the Fund as of and for the year ended September
30, 2016:
Audit services
1. We will audit the basic financial statements of the Fund as of and for the year ended
September 30, 2016.
2. We will audit the schedule of administrative and investment expenses. As part of our
engagement, we will apply certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used
to prepare the financial statements or the financial statements themselves.
3. We will apply limited procedures to the pension plan information and management’s
discussion and analysis (MD&A) which will consist of inquiries of management about the
methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the financial statements.
Accounting and other services
We will provide the following additional services:
1. Assist in the preparation of the financial statements and footnotes.
YOUR EXPECTATIONS
As part of our planning process, we will discuss with you your expectations of Cherry
Bekaert, changes that occurred during the year, your views on risks facing you, any
relationship issues with Cherry Bekaert, and specific engagement arrangements and timing.
Our services plan, which includes our audit plan, is designed to provide a foundation for an
effective, efficient, and quality-focused approach to accomplish the engagement objectives
and meet or exceed your expectations. Our service plan will be reviewed with you periodically
and will serve as a benchmark against which you will be able to measure our performance.
Any additional services that you may request, and that we agree to provide, will be the
subject of separate written arrangements.
Palm Beach Gardens Police Pension Fund
August 24, 2016
Page 2
The Fund recognizes that our professional standards require that we be independent from
you in our audit of your financial statements and our accompanying report in order to ensure
that our objectivity and professional skepticism have not been compromised. As a result, we
cannot enter into a fiduciary relationship with you and you should not expect that we will act
only with due regard to your interest in the performance of this audit and you should not
impose on us special confidence that we will conduct this audit with only your interest in
mind. Because of our obligation to be independent of you, no fiduciary relationship will be
created by this engagement or audit of your financial statements.
The engagement will be led by Ron Conrad, who will be responsible for assuring the overall
quality, value, and timeliness of the services provided to you.
AUDIT SERVICES
The objective of our audit is the expression of an opinion as to whether your basic financial
statements are fairly presented, in all material respects, in conformity with U.S. generally
accepted accounting principles and to report on the fairness of the additional information
referred to in the Summary of Services section when considered in relation to the basic
financial statements taken as a whole. The objective also includes reporting on:
Internal control related to the financial statements and compliance with the provisions
of applicable laws, regulations, contracts, agreements and grants, noncompliance
with which could have a material effect on the financial statements in accordance
with Government Auditing Standards.
The report on internal control and compliance will include a paragraph that states that the
purpose of the report is solely to describe (1) the scope of testing of internal control over
financial reporting and compliance and the result of that testing and not to provide an opinion
on the effectiveness of internal control over financial reporting or on compliance, and (2) that
the report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering internal control over financial reporting and compliance. The
paragraph will also state that the report is not suitable for any other purpose.
Our audit will be conducted in accordance with auditing standards generally accepted in the
United States of America; Government Auditing Standards, issued by the Comptroller
General of the United States; and will include tests of accounting records and other
procedures as deemed necessary to enable us to express such opinions and to render the
required reports. If any of our opinions resulting from the procedures described above are
other than unmodified, we will fully discuss the reasons with you in advance. If, for any
reason, we are unable to complete the audit or are unable to form or have not formed
opinions, we may decline to express opinions or issue a report as a result of this
engagement.
ACCOUNTING AND OTHER SERVICES
Accounting services
We will advise Management about the application of appropriate accounting principles, and
may propose adjusting journal entries to the Fund’s financial statements. Management is
responsible for reviewing the entries and understanding the nature of any proposed entries
and the impact they have on the Fund’s financial statements. If, while reviewing the journal
entries, Management determines that a journal entry is inappropriate, it will be Management’s
responsibility to contact us to correct it.
Palm Beach Gardens Police Pension Fund
August 24, 2016
Page 3
Financial statement preparation
We will assist in the preparation of the Fund’s financial statements and notes, based on
information in the Fund’s accounting records. However, the responsibility for the Fund’s
financial statements and notes remains with Management. This responsibility includes
establishing and maintaining adequate records and effective internal controls over financial
reporting, the selection and application of accounting principles, the safeguarding of assets,
and adjusting the financial statements for any material misstatements as well as reviewing
and approving for publication the draft financial statements prepared with our assistance.
Management’s responsibilities related to accounting and other services
For all nonattest services we perform in connection with the engagement, you are
responsible for designating a competent employee to oversee the services, make any
management decisions, perform any management functions related to the services, evaluate
the adequacy of the services, and accept overall responsibility for the results of the services.
Prior to the release of the report, Management will need to sign a representation letter
acknowledging your responsibility for the results of these services.
MANAGEMENT’S RESPONSIBILITIES RELATED TO THE AUDIT
Management is responsible for the fair presentation of the financial statements in conformity
with GAAP, including the appropriate basis of accounting is applied by all component units, if
applicable, for making all financial records and related information available to us, for
ensuring that all material information is disclosed to us, and for identifying and ensuring that
the Fund complies with the laws and regulations applicable to its activities and with the
provisions of contracts and grant agreements.
Management is responsible for the preparation of the supplementary information in
conformity with GAAP. Management agrees to include our report on the supplementary
information in any document that contains and indicates that we have reported on the
supplementary information. Management also agrees to include the audited financial
statements with any presentation of the supplementary information that includes our report
thereon or make the audited financial statements readily available to users of the
supplementary information no later than the date the supplementary information is issued
with our report thereon.
Management is also responsible for adjusting the financial statements to correct material
misstatements, informing us of events that occurred subsequent to the balance sheet date
until the date of the auditors’ report that might affect the financial statements or related
disclosures and informing us of any discovery of facts related to items that existed at the
financial statement date that might affect the financial statements or related disclosures.
Management is responsible for informing us of its views regarding the risk of fraud at the
Fund. Management must inform us of their knowledge of any allegations of fraud or
suspected fraud affecting the Fund received in communications from employees, former
employees, regulators, or others. Additionally, Management must inform us about all known
or suspected fraud affecting the Fund involving (a) Management, (b) employees who have
significant roles in internal control, and (c) others where the fraud could have a material effect
on the financial statements.
Management is responsible for the design and implementation of programs and controls over
financial reporting and to prevent and detect fraud. Appropriate supervisory review
Palm Beach Gardens Police Pension Fund
August 24, 2016
Page 4
procedures are necessary to provide reasonable assurance that adopted policies and
prescribed procedures are adhered to and to identify errors and fraud or illegal acts. As a part
of our audit, we will consider the Fund’s internal control structure, as required by GAAS,
sufficient to plan the audit and to determine the nature, timing, and extent of auditing
procedures necessary for expressing our opinion concerning the financial statements. An
audit is not designed to provide any assurance on internal controls. As part of our
consideration of the Fund’s internal control structure, we will inform you of matters that come
to our attention that represent significant deficiencies or material weaknesses in the design or
operation of the internal control structure.
Management is responsible for establishment and maintenance of a process for tracking the
status of audit findings and recommendations. Management is also responsible for identifying
to us previous audits or other engagements or studies related to the objectives discussed in
the Audit Objectives section of this letter. This responsibility includes relaying to us corrective
actions taken to address significant findings and recommendations resulting from those
audits or other engagements or studies. You are also responsible for providing
management’s views on our current findings, conclusions and recommendations, as well as
your planned corrective actions, and the timing and format related thereto.
At the conclusion of the engagement, Management will provide to us a representation letter
that, among other things, addresses (1) Management’s responsibilities related to the audit
and confirms certain representations made to us during the audit, including, Management’s
acknowledgement of its responsibility for the design and implementation of programs and
controls to prevent and detect fraud; (2) Management’s responsibilities related to the
monitoring of internal control over financial reporting; and (3) Management’s knowledge,
directly or from allegations by others, of fraud or suspected fraud affecting the Fund. The
representation letter will also affirm to us that Management believes that the effects of any
uncorrected misstatements, if any, pertaining to the financial statements are immaterial, both
individually and in the aggregate, to the financial statements taken as a whole. The Firm will
rely on Management providing these representations to us, both in the planning and
performance of the audit, and in considering the fees that we will charge to perform the audit.
FEES
The estimated fee contemplates only the services described in the Summary of Services
section of this letter. If Management requests additional services not listed above, we will
provide an estimate of those fees prior to commencing additional work.
The following summarizes the fees for the services described above:
Description of Services Estimated Fee
Audit services
Audit of the financial statements, including assistance with
preparation of financial statements
$15,600
The fees will be billed periodically. Invoices are due on presentation.
Palm Beach Gardens Police Pension Fund
August 24, 2016
Page 5
The fees for the above outlined services will be invoiced as presented below.
If the foregoing is in accordance with your understanding, please sign a copy of this letter in
the space provided and return it to us. If you have any questions, please call Ron Conrad at
407-423-7911
Sincerely,
CHERRY BEKAERT LLP
ATTACHMENT – Engagement Letter Terms and Conditions
Palm Beach Gardens Police Pension Fund
ACCEPTED BY: ____________________________________________________________
TITLE: ________________________________________ DATE: ___________________
Attachment ‐ Page 1
Cherry Bekaert LLP
Engagement Letter Terms and Conditions
The following terms and conditions are an integral part of the attached engagement letter and should be
read in their entirety in conjunction with your review of the letter.
LIMITATIONS OF THE AUDIT REPORT
Should the Fund wish to include or incorporate by reference these financial statements and our report
thereon into any other document at some future date, we will consider granting permission to include our
report into another such document at the time of the request. However, we may be required by generally
accepted auditing standards (“GAAS”) to perform certain procedures before we can give our permission
to include our report in another document such as an annual report, private placement, regulator filing,
official statement, offering of debt securities, etc. You agree that you will not include or incorporate by
reference these financial statements and our report thereon, or our report into any other document
without our prior written permission. In addition, to avoid unnecessary delay or misunderstandings, it is
important to provide us with timely notice of your intention to issue any such document.
LIMITATIONS OF THE AUDIT PROCESS
In conducting the audit, we will perform tests of the accounting records and such other procedures as we
consider necessary in the circumstances to provide a reasonable basis for our opinion on the financial
statements. We also will assess the accounting principles used and significant estimates made by
Management, as well as evaluate the overall financial statement presentation.
Our audit will include procedures designed to obtain reasonable assurance of detecting misstatements
due to errors or fraud that are material to the financial statements. Absolute assurance is not attainable
because of the nature of audit evidence and the characteristics of fraud. For example, audits performed in
accordance with GAAS are based on the concept of selective testing of the data being examined and are,
therefore, subject to the limitation that material misstatements due to errors or fraud, if they exist, may not
be detected. Also, an audit is not designed to detect matters that are immaterial to the financial
statements. In addition, an audit conducted in accordance with GAAS does not include procedures
specifically designed to detect illegal acts having an indirect effect (e.g., violations of fraud and abuse
statutes that result in fines or penalties being imposed on the Fund) on the financial statements.
Similarly, in performing our audit we will be aware of the possibility that illegal acts may have occurred.
However, it should be recognized that our audit provides no assurance that illegal acts generally will be
detected, and only reasonable assurance that illegal acts having a direct and material effect on the
determination of financial statement amounts will be detected. We will inform you with respect to errors
and fraud, or illegal acts that come to our attention during the course of our audit unless clearly
inconsequential. In the event that we have to consult with the Fund’s counsel or counsel of our choosing
regarding any illegal acts we identify, additional fees incurred may be billed to the Fund. You agree to
cooperate fully with any procedures we deem necessary to perform with respect to these matters.
We will issue a written report upon completion of our audit of the Fund’s consolidated financial
statements. If, for any reason, we are unable to complete the audit, or are unable to form, or have not
formed an opinion on the financial statements, we may decline to express an opinion or decline to issue a
report as a result of the engagement. We will notify the appropriate party within your organization of our
decision and discuss the reasons supporting our position.
AUDIT PROCEDURES – GENERAL
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; therefore, our audit will involve professional judgment about the number of
transactions to be examined and the areas to be tested. We will plan and perform the audit to obtain
Attachment ‐ Page 2
reasonable rather than absolute assurance about whether the financial statements are free of material
misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or
(4) violations of laws or governmental regulations that are attributable to the Fund or to acts by
management or employees acting on behalf of the Fund. Because the determination of abuse is
subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of
detecting abuse.
Because an audit is designed to provide reasonable, but not absolute assurance and because we will not
perform a detailed examination of all transactions, there is a risk that material misstatements or
noncompliance may exist and not be detected by us. In addition, an audit is not designed to detect
immaterial misstatements or violations of laws or governmental regulations that do not have a direct and
material effect on the financial statements or major programs. However, we will inform you of any material
errors and fraud, or illegal acts that come to our attention during the course of our audit. We will also
inform you of any violations of laws or governmental regulations that come to our attention, unless clearly
inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does not
extend to any later periods for which we are not engaged as auditors.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the
accounts, and may include tests of the physical existence of inventories and direct confirmation of
receivables and certain other assets and liabilities by correspondence with selected individuals, creditors
and financial institutions. We will request written representations from your attorneys as part of the
engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will
also require certain written representations from you about the financial statements and related matters.
AUDIT PROCEDURES – INTERNAL CONTROLS
Our audit will include obtaining an understanding of the Fund and its environment, including internal
controls, sufficient to assess the risks of material misstatement of the financial statements and to design
the nature, timing and extent of further audit procedures. Tests of controls may be performed to test the
effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud
that are material to the financial statements and to preventing and detecting misstatements resulting from
illegal acts and other noncompliance matters that have a direct and material effect on the financial
statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on
internal control and, accordingly, no opinion will be expressed in our report on internal control issued
pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies.
However, during the audit, we will communicate to management and those charged with governance
internal control related matters that are required to be communicated under professional standards, and
Government Auditing Standards.
AUDIT PROCEDURES ‐ COMPLIANCE
As part of obtaining reasonable assurance about whether the basic financial statements are free of
material misstatement, we will perform tests of the Fund's compliance with applicable laws and
regulations and the provisions of contracts and agreements, including grant agreements. However, the
objective of those procedures will not be to provide an opinion on overall compliance and we will not
express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.
Attachment ‐ Page 3
NON‐ATTEST SERVICES
All non-attest services to be provided in the attached engagement letter (if applicable) shall be provided
pursuant to the AICPA Code of Professional Conduct. The AICPA Code of Professional Conduct requires
that we establish objectives of the engagement and the services to be performed, which are described
under non-attest services in the attached letter.
You agree to assume all management responsibilities for the nonattest services we provide; oversee the
services by designating an individual, with suitable skill, knowledge, or experience; evaluate the
adequacy and results of the services; and accept responsibility for them. In order to ensure we provide
such services in compliance with all professional standards, you are responsible for-
Making all financial records and related information available to us.
Ensuring that all material information is disclosed to us.
Granting unrestricted access to persons within the entity from whom we determine it necessary to
obtain audit evidence.
Identifying and ensuring that such non-attest complies with the laws and regulations.
The accuracy and appropriateness of such non-attest services shall be limited by the accuracy and
sufficiency of the information provided by you. In the course of providing such non-attest services, we
may provide professional advice and guidance based on knowledge accounting, tax and other
compliance, and of the facts and circumstances as provided by you. Such advice and guidance shall
limited as permitted under the Code of Professional Conduct.
COMMUNICATIONS
At the conclusion of the audit engagement, we may provide Management and those charged with
governance a letter stating any significant deficiencies or material weaknesses which may have been
identified by us during the audit and our recommendations designed to help the Fund make
improvements in its internal control structure and operations related to the identified matters discovered in
the financial statement audit. As part of this engagement we will ensure that certain additional matters are
communicated to the appropriate members of the Fund. Such matters include (1) our responsibility under
GAAS; (2) the initial selection of and changes in significant accounting policies and their application; (3)
our independence with respect to the Fund; (4) the process used by Management in formulating
particularly sensitive accounting estimates and the basis for our conclusion regarding the reasonableness
of those estimates; (5) audit adjustments, if any, that could, in our judgment, either individually or in the
aggregate be significant to the financial statements or our report; (6) any disagreements with
Management concerning a financial accounting, reporting or auditing matter that could be significant to
the financial statements; (7) our views about matters that were the subject of Management’s consultation
with other accountants about auditing and accounting matters; (8) major issues that were discussed with
Management in connection with the retention of our services, including, among other matters, any
discussions regarding the application of accounting principles and auditing standards; and (9) serious
difficulties that we encountered in dealing with Management related to the performance of the audit.
OTHER MATTERS
Access to working papers
The working papers and related documentation for the engagement are the property of the Firm and
constitute confidential information. We have a responsibility to retain the documentation for a period of
time to satisfy legal or regulatory requirements for records retention. It is our policy to retain all
workpapers and client information for seven years from the date of issuance of the report. It is our policy
to retain emails and attachments to emails for a period of 15 months, except as required by any
Attachment ‐ Page 4
governmental regulation. Except as discussed below, any requests for access to our working papers will
be discussed with you prior to making them available to requesting parties. Any parties seeking access to
our working papers must agree to sign our standard access letter.
We may be requested to make certain documentation available to regulators, governmental agencies
(e.g., SEC, PCAOB, HUD, DOL, etc.) or their representatives (“Regulators”) pursuant to law or
regulations. If requested, access to the documentation will be provided to the Regulators. The Regulators
may intend to distribute to others, including other governmental agencies, our working papers and related
documentation without our knowledge or express permission. You hereby acknowledge and authorize us
to allow Regulators access to and copies of documentation as requested. In addition, our Firm, as well as
all other major accounting firms, participates in a “peer review” program covering our audit and
accounting practices as required by the American Institute of Certified Public Accountants. This program
requires that once every three years we subject our quality assurance practices to an examination by
another accounting firm. As part of the process, the other firm will review a sample of our work. It is
possible that the work we perform for you may be selected by the other firm for their review. If it is, they
are bound by professional standards to keep all information confidential. If you object to having the work
we do for you reviewed by our peer reviewer, please notify us in writing.
Electronic transmittals
During the course of our engagement, we may need to electronically transmit confidential information to
each other, within the Firm, and to other entities engaged by either party. Although email is an efficient
way to communicate, it is not always a secure means of communication and thus, confidentiality may be
compromised. As an alternative, we recommend using our Client Portal (”Portal”) to transmit documents.
Portal allows you, us, and other involved entities to upload and download documents in a secure location.
You agree to the use of email, Portal, and other electronic methods to transmit and receive information,
including confidential information between the Firm, the Fund, and other third party providers utilized by
either party in connection with the engagement. However, personal identifying information of plan
members shall be encrypted, coded or redacted. Cherry Bekaert agrees all work will be performed in the
United States and no work will be outsourced overseas.
Subpoenas
In the event we are requested or authorized by you or required by government regulation, subpoena, or
other legal process to produce our working papers or our personnel as witnesses with respect to our
engagement for you, you will, so long as we are not a party to the proceeding in which the information is
sought, reimburse us for our professional time and expense, as well as the fees and expenses of our
counsel, incurred in responding to such a request at standard billing rates.
Dispute resolution procedures
If any dispute, controversy or claim arises in connection with the performance or breach of this
agreement, either party may, on written notice to the other party, request that the matter be mediated.
Such mediation would be conducted by a mediator appointed by and pursuant to the rules of the
American Arbitration Association (AAA) or such other neutral facilitator acceptable to both parties. Both
parties would exert their best efforts to discuss with each other in good faith their respective positions in
an attempt to finally resolve such dispute, controversy, or claim.
TERMS AND CONDITIONS SUPPORTING FEE
The estimated fees set forth in the attached engagement letter are based on anticipated full cooperation
from your personnel, timely delivery of requested audit schedules and supporting information, timely
communication of all significant accounting and financial reporting matters, the assumption that
unexpected circumstances will not be encountered during the audit, as well as working space and clerical
Attachment ‐ Page 5
assistance as mutually agreed upon and as is normal and reasonable in the circumstances. We strive to
ensure that we have the right professionals scheduled on each engagement. As a result, sudden Fund
requested scheduling changes or scheduling changes necessitated by the agreed information not being
ready on the agreed upon dates can result in expensive downtime for our professionals. Any last minute
schedule changes that result in downtime for our professionals could result in additional fees. Our
estimated fee does not include assistance in bookkeeping or other accounting services not previously
described. If for any reason the Fund is unable to provide such schedules, information and assistance,
the Firm and the Fund will mutually revise the fee to reflect additional services, if any, required of us to
achieve these objectives.
The estimated fees contemplate that the Fund will provide adequate documentation of its systems and
controls related to significant transaction cycles and audit areas.
In providing our services, we will consult with the Fund with respect to matters of accounting, financial
reporting or other significant business issues as permitted by professional standards. Accordingly, time
necessary to effect a reasonable amount of such consultation is reflected in our fee. However, should a
matter require research, consultation or audit work beyond that amount, the Firm and the Fund will agree
to an appropriate revision in our fee.
The estimated fees are based on auditing and accounting standards effective as of the date of this
engagement letter and known to apply to the Fund at this time, but do not include any time related to the
application of new auditing or accounting standards that impact the Fund for the first time. If new auditing
or accounting standards are issued subsequent to the date of this letter and are effective for the period
under audit, we will estimate the impact of any such standard on the nature, timing and extent of our
planned audit procedures and will communicate with you concerning the scope of the additional
procedures and the estimated fees.
In the event of nonpayment of any invoice rendered by us, we retain the right to (a) suspend the
performance of our services, (b) change the payment conditions under this engagement letter, or (c)
terminate our services. If we elect to suspend our services, such services will not be resumed until your
account is paid. If we elect to terminate our services for nonpayment, the Fund will be obligated to
compensate us for all time expended and reimburse us for all expenses through the date of termination.
This engagement letter sets forth the entire understanding between the Fund and the Firm regarding the
services described herein and supersedes any previous proposals, correspondence, and understandings
whether written or oral. Any subsequent changes to the terms of this letter, other than additional billings,
will be rendered in writing and shall be executed by both parties. Should any portion of this engagement
letter be ruled invalid, it is agreed that such invalidity will not affect any of the remaining portions.
Ac
c
o
u
n
t
D
e
s
c
r
i
p
t
i
o
n
20
1
4
/
2
0
1
5
Fi
s
c
a
l
Y
e
a
r
Ac
t
u
a
l
Ex
p
e
n
s
e
s
%
T
o
t
a
l
Bu
d
g
e
t
20
1
6
/
2
0
1
7
Fi
s
c
a
l
Y
e
a
r
Bu
d
g
e
t
%
T
o
t
a
l
Bu
d
g
e
t
Currently Paid to date (FY 15/16)Budget Assumptions
Pl
a
n
E
x
p
e
n
s
e
:
Se
r
v
i
c
e
P
r
o
v
i
d
e
r
s
:
Ac
t
u
a
r
y
33
,
3
2
5
.
0
0
24
.
2
%
49
,
9
8
7
.
5
0
24
.
4
%
39,963.00 Category Increase by 50%
Ad
m
i
n
i
s
t
r
a
t
o
r
31
,
0
4
0
.
4
2
22
.
5
%
38
,
8
0
0
.
5
3
18
.
9
%
28,513.64 Category Increase by 25%
Au
d
i
t
o
r
/
A
c
c
o
u
n
t
i
n
g
16
,
9
5
0
.
0
0
12
.
3
%
21
,
1
8
7
.
5
0
10
.
3
%
15,150.00 Category Increase by 25%
At
t
o
r
n
e
y
/
L
e
g
a
l
9,
7
6
3
.
9
5
7.
1
%
14
,
6
4
5
.
9
3
7.
2
%
12,243.10 Category Increase by 50%
In
v
e
s
t
m
e
n
t
C
o
n
s
u
l
t
a
n
t
21
,
7
4
6
.
0
0
15
.
8
%
27
,
1
8
2
.
5
0
13
.
3
%
16,985.45 Category Increase by 25%
Su
b
t
o
t
a
l
:
11
2
,
8
2
5
.
3
7
81
.
9
%
15
1
,
8
0
3
.
9
5
74
.
1
%
Ot
h
e
r
P
l
a
n
E
x
p
e
n
s
e
s
:
Du
e
s
a
n
d
S
u
b
s
c
r
i
p
t
i
o
n
s
60
0
.
0
0
0.
4
%
1,
7
5
0
.
0
0
0.
9
%
690.00 Category Increase by 25% + $1,000
In
s
u
r
a
n
c
e
7,
6
8
0
.
1
6
5.
6
%
9,
6
0
0
.
2
0
4.
7
%
7,637.54 Category Increase by 25%
Mi
s
c
e
l
l
a
n
e
o
u
s
E
x
p
e
n
s
e
s
2,
2
8
4
.
9
1
1.
7
%
20
,
0
0
0
.
0
0
9.
8
%
2,200.40 Transfer Category Minimum $20,000
Tr
a
v
e
l
&
E
d
u
c
a
t
i
o
n
14
,
4
4
3
.
9
8
10
.
5
%
21
,
6
6
5
.
9
7
10
.
6
%
14,785.89 Category Increase by 50%
Su
b
t
o
t
a
l
:
25
,
0
0
9
.
0
5
18
.
1
%
53
,
0
1
6
.
1
7
25
.
9
%
TO
T
A
L
:
13
7
,
8
3
4
.
4
2
10
0
.
0
%
20
4
,
8
2
0
.
1
2
10
0
.
0
%
*T
h
i
s
r
e
p
o
r
t
d
o
e
s
n
o
t
i
n
c
l
u
d
e
I
n
v
e
s
t
m
e
n
t
M
a
n
a
g
e
r
o
r
C
u
s
t
o
d
i
a
n
e
x
p
e
n
s
e
s
*
Pa
l
m
B
e
a
c
h
G
a
r
d
e
n
s
P
o
l
i
c
e
O
f
f
i
c
e
r
s
'
P
e
n
s
i
o
n
F
u
n
d
Fi
s
c
a
l
Y
e
a
r
2
0
1
6
-
2
0
1
7
B
u
d
g
e
t
PALM BEACH GARDENS POLICE
PENSION FUND
Benefit Approvals
Meeting of September 22, 2016
APPLICATIONS TO ENTER THE DROP
TIMOTHY CONNORS DATE OF BIRTH 03/27/1965
DATE OF HIRE 01/22/1996
DROP ENTRY DATE 01/22/2016
FORM OF BENEFIT 10 YEAR CERTAIN
MONTHLY BENEFIT AMOUNT $5,719.46
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
RICHARD MORETTI DATE OF BIRTH 08/09/1966
DATE OF HIRE 01/22/1996
DROP ENTRY DATE 01/22/2016
FORM OF BENEFIT 10 YEAR CERTAIN
MONTHLY BENEFIT AMOUNT $5,514.63
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
KEVIN FOLMAR DATE OF BIRTH 09/06/1972
DATE OF HIRE 01/22/1996
DROP ENTRY DATE 04/06/2016
FORM OF BENEFIT LIFE ANNUITY
MONTHLY BENEFIT AMOUNT $6,200.66
SUPPLEMENTAL BENEFIT $ 250.00
_________________________
APPLICATIONS TO EXIT THE DROP
ANDREW SPRAGG DATE OF BIRTH 06/29/1965
DATE OF HIRE 11/15/1989
DROP ENTRY DATE 02/01/2012
DATE OF TERMINATION 07/04/2016
FORM OF BENEFIT LIFE ANNUITY
MONTHLY BENEFIT AMOUNT $8,343.58
SUPPLEMENTAL BENEFIT $ 275.00
_________________________
ROBERT O’DELL DATE OF BIRTH 12/14/1964
DATE OF HIRE 10/28/1987
DROP ENTRY DATE 09/01/2011
DATE OF TERMINATION 08/12/2016
FORM OF BENEFIT LIFE ANNUITY
MONTHLY BENEFIT AMOUNT $9,348.58
SUPPLEMENTAL BENEFIT $ 287.50
_________________________
GARY CARMACK DATE OF BIRTH 03/22/1952
DATE OF HIRE 09/27/1989
DROP ENTRY DATE 09/27/2011
DATE OF TERMINATION 09/21/2016
FORM OF BENEFIT 100% J&S
MONTHLY BENEFIT AMOUNT $6,338.66
SUPPLEMENTAL BENEFIT $ 275.00
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(DUE TO RETIREMENT)
ANDREW SPRAGG DATE OF RETIREMENT 07/04/2016
DATE OF BIRTH 06/29/1965
TYPE OF DISTRIBUTION MONTHLY-CASH
TOTAL GROSS DISTRIBUTION $1,900.00
TAX WITHHOLDING (20%) $ 380.00
TOTAL NET DISTRIBUTION $1,520.00
CURRENT DROP ACCOUNT BALANCE $511,657.45
_________________________
ROBERT O’DELL DATE OF RETIREMENT 08/12/2016
DATE OF BIRTH 12/14/1964
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $40,000.00
TAX WITHHOLDING (20%) $ 8,000.00
TOTAL NET DISTRIBUTION $32,000.00
CURRENT DROP ACCOUNT BALANCE $635,452.06
_________________________
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT
(6/15/16)
GWEN FLEMING DATE OF RETIREMENT 10/10/2014
DATE OF BIRTH 12/04/1963
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $12,000.00
TAX WITHHOLDING (20%) $ 2,400.00
TOTAL NET DISTRIBUTION $12,800.00
CURRENT DROP ACCOUNT BALANCE $42,117.76
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNT
(7/15/16)
WILLIAM BRANDT DATE OF RETIREMENT 09/20/2015
DATE OF BIRTH 09/18/1958
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $20,000.00
TAX WITHHOLDING (25%) $ 5,000.00
TOTAL NET DISTRIBUTION $15,000.00
CURRENT DROP ACCOUNT BALANCE $385,114.53
_________________________
JOSEPH SHEEHAN DATE OF RETIREMENT 01/29/2016
DATE OF BIRTH 03/28/1961
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $65,000.00
TAX WITHHOLDING (25%) $16,250.00
TOTAL NET DISTRIBUTION $48,750.00
CURRENT DROP ACCOUNT BALANCE $506,512.77
_________________________
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNT
(8/15/16)
SHEREE BROWN DATE OF RETIREMENT 05/02/2014
DATE OF BIRTH 10/01/1954
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $10,000.00
TAX WITHHOLDING (20%) $ 2,000.00
TOTAL NET DISTRIBUTION $ 8,000.00
CURRENT DROP ACCOUNT BALANCE $136,107.91
_________________________
GWEN FLEMING DATE OF RETIREMENT 10/10/2014
DATE OF BIRTH 12/04/1963
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $10,000.00
TAX WITHHOLDING (20%) $ 2,000.00
TOTAL NET DISTRIBUTION $ 8,000.00
CURRENT DROP ACCOUNT BALANCE $30,754.57
_________________________
JAY SPENCER DATE OF RETIREMENT 09/03/2010
DATE OF BIRTH 01/07/1964
TYPE OF DISTRIBUTION PARTIAL LUMP SUM-CASH
TOTAL GROSS DISTRIBUTION $4,500.00
TAX WITHHOLDING (30%) $1,350.00
TOTAL NET DISTRIBUTION $3,150.00
CURRENT DROP ACCOUNT BALANCE $297,496.05
_________________________
APPLICATION FOR REFUND OF CONTRIBUTIONS
ABEL ALVES DATE OF BIRTH 09/11/1979
DATE OF HIRE 06/06/2011
DATE OF TERMINATION 07/25/2012
YEARS OF SERVICE 1 YEAR, 1 MTH & 29 DAYS
TOTAL REFUND $5,219.18
TAX WITHHOLDING (0%) $0.00 (ROLLOVER)
TOTAL NET REFUND $5,219.18
_________________________
__________________________________, CHAIRMAN
APPROVED _________________________________, SECRETARY
_________________________________, DATE
Oc
t
o
b
e
r
N
o
v
e
m
b
e
r
D
e
c
e
m
b
e
r
J
a
n
u
a
r
y
F
e
b
r
u
a
r
y
M
a
r
c
h
A
p
r
i
l
M
a
y
J
u
n
e
J
u
l
y
A
u
g
u
s
t
10
0
0
B
B
&
T
3,
7
1
5
,
2
2
1
.
3
3
2
3
4
,
6
2
0
.
7
1
2
7
0
,
0
6
5
.
7
1
3
5
3
,
5
5
0
.
8
3
2
6
6
,
5
1
9
.
6
0
3
2
0
,
8
1
4
.
7
3
3
5
2
,
0
4
6
.
6
7
1
2
5
,
2
4
9
.
0
0
2
3
8
,
8
4
3
.
7
8
3
7
1
,
6
4
7
.
5
8
3
2
0
,
6
5
2
.
6
5
12
1
5
A
/
R
E
m
p
l
o
y
e
e
B
u
y
b
a
c
k
C
o
n
t
r
i
b
u
t
i
o
n
s
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
9
,
9
0
3
.
6
1
12
3
5
P
e
n
d
i
n
g
R
e
i
n
v
e
s
t
m
e
n
t
/
D
i
s
t
r
i
b
u
t
i
o
n
0
.
0
0
0
.
0
0
5
7
,
5
0
1
.
9
1
0
.
0
0
0
.
0
0
(
1
,
0
4
0
,
5
8
7
.
1
4
)
0
.
0
0
0
.
0
0
7
5
,
7
9
8
.
4
1
0
.
0
0
0
.
0
0
13
0
0
P
r
e
p
a
i
d
O
t
h
e
r
20
5
,
4
5
9
.
2
0
2
1
0
,
4
2
8
.
9
6
2
2
6
,
2
6
5
.
7
6
2
2
0
,
4
3
3
.
8
0
2
3
3
,
1
2
9
.
9
3
2
4
1
,
7
7
3
.
8
5
2
4
3
,
9
8
2
.
0
9
7
4
,
2
8
9
.
0
2
2
6
4
,
4
4
1
.
6
8
2
6
6
,
4
6
6
.
2
4
2
8
2
,
1
9
4
.
2
5
Sa
l
e
m
T
r
u
s
t
(
C
o
n
s
o
l
i
d
a
t
e
d
)
14
0
0
C
a
s
h
a
n
d
E
q
u
i
v
a
l
e
n
t
s
1
,
2
2
2
,
1
3
7
.
9
6
1
,
3
3
5
,
2
2
9
.
9
4
8
1
4
,
9
4
4
.
8
5
4
7
8
,
2
8
8
.
5
3
7
3
7
,
1
8
5
.
5
6
2
,
1
8
0
,
2
4
5
.
3
2
9
6
7
,
3
7
2
.
3
1
1
,
1
2
7
,
6
5
0
.
6
9
1
,
3
3
4
,
8
1
3
.
4
0
5
8
7
,
9
0
7
.
2
3
8
8
5
,
9
1
5
.
9
3
14
1
0
E
q
u
i
t
i
e
s
8,
1
0
3
,
6
3
3
.
5
8
8
,
2
1
9
,
8
9
9
.
3
0
8
,
1
5
2
,
2
0
0
.
1
4
7
,
3
7
6
,
1
2
7
.
7
3
7
,
1
4
4
,
0
7
4
.
2
8
7
,
5
6
2
,
8
1
7
.
7
7
7
,
4
4
5
,
2
5
0
.
7
2
7
,
5
3
0
,
1
0
2
.
8
3
7
,
4
6
5
,
7
1
4
.
0
0
7
,
5
3
8
,
6
4
5
.
5
3
7
,
6
6
1
,
5
9
0
.
7
5
14
2
0
F
i
x
e
d
I
n
c
o
m
e
1
7
,
7
0
9
,
4
0
1
.
9
7
1
8
,
5
2
9
,
5
3
0
.
4
3
1
8
,
6
8
5
,
0
8
1
.
0
3
1
9
,
2
4
9
,
3
6
1
.
4
1
1
8
,
6
3
4
,
2
5
6
.
0
4
1
8
,
6
7
7
,
4
1
2
.
9
1
1
8
,
7
5
0
,
7
1
8
.
4
2
1
8
,
9
5
7
,
3
2
3
.
9
6
1
8
,
8
0
6
,
2
5
3
.
7
3
1
9
,
0
8
7
,
9
6
9
.
3
1
1
8
,
6
3
1
,
0
4
2
.
1
0
14
3
0
O
t
h
e
r
A
s
s
e
t
s
-
R
h
u
m
b
L
i
n
e
3
7
,
5
1
0
,
2
3
7
.
9
2
3
7
,
9
1
1
,
9
5
5
.
5
4
3
6
,
8
1
9
,
7
1
3
.
9
5
3
4
,
8
3
2
,
6
5
2
.
6
6
3
5
,
0
0
4
,
4
5
3
.
6
9
3
7
,
2
8
5
,
3
3
9
.
4
2
3
6
,
4
5
0
,
3
5
3
.
5
4
3
7
,
1
3
5
,
6
5
7
.
2
0
3
6
,
4
6
7
,
4
0
7
.
0
3
3
7
,
9
8
4
,
9
4
1
.
0
6
4
5
,
9
0
4
,
0
1
6
.
9
7
14
5
0
A
c
c
r
u
e
d
I
n
c
o
m
e
1
3
2
,
7
4
5
.
8
3
1
4
3
,
5
9
2
.
8
8
1
1
8
,
0
0
8
.
1
7
1
1
3
,
5
0
2
.
2
1
1
3
8
,
5
4
3
.
4
0
1
2
6
,
4
1
3
.
3
0
1
2
5
,
1
1
6
.
5
9
1
3
3
,
5
2
4
.
8
6
1
1
4
,
2
0
5
.
0
0
1
1
0
,
3
1
0
.
4
4
1
3
5
,
3
6
5
.
6
3
14
6
0
B
r
o
k
e
r
A
c
c
r
u
a
l
s
(4
,
4
3
9
.
7
2
)
(
1
,
7
0
3
.
5
2
)
(
2
,
4
0
7
.
0
2
)
(
3
0
2
,
4
1
7
.
6
4
)
1
8
,
8
1
8
.
8
5
(
1
,
8
2
6
.
0
6
)
(
3
1
,
2
8
5
.
1
6
)
(
3
4
8
,
6
9
2
.
3
4
)
(
5
9
,
5
9
6
.
7
3
)
7
0
,
0
6
7
.
3
7
(
2
6
4
,
2
9
8
.
9
5
)
Sa
l
e
m
T
r
u
s
t
T
o
t
a
l
6
4
,
6
7
3
,
7
1
7
.
5
4
6
6
,
1
3
8
,
5
0
4
.
5
7
6
4
,
5
8
7
,
5
4
1
.
1
2
6
1
,
7
4
7
,
5
1
4
.
9
0
6
1
,
6
7
7
,
3
3
1
.
8
2
6
5
,
8
3
0
,
4
0
2
.
6
6
6
3
,
7
0
7
,
5
2
6
.
4
2
6
4
,
5
3
5
,
5
6
7
.
2
0
6
4
,
1
2
8
,
7
9
6
.
4
3
6
5
,
3
7
9
,
8
4
0
.
9
4
7
2
,
9
5
3
,
6
3
2
.
4
3
16
0
4
A
m
e
r
i
c
a
n
C
o
r
e
R
e
a
l
t
y
4
,
7
3
1
,
7
2
4
.
8
0
4
,
7
3
1
,
7
2
4
.
8
0
4
,
8
0
4
,
2
6
4
.
5
8
5
,
0
5
2
,
2
6
4
.
5
8
5
,
0
5
2
,
2
6
4
.
5
8
5
,
1
0
9
,
6
1
3
.
2
1
6
,
2
1
1
,
6
1
3
.
2
1
6
,
2
1
1
,
6
1
3
.
2
1
6
,
1
9
6
,
6
5
0
.
0
1
6
,
5
4
6
,
6
5
0
.
0
1
6
,
5
4
6
,
6
5
0
.
0
1
16
1
6
D
r
e
y
f
u
s
I
n
t
e
r
n
a
t
i
o
n
a
l
B
o
n
d
7
6
6
,
7
9
1
.
5
5
7
7
1
,
1
1
8
.
5
9
7
5
4
,
6
1
7
.
5
3
7
5
4
,
6
1
7
.
5
3
7
5
4
,
6
1
7
.
5
3
7
9
9
,
4
3
5
.
9
7
7
9
9
,
4
3
5
.
9
7
7
9
9
,
4
3
5
.
9
7
8
1
8
,
1
9
7
.
1
8
8
1
8
,
1
9
7
.
1
8
8
1
8
,
1
9
7
.
1
8
16
2
8
O
p
p
e
n
h
e
i
m
e
r
I
n
t
e
r
n
a
t
i
o
n
a
l
B
o
n
d
7
0
9
,
9
0
3
.
0
8
7
0
9
,
9
0
3
.
0
8
7
0
3
,
1
1
7
.
1
5
7
0
5
,
2
3
3
.
0
7
7
0
7
,
1
4
3
.
2
5
7
3
1
,
8
2
6
.
4
3
7
3
1
,
8
2
6
.
4
3
7
3
1
,
8
2
6
.
4
3
7
5
4
,
3
9
9
.
9
7
7
5
4
,
3
9
9
.
9
7
7
5
4
,
3
9
9
.
9
7
16
3
9
V
a
n
g
u
a
r
d
G
l
o
b
a
l
E
q
u
i
t
y
2
,
1
8
9
,
5
1
2
.
9
1
2
,
3
8
9
,
5
1
2
.
9
1
2
,
4
9
9
,
3
6
6
.
3
5
2
,
4
9
9
,
3
6
6
.
3
5
2
,
4
9
9
,
3
6
6
.
3
5
2
,
4
9
3
,
0
2
2
.
7
8
2
,
4
9
3
,
0
2
2
.
7
8
2
,
4
9
3
,
0
2
2
.
7
8
2
,
5
0
5
,
7
0
9
.
9
2
2
,
5
0
5
,
7
0
9
.
9
2
0
.
0
0
16
4
1
V
a
n
g
u
a
r
d
I
n
t
e
r
n
a
t
i
o
n
a
l
G
r
o
w
t
h
1
,
4
8
2
,
9
2
8
.
6
6
2
,
3
8
2
,
9
2
8
.
6
6
2
,
4
6
7
,
0
4
1
.
9
7
2
,
4
6
7
,
0
4
1
.
9
7
2
,
4
6
7
,
0
4
1
.
9
7
2
,
4
1
7
,
7
4
5
.
2
8
2
,
4
1
7
,
7
4
5
.
2
8
2
,
4
1
7
,
7
4
5
.
2
8
2
,
4
2
9
,
8
8
5
.
5
1
2
,
4
2
9
,
8
8
5
.
5
1
0
.
0
0
16
4
2
V
a
n
g
u
a
r
d
I
n
t
e
r
n
a
t
i
o
n
a
l
V
a
l
u
e
1
,
2
7
8
,
4
0
0
.
6
9
2
,
3
7
8
,
4
0
0
.
6
9
2
,
3
6
1
,
3
8
0
.
9
5
2
,
3
6
1
,
3
8
0
.
9
5
2
,
3
6
1
,
3
8
0
.
9
5
2
,
3
4
9
,
2
2
8
.
4
6
2
,
3
4
9
,
2
2
8
.
4
6
2
,
3
4
9
,
2
2
8
.
4
6
2
,
3
5
2
,
2
6
6
.
5
8
2
,
3
5
2
,
2
6
6
.
5
8
0
.
0
0
20
0
0
A
c
c
o
u
n
t
s
P
a
y
a
b
l
e
(
3
8
,
8
4
1
.
4
6
)
0
.
0
0
(
4
3
,
8
4
3
.
3
2
)
(
3
9
,
2
6
5
.
3
5
)
0
.
0
0
(
4
3
,
1
2
2
.
5
1
)
(
3
8
,
6
5
1
.
4
5
)
0
.
0
0
(
4
3
,
8
2
8
.
8
9
)
(
3
8
,
8
8
5
.
2
4
)
0
.
0
0
79
,
7
2
4
,
7
2
1
.
9
1
7
9
,
9
5
7
,
0
4
6
.
5
8
7
8
,
6
9
7
,
2
2
3
.
3
2
7
6
,
1
3
2
,
0
4
2
.
2
4
7
6
,
0
2
8
,
6
9
9
.
5
9
7
9
,
2
2
0
,
0
5
7
.
3
3
7
9
,
2
7
7
,
6
7
9
.
4
7
7
9
,
7
4
7
,
8
8
0
.
9
6
7
9
,
7
3
1
,
0
6
4
.
1
9
8
1
,
3
9
6
,
0
8
2
.
3
0
8
1
,
6
8
5
,
6
3
0
.
1
0
Pa
l
m
B
e
a
c
h
G
a
r
d
e
n
s
P
o
l
i
c
e
Ba
l
a
n
c
e
S
h
e
e
t
FY
2
0
1
6
Ac
c
o
u
n
t
D
e
s
c
r
i
p
t
i
o
n
TO
T
A
L
R
E
S
E
R
V
E
F
U
N
D
(
M
A
R
K
E
T
V
A
L
U
E
)
:
Pension Resource Centers
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
Meeting
Check Number Date Payee and Description Amount
2770 June 1, 2016 City of Palm Beach Gardens $23,891.79
Retiree Insurance
2771 June 1, 2016 Pension Resource Center $2,575.00
Administrative Fee - June 2016
2772 June 1, 2016 Klausner, Kaufman, Jensen & Levinson $1,102.50
Legal Services Rendered through 4-30-16
2773 June 1, 2016 Gabriel Roeder Smith & Company $7,684.00
Actuarial Services Rendered through 4-30-16
2774 June 1, 2016 FPPTA $550.00
Registered Brad Seidensticker
Hyatt Regency Orlando 6-26-16 to 6-29-16
2775 June 1, 2016 Hyatt Regency Orlando $507.00
Reservations for Brad Seidensticker - FPPTA Conference
2776 June 2, 2016 FPPTA $550.00
Register Jay Spencer- Hyatt Regency Orlando
6/26/16 to 6/29/16
2777 July 1, 2016 City of Palm Beach Gardens $22,261.56
Retiree Insurance
2778 July 5, 2016 Pension Resource Center $2,626.99
Administrative Fee - July 2016
2779 July 5, 2016 Gabriel Roeder Smith & Company $8,499.00
Acturial Services Rendered through 5-31-16
2780 July 5, 2016 Cherry Bekaert LLP $2,650.00
Auditor Fee - 5-31-2016
2781 July 5, 2016 Klausner, Kaufman, Jensen & Levinson $1,035.00
Legal Services Rendered through 5-31-16
2782 July 5, 2016 United Members Insurance, Inc. $1,013.00
Commercial Package Policy General Liability Insurance
Seneca Insurance - Policy# UGL 5331094 Renewal
2783 July 5, 2016 Jay Spencer $985.84
Travel Expense Reimbursement - FPPTA Conference
2784 August 1, 2016 City of Palm Beach Gardens $22,261.56
Retiree Insurance
2785 August 1, 2016 City of Palm Beach Gardens $1,713.21
Retiree Insurance
2786 August 2, 2016 FPPTA $500.00
Registered Marc Glass- Fall Trustee School 9/25-9/28/16
2787 August 2, 2016 Hyatt Regency Coconut Point $567.00
Reservations for Marc Glass FPPTA School 9/25-9/27/16
2788 August 2, 2016 Klausner, Kaufman, Jensen & Levinson $900.00
Legal Services Rendered through 6-29-16
2789 August 2, 2016 Rhumbline Advisers $5,919.00
Investment Advisory Fee - 2nd Quarter 2016
2790 August 2, 2016 Highland Capital Management, LLC $27,118.79
Management Fee - 2nd Quarter 2016
2791 August 2, 2016 Gabriel Roeder Smith & Company $1,453.00
Actuarial Services Rendered through 6-30-16
2792 August 2, 2016 Pension Resource Center $2,671.33
Administrative Fee - August 2016
2793 August 2, 2016 The Bogdahn Group $5,847.45
Investment Consulting Fee
2794 August 18, 2016 Greg Mull $260.37
Travel Expense Reimbursement - FPPTA Conference
Orlando, FL 6/26/2016 - 6/29/2016
2795 September 1, 2016 City of Palm Beach Gardens $26,984.49
Retiree Insurance
2796 September 1, 2016 Pension Resource Center $2,625.77
Administrative Fee - Sept 2016
2797 September 1, 2016 Gabriel Roeder Smith & Company $4,293.00
Actuarial Services Rendered through 7-31-2016
2798 September 1, 2016 Klausner, Kaufman, Jensen & Levinson $810.00
Legal Services Rendered through 7-31-2016
2799 September 1, 2016 FPPTA $500.00
Register Greg Mull - Fall Trustee School
9/25/2016 - 9/28/2016
2800 September 1, 2016 Hyatt Regency Coconut Point $567.00
Reservation for Greg Mull -FPPTA School Sept 25-28,2016
Total: $180,923.65
Paid by Custodian
Salem Trust $4,943.65
2nd Quarter 2016 - Management Fee
Total $185,867.30
Chair___________________________
Secretary___________________________
Date_______________________________
En
d
O
c
t
o
b
e
r
E
n
d
N
o
v
e
m
b
e
r
E
n
d
D
e
c
e
m
b
e
r
E
n
d
J
a
n
u
a
r
y
E
n
d
Fe
b
r
u
a
r
y
E
n
d
M
a
r
c
h
E
n
d
A
p
r
i
l
E
n
d
M
a
y
E
n
d
J
u
n
e
E
n
d
J
u
l
y
E
n
d August Year-To-Date
In
c
o
m
e
:
40
0
0
Em
p
l
o
y
e
r
C
o
n
t
r
i
b
u
t
i
o
n
s
2
,
8
9
7
,
7
5
4
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
2
,
8
9
7
,
7
5
4
.
0
0
41
0
0
Em
p
l
o
y
e
e
C
o
n
t
r
i
b
u
t
i
o
n
s
3
4
,
8
3
0
.
0
8
3
5
,
2
0
7
.
4
0
5
2
,
5
1
2
.
2
8
3
5
,3
9
0
.
6
5
3
4
,
5
5
9
.
8
6
3
5
,
2
0
3
.
2
9
3
5
,
2
3
6
.
4
9
3
4
,
8
9
0
.
3
6
3
5
,
2
4
8
.
5
1 53,256.12 36,748.23 423,083.27
Re
a
l
i
z
e
d
G
a
i
n
/
L
o
s
s
-
S
a
l
e
m
T
r
u
s
t
42
1
0
Eq
u
i
t
i
e
s
(2
7
,
3
1
4
.
5
6
)
(
3
1
,
5
3
1
.
2
6
)
(
2
5
,
3
2
9
.
8
2
)
(
7
3
,
5
5
8
.
9
1
)
(
3
7
,
1
4
0
.0
2
)
3
5
,
0
9
9
.
6
0
1
3
,
3
8
8
.
5
6
(
8
,
4
3
0
.
6
1
)
(
2
9
,
6
3
9
.
6
9
)
1
3
,
9
4
3
.
6
0 (4,717.51) (175,230.62)
42
2
0
Fi
x
e
d
I
n
c
o
m
e
5,
4
1
3
.
1
8
(
1
,
0
3
9
.
5
5
)
(
1
,
5
7
1
.
0
4
)
5
0
0
.
0
1
1
,
7
4
4
.
8
5
(
8
0
3
.
3
6
)
5
,494.28 (1,293.92) 6,864.03 1,464.25 (16,594.44) 178.29
42
3
0
Ot
h
e
r
A
s
s
e
t
s
-
R
h
u
m
b
L
i
n
e
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
(
6
,
3
3
5.77) 0.00 0.00 0.00 0.00 (6,335.77)
Un
r
e
a
l
i
z
e
d
G
a
i
n
/
L
o
s
s
-
S
a
l
e
m
T
r
u
s
t
43
1
0
Eq
u
i
t
i
e
s
46
3
,
4
1
7
.
1
1
7
6
,
3
7
7
.
4
5
(
1
1
9
,
3
9
7
.
6
2
)
(
4
5
3
,
1
9
3
.
1
5
)
(
8
3
,
5
8
0
.
42
)
4
1
8
,
6
2
0
.
4
2
(
7
9
,
5
9
9
.
4
2
)
1
5
9
,
8
0
7
.
8
7
(
1
1
5
,
0
4
2
.
8
2
)
2
9
7
,
5
82.83 (51,088.61) 513,903.64
43
2
0
Fi
x
e
d
I
n
c
o
m
e
(3
3
,
8
6
9
.
9
9
)
(
3
8
,
5
3
3
.
0
7
)
(
1
3
8
,
5
3
3
.
8
7
)
1
7
2
,
2
9
6
.
6
7
1
2
3
,
6
1
9
.2
2
2
6
3
,
5
5
3
.
2
6
7
8
,
1
6
1
.
8
3
(
6
5
,
4
0
5
.
4
0
)
2
9
7
,
0
7
3
.
6
9
1
2
4
,
1
6
6
.
52 (35,011.61) 747,517.25
43
3
0
Ot
h
e
r
A
s
s
e
t
s
-
R
h
u
m
b
L
i
n
e
2
,
5
3
2
,
5
9
8
.
0
3
4
0
1
,
7
1
7
.
6
2
(
1
,
0
9
2
,
24
1
.
5
9
)
(
1
,
9
8
7
,
0
6
1
.
2
9
)
1
7
1
,
8
0
1
.
0
3
2
,
6
0
6
,
8
8
5
.
7
3
2
7
5
,
7
5
9
.
99 685,303.66 136,090.42 1,517,534.03 197,255.45 5,445,6 43.08
44
0
0
Re
a
l
i
z
e
d
G
a
i
n
/
L
o
s
s
-
M
g
r
H
e
l
d
44
0
4
Am
e
r
i
c
a
n
C
o
r
e
R
e
a
l
t
y
0.
0
0
0
.
0
0
1
6
,
6
4
0
.
7
0
0
.
0
0
0
.
0
0
1
7
,
4
5
6
.
6
7
0
.
0
0
0
.
0
0
(
1
7
,
8
4
8
.
4
0) 0.00 0.00 16,248.97
45
0
0
Un
r
e
a
l
i
z
e
d
G
a
i
n
/
L
o
s
s
-
M
g
r
H
e
l
d
45
0
4
Am
e
r
i
c
a
n
C
o
r
e
R
e
a
l
t
y
0.
0
0
0
.
0
0
7
4
,
6
0
0
.
8
5
0
.
0
0
0
.
0
0
6
3
,
2
1
5
.
0
2
0
.
0
0
0
.
0
0
2
9
,
5
2
7
.
2
2
0.00 0.00 167,343.09
45
1
6
Dr
e
y
f
u
s
I
n
t
e
r
n
a
t
i
o
n
a
l
B
o
n
d
0
.
0
0
0
.
0
0
(
3
8
,
5
1
1
.
0
1
)
0
.
0
0
0
.
00
4
4
,
8
1
8
.
4
4
0
.
0
0
0
.
0
0
1
8
,
7
6
1
.
2
1
0
.
0
0
0
.
0
0
2
5
,
0
6
8
.
6
4
45
2
8
Op
p
e
n
h
e
i
m
e
r
I
n
t
e
r
n
a
t
i
o
n
a
l
B
o
n
d
0
.
0
0
0
.
0
0
(
8
,
8
9
2
.
5
4
)
0
.
0
0
0
.
0
0
2
3
,
0
8
4
.
9
9
0
.
0
0
0
.
0
0
1
9
,
8
9
0
.
5
2
0
.
0
0
0
.
0
0
3
4
,
0
8
2
.
9
7
45
3
9
Va
n
g
u
a
r
d
G
l
o
b
a
l
E
q
u
i
t
y
0
.
0
0
0
.
0
0
6
7
,
7
6
6
.
5
3
0
.
0
0
0
.
0
0
(
6
,
3
43
.
5
7
)
0
.
0
0
0
.
0
0
1
2
,
6
8
7
.
1
4
0
.
0
0
8
2
,
4
6
6
.
4
0
1
5
6
,
5
7
6
.
5
0
45
4
1
Va
n
g
u
a
r
d
I
n
t
e
r
n
a
t
i
o
n
a
l
G
r
o
w
t
h
0
.
0
0
0
.
0
0
4
6
,
8
3
5
.
6
4
0
.
0
0
0
.0
0
(
4
9
,
2
9
6
.
6
9
)
0
.
0
0
0
.
0
0
1
2
,
1
4
0
.
2
3
0
.
0
0
(
2
7
,
4
8
9
.
9
1
)
(
1
7
,
8
10.73)
45
4
2
Va
n
g
u
a
r
d
I
n
t
e
r
n
a
t
i
o
n
a
l
V
a
l
u
e
0
.
0
0
0
.
0
0
(
6
6
,
2
3
5
.
9
3
)
0
.
0
0
0.
0
0
(
1
2
,
1
5
2
.
4
9
)
0
.
0
0
0
.
0
0
3
,
0
3
8
.
1
2
0
.
0
0
1
7
3
,
2
6
9
.
2
3
9
7
,
9
1
8
.93
46
0
0
In
t
e
r
e
s
t
&
D
i
v
i
d
e
n
d
I
n
c
o
m
e
4
8
,
3
3
0
.
7
2
6
2
,
1
2
2
.
8
8
2
8
1
,
0
4
0
.7
4
5
5
,
6
8
4
.
3
4
5
5
,
2
8
2
.
4
4
1
0
7
,
6
8
0
.
2
2
5
1
,
1
3
5
.
4
5
5
8
,
0
5
9
.
1
8
1
2
1,367.24 51,296.93 62,127.75 954,127.89
47
1
0
Se
c
u
r
i
t
i
e
s
L
i
t
i
g
a
t
i
o
n
82
.
6
9
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
8
2
.
6
9
48
0
0
Sa
l
e
m
T
r
u
s
t
A
d
j
u
s
t
m
e
n
t
s
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0.00 (4,340.59) 0.00 0.00 (4,340.59)
48
0
6
Rh
u
m
b
L
i
n
e
R
e
d
e
m
p
t
i
o
n
0.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
(
2
,
4
1
0
.
1
0
)
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
(
2,410.10)
48
0
7
Rh
u
m
b
L
i
n
e
T
r
a
n
s
a
c
t
i
o
n
s
0.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
2
0
5
,
7
1
2
.
7
3
2
05,712.73
To
t
a
l
I
n
c
o
m
e
5,
9
2
1
,
2
4
1
.
2
6
5
0
4
,
3
2
1
.
4
7
(
9
5
1
,
3
1
6
.
6
8
)
(
2
,
2
4
9
,
9
4
1
.
6
8
)
2
6
6
,2
8
6
.
9
6
3
,
5
4
7
,
0
2
1
.
5
3
3
7
0
,
8
3
1
.
3
1
8
6
2
,
9
3
1
.
1
4
5
2
5
,
8
1
6
.
8
3
2
,
059,244.28 622,677.71 11,479,114.13
En
d
O
c
t
o
b
e
r
E
n
d
N
o
v
e
m
b
e
r
E
n
d
D
e
c
e
m
b
e
r
E
n
d
J
a
n
u
a
r
y
E
n
d
Fe
b
r
u
a
r
y
E
n
d
M
a
r
c
h
E
n
d
A
p
r
i
l
E
n
d
M
a
y
E
n
d
J
u
n
e
E
n
d
J
u
l
y
E
n
d August Year-To-Date
Ex
p
e
n
s
e
:
50
0
0
Be
n
e
f
i
t
P
a
y
m
e
n
t
s
19
4
,
3
3
3
.
5
7
1
9
4
,
3
3
3
.
5
7
1
9
4
,
3
3
3
.
5
7
1
9
4
,
3
3
3
.
5
7
2
2
3
,
7
5
8
.
3
1
2
32
,
0
7
6
.
7
5
2
4
7
,
8
8
0
.
9
0
2
4
7
,
8
8
0
.
9
0
2
5
7
,
2
7
2
.
9
0
2
5
7
,
2
7
2
.
9
0
2
6
5,891.48 2,509,368.42
50
1
0
Be
n
e
f
i
c
i
a
r
y
P
a
y
m
e
n
t
s
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
2
8
6
.
3
9
7
,
286.39 80,150.29
50
2
0
Di
s
a
b
i
l
i
t
y
P
a
y
m
e
n
t
s
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5.
1
4
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5
.
1
4
2
2
,
7
3
5
.
1
4
2
2
,735.14 22,735.14 250,086.54
51
0
0
Re
f
u
n
d
o
f
C
o
n
t
r
i
b
u
t
i
o
n
s
5
,
4
2
6
.
7
1
0
.
0
0
0
.
0
0
0
.
0
0
2
,
6
1
9
.
2
1
0.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
8
,
0
4
5
.
9
2
53
0
0
DR
O
P
D
i
s
t
r
i
b
u
t
i
o
n
s
4
7
,
6
1
3
.
6
7
4
0
,
0
0
0
.
0
0
0
.
0
0
8
0
,
0
0
0
.
0
0
1
0
0,
0
0
0
.
0
0
2
0
,
0
0
0
.
0
0
2
5
,
3
2
0
.
6
4
8
8
,
0
0
0
.
0
0
1
7
6
,
1
5
2
.
8
5
8
5
,
0
0
0
.00 24,500.00 686,587.16
53
1
0
DR
O
P
D
i
s
t
r
i
b
u
t
i
o
n
s
-
M
o
n
t
h
l
y
4
,
9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,
9
0
0
.
0
0
4
,
9
0
0.00 6,150.00 55,150.00
60
0
0
Cu
s
t
o
d
i
a
n
F
e
e
s
0.
0
0
0
.
0
0
4
,
5
7
7
.
9
7
0
.
0
0
0
.
0
0
4
,
4
7
1
.
0
6
0
.
0
0
0
.
0
0
4
,
9
4
3
.
6
5
0
.
0
0 0.00 13,992.68
60
2
0
In
v
e
s
t
m
e
n
t
C
o
n
s
u
l
t
a
n
t
F
e
e
s
0
.
0
0
0
.
0
0
5
,
5
6
9
.
0
0
0
.
0
0
0
.
0
0
5
,5
6
9
.
0
0
0
.
0
0
0
.
0
0
5
,
8
4
7
.
4
5
0
.
0
0
0
.
0
0
1
6
,
9
8
5
.
4
5
60
4
0
In
v
e
s
t
m
e
n
t
M
a
n
a
g
e
m
e
n
t
F
e
e
s
0
.
0
0
0
.
0
0
4
7
,
1
2
9
.
1
3
0
.
0
0
0
.
0
0
47
,
3
5
9
.
4
9
0
.
0
0
0
.
0
0
5
0
,
3
4
1
.
4
3
0
.
0
0
0
.
0
0
1
4
4
,
8
3
0
.
0
5
61
0
0
Ac
t
u
a
r
y
F
e
e
s
0.
0
0
0
.
0
0
1
1
,
7
8
2
.
0
0
0
.
0
0
2
,
9
8
7
.
0
0
3
,
9
6
4
.
0
0
0
.
0
0
3
,
5
9
4
.
0
0
7
,
684.00 8,499.00 1,453.00 39,963.00
61
1
0
Ad
m
i
n
i
s
t
r
a
t
o
r
F
e
e
s
2,
5
7
5
.
0
0
2
,
6
0
2
.
0
0
2
,
5
7
5
.
0
0
2
,
5
7
5
.
0
0
2
,
6
0
4
.
1
5
2
,
6
0
4
.
4
0
2
,
5
75.00 2,606.20 2,575.00 2,575.00 2,646.89 28,513.64
61
2
0
Au
d
i
t
o
r
F
e
e
s
0.
0
0
0
.
0
0
0
.
0
0
2
,
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
1
0
,
5
0
0
.
0
0
0
.
0
0
2
,
6
5
0
.
00 0.00 15,150.00
61
3
0
Ba
n
k
C
h
a
r
g
e
s
16
5
.
9
9
5
6
.
6
0
2
2
8
.
7
2
1
9
4
.
3
0
2
0
8
.
3
1
2
2
2
.
9
3
1
9
2
.
6
5
2
1
0
.
0
2
1
8
5
.
29 221.91 215.20 2,101.92
61
5
0
Le
g
a
l
F
e
e
s
0.
0
0
8
3
.
1
0
0
.
0
0
1
,
2
1
5
.
0
0
2
,
1
7
0
.
0
0
7
6
5
.
0
0
1
,
0
1
2
.
5
0
3
,
9
6
0
.
0
0
1,102.50 1,035.00 900.00 12,243.10
61
6
0
Po
s
t
a
g
e
0.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
2
2
.
0
5
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
5
1
.
9
9
2
4
.
4
4
9
8
.
4
8
62
0
0
Tr
u
s
t
e
e
E
x
p
e
n
s
e
-
C
o
n
f
e
r
e
n
c
e
3
,
4
4
9
.
0
5
0
.
0
0
1
,
0
0
5
.
0
0
0
.
0
0
3
39
.
0
5
3
,
7
0
9
.
6
3
1
,
3
0
5
.
9
5
1
,
0
5
7
.
0
0
1
,
6
0
7
.
0
0
9
8
5
.
8
4
1
,
3
2
7
.
3
7
14,785.89
62
2
0
An
n
u
a
l
M
e
m
b
e
r
s
h
i
p
F
e
e
s
0
.
0
0
0
.
0
0
6
9
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0 0.00 0.00 0.00 0.00 690.00
63
0
0
Fi
d
u
c
i
a
r
y
L
i
a
b
i
l
i
t
y
I
n
s
u
r
a
n
c
e
9
2
9
.
8
8
0
.
0
0
5
,
6
9
4
.
6
6
0
.
0
0
0.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
6
,
6
2
4
.
5
4
63
2
0
Ge
n
e
r
a
l
L
i
a
b
i
l
i
t
y
I
n
s
u
r
a
n
c
e
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0
.
0
0
0.00 0.00 0.00 1,013.00 0.00 1,013.00
To
t
a
l
E
x
p
e
n
s
e
28
9
,
4
1
5
.
4
0
2
7
1
,
9
9
6
.
8
0
3
0
8
,
5
0
6
.
5
8
3
1
5
,
2
3
9
.
4
0
3
6
9
,
6
2
9
.
6
1
3
55
,
6
6
3
.
7
9
3
1
3
,
2
0
9
.
1
7
3
9
2
,
7
2
9
.
6
5
5
4
2
,
6
3
3
.
6
0
3
9
4
,
2
2
6
.
1
7
3
3
3,129.91 3,886,380.08
Re
s
e
r
v
e
F
u
n
d
L
a
s
t
P
e
r
i
o
d
7
4
,
0
9
2
,
8
9
6
.
0
5
7
9
,
7
2
4
,
7
2
1
.
9
1
7
9,
9
5
7
,
0
4
6
.
5
8
7
8
,
6
9
7
,
2
2
3
.
3
2
7
6
,
1
3
2
,
0
4
2
.
2
4
7
6
,
0
2
8
,
6
9
9
.
5
9
79
,
2
2
0
,
0
5
7
.
3
3
7
9
,
2
7
7
,
6
7
9
.
4
7
7
9
,
7
4
7
,
8
8
0
.
9
6
7
9
,
7
3
1
,
0
6
4
.
1
9 81,396,082.30 74,092,896.05
Ba
l
a
n
c
e
T
o
/
F
r
o
m
R
e
s
e
r
v
e
5
,
6
3
1
,
8
2
5
.
8
6
2
3
2
,
3
2
4
.
6
7
(
1
,
2
5
9,
8
2
3
.
2
6
)
(
2
,
5
6
5
,
1
8
1
.
0
8
)
(
1
0
3
,
3
4
2
.
6
5
)
3
,
1
9
1
,
3
5
7
.
7
4
5
7
,
6
22.14 470,201.49 (16,816.77) 1,665,018.11 289,547.80 7,5 92,734.05
TO
T
A
L
R
E
S
E
R
V
E
F
U
N
D
7
9
,
7
2
4
,
7
2
1
.
9
1
7
9
,
9
5
7
,
0
4
6
.
5
8
7
8
,
6
9
7
,
22
3
.
3
2
7
6
,
1
3
2
,
0
4
2
.
2
4
7
6
,
0
2
8
,
6
9
9
.
5
9
7
9
,
2
2
0
,
0
5
7
.
3
3
7
9
,
2
7
7
,679.47 79,747,880.96 79,731,064.19 81,396,082.30 81,68 5,630.10 81,685,630.10
Pa
l
m
B
e
a
c
h
G
a
r
d
e
n
s
P
o
l
i
c
e
St
a
t
e
m
e
n
t
o
f
I
n
c
o
m
e
a
n
d
E
x
p
e
n
s
e
FY
2
0
1
6
Ac
c
o
u
n
t
D
e
s
c
r
i
p
t
i
o
n
Ac
c
o
u
n
t
D
e
s
c
r
i
p
t
i
o
n
Palm Beach Gardens Police
Investment Performance Review
Period Ended June 30, 2016
1 Market Environment Page 1
2 Compliance Report Page 10
3 Asset Allocation Compliance Page 11
4 Asset Allocation Pie Chart Page 13
5 Asset Allocation & Performance Trailing Periods (gross)Page 15
6 Asset Allocation & Performance Trailing Periods (net)Page 17
7 Asset Allocation & Performance Fiscal Year Periods (gross)Page 19
8 Asset Allocation & Performance Fiscal Year Periods (net)Page 21
9 Historical Rolling Performance Total Fund Page 23
10 Historical Rolling Performance Total Fund Policy Page 24
11 Total Fund Composite Returns Based Analysis Page 25
12 Rhumbline S&P 500 Equity Returns Based Analysis Page 28
13 Rhumbline S&P 400 Equity Returns Based Analysis Page 31
14 Rhumbline S&P 600 Equity Returns Based Analysis Page 34
15 Highland Capital Equity Returns Based Analysis Page 37
16 Vanguard International Equity Returns Based Analysis Page 40
17 Highland Capital Fixed Income Returns Based Analysis Page 42
18 Oppenheimer International Fixed Income Returns Based Analysis Page 45
19 American Realty Returns Based Analysis Page 47
20 Benchmark History Page 49
21 Vanguard International Value Performance Review Page 51
22 Vanguard International Growth Performance Review Page 53
23 Vanguard International Global Equity Performance Review Page 55
24 Dreyfus International Bond A Performance Review Page 57
25 Oppenheimer International Bond A Performance Review Page 59
26 TBG Info Page 61
27 Definitions & Disclosure Pages Page 63
Table Of Contents
2n
d
Q
u
a
r
t
e
r
2
0
1
6
M
a
r
k
e
t
E
n
v
i
r
o
n
m
e
n
t
Pa
g
e
1
Th
e
2
nd
qu
a
r
t
e
r
o
f
2
0
1
6
w
a
s
v
e
r
y
v
o
l
a
t
i
l
e
a
s
f
i
n
a
n
c
i
a
l
m
a
r
k
e
t
r
e
t
u
r
n
s
w
e
r
e
in
f
l
u
e
n
c
e
d
b
y
c
e
n
t
r
a
l
b
a
n
k
p
o
l
i
c
y
e
x
p
e
c
t
a
t
i
o
n
s
,
r
i
s
i
n
g
c
o
m
m
o
d
i
t
y
p
r
i
c
e
s
,
mi
x
e
d
e
c
o
n
o
m
i
c
d
a
t
a
,
a
n
d
i
n
c
r
e
a
s
e
d
g
l
o
b
a
l
p
o
l
i
t
i
c
a
l
a
n
d
e
c
o
n
o
m
i
c
un
c
e
r
t
a
i
n
t
y
c
a
u
s
e
d
b
y
t
h
e
U
.
K
.
’
s
J
u
n
e
v
o
t
e
t
o
d
i
s
c
o
n
t
i
n
u
e
i
t
s
m
e
m
b
e
r
s
h
i
p
in
t
h
e
E
u
r
o
p
e
a
n
U
n
i
o
n
(
E
U
)
.
D
e
s
p
i
t
e
t
h
i
s
v
o
l
a
t
i
l
i
t
y
,
a
s
s
e
t
c
l
a
s
s
r
e
s
u
l
t
s
f
o
r
th
e
p
e
r
i
o
d
w
e
r
e
b
r
o
a
d
l
y
p
o
s
i
t
i
v
e
w
i
t
h
t
h
e
e
x
c
e
p
t
i
o
n
o
f
i
n
t
e
r
n
a
t
i
o
n
a
l
de
v
e
l
o
p
e
d
m
a
r
k
e
t
r
e
t
u
r
n
s
.
H
i
g
h
e
r
r
i
s
k
a
s
s
e
t
s
,
s
u
c
h
a
s
s
m
a
l
l
c
a
p
e
q
u
i
t
i
e
s
,
em
e
r
g
i
n
g
m
a
r
k
e
t
s
t
o
c
k
s
,
a
n
d
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
a
n
d
h
i
g
h
y
i
e
l
d
c
o
r
p
o
r
a
t
e
bo
n
d
s
,
p
o
s
t
e
d
t
h
e
s
t
r
o
n
g
e
s
t
r
e
t
u
r
n
s
t
h
r
o
u
g
h
o
u
t
t
h
e
q
u
a
r
t
e
r
.
Le
d
b
y
t
h
e
s
m
a
l
l
c
a
p
R
u
s
s
e
l
l
2
0
0
0
’
s
r
e
t
u
r
n
o
f
3
.
8
%
,
U
.
S
.
s
t
o
c
k
m
a
r
k
e
t
in
d
i
c
e
s
w
e
r
e
p
o
s
i
t
i
v
e
f
o
r
t
h
e
2
nd
qu
a
r
t
e
r
.
I
n
c
o
n
t
r
a
s
t
,
f
o
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
,
do
m
e
s
t
i
c
l
a
r
g
e
c
a
p
s
t
o
c
k
i
n
d
i
c
e
s
w
e
r
e
t
h
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
,
p
o
s
t
i
n
g
mo
d
e
r
a
t
e
g
a
i
n
s
,
w
h
i
l
e
d
o
m
e
s
t
i
c
s
m
a
l
l
c
a
p
i
n
d
i
c
e
s
p
o
s
t
e
d
n
e
g
a
t
i
v
e
r
e
t
u
r
n
s
.
Br
o
a
d
i
n
t
e
r
n
a
t
i
o
n
a
l
e
q
u
i
t
y
i
n
d
i
c
e
s
t
r
a
i
l
e
d
d
o
m
e
s
t
i
c
s
t
o
c
k
i
n
d
i
c
e
s
t
h
r
o
u
g
h
bo
t
h
t
h
e
q
u
a
r
t
e
r
a
n
d
p
r
i
o
r
y
e
a
r
.
I
n
U
.
S
.
D
o
l
l
a
r
(
U
S
D
)
t
e
r
m
s
,
r
e
t
u
r
n
s
f
o
r
t
h
e
MS
C
I
E
m
e
r
g
i
n
g
M
a
r
k
e
t
s
I
n
d
e
x
(
n
e
t
)
w
e
r
e
m
a
r
g
i
n
a
l
l
y
p
o
s
i
t
i
v
e
f
o
r
t
h
e
qu
a
r
t
e
r
r
e
t
u
r
n
i
n
g
0
.
7
%
w
h
i
l
e
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
e
q
u
i
t
i
e
s
,
r
e
p
r
e
s
e
n
t
e
d
b
y
th
e
M
S
C
I
E
A
F
E
I
n
d
e
x
(
n
e
t
)
,
r
e
t
u
r
n
e
d
-
1
.
5
%
.
B
o
t
h
i
n
d
i
c
e
s
h
a
v
e
ex
p
e
r
i
e
n
c
e
d
d
o
u
b
l
e
d
i
g
i
t
l
o
s
s
e
s
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
,
r
e
t
u
r
n
i
n
g
-
1
2
.
1
%
an
d
-
1
0
.
2
%
r
e
s
p
e
c
t
i
v
e
l
y
.
.
Th
e
U
.
S
.
T
r
e
a
s
u
r
y
y
i
e
l
d
c
u
r
v
e
f
l
a
t
t
e
n
e
d
t
h
r
o
u
g
h
o
u
t
t
h
e
2
nd
qu
a
r
t
e
r
w
i
t
h
ne
a
r
-
t
e
r
m
r
a
t
e
s
s
t
a
y
i
n
g
r
e
l
a
t
i
v
e
l
y
f
l
a
t
a
n
d
r
a
t
e
s
a
t
t
h
e
m
e
d
i
u
m
t
o
l
o
n
g
e
n
d
of
t
h
e
y
i
e
l
d
c
u
r
v
e
f
a
l
l
i
n
g
n
e
a
r
a
l
l
-
t
i
m
e
l
o
w
s
.
D
e
s
p
i
t
e
t
h
e
i
r
l
o
w
y
i
e
l
d
s
,
in
v
e
s
t
m
e
n
t
g
r
a
d
e
b
o
n
d
s
h
a
v
e
o
u
t
p
e
r
f
o
r
m
e
d
b
r
o
a
d
d
o
m
e
s
t
i
c
a
n
d
in
t
e
r
n
a
t
i
o
n
a
l
e
q
u
i
t
y
i
n
d
i
c
e
s
o
v
e
r
t
h
e
p
a
s
t
t
w
e
l
v
e
m
o
n
t
h
s
w
i
t
h
t
h
e
B
a
r
c
l
a
y
s
Ag
g
r
e
g
a
t
e
I
n
d
e
x
r
e
t
u
r
n
i
n
g
2
.
2
%
f
o
r
t
h
e
2
nd
qu
a
r
t
e
r
a
n
d
6
.
0
%
f
o
r
t
h
e
t
r
a
i
l
i
n
g
1-
y
e
a
r
p
e
r
i
o
d
.
I
n
v
e
s
t
m
e
n
t
g
r
a
d
e
c
o
r
p
o
r
a
t
e
b
o
n
d
s
o
u
t
p
e
r
f
o
r
m
e
d
t
h
e
re
m
a
i
n
i
n
g
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
s
e
c
t
o
r
s
f
o
r
b
o
t
h
t
h
e
q
u
a
r
t
e
r
a
n
d
1
-
y
e
a
r
p
e
r
i
o
d
wi
t
h
t
h
e
B
a
r
c
l
a
y
s
U
.
S
.
C
o
r
p
o
r
a
t
e
I
n
v
e
s
t
m
e
n
t
G
r
a
d
e
I
n
d
e
x
r
e
t
u
r
n
i
n
g
3
.
6
%
an
d
7
.
9
%
r
e
s
p
e
c
t
i
v
e
l
y
.
C
o
r
p
o
r
a
t
e
i
s
s
u
e
s
e
x
p
e
r
i
e
n
c
e
d
t
a
i
l
w
i
n
d
s
f
r
o
m
t
h
e
i
r
hi
g
h
e
r
d
u
r
a
t
i
o
n
s
r
e
l
a
t
i
v
e
t
o
o
t
h
e
r
a
r
e
a
s
o
f
t
h
e
f
i
x
e
d
i
n
c
o
m
e
m
a
r
k
e
t
,
a
s
w
e
l
l
as
t
i
g
h
t
e
n
i
n
g
c
r
e
d
i
t
s
p
r
e
a
d
s
.
So
u
r
c
e
:
I
n
v
e
s
t
m
e
n
t
M
e
t
r
i
c
s
The Market Environment Major Market Index Performance As of June 30, 2016
0.
1
%
3.6%1.1%1.7%2.0%2.2%3.8%3.2%2.5%2.6%2.5%
0.
7
%
-1
.
5
%
-0
.
6
%
-2
.
0
%
0
.
0
%
2
.
0
%
4
.
0
%
3-
M
o
n
t
h
T
-
B
i
l
l
Ba
r
c
l
a
y
s
C
o
r
p
I
G
Ba
r
c
l
a
y
s
M
B
S
Ba
r
c
l
a
y
s
U
S
T
I
P
S
Ba
r
c
l
a
y
s
U
S
G
o
v
t
Ba
r
c
l
a
y
s
U
S
A
g
g
Ru
s
s
e
l
l
2
0
0
0
Ru
s
s
e
l
l
M
i
d
C
a
p
Ru
s
s
e
l
l
1
0
0
0
Ru
s
s
e
l
l
3
0
0
0
S&
P
5
0
0
MS
C
I
E
m
e
r
g
M
k
t
s
MS
C
I
E
A
F
E
MS
C
I
A
C
W
x
U
S
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
0.1%7.9%4.3%4.4%6.0%6.0%
-6
.
7
%
0.6%2.9%2.1%4.0%
-1
2
.
1
%
-1
0
.
2
%
-1
0
.
2
%
-1
4
.
0
%
-
1
2
.
0
%
-
1
0
.
0
%
-
8
.
0
%
-
6
.
0
%
-
4
.
0
%
-
2
.
0
%
0
.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
8
.
0
%
1
0
.
0
%
3-
M
o
n
t
h
T
-
B
i
l
l
Ba
r
c
l
a
y
s
C
o
r
p
I
G
Ba
r
c
l
a
y
s
M
B
S
Ba
r
c
l
a
y
s
U
S
T
I
P
S
Ba
r
c
l
a
y
s
U
S
G
o
v
t
Ba
r
c
l
a
y
s
U
S
A
g
g
Ru
s
s
e
l
l
2
0
0
0
Ru
s
s
e
l
l
M
i
d
C
a
p
Ru
s
s
e
l
l
1
0
0
0
Ru
s
s
e
l
l
3
0
0
0
S&
P
5
0
0
MS
C
I
E
m
e
r
g
M
k
t
s
MS
C
I
E
A
F
E
MS
C
I
A
C
W
x
U
S
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
Pa
g
e
2
So
u
r
c
e
:
I
n
v
e
s
t
m
e
n
t
M
e
t
r
i
c
s
The Market Environment
Do
m
e
s
t
i
c
E
q
u
i
t
y
S
t
y
l
e
I
n
d
e
x
P
e
r
f
o
r
m
a
n
c
e
As of June 30, 2016
U.
S
.
e
q
u
i
t
y
i
n
d
e
x
r
e
t
u
r
n
s
w
e
r
e
p
o
s
i
t
i
v
e
a
c
r
o
s
s
t
h
e
c
a
p
i
t
a
l
i
z
a
t
i
o
n
s
p
e
c
t
r
u
m
du
r
i
n
g
t
h
e
2
nd
qu
a
r
t
e
r
.
D
o
m
e
s
t
i
c
s
t
o
c
k
p
r
i
c
e
s
i
n
c
r
e
a
s
e
d
t
h
r
o
u
g
h
A
p
r
i
l
a
n
d
Ma
y
,
f
u
e
l
e
d
b
y
l
a
r
g
e
l
y
s
u
p
p
o
r
t
i
v
e
m
a
c
r
o
e
c
o
n
o
m
i
c
d
a
t
a
s
u
g
g
e
s
t
i
n
g
t
h
a
t
t
h
e
ec
o
n
o
m
i
c
w
e
a
k
n
e
s
s
e
x
p
e
r
i
e
n
c
e
d
a
t
t
h
e
b
e
g
i
n
n
i
n
g
o
f
t
h
e
y
e
a
r
h
a
d
b
e
e
n
tr
a
n
s
i
t
o
r
y
.
T
h
e
s
t
r
e
n
g
t
h
i
n
e
c
o
n
o
m
i
c
d
a
t
a
l
e
d
m
a
r
k
e
t
p
a
r
t
i
c
i
p
a
n
t
s
t
o
co
n
s
i
d
e
r
a
n
i
n
c
r
e
a
s
e
d
p
r
o
b
a
b
i
l
i
t
y
f
o
r
t
h
e
U
.
S
.
F
e
d
e
r
a
l
R
e
s
e
r
v
e
(
F
e
d
)
t
o
ti
g
h
t
e
n
m
o
n
e
t
a
r
y
p
o
l
i
c
y
b
y
i
n
c
r
e
a
s
i
n
g
s
h
o
r
t
-
t
e
r
m
i
n
t
e
r
e
s
t
r
a
t
e
s
a
s
e
a
r
l
y
a
s
Ju
n
e
.
H
o
w
e
v
e
r
,
f
o
r
e
c
a
s
t
s
s
u
r
r
o
u
n
d
i
n
g
t
h
e
t
i
m
i
n
g
o
f
f
u
t
u
r
e
F
e
d
r
a
t
e
h
i
k
e
s
we
r
e
p
u
s
h
e
d
o
u
t
a
f
t
e
r
t
h
e
r
e
l
e
a
s
e
o
f
M
a
y
’
s
n
o
n
-
f
a
r
m
p
a
y
r
o
l
l
r
e
p
o
r
t
,
w
h
i
c
h
ca
m
e
i
n
m
u
c
h
w
e
a
k
e
r
t
h
a
n
e
x
p
e
c
t
e
d
.
T
h
e
p
o
s
s
i
b
i
l
i
t
y
o
f
a
n
e
a
r
-
t
e
r
m
r
a
t
e
in
c
r
e
a
s
e
b
e
c
a
m
e
e
v
e
n
m
o
r
e
r
e
m
o
t
e
n
e
a
r
t
h
e
e
n
d
o
f
t
h
e
q
u
a
r
t
e
r
w
h
e
n
t
h
e
U.
K
.
u
n
e
x
p
e
c
t
e
d
l
y
v
o
t
e
d
t
o
e
x
i
t
t
h
e
E
U
,
c
r
e
a
t
i
n
g
p
o
l
i
t
i
c
a
l
a
n
d
e
c
o
n
o
m
i
c
un
c
e
r
t
a
i
n
t
y
t
h
r
o
u
g
h
o
u
t
g
l
o
b
a
l
f
i
n
a
n
c
i
a
l
m
a
r
k
e
t
s
.
D
e
m
a
n
d
f
o
r
e
q
u
i
t
i
e
s
re
m
a
i
n
s
h
i
g
h
a
s
i
n
v
e
s
t
o
r
s
s
t
r
u
g
g
l
e
t
o
f
i
n
d
o
t
h
e
r
s
o
u
r
c
e
s
o
f
p
o
r
t
f
o
l
i
o
r
e
t
u
r
n
in
t
h
e
c
u
r
r
e
n
t
l
o
w
i
n
t
e
r
e
s
t
r
a
t
e
e
n
v
i
r
o
n
m
e
n
t
.
Va
l
u
e
s
t
o
c
k
s
o
u
t
p
e
r
f
o
r
m
e
d
g
r
o
w
t
h
s
t
o
c
k
s
a
c
r
o
s
s
t
h
e
c
a
p
i
t
a
l
i
z
a
t
i
o
n
sp
e
c
t
r
u
m
f
o
r
t
h
e
s
e
c
o
n
d
s
t
r
a
i
g
h
t
q
u
a
r
t
e
r
.
T
h
i
s
v
a
l
u
e
o
u
t
p
e
r
f
o
r
m
a
n
c
e
w
a
s
ge
n
e
r
a
l
l
y
d
u
e
t
o
i
n
v
e
s
t
o
r
s
s
e
e
k
i
n
g
t
h
e
p
e
r
c
e
i
v
e
d
s
a
f
e
t
y
o
f
v
a
l
u
e
s
t
o
c
k
s
gi
v
e
n
v
a
l
u
a
t
i
o
n
l
e
v
e
l
s
a
n
d
t
h
e
v
o
l
a
t
i
l
i
t
y
e
x
p
e
r
i
e
n
c
e
d
t
h
r
o
u
g
h
o
u
t
t
h
e
p
e
r
i
o
d
.
Va
l
u
e
i
n
d
i
c
e
s
w
e
r
e
a
l
s
o
b
e
n
e
f
i
c
i
a
r
i
e
s
o
f
r
i
s
i
n
g
o
i
l
a
n
d
n
a
t
u
r
a
l
g
a
s
p
r
i
c
e
s
a
s
va
l
u
e
-
b
a
s
e
d
b
e
n
c
h
m
a
r
k
s
h
a
v
e
h
i
g
h
e
r
a
l
l
o
c
a
t
i
o
n
s
t
o
t
h
e
E
n
e
r
g
y
s
e
c
t
o
r
.
Mi
d
c
a
p
v
a
l
u
e
s
t
o
c
k
s
w
e
r
e
t
h
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
a
c
r
o
s
s
t
h
e
v
a
l
u
e
s
p
e
c
t
r
u
m
,
re
t
u
r
n
i
n
g
4
.
8
%
d
u
r
i
n
g
t
h
e
p
e
r
i
o
d
,
f
o
l
l
o
w
e
d
b
y
l
a
r
g
e
c
a
p
v
a
l
u
e
(
4
.
6
%
)
a
n
d
sm
a
l
l
c
a
p
v
a
l
u
e
(
4
.
3
%
)
s
t
o
c
k
s
r
e
s
p
e
c
t
i
v
e
l
y
.
H
o
w
e
v
e
r
,
a
c
r
o
s
s
t
h
e
g
r
o
w
t
h
sp
e
c
t
r
u
m
,
s
m
a
l
l
c
a
p
g
r
o
w
t
h
s
t
o
c
k
s
(
3
.
2
%
)
w
e
r
e
t
h
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
fo
l
l
o
w
e
d
b
y
m
i
d
c
a
p
g
r
o
w
t
h
s
t
o
c
k
s
(
1
.
6
%
)
.
T
h
e
R
u
s
s
e
l
l
1
0
0
0
G
r
o
w
t
h
In
d
e
x
,
r
e
p
r
e
s
e
n
t
i
n
g
l
a
r
g
e
c
a
p
s
t
o
c
k
s
,
h
a
d
t
h
e
w
e
a
k
e
s
t
p
e
r
f
o
r
m
a
n
c
e
re
t
u
r
n
i
n
g
0
.
6
%
f
o
r
t
h
e
q
u
a
r
t
e
r
.
S
t
y
l
e
t
r
e
n
d
s
a
r
e
m
i
x
e
d
o
v
e
r
t
h
e
1
-
y
e
a
r
pe
r
i
o
d
.
T
h
e
R
u
s
s
e
l
l
M
i
d
c
a
p
V
a
l
u
e
I
n
d
e
x
w
a
s
t
h
e
b
e
s
t
p
e
r
f
o
r
m
e
r
(
3
.
2
%
)
,
an
d
t
h
e
R
u
s
s
e
l
l
2
0
0
0
G
r
o
w
t
h
I
n
d
e
x
w
a
s
t
h
e
w
o
r
s
t
p
e
r
f
o
r
m
e
r
(
-
1
0
.
8
%
)
.
Fr
o
m
a
v
a
l
u
a
t
i
o
n
p
e
r
s
p
e
c
t
i
v
e
,
e
q
u
i
t
y
v
a
l
u
a
t
i
o
n
s
a
p
p
e
a
r
s
t
r
e
t
c
h
e
d
r
e
l
a
t
i
v
e
t
o
hi
s
t
o
r
i
c
a
l
l
e
v
e
l
s
b
a
s
e
d
o
n
t
h
e
i
r
f
o
r
w
a
r
d
P
r
i
c
e
/
E
a
r
n
i
n
g
s
r
a
t
i
o
s
(
P
/
E
)
.
T
h
e
la
r
g
e
g
r
o
w
t
h
,
m
i
d
g
r
o
w
t
h
,
a
n
d
s
m
a
l
l
v
a
l
u
e
i
n
d
i
c
e
s
h
a
v
e
v
a
l
u
a
t
i
o
n
l
e
v
e
l
s
cl
o
s
e
t
o
t
h
e
i
r
r
e
s
p
e
c
t
i
v
e
h
i
s
t
o
r
i
c
a
l
a
v
e
r
a
g
e
,
w
h
i
l
e
t
h
e
r
e
m
a
i
n
i
n
g
i
n
d
i
c
e
s
f
a
l
l
be
t
w
e
e
n
1
0
6
%
a
n
d
1
1
4
%
o
f
t
h
e
i
r
1
5
-
y
e
a
r
a
v
e
r
a
g
e
s
.
3.2%3.8%4.3%
1.
6
%
3.2%4.8%
0.
6
%
2.
5
%
4.6%
0.
8
%
2.
6
%
4.6%
0.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
20
0
0
G
r
o
w
t
h
20
0
0
I
n
d
e
x
20
0
0
V
a
l
u
e
Mi
d
C
a
p
G
r
o
w
t
h
Mi
d
C
a
p
I
n
d
e
x
Mi
d
C
a
p
V
a
l
u
e
10
0
0
G
r
o
w
t
h
10
0
0
I
n
d
e
x
10
0
0
V
a
l
u
e
30
0
0
G
r
o
w
t
h
30
0
0
I
n
d
e
x
30
0
0
V
a
l
u
e
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
-
R
u
s
s
e
l
l
S
t
y
l
e
S
e
r
i
e
s
-1
0
.
8
%
-6
.
7
%
-2
.
6
%
-2.1%0.6%3.2%3.0%2.9%2.9%1.9%2.1%2.4%
-1
2
.
0
%
-
1
0
.
0
%
-
8
.
0
%
-
6
.
0
%
-
4
.
0
%
-
2
.
0
%
0
.
0
%
2
.
0
%
4
.
0
%
20
0
0
G
r
o
w
t
h
20
0
0
I
n
d
e
x
20
0
0
V
a
l
u
e
Mi
d
C
a
p
G
r
o
w
t
h
Mi
d
C
a
p
I
n
d
e
x
Mi
d
C
a
p
V
a
l
u
e
10
0
0
G
r
o
w
t
h
10
0
0
I
n
d
e
x
10
0
0
V
a
l
u
e
30
0
0
G
r
o
w
t
h
30
0
0
I
n
d
e
x
30
0
0
V
a
l
u
e
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
-
R
u
s
s
e
l
l
S
t
y
l
e
S
e
r
i
e
s
Pa
g
e
3
The Market Environment
GI
C
S
S
e
c
t
o
r
P
e
r
f
o
r
m
a
n
c
e
&
(
S
e
c
t
o
r
W
e
i
g
h
t
)
As of June 30, 2016
So
u
r
c
e
:
M
o
r
n
i
n
g
s
t
a
r
D
i
r
e
c
t
La
r
g
e
c
a
p
s
e
c
t
o
r
p
e
r
f
o
r
m
a
n
c
e
w
a
s
g
e
n
e
r
a
l
l
y
p
o
s
i
t
i
v
e
f
o
r
t
h
e
2
nd
qu
a
r
t
e
r
wi
t
h
a
l
l
b
u
t
t
w
o
s
e
c
t
o
r
s
w
i
t
h
i
n
t
h
e
R
u
s
s
e
l
l
1
0
0
0
I
n
d
e
x
p
o
s
t
i
n
g
g
a
i
n
s
f
o
r
t
h
e
pe
r
i
o
d
.
T
h
e
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
a
n
d
T
e
c
h
n
o
l
o
g
y
s
e
c
t
o
r
s
w
e
r
e
t
h
e
qu
a
r
t
e
r
’
s
o
n
l
y
l
a
g
g
a
r
d
s
r
e
t
u
r
n
i
n
g
-
1
.
4
%
a
n
d
-
2
.
2
%
r
e
s
p
e
c
t
i
v
e
l
y
.
D
e
f
e
n
s
i
v
e
an
d
i
n
t
e
r
e
s
t
r
a
t
e
s
e
n
s
i
t
i
v
e
s
e
c
t
o
r
s
o
f
t
h
e
m
a
r
k
e
t
c
o
n
t
i
n
u
e
t
o
p
e
r
f
o
r
m
w
e
l
l
as
i
n
v
e
s
t
o
r
s
a
t
t
e
m
p
t
t
o
p
r
o
x
y
d
i
v
i
d
e
n
d
i
n
c
o
m
e
a
s
a
s
u
b
s
t
i
t
u
t
e
f
o
r
p
a
l
t
r
y
in
v
e
s
t
m
e
n
t
g
r
a
d
e
b
o
n
d
y
i
e
l
d
s
d
u
e
t
o
t
h
e
p
e
r
s
i
s
t
e
n
t
l
o
w
i
n
t
e
r
e
s
t
r
a
t
e
en
v
i
r
o
n
m
e
n
t
.
U
t
i
l
i
t
i
e
s
,
T
e
l
e
c
o
m
S
e
r
v
i
c
e
s
,
a
n
d
C
o
n
s
u
m
e
r
S
t
a
p
l
e
s
a
l
l
po
s
t
e
d
s
t
r
o
n
g
q
u
a
r
t
e
r
l
y
r
e
t
u
r
n
s
.
T
h
e
s
e
t
h
r
e
e
s
e
c
t
o
r
s
a
r
e
a
l
s
o
t
h
e
o
n
l
y
se
c
t
o
r
s
t
o
p
o
s
t
d
o
u
b
l
e
-
d
i
g
i
t
r
e
t
u
r
n
s
o
v
e
r
t
h
e
p
a
s
t
y
e
a
r
,
o
u
t
p
e
r
f
o
r
m
i
n
g
a
l
l
ot
h
e
r
s
e
c
t
o
r
s
i
n
t
h
e
R
u
s
s
e
l
l
1
0
0
0
I
n
d
e
x
b
y
a
c
o
n
s
i
d
e
r
a
b
l
e
m
a
r
g
i
n
.
T
h
e
En
e
r
g
y
s
e
c
t
o
r
w
a
s
a
n
o
t
a
b
l
e
p
e
r
f
o
r
m
e
r
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
,
r
e
t
u
r
n
i
n
g
1
1
.
1
%
du
e
t
o
i
n
c
r
e
a
s
i
n
g
o
i
l
a
n
d
n
a
t
u
r
a
l
g
a
s
p
r
i
c
e
s
.
S
u
p
p
l
y
d
i
s
r
u
p
t
i
o
n
s
i
n
C
a
n
a
d
a
an
d
N
i
g
e
r
i
a
,
p
a
i
r
e
d
w
i
t
h
a
d
e
c
r
e
a
s
e
i
n
p
r
o
d
u
c
t
i
o
n
f
r
o
m
U
.
S
.
s
h
a
l
e
pr
o
d
u
c
e
r
s
,
c
o
n
t
r
i
b
u
t
e
d
t
o
r
e
d
u
c
e
d
g
l
o
b
a
l
s
u
p
p
l
y
,
w
h
i
c
h
d
r
o
v
e
e
n
e
r
g
y
pr
i
c
e
s
h
i
g
h
e
r
.
D
e
s
p
i
t
e
a
f
a
v
o
r
a
b
l
e
q
u
a
r
t
e
r
,
E
n
e
r
g
y
r
e
t
u
r
n
s
o
v
e
r
t
h
e
1
-
y
e
a
r
pe
r
i
o
d
c
o
n
t
i
n
u
e
t
o
r
e
p
r
e
s
e
n
t
t
h
e
w
e
a
k
e
s
t
s
e
c
t
o
r
w
i
t
h
a
r
e
t
u
r
n
o
f
-
6
.
9
%
.
Ma
t
e
r
i
a
l
s
(
-
1
.
3
%
)
,
H
e
a
l
t
h
C
a
r
e
(
-
3
.
7
%
)
a
n
d
F
i
n
a
n
c
i
a
l
s
(
-
2
.
7
%
)
a
l
s
o
p
o
s
t
e
d
ne
g
a
t
i
v
e
r
e
s
u
l
t
s
o
v
e
r
t
h
e
p
r
i
o
r
y
e
a
r
.
Si
m
i
l
a
r
t
o
l
a
r
g
e
c
a
p
s
e
c
t
o
r
r
e
s
u
l
t
s
,
s
m
a
l
l
c
a
p
s
e
c
t
o
r
p
e
r
f
o
r
m
a
n
c
e
w
a
s
la
r
g
e
l
y
p
o
s
i
t
i
v
e
f
o
r
t
h
e
q
u
a
r
t
e
r
.
I
n
a
d
d
i
t
i
o
n
,
s
m
a
l
l
c
a
p
s
e
c
t
o
r
p
e
r
f
o
r
m
a
n
c
e
ge
n
e
r
a
l
l
y
o
u
t
p
a
c
e
d
c
o
r
r
e
s
p
o
n
d
i
n
g
l
a
r
g
e
c
a
p
s
e
c
t
o
r
r
e
s
u
l
t
s
.
P
e
r
f
o
r
m
a
n
c
e
in
l
a
r
g
e
a
n
d
s
m
a
l
l
c
a
p
s
e
c
t
o
r
s
a
l
s
o
h
a
d
s
i
m
i
l
a
r
o
b
s
e
r
v
a
b
l
e
t
r
e
n
d
s
.
H
i
g
h
e
r
yi
e
l
d
i
n
g
,
d
e
f
e
n
s
i
v
e
s
e
c
t
o
r
s
a
n
d
c
o
m
m
o
d
i
t
y
p
r
i
c
e
s
e
n
s
i
t
i
v
e
i
n
d
u
s
t
r
i
e
s
w
e
r
e
th
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
d
u
r
i
n
g
t
h
e
2
nd
qu
a
r
t
e
r
.
I
n
c
o
n
t
r
a
s
t
,
o
v
e
r
t
h
e
1
-
y
e
a
r
pe
r
i
o
d
,
a
l
l
R
u
s
s
e
l
l
2
0
0
0
I
n
d
e
x
s
e
c
t
o
r
s
u
n
d
e
r
p
e
r
f
o
r
m
e
d
t
h
e
i
r
c
o
r
r
e
s
p
o
n
d
i
n
g
Ru
s
s
e
l
l
1
0
0
0
I
n
d
e
x
s
e
c
t
o
r
s
w
i
t
h
t
h
e
e
x
c
e
p
t
i
o
n
o
f
t
h
e
F
i
n
a
n
c
i
a
l
s
s
e
c
t
o
r
.
Th
e
E
n
e
r
g
y
(
-
3
8
.
3
%
)
,
H
e
a
l
t
h
C
a
r
e
(
-
2
1
.
3
%
)
,
a
n
d
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
(-
1
4
.
2
%
)
s
e
c
t
o
r
s
w
e
r
e
t
h
e
l
a
r
g
e
s
t
d
e
t
r
a
c
t
o
r
s
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
.
L
i
k
e
th
e
l
a
r
g
e
c
a
p
i
n
d
e
x
,
C
o
n
s
u
m
e
r
S
t
a
p
l
e
s
(
1
1
.
5
%
)
,
T
e
l
e
c
o
m
S
e
r
v
i
c
e
s
(1
9
.
0
%
)
,
a
n
d
U
t
i
l
i
t
i
e
s
(
3
0
.
1
%
)
s
i
g
n
i
f
i
c
a
n
t
l
y
o
u
t
p
e
r
f
o
r
m
e
d
o
t
h
e
r
s
e
c
t
o
r
s
.
Us
i
n
g
t
h
e
S
&
P
5
0
0
a
s
a
p
r
o
x
y
,
f
o
r
w
a
r
d
P
/
E
r
a
t
i
o
s
f
o
r
s
i
x
G
I
C
S
s
e
c
t
o
r
s
we
r
e
b
e
l
o
w
t
h
e
i
r
l
o
n
g
-
t
e
r
m
(
2
0
-
y
e
a
r
)
a
v
e
r
a
g
e
s
a
t
q
u
a
r
t
e
r
-
e
n
d
.
T
h
e
Te
c
h
n
o
l
o
g
y
a
n
d
H
e
a
l
t
h
C
a
r
e
s
e
c
t
o
r
s
w
e
r
e
t
r
a
d
i
n
g
a
t
t
h
e
l
a
r
g
e
s
t
d
i
s
c
o
u
n
t
t
o
th
e
i
r
l
o
n
g
-
t
e
r
m
a
v
e
r
a
g
e
P
/
E
r
a
t
i
o
s
.
I
n
c
o
n
t
r
a
s
t
,
t
h
e
E
n
e
r
g
y
a
n
d
U
t
i
l
i
t
i
e
s
se
c
t
o
r
v
a
l
u
a
t
i
o
n
s
w
e
r
e
t
h
e
m
o
s
t
e
x
t
e
n
d
e
d
r
e
l
a
t
i
v
e
t
o
t
h
e
i
r
h
i
s
t
o
r
i
c
a
l
P
/
E
ra
t
i
o
s
.
31.5%23.4%
-1
.
3
%
3.
6
%
5.
7
%
-3
.
7
%
-2
.
7
%
-6
.
9
%
17.2%
1.
7
%
7.
1
%
7.
3
%
3.
9
%
-2
.
2
%
1.
4
%
6.
1
%
2.
5
%
11.1%
4.
6
%
-1
.
4
%
-1
0
.
0
%
0
.
0
%
1
0
.
0
%
2
0
.
0
%
3
0
.
0
%
Ut
i
l
i
t
i
e
s
(
3
.
4
%
)
Te
l
e
c
o
m
S
e
r
v
i
c
e
s
(
2
.
6
%
)
Ma
t
e
r
i
a
l
s
(
3
.
2
%
)
In
f
o
T
e
c
h
n
o
l
o
g
y
(
1
9
.
7
%
)
In
d
u
s
t
r
i
a
l
s
(
1
0
.
7
%
)
He
a
l
t
h
C
a
r
e
(
1
3
.
9
%
)
Fi
n
a
n
c
i
a
l
s
(
1
6
.
9
%
)
En
e
r
g
y
(
6
.
7
%
)
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
(
9
.
5
%
)
Co
n
s
u
m
e
r
D
i
s
c
(
1
3
.
3
%
)
Ru
s
s
e
l
l
1
0
0
0
Quarter 1-Year 30.1%19.0%
-4
.
6
%
-3
.
4
%
-6
.
4
%
-2
1
.
3
%
2.3%
-3
8
.
3
%
11.5%
-1
4
.
2
%
10.1%11.5%13.1%2.6%3.1%4.8%4.4%8.9%9.7%
-1
.
8
%
-4
0
.
0
%
-
3
0
.
0
%
-
2
0
.
0
%
-
1
0
.
0
%
0
.
0
%
1
0
.
0
%
2
0
.
0
%
3
0
.
0
%
Ut
i
l
i
t
i
e
s
(
4
.
0
%
)
Te
l
e
c
o
m
S
e
r
v
i
c
e
s
(
0
.
9
%
)
Ma
t
e
r
i
a
l
s
(
4
.
1
%
)
In
f
o
T
e
c
h
n
o
l
o
g
y
(
1
7
.
7
%
)
In
d
u
s
t
r
i
a
l
s
(
1
3
.
1
%
)
He
a
l
t
h
C
a
r
e
(
1
4
.
0
%
)
Fi
n
a
n
c
i
a
l
s
(
2
6
.
3
%
)
En
e
r
g
y
(
2
.
8
%
)
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
(
3
.
6
%
)
Co
n
s
u
m
e
r
D
i
s
c
(
1
3
.
6
%
)
Ru
s
s
e
l
l
2
0
0
0
Quarter 1-Year
Pa
g
e
4
The Market Environment
To
p
1
0
I
n
d
e
x
W
e
i
g
h
t
s
&
Q
u
a
r
t
e
r
l
y
P
e
r
f
o
r
m
a
n
c
e
f
o
r
t
h
e
R
u
s
s
e
l
l
1
0
0
0
&
2
0
0
0
As of June 30, 2016
So
u
r
c
e
:
M
o
r
n
i
n
g
s
t
a
r
D
i
r
e
c
t
To
p
1
0
W
e
i
g
h
t
e
d
S
t
o
c
k
s
To
p
1
0
W
e
i
g
h
t
e
d
S
t
o
c
k
s
Ru
s
s
e
l
l
1
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-
Y
e
a
r
Re
t
u
r
n
Se
c
t
o
r
R
u
s
s
e
l
l
2
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-Year Return Sector
Ap
p
l
e
I
n
c
2
.
5
8
%
-
1
1
.
7
%
-
2
2
.
2
%
I
n
f
o
r
m
a
t
i
o
n
T
e
ch
n
o
l
o
g
y
O
l
i
n
C
o
r
p
0
.
2
5
%
4
4
.
3
%
-
3
.
8
%
M
a
t
e
r
i
a
l
s
Ex
x
o
n
M
o
b
i
l
C
o
r
p
1
.
9
1
%
1
3
.
1
%
1
6
.
8
%
E
n
e
r
g
y
Id
a
c
o
r
p
I
n
c
0
.
2
5
%
9.
8
%
4
9
.
2
%
U
t
i
l
i
t
i
e
s
Mi
c
r
o
s
o
f
t
C
o
r
p
1
.
9
1
%
-
6
.
7
%
1
9
.
1
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
P
o
r
t
l
a
n
d
G
e
n
e
r
a
l
E
l
e
c
t
r
i
c
C
o
0
.
2
4
%
1
2
.
6
%
3
7
.
4
%
U
t
i
l
i
t
i
e
s
Jo
h
n
s
o
n
&
J
o
h
n
s
o
n
1
.
6
4
%
12
.
9
%
2
8
.
2
%
H
e
a
l
t
h
C
a
r
e
G
r
a
m
e
r
c
y
P
r
op
e
r
t
y
T
r
u
s
t
0
.
2
4
%
9
.
1
%
2
1
.
7
%
F
i
n
a
n
c
i
a
l
s
Ge
n
e
r
a
l
E
l
e
c
t
r
i
c
C
o
1
.
4
3
%
-
0
.
2
%
22
.
3
%
I
n
d
u
s
t
r
i
a
l
s
C
u
r
t
i
s
s
-
W
r
i
g
h
t
C
o
r
p
0
.
2
3
%
1
1
.
5
%
1
7
.
1
%
I
n
d
u
s
t
r
i
a
l
s
Am
a
z
o
n
.
c
o
m
I
n
c
1
.
3
7
%
2
0
.
5
%
64
.
9
%
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
S
o
u
t
h
w
es
t
G
a
s
C
o
r
p
0
.
2
3
%
20
.
3
%
5
2
.
1
%
U
t
i
l
i
t
i
e
s
Be
r
k
s
h
i
r
e
H
a
t
h
a
w
a
y
I
n
c
B
1
.
3
5
%
2
.
1
%
6
.
4
%
F
i
n
a
n
c
i
a
l
s
M
i
cr
o
s
e
m
i
C
o
r
p
0
.
2
3
%
-
1
4
.
7
%
-
6
.5% Information Technology
AT
&
T
I
n
c
1
.
3
1
%
1
1
.
7
%
2
8
.
4
%
T
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
H
ea
l
t
h
c
a
r
e
R
e
a
l
t
y
T
r
u
s
t
I
n
c
0
.
2
2
%
1
4
.
4
%
5
7
.
2
%
F
i
n
a
n
c
i
a
l
s
Fa
c
e
b
o
o
k
I
n
c
A
1
.
2
6
%
0
.
2
%
3
3
.
2
%
I
n
f
o
r
m
at
i
o
n
T
e
c
h
n
o
l
o
g
y
M
e
d
i
c
a
l
P
r
o
p
e
r
t
i
e
s
Tr
u
s
t
I
n
c
0
.
2
2
%
1
9
.
0
%
2
4
.
8
%
F
i
n
a
n
c
i
a
l
s
Ve
r
i
z
o
n
C
o
m
m
u
n
i
c
a
t
i
o
n
s
I
n
c
1
.
1
2
%
4
.
3
%
2
5
.
6
%
T
e
l
e
c
o
m
m
u
n
i
c
a
t
i
on
S
e
r
v
i
c
e
s
W
G
L
H
o
l
d
i
n
g
s
I
n
c
0
.
2
2
%
-
1
.
5
%
3
4
.
5
%
U
t
i
l
i
t
i
e
s
To
p
1
0
P
e
r
f
o
r
m
i
n
g
S
t
o
c
k
s
(
b
y
Q
u
a
r
t
e
r
)
To
p
1
0
P
e
r
f
o
r
m
i
n
g
S
t
o
c
k
s
(
b
y
Q
u
a
r
t
e
r
)
Ru
s
s
e
l
l
1
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-
Y
e
a
r
Re
t
u
r
n
Se
c
t
o
r
R
u
s
s
e
l
l
2
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-Year Return Sector
Li
n
k
e
d
I
n
C
o
r
p
C
l
a
s
s
A
0
.
1
1
%
6
5
.
5%
-
8
.
4
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
M
a
g
n
u
m
H
u
n
t
e
r
Re
s
o
u
r
c
e
s
C
o
r
p
o
r
a
t
i
o
n
0
.
0
0
%
3
0
9
5
5
9
.
2
%
6
2
8
.
6
%
E
n
e
r
g
y
De
n
b
u
r
y
R
e
s
o
u
r
c
e
s
I
n
c
0
.
0
0
%
6
1
.
7
%
-
4
2
.
6
%
E
n
e
r
g
y
Ul
t
r
a
P
e
t
r
o
l
e
u
m
C
o
r
p
0
.
0
0
%
2
5
3
.
4
%
-
8
5
.
9
%
E
n
e
r
g
y
ON
E
O
K
I
n
c
0
.
0
5
%
6
1
.
7
%
2
9
.
8
%
E
n
e
r
g
y
R
y
e
r
s
o
n
Ho
l
d
i
n
g
C
o
r
p
0
.
0
1
%
2
1
4
.
7
%
9
2
.
3
%
M
a
t
e
r
i
a
l
s
Ri
c
e
E
n
e
r
g
y
I
n
c
0
.
0
1
%
5
9
.
8
%
1
1
.
4
%
E
n
e
r
g
y
C
l
a
y
t
o
n
Wi
l
l
i
a
m
s
E
n
e
r
g
y
I
n
c
0
.
0
1
%
2
0
7
.
8
%
-
5
8
.
2
%
E
n
e
r
g
y
Me
m
o
r
i
a
l
R
e
s
o
u
r
c
e
D
e
v
e
l
o
p
m
e
n
t
C
o
r
p
0.
0
1
%
5
6
.
0
%
-
1
6
.
3
%
E
n
e
r
g
y
F
a
i
r
mo
u
n
t
S
a
n
t
r
o
l
H
o
l
d
i
n
g
s
I
n
c
0
.
0
3
%
2
0
7
.
2
%
-
5
.
9
%
E
n
e
r
g
y
So
u
t
h
w
e
s
t
e
r
n
E
n
e
r
g
y
C
o
0
.
0
2
%
5
5
.
9
%
-4
4
.
7
%
E
n
e
r
g
y
C
e
l
a
t
o
r
P
h
a
r
m
a
c
e
u
t
i
c
al
s
I
n
c
0
.
0
6
%
1
7
3
.
6
%
1
2
4
7
.
3
%
H
e
a
l
t
h
C
a
r
e
Zi
l
l
o
w
G
r
o
u
p
I
n
c
C
0
.
0
2
%
5
2
.
9
%
N
/
A
I
n
f
o
r
m
a
t
i
o
n
T
e
ch
n
o
l
o
g
y
E
Z
C
O
R
P
I
n
c
0
.
02
%
1
5
4
.
5
%
1
.
7
%
F
i
n
a
n
c
i
a
l
s
Ye
l
p
I
n
c
C
l
a
s
s
A
0
.
0
1
%
5
2
.
7
%
-
2
9
.
4
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
N
o
r
t
h
A
t
l
a
n
t
i
c
Dr
i
l
l
i
n
g
L
t
d
0
.0
0
%
1
4
6
.
0
%
-
4
3
.
4
%
E
n
e
r
g
y
Co
n
t
i
n
e
n
t
a
l
R
e
s
o
u
r
c
e
s
I
n
c
0
.
0
2
%
49
.
1
%
6
.
8
%
E
n
e
r
g
y
E
c
l
i
p
s
e
R
e
s
o
u
r
ce
s
C
o
r
p
0
.
0
1
%
1
3
1
.
9
%
-
3
6
.
5
%
E
n
e
r
g
y
Ta
h
o
e
R
e
s
o
u
r
c
e
s
I
n
c
0
.
0
2
%
4
8
.
7
%
2
6
.
1
%
M
a
t
e
r
i
a
l
s
R
a
d
i
o
O
n
e
In
c
C
l
a
s
s
D
0
.
0
0
%
1
2
4
.
6
%
0
.
6
%
Consumer Discretionary
Bo
t
t
o
m
1
0
P
e
r
f
o
r
m
i
n
g
S
t
o
c
k
s
(
b
y
Q
u
a
r
t
e
r
)
Bo
t
t
o
m
1
0
P
e
r
f
o
r
m
i
n
g
S
t
o
c
k
s
(
b
y
Q
u
a
r
t
e
r
)
Ru
s
s
e
l
l
1
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-
Y
e
a
r
Re
t
u
r
n
Se
c
t
o
r
R
u
s
s
e
l
l
2
0
0
0
W
e
i
g
h
t
1-
Q
t
r
Re
t
u
r
n
1-Year Return Sector
Su
n
E
d
i
s
o
n
I
n
c
0
.
0
0
%
-
7
3
.
8
%
-
9
9
.
5
%
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
C
od
e
R
e
b
e
l
C
o
r
p
0
.
0
0
%
-
9
8
.
9
%
-
9
9
.
8% Information Technology
Co
b
a
l
t
I
n
t
e
r
n
a
t
i
o
n
a
l
E
n
e
r
g
y
I
n
c
0
.
0
0
%
-
5
4
.
9
%
-
8
6
.
2%
E
n
e
r
g
y
E
n
e
r
g
y
X
X
I
L
t
d
0
.
0
0
%
-
9
2
.
8
%
-
9
8
.
3
%
E
n
e
r
g
y
Of
f
i
c
e
D
e
p
o
t
I
n
c
0
.
0
0
%
-
5
3
.
4
%
-
6
1
.
8
%
C
on
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
S
e
v
e
n
t
y
S
e
v
e
n
En
e
r
g
y
I
n
c
0
.
0
0
%
-
8
4
.
1
%
-
9
7
.
9
%
E
n
e
r
g
y
Le
n
d
i
n
g
C
l
u
b
C
o
r
p
0
.
0
0
%
-
4
8
.
2
%
-
7
0
.
8
%
F
i
n
a
n
c
i
a
ls
F
a
i
r
w
a
y
G
r
o
u
p
H
o
l
d
i
n
g
s
C
o
r
p
A
0
.0
0
%
-
8
1
.
5
%
-
9
8
.
2
%
Consumer Staples
En
d
o
I
n
t
e
r
n
a
t
i
o
n
a
l
P
L
C
0
.
0
2
%
-
4
4
.
6
%
-
8
0
.
4
%
H
e
a
l
t
h
C
a
r
e
T
he
J
G
W
e
n
t
w
o
r
t
h
C
o
C
l
a
s
s
A
0
.
0
0
%
-
7
9
.
1
%
-
9
7
.
2
%
F
i
n
a
n
c
i
a
l
s
Io
n
i
s
P
h
a
r
m
a
c
e
u
t
i
c
a
l
s
I
n
c
0
.
01
%
-
4
2
.
5
%
-
5
9
.
5
%
H
e
a
l
t
h
C
a
r
e
I
n
f
i
n
i
t
y
P
h
a
r
m
a
ce
u
t
i
c
a
l
s
I
n
c
0
.
0
0
%
-
7
4
.
8%
-
8
7
.
9
%
H
e
a
l
t
h
C
a
r
e
Sq
u
a
r
e
I
n
c
A
0
.
0
0
%
-
4
0
.
8
%
N
/
A
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
M
i
r
at
i
T
h
e
r
a
p
e
u
t
i
c
s
I
n
c
0
.
0
0
%
-
74
.
5
%
-
8
2
.
7
%
H
e
a
l
t
h
C
a
r
e
CV
R
E
n
e
r
g
y
I
n
c
0
.
0
0
%
-
3
9
.
1
%
-
5
5
.
9
%
E
n
e
r
g
y
T
r
a
n
s
En
t
e
r
i
x
I
n
c
0
.
0
1
%
-
7
1
.
3
%
-
5
9
.
3
%
H
e
a
l
t
h
C
a
r
e
Fo
s
s
i
l
G
r
o
u
p
I
n
c
0
.
0
0
%
-
3
5
.
8
%
-
5
8
.
9
%
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
io
n
a
r
y
L
i
p
o
c
i
n
e
I
n
c
0
.
0
0
%
-
7
0
.
0
%
-
6
4
.
6
%
H
e
a
l
t
h
C
a
r
e
Ve
r
i
F
o
n
e
S
y
s
t
e
m
s
I
n
c
0
.
0
1
%
-
3
4
.
3
%
-
4
5
.
4
%
I
n
f
o
r
m
a
t
i
o
n
Te
c
h
n
o
l
o
g
y
C
h
i
a
s
m
a
I
n
c
0
.
00
%
-
6
8
.
4
%
N
/
A
H
e
a
l
t
h
C
a
r
e
Pa
g
e
5
So
u
r
c
e
:
M
S
C
I
G
l
o
b
a
l
I
n
d
e
x
M
o
n
i
t
o
r
(
R
e
t
u
r
n
s
a
r
e
N
e
t
)
Si
m
i
l
a
r
t
o
d
o
m
e
s
t
i
c
e
q
u
i
t
y
m
a
r
k
e
t
s
,
t
h
e
2
nd
qu
a
r
t
e
r
w
a
s
v
o
l
a
t
i
l
e
f
o
r
in
t
e
r
n
a
t
i
o
n
a
l
s
t
o
c
k
s
a
s
b
r
o
a
d
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
i
n
d
i
c
e
s
s
t
r
u
g
g
l
e
d
t
h
r
o
u
g
h
o
u
t
th
e
q
u
a
r
t
e
r
.
C
u
r
r
e
n
c
y
i
m
p
a
c
t
o
n
r
e
t
u
r
n
s
w
a
s
m
i
x
e
d
d
u
r
i
n
g
t
h
e
q
u
a
r
t
e
r
w
i
t
h
th
e
E
M
L
a
t
i
n
A
m
e
r
i
c
a
I
n
d
e
x
b
e
n
e
f
i
t
i
n
g
f
r
o
m
a
w
e
a
k
e
n
i
n
g
U
S
D
,
a
n
d
t
h
e
Eu
r
o
p
e
a
n
d
M
i
d
d
l
e
E
a
s
t
I
n
d
e
x
s
u
f
f
e
r
i
n
g
f
r
o
m
U
S
D
s
t
r
e
n
g
t
h
.
F
o
r
t
h
e
1
-
y
e
a
r
pe
r
i
o
d
,
r
e
t
u
r
n
s
f
o
r
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
s
w
e
r
e
n
e
g
a
t
i
v
e
i
n
b
o
t
h
U
S
D
a
n
d
l
o
c
a
l
cu
r
r
e
n
c
y
.
W
h
i
l
e
t
h
e
q
u
a
r
t
e
r
b
e
g
a
n
p
o
s
i
t
i
v
e
l
y
a
s
m
a
r
k
e
t
s
p
u
s
h
e
d
h
i
g
h
e
r
o
n
th
e
b
a
c
k
o
f
b
e
t
t
e
r
t
h
a
n
e
x
p
e
c
t
e
d
e
c
o
n
o
m
i
c
d
a
t
a
a
n
d
r
i
s
i
n
g
c
o
m
m
o
d
i
t
y
p
r
i
c
e
s
,
th
e
s
e
c
o
n
d
h
a
l
f
o
f
t
h
e
q
u
a
r
t
e
r
s
a
w
i
n
t
e
r
n
a
t
i
o
n
a
l
m
a
r
k
e
t
s
s
w
o
o
n
.
M
u
c
h
o
f
t
h
i
s
wa
s
d
u
e
t
o
u
n
c
e
r
t
a
i
n
t
y
l
e
a
d
i
n
g
u
p
t
o
t
h
e
U
.
K
.
’
s
J
u
n
e
2
3
rd
re
f
e
r
e
n
d
u
m
t
o
re
m
a
i
n
i
n
o
r
m
o
v
e
t
o
l
e
a
v
e
t
h
e
E
U
.
B
r
i
t
i
s
h
v
o
t
e
r
s
s
u
r
p
r
i
s
e
d
i
n
v
e
s
t
o
r
s
b
y
vo
t
i
n
g
t
o
d
i
s
c
o
n
t
i
n
u
e
m
e
m
b
e
r
s
h
i
p
i
n
t
h
e
e
c
o
n
o
m
i
c
b
l
o
c
.
W
h
i
l
e
t
h
e
t
e
r
m
s
a
n
d
ag
g
r
e
g
a
t
e
i
m
p
a
c
t
o
f
“
B
r
e
x
i
t
”
w
i
l
l
r
e
m
a
i
n
u
n
k
n
o
w
n
f
o
r
s
o
m
e
t
i
m
e
,
t
h
e
r
e
a
c
t
i
o
n
to
t
h
e
v
o
t
e
w
a
s
i
m
m
e
d
i
a
t
e
.
T
h
e
p
o
u
n
d
s
t
e
r
l
i
n
g
f
e
l
l
s
h
a
r
p
l
y
(
-
1
2
%
)
,
S
t
a
n
d
a
r
d
&
P
o
o
r
’
s
d
o
w
n
g
r
a
d
e
d
t
h
e
U
.
K
.
’
s
A
A
A
c
r
e
d
i
t
r
a
t
i
n
g
,
a
n
d
U
.
K
.
P
r
i
m
e
M
i
n
i
s
t
e
r
Da
v
i
d
C
a
m
e
r
o
n
r
e
s
i
g
n
e
d
.
W
h
i
l
e
U
.
K
.
e
q
u
i
t
y
m
a
r
k
e
t
s
i
n
i
t
i
a
l
l
y
s
u
f
f
e
r
e
d
s
h
a
r
p
lo
s
s
e
s
,
m
a
r
k
e
t
s
r
e
c
o
v
e
r
e
d
q
u
i
c
k
l
y
a
s
i
n
v
e
s
t
o
r
s
w
e
i
g
h
t
e
d
t
h
e
b
e
n
e
f
i
t
s
o
f
a
we
a
k
e
n
e
d
p
o
u
n
d
o
n
t
h
e
c
o
u
n
t
r
y
’
s
l
a
r
g
e
l
y
f
o
r
e
i
g
n
e
a
r
n
i
n
g
s
b
a
s
e
.
Th
e
U
.
K
.
’
s
d
e
c
i
s
i
o
n
t
o
l
e
a
v
e
t
h
e
E
U
c
a
s
t
a
s
h
a
d
o
w
o
v
e
r
E
u
r
o
p
e
a
n
e
q
u
i
t
i
e
s
fo
r
t
h
e
q
u
a
r
t
e
r
d
e
s
p
i
t
e
t
h
e
r
e
g
i
o
n
’
s
g
e
n
e
r
a
l
l
y
p
o
s
i
t
i
v
e
e
c
o
n
o
m
i
c
d
a
t
a
.
W
h
i
l
e
th
e
E
u
r
o
p
e
a
n
C
e
n
t
r
a
l
B
a
n
k
(
E
C
B
)
h
a
s
s
i
g
n
a
l
e
d
i
t
s
i
n
t
e
n
t
f
o
r
c
o
n
t
i
n
u
e
d
su
p
p
o
r
t
,
t
h
e
E
U
f
a
c
e
s
c
o
n
c
e
r
n
s
s
u
r
r
o
u
n
d
i
n
g
“
B
r
e
x
i
t
’
s
”
e
f
f
e
c
t
o
n
f
u
t
u
r
e
gr
o
w
t
h
,
a
s
w
e
l
l
a
s
a
p
o
l
i
t
i
c
a
l
c
o
n
t
a
g
i
o
n
t
h
a
t
c
o
u
l
d
l
e
a
d
o
t
h
e
r
m
e
m
b
e
r
s
t
o
le
a
v
e
t
h
e
e
c
o
n
o
m
i
c
u
n
i
o
n
.
J
a
p
a
n
e
s
e
e
q
u
i
t
i
e
s
f
e
l
l
s
h
a
r
p
l
y
t
h
r
o
u
g
h
t
h
e
q
u
a
r
t
e
r
as
t
h
e
B
a
n
k
o
f
J
a
p
a
n
(
B
o
J
)
b
u
c
k
e
d
m
a
r
k
e
t
e
x
p
e
c
t
a
t
i
o
n
s
w
h
e
n
t
h
e
y
d
i
d
n
o
t
an
n
o
u
n
c
e
a
n
e
x
t
e
n
s
i
o
n
t
o
i
t
s
n
e
g
a
t
i
v
e
i
n
t
e
r
e
s
t
r
a
t
e
p
o
l
i
c
y
o
r
a
s
s
e
t
p
u
r
c
h
a
s
e
pr
o
g
r
a
m
.
T
h
e
s
u
b
s
e
q
u
e
n
t
“
B
r
e
x
i
t
”
d
e
c
i
s
i
o
n
l
e
d
t
o
a
s
h
a
r
p
a
p
p
r
e
c
i
a
t
i
o
n
i
n
t
h
e
ye
n
,
r
a
i
s
i
n
g
a
d
d
i
t
i
o
n
a
l
c
o
n
c
e
r
n
s
a
r
o
u
n
d
f
u
t
u
r
e
e
a
r
n
i
n
g
s
g
r
o
w
t
h
p
o
t
e
n
t
i
a
l
f
o
r
Ja
p
a
n
e
s
e
e
q
u
i
t
i
e
s
.
Br
o
a
d
e
m
e
r
g
i
n
g
m
a
r
k
e
t
i
n
d
i
c
e
s
w
e
r
e
m
o
d
e
s
t
l
y
p
o
s
i
t
i
v
e
t
h
r
o
u
g
h
o
u
t
t
h
e
qu
a
r
t
e
r
,
o
u
t
p
e
r
f
o
r
m
i
n
g
d
e
v
e
l
o
p
e
d
m
a
r
k
e
t
s
.
L
a
t
i
n
A
m
e
r
i
c
a
w
a
s
t
h
e
b
e
s
t
pe
r
f
o
r
m
i
n
g
r
e
g
i
o
n
o
n
b
o
t
h
a
U
S
D
a
n
d
l
o
c
a
l
c
u
r
r
e
n
c
y
b
a
s
i
s
a
s
t
h
e
r
e
g
i
o
n
be
n
e
f
i
t
t
e
d
f
r
o
m
p
o
l
i
t
i
c
a
l
t
a
i
l
w
i
n
d
s
i
n
B
r
a
z
i
l
a
n
d
r
i
s
i
n
g
c
o
m
m
o
d
i
t
y
p
r
i
c
e
s
.
Ru
s
s
i
a
,
I
n
d
i
a
,
a
n
d
t
h
e
P
h
i
l
i
p
p
i
n
e
s
w
e
r
e
a
l
s
o
n
o
t
a
b
l
e
p
o
s
i
t
i
v
e
p
e
r
f
o
r
m
e
r
s
.
Em
e
r
g
i
n
g
E
u
r
o
p
e
a
n
c
o
u
n
t
r
i
e
s
w
e
r
e
l
a
g
g
a
r
d
s
r
e
l
a
t
i
v
e
t
o
e
m
e
r
g
i
n
g
p
e
e
r
s
i
n
As
i
a
a
n
d
L
a
t
i
n
A
m
e
r
i
c
a
.
P
e
r
f
o
r
m
a
n
c
e
f
o
r
t
h
e
M
S
C
I
E
m
e
r
g
i
n
g
M
a
r
k
e
t
s
I
n
d
e
x
(n
e
t
)
r
e
m
a
i
n
s
n
e
g
a
t
i
v
e
i
n
b
o
t
h
l
o
c
a
l
(
-
7
.
7
%
)
a
n
d
U
S
D
(
-
1
2
.
1
%
)
t
e
r
m
s
o
v
e
r
th
e
t
r
a
i
l
i
n
g
1
-
y
e
a
r
p
e
r
i
o
d
.
The Market Environment
In
t
e
r
n
a
t
i
o
n
a
l
a
n
d
R
e
g
i
o
n
a
l
M
a
r
k
e
t
In
d
e
x
P
e
r
f
o
r
m
a
n
c
e
(
C
o
u
n
t
r
y
C
o
u
n
t
)
As of June 30, 2016 2.1%1.0%
-1
.
7
%
0.7%
-4
.
3
%
1.2%
-0
.
7
%
-0
.
4
%
-0
.
1
%
5.3%0.3%
-1
.
3
%
0.7%0.9%
-2
.
7
%
-1
.
5
%
-1
.
1
%
-0
.
6
%
-6
.
0
%
-
4
.
0
%
-
2
.
0
%
0
.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
EM
L
a
t
i
n
A
m
e
r
(
5
)
EM
A
s
i
a
(
8
)
EM
E
M
E
A
(
1
0
)
Em
e
r
g
i
n
g
M
k
t
(
2
3
)
Pa
c
i
f
i
c
(
5
)
Eu
r
o
p
e
&
M
E
(
1
6
)
EA
F
E
(
2
1
)
WO
R
L
D
x
U
S
(
2
2
)
AC
W
o
r
l
d
x
U
S
(
4
5
)
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
USD Local Currency -0.2%
-9
.
8
%
-3.7%-7.7%
-1
7
.
9
%
-5.9%
-1
0
.
2
%
-9
.
6
%
-9
.
2
%
-7.6%
-1
2
.
2
%
-1
4
.
2
%
-1
2
.
1
%
-8.2%
-1
1
.
2
%
-1
0
.
2
%
-9
.
8
%
-1
0
.
2
%
-2
0
.
0
%
-
1
5
.
0
%
-
1
0
.
0
%
-
5
.
0
%
0
.
0
%
EM
L
a
t
i
n
A
m
e
r
(
5
)
EM
A
s
i
a
(
8
)
EM
E
M
E
A
(
1
0
)
Em
e
r
g
i
n
g
M
k
t
(
2
3
)
Pa
c
i
f
i
c
(
5
)
Eu
r
o
p
e
&
M
E
(
1
6
)
EA
F
E
(
2
1
)
WO
R
L
D
x
U
S
(
2
2
)
AC
W
o
r
l
d
x
U
S
(
4
5
)
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
USD Local Currency
Pa
g
e
6
The Market Environment
U.
S
.
D
o
l
l
a
r
I
n
t
e
r
n
a
t
i
o
n
a
l
I
n
d
e
x
A
t
t
r
i
b
u
t
i
o
n
&
C
o
u
n
t
r
y
D
e
t
a
i
l
As of June 30, 2016
So
u
r
c
e
:
M
S
C
I
G
l
o
b
a
l
I
n
d
e
x
M
o
n
i
t
o
r
(
R
e
t
u
r
n
s
a
r
e
N
e
t
i
n
U
S
D
)
MS
C
I
-
E
A
F
E
M
S
C
I
-
A
C
W
I
x
U
S
Q
u
a
r
t
e
r
1
-
Y
e
a
r
Co
u
n
t
r
y
W
e
i
g
h
t
W
e
i
g
h
t
R
e
t
u
r
n
R
e
t
u
r
n
Ja
p
a
n
2
3
.
3
%
1
6
.
4
%
1
.
0
%
-
8
.
9
%
Un
i
t
e
d
K
i
n
g
d
o
m
1
9
.
6
%
1
3
.
8
%
-
0
.
7
%
-
1
2
.
1
%
Fr
a
n
c
e
9
.
6
%
6
.
8
%
-
4
.
3
%
-
8
.
9
%
Sw
i
t
z
e
r
l
a
n
d
9
.
3
%
6
.
6
%
2
.
0
%
-
8
.
5
%
Ge
r
m
a
n
y
8
.
7
%
6
.
1
%
-
5
.
6
%
-
1
1
.
6
%
Au
s
t
r
a
l
i
a
7
.
3
%
5
.
1
%
0
.
5
%
-
4
.
5
%
Ho
n
g
K
o
n
g
3
.
3
%
2
.
3
%
0
.
9
%
-
1
0
.
8
%
Ne
t
h
e
r
l
a
n
d
s
3
.
2
%
2
.
2
%
-
5
.
1
%
-
7
.
8
%
Sp
a
i
n
2
.
9
%
2
.
1
%
-
7
.
7
%
-
2
3
.
3
%
Sw
e
d
e
n
2
.
8
%
2
.
0
%
-
5
.
4
%
-
1
2
.
2
%
De
n
m
a
r
k
2
.
0
%
1
.
4
%
-
0
.
6
%
2
.
5
%
It
a
l
y
2
.
0
%
1
.
4
%
-
1
0
.
5
%
-
2
6
.
1
%
Be
l
g
i
u
m
1
.
5
%
1
.
1
%
2
.
3
%
4
.
5
%
Si
n
g
a
p
o
r
e
1
.
4
%
1
.
0
%
0
.
4
%
-
1
1
.
5
%
Fi
n
l
a
n
d
1
.
0
%
0
.
7
%
-
2
.
1
%
-
3
.
9
%
Is
r
a
e
l
0
.
8
%
0
.
6
%
-
3
.
8
%
-
1
1
.
1
%
No
r
w
a
y
0
.
6
%
0
.
5
%
2
.
4
%
-
1
6
.
2
%
Ir
e
l
a
n
d
0
.
5
%
0
.
3
%
-
9
.
9
%
-
1
0
.
5
%
Ne
w
Z
e
a
l
a
n
d
0
.
2
%
0
.
1
%
5
.
9
%
2
9
.
7
%
Au
s
t
r
i
a
0
.
2
%
0
.
1
%
-
1
0
.
0
%
-
1
2
.
9
%
Po
r
t
u
g
a
l
0
.
2
%
0
.
1
%
-
2
.
8
%
-
7
.
5
%
To
t
a
l
E
A
F
E
C
o
u
n
t
r
i
e
s
1
0
0
.
0
%
7
0
.
6
%
-
1
.
5
%
-
1
0
.
2
%
Ca
n
a
d
a
6
.
8
%
3
.
4
%
-
6
.
3
%
To
t
a
l
D
e
v
e
l
o
p
e
d
C
o
u
n
t
r
i
e
s
7
7
.
4
%
-
1
.
1
%
-
9
.
8
%
Ch
i
n
a
5
.
8
%
0
.
1
%
-
2
3
.
4
%
Ko
r
e
a
3
.
3
%
-
1
.
2
%
-
3
.
5
%
Ta
i
w
a
n
2
.
7
%
0
.
7
%
-
8
.
8
%
In
d
i
a
1
.
9
%
3
.
7
%
-
6
.
5
%
So
u
t
h
A
f
r
i
c
a
1
.
7
%
1
.
6
%
-
1
5
.
9
%
Br
a
z
i
l
1
.
6
%
1
3
.
9
%
-
6
.
0
%
Me
x
i
c
o
0
.
9
%
-
7
.
0
%
-
1
2
.
2
%
Ru
s
s
i
a
0
.
9
%
4
.
1
%
-
1
.
6
%
Ma
l
a
y
s
i
a
0
.
7
%
-
5
.
9
%
-
6
.
0
%
In
d
o
n
e
s
i
a
0
.
6
%
4
.
1
%
6
.
0
%
Th
a
i
l
a
n
d
0
.
5
%
2
.
8
%
-
7
.
1
%
Ph
i
l
i
p
p
i
n
e
s
0
.
4
%
5
.
8
%
1
.
0
%
Tu
r
k
e
y
0
.
3
%
-
7
.
9
%
-
1
0
.
1
%
Ch
i
l
e
0
.
3
%
1
.
9
%
-
1
.
7
%
Po
l
a
n
d
0
.
3
%
-
1
7
.
5
%
-
2
7
.
0
%
Qa
t
a
r
0
.
2
%
-
4
.
9
%
-
1
7
.
2
%
Un
i
t
e
d
A
r
a
b
E
m
i
r
a
t
es
0
.
2
%
0
.
1
%
-
1
4
.
9
%
Co
l
o
m
b
i
a
0
.
1
%
2
.
9
%
-
1
2
.
4
%
Pe
r
u
0
.
1
%
1
8
.
2
%
8
.
3
%
Gr
e
e
c
e
0
.
1
%
-
1
4
.
0
%
-
6
0
.
8
%
Hu
n
g
a
r
y
0
.
1
%
-
4
.
7
%
2
0
.
5
%
Cz
e
c
h
R
e
p
u
b
l
i
c
0
.
0
%
-
6
.
1
%
-
1
8
.
3
%
Eg
y
p
t
0
.
0
%
0
.
9
%
-
2
3
.
8
%
To
t
a
l
E
m
e
r
g
i
n
g
C
o
u
n
t
r
i
e
s
2
2
.
6
%
0
.
7
%
-
1
2
.
1
%
To
t
a
l
A
C
W
I
x
U
S
C
o
u
n
t
r
i
e
s
1
0
0
.
0
%
-
0
.
6
%
-
1
0
.
2
%
MS
C
I
-
E
A
F
E
S
e
c
t
o
r
W
e
i
g
h
t
Q
u
ar
t
e
r
R
e
t
u
r
n
1
-
Y
e
a
r
R
e
t
u
r
n
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
1
2
.
1
%
-
8
.
4
%
-
1
7
.
7
%
Co
n
s
u
m
e
r
S
t
a
p
l
es
1
3
.
3
%
2
.
9
%
1
0
.
1
%
En
e
r
g
y
5
.
2
%
1
1
.
3
%
-
2
.
4
%
Fi
n
a
n
c
i
a
l
s
2
2
.
3
%
-
6
.
6
%
-
2
3
.
2
%
He
a
l
t
h
C
a
r
e
1
2
.
4
%
4
.
7
%
-
2
.
2
%
In
d
u
s
t
r
i
a
l
s
1
3
.
3
%
-
1
.
5
%
-
5
.
4
%
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
5
.
4
%
-
2
.
7
%
-
8
.
0
%
Ma
t
e
r
i
a
l
s
6
.
9
%
1
.
2
%
-
1
5
.
7
%
Te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
5
.
2
%
-
0
.
3
%
-
3
.
7
%
Ut
i
l
i
t
i
e
s
3
.
9
%
1
.
6
%
-
0
.
2
%
To
t
a
l
1
0
0
.
0
%
-
1
.
5
%
-
1
0
.
2
%
MS
C
I
-
A
C
W
I
x
U
S
S
e
c
t
o
r
W
e
i
g
h
t
Qu
a
r
t
e
r
R
e
t
u
r
n
1
-
Y
e
a
r
R
e
t
u
r
n
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
1
1
.
3
%
-
6
.
9
%
-
1
5
.
9
%
Co
n
s
u
m
e
r
S
t
a
p
l
es
1
1
.
6
%
2
.
8
%
7
.
5
%
En
e
r
g
y
6
.
9
%
8
.
1
%
-
5
.
7
%
Fi
n
a
n
c
i
a
l
s
2
4
.
4
%
-
4
.
3
%
-
1
9
.
9
%
He
a
l
t
h
C
a
r
e
9
.
4
%
4
.
3
%
-
6
.
5
%
In
d
u
s
t
r
i
a
l
s
1
1
.
3
%
-
1
.
8
%
-
7
.
2
%
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
9
.
0
%
0
.
1
%
-
5
.
3
%
Ma
t
e
r
i
a
l
s
7
.
1
%
3
.
1
%
-
1
2
.
1
%
Te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
5
.
3
%
-
0
.
2
%
-
6
.
9
%
Ut
i
l
i
t
i
e
s
3
.
6
%
1
.
5
%
-
2
.
0
%
To
t
a
l
1
0
0
.
0
%
-
0
.
6
%
-
1
0
.
2
%
MS
C
I
-
E
m
e
r
g
i
n
g
M
k
t
S
e
c
t
o
r
W
e
i
gh
t
Q
u
a
r
t
e
r
R
e
t
u
r
n
1
-
Y
e
a
r
R
e
t
u
r
n
Co
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
1
0
.
5
%
-
1
.
4
%
-
1
0
.
5
%
Co
n
s
u
m
e
r
S
t
a
p
l
e
s
8
.
5
%
4
.
2
%
-
3
.
6
%
En
e
r
g
y
7
.
5
%
1
.
9
%
-
1
2
.
7
%
Fi
n
a
n
c
i
a
l
s
2
6
.
1
%
0
.
3
%
-
1
7
.
8
%
He
a
l
t
h
C
a
r
e
2
.
7
%
0
.
4
%
-
7
.
5
%
In
d
u
s
t
r
i
a
l
s
6
.
2
%
-
3
.
3
%
-
1
9
.
0
%
In
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
2
2
.
5
%
2
.
5
%
-
4
.
0
%
Ma
t
e
r
i
a
l
s
6
.
3
%
-
0
.
8
%
-
9
.
5
%
Te
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
S
e
r
v
i
c
e
s
6
.
6
%
-
0
.
1
%
-
1
5
.
6
%
Ut
i
l
i
t
i
e
s
3
.
2
%
0
.
5
%
-
1
0
.
0
%
To
t
a
l
1
0
0
.
0
%
0
.
7
%
-
1
2
.
1
%
Pa
g
e
7
So
u
r
c
e
:
B
a
r
c
l
a
y
s
C
a
p
i
t
a
l
L
i
v
e
The Market Environment
Do
m
e
s
t
i
c
B
o
n
d
S
e
c
t
o
r
&
B
r
o
a
d
/
G
l
o
b
a
l
Bo
n
d
M
a
r
k
e
t
P
e
r
f
o
r
m
a
n
c
e
(
D
u
r
a
t
i
o
n
)
As of June 30, 2016
De
s
p
i
t
e
b
e
i
n
g
i
n
v
e
s
t
o
r
s
’
l
e
a
s
t
f
a
v
o
r
i
t
e
a
s
s
e
t
c
l
a
s
s
f
o
r
s
o
m
e
t
i
m
e
,
f
i
x
e
d
in
c
o
m
e
i
n
d
i
c
e
s
c
o
n
t
i
n
u
e
d
t
h
e
i
r
s
t
r
o
n
g
2
0
1
6
p
e
r
f
o
r
m
a
n
c
e
t
h
r
o
u
g
h
t
h
e
2
nd
qu
a
r
t
e
r
o
f
t
h
e
y
e
a
r
.
E
a
r
l
y
q
u
a
r
t
e
r
h
e
a
d
w
i
n
d
s
t
r
i
g
g
e
r
e
d
b
y
h
a
w
k
i
s
h
co
m
m
e
n
t
s
f
r
o
m
F
e
d
e
r
a
l
R
e
s
e
r
v
e
C
h
a
i
r
J
a
n
e
t
Y
e
l
l
e
n
i
m
p
l
y
i
n
g
a
s
u
m
m
e
r
in
t
e
r
e
s
t
r
a
t
e
h
i
k
e
d
i
s
s
i
p
a
t
e
d
a
s
w
e
a
k
e
r
e
c
o
n
o
m
i
c
d
a
t
a
c
r
e
a
t
e
d
d
o
u
b
t
s
t
h
a
t
th
e
e
c
o
n
o
m
y
w
a
s
r
o
b
u
s
t
e
n
o
u
g
h
t
o
w
a
r
r
a
n
t
f
u
r
t
h
e
r
m
o
n
e
t
a
r
y
p
o
l
i
c
y
ti
g
h
t
e
n
i
n
g
.
E
x
p
e
c
t
a
t
i
o
n
s
f
o
r
a
n
e
a
r
-
t
e
r
m
i
n
c
r
e
a
s
e
o
f
t
h
e
F
e
d
F
u
n
d
s
R
a
t
e
sh
r
a
n
k
f
u
r
t
h
e
r
a
f
t
e
r
t
h
e
U
.
K
.
’
s
v
o
t
e
t
o
l
e
a
v
e
t
h
e
E
U
.
T
h
i
s
n
e
w
s
c
a
u
s
e
d
a
sw
i
f
t
f
l
i
g
h
t
t
o
q
u
a
l
i
t
y
,
p
u
s
h
i
n
g
i
n
t
e
r
e
s
t
r
a
t
e
s
l
o
w
e
r
t
h
r
o
u
g
h
t
h
e
s
e
c
o
n
d
h
a
l
f
of
t
h
e
q
u
a
r
t
e
r
.
W
h
i
l
e
n
e
a
r
-
t
e
r
m
r
a
t
e
s
h
ad
l
i
t
t
l
e
r
o
o
m
t
o
m
o
v
e
l
o
w
e
r
,
l
o
n
g
-
te
r
m
r
a
t
e
s
f
e
l
l
t
o
n
e
a
r
h
i
s
t
o
r
i
c
l
o
w
s
.
T
h
i
s
c
u
r
v
e
f
l
a
t
t
e
n
i
n
g
h
e
l
p
e
d
l
o
n
g
e
r
du
r
a
t
i
o
n
i
n
d
i
c
e
s
s
u
c
h
a
s
t
h
e
B
a
r
c
l
a
y
s
U
.
S
.
C
o
r
p
o
r
a
t
e
I
n
v
e
s
t
m
e
n
t
G
r
a
d
e
In
d
e
x
a
n
d
t
h
e
B
a
r
c
l
a
y
s
G
l
o
b
a
l
A
g
g
r
e
g
a
t
e
e
x
U
.
S
.
I
n
d
e
x
t
o
o
u
t
p
e
r
f
o
r
m
,
re
t
u
r
n
i
n
g
3
.
6
%
a
n
d
3
.
4
%
r
e
s
p
e
c
t
i
v
e
l
y
.
F
i
x
e
d
i
n
c
o
m
e
p
e
r
f
o
r
m
a
n
c
e
f
o
r
t
h
e
1-
y
e
a
r
p
e
r
i
o
d
w
a
s
a
l
s
o
p
o
s
i
t
i
v
e
a
c
r
o
s
s
t
h
e
c
o
u
n
t
r
y
,
c
r
e
d
i
t
,
a
n
d
s
e
c
t
o
r
sp
e
c
t
r
u
m
s
w
i
t
h
i
n
t
e
r
n
a
t
i
o
n
a
l
b
o
n
d
i
n
d
i
c
e
s
,
s
u
c
h
a
s
t
h
e
B
a
r
c
l
a
y
s
G
l
o
b
a
l
Ag
g
r
e
g
a
t
e
e
x
U
.
S
.
(
1
1
.
2
%
)
a
n
d
t
h
e
B
a
r
c
l
a
y
s
M
u
l
t
i
v
e
r
s
e
(
8
.
6
%
)
,
g
e
n
e
r
a
t
i
n
g
th
e
h
i
g
h
e
s
t
r
e
t
u
r
n
s
U.
S
.
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
b
o
n
d
i
n
d
i
c
e
s
p
o
s
t
e
d
g
a
i
n
s
f
o
r
t
h
e
q
u
a
r
t
e
r
w
i
t
h
t
h
e
br
o
a
d
m
a
r
k
e
t
B
a
r
c
l
a
y
s
A
g
g
r
e
g
a
t
e
I
n
d
e
x
p
o
s
t
i
n
g
a
r
e
t
u
r
n
o
f
2
.
2
%
.
H
i
g
h
e
r
du
r
a
t
i
o
n
i
n
d
e
x
s
e
c
t
o
r
s
w
i
t
h
i
n
t
h
e
A
g
g
r
e
g
a
t
e
o
u
t
p
e
r
f
o
r
m
e
d
l
o
w
e
r
d
u
r
a
t
i
o
n
se
c
t
o
r
s
w
i
t
h
i
n
v
e
s
t
m
e
n
t
g
r
a
d
e
c
o
r
p
o
r
a
t
e
s
(
3
.
6
%
)
a
n
d
T
r
e
a
s
u
r
y
s
e
c
u
r
i
t
i
e
s
(2
.
1
%
)
p
o
s
t
i
n
g
t
h
e
l
a
r
g
e
s
t
g
a
i
n
s
.
H
u
r
t
b
y
i
t
s
r
e
l
a
t
i
v
e
l
y
l
o
w
d
u
r
a
t
i
o
n
,
t
h
e
Ba
r
c
l
a
y
s
U
.
S
.
M
o
r
t
g
a
g
e
I
n
d
e
x
p
e
r
f
o
r
m
e
d
t
h
e
w
o
r
s
t
f
o
r
t
h
e
s
e
c
o
n
d
q
u
a
r
t
e
r
in
a
r
o
w
,
r
e
t
u
r
n
i
n
g
1
.
1
%
.
O
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
,
t
h
e
A
g
g
r
e
g
a
t
e
h
a
s
re
t
u
r
n
e
d
a
n
e
x
p
e
c
t
a
t
i
o
n
d
e
f
y
i
n
g
6
.
0
%
.
S
i
m
i
l
a
r
t
o
t
h
e
q
u
a
r
t
e
r
l
y
r
e
s
u
l
t
s
,
in
v
e
s
t
m
e
n
t
g
r
a
d
e
c
o
r
p
o
r
a
t
e
s
a
n
d
T
r
e
a
s
u
r
i
e
s
o
u
t
p
e
r
f
o
r
m
e
d
m
o
r
t
g
a
g
e
s
f
o
r
th
e
p
e
r
i
o
d
.
Lo
w
e
r
c
r
e
d
i
t
q
u
a
l
i
t
y
i
s
s
u
e
s
o
u
t
p
e
r
f
o
r
m
e
d
h
i
g
h
e
r
q
u
a
l
i
t
y
s
e
c
u
r
i
t
i
e
s
d
u
r
i
n
g
th
e
2
nd
qu
a
r
t
e
r
.
B
a
a
r
a
t
e
d
s
e
c
u
r
i
t
i
e
s
r
e
t
u
r
n
e
d
4
.
3
%
v
e
r
s
u
s
a
r
e
t
u
r
n
o
f
1.
7
%
f
o
r
A
A
A
i
s
s
u
e
s
d
u
e
t
o
h
i
g
h
e
r
a
v
e
r
a
g
e
d
u
r
a
t
i
o
n
s
a
n
d
t
h
e
c
o
m
p
r
e
s
s
i
o
n
of
i
n
t
e
r
e
s
t
r
a
t
e
c
r
e
d
i
t
s
p
r
e
a
d
s
t
h
r
o
u
g
h
o
u
t
t
h
e
q
u
a
r
t
e
r
.
D
r
i
v
e
n
b
y
t
h
i
s
sp
r
e
a
d
c
o
m
p
r
e
s
s
i
o
n
,
h
i
g
h
y
i
e
l
d
b
o
n
d
s
w
e
r
e
t
h
e
b
e
s
t
p
e
r
f
o
r
m
e
r
s
w
i
t
h
t
h
e
Ba
r
c
l
a
y
s
U
.
S
.
H
i
g
h
Y
i
e
l
d
I
n
d
e
x
r
e
t
u
r
n
i
n
g
5
.
5
%
.
D
e
s
p
i
t
e
i
t
s
s
t
r
o
n
g
s
t
a
r
t
t
o
20
1
6
,
t
h
e
B
a
r
c
l
a
y
s
U
.
S
.
H
i
g
h
Y
i
e
l
d
I
n
d
e
x
i
s
o
n
l
y
m
a
r
g
i
n
a
l
l
y
p
o
s
i
t
i
v
e
o
v
e
r
th
e
l
a
s
t
1
2
m
o
n
t
h
s
w
i
t
h
a
r
e
t
u
r
n
o
f
1
.
6
%
.
3.0%3.4%
1.
4
%
2.
2
%
1.
7
%
3.6%
1.
1
%
2.
1
%
5.5%4.3%3.1%
2.
6
%
1.
7
%
0.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
Mu
l
t
i
v
e
r
s
e
(
6
.
7
)
Gl
o
b
a
l
A
g
g
x
U
S
(
8
.
0
)
In
t
e
r
m
e
d
i
a
t
e
A
g
g
(
3
.
6
)
Ag
g
r
e
g
a
t
e
(
5
.
5
)
U.
S
.
T
I
P
S
(
5
.
3
)
U.
S
.
C
o
r
p
o
r
a
t
e
I
G
(
7
.
5
)
U.
S
.
M
o
r
t
g
a
g
e
(
2
.
5
)
U.
S
.
T
r
e
a
s
u
r
y
(
6
.
4
)
U.
S
.
H
i
g
h
Y
i
e
l
d
(
4
.
3
)
Ba
a
(
7
.
6
)
A
(
7
.
6
)
AA
(
6
.
4
)
AA
A
(
4
.
7
)
Qu
a
r
t
e
r
P
e
r
f
o
r
m
a
n
c
e
8.6%11.2%
4.
4
%
6.0%
4.
4
%
7.9%
4.
3
%
6.2%
1.
6
%
6.9%8.6%7.1%
5.
4
%
0.
0
%
2
.
0
%
4
.
0
%
6
.
0
%
8
.
0
%
1
0
.
0
%
1
2
.
0
%
Mu
l
t
i
v
e
r
s
e
(
6
.
7
)
Gl
o
b
a
l
A
g
g
x
U
S
(
8
.
0
)
In
t
e
r
m
e
d
i
a
t
e
A
g
g
(
3
.
6
)
Ag
g
r
e
g
a
t
e
(
5
.
5
)
U.
S
.
T
I
P
S
(
5
.
3
)
U.
S
.
C
o
r
p
o
r
a
t
e
I
G
(
7
.
5
)
U.
S
.
M
o
r
t
g
a
g
e
(
2
.
5
)
U.
S
.
T
r
e
a
s
u
r
y
(
6
.
4
)
U.
S
.
H
i
g
h
Y
i
e
l
d
(
4
.
3
)
Ba
a
(
7
.
6
)
A
(
7
.
6
)
AA
(
6
.
4
)
AA
A
(
4
.
7
)
1-
Y
e
a
r
P
e
r
f
o
r
m
a
n
c
e
Pa
g
e
8
So
u
r
c
e
:
U
S
D
e
p
a
r
t
m
e
n
t
o
f
T
r
e
a
s
u
r
y
,
F
R
E
D
(
F
e
d
e
r
a
l
R
e
s
e
r
v
e
o
f
S
t
.
L
o
u
i
s
)
The Market Environment
Ma
r
k
e
t
R
a
t
e
&
Y
i
e
l
d
C
u
r
v
e
C
o
m
p
a
r
i
s
o
n
As of June 30, 2016
U.
S
.
T
I
P
S
f
i
n
i
s
h
e
d
t
h
e
2
nd
qu
a
r
t
e
r
w
i
t
h
a
1
.
7
%
r
e
t
u
r
n
.
T
h
e
r
e
l
a
t
i
v
e
l
y
s
t
r
o
n
g
re
t
u
r
n
c
a
n
b
e
a
t
t
r
i
b
u
t
e
d
t
o
t
h
e
l
o
n
g
e
r
e
n
d
o
f
t
h
e
T
I
P
S
y
i
e
l
d
c
u
r
v
e
s
h
i
f
t
i
n
g
lo
w
e
r
i
n
g
d
u
r
i
n
g
t
h
e
p
e
r
i
o
d
a
s
h
e
a
d
l
i
n
e
C
P
I
(
1
.
1
%
)
r
e
m
a
i
n
s
l
a
r
g
e
l
y
i
n
ch
e
c
k
.
T
h
e
T
I
P
S
r
e
t
u
r
n
f
o
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
i
s
a
s
o
l
i
d
4
.
4
%
.
In
U
S
D
t
e
r
m
s
,
i
n
t
e
r
n
a
t
i
o
n
a
l
f
i
x
e
d
i
n
c
o
m
e
i
n
d
i
c
e
s
p
o
s
t
e
d
t
h
e
l
a
r
g
e
s
t
g
a
i
n
s
fo
r
b
o
t
h
t
h
e
q
u
a
r
t
e
r
a
n
d
1
-
y
e
a
r
p
e
r
i
o
d
s
.
D
e
s
p
i
t
e
t
h
e
r
e
l
a
t
i
v
e
l
y
l
o
w
i
n
t
e
r
e
s
t
ra
t
e
s
i
n
i
n
t
e
r
n
a
t
i
o
n
a
l
m
a
r
k
e
t
s
,
w
i
t
h
s
e
v
e
r
a
l
g
o
v
e
r
n
m
e
n
t
i
s
s
u
e
s
h
a
v
i
n
g
ne
g
a
t
i
v
e
y
i
e
l
d
s
,
t
h
e
B
a
r
c
l
a
y
s
G
l
o
b
a
l
A
g
g
r
e
g
a
t
e
e
x
U
.
S
.
r
e
t
u
r
n
e
d
3
.
4
%
f
o
r
th
e
q
u
a
r
t
e
r
a
s
t
h
e
i
n
d
e
x
b
e
n
e
f
i
t
t
e
d
f
r
o
m
i
t
s
h
i
g
h
e
r
a
v
e
r
a
g
e
d
u
r
a
t
i
o
n
a
n
d
mi
x
e
d
c
u
r
r
e
n
c
y
i
m
p
a
c
t
.
T
h
e
i
n
d
e
x
’
s
1
1
.
2
%
r
e
t
u
r
n
o
v
e
r
t
h
e
1
-
y
e
a
r
p
e
r
i
o
d
al
s
o
o
u
t
p
a
c
e
d
d
o
m
e
s
t
i
c
b
o
n
d
r
e
t
u
r
n
s
.
Mu
c
h
o
f
t
h
e
i
n
d
e
x
p
e
r
f
o
r
m
a
n
c
e
d
e
t
a
i
l
e
d
i
n
t
h
e
b
a
r
g
r
a
p
h
s
o
n
t
h
e
p
r
e
v
i
o
u
s
pa
g
e
i
s
v
i
s
i
b
l
e
o
n
a
t
i
m
e
s
e
r
i
e
s
b
a
s
i
s
b
y
r
e
v
i
e
w
i
n
g
t
h
e
l
i
n
e
g
r
a
p
h
s
t
o
t
h
e
ri
g
h
t
.
T
h
e
‘
1
-
Y
e
a
r
T
r
a
i
l
i
n
g
M
a
r
k
e
t
R
a
t
es
’
c
h
a
r
t
i
l
l
u
s
t
r
a
t
e
s
t
h
a
t
t
h
e
1
0
-
y
e
a
r
Tr
e
a
s
u
r
y
y
i
e
l
d
(
g
r
e
e
n
l
i
n
e
)
f
e
l
l
o
v
e
r
t
h
e
q
u
a
r
t
e
r
a
n
d
i
s
n
o
w
a
t
a
1
2
-
m
o
n
t
h
lo
w
.
T
h
e
b
l
u
e
l
i
n
e
i
l
l
u
s
t
r
a
t
e
s
c
h
a
n
g
e
s
i
n
t
h
e
B
A
A
O
A
S
(
O
p
t
i
o
n
A
d
j
u
s
t
e
d
Sp
r
e
a
d
)
,
w
h
i
c
h
q
u
a
n
t
i
f
i
e
s
t
h
e
a
d
d
i
t
i
o
n
a
l
y
i
e
l
d
p
r
e
m
i
u
m
t
h
a
t
i
n
v
e
s
t
o
r
s
re
q
u
i
r
e
t
o
p
u
r
c
h
a
s
e
a
n
d
h
o
l
d
n
o
n
-
T
r
e
a
s
u
r
y
i
s
s
u
e
s
.
W
h
e
n
c
r
e
d
i
t
s
p
r
e
a
d
s
wi
d
e
n
(
t
i
g
h
t
e
n
)
,
i
t
i
s
e
q
u
i
v
a
l
e
n
t
t
o
i
n
t
e
r
e
s
t
r
a
t
e
i
n
c
r
e
a
s
e
s
(
d
e
c
r
e
a
s
e
s
)
o
n
co
r
p
o
r
a
t
e
b
o
n
d
r
e
t
u
r
n
s
.
A
f
t
e
r
f
a
l
l
i
n
g
b
e
l
o
w
2
.
0
%
e
a
r
l
y
i
n
2
0
1
5
,
t
h
i
s
s
p
r
e
a
d
ro
s
e
t
h
r
o
u
g
h
o
u
t
t
h
e
r
e
m
a
i
n
d
e
r
o
f
t
h
e
c
a
l
e
n
d
a
r
y
e
a
r
.
W
h
i
l
e
t
h
e
r
e
w
a
s
up
s
i
d
e
m
o
m
e
n
t
u
m
i
n
c
r
e
d
i
t
s
p
r
e
a
d
s
e
a
r
l
y
i
n
2
0
1
6
,
t
h
e
y
h
a
v
e
n
a
r
r
o
w
e
d
b
y
c l
o
s
e
t
o
1
%
s
i
n
c
e
t
h
e
i
r
h
i
g
h
o
n
F
e
b
r
u
a
r
y
1
1
th
.
D
e
s
p
i
t
e
a
n
u
p
t
i
c
k
f
r
o
m
“B
r
e
x
i
t
”
d
u
r
i
n
g
J
u
n
e
,
t
h
i
s
s
p
r
e
a
d
c
o
m
p
r
e
s
s
i
o
n
h
a
s
b
e
n
e
f
i
t
e
d
c
o
r
p
o
r
a
t
e
bo
n
d
r
e
t
u
r
n
s
.
T
h
e
l
o
w
e
r
g
r
a
p
h
p
r
o
v
i
d
e
s
a
s
n
a
p
s
h
o
t
o
f
t
h
e
U
.
S
.
T
r
e
a
s
u
r
y
yi
e
l
d
c
u
r
v
e
a
t
e
a
c
h
o
f
t
h
e
l
a
s
t
f
o
u
r
c
a
l
e
n
d
a
r
q
u
a
r
t
e
r
s
.
T
r
e
a
s
u
r
y
i
s
s
u
e
s
gr
e
a
t
e
r
t
h
a
n
t
w
o
y
e
a
r
s
e
n
d
e
d
t
h
e
2
nd
qu
a
r
t
e
r
a
t
t
h
e
i
r
l
o
w
e
s
t
l
e
v
e
l
s
i
n
t
h
e
pa
s
t
1
2
-
m
o
n
t
h
s
w
h
i
l
e
s
h
o
r
t
-
t
e
r
m
r
a
t
e
s
a
r
e
a
t
t
h
e
h
i
g
h
e
n
d
o
f
t
h
e
i
r
1
2
-
m
o
n
t
h
ra
n
g
e
.
Th
e
F
e
d
h
a
s
s
t
a
t
e
d
f
u
t
u
r
e
r
a
t
e
i
n
c
r
e
a
s
e
s
w
o
u
l
d
b
e
i
m
p
l
e
m
e
n
t
e
d
a
t
a
me
a
s
u
r
e
d
p
a
c
e
a
n
d
w
i
t
h
a
n
o
n
g
o
i
n
g
a
s
s
e
s
s
m
e
n
t
o
f
c
u
r
r
e
n
t
e
c
o
n
o
m
i
c
da
t
a
.
D
e
s
p
i
t
e
t
h
i
s
d
o
m
e
s
t
i
c
p
o
l
i
c
y
a
s
s
e
r
t
i
o
n
,
g
e
o
p
o
l
i
t
i
c
a
l
e
v
e
n
t
s
a
n
d
n
o
n
-
U.
S
.
s
t
i
m
u
l
u
s
p
r
o
g
r
a
m
s
a
r
e
l
i
k
e
l
y
t
o
k
e
e
p
d
e
m
a
n
d
f
o
r
U
.
S
.
T
r
e
a
s
u
r
y
i
s
s
u
e
s
el
e
v
a
t
e
d
a
n
d
e
x
e
r
t
d
o
w
n
w
a
r
d
p
r
e
s
s
u
r
e
o
n
h
o
w
h
i
g
h
d
o
m
e
s
t
i
c
i
n
t
e
r
e
s
t
ra
t
e
s
w
i
l
l
r
i
s
e
i
n
t
h
e
s
h
o
r
t
-
t
e
r
m
.
0.
0
0
0.
5
0
1.
0
0
1.
5
0
2.
0
0
2.
5
0
3.
0
0
3.
5
0
1
m
o
3
m
o
6
m
o
1
y
r
2
y
r
3
y
r
5
y
r
7
y
r
1
0
y
r
2
0
y
r
3
0
y
r
Tr
e
a
s
u
r
y
Y
i
e
l
d
C
u
r
v
e
9/
3
0
/
2
0
1
5
12
/
3
1
/
2
0
1
5
3/
3
1
/
2
0
1
6
6/30/2016
0.
0
0
0.
5
0
1.
0
0
1.
5
0
2.
0
0
2.
5
0
3.
0
0
3.
5
0
Ju
n
-
1
5
J
u
l
-
1
5
A
u
g
-
1
5
S
e
p
-
1
5
O
c
t
-
1
5
N
o
v
-
1
5
D
e
c
-
1
5
J
a
n
-
1
6
F
e
b
-
1
6
M
a
r
-
1
6
A
p
r
-
1
6
M
a
y
-
1
6
J
u
n
-
1
6
1-
Y
e
a
r
T
r
a
i
l
i
n
g
M
a
r
k
e
t
R
a
t
e
s
Fe
d
F
u
n
d
s
R
a
t
e
TE
D
S
p
r
e
a
d
3-Month Libor
BA
A
O
A
S
10
y
r
T
r
e
a
s
u
r
y
10yr TIPS
Pa
g
e
9
Yes No
Th
e
t
o
t
a
l
p
l
a
n
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
t
o
t
a
l
p
l
a
n
b
e
n
c
h
m
ar
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
●
Th
e
t
h
r
e
e
y
e
a
r
t
o
t
a
l
p
l
a
n
r
e
t
u
r
n
r
a
n
k
s
i
n
t
h
e
t
o
p
4
0
%
o
f
i
t
s
p
e
er
s
.
●
Th
e
t
o
t
a
l
p
l
a
n
r
e
t
u
r
n
o
f
t
h
e
f
u
n
d
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
eq
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
7
.
3
%
(
a
c
t
u
a
r
i
a
l
a
s
s
u
m
p
t
i
o
n
r
a
t
e
o
f
r
e
t
u
r
n
)
.
●
Yes No
Th
e
e
q
u
i
t
y
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
ai
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
●
Th
e
e
q
u
i
t
y
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
ai
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
●
Th
e
a
m
o
u
n
t
i
n
v
e
s
t
e
d
i
n
a
n
y
s
i
n
g
l
e
s
e
c
u
r
i
t
y
i
s
l
e
s
s
t
h
a
n
o
r
e
q
u
a
l
t
o
5
%
o
f
t
h
e
m
a
r
k
e
t
v
a
l
u
e
o
f
t
h
e
t
o
t
a
l
e
q
u
i
t
y
p
o
r
t
f
o
l
i
o
.
●
Th
e
a
m
o
u
n
t
i
n
v
e
s
t
e
d
i
n
a
n
y
s
i
n
g
l
e
i
n
d
u
s
t
r
y
i
s
l
e
s
s
t
h
a
n
o
r
e
q
u
a
l
t
o
2
0
%
o
f
t
h
e
m
a
r
k
e
t
v
a
l
u
e
o
f
t
h
e
t
o
t
a
l
e
q
u
i
t
y
p
o
r
t
f
o
l
i
o
.
●Yes No
Th
e
f
i
x
e
d
i
n
c
o
m
e
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
b
e
n
c
h
m
a
r
k
o
v
e
r
th
e
t
r
a
i
l
i
n
g
t
h
r
e
e
y
e
a
r
p
e
r
i
o
d
.
●
Th
e
fi
x
e
d
i
n
c
o
m
e
r
e
t
u
r
n
e
q
u
a
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
B
C
A
B
i
n
d
e
x
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
f
i
v
e
y
e
a
r
p
e
r
i
o
d
.
●
Th
e
a
m
o
u
n
t
i
n
v
e
s
t
e
d
i
n
a
n
y
s
i
n
g
l
e
s
e
c
u
r
i
t
y
(
e
x
c
l
u
d
i
n
g
U
.
S
.
G
o
v
e
rn
m
e
n
t
a
n
d
i
t
s
a
g
e
n
c
i
e
s
)
i
s
l
e
s
s
t
h
a
n
o
r
e
q
u
a
l
t
o
5
%
o
f
t
h
e
m
a
r
k
e
t
v
a
l
u
e
o
f
t
h
e
t
o
t
a
l
f
i
x
e
d
i
n
c
o
m
e
p
o
r
t
f
o
l
i
o
.
●
Th
e
m
i
n
i
m
u
m
q
u
a
l
i
t
y
r
a
t
i
n
g
o
f
t
h
e
d
o
m
e
s
t
i
c
b
o
n
d
i
n
v
e
s
t
m
e
n
t
s
i
s
BB
B
f
r
o
m
S
t
a
n
d
a
r
d
&
P
o
o
r
'
s
o
r
B
A
A
f
r
o
m
M
o
o
d
y
'
s
.
●
Fi
x
e
d
I
n
c
o
m
e
C
o
m
p
l
i
a
n
c
e
:
Pa
l
m
B
e
a
c
h
G
a
r
d
e
n
s
P
o
l
i
c
e
P
e
n
s
i
o
n
F
u
n
d
Compliance Checklist As of June 30, 2016
To
t
a
l
F
u
n
d
C
o
m
p
l
i
a
n
c
e
:
Eq
u
i
t
y
C
o
m
p
l
i
a
n
c
e
:
Pa
g
e
1
0
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Differences
(%)
Target Rebal.
($000)
Total Fund Composite 79,185,946 100.0 100.0 0.0 -
Highland Capital Balanced 25,581,299 32.3 33.5 -1.2 945,993
Rhumbline S&P 500 Equity 18,826,184 23.8 25.0 -1.2 970,302
Rhumbline S&P 400 Equity 8,811,232 11.1 10.0 1.1 -892,637
Rhumbline S&P 600 Equity 8,830,032 11.2 10.0 1.2 -911,437
Vanguard International Equity 7,287,862 9.2 10.0 -0.8 630,733
Oppenheimer Dreyfus 3,302,686 4.2 4.0 0.2 -135,248
American Realty 6,196,650 7.8 7.5 0.3 -257,704
R&D Cash 350,001 0.4 0.0 0.4 -350,001
Allocation Differences
0.0%3.0%6.0%9.0%10.0%-3.0 %-6.0 %-9.0 %-10.0 %
R&D Cash
American Realty
Oppenheimer Dreyfus
Vanguard International Equity
Rhumbline S&P 600 Equity
Rhumbline S&P 400 Equity
Rhumbline S&P 500 Equity
Highland Capital Balanced
0.4%
0.3%
0.2%
-0.8 %
1.2%
1.1%
-1.2 %
-1.2 %
Executive Summary
Policy Target In Policy
0.0%20.0%40.0%60.0%80.0%100.0%120.0%-20.0 %
R&D Cash (0.4%)
American Realty (7.8%)
Oppenheimer Dreyfus (4.2%)
Vanguard International Equity (9.2%)
Rhumbline S&P 600 Equity (11.2%)
Rhumbline S&P 400 Equity (11.1%)
Rhumbline S&P 500 Equity (23.8%)
Highland Capital Balanced (32.3%)
Asset Allocation Compliance
Palm Beach Gardens Police Total Fund Composite
As of June 30, 2016
Page 11
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Target
Allocation (%)
Differences
(%)
Target Rebal.
($000)
Domestic Equity 43,933,162 55.5 55.0 0.5 -380,892
International Equity 7,287,862 9.2 10.0 -0.8 630,733
Domestic Fixed Income 17,076,165 21.6 23.5 -1.9 1,532,533
International Fixed Income 3,302,686 4.2 4.0 0.2 -135,248
Real Estate 6,196,650 7.8 7.5 0.3 -257,704
Cash Equivalent 1,389,421 1.8 0.0 1.8 -1,389,421
Total Fund 79,185,946 100.0 100.0 0.0 -
Allocation Differences
0.0%3.0%6.0%9.0%10.0%-3.0 %-6.0 %-9.0 %-10.0 %
Cash Equivalent
Real Estate
International Fixed Income
Domestic Fixed Income
International Equity
Domestic Equity
1.8%
0.3%
0.2%
-1.9 %
-0.8 %
0.5%
Executive Summary
Policy Target In Policy
0.0%20.0%40.0%60.0%80.0%100.0%120.0%-20.0 %
Cash Equivalent (1.8%)
Real Estate (7.8%)
International Fixed Income (4.2%)
Domestic Fixed Income (21.6%)
International Equity (9.2%)
Domestic Equity (55.5%)
R e c o
m
m e n d a t i o n
Asset Allocation Compliance
Palm Beach Gardens Police Total Fund Composite
As of June 30, 2016
Page 12
Asset Allocation By Segment as of
March 31, 2016 : $78,411,084
Asset Allocation By Segment as of
June 30, 2016 : $79,185,946
Allocation
Segments Market Value Allocation
Domestic Equity 43,737,579 55.8¢
International Equity 7,259,997 9.3¢
Domestic Fixed Income 16,993,022 21.7¢
International Fixed Income 3,213,827 4.1¢
Real Estate 4,900,000 6.2¢
Cash Equivalent 2,306,659 2.9¢
Allocation
Segments Market Value Allocation
Domestic Equity 43,933,162 55.5¢
International Equity 7,287,862 9.2¢
Domestic Fixed Income 17,076,165 21.6¢
International Fixed Income 3,302,686 4.2¢
Real Estate 6,196,650 7.8¢
Cash Equivalent 1,389,421 1.8¢
Asset Allocation Summary
Total Fund Composite
As of June 30, 2016
NONE
Page 13
Asset Allocation By Manager as of
March 31, 2016 : $78,411,084
Asset Allocation By Manager as of
June 30, 2016 : $79,185,946
Allocation
Market Value Allocation
Highland Capital Balanced 26,860,672 34.3¢
Rhumbline S&P 500 Equity 19,164,461 24.4¢
Rhumbline S&P 600 Equity 8,535,052 10.9¢
Rhumbline S&P 400 Equity 8,475,249 10.8¢
Vanguard International Equity 7,259,997 9.3¢
American Realty 4,900,000 6.2¢
Oppenheimer Dreyfus 3,215,653 4.1¢
R&D Cash 1 0.0¢
Allocation
Market Value Allocation
Highland Capital Balanced 25,581,299 32.3¢
Rhumbline S&P 500 Equity 18,826,184 23.8¢
Rhumbline S&P 600 Equity 8,830,032 11.2¢
Rhumbline S&P 400 Equity 8,811,232 11.1¢
Vanguard International Equity 7,287,862 9.2¢
American Realty 6,196,650 7.8¢
Oppenheimer Dreyfus 3,302,686 4.2¢
R&D Cash 350,001 0.4¢
Asset Allocation Summary
Total Fund Composite
As of June 30, 2016
NONE
Page 14
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Composite 79,185,946 100.0 2.12 (32)7.62 (8)2.09 (15)8.45 (3)8.36 (3)7.67 (59)04/01/1992
Total Fund Policy Index 2.14 (31)7.91 (8)3.11 (6)8.19 (6)8.16 (5)8.46 (11)
Difference -0.02 -0.29 -1.02 0.26 0.20 -0.79
All Public Plans-Total Fund Median 1.87 5.96 0.66 6.75 6.62 7.74
Total Equity Composite 51,221,024 64.7 2.13 8.59 -0.05 10.22 10.43 4.78 07/01/2000
Total Equity Policy Index 2.01 8.93 0.66 10.12 10.27 4.56
Difference 0.12 -0.34 -0.71 0.10 0.16 0.22
Total Domestic Equity
Rhumbline S&P 500 Equity 18,826,184 23.8 2.41 (41)11.10 (23)3.91 (23)11.60 (41)12.06 (36)4.47 (76)07/01/2000
S&P 500 Index 2.46 (39)11.15 (21)3.99 (22)11.66 (39)12.10 (34)4.33 (81)
Difference -0.05 -0.05 -0.08 -0.06 -0.04 0.14
IM U.S. Large Cap Equity (SA+CF) Median 1.92 8.40 0.99 11.13 11.49 5.64
Rhumbline S&P 400 Equity 8,811,232 11.1 3.96 (20)10.64 (22)1.31 (25)10.51 (46)10.59 (41)9.58 (55)01/01/2004
S&P MidCap 400 Index 3.99 (19)10.74 (20)1.33 (25)10.53 (45)10.55 (44)9.49 (61)
Difference -0.03 -0.10 -0.02 -0.02 0.04 0.09
IM U.S. Mid Cap Equity (SA+CF) Median 2.40 6.06 -2.96 10.18 10.24 9.65
Rhumbline S&P 600 Equity 8,830,032 11.2 3.46 (45)10.09 (21)-0.06 (20)10.24 (28)11.19 (24)9.34 (39)01/01/2004
S&P SmallCap 600 3.48 (45)10.18 (19)-0.03 (20)10.23 (28)11.20 (23)9.27 (42)
Difference -0.02 -0.09 -0.03 0.01 -0.01 0.07
IM U.S. Small Cap Equity (SA+CF) Median 3.19 6.05 -4.85 8.62 9.74 8.87
Highland Capital LCG 7,465,714 9.4 -0.43 (76)2.39 (82)-5.41 (87)10.42 (79)10.33 (73)6.60 (59)10/01/2007
Russell 1000 Growth Index 0.61 (50)8.78 (19)3.02 (20)13.07 (36)12.35 (29)7.42 (37)
Difference -1.04 -6.39 -8.43 -2.65 -2.02 -0.82
IM U.S. Large Cap Growth Equity (SA+CF) Median 0.61 6.06 -0.57 12.28 11.39 6.97
International Equity
Vanguard International Equity 7,287,862 9.2 0.38 (43)1.91 (63)-9.49 (60)3.97 (39)3.27 (42)2.98 (61)10/01/2006
MSCI EAFE Index -1.19 (62)0.52 (72)-9.72 (63)2.52 (57)2.15 (56)1.70 (86)
Difference 1.57 1.39 0.23 1.45 1.12 1.28
IM International Equity (SA+CF) Median -0.28 3.59 -8.20 3.08 2.69 3.68
Asset Allocation & Performance
Total Fund Composite (Gross)
As of June 30, 2016
Page 15
Asset Allocation & Performance
Total Fund Composite (Gross)
As of June 30, 2016
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fixed Income Composite 20,378,851 25.7 2.44 6.26 6.72 3.90 3.72 5.66 04/01/1994
Total Fixed Inc Policy Index 2.42 5.51 6.86 3.89 3.39 5.76
Difference 0.02 0.75 -0.14 0.01 0.33 -0.10
Domestic Fixed Income
Highland Capital Fxed Income 17,076,165 21.6 2.41 (40)5.89 (7)7.17 (6)4.06 (82)3.92 (77)5.69 (97)04/01/1994
Barclays Aggregate Index 2.21 (69)4.71 (67)6.00 (62)4.06 (82)3.76 (89)5.83 (91)
Difference 0.20 1.18 1.17 0.00 0.16 -0.14
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 2.32 4.98 6.14 4.34 4.14 6.13
International Fixed Income
Oppenheimer Dreyfus 3,302,686 4.2 2.71 (76)6.77 (80)0.68 (79)1.88 (57)1.34 (58)1.69 (62)10/01/2010
Citigroup Non-U.S. World Government Bond 4.04 (47)11.94 (30)13.85 (1)2.36 (52)0.31 (73)0.81 (75)
Difference -1.33 -5.17 -13.17 -0.48 1.03 0.88
IM International Fixed Income All (MF) Median 3.88 9.59 5.44 2.46 2.15 2.75
Real Estate
American Realty 6,196,650 7.8 1.25 (100)7.07 (96)10.70 (96)12.40 (83)N/A 12.15 (83)07/01/2012
NCREIF Property Index 2.03 (78)7.33 (91)10.64 (100)11.61 (88)11.52 (91)11.39 (88)
Difference -0.78 -0.26 0.06 0.79 N/A 0.76
IM U.S. Private Real Estate (SA+CF) Median 2.54 8.26 12.64 13.52 13.37 13.44
R&D Cash 350,001 0.4
Page 16
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund Composite 79,185,946 100.0 2.03 7.43 1.85 8.24 8.15 7.42 04/01/1992
Total Fund Policy Index 2.14 7.91 3.11 8.19 8.16 8.46
Difference -0.11 -0.48 -1.26 0.05 -0.01 -1.04
Total Equity Composite 51,221,024 64.7 2.13 8.59 -0.05 10.22 10.43 4.78 07/01/2000
Total Equity Policy Index 2.01 8.93 0.66 10.12 10.27 4.56
Difference 0.12 -0.34 -0.71 0.10 0.16 0.22
Total Domestic Equity
Rhumbline S&P 500 Equity 18,826,184 23.8 2.41 11.07 3.87 11.54 11.97 4.34 07/01/2000
S&P 500 Index 2.46 11.15 3.99 11.66 12.10 4.33
Difference -0.05 -0.08 -0.12 -0.12 -0.13 0.01
Rhumbline S&P 400 Equity 8,811,232 11.1 3.96 10.61 1.25 10.47 10.57 9.57 01/01/2004
S&P MidCap 400 Index 3.99 10.74 1.33 10.53 10.55 9.49
Difference -0.03 -0.13 -0.08 -0.06 0.02 0.08
Rhumbline S&P 600 Equity 8,830,032 11.2 3.46 10.05 -0.12 10.20 11.17 9.33 01/01/2004
S&P SmallCap 600 3.48 10.18 -0.03 10.23 11.20 9.27
Difference -0.02 -0.13 -0.09 -0.03 -0.03 0.06
Highland Capital LCG Equity 7,465,714 9.4 -0.43 2.39 -5.41 10.42 10.33 6.60 10/01/2007
Russell 1000 Growth Index 0.61 8.78 3.02 13.07 12.35 7.42
Difference -1.04 -6.39 -8.43 -2.65 -2.02 -0.82
International Equity
Vanguard International Equity 7,287,862 9.2 0.38 1.91 -9.49 3.97 3.27 2.98 10/01/2006
MSCI EAFE Index -1.19 0.52 -9.72 2.52 2.15 1.70
Difference 1.57 1.39 0.23 1.45 1.12 1.28
Total Fixed Income Composite 20,378,851 25.7 2.44 6.26 6.72 3.90 3.72 5.66 04/01/1994
Total Fixed Inc Policy Index 2.42 5.51 6.86 3.89 3.39 5.76
Difference 0.02 0.75 -0.14 0.01 0.33 -0.10
Asset Allocation & Performance
Total Fund Composite (Net)
As of June 30, 2016
Page 17
Asset Allocation & Performance
Total Fund Composite (Net)
As of June 30, 2016
Allocation
Market
Value
$
%
Performance(%)
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Domestic Fixed Income
Highland Capital Fxed Income 17,076,165 21.6 2.41 5.89 7.17 4.06 3.92 5.69 04/01/1994
Barclays Aggregate Index 2.21 4.71 6.00 4.06 3.76 5.83
Difference 0.20 1.18 1.17 0.00 0.16 -0.14
International Fixed Income
Oppenheimer Dreyfus 3,302,686 4.2 2.71 6.77 0.68 1.88 1.34 1.69 10/01/2010
Citigroup Non-U.S. World Government Bond 4.04 11.94 13.85 2.36 0.31 0.81
Difference -1.33 -5.17 -13.17 -0.48 1.03 0.88
Real Estate
American Realty 6,196,650 7.8 0.97 6.20 9.45 11.22 N/A 10.97 07/01/2012
NCREIF Property Index 2.03 7.33 10.64 11.61 11.52 11.39
Difference -1.06 -1.13 -1.19 -0.39 N/A -0.42
Page 18
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
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
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Total Fund Composite 79,185,946 100.0 1.46 (11)10.95 (33)14.75 (16)18.89 (28)0.46 (44)10.42 (37)5.99 (9)-13.46 (57)12.22 (83)7.04 (82)
Total Fund Policy Index 0.81 (19)10.35 (47)14.21 (22)19.60 (18)1.75 (18)10.81 (29)1.64 (50)-12.83 (49)13.68 (62)7.97 (61)
Difference 0.65 0.60 0.54 -0.71 -1.29 -0.39 4.35 -0.63 -1.46 -0.93
All Public Plans-Total Fund Median -0.53 10.17 12.51 17.96 0.18 9.91 1.60 -12.93 14.05 8.43
Total Equity Composite 51,221,024 64.7 0.44 14.07 24.58 28.78 -2.47 12.49 -0.91 -23.22 17.99 9.60
Total Equity Policy Index -0.18 13.86 23.27 27.80 -0.50 11.44 -4.36 -21.04 17.05 9.27
Difference 0.62 0.21 1.31 0.98 -1.97 1.05 3.45 -2.18 0.94 0.33
Total Domestic Equity
Rhumbline S&P 500 Equity 18,826,184 23.8 -0.63 (57)19.64 (39)19.30 (72)30.16 (39)1.18 (44)10.20 (49)-6.49 (60)-21.73 (59)16.63 (57)10.88 (43)
S&P 500 Index -0.61 (57)19.73 (37)19.34 (71)30.20 (39)1.14 (45)10.16 (50)-6.91 (65)-21.98 (63)16.44 (61)10.79 (46)
Difference -0.02 -0.09 -0.04 -0.04 0.04 0.04 0.42 0.25 0.19 0.09
IM U.S. Large Cap Equity (SA+CF) Median -0.37 18.79 21.15 29.19 0.72 10.10 -5.53 -20.83 17.08 10.40
Rhumbline S&P 400 Equity 8,811,232 11.1 1.45 (52)11.81 (67)27.55 (57)28.90 (35)-1.16 (55)17.78 (41)-2.78 (52)-16.54 (17)18.73 (60)6.60 (70)
S&P MidCap 400 Index 1.40 (53)11.82 (67)27.68 (55)28.54 (39)-1.28 (57)17.78 (41)-3.11 (56)-16.68 (20)18.76 (59)6.56 (70)
Difference 0.05 -0.01 -0.13 0.36 0.12 0.00 0.33 0.14 -0.03 0.04
IM U.S. Mid Cap Equity (SA+CF) Median 1.47 13.46 28.01 27.10 -0.76 16.67 -2.72 -20.87 20.68 8.19
Rhumbline S&P 600 Equity 8,830,032 11.2 3.90 (37)5.79 (55)31.40 (56)33.27 (36)0.21 (38)14.14 (58)-10.54 (76)-13.64 (22)15.16 (59)7.60 (56)
S&P SmallCap 600 3.81 (37)5.74 (56)31.51 (54)33.35 (36)0.21 (38)14.22 (57)-10.61 (77)-13.83 (23)14.93 (60)7.16 (60)
Difference 0.09 0.05 -0.11 -0.08 0.00 -0.08 0.07 0.19 0.23 0.44
IM U.S. Small Cap Equity (SA+CF) Median 2.41 6.23 32.05 31.55 -1.21 14.99 -5.30 -18.16 17.43 8.19
Highland Capital LCG 7,465,714 9.4 4.64 (34)16.29 (70)28.73 (8)27.51 (51)-6.48 (97)14.63 (22)15.31 (2)-30.80 (98)N/A N/A
Russell 1000 Growth Index 3.17 (56)19.15 (39)19.27 (65)29.19 (38)3.78 (30)12.65 (36)-1.85 (37)-20.88 (54)19.35 (56)6.04 (59)
Difference 1.47 -2.86 9.46 -1.68 -10.26 1.98 17.16 -9.92 N/A N/A
IM U.S. Large Cap Growth Equity (SA+CF) Median 3.68 18.12 20.31 27.62 1.37 11.31 -3.03 -20.34 20.19 6.83
International Equity
Vanguard International Equity 7,287,862 9.2 -8.53 (53)7.89 (29)23.72 (37)19.39 (32)-11.12 (62)9.09 (52)2.31 (73)-29.10 (41)27.48 (57)N/A
MSCI EAFE Index -8.27 (52)4.70 (63)24.29 (33)14.33 (72)-8.94 (44)3.71 (80)3.80 (65)-30.13 (48)25.38 (67)19.65 (56)
Difference -0.26 3.19 -0.57 5.06 -2.18 5.38 -1.49 1.03 2.10 N/A
IM International Equity (SA+CF) Median -7.99 5.79 20.35 17.30 -9.61 9.60 6.90 -30.33 29.56 20.13
Asset Allocation & Performance
Total Fund Composite (Gross)
As of June 30, 2016
Page 19
Asset Allocation & Performance
Total Fund Composite (Gross)
As of June 30, 2016
Allocation
Market
Value
$
%
Performance(%)
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
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Total Fixed Income Composite 20,378,851 25.7 1.40 3.45 -2.57 6.28 5.20 8.28 11.96 1.23 4.97 3.56
Total Fixed Inc Policy Index 1.82 3.41 -2.11 4.98 5.18 7.78 11.18 3.84 5.62 3.51
Difference -0.42 0.04 -0.46 1.30 0.02 0.50 0.78 -2.61 -0.65 0.05
Domestic Fixed Income
Highland Capital Fxed Income 17,076,165 21.6 2.22 (88)3.51 (94)-2.54 (99)6.07 (71)5.66 (26)8.09 (89)11.96 (58)1.23 (63)4.97 (70)3.56 (85)
Barclays Aggregate Index 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 (53)3.67 (76)
Difference -0.72 -0.45 -0.86 0.91 0.40 -0.07 1.40 -2.42 -0.17 -0.11
IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.02 4.50 -1.24 6.60 5.25 9.24 12.28 2.54 5.15 3.86
International Fixed Income
Oppenheimer Dreyfus 3,302,686 4.2 -4.81 (31)2.98 (69)-2.82 (41)7.90 (69)0.32 (41)N/A N/A N/A N/A N/A
Citigroup Non-U.S. World Government Bond -7.01 (46)-0.99 (89)-5.63 (80)3.45 (91)4.13 (4)4.46 (88)16.04 (54)5.16 (1)9.53 (32)2.04 (70)
Difference 2.20 3.97 2.81 4.45 -3.81 N/A N/A N/A N/A N/A
IM International Fixed Income All (MF) Median -7.85 5.33 -3.56 14.24 -0.27 13.67 16.41 -3.81 8.61 5.14
Real Estate
American Realty 6,196,650 7.8 14.05 (70)12.45 (72)12.30 (73)N/A N/A N/A N/A N/A N/A N/A
NCREIF Property Index 13.48 (78)11.26 (91)11.00 (83)11.00 (75)16.10 (71)5.84 (50)-22.09 (10)5.27 (45)17.31 (67)17.62 (56)
Difference 0.57 1.19 1.30 N/A N/A N/A N/A N/A N/A N/A
IM U.S. Private Real Estate (SA+CF) Median 16.27 13.17 13.35 13.03 16.62 5.80 -34.32 4.88 18.73 18.27
R&D Cash 350,001 0.4
Page 20
Asset Allocation & Performance
Allocation
Market
Value
$
%
Performance(%)
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
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Total Fund Composite 79,185,946 100.0 1.29 10.73 14.53 18.64 0.22 10.08 5.61 -13.73 11.90 6.70
Total Fund Policy Index 0.81 10.35 14.21 19.60 1.75 10.81 1.64 -12.83 13.68 7.97
Difference 0.48 0.38 0.32 -0.96 -1.53 -0.73 3.97 -0.90 -1.78 -1.27
Total Equity Composite 51,221,024 64.7 0.44 14.07 24.58 28.78 -2.47 12.49 -0.91 -23.22 17.99 9.60
Total Equity Policy Index -0.18 13.86 23.27 27.80 -0.50 11.44 -4.36 -21.04 17.05 9.27
Difference 0.62 0.21 1.31 0.98 -1.97 1.05 3.45 -2.18 0.94 0.33
Total Domestic Equity
Rhumbline S&P 500 Equity 18,826,184 23.8 -0.66 19.55 19.18 29.99 1.04 10.02 -6.71 -21.87 16.47 10.72
S&P 500 Index -0.61 19.73 19.34 30.20 1.14 10.16 -6.91 -21.98 16.44 10.79
Difference -0.05 -0.18 -0.16 -0.21 -0.10 -0.14 0.20 0.11 0.03 -0.07
Rhumbline S&P 400 Equity 8,811,232 11.1 1.40 11.78 27.55 28.90 -1.16 17.78 -2.78 -16.54 18.73 6.60
S&P MidCap 400 Index 1.40 11.82 27.68 28.54 -1.28 17.78 -3.11 -16.68 18.76 6.56
Difference 0.00 -0.04 -0.13 0.36 0.12 0.00 0.33 0.14 -0.03 0.04
Rhumbline S&P 600 Equity 8,830,032 11.2 3.85 5.76 31.40 33.27 0.21 14.14 -10.54 -13.64 15.16 7.60
S&P SmallCap 600 3.81 5.74 31.51 33.35 0.21 14.22 -10.61 -13.83 14.93 7.16
Difference 0.04 0.02 -0.11 -0.08 0.00 -0.08 0.07 0.19 0.23 0.44
Highland Capital LCG 7,465,714 9.4 4.64 16.29 28.73 27.51 -6.48 14.63 15.31 -30.80 N/A N/A
Russell 1000 Growth Index 3.17 19.15 19.27 29.19 3.78 12.65 -1.85 -20.88 19.35 6.04
Difference 1.47 -2.86 9.46 -1.68 -10.26 1.98 17.16 -9.92 N/A N/A
International Equity
Vanguard International Equity 7,287,862 9.2 -8.53 7.89 23.72 19.39 -11.12 9.09 2.31 -29.10 27.48 N/A
MSCI EAFE Index -8.27 4.70 24.29 14.33 -8.94 3.71 3.80 -30.13 25.38 19.65
Difference -0.26 3.19 -0.57 5.06 -2.18 5.38 -1.49 1.03 2.10 N/A
Total Fixed Income Composite 20,378,851 25.7 1.40 3.45 -2.57 6.28 5.20 8.28 11.96 1.23 4.97 3.56
Total Fixed Inc Policy Index 1.82 3.41 -2.11 4.98 5.18 7.78 11.18 3.84 5.62 3.51
Difference -0.42 0.04 -0.46 1.30 0.02 0.50 0.78 -2.61 -0.65 0.05
Asset Allocation & Performance
Total Fund Composite (Net)
As of June 30, 2016
Page 21
Asset Allocation & Performance
Total Fund Composite (Net)
As of June 30, 2016
Allocation
Market
Value
$
%
Performance(%)
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
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Domestic Fixed Income
Highland Capital Fxed Income 17,076,165 21.6 2.22 3.51 -2.54 6.07 5.66 8.09 11.96 1.23 4.97 3.56
Barclays Aggregate Index 2.94 3.96 -1.68 5.16 5.26 8.16 10.56 3.65 5.14 3.67
Difference -0.72 -0.45 -0.86 0.91 0.40 -0.07 1.40 -2.42 -0.17 -0.11
International Fixed Income
Oppenheimer Dreyfus 3,302,686 4.2 -4.81 2.98 -2.82 7.90 0.32 N/A N/A N/A N/A N/A
Citigroup Non-U.S. World Government Bond -7.01 -0.99 -5.63 3.45 4.13 4.46 16.04 5.16 9.53 2.04
Difference 2.20 3.97 2.81 4.45 -3.81 N/A N/A N/A N/A N/A
Real Estate
American Realty 6,196,650 7.8 12.82 11.34 11.10 N/A N/A N/A N/A N/A N/A N/A
NCREIF Property Index 13.48 11.26 11.00 11.00 16.10 5.84 -22.09 5.27 17.31 17.62
Difference -0.66 0.08 0.10 N/A N/A N/A N/A N/A N/A N/A
Page 22
Historical Rolling Performance
QTR 1 YR 3 YR 5 YR Inception
06/30/2016 2.12 2.09 8.45 8.36 7.67
03/31/2016 1.89 0.03 7.88 8.03 7.65
12/31/2015 3.42 1.00 9.66 8.53 7.65
09/30/2015 -5.13 1.46 8.91 9.06 7.58
06/30/2015 0.06 5.55 12.48 11.97 7.91
03/31/2015 2.88 9.19 11.63 10.75 8.00
12/31/2014 3.89 7.80 13.55 11.04 7.96
09/30/2014 -1.31 10.95 14.82 10.92 7.86
06/30/2014 3.52 18.38 11.51 13.73 8.02
03/31/2014 1.57 14.94 10.45 15.10 7.94
12/31/2013 6.92 21.12 11.41 13.81 7.96
09/30/2013 5.30 14.75 11.08 9.91 7.72
06/30/2013 0.51 13.90 12.11 7.06 7.56
03/31/2013 7.03 10.83 9.90 6.97 7.62
12/31/2012 1.30 12.13 8.93 4.48 7.37
09/30/2012 4.52 18.89 9.66 3.88 7.39
06/30/2012 -2.20 2.85 12.16 3.42 7.25
03/31/2012 8.29 5.76 16.62 4.58 7.46
12/31/2011 7.40 1.83 12.03 3.29 7.13
09/30/2011 -9.58 0.46 5.54 2.69 6.83
06/30/2011 0.57 20.27 6.29 5.50 7.49
03/31/2011 4.26 13.24 6.11 5.13 7.55
12/31/2010 5.96 13.22 2.92 4.93 7.42
09/30/2010 8.25 10.42 0.43 4.00 7.19
06/30/2010 -5.31 14.08 -1.48 2.78 6.83
03/31/2010 4.24 32.44 1.46 4.45 7.25
12/31/2009 3.34 21.96 0.66 3.43 7.10
09/30/2009 11.84 5.99 0.97 3.94 7.01
06/30/2009 9.93 -12.48 -1.61 1.52 6.42
03/31/2009 -4.01 -20.33 -5.03 -0.23 5.92
12/31/2008 -10.19 -21.04 -2.69 1.02 6.28
09/30/2008 -7.65 -13.46 1.30 4.58 7.07
06/30/2008 0.07 -4.22 4.74 6.61 7.71
03/31/2008 -4.87 -1.01 5.61 8.37 7.83
12/31/2007 -1.56 5.93 7.13 9.19 8.30
09/30/2007 2.21 12.22 9.77 10.36 8.55
06/30/2007 3.42 13.61 8.76 8.57 8.54
03/31/2007 1.80 8.60 7.82 6.77 8.44
12/31/2006 4.29 10.16 7.94 6.38 8.46
09/30/2006 3.47 7.04 8.81 6.41 8.30
Historical Rolling Performance
Total Fund Composite
As of June 30, 2016
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 23
Historical Rolling Performance
QTR 1 YR 3 YR 5 YR Inception
06/30/2016 2.14 3.11 8.19 8.16 8.45
03/31/2016 2.03 0.53 7.64 7.93 8.45
12/31/2015 3.54 0.91 9.20 8.40 8.45
09/30/2015 -4.45 0.81 8.31 9.11 8.38
06/30/2015 -0.41 4.09 11.64 12.02 8.69
03/31/2015 2.41 8.34 11.06 10.71 8.81
12/31/2014 3.44 7.66 13.13 11.13 8.80
09/30/2014 -1.34 10.35 14.66 11.19 8.74
06/30/2014 3.65 17.99 11.30 14.11 8.91
03/31/2014 1.78 14.51 10.37 16.04 8.83
12/31/2013 6.02 19.85 11.27 13.96 8.85
09/30/2013 5.49 14.21 11.60 9.38 8.66
06/30/2013 0.60 13.30 12.83 6.70 8.49
03/31/2013 6.52 10.41 10.27 6.48 8.57
12/31/2012 1.03 12.20 9.52 4.03 8.34
09/30/2012 4.65 19.60 10.48 3.62 8.39
06/30/2012 -1.97 3.15 13.12 3.07 8.25
03/31/2012 8.25 6.34 18.50 4.27 8.47
12/31/2011 7.70 2.45 12.65 3.06 8.14
09/30/2011 -9.75 1.75 4.65 2.58 7.83
06/30/2011 1.06 22.90 5.77 5.39 8.53
03/31/2011 4.29 14.20 5.25 4.87 8.59
12/31/2010 6.97 14.28 1.96 4.83 8.46
09/30/2010 9.02 10.81 -0.61 3.80 8.18
06/30/2010 -6.10 14.16 -2.82 2.66 7.78
03/31/2010 4.36 37.03 0.49 4.46 8.28
12/31/2009 3.72 22.10 -0.23 3.29 8.14
09/30/2009 12.31 1.64 0.24 4.04 8.03
06/30/2009 12.71 -15.67 -2.50 1.60 7.41
03/31/2009 -7.00 -25.49 -6.77 -0.75 6.75
12/31/2008 -13.66 -24.03 -3.20 1.30 7.33
09/30/2008 -6.81 -12.83 2.28 6.06 8.44
06/30/2008 -0.42 -4.68 5.79 8.26 9.06
03/31/2008 -5.18 -0.61 6.79 10.78 9.24
12/31/2007 -0.94 7.05 8.22 11.45 9.78
09/30/2007 1.90 13.68 11.22 12.81 10.02
06/30/2007 3.84 15.29 10.44 10.04 10.06
03/31/2007 2.13 9.43 9.16 7.90 9.95
12/31/2006 5.20 11.54 9.47 7.73 9.97
09/30/2006 3.34 7.97 10.64 8.42 9.76
Historical Rolling Performance
Total Fund Policy Index
As of June 30, 2016
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 24
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 8.45 6.04 1.37 103.30 10.00 103.02 2.00
Index 8.19 5.61 1.43 100.00 9.00 100.00 3.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.54 11.00 -0.60 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 8.36 8.53 0.99 102.21 16.00 101.42 4.00
Index 8.16 8.36 0.98 100.00 15.00 100.00 5.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.45 19.00 -0.36 1.00
Risk and Return 3 Years
Investment Index
8.1
8.2
8.3
8.4
8.5
8.6
R e t u r n
(%
)
5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.2
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
8.1
8.2
8.3
8.4
R e t u r n
(%
)
8.3 8.4 8.5 8.6
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank All Public Plans-Total Fund
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 17 (85%)3 (15%)0 (0%)0 (0%)¾
Index 20 19 (95%)1 (5%)0 (0%)0 (0%)¾
5 Year Rolling Percentile Rank All Public Plans-Total Fund
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 19 (95%)1 (5%)0 (0%)0 (0%)¾
Index 20 19 (95%)1 (5%)0 (0%)0 (0%)¾
Strategy Review
Total Fund Composite | Total Fund Policy Index
As of June 30, 2016
Page 25
Peer Group Analysis - All Public Plans-Total Fund
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 2.12 (32)7.62 (8)2.09 (15)8.45 (3)8.36 (3)
Index 2.14 (31)7.91 (8)3.11 (6)8.19 (6)8.16 (5)
Median 1.87 5.96 0.66 6.75 6.62
Peer Group Analysis - All Public Plans-Total Fund
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
24.0
28.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment 1.46 (11)10.95 (33)14.75 (17)18.89 (29)0.46 (44)
Index 0.81 (19)10.35 (47)14.21 (23)19.60 (17)1.75 (18)
Median -0.53 10.16 12.55 17.94 0.18
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 1.89 (11)3.42 (23)-5.13 (54)0.06 (38)2.88 (19)3.89 (3)
Index 2.03 (9)3.54 (16)-4.45 (27)-0.41 (69)2.41 (52)3.44 (11)
Median 1.03 2.87 -5.04 -0.13 2.43 2.28
Strategy Review
Total Fund Composite | Total Fund Policy Index
As of June 30, 2016
Page 26
Risk / Reward Historical Statistics 3 Years Ending June 30, 2016
0.0
0.6
1.2
1.8
-0.6
-1.2
Total Fund Composite Total Fund Policy Index
Alpha -0.29 0.00¢
Beta 1.07 1.00¢
Sharpe Ratio 1.37 1.43¢
Treynor Ratio 0.08 0.08¢
Risk / Reward Historical Statistics 5 Years Ending June 30, 2016
0.0
0.4
0.8
1.2
1.6
Total Fund Composite Total Fund Policy Index
Alpha 0.07 0.00¢
Beta 1.02 1.00¢
Sharpe Ratio 0.99 0.98¢
Treynor Ratio 0.08 0.08¢
Benchmark Relative Historical Statistics 3 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Total Fund Composite Total Fund Policy Index
Actual Correlation 0.99 1.00¢
Information Ratio 0.34 N/A¢
R-Squared 0.99 1.00¢
Tracking Error 0.81 0.00¢
Benchmark Relative Historical Statistics 5 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Total Fund Composite Total Fund Policy Index
Actual Correlation 1.00 1.00¢
Information Ratio 0.30 N/A¢
R-Squared 0.99 1.00¢
Tracking Error 0.71 0.00¢
Portfolio Comparison
Total Fund
As of June 30, 2016
Benchmark: Total Fund Policy Index
Page 27
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 11.60 8.06 1.41 99.69 11.00 100.49 1.00
Index 11.66 8.06 1.42 100.00 11.00 100.00 1.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.45 11.00 -0.28 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 12.06 12.33 0.99 99.74 16.00 99.85 4.00
Index 12.10 12.35 0.99 100.00 16.00 100.00 4.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.30 19.00 -0.33 1.00
Risk and Return 3 Years
Investment Index
11.5
11.6
11.7
R e t u r n
(%
)
8.0 8.1
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
12.0
12.1
12.2
R e t u r n
(%
)
12.3 12.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Large Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)9 (45%)11 (55%)0 (0%)¾
Index 20 0 (0%)10 (50%)10 (50%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Large Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)3 (15%)17 (85%)0 (0%)¾
Index 20 0 (0%)3 (15%)17 (85%)0 (0%)¾
Strategy Review
Rhumbline S&P 500 Equity | S&P 500 Index
As of June 30, 2016
Page 28
Peer Group Analysis - IM U.S. Large Cap Equity (SA+CF)
-13.0
-10.0
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 2.41 (41)11.10 (23)3.91 (23)11.60 (41)12.06 (36)
Index 2.46 (39)11.15 (21)3.99 (22)11.66 (39)12.10 (34)
Median 1.92 8.40 0.99 11.13 11.49
Peer Group Analysis - IM U.S. Large Cap Equity (SA+CF)
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
38.0
44.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment -0.63 (57)19.64 (39)19.30 (72)30.16 (39)1.18 (44)
Index -0.61 (57)19.73 (37)19.34 (71)30.20 (39)1.14 (45)
Median -0.37 18.79 21.15 29.19 0.72
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 1.35 (30)7.03 (30)-6.47 (43)0.27 (50)0.95 (67)4.96 (48)
Index 1.35 (31)7.04 (29)-6.44 (42)0.28 (49)0.95 (67)4.93 (49)
Median 0.44 6.17 -6.80 0.27 1.76 4.91
Strategy Review
Rhumbline S&P 500 Equity | S&P 500 Index
As of June 30, 2016
Page 29
Risk / Reward Historical Statistics 3 Years Ending June 30, 2016
0.0
0.6
1.2
1.8
-0.6
Rhumbline S&P 500 Equity S&P 500 Index
Alpha -0.05 0.00¢
Beta 1.00 1.00¢
Sharpe Ratio 1.41 1.42¢
Treynor Ratio 0.11 0.11¢
Risk / Reward Historical Statistics 5 Years Ending June 30, 2016
0.0
0.4
0.8
1.2
-0.4
Rhumbline S&P 500 Equity S&P 500 Index
Alpha -0.02 0.00¢
Beta 1.00 1.00¢
Sharpe Ratio 0.99 0.99¢
Treynor Ratio 0.12 0.12¢
Benchmark Relative Historical Statistics 3 Years Ending June 30, 2016
0.0
0.9
1.8
-0.9
-1.8
-2.7
Rhumbline S&P 500 Equity S&P 500 Index
Actual Correlation 1.00 1.00¢
Information Ratio -1.45 N/A¢
R-Squared 1.00 1.00¢
Tracking Error 0.04 0.00¢
Benchmark Relative Historical Statistics 5 Years Ending June 30, 2016
0.0
0.7
1.4
-0.7
-1.4
Rhumbline S&P 500 Equity S&P 500 Index
Actual Correlation 1.00 1.00¢
Information Ratio -0.82 N/A¢
R-Squared 1.00 1.00¢
Tracking Error 0.04 0.00¢
Portfolio Comparison
Rhumbline S&P 500
As of June 30, 2016
Benchmark: S&P 500 Index
Page 30
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.51 9.36 1.12 99.73 9.00 99.48 3.00
Index 10.53 9.40 1.12 100.00 9.00 100.00 3.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.36 11.00 -0.28 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.59 15.38 0.74 100.06 15.00 99.60 5.00
Index 10.55 15.37 0.74 100.00 15.00 100.00 5.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.28 19.00 -0.17 1.00
Risk and Return 3 Years
Investment Index
10.5
10.6
R e t u r n
(%
)
9.3 9.4 9.5
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
10.5
10.6
R e t u r n
(%
)
15.3 15.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Mid Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)8 (40%)12 (60%)0 (0%)¾
Index 20 0 (0%)8 (40%)12 (60%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Mid Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)12 (60%)8 (40%)0 (0%)¾
Index 20 0 (0%)11 (55%)9 (45%)0 (0%)¾
Strategy Review
Rhumbline S&P 400 Equity | S&P MidCap 400 Index
As of June 30, 2016
Page 31
Peer Group Analysis - IM U.S. Mid Cap Equity (SA+CF)
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 3.96 (20)10.64 (22)1.31 (25)10.51 (46)10.59 (41)
Index 3.99 (19)10.74 (20)1.33 (25)10.53 (45)10.55 (44)
Median 2.40 6.06 -2.96 10.18 10.24
Peer Group Analysis - IM U.S. Mid Cap Equity (SA+CF)
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
38.0
44.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment 1.45 (52)11.81 (67)27.55 (57)28.90 (35)-1.16 (55)
Index 1.40 (53)11.82 (67)27.68 (55)28.54 (39)-1.28 (57)
Median 1.47 13.46 28.01 27.10 -0.76
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 3.72 (19)2.61 (65)-8.44 (49)-1.05 (68)5.33 (43)6.31 (39)
Index 3.78 (16)2.60 (66)-8.50 (52)-1.06 (70)5.31 (44)6.35 (37)
Median 0.65 3.25 -8.48 -0.30 5.01 5.89
Strategy Review
Rhumbline S&P 400 Equity | S&P MidCap 400 Index
As of June 30, 2016
Page 32
Risk / Reward Historical Statistics 3 Years Ending June 30, 2016
0.0
0.4
0.8
1.2
1.6
Rhumbline S&P 400 Equity S&P MidCap 400 Index
Alpha 0.03 0.00¢
Beta 1.00 1.00¢
Sharpe Ratio 1.12 1.12¢
Treynor Ratio 0.11 0.11¢
Risk / Reward Historical Statistics 5 Years Ending June 30, 2016
0.0
0.4
0.8
1.2
1.6
Rhumbline S&P 400 Equity S&P MidCap 400 Index
Alpha 0.04 0.00¢
Beta 1.00 1.00¢
Sharpe Ratio 0.74 0.74¢
Treynor Ratio 0.11 0.11¢
Benchmark Relative Historical Statistics 3 Years Ending June 30, 2016
0.0
0.5
1.0
1.5
-0.5
-1.0
Rhumbline S&P 400 Equity S&P MidCap 400 Index
Actual Correlation 1.00 1.00¢
Information Ratio -0.25 N/A¢
R-Squared 1.00 1.00¢
Tracking Error 0.07 0.00¢
Benchmark Relative Historical Statistics 5 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Rhumbline S&P 400 Equity S&P MidCap 400 Index
Actual Correlation 1.00 1.00¢
Information Ratio 0.29 N/A¢
R-Squared 1.00 1.00¢
Tracking Error 0.15 0.00¢
Portfolio Comparison
Rhumbline S&P MidCap 400
As of June 30, 2016
Benchmark: S&P MidCap 400 Index
Page 33
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.24 11.67 0.90 99.87 10.00 99.52 2.00
Index 10.23 11.70 0.89 100.00 10.00 100.00 2.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.36 11.00 -0.19 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 11.19 16.37 0.74 99.83 16.00 99.75 4.00
Index 11.20 16.39 0.74 100.00 16.00 100.00 4.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.27 19.00 -0.14 1.00
Risk and Return 3 Years
Investment Index
10.2
10.3
R e t u r n
(%
)
11.6 11.7 11.8
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
11.1
11.2
11.3
R e t u r n
(%
)
16.2 16.3 16.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Small Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 1 (5%)15 (75%)4 (20%)0 (0%)¾
Index 20 1 (5%)16 (80%)3 (15%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Small Cap Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 2 (10%)10 (50%)8 (40%)0 (0%)¾
Index 20 2 (10%)12 (60%)6 (30%)0 (0%)¾
Strategy Review
Rhumbline S&P 600 Equity | S&P SmallCap 600
As of June 30, 2016
Page 34
Peer Group Analysis - IM U.S. Small Cap Equity (SA+CF)
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 3.46 (45)10.09 (21)-0.06 (20)10.24 (28)11.19 (24)
Index 3.48 (45)10.18 (19)-0.03 (20)10.23 (28)11.20 (23)
Median 3.19 6.05 -4.85 8.62 9.74
Peer Group Analysis - IM U.S. Small Cap Equity (SA+CF)
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment 3.90 (37)5.79 (55)31.40 (56)33.27 (36)0.21 (38)
Index 3.81 (37)5.74 (56)31.51 (54)33.35 (36)0.21 (38)
Median 2.41 6.23 32.05 31.55 -1.21
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 2.59 (23)3.72 (36)-9.22 (33)0.22 (59)3.98 (63)9.83 (25)
Index 2.66 (22)3.72 (36)-9.27 (34)0.19 (60)3.96 (63)9.85 (25)
Median 0.02 3.10 -10.26 0.55 4.42 8.38
Strategy Review
Rhumbline S&P 600 Equity | S&P SmallCap 600
As of June 30, 2016
Page 35
Risk / Reward Historical Statistics 3 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Rhumbline S&P 600 Equity S&P SmallCap 600
Alpha 0.03 0.00¢
Beta 1.00 1.00¢
Sharpe Ratio 0.90 0.89¢
Treynor Ratio 0.11 0.10¢
Risk / Reward Historical Statistics 5 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Rhumbline S&P 600 Equity S&P SmallCap 600
Alpha 0.00 0.00¢
Beta 1.00 1.00¢
Sharpe Ratio 0.74 0.74¢
Treynor Ratio 0.12 0.12¢
Benchmark Relative Historical Statistics 3 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Rhumbline S&P 600 Equity S&P SmallCap 600
Actual Correlation 1.00 1.00¢
Information Ratio 0.08 N/A¢
R-Squared 1.00 1.00¢
Tracking Error 0.06 0.00¢
Benchmark Relative Historical Statistics 5 Years Ending June 30, 2016
0.0
0.4
0.8
1.2
-0.4
-0.8
Rhumbline S&P 600 Equity S&P SmallCap 600
Actual Correlation 1.00 1.00¢
Information Ratio -0.20 N/A¢
R-Squared 1.00 1.00¢
Tracking Error 0.08 0.00¢
Portfolio Comparison
Rhumbline S&P 600
As of June 30, 2016
Benchmark: S&P SmallCap 600
Page 36
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.42 9.81 1.06 89.55 8.00 143.85 4.00
Index 13.07 8.20 1.55 100.00 11.00 100.00 1.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.42 11.00 -0.34 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 10.33 15.80 0.71 100.29 14.00 129.33 6.00
Index 12.35 12.47 1.00 100.00 16.00 100.00 4.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.29 19.00 -0.33 1.00
Risk and Return 3 Years
Investment Index
9.6
10.2
10.8
11.4
12.0
12.6
13.2
13.8
R e t u r n
(%
)
7.8 8.0 8.2 8.4 8.6 8.8 9.0 9.2 9.4 9.6 9.8 10.0 10.2
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
R e t u r n
(%
)
12.0 12.4 12.8 13.2 13.6 14.0 14.4 14.8 15.2 15.6 16.0 16.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 6 (30%)3 (15%)7 (35%)4 (20%)¾
Index 20 0 (0%)17 (85%)3 (15%)0 (0%)¾
5 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 16 6 (38%)1 (6%)8 (50%)1 (6%)¾
Index 20 0 (0%)20 (100%)0 (0%)0 (0%)¾
Strategy Review
Highland Capital Equity | Russell 1000 Growth Index
As of June 30, 2016
Page 37
Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment -0.43 (76)2.39 (82)-5.41 (87)10.42 (79)10.33 (73)
Index 0.61 (50)8.78 (19)3.02 (20)13.07 (36)12.35 (29)
Median 0.61 6.06 -0.57 12.28 11.39
Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)
-16.0
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
38.0
44.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment 4.64 (34)16.29 (70)28.73 (8)27.51 (51)-6.48 (97)
Index 3.17 (56)19.15 (39)19.27 (65)29.19 (38)3.78 (30)
Median 3.68 18.12 20.31 27.62 1.37
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment -1.76 (55)4.68 (87)-7.61 (81)1.66 (20)5.93 (12)5.17 (49)
Index 0.74 (21)7.32 (47)-5.29 (34)0.12 (66)3.84 (52)4.78 (59)
Median -1.59 7.05 -5.91 0.63 3.93 5.13
Strategy Review
Highland Capital Equity | Russell 1000 Growth Index
As of June 30, 2016
Page 38
Risk / Reward Historical Statistics 3 Years Ending June 30, 2016
0.0
2.0
4.0
-2.0
-4.0
-6.0
Highland Capital Equity Russell 1000 Growth Index
Alpha -4.02 0.00¢
Beta 1.14 1.00¢
Sharpe Ratio 1.06 1.55¢
Treynor Ratio 0.09 0.13¢
Risk / Reward Historical Statistics 5 Years Ending June 30, 2016
0.0
2.0
4.0
-2.0
-4.0
-6.0
Highland Capital Equity Russell 1000 Growth Index
Alpha -4.05 0.00¢
Beta 1.22 1.00¢
Sharpe Ratio 0.71 1.00¢
Treynor Ratio 0.09 0.13¢
Benchmark Relative Historical Statistics 3 Years Ending June 30, 2016
0.0
2.0
4.0
-2.0
Highland Capital Equity Russell 1000 Growth Index
Actual Correlation 0.95 1.00¢
Information Ratio -0.72 N/A¢
R-Squared 0.91 1.00¢
Tracking Error 3.20 0.00¢
Benchmark Relative Historical Statistics 5 Years Ending June 30, 2016
0.0
2.0
4.0
6.0
-2.0
Highland Capital Equity Russell 1000 Growth Index
Actual Correlation 0.96 1.00¢
Information Ratio -0.27 N/A¢
R-Squared 0.93 1.00¢
Tracking Error 5.05 0.00¢
Portfolio Comparison
Highland Equity
As of June 30, 2016
Benchmark: Russell 1000 Growth Index
Page 39
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 3.97 11.19 0.40 95.98 8.00 76.64 4.00
Index 2.52 11.37 0.27 100.00 7.00 100.00 5.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.16 11.00 -0.62 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 3.27 15.35 0.29 104.17 13.00 92.99 7.00
Index 2.15 14.43 0.22 100.00 12.00 100.00 8.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.21 19.00 -0.38 1.00
Risk and Return 3 Years
Investment Index
2.0
2.4
2.8
3.2
3.6
4.0
4.4
R e t u r n
(%
)
11.1 11.2 11.3 11.4
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
1.8
2.1
2.4
2.7
3.0
3.3
3.6
R e t u r n
(%
)
14.2 14.4 14.6 14.8 15.0 15.2 15.4 15.6
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM International Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 1 (5%)13 (65%)6 (30%)0 (0%)¾
Index 20 0 (0%)9 (45%)8 (40%)3 (15%)¾
5 Year Rolling Percentile Rank IM International Equity (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)11 (55%)9 (45%)0 (0%)¾
Index 20 0 (0%)0 (0%)12 (60%)8 (40%)¾
Strategy Review
Vanguard International Equity | MSCI EAFE Index
As of June 30, 2016
Page 40
Peer Group Analysis - IM International Equity (SA+CF)
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 0.38 (43)1.91 (63)-9.49 (60)3.97 (39)3.27 (42)
Index -1.19 (62)0.52 (72)-9.72 (63)2.52 (57)2.15 (56)
Median -0.28 3.59 -8.20 3.08 2.69
Peer Group Analysis - IM International Equity (SA+CF)
-36.0
-28.0
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment -8.53 (53)7.89 (29)23.72 (37)19.39 (32)-11.12 (62)
Index -8.27 (52)4.70 (63)24.29 (33)14.33 (72)-8.94 (44)
Median -7.99 5.79 20.35 17.30 -9.61
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment -0.93 (54)2.47 (72)-11.19 (54)0.63 (69)4.38 (48)-1.94 (34)
Index -2.88 (78)4.75 (43)-10.19 (44)0.84 (63)5.00 (39)-3.53 (61)
Median -0.53 4.30 -10.78 1.45 4.24 -2.95
Strategy Review
Vanguard International Equity | MSCI EAFE Index
As of June 30, 2016
Page 41
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 4.06 2.56 1.56 95.20 10.00 71.58 2.00
Index 4.06 2.60 1.54 100.00 9.00 100.00 3.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 1.35 11.00 -0.25 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 3.92 3.33 1.16 103.18 14.00 98.85 6.00
Index 3.76 2.94 1.26 100.00 15.00 100.00 5.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 1.23 19.00 -0.83 1.00
Risk and Return 3 Years
Investment Index
3.9
4.0
4.1
R e t u r n
(%
)
2.5 2.6 2.7
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
3.7
3.8
3.9
4.0
R e t u r n
(%
)
2.8 2.9 3.0 3.1 3.2 3.3 3.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)0 (0%)8 (40%)12 (60%)¾
Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾
5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 20 0 (0%)0 (0%)1 (5%)19 (95%)¾
Index 20 0 (0%)0 (0%)4 (20%)16 (80%)¾
Strategy Review
Highland Capital Fixed Income | Barclays Aggregate Index
As of June 30, 2016
Page 42
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
0.8
1.5
2.2
2.9
3.6
4.3
5.0
5.7
6.4
7.1
7.8
8.5
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 2.41 (40)5.89 (7)7.17 (6)4.06 (82)3.92 (77)
Index 2.21 (69)4.71 (67)6.00 (62)4.06 (82)3.76 (89)
Median 2.32 4.98 6.14 4.34 4.14
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment 2.22 (88)3.51 (94)-2.54 (99)6.07 (71)5.66 (26)
Index 2.94 (59)3.96 (80)-1.68 (80)5.16 (91)5.26 (49)
Median 3.02 4.50 -1.24 6.60 5.25
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 3.61 (1)-0.21 (11)1.21 (43)-1.58 (47)1.54 (86)1.06 (96)
Index 3.03 (51)-0.57 (72)1.23 (40)-1.68 (72)1.61 (75)1.79 (39)
Median 3.03 -0.45 1.14 -1.60 1.74 1.74
Strategy Review
Highland Capital Fixed Income | Barclays Aggregate Index
As of June 30, 2016
Page 43
Risk / Reward Historical Statistics 3 Years Ending June 30, 2016
0.0
0.5
1.0
1.5
2.0
Highland Capital Fixed Income Barclays Aggregate Index
Alpha 0.19 0.00¢
Beta 0.95 1.00¢
Sharpe Ratio 1.56 1.54¢
Treynor Ratio 0.04 0.04¢
Risk / Reward Historical Statistics 5 Years Ending June 30, 2016
0.0
0.6
1.2
1.8
-0.6
Highland Capital Fixed Income Barclays Aggregate Index
Alpha -0.23 0.00¢
Beta 1.10 1.00¢
Sharpe Ratio 1.16 1.26¢
Treynor Ratio 0.03 0.04¢
Benchmark Relative Historical Statistics 3 Years Ending June 30, 2016
0.0
0.4
0.8
1.2
-0.4
Highland Capital Fixed Income Barclays Aggregate Index
Actual Correlation 0.97 1.00¢
Information Ratio -0.01 N/A¢
R-Squared 0.93 1.00¢
Tracking Error 0.68 0.00¢
Benchmark Relative Historical Statistics 5 Years Ending June 30, 2016
0.0
0.3
0.6
0.9
1.2
Highland Capital Fixed Income Barclays Aggregate Index
Actual Correlation 0.97 1.00¢
Information Ratio 0.20 N/A¢
R-Squared 0.95 1.00¢
Tracking Error 0.82 0.00¢
Portfolio Comparison
Highland Fixed Income
As of June 30, 2016
Benchmark: Barclays Aggregate Index
Page 44
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 1.88 5.11 0.38 29.12 8.00 7.26 4.00
Index 2.36 8.02 0.32 100.00 6.00 100.00 6.00
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.71 11.00 -0.16 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 1.34 5.32 0.26 33.72 12.00 10.03 8.00
Index 0.31 7.02 0.07 100.00 9.00 100.00 11.00
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.75 19.00 -0.39 1.00
Risk and Return 3 Years
Investment Index
1.6
1.8
2.0
2.2
2.4
2.6
R e t u r n
(%
)
4.5 4.8 5.1 5.4 5.7 6.0 6.3 6.6 6.9 7.2 7.5 7.8 8.1 8.4 8.7
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
0.0
0.3
0.6
0.9
1.2
1.5
R e t u r n
(%
)
5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 7.4
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM International Fixed Income All (MF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 12 0 (0%)4 (33%)8 (67%)0 (0%)¾
Index 20 0 (0%)1 (5%)3 (15%)16 (80%)¾
5 Year Rolling Percentile Rank IM International Fixed Income All (MF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 4 0 (0%)0 (0%)4 (100%)0 (0%)¾
Index 20 0 (0%)3 (15%)4 (20%)13 (65%)¾
Strategy Review
Oppenheimer Dreyfus | Citigroup Non-U.S. World Government Bond
As of June 30, 2016
Page 45
Peer Group Analysis - IM International Fixed Income All (MF)
-13.0
-10.0
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
20.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 2.71 (76)6.77 (80)0.68 (79)1.88 (57)1.34 (58)
Index 4.04 (47)11.94 (30)13.85 (1)2.36 (52)0.31 (73)
Median 3.88 9.59 5.44 2.46 2.15
Peer Group Analysis - IM International Fixed Income All (MF)
-28.0
-20.0
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment -4.81 (31)2.98 (69)-2.82 (41)7.90 (69)0.32 (41)
Index -7.01 (46)-0.99 (89)-5.63 (80)3.45 (91)4.13 (4)
Median -7.85 5.33 -3.56 14.24 -0.27
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 5.03 (40)-1.02 (83)-5.70 (69)1.42 (13)0.37 (54)-0.84 (14)
Index 9.10 (3)-1.38 (90)1.71 (2)-1.54 (76)-4.36 (95)-2.91 (52)
Median 4.66 0.49 -4.26 -0.33 0.49 -2.68
Strategy Review
Oppenheimer Dreyfus | Citigroup Non-U.S. World Government Bond
As of June 30, 2016
Page 46
Historical Statistics 3 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment 12.40 1.77 6.61 106.67 12.00 N/A N/A
Index 11.61 0.81 13.23 100.00 12.00 N/A N/A
90 Day U.S. Treasury Bill 0.07 0.04 N/A 0.60 11.00 N/A 1.00
Historical Statistics 5 Years
Return Standard
Deviation
Sharpe
Ratio
Up
Market
Capture
Up
Quarters
Down
Market
Capture
Down
Quarters
Investment N/A N/A N/A N/A N/A N/A N/A
Index 11.52 0.72 14.78 100.00 20.00 N/A N/A
90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.60 19.00 N/A 1.00
Risk and Return 3 Years
Investment Index
11.2
11.4
11.6
11.8
12.0
12.2
12.4
12.6
R e t u r n
(%
)
0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0
Risk (Standard Deviation %)
Risk and Return 5 Years
Investment Index
11.5
11.6
R e t u r n
(%
)
0.6 0.7 0.8
Risk (Standard Deviation %)
3 Year Rolling Percentile Rank IM U.S. Private Real Estate (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 5 0 (0%)0 (0%)0 (0%)5 (100%)¾
Index 20 3 (15%)1 (5%)1 (5%)15 (75%)¾
5 Year Rolling Percentile Rank IM U.S. Private Real Estate (SA+CF)
0.0
25.0
50.0
75.0
100.0
R e t u r n
P e r c e n t i l e
R a n k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Investment 0 0 0 0 0¾
Index 20 9 (45%)1 (5%)2 (10%)8 (40%)¾
Strategy Review
American Realty | NCREIF Property Index
As of June 30, 2016
Page 47
Peer Group Analysis - IM U.S. Private Real Estate (SA+CF)
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
20.0
23.0
26.0
R e t u
r n
QTR FYTD 1 YR 3 YR 5 YR
Investment 1.25 (100)7.07 (96)10.70 (96)12.40 (83)N/A
Index 2.03 (78)7.33 (91)10.64 (100)11.61 (88)11.52 (91)
Median 2.54 8.26 12.64 13.52 13.37
Peer Group Analysis - IM U.S. Private Real Estate (SA+CF)
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
R e t u
r n
4 Quarters
Ending
Sep-2015
4 Quarters
Ending
Sep-2014
4 Quarters
Ending
Sep-2013
4 Quarters
Ending
Sep-2012
4 Quarters
Ending
Sep-2011
Investment 14.05 (70)12.45 (72)12.30 (73)N/A N/A
Index 13.48 (78)11.26 (91)11.00 (83)11.00 (75)16.10 (71)
Median 16.27 13.17 13.35 13.03 16.62
Comparative Performance
1 Qtr
Ending
Mar-2016
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
Investment 2.63 (51)3.03 (79)3.39 (64)3.74 (50)4.44 (33)1.81 (95)
Index 2.21 (63)2.91 (91)3.09 (75)3.14 (72)3.57 (52)3.04 (65)
Median 2.64 3.64 3.63 3.74 3.74 3.71
Strategy Review
American Realty | NCREIF Property Index
As of June 30, 2016
Page 48
Total Policy Historical Hybrid Composition
Allocation Mandate Weight (%)
Mar-1992
Barclays Aggregate Index 35.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
S&P SmallCap 600 10.00
MSCI EAFE Index 10.00
Oct-2010
Barclays Aggregate Index 31.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
MSCI EAFE Index 10.00
S&P SmallCap 600 10.00
Citigroup Non-U.S. World Government Bond 4.00
Apr-2012
Barclays Aggregate Index 29.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
MSCI EAFE Index 10.00
S&P SmallCap 600 10.00
Citigroup Non-U.S. World Government Bond 4.00
NCREIF Property Index 2.00
Oct-2015
Barclays Aggregate Index 26.00
S&P 500 Index 25.00
S&P MidCap 400 Index 10.00
Russell 1000 Growth Index 10.00
MSCI EAFE Index 10.00
S&P SmallCap 600 10.00
Citigroup Non-U.S. World Government Bond 4.00
NCREIF Property Index 5.00
Total Equity Historical Hybrid Composition
Allocation Mandate Weight (%)
Jun-2000
S&P 500 Index 100.00
Jan-2003
S&P 500 Index 80.00
S&P MidCap 400 Index 20.00
Jan-2004
S&P 500 Index 60.00
S&P MidCap 400 Index 20.00
S&P SmallCap 600 20.00
Jan-2007
S&P 500 Index 62.00
S&P MidCap 400 Index 15.00
S&P SmallCap 600 15.00
MSCI EAFE Index 8.00
Oct-2007
S&P 500 Index 38.40
S&P MidCap 400 Index 15.40
S&P SmallCap 600 15.40
MSCI EAFE Index 15.40
Russell 1000 Growth Index 15.40
Total Fixed Income Historical Hybrid Composition
Allocation Mandate Weight (%)
Apr-1994
Barclays Aggregate Index 89.00
Citigroup Non-U.S. World Government Bond 11.00
Benchmark History
Investment Policy Benchmarks
As of June 30, 2016
Page 49
Palm Beach Gardens Police
Review of International Equity & Bond Funds
Peer Group Analysis - IM International Large Cap Value Equity (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests mainly in common stocks of companies
located outside the United States that are considered by an advisor to be undervalued. Such stocks, called value stocks,
often are out of favor in periods when investors are drawn to companies with strong prospects for growth. It invests in large
-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and
emerging markets. The fund uses multiple investment advisors.
Product Name :Vanguard Intl Val;Inv (VTRIX)
Fund Family :Vanguard Group Inc
Ticker :VTRIX
Peer Group :IM International Large Cap Value Equity (MF)
Benchmark :MSCI EAFE Value
Fund Inception :05/16/1983
Portfolio Manager :Team Managed
Total Assets :$7,631 Million
Total Assets Date :06/30/2016
Gross Expense :0.46%
Net Expense :0.46%
Turnover :36%
-40.00
-25.00
-10.00
5.00
20.00
35.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Vanguard International Value (VTRIX)0.13 (13)-0.39 (14)-11.62 (29)1.32 (13)1.23 (18)-6.44 (98)-6.69 (23)22.15 (29)20.18 (18)-14.58 (77)
MSCI EAFE Value -2.44 (46)-6.18 (59)-14.91 (65)0.42 (40)0.61 (30)-5.22 (89)-4.92 (14)23.59 (12)18.43 (40)-11.65 (24)
Median -2.54 -5.97 -13.34 0.03 0.13 -2.78 -8.70 21.39 17.65 -13.55
1 Qtr
Ending
Mar-2016
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
Vanguard International Value (VTRIX)-0.51 (15)2.49 (57)-13.44 (99)1.22 (54)4.18 (71)-5.68 (69)
MSCI EAFE Value -3.84 (46)2.72 (37)-11.71 (87)0.48 (78)4.00 (73)-4.81 (46)
IM International Large Cap Value Equity (MF) Median -4.28 2.53 -10.31 1.30 4.48 -4.86
As of June 30, 2016
Performance Review
Vanguard International Value (VTRIX)
NONE
Page 51
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
V
a
n
g
u
a
r
d
I
n
t e
r
n
a t i
o
n
a
l
V
a l
u
e
(V
T R
I
X
)
(%
)
-8.0 0.0 8.0 16.0 24.0
MSCI EAFE Value (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard International Value (VTRIX)20 7 (35%)10 (50%)3 (15%)0 (0%)
MSCI EAFE Value 20 11 (55%)7 (35%)2 (10%)0 (0%)
-0.50
0.00
0.50
1.00
1.50
R
e t
u
r
n
(%
)
15.40 15.60 15.80 16.00 16.20
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Value (VTRIX)1.23 15.84
MSCI EAFE Value 0.61 16.10
Median 0.13 15.61¾
-0.50
0.00
0.50
1.00
1.50
2.00
R
e
t u
r
n
(%
)
13.02 13.23 13.44 13.65 13.86 14.07 14.28
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Value (VTRIX)1.32 13.63
MSCI EAFE Value 0.42 14.12
Median 0.03 13.19¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Value (VTRIX)4.09 94.39 89.69 0.93 0.20 0.16 0.92 8.73
MSCI EAFE Value 0.00 100.00 100.00 0.00 N/A 0.10 1.00 9.37
90 Day U.S. Treasury Bill 14.12 0.10 -0.24 0.07 -0.10 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Value (VTRIX)4.39 95.18 92.11 0.67 0.13 0.15 0.95 10.97
MSCI EAFE Value 0.00 100.00 100.00 0.00 N/A 0.11 1.00 11.18
90 Day U.S. Treasury Bill 16.11 0.13 -0.17 0.07 -0.11 N/A 0.00 0.01
As of June 30, 2016
Performance Review
Vanguard International Value (VTRIX)
NONE
Page 52
Peer Group Analysis - IM International Large Cap Growth Equity (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of
companies located outside the United States and is expected to diversify its assets in countries across developed and
emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose
large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses
multiple investment advisors.
Product Name :Vanguard Intl Gro;Adm (VWILX)
Fund Family :Vanguard Group Inc
Ticker :VWILX
Peer Group :IM International Large Cap Growth Equity (MF)
Benchmark :MSCI EAFE Growth Index
Fund Inception :08/13/2001
Portfolio Manager :Team Managed
Total Assets :$14,547 Million
Total Assets Date :06/30/2016
Gross Expense :0.34%
Net Expense :0.34%
Turnover :29%
-40.00
-25.00
-10.00
5.00
20.00
35.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Vanguard International Growth (VWILX)0.50 (16)-1.51 (28)-8.22 (23)4.14 (15)2.44 (23)-0.54 (49)-5.51 (64)23.12 (5)20.18 (30)-13.58 (48)
MSCI EAFE Growth Index 0.05 (25)-1.91 (29)-4.44 (15)4.55 (4)3.61 (8)4.47 (10)-4.06 (41)22.95 (8)17.28 (67)-11.82 (30)
Median -1.23 -3.49 -10.26 2.32 1.79 -0.57 -4.97 18.23 18.83 -13.61
1 Qtr
Ending
Mar-2016
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
Vanguard International Growth (VWILX)-2.00 (29)7.09 (3)-12.99 (93)1.18 (35)5.49 (52)-2.93 (74)
MSCI EAFE Growth Index -1.96 (28)6.70 (7)-8.69 (19)1.19 (35)5.97 (22)-2.25 (61)
IM International Large Cap Growth Equity (MF) Median -2.45 4.32 -10.05 0.97 5.53 -1.80
As of June 30, 2016
Performance Review
Vanguard International Growth (VWILX)
NONE
Page 53
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
V
a n
g
u
a
r
d
I
n
t e r
n
a
t i
o
n
a
l
G
r
o
w
t h
(V
W
I
L
X
)
(%
)
-8.0 0.0 8.0 16.0 24.0 32.0
MSCI EAFE Growth Index (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard International Growth (VWILX)20 11 (55%)9 (45%)0 (0%)0 (0%)
MSCI EAFE Growth Index 20 12 (60%)7 (35%)1 (5%)0 (0%)
1.20
1.80
2.40
3.00
3.60
4.20
R
e t
u
r
n
(%
)
14.10 14.57 15.04 15.51 15.98 16.45 16.92 17.39
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Growth (VWILX)2.44 16.70
MSCI EAFE Growth Index 3.61 14.67
Median 1.79 14.69¾
1.48
2.22
2.96
3.70
4.44
5.18
R
e
t u
r
n
(%
)
11.96 12.42 12.88 13.34 13.80 14.26 14.72
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard International Growth (VWILX)4.14 14.34
MSCI EAFE Growth Index 4.55 12.36
Median 2.32 12.48¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Growth (VWILX)3.69 106.25 109.46 -0.80 -0.04 0.35 1.13 9.03
MSCI EAFE Growth Index 0.00 100.00 100.00 0.00 N/A 0.42 1.00 7.63
90 Day U.S. Treasury Bill 12.37 0.13 -0.30 0.07 -0.42 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard International Growth (VWILX)4.18 103.55 109.36 -1.31 -0.20 0.22 1.11 11.64
MSCI EAFE Growth Index 0.00 100.00 100.00 0.00 N/A 0.31 1.00 10.25
90 Day U.S. Treasury Bill 14.68 0.15 -0.19 0.07 -0.31 N/A 0.00 0.01
As of June 30, 2016
Performance Review
Vanguard International Growth (VWILX)
NONE
Page 54
Peer Group Analysis - IM Global Multi-Cap Core Equity (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests mainly in common stocks of companies
located outside the United States that are considered by an advisor to be undervalued. Such stocks, called value stocks,
often are out of favor in periods when investors are drawn to companies with strong prospects for growth. It invests in large
-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and
emerging markets. The fund uses multiple investment advisors.
Product Name :Vanguard Glbl Eqty;Inv (VHGEX)
Fund Family :Vanguard Group Inc
Ticker :VHGEX
Peer Group :IM Global Multi-Cap Core Equity (MF)
Benchmark :MSCI AC World IMI
Fund Inception :08/14/1995
Portfolio Manager :Team Managed
Total Assets :$4,284 Million
Total Assets Date :06/30/2016
Gross Expense :0.57%
Net Expense :0.57%
Turnover :36%
-40.00
-20.00
0.00
20.00
40.00
60.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Vanguard Glbl Eqty;Inv (VHGEX)0.51 (53)0.25 (43)-3.47 (35)6.90 (26)6.41 (32)-0.24 (20)4.31 (40)27.65 (40)19.52 (9)-8.90 (59)
MSCI AC World Index 1.19 (39)1.58 (30)-3.17 (28)6.60 (31)5.95 (38)-1.84 (49)4.71 (34)23.44 (67)16.80 (36)-6.86 (38)
Median 0.74 -0.66 -5.59 5.43 5.72 -1.88 3.10 26.50 15.28 -7.84
1 Qtr
Ending
Mar-2016
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
Vanguard Glbl Eqty;Inv (VHGEX)-0.25 (40)5.26 (25)-8.53 (30)-0.12 (71)3.73 (29)1.20 (45)
MSCI AC World IMI 0.44 (26)5.02 (34)-9.48 (59)0.70 (37)2.71 (55)0.70 (57)
IM Global Multi-Cap Core Equity (MF) Median -0.97 4.55 -9.37 0.39 2.77 0.91
As of June 30, 2016
Performance Review
Vanguard Glbl Eqty;Inv (VHGEX)
NONE
Page 55
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
V
a
n
g
u
a r
d
G
l
b
l
E
q
t y ;I
n
v
(V
H
G
E
X
)
(%
)
-8.0 0.0 8.0 16.0 24.0 32.0
MSCI AC World IMI (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Glbl Eqty;Inv (VHGEX)20 6 (30%)12 (60%)2 (10%)0 (0%)
MSCI AC World Index 20 0 (0%)10 (50%)10 (50%)0 (0%)
5.70
6.00
6.30
6.60
R
e t
u
r
n
(%
)
13.37 13.44 13.51 13.58 13.65 13.72 13.79
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Glbl Eqty;Inv (VHGEX)6.41 13.58
MSCI AC World Index 5.95 13.43
Median 5.72 13.72¾
5.39
5.88
6.37
6.86
7.35
R
e
t u
r
n
(%
)
11.41 11.48 11.55 11.62 11.69 11.76
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Glbl Eqty;Inv (VHGEX)6.90 11.41
MSCI AC World Index 6.60 11.66
Median 5.43 11.68¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Glbl Eqty;Inv (VHGEX)1.95 98.89 96.84 0.43 0.09 0.64 0.96 6.79
MSCI AC World IMI 0.00 100.00 100.00 0.00 N/A 0.61 1.00 6.94
90 Day U.S. Treasury Bill 11.66 0.13 -0.34 0.07 -0.61 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Glbl Eqty;Inv (VHGEX)2.08 100.74 98.29 0.46 0.20 0.52 0.99 9.03
MSCI AC World IMI 0.00 100.00 100.00 0.00 N/A 0.49 1.00 8.88
90 Day U.S. Treasury Bill 13.53 0.15 -0.23 0.07 -0.49 N/A 0.00 0.01
As of June 30, 2016
Performance Review
Vanguard Glbl Eqty;Inv (VHGEX)
NONE
Page 56
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of
companies located outside the United States and is expected to diversify its assets in countries across developed and
emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose
large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses
multiple investment advisors.
Product Name :Dreyfus Intl Bond;A (DIBAX)
Fund Family :Dreyfus Corporation
Ticker :DIBAX
Peer Group :IM International Fixed Income (MF)
Benchmark :Citigroup Non-U.S. World Government Bond
Fund Inception :12/30/2005
Portfolio Manager :Leduc/Murphy/Srivastava
Total Assets :$147 Million
Total Assets Date :06/30/2016
Gross Expense :1.12%
Net Expense :1.12%
Turnover :217%
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Dreyfus Intl Bond;A (DIBAX)2.35 (58)8.43 (49)4.70 (59)2.03 (34)1.72 (22)-6.76 (63)3.58 (23)-3.92 (57)9.28 (36)3.21 (42)
Citigroup Non-U.S. World Government Bond 4.04 (2)13.50 (1)13.85 (1)2.36 (28)0.31 (59)-5.54 (48)-2.68 (72)-4.56 (64)1.50 (98)5.17 (21)
Median 2.58 8.20 6.13 1.33 0.93 -5.75 0.39 -3.74 6.77 2.75
1 Qtr
Ending
Mar-2016
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
Dreyfus Intl Bond;A (DIBAX)5.94 (51)-1.59 (86)-1.88 (67)-3.38 (85)-0.06 (38)-0.72 (25)
Citigroup Non-U.S. World Government Bond 9.10 (1)-1.38 (79)1.71 (4)-1.54 (41)-4.36 (87)-2.91 (78)
IM International Fixed Income (MF) Median 6.05 -0.77 -1.39 -1.78 -1.40 -1.68
As of June 30, 2016
Performance Review
Dreyfus Intl Bond;A (DIBAX)
NONE
Page 57
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
0.0
8.0
16.0
24.0
D
r
e y
f u
s
I
n
t l
B
o
n
d
;A
(D
I
B
A X
)
(%
)
-8.0 0.0 8.0 16.0 24.0
Citigroup Non-U.S. World Government Bond (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Dreyfus Intl Bond;A (DIBAX)20 2 (10%)18 (90%)0 (0%)0 (0%)
Citigroup Non-U.S. World Government Bond 20 0 (0%)3 (15%)8 (40%)9 (45%)
0.00
0.50
1.00
1.50
2.00
2.50
R
e t
u
r
n
(%
)
5.06 5.29 5.52 5.75 5.98 6.21 6.44 6.67 6.90
Risk (Standard Deviation %)
Return Standard
Deviation
Dreyfus Intl Bond;A (DIBAX)1.72 5.35
Citigroup Non-U.S. World Government Bond 0.31 6.49
Median 0.93 6.45¾
1.02
1.36
1.70
2.04
2.38
2.72
R
e
t u
r
n
(%
)
4.44 4.81 5.18 5.55 5.92 6.29 6.66 7.03 7.40
Risk (Standard Deviation %)
Return Standard
Deviation
Dreyfus Intl Bond;A (DIBAX)2.03 4.94
Citigroup Non-U.S. World Government Bond 2.36 6.81
Median 1.33 6.29¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dreyfus Intl Bond;A (DIBAX)4.21 51.98 42.15 0.67 -0.10 0.42 0.57 2.91
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.37 1.00 4.43
90 Day U.S. Treasury Bill 6.78 0.59 -0.05 0.06 -0.37 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Dreyfus Intl Bond;A (DIBAX)3.77 71.40 54.76 1.51 0.35 0.33 0.67 3.54
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.07 1.00 4.58
90 Day U.S. Treasury Bill 6.48 0.51 -0.21 0.06 -0.07 N/A 0.00 0.01
As of June 30, 2016
Performance Review
Dreyfus Intl Bond;A (DIBAX)
NONE
Page 58
Peer Group Analysis - IM International Fixed Income (MF)
Comparative Performance
Mutual Fund Info from Lipper Summary Description
The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of
companies located outside the United States and is expected to diversify its assets in countries across developed and
emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose
large-, mid-, and small-capitalization companies considered to have above-average growth potential. The fund uses
multiple investment advisors.
Product Name :Oppenheimer Intl Bd;A (OIBAX)
Fund Family :OppenheimerFunds Inc
Ticker :OIBAX
Peer Group :IM International Fixed Income (MF)
Benchmark :Citigroup Non-U.S. World Government Bond
Fund Inception :06/15/1995
Portfolio Manager :Baijal/Kelly
Total Assets :$1,655 Million
Total Assets Date :06/30/2016
Gross Expense :1.02%
Net Expense :1.02%
Turnover :111%
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
R
e
t u
r
n
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
Oppenheimer Intl Bd;A (OIBAX)3.08 (28)7.29 (56)4.58 (60)1.74 (39)0.94 (50)-3.72 (28)0.32 (52)-4.16 (60)10.77 (24)-0.28 (80)
Citigroup Non-U.S. World Government Bond 4.04 (2)13.50 (1)13.85 (1)2.36 (28)0.31 (59)-5.54 (48)-2.68 (72)-4.56 (64)1.50 (98)5.17 (21)
Median 2.58 8.20 6.13 1.33 0.93 -5.75 0.39 -3.74 6.77 2.75
1 Qtr
Ending
Mar-2016
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
Oppenheimer Intl Bd;A (OIBAX)4.08 (66)-0.96 (55)-1.59 (58)-1.88 (51)0.67 (22)-0.80 (26)
Citigroup Non-U.S. World Government Bond 9.10 (1)-1.38 (79)1.71 (4)-1.54 (41)-4.36 (87)-2.91 (78)
IM International Fixed Income (MF) Median 6.05 -0.77 -1.39 -1.78 -1.40 -1.68
As of June 30, 2016
Performance Review
Oppenheimer Intl Bd;A (OIBAX)
NONE
Page 59
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
-5.0
0.0
5.0
10.0
15.0
O
p
p
e n
h
e
i
m
e
r
I
n
t l
B
d
;A
(O
I
B
A X
)
(%
)
-10.0 -5.0 0.0 5.0 10.0 15.0
Citigroup Non-U.S. World Government Bond (%)
Over
Performance
Under
Performance
0.00
25.00
50.00
75.00
100.00R
e
t u
r
n
P e
r
c
e
n
t i
l
e
R
a
n
k
9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Oppenheimer Intl Bd;A (OIBAX)20 0 (0%)14 (70%)6 (30%)0 (0%)
Citigroup Non-U.S. World Government Bond 20 0 (0%)3 (15%)8 (40%)9 (45%)
0.00
0.30
0.60
0.90
1.20
R
e t
u
r
n
(%
)
6.09 6.16 6.23 6.30 6.37 6.44 6.51 6.58
Risk (Standard Deviation %)
Return Standard
Deviation
Oppenheimer Intl Bd;A (OIBAX)0.94 6.18
Citigroup Non-U.S. World Government Bond 0.31 6.49
Median 0.93 6.45¾
1.02
1.36
1.70
2.04
2.38
2.72
R
e
t u
r
n
(%
)
3.87 4.30 4.73 5.16 5.59 6.02 6.45 6.88 7.31
Risk (Standard Deviation %)
Return Standard
Deviation
Oppenheimer Intl Bd;A (OIBAX)1.74 4.69
Citigroup Non-U.S. World Government Bond 2.36 6.81
Median 1.33 6.29¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Oppenheimer Intl Bd;A (OIBAX)5.38 42.01 32.69 0.75 -0.14 0.38 0.42 2.69
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.37 1.00 4.43
90 Day U.S. Treasury Bill 6.78 0.59 -0.05 0.06 -0.37 N/A 0.00 0.02
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Oppenheimer Intl Bd;A (OIBAX)5.45 64.74 55.84 0.82 0.11 0.17 0.60 4.63
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A 0.07 1.00 4.58
90 Day U.S. Treasury Bill 6.48 0.51 -0.21 0.06 -0.07 N/A 0.00 0.01
As of June 30, 2016
Performance Review
Oppenheimer Intl Bd;A (OIBAX)
NONE
Page 60
Ou
r
M
i
s
s
i
o
n
To
r
e
p
r
e
s
e
n
t
t
h
e
s
o
l
e
i
n
t
e
r
e
s
t
o
f
o
u
r
c
l
i
e
n
t
s
b
y
r
e
d
e
f
i
n
i
n
g
i
n
d
e
p
e
n
d
e
n
c
e
.
Ab
o
u
t
U
s
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
i
s
a
n
i
n
d
e
p
e
n
d
e
n
t
i
n
v
e
s
t
m
e
n
t
c
o
n
s
u
l
t
i
n
g
f
i
r
m
t
h
a
t
a
d
v
i
s
e
s
o
v
e
r
5
3
0
in
s
t
i
t
u
t
i
o
n
a
l
c
l
i
e
n
t
s
w
i
t
h
a
p
p
r
o
x
i
m
a
t
e
l
y
$6
4
b
i
l
l
i
o
n
i
n
a
s
s
e
t
s
u
n
d
e
r
a
d
v
i
s
e
m
e
n
t
.
W
e
a
r
e
a
n
in
d
e
p
e
n
d
e
n
t
f
i
r
m
,
e
m
p
l
o
y
e
e
o
w
n
e
d
,
a
n
d
s
e
r
v
e
a
s
a
f
i
d
u
c
i
a
r
y
t
o
e
a
c
h
o
f
o
u
r
c
l
i
e
n
t
s
.
O
u
r
f
i
r
m
re
c
e
i
v
e
s
1
0
0
%
o
f
o
u
r
r
e
v
e
n
u
e
t
h
r
o
u
g
h
h
a
r
d
-
d
o
l
l
a
r
f
e
e
s
f
o
r
c
o
n
s
u
l
t
i
n
g
s
e
r
v
i
c
e
s
.
W
e
h
a
v
e
n
e
v
e
r
en
g
a
g
e
d
i
n
s
o
f
t
-
d
o
l
l
a
r
f
e
e
a
r
r
a
n
g
e
m
e
n
t
s
a
n
d
a
r
e
no
t
a
f
f
i
l
i
a
t
e
d
w
i
t
h
a
n
y
I
n
v
e
s
t
m
e
n
t
M
a
n
a
g
e
m
e
n
t
fi
r
m
s
o
r
o
t
h
e
r
s
e
r
v
i
c
e
p
r
o
v
i
d
e
r
s
.
Ou
r
f
i
r
m
b
e
l
i
e
v
e
s
t
h
a
t
t
r
u
s
t
,
i
n
t
e
g
r
i
t
y
,
c
o
n
f
i
d
e
n
c
e
,
a
n
d
r
e
s
p
e
c
t
a
r
e
t
h
e
c
o
r
n
e
r
s
t
o
n
e
s
o
f
a
n
y
su
c
c
e
s
s
f
u
l
b
u
s
i
n
e
s
s
r
e
l
a
t
i
o
n
s
h
i
p
.
A
s
a
r
e
s
u
l
t
,
w
e
w
o
r
k
t
o
e
n
s
u
r
e
o
u
r
c
l
i
e
n
t
’
s
i
n
t
e
r
e
s
t
s
a
r
e
p
l
a
c
e
d
fi
r
s
t
.
O
u
r
o
b
j
e
c
t
i
v
e
i
s
t
o
s
e
r
v
e
a
s
o
u
r
c
l
i
e
n
t
’
s
a
d
v
o
c
a
t
e
a
n
d
g
u
i
d
e
i
n
t
h
e
i
m
p
l
e
m
e
n
t
a
t
i
o
n
,
ma
i
n
t
e
n
a
n
c
e
,
a
d
m
i
n
i
s
t
r
a
t
i
o
n
,
a
n
d
f
i
d
u
c
i
a
r
y
o
v
e
r
s
i
g
h
t
o
f
t
h
e
i
r
i
n
v
e
s
t
m
e
n
t
a
n
d
r
e
t
i
r
e
m
e
n
t
pr
o
g
r
a
m
s
.
E
x
c
e
p
t
i
o
n
a
l
s
e
r
v
i
c
e
,
a
s
d
e
f
i
n
e
d
b
y
e
a
c
h
c
l
i
e
n
t
,
i
s
o
u
r
g
o
a
l
.
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
,
h
e
a
d
q
u
a
r
t
e
r
e
d
i
n
O
r
l
a
n
d
o
,
F
L
a
l
s
o
h
a
s
o
f
f
i
c
e
s
i
n
C
h
i
c
a
g
o
,
I
L
;
P
i
t
t
s
b
u
r
g
h
,
PA
;
T
u
l
s
a
,
O
K
;
C
l
e
v
e
l
a
n
d
,
O
H
;
a
n
d
D
e
t
r
o
i
t
,
M
I
.
The Bogdahn Group Firm Overview
Ma
r
k
e
t
V
a
l
u
e
s
a
s
o
f
M
a
r
c
h
2
0
1
6
.
Pa
g
e
6
1
In
v
e
s
t
m
e
n
t
C
o
n
s
u
l
t
i
n
g
S
e
r
v
i
c
e
s
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
h
a
s
o
n
e
l
i
n
e
o
f
b
u
s
i
n
e
s
s
:
i
n
v
e
s
t
m
e
n
t
c
o
n
s
u
l
t
i
n
g
.
W
e
s
t
r
i
v
e
t
o
s
i
m
p
l
i
f
y
i
n
v
e
s
t
m
e
n
t
an
d
f
i
d
u
c
i
a
r
y
d
e
c
i
s
i
o
n
s
f
o
r
o
u
r
c
l
i
e
n
t
s
b
y
p
r
o
v
i
d
i
n
g
g
o
v
e
r
n
a
n
c
e
,
m
o
n
i
t
o
r
i
n
g
a
n
d
r
i
s
k
o
v
e
r
s
i
g
h
t
,
ed
u
c
a
t
i
o
n
,
s
t
r
a
t
e
g
i
c
i
m
p
l
e
m
e
n
t
a
t
i
o
n
,
a
n
d
s
u
p
e
r
i
o
r
i
n
v
e
s
t
m
e
n
t
o
p
t
i
o
n
s
.
T
h
e
B
o
g
d
a
h
n
G
r
o
u
p
d
e
l
i
v
e
r
s
cu
s
t
o
m
i
z
e
d
s
e
r
v
i
c
e
s
t
o
m
e
e
t
e
a
c
h
c
l
i
e
n
t
’
s
u
n
i
q
u
e
n
e
e
d
s
.
Si
n
c
e
n
o
t
w
o
c
l
i
e
n
t
s
’
n
e
e
d
s
a
r
e
t
h
e
s
a
m
e
a
n
d
c
o
n
t
i
n
u
o
u
s
l
y
e
v
o
l
v
e
o
v
e
r
t
i
m
e
,
w
e
s
t
r
i
v
e
t
o
m
a
i
n
t
a
i
n
a
n
on
g
o
i
n
g
u
n
d
e
r
s
t
a
n
d
i
n
g
o
f
e
a
c
h
c
l
i
e
n
t
’
s
c
o
n
s
t
r
a
i
n
t
s
a
n
d
o
b
j
e
c
t
i
v
e
s
t
o
d
e
l
i
v
e
r
o
n
g
o
i
n
g
v
a
l
u
e
-
a
d
d
e
d
se
r
v
i
c
e
s
.
O
u
r
c
o
r
e
s
e
r
v
i
c
e
s
r
e
p
r
e
s
e
n
t
a
s
t
r
o
n
g
f
o
u
n
d
a
t
i
o
n
f
o
r
c
l
i
e
n
t
r
e
l
a
t
i
o
n
s
h
i
p
s
.
The Bogdahn Group Firm Overview
Tr
a
d
i
t
i
o
n
a
l
C
o
n
s
u
l
t
i
n
g
S
e
r
v
i
c
e
s
•
I
n
v
e
s
t
m
e
n
t
p
o
l
i
c
y
s
t
a
t
e
m
e
n
t
d
e
v
e
l
o
p
m
e
n
t
•
S
t
r
a
t
e
g
i
c
a
s
s
e
t
a
l
l
o
c
a
t
i
o
n
•
M
a
n
a
g
e
r
/
S
t
r
a
t
e
g
y
E
v
a
l
u
a
t
i
o
n
•
I
n
v
e
s
t
m
e
n
t
M
a
n
a
g
e
r
D
u
e
D
i
l
i
g
e
n
c
e
•
I
n
v
e
s
t
m
e
n
t
M
a
n
a
g
e
r
S
e
a
r
c
h
e
s
•
P
e
r
f
o
r
m
a
n
c
e
m
e
a
s
u
r
e
m
e
n
t
&
r
e
p
o
r
t
i
n
g
•
Q
u
a
r
t
e
r
l
y
E
c
o
n
o
m
i
c
S
u
m
m
a
r
y
•
A
t
t
r
i
b
u
t
i
o
n
a
n
a
l
y
s
i
s
•
C
l
i
e
n
t
E
d
u
c
a
t
i
o
n
•
S
p
e
n
d
i
n
g
p
o
l
i
c
y
r
e
v
i
e
w
a
n
d
d
e
v
e
l
o
p
m
e
n
t
•
V
e
n
d
o
r
s
e
a
r
c
h
&
f
e
e
n
e
g
o
t
i
a
t
i
o
n
s
•
D
i
s
t
r
i
b
u
t
i
o
n
a
n
d
m
a
n
a
g
e
m
e
n
t
o
f
o
p
e
n
R
F
P
s
wh
e
r
e
r
e
q
u
i
r
e
d
•
C
u
s
t
o
d
i
a
n
E
v
a
l
u
a
t
i
o
n
•
I
n
t
e
r
p
r
e
t
a
t
i
o
n
a
n
d
a
s
s
i
s
t
a
n
c
e
i
n
a
s
s
e
t
/
l
i
a
b
i
l
i
t
y
re
p
o
r
t
s
De
f
i
n
e
d
C
o
n
t
r
i
b
u
t
i
o
n
C
o
n
s
u
l
t
i
n
g
S
e
r
v
i
c
e
s
•
D
e
s
i
g
n
,
D
i
s
t
r
i
b
u
t
e
,
C
o
l
l
e
c
t
a
n
d
E
v
a
l
u
a
t
e
R
F
P
re
s
p
o
n
s
e
s
f
o
r
R
e
c
o
r
d
k
e
e
p
i
n
g
a
n
d
Ad
m
i
n
i
s
t
r
a
t
i
o
n
S
e
r
v
i
c
e
s
•
F
a
c
i
l
i
t
a
t
e
t
h
e
V
e
n
d
o
r
S
e
l
e
c
t
i
o
n
P
r
o
c
e
s
s
a
n
d
In
t
e
r
v
i
e
w
s
•
A
s
s
i
s
t
w
i
t
h
p
r
o
v
i
d
e
r
s
c
o
p
e
o
f
w
o
r
k
d
e
f
i
n
i
t
i
o
n
,
ne
g
o
t
i
a
t
i
o
n
o
f
f
e
e
s
a
n
d
c
o
n
t
r
a
c
t
s
•
I
n
v
e
s
t
m
e
n
t
P
o
l
i
c
y
D
e
v
e
l
o
p
m
e
n
t
a
n
d
R
e
v
i
e
w
•
M
a
n
a
g
e
r
/
S
t
r
a
t
e
g
y
E
v
a
l
u
a
t
i
o
n
•
P
l
a
n
L
e
v
e
l
F
e
e
A
n
a
l
y
s
i
s
•
B
o
a
r
d
/
I
n
v
e
s
t
m
e
n
t
C
o
m
m
i
t
t
e
e
E
d
u
c
a
t
i
o
n
•
F
u
n
d
E
v
a
l
u
a
t
i
o
n
a
n
d
R
e
c
o
m
m
e
n
d
a
t
i
o
n
s
•
R
e
v
i
e
w
E
m
p
l
o
y
e
e
E
d
u
c
a
t
i
o
n
S
t
r
a
t
e
g
y
f
o
r
f
i
t
wi
t
h
D
e
m
o
g
r
a
p
h
i
c
s
a
n
d
P
l
a
n
G
o
a
l
s
•
P
r
o
v
i
d
e
G
u
i
d
a
n
c
e
f
o
r
D
e
f
i
n
e
d
C
o
n
t
r
i
b
u
t
i
o
n
St
r
a
t
e
g
i
e
s
a
n
d
I
n
v
e
s
t
m
e
n
t
D
e
c
i
s
i
o
n
s
Re
t
i
r
e
m
e
n
t
P
l
a
n
s
-
P
u
b
l
i
c
F
u
n
d
s
-
-
T
a
f
t
-
H
a
r
t
l
e
y
-
-
C
o
r
p
o
r
a
t
i
o
n
s
-
En
d
o
w
m
e
n
t
&
F
o
u
n
d
a
t
i
o
n
s
Cl
i
e
n
t
S
e
r
v
i
c
e
S
u
p
p
o
r
t
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
’
s
r
e
s
o
u
r
c
e
s
i
n
c
l
u
d
e
d
e
d
i
c
a
t
e
d
t
e
a
m
s
co
m
p
r
i
s
e
d
o
f
:
•
34
I
n
v
e
s
t
m
e
n
t
C
o
n
s
u
l
t
a
n
t
s
•
8
R
e
s
e
a
r
c
h
A
n
a
l
y
s
t
s
•
7
I
n
t
e
r
n
a
l
C
o
n
s
u
l
t
a
n
t
s
•
11
P
e
r
f
o
r
m
a
n
c
e
M
e
a
s
u
r
e
m
e
n
t
A
n
a
l
y
s
t
s
•
3
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
E
x
p
e
r
t
s
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
a
l
s
o
h
a
s
a
d
e
d
i
c
a
t
e
d
m
a
n
a
g
e
m
e
n
t
te
a
m
c
o
n
s
i
s
t
i
n
g
o
f
p
r
o
f
e
s
s
i
o
n
a
l
s
i
n
c
o
m
p
l
i
a
n
c
e
,
f
i
n
a
n
c
e
,
op
e
r
a
t
i
o
n
s
,
a
n
d
c
o
n
s
u
l
t
i
n
g
s
e
r
v
i
c
e
s
f
u
r
t
h
e
r
s
u
p
p
o
r
t
i
n
g
e
a
c
h
de
p
a
r
t
m
e
n
t
a
n
d
u
l
t
i
m
a
t
e
l
y
e
a
c
h
c
l
i
e
n
t
.
In
v
e
s
t
m
e
n
t
D
a
t
a
b
a
s
e
s
Ou
r
f
i
r
m
u
t
i
l
i
z
e
s
s
o
m
e
o
f
t
h
e
m
o
s
t
r
o
b
u
s
t
a
n
d
d
e
e
p
da
t
a
b
a
s
e
s
t
h
a
t
a
r
e
a
v
a
i
l
a
b
l
e
t
o
i
n
v
e
s
t
m
e
n
t
c
o
n
s
u
l
t
a
n
t
s
.
Th
e
s
e
i
n
c
l
u
d
e
B
l
o
o
m
b
e
r
g
,
I
n
v
e
s
t
m
e
n
t
M
e
t
r
i
c
s
P
A
R
i
s
,
eV
e
s
t
m
e
n
t
A
l
l
i
a
n
c
e
,
Z
e
p
h
y
r
S
t
y
l
e
A
D
V
I
S
O
R
,
M
o
r
n
i
n
g
s
t
a
r
Di
r
e
c
t
,
e
t
c
.
Pa
g
e
6
2
Report Statistics Definitions and Descriptions
A
c
t
i
v
e
R
e
t
u
r
n
-
Ar
i
t
h
m
e
t
i
c
d
i
f
f
e
r
e
n
c
e
b
e
t
w
e
e
n
t
h
e
m
a
n
a
g
e
r
’
s
p
e
r
f
o
r
m
a
n
c
e
a
n
d
t
h
e
d
e
s
i
g
n
a
t
e
d
b
e
n
c
h
m
a
r
k
r
e
t
u
r
n
o
v
e
r
a
s
p
e
c
i
f
i
e
d
t
i
m
e
p
e
r
i
o
d
.
A
l
p
h
a
-
A
m
e
a
s
u
r
e
o
f
t
h
e
d
i
f
f
e
r
e
n
c
e
b
e
t
w
e
e
n
a
p
o
r
t
f
o
l
i
o
'
s
a
c
t
u
a
l
p
e
r
f
o
r
ma
n
c
e
a
n
d
i
t
s
e
x
p
e
c
t
e
d
r
e
t
u
r
n
b
a
s
e
d
o
n
i
t
s
l
e
v
e
l
o
f
r
i
s
k
a
s
d
e
t
er
m
i
n
e
d
b
y
b
e
t
a
.
I
t
d
e
t
e
r
m
i
n
e
s
t
h
e
p
o
r
t
f
o
l
i
o
'
s
no
n
-
s
y
s
t
e
m
i
c
r
e
t
u
r
n
,
o
r
i
t
s
h
i
s
t
o
r
i
c
a
l
p
e
r
f
o
r
m
a
n
c
e
n
o
t
e
x
p
l
a
i
n
e
d
b
y
m
o
v
e
m
e
n
t
s
o
f
t
h
e
m
a
r
k
e
t
.
B
e
t
a
-
A
m
e
a
s
u
r
e
o
f
t
h
e
s
e
n
s
i
t
i
v
i
t
y
o
f
a
p
o
r
t
f
o
l
i
o
t
o
t
h
e
m
o
v
e
m
e
n
t
s
i
n
t
h
e
m
a
r
k
e
t
.
I
t
i
s
a
m
e
a
s
u
r
e
o
f
t
he
p
o
r
t
f
o
l
i
o
'
s
s
y
s
t
e
m
a
t
i
c
r
i
s
k
.
C
o
n
s
i
s
t
e
n
c
y
-
Th
e
p
e
r
c
e
n
t
a
g
e
o
f
q
u
a
r
t
e
r
s
t
h
a
t
a
p
r
o
d
u
c
t
a
c
h
i
e
v
e
d
a
r
a
t
e
o
f
r
e
tu
r
n
h
i
g
h
e
r
t
h
a
n
t
h
a
t
o
f
i
t
s
b
e
n
c
hm
a
r
k
.
H
i
g
h
e
r
c
o
n
s
i
s
t
e
n
c
y
i
n
d
i
cates the manager has contributed more to the
pr
o
d
u
c
t
’
s
p
e
r
f
o
r
m
a
n
c
e
.
D
i
s
t
r
i
b
u
t
e
d
t
o
P
a
i
d
I
n
(
D
P
I
)
-
Th
e
r
a
t
i
o
o
f
m
o
n
e
y
d
i
s
t
r
i
b
u
t
e
d
t
o
L
i
m
i
t
e
d
P
a
r
t
n
e
r
s
b
y
t
h
e
f
u
n
d
,
r
e
l
a
t
i
v
e
t
o
c
o
n
t
r
i
b
u
t
i
o
n
s
.
I
t
i
s
ca
l
c
u
l
a
t
e
d
b
y
d
i
v
i
d
i
n
g
c
u
m
u
l
at
i
v
e
d
i
s
t
r
i
b
u
t
i
o
n
s
b
y
p
a
i
d
in capital. This multiple
sh
o
w
s
t
h
e
i
n
v
e
s
t
o
r
h
o
w
m
u
c
h
m
o
n
e
y
t
h
e
y
g
o
t
b
a
c
k
.
I
t
i
s
a
g
o
o
d
me
a
s
u
r
e
f
o
r
e
v
a
l
u
a
t
i
n
g
a
f
u
n
d
l
a
te
r
i
n
i
t
s
l
i
f
e
b
e
c
a
u
s
e
t
h
e
r
e
a
re more distributions to measure against.
D
o
w
n
M
a
r
k
e
t
C
a
p
t
u
r
e
-
Th
e
r
a
t
i
o
o
f
a
v
e
r
a
g
e
p
o
r
t
f
o
l
i
o
p
e
r
f
o
r
m
a
n
c
e
o
v
e
r
t
h
e
d
e
s
i
g
n
a
t
e
d
be
n
c
h
m
a
r
k
d
u
r
i
n
g
p
e
r
i
o
d
s
o
f
n
e
g
a
t
i
v
e
r
e
t
u
r
n
s
.
A
l
o
w
e
r
v
a
l
u
e
i
n
d
icates better product performance
D
o
w
n
s
i
d
e
R
i
s
k
-
A
m
e
a
s
u
r
e
s
i
m
i
l
a
r
t
o
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
t
h
a
t
u
t
i
l
i
z
e
s
o
n
l
y
t
h
e
ne
g
a
t
i
v
e
m
o
v
e
m
e
n
t
s
o
f
t
h
e
r
e
t
u
r
n
s
e
r
i
e
s
.
I
t
i
s
c
a
l
c
u
l
a
t
e
d
b
y
t
a
ki
n
g
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
o
f
t
h
e
n
e
g
a
t
i
v
e
qu
a
r
t
e
r
l
y
s
e
t
o
f
r
e
t
u
r
n
s
.
A
h
i
g
h
e
r
f
a
c
t
o
r
i
s
i
n
d
i
c
a
t
i
v
e
o
f
a
r
i
sk
i
e
r
p
r
o
d
u
c
t
.
E
x
c
e
s
s
R
e
t
u
r
n
-
Ar
i
t
h
m
e
t
i
c
d
i
f
f
e
r
e
n
c
e
b
e
t
w
e
e
n
t
h
e
m
a
n
a
g
e
r
’
s
p
e
r
f
o
r
m
a
n
c
e
a
n
d
t
h
e
r
i
s
k
-
f
r
e
e
r
e
t
u
r
n
o
v
e
r
a
s
p
e
c
i
f
i
e
d
t
i
m
e
p
e
r
i
o
d
.
E
x
c
e
s
s
R
i
s
k
-
A
m
e
a
s
u
r
e
o
f
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
o
f
a
p
o
r
t
f
o
l
i
o
'
s
p
e
r
f
o
r
m
a
n
c
e
r
e
l
a
t
i
v
e
t
o
t
h
e
r
i
s
k
f
r
e
e
r
e
t
u
r
n
.
I
n
f
o
r
m
a
t
i
o
n
R
a
t
i
o
-
Th
i
s
c
a
l
c
u
l
a
t
e
s
t
h
e
v
a
l
u
e
-
a
d
d
e
d
c
o
n
t
r
i
b
u
t
i
o
n
o
f
t
h
e
m
a
n
a
g
e
r
a
n
d
i
s
de
r
i
v
e
d
b
y
d
i
v
i
d
i
n
g
t
h
e
a
c
t
i
v
e
r
a
t
e
o
f
r
e
t
u
r
n
o
f
t
h
e
p
o
r
t
f
o
l
i
o
by the tracking error. The higher the
In
f
o
r
m
a
t
i
o
n
R
a
t
i
o
,
t
h
e
m
o
r
e
t
h
e
m
a
n
a
g
e
r
h
a
s
a
d
d
e
d
v
a
l
u
e
t
o
t
h
e
po
r
t
f
o
l
i
o
.
R
-
S
q
u
a
r
e
d
-
Th
e
p
e
r
c
e
n
t
a
g
e
o
f
a
p
o
r
t
f
o
l
i
o
'
s
p
e
r
f
o
r
m
a
n
c
e
t
h
a
t
c
a
n
b
e
e
x
p
l
a
i
n
ed
b
y
t
h
e
b
e
h
a
v
i
o
r
o
f
t
h
e
a
p
p
r
o
p
r
i
a
t
e
b
e
n
c
h
m
a
r
k
.
A
h
i
g
h
R
-
S
q
u
a
r
ed means the portfolio's performance has
hi
s
t
o
r
i
c
a
l
l
y
m
o
v
e
d
i
n
t
h
e
s
a
m
e
d
i
r
e
c
t
i
o
n
a
s
t
h
e
a
p
p
r
o
p
r
i
a
t
e
b
e
n
ch
m
a
r
k
.
R
e
t
u
r
n
-
Co
m
p
o
u
n
d
e
d
r
a
t
e
o
f
r
e
t
u
r
n
f
o
r
t
h
e
p
e
r
i
o
d
.
S
h
a
r
p
e
R
a
t
i
o
-
Re
p
r
e
s
e
n
t
s
t
h
e
e
x
c
e
s
s
r
a
t
e
o
f
r
e
t
u
r
n
o
v
e
r
t
h
e
r
i
s
k
f
r
e
e
r
e
t
u
r
n
di
v
i
d
e
d
b
y
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
o
f
t
h
e
e
x
c
e
s
s
r
e
t
u
r
n
.
T
h
e
r
e
s
ul
t
i
s
a
n
a
b
s
o
l
u
t
e
r
a
t
e
o
f
r
e
t
u
r
n
p
e
r
u
n
i
t
o
f
r
i
s
k
.
A
hi
g
h
e
r
v
a
l
u
e
d
e
m
o
n
s
t
r
a
t
e
s
b
e
t
t
e
r
hi
s
t
o
r
i
c
a
l
r
i
s
k
-
a
d
j
u
s
t
e
d
p
e
r
f
o
rm
a
n
c
e
.
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
-
A
s
t
a
t
i
s
t
i
c
a
l
m
e
a
s
u
r
e
o
f
t
h
e
r
a
n
g
e
o
f
a
p
o
r
t
f
o
l
i
o
'
s
p
e
r
f
o
r
m
a
n
c
e
.
I
t
r
e
p
r
e
s
e
n
t
s
t
h
e
v
a
r
i
a
b
i
l
i
t
y
o
f
r
e
t
u
r
n
s
a
r
o
u
n
d
t
h
e
a
v
e
r
a
g
e
r
et
u
r
n
o
v
e
r
a
s
p
e
c
i
f
i
e
d
t
i
m
e
p
e
r
i
o
d
.
T
o
t
a
l
V
a
l
u
e
t
o
P
a
i
d
I
n
(
T
V
P
I
)
-
Th
e
r
a
t
i
o
o
f
t
h
e
c
u
r
r
e
n
t
v
a
l
u
e
o
f
r
e
m
a
i
n
i
n
g
i
n
v
e
s
t
m
e
n
t
s
w
i
t
h
i
n
a
f
u
n
d
,
p
l
u
s
t
h
e
t
o
t
a
l
v
a
l
u
e
o
f
a
l
l
d
i
s
t
r
i
b
u
t
i
o
n
s
t
o
d
a
t
e
,
r
e
l
a
ti
v
e
t
o
t
h
e
t
o
t
a
l
a
m
o
u
n
t
o
f
c
a
p
i
t
a
l
p
a
i
d
i
n
t
o
t
h
e
f
u
n
d
to
d
a
t
e
.
I
t
i
s
a
g
o
o
d
m
e
a
s
u
r
e
o
f
p
e
r
f
o
r
m
a
n
c
e
b
e
f
o
r
e
t
h
e
e
n
d
o
f
a
f
u
n
d
’
s
l
i
f
e
T
r
a
c
k
i
n
g
E
r
r
o
r
-
Th
i
s
i
s
a
m
e
a
s
u
r
e
o
f
t
h
e
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
of
a
p
o
r
t
f
o
l
i
o
'
s
r
e
t
u
r
n
s
i
n
re
l
a
t
i
o
n
t
o
t
h
e
p
e
r
f
o
r
m
a
n
c
e
o
f
i
t
s
d
e
s
i
g
n
a
t
e
d
m
a
r
k
e
t
b
e
n
c
h
m
a
r
k
.
T
r
e
y
n
o
r
R
a
t
i
o
-
Si
m
i
l
a
r
t
o
S
h
a
r
p
e
r
a
t
i
o
b
u
t
u
t
i
l
i
z
e
s
b
e
t
a
r
a
t
h
e
r
t
h
a
n
e
x
c
e
s
s
r
i
sk
a
s
d
e
t
e
r
m
i
n
e
d
b
y
s
t
a
n
d
a
r
d
d
e
v
i
a
t
i
o
n
.
I
t
i
s
c
a
l
c
u
l
a
t
e
d
b
y
t
a
k
in
g
t
h
e
e
x
c
e
s
s
r
a
t
e
o
f
r
e
t
u
r
n
a
b
o
v
e
t
h
e
r
i
s
k
f
r
e
e
ra
t
e
d
i
v
i
d
e
d
b
y
b
e
t
a
t
o
d
e
r
i
v
e
t
h
e
a
b
s
o
l
u
t
e
r
a
t
e
o
f
r
e
t
u
r
n
p
e
r
un
i
t
o
f
r
i
s
k
.
A
h
i
g
h
e
r
v
a
l
u
e
i
n
d
i
c
a
t
e
s
a
p
r
o
d
u
c
t
h
a
s
a
c
h
i
e
v
e
d
b
et
t
e
r
h
i
s
t
o
r
i
c
a
l
r
i
s
k
-
a
d
j
u
s
t
e
d
p
e
r
f
o
r
m
a
n
c
e
.
U
p
M
a
r
k
e
t
C
a
p
t
u
r
e
-
Th
e
r
a
t
i
o
o
f
a
v
e
r
a
g
e
p
o
r
t
f
o
l
i
o
p
e
r
f
o
r
m
a
n
c
e
o
v
e
r
t
h
e
d
e
s
i
g
n
a
t
e
d
be
n
c
h
m
a
r
k
d
u
r
i
n
g
p
e
r
i
o
d
s
o
f
p
o
s
i
t
iv
e
r
e
t
u
r
n
s
.
A
h
i
g
h
e
r
v
a
l
u
e
i
n
dicates better product performance.
Pa
g
e
6
3
Disclosures
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
c
o
m
p
i
l
e
d
t
h
i
s
r
e
p
o
r
t
f
o
r
t
h
e
s
o
l
e
u
s
e
o
f
t
h
e
cl
i
e
n
t
f
o
r
w
h
i
c
h
i
t
w
a
s
p
r
ep
a
r
e
d
.
T
h
e
B
o
g
d
a
h
n
G
r
o
u
p
i
s
r
e
s
p
o
n
s
ib
l
e
f
o
r
e
v
a
l
u
a
t
i
n
g
t
h
e
p
e
r
f
o
r
m
a
n
c
e
r
e
s
u
l
t
s
o
f
t
h
e
T
o
t
a
l
F
u
n
d
a
long with the
in
v
e
s
t
m
e
n
t
a
d
v
i
s
o
r
s
b
y
c
o
m
p
a
r
i
n
g
t
h
e
i
r
p
e
r
f
o
r
m
a
n
c
e
w
i
t
h
i
n
d
i
c
e
s
a
n
d
o
t
h
e
r
r
e
l
a
t
e
d
p
e
e
r
u
n
i
v
e
r
s
e
d
a
t
a
t
h
a
t
i
s
d
e
e
m
e
d
a
p
p
r
o
p
r
i
a
t
e.
T
h
e
B
o
g
d
a
h
n
g
r
o
u
p
u
s
e
s
t
h
e
r
e
s
u
l
t
s
f
r
o
m
t
h
i
s
e
v
a
l
u
a
t
i
o
n
t
o
make observations
an
d
r
e
c
o
m
m
e
n
d
a
t
i
o
n
s
t
o
t
h
e
c
l
i
e
n
t
.
Th
e
B
o
g
d
a
h
n
G
r
o
u
p
u
s
e
s
t
i
m
e
-
w
e
i
g
h
t
ed
c
a
l
c
u
l
a
t
i
o
n
s
w
h
i
c
h
a
r
e
f
o
u
nd
e
d
o
n
s
t
a
n
d
a
r
d
s
r
e
c
o
m
m
e
n
d
e
d
b
y
t
h
e
C
F
A
I
n
s
t
i
t
u
t
e
.
T
h
e
c
a
l
c
u
l
at
i
o
n
s
a
n
d
v
a
l
u
e
s
s
h
o
w
n
a
r
e
b
a
s
e
d
o
n
i
n
f
o
r
m
a
t
i
o
n
t
h
a
t
i
s
r
e
c
e
i
v
ed from
cu
s
t
o
d
i
a
n
s
.
T
h
e
B
o
g
d
a
h
n
G
r
o
u
p
a
n
a
l
y
z
es
t
r
a
n
s
a
c
t
i
o
n
s
a
s
i
n
d
i
c
a
t
ed
o
n
t
h
e
c
u
s
t
o
d
i
a
n
s
t
a
t
e
m
e
n
t
s
a
n
d
r
e
v
i
e
w
s
t
h
e
c
u
s
t
o
d
i
a
l
m
a
r
k
e
t
v
a
l
u
e
s
o
f
t
h
e
p
o
r
t
f
o
l
i
o
.
A
s
a
r
e
s
u
l
t
,
t
h
i
s
p
r
o
v
i
d
e
s
T
h
e
B
o
g
d
a
hn Group with a
re
a
s
o
n
a
b
l
e
b
a
s
i
s
t
h
a
t
t
h
e
i
n
v
e
s
t
m
en
t
i
n
f
o
r
m
a
t
i
o
n
p
r
e
s
e
n
t
e
d
i
s
f
re
e
f
r
o
m
m
a
t
e
r
i
a
l
m
i
s
s
t
a
t
e
m
e
n
t
.
T
h
i
s
m
e
t
h
o
d
o
l
o
g
y
o
f
e
v
a
l
u
a
t
i
n
g
a
n
d
m
e
a
s
u
r
i
n
g
p
e
r
f
o
r
m
a
n
c
e
p
r
o
v
i
d
e
s
T
h
e
B
o
g
d
a
h
n
G
r
o
u
p
w
i
t
h
a
p
r
actical foundation
fo
r
o
u
r
o
b
s
e
r
v
a
t
i
o
n
s
a
n
d
r
e
c
o
m
m
e
n
d
a
t
i
o
n
s
.
N
o
t
h
i
n
g
c
a
m
e
t
o
o
u
r
at
t
e
n
t
i
o
n
t
h
a
t
w
o
u
l
d
c
a
u
s
e
T
h
e
B
o
g
d
a
h
n
G
r
o
u
p
t
o
b
e
l
i
e
v
e
t
h
a
t
t
h
e
i
n
f
o
r
m
a
t
i
o
n
p
r
e
s
e
n
t
e
d
i
s
s
ig
n
i
f
i
c
a
n
t
l
y
m
i
s
s
t
a
t
e
d
.
Th
i
s
p
e
r
f
o
r
m
a
n
c
e
r
e
p
o
r
t
i
s
b
a
s
e
d
o
n
d
a
t
a
o
b
t
a
i
n
e
d
b
y
t
h
e
c
l
i
e
n
t
’s
c
u
s
t
o
d
i
a
n
(
s
)
,
i
n
v
e
s
t
m
e
n
t
f
u
n
d
ad
m
i
n
i
s
t
r
a
t
o
r
,
o
r
o
t
h
e
r
s
o
u
r
c
e
s
b
e
l
i
e
v
e
d
t
o
b
e
r
e
l
i
a
b
l
e
.
W
h
i
l
e
t
h
e
s
e
s
o
u
r
c
e
s
a
r
e
b
e
l
i
e
v
e
d
t
o
be reliable, the data
pr
o
v
i
d
e
r
s
a
r
e
r
e
s
p
o
n
s
i
b
l
e
f
o
r
t
he
a
c
c
u
r
a
c
y
a
n
d
c
o
m
p
l
e
t
e
n
e
s
s
o
f
th
e
i
r
s
t
a
t
e
m
e
n
t
s
.
C
l
i
e
n
t
s
a
r
e
e
n
c
o
u
r
a
g
e
d
t
o
c
o
m
p
a
r
e
t
h
e
r
e
c
o
r
d
s
o
f
t
h
e
i
r
c
u
s
t
o
d
i
a
n
(
s
)
t
o
e
n
s
u
r
e
t
h
i
s
r
e
p
o
r
t
f
a
i
r
l
y
a
n
d
a
c
c
u
r
a
t
ely reflects their various
as
s
e
t
p
o
s
i
t
i
o
n
s
.
Th
e
s
t
r
a
t
e
g
i
e
s
l
i
s
t
e
d
m
a
y
n
o
t
b
e
s
u
i
t
a
b
l
e
f
o
r
a
l
l
i
n
v
e
s
t
o
r
s
.
W
e
b
e
l
i
e
v
e
t
h
e
i
n
f
o
r
m
a
t
i
o
n
p
r
o
v
i
d
e
d
h
e
r
e
i
s
r
e
l
i
a
b
l
e
,
b
u
t
d
o
n
o
t
w
a
r
r
a
n
t
i
t
s
a
c
c
u
r
a
c
y
o
r
c
o
m
p
l
e
te
n
e
s
s
.
P
a
s
t
p
e
r
f
o
r
m
a
n
c
e
i
s
n
o
t
an indication of future
pe
r
f
o
r
m
a
n
c
e
.
A
n
y
i
n
f
o
r
m
a
t
i
o
n
c
o
nt
a
i
n
e
d
i
n
t
h
i
s
r
e
p
o
r
t
i
s
f
o
r
i
nf
o
r
m
a
t
i
o
n
a
l
p
u
r
p
o
s
e
s
o
n
l
y
a
n
d
s
ho
u
l
d
n
o
t
b
e
c
o
n
s
t
r
u
e
d
t
o
b
e
a
n
o
f
f
e
r
t
o
b
u
y
o
r
s
e
l
l
a
n
y
s
e
c
u
r
i
ti
e
s
,
i
n
v
e
s
t
m
e
n
t consulting, or investment management
se
r
v
i
c
e
s
.
Ad
d
i
t
i
o
n
a
l
i
n
f
o
r
m
a
t
i
o
n
i
n
c
l
u
d
e
d
i
n
t
h
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
ta
p
r
o
v
i
d
e
d
b
y
f
r
o
m
i
n
d
e
x
d
a
t
a
b
a
s
e
s
,
p
u
b
l
i
c
e
c
o
n
o
m
i
c
s
o
u
r
c
e
s
a
n
d
t
h
e
m
a
n
a
g
e
r
s
t
h
e
m
s
e
l
v
e
s
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
ov
i
d
e
d
b
y
B
a
r
c
l
a
y
s
.
B
a
r
c
l
a
y
s
I
n
d
e
x
d
a
t
a
p
r
o
v
i
d
e
d
b
y
w
a
y
o
f
B
a
r
c
l
a
y
s
L
i
v
e
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
ov
i
d
e
d
b
y
S
t
a
n
d
a
r
d
a
n
d
P
o
o
r
’
s
.
N
o
t
h
i
n
g
c
o
n
t
a
i
n
e
d
w
i
t
h
i
n
a
n
y
d
o
c
u
m
e
n
t
,
a
d
v
e
r
t
i
s
e
m
e
n
t
o
r
p
r
e
s
e
nt
a
t
i
o
n
f
r
o
m
S
&
P
I
n
d
i
c
e
s
c
o
n
s
t
i
t
u
t
e
s
a
n
o
f
f
e
r
o
f
s
e
r
v
i
c
e
s
i
n
j
u
risdictions where
S&
P
I
n
d
i
c
e
s
d
o
e
s
n
o
t
h
a
v
e
t
h
e
n
e
c
e
s
s
a
r
y
l
i
c
e
n
s
e
s
.
A
l
l
i
n
f
o
r
m
a
t
i
on
p
r
o
v
i
d
e
d
b
y
S
&
P
I
n
d
i
c
e
s
i
s
i
m
p
e
r
s
o
n
a
l
a
n
d
i
s
n
o
t
t
a
i
l
o
r
e
d
t
o
t
h
e
n
e
e
d
s
o
f
a
n
y
p
e
r
s
o
n
,
e
n
t
i
t
y
o
r
g
r
o
u
p
o
f
p
e
r
s
o
n
s
.
A
n
y
r
e
t
u
r
ns or performance
pr
o
v
i
d
e
d
w
i
t
h
i
n
a
n
y
d
o
c
u
m
e
n
t
i
s
p
r
o
v
i
d
e
d
f
o
r
i
l
l
u
s
t
r
a
t
i
v
e
p
u
r
p
o
se
s
o
n
l
y
a
n
d
d
o
e
s
n
o
t
d
e
m
o
n
s
t
r
a
t
e
ac
t
u
a
l
p
e
r
f
o
r
m
a
n
c
e
.
P
a
s
t
p
e
r
f
or
m
a
n
c
e
i
s
n
o
t
a
g
u
a
r
a
n
t
e
e
o
f
f
u
t
u
r
e
i
n
v
e
s
t
m
e
n
t
r
e
s
u
l
t
s
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
ov
i
d
e
d
b
y
M
S
C
I
,
I
n
c
.
C
o
p
y
r
i
g
h
t
M
S
C
I
,
2
0
1
2
.
U
n
p
u
b
l
i
s
h
e
d
.
A
l
l
R
i
g
h
t
s
R
e
s
e
r
v
e
d
.
T
h
i
s
i
n
f
o
r
m
a
ti
o
n
m
a
y
o
n
l
y
b
e
u
s
e
d
f
o
r
y
o
u
r
i
n
t
e
r
n
a
l
u
s
e
,
m
a
y
n
o
t
b
e
r
e
p
r
o
d
u
ced or
re
d
i
s
s
e
m
i
n
a
t
e
d
i
n
a
n
y
f
o
r
m
a
n
d
m
a
y
n
o
t
b
e
u
s
e
d
t
o
c
r
e
a
t
e
a
n
y
f
i
na
n
c
i
a
l
i
n
s
t
r
u
m
e
n
t
s
o
r
p
r
o
d
u
c
t
s
o
r
a
n
y
i
n
d
i
c
e
s
.
T
h
i
s
i
n
f
o
r
m
a
t
i
on
i
s
p
r
o
v
i
d
e
d
o
n
a
n
“
a
s
i
s
”
b
a
s
i
s
a
n
d
t
h
e
u
s
e
r
o
f
t
h
i
s
i
n
f
o
r
m
a
tion assumes the entire
ri
s
k
o
f
a
n
y
u
s
e
i
t
m
a
y
m
a
k
e
o
r
pe
r
m
i
t
t
o
b
e
m
a
d
e
o
f
t
h
i
s
i
n
f
o
r
m
at
i
o
n
.
N
e
i
t
h
e
r
M
S
C
I
,
a
n
y
o
f
i
t
s
a
f
f
i
l
i
a
t
e
s
o
r
a
n
y
o
t
h
e
r
p
e
r
s
o
n
i
n
v
o
l
v
e
d
i
n
o
r
r
e
l
a
t
e
d
t
o
c
o
m
p
il
i
n
g
,
c
o
m
p
u
t
i
n
g
o
r
c
r
e
a
t
i
n
g
t
h
i
s information makes any
ex
p
r
e
s
s
o
r
i
m
p
l
i
e
d
w
a
r
r
a
n
t
i
e
s
o
r
r
e
p
r
e
s
e
n
t
a
t
i
o
n
s
w
i
t
h
r
e
s
p
e
c
t
t
o
s
u
c
h
i
n
f
o
r
m
a
t
i
o
n
o
r
t
h
e
r
e
s
u
l
t
s
t
o
b
e
o
b
t
a
i
n
e
d
b
y
t
h
e
u
s
e
t
h
e
re
o
f
,
a
n
d
M
S
C
I
,
i
t
s
a
f
f
i
l
i
a
t
e
s
a
n
d
e
a
c
h
s
u
c
h
o
t
h
e
r
p
e
r
s
o
n
h
e
r
e
b
y expressly disclaim all
wa
r
r
a
n
t
i
e
s
(
i
n
c
l
u
d
i
n
g
,
w
i
t
h
o
u
t
l
i
m
i
t
a
t
i
o
n
,
a
l
l
w
a
r
r
a
n
t
i
e
s
o
f
o
r
ig
i
n
a
l
i
t
y
,
a
c
c
u
r
a
c
y
,
c
o
m
p
l
e
t
e
n
e
s
s
,
t
i
m
e
l
i
n
e
s
s
,
n
o
n
-
i
n
f
r
i
n
g
e
m
e
n
t
,
m
e
r
c
h
a
n
t
a
b
i
l
i
t
y
a
n
d
f
i
t
n
e
s
s
f
o
r
a
p
a
r
t
i
c
u
l
a
r
p
u
r
p
o
s
e
)
w
i
t
h
r
e
spect to this information.
Wi
t
h
o
u
t
l
i
m
i
t
i
n
g
a
n
y
o
f
t
h
e
f
o
r
e
g
o
i
n
g
,
i
n
n
o
e
v
e
n
t
s
h
a
l
l
M
S
C
I
,
an
y
o
f
i
t
s
a
f
f
i
l
i
a
t
e
s
o
r
a
n
y
o
t
h
er
p
e
r
s
o
n
i
n
v
o
l
v
e
d
i
n
o
r
r
e
l
a
t
e
d
t
o
c
o
m
p
i
l
i
n
g
,
c
o
m
p
u
t
i
n
g
o
r
c
r
e
at
i
n
g
t
h
i
s
i
n
f
o
r
m
a
t
i
o
n
h
a
v
e
a
n
y
liability for any direct, indirect,
sp
e
c
i
a
l
,
i
n
c
i
d
e
n
t
a
l
,
p
u
n
i
t
i
v
e
,
c
on
s
e
q
u
e
n
t
i
a
l
o
r
a
n
y
o
t
h
e
r
d
a
m
a
g
es
(
i
n
c
l
u
d
i
n
g
,
w
i
t
h
o
u
t
l
i
m
i
t
a
t
i
o
n
,
l
o
s
t
p
r
o
f
i
t
s
)
e
v
e
n
i
f
n
o
t
i
f
i
ed
o
f
,
o
r
i
f
i
t
m
i
g
h
t
o
t
h
e
r
w
i
s
e
h
a
v
e
a
n
t
i
c
i
p
a
t
e
d
,
t
h
e
p
o
s
s
i
b
i
l
i
ty of such damages.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
p
r
o
v
i
d
e
d
b
y
R
u
s
s
e
l
l
I
n
v
e
s
t
m
e
n
t
G
ro
u
p
.
R
u
s
s
e
l
l
I
n
v
e
s
t
m
e
n
t
G
r
o
u
p
i
s
t
h
e
s
o
u
r
c
e
o
w
n
e
r
o
f
t
h
e
d
a
t
a
c
o
n
t
a
i
n
e
d
o
r
r
e
f
l
e
c
t
e
d
i
n
t
h
i
s
m
a
t
e
r
i
a
l
a
n
d
a
l
l
t
r
a
d
e
m
a
r
k
s
a
n
d
copyrights related
th
e
r
e
t
o
.
T
h
e
m
a
t
e
r
i
a
l
m
a
y
c
o
n
t
ai
n
c
o
n
f
i
d
e
n
t
i
a
l
i
n
f
o
r
m
a
t
i
o
n
a
n
d
u
n
a
u
t
h
o
r
i
z
e
d
u
s
e
,
d
i
s
c
l
o
s
u
r
e
,
c
op
y
i
n
g
,
d
i
s
s
e
m
i
n
a
t
i
o
n
o
r
r
e
d
i
s
t
ri
b
u
t
i
o
n
i
s
s
t
r
i
c
t
l
y
p
r
o
h
i
b
i
t
e
d
.
T
h
i
s
i
s
a
u
s
e
r
p
r
e
s
e
n
t
a
t
i
o
n
o
f the data. Russell Investment
Gr
o
u
p
i
s
n
o
t
r
e
s
p
o
n
s
i
b
l
e
f
o
r
t
he
f
o
r
m
a
t
t
i
n
g
o
r
c
o
n
f
i
g
u
r
a
t
i
o
n
o
f
t
h
i
s
m
a
t
e
r
i
a
l
o
r
f
o
r
a
n
y
i
n
a
c
c
u
r
a
c
y
i
n
p
r
e
s
e
n
t
a
t
i
o
n
t
h
e
r
e
o
f
.
Th
i
s
d
o
c
u
m
e
n
t
m
a
y
c
o
n
t
a
i
n
d
a
t
a
pr
o
v
i
d
e
d
b
y
M
o
r
n
i
n
g
s
t
a
r
.
A
l
l
r
i
gh
t
s
r
e
s
e
r
v
e
d
.
U
s
e
o
f
t
h
i
s
c
o
n
t
e
n
t
r
e
q
u
i
r
e
s
e
x
p
e
r
t
k
n
o
w
l
e
d
g
e
.
I
t
i
s
t
o
b
e
u
s
e
d
b
y
s
p
e
c
i
a
l
i
s
t
i
n
s
ti
t
u
t
i
o
n
s
o
n
l
y
.
T
h
e
i
n
f
o
r
m
a
tion contained herein: (1) is
pr
o
p
r
i
e
t
a
r
y
t
o
M
o
r
n
i
n
g
s
t
a
r
a
n
d
/
o
r
i
t
s
c
o
n
t
e
n
t
p
r
o
v
i
d
e
r
s
;
(
2
)
m
a
y
n
o
t
b
e
c
o
p
i
e
d
,
a
d
a
p
t
e
d
o
r
d
i
s
t
r
i
b
u
t
e
d
;
a
n
d
(
3
)
i
s
n
o
t
w
a
r
r
a
n
t
ed
t
o
b
e
a
c
c
u
r
a
t
e
,
c
o
m
p
l
e
t
e
o
r
t
i
me
l
y
.
N
e
i
t
h
e
r
M
o
r
n
i
n
g
s
t
a
r
n
o
r
its content providers are
re
s
p
o
n
s
i
b
l
e
f
o
r
a
n
y
d
a
m
a
g
e
s
o
r
l
o
s
s
e
s
a
r
i
s
i
n
g
f
r
o
m
a
n
y
u
s
e
o
f
t
hi
s
i
n
f
o
r
m
a
t
i
o
n
,
e
x
c
e
p
t
w
h
e
r
e
s
u
c
h
d
a
m
a
g
e
s
o
r
l
o
s
s
e
s
c
a
n
n
o
t
b
e
li
m
i
t
e
d
o
r
e
x
c
l
u
d
e
d
b
y
l
a
w
i
n
y
o
ur
j
u
r
i
s
d
i
c
t
i
o
n
.
P
a
s
t
f
i
n
a
n
c
i
a
l performance is not
gu
a
r
a
n
t
e
e
o
f
f
u
t
u
r
e
r
e
s
u
l
t
s
.
Pa
g
e
6
4