HomeMy WebLinkAboutAgenda Police Pension 030917Agenda
City of Palm Beach Gardens Police Officers'
Pension Fund
MEETING OF MARCH 9, 2017
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
• Brad Seidensticker, Secretary
• Marc Glass, Trustee
• Greg Mull, Trustee
3. 9/30/2016 Financial Statement Presentation - Eric Leventhal (KSDT)
4. 9/30/2016 Actuarial Valuation Report - Pete Strong (GRS)
5. Investment Manager Report - Highland Capital (Steve Stack)
6. Investment Consultant Report - AndCo Consulting (John McCann)
• 12/31/16 Quarterly Performance Group
• Rhumbline Letter
7. Attorney Report - KKJ&L (Bonni Jensen)
• Memo - New Online Annual Report Requirement
• Memo - Pending FRS Mortality Table
• Share Account Amendment
8. Administrator Report - Resource Centers (Audrey Ross)
9. Approval of Minutes
• December 2, 2016 Regular Meeting
10. Disbursements
11. Benefit Approvals
12. Financial Statements
13.Other Business
• Salem Trust Memo
14. Public Comments
15. Adjourn
Next Meeting Date:
Scheduled for Thursday June 1, 2017 @ 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.
Investment Performance Review
Period Ending December 31, 2016
Palm Beach Gardens Police
Pension Plan
AndCo Consulting 1 (844) 44-ANDCO I AndCoConsultingxom
Formerly The Bogdahn Group
Table Of Contents
Market Environment
Page 1
Compliance Report
Page 10
Asset Allocation Compliance
Page 11
Asset Allocation Pie Chart
Page 13
Asset Allocation & Performance Trailing Periods (gross)
Page 15
Asset Allocation & Performance Trailing Periods (net)
Page 17
Asset Allocation & Performance Fiscal Year Periods (gross)
Page 19
Asset Allocation & Performance Fiscal Year Periods (net)
Page 21
Historical Rolling Performance Total Fund
Page 23
Historical Rolling Performance Total Fund Policy
Page 24
Total Fund Composite Returns Based Analysis
Page 25
Rhumbline S&P 500 Equity Returns Based Analysis
Page 28
Rhumbline S&P 400 Equity Returns Based Analysis
Page 31
Rhumbline S&P 600 Equity Returns Based Analysis
Page 34
Highland Capital Equity Returns Based Analysis
Page 37
Highland Capital Fixed Income Returns Based Analysis
Page 40
Oppenheimer International Fixed Income Returns Based Analysis
Page 43
American Realty Returns Based Analysis
Page 45
Benchmark History
Page 47
Dreyfus International Bond A Performance Review
Page 49
Oppenheimer International Bond A Performance Review
Page 51
Definitions & Disclosure Pages
Page 53
AndCo
Firm Rebrand
On the cover of your standard quarterly report, and on all documents we will be sending to you going forward, you will notice your name comes
before ours. That is not by accident. Everything from the services we provide to how we are structured as an organization is designed to
ensure that you, our client, comes first.
We take our role as an independent institutional consulting firm and plan fiduciary very seriously, and we believe this approach and philosophy
adds real value to our clients. To ensure that the client always comes first in the service equation and that our fiduciary responsibility is never
compromised, the important principles of independence, objectivity and transparency are embodied in our mission and vision statements and
define who we are as an organization. They are engrained in our culture and corporate values and used to guide our actions every day.
Over the years, the investment environment has grown more complex and we've seen our staff grow and our expertise and services advance to
serve our expanding clientele. To strengthen business continuity and meet the needs of our clients, we recently began a program to broaden
employee ownership of our firm. Inherently, as we thought about our mission (To represent the sole interest of our clients by redefining
independence), vision (To be a transformational organization viewed as the leader in our industry), and the passion behind our service culture,
we wanted to do something significant that would better reflect who we are as an organization and how we never compromise our client -first
mentality and service philosophy.
Why a Company Rebrand?
After more than a decade of growth and original brand equity, why would a company rebrand now? Though client -first consulting has been a
cornerstone of our company since its inception, with the milestone of transitioning majority ownership from our founder to the firm's next
generation of leadership, it became the perfect opportunity to reintroduce ourselves to the world as AndCo. We have always believed the assets
of our firm were the collective body of individuals working together to serve our clients. It has always been bigger than one or even a handful of
people. We feel this rebrand is a better reflection of this belief and conviction along with our mission and vision. Our team members could work
at other places but they choose to work at AndCo because they believe this approach is better for clients. Business will continue as usual, as
the leadership and team you have come to know and trust will not be impacted by this rebrand.
Why AndCo?
As AndCo, we want your first impression to be our commitment to client -first consulting. Our promise to you spans from our very foundation up
to the name on our building. Most importantly, this company rebrand sets the stage for the future of our firm, and your place in it. At AndCo, it is
always: r`
Our Clients
Page 1
■ Broad asset class returns were mixed for the 4th quarter. Domestic equity
indices posted positive performance for the quarter, while broad international
equity and fixed income benchmarks were negative for the period. The
quarter's investment cycle was dominated first by the U.S. presidential
election, and then by the largely anticipated Federal Reserve (Fed) interest
rate hike in December. The uncertainty that drove equity returns lower during
the first half of the quarter gave way to a string of positive macroeconomic
data and a Trump victory that drove equity benchmarks, particularly in the
U.S., higher through the remainder of the quarter. Trump's platform of
strengthening infrastructure, deregulation, and lower personal and corporate
taxes drove expectations higher for both domestic growth and inflation. The
broad market Russell 3000 Index returned 4.2% for the quarter. The small
cap Russell 2000 Index more than doubled performance of other capitalization
indices with a return of 8.8% for the quarter and a strong 21.3% for the trailing
one-year period.
■ International equity market benchmarks stumbled during the quarter with the
broad market MSCI ACWI ex U.S. Index posting a return of -1.3% for the
period in U.S. dollar (USD) terms. Despite the difficult quarter, the broad
market index returned a moderate 4.5% for 2016. Developed markets (-0.7%)
outperformed emerging markets (-4.2%) for the quarter as developed market
economic data was generally positive. However, emerging markets
substantially outperformed developed markets for the one-year period with the
MSCI Emerging Markets Index returning 11.2% versus a return of 1.0% for the
MSCI EAFE Index.
■ The quarter's strong economic backdrop led the Federal Open Market
Committee (FOMC) to follow through on investors' expectations and raise
short-term interest rates for the first time in 2016. The same events that drove
domestic equity markets higher were a headwind for fixed income markets.
As a result, the U.S. Treasury yield curve rose dramatically during the quarter
with modestly elevated rates at shorter maturities and larger increases in mid -
to -long-term maturities. All investment grade benchmarks were negative for
the quarter, but the mortgage -backed securities sector was down less than
other investment grade sectors due to its shorter duration. Although the 4th
quarter took back some of 2016's earlier gains, investment grade benchmarks
finished in positive territory for the year. The Bloomberg Barclays Investment
Grade Corporate Bond Index was the best performer over the one-year period,
advancing a solid 6.1 %. Corporate issues benefited from increased demand
for yield which led to credit spread compression, especially in lower quality
issues.
Quarter Performance
MSCI ACWxUS
1.3%
MSCI EAFE
-0.7% C
MSCI Emerg Mkts
-4.2%
S&P 500
Russell 3000
Russell 1000
Russell MidCap
Russell 2000
Barclays US Agg
Barclays US Govt
Barclays US TIPS
Barclays MBS
Barclays Corp IG
3-Month T-Bill
-3.0%
-3.7%
-2.4%
-2.0%
-2.8%
0.1 %
The Market Environment
Major Market Index Performance
As of December 31, 2016
3.8%
4.2%
3.8%
3.2%
8.8% 1
-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
MSCI ACWxUS
MSCI EAFE
MSCI Emerg Mkts
S&P 500
Russell 3000
Russell 1000
Russell MidCap
Russell 2000
Barclays US Agg
Barclays US Govt
Barclays US TIPS
Barclays NIBS
Barclays Corp IG
3-Month T-Bill
1-Year Performance
4.5%
1.0%
11.2%
12.0%
12.7%
12.1 %
13.8% 21.3%
2.6%
1.0%
4.7%
1.7%
6.1 %
0.3%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0%
Source: Investment Metrics
Page 2
• U.S. equity index returns were positive across the style and capitalization
spectrum for the 4th quarter as well as for calendar year 2016. During the
quarter, index returns were driven by encouraging economic data including
improvements in GDP growth, employment, housing, and consumer
confidence being reported throughout the period. Domestic markets continued
to rally after the November presidential election with several domestic indices
hitting new highs on expectations resulting from Trump's "market -friendly"
policy objectives. While the Fed did increase interest rates in December, the
market reaction was relatively tame as the rate hike was widely expected.
• Small cap benchmarks posted the quarter's strongest performance for both
value and growth issues. At the core, the small cap Russell 2000 Index
returned a robust 8.8% for the quarter and a stellar 21.3% for the year.
Although still positive, the core large cap Russell 1000 Index returned a lower
3.8% for the quarter and 12.1 % for the year. This dispersion is not totally
outside of the norm as small cap stocks generally outperform large cap stocks
during "risk -on" market expansions. Interestingly, mid cap stocks finished
behind both small and large cap issues for the quarter. This is partially due to
the Russell Midcap Index's higher allocations to the real estate and utilities
sectors, which were two of the worst performing sectors for the quarter.
• Value benchmarks more than doubled their comparable growth benchmarks
across the capitalization spectrum for both the quarter and one-year periods.
Unlike prior quarters where value index outperformance was driven by
exposure to higher yielding "bond proxy" sectors, this quarter's returns were
led by exposure to cyclical sectors, particularly financials. Value -style
outperformance persists over the one-year period with double-digit returns
ranging from an impressive 31.7% for the Russell 2000 Value Index to a still
strong 17.3% for the Russell 1000 Value Index. In contrast, growth index
performance lagged value results substantially, returning 11.3% and 7.1 % for
the Russell 2000 Growth and Russell 1000 Growth respectively.
■ Domestic equity valuations appear stretched relative to historical levels based
on Forward Price/Earnings ratios (P/E), with even the cheapest relative indices
trading marginally above historical valuations. The large and midcap growth
indices have valuation levels near their respective historical averages, while
the remaining indices fall between 110% and 137% of their 15-year averages.
The Market Environment
Domestic Equity Style Index Performance
As of December 31, 2016
Quarter Performance - Russell Style Series
3000 Value
3000 Index
3000 Growth 1.2°/
1000 Value
1000 Index
1000 Growth 1.0%
MidCap Value
MidCap Index
MidCap Growth
2000 Value
2000 Index
2000 Growth
0.5%
7.2%
4.2%
6.7%
3.8%
5.5%
3.2%
8.8%
3.6%
14.1 %
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
1-Year Performance - Russell Style Series
3000 Value
3000 Index
3000 Growth
1000 Value
1000 Index
1000 Growth
MidCap Value
MidCap Index
MidCap Growth
2000 Value
2000 Index
2000 Growth
18.4%
12.7%
7.4%
17.3%
12.1%
7.1 %
20.0%
13.8%
7.3%
21.3%
11.3%
31.7%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
l i
Source: Investment Metrics
Page 3
Large cap sector performance spanned a range of nearly 25% during the
4th quarter, with results in five of eleven economic sectors outpacing the
Russell 1000 Index return, and eight of eleven sectors posting gains for the
period. Financials were the clear leader during the quarter, posting a
strong return of 20.4%, which nearly tripled the result of any other sector.
Financials benefited from expectations for potential deregulation as well as
the impact of higher interest rates on future profitability. The industrials
(7.6%) and materials (4.9%) sectors also outperformed for the period as
Trump's promise for increased investment in U.S. infrastructure brightened
the outlook for both sectors. The energy sector (7.0%) also posted a solid
gain for the quarter as oil prices rose following an OPEC agreement to cut
supply in November. Prices rose further after several non -OPEC countries
indicated they would also reduce production. The real estate and health
care sectors were the weakest performers for the quarter, both posting
-4.1 % for the period. Real estate and other "bond proxy" sectors such as
consumer staples and utilities were impacted by higher interest rates,
reducing the demand for more defensive equity issues. The health care
sector's weak performance was more symptomatic of the uncertainty
surrounding the future of heath care regulation under a new Administration
determined to repeal the Affordable Care Act. Despite some divergence in
the 41h quarter, sector performance over the one-year period was robust
with ten of eleven sectors posting positive results and seven putting up
double-digit gains.
Small cap sector results were roughly in -line with large caps for the 41h
quarter, with five of eleven economic sectors outpacing the Russell 2000
Index return for the quarter and ten of eleven sectors posting positive
results for the period. Most of the trends observable in large cap index
sector performance also impacted the small cap sectors, but to a larger,
positive degree. Similar to large cap issues, higher yielding, defensive
sectors lagged the more cyclical, economically sensitive sectors. Over the
trailing one-year period the materials, financials, industrials, and energy
sectors each posted returns in excess of 30%. The sole negative small
cap sector for the year was health care with a return of -7.5%.
■ Using S&P 500 sector valuations as a proxy for the market, Forward P/E
ratios for five GICS sectors were below their long-term averages at
quarter -end. The technology and health care sectors were trading at the
largest discount to their long-term average P/E ratios. In contrast, the
energy and utilities sector valuations were the most extended relative to
their historical P/E ratios.
The Market Environment
GICS Sector Performance & (Sector Weight)
As of December 31, 2016
Russell 1000
Consumer Disc (12.6%)
Consumer Staples (9.1 %)
Energy (7.1 %)
Financials (13.8%)
Health Care (13.6%)
Industrials (10.3%)
Info Technology (20.8%)
Materials (3.2%)
Real Estate (3.8%)
Telecom Services (2.5%)
Utilities (3.2%)
-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%
Consumer Disc (12.7%)
Consumer Staples (3.0%)
Energy (3.3%)
Financials (18.3%)
Health Care (13.2%)
Industrials (14.4%)
Info Technology (17.6%)
Materials (4.8%)
Real Estate (8.1 %)
Telecom Services (0.7%)
Utilities (3.8%)
Russell 2000
■Quarter ❑1-Year
i0.4%
21.4%
19.1 %
] 18.9%
23.9%
17.2%
20.0% 25.0% 30.0%
■Quarter 131-Year
7.9%
12.7%
6.4%
23.1 %
18.0%
30.2%
23.4 %
35.1 %
-6.2%
-7.5%
12.5%
32.4%
5.0%
23.4%
11.4% 48.4%
4.0%
23.2%
9.1 %
20.6%
5.3%
23.2%
15.0% -5.0% 5.0% 15.0% 25.0% 35.0% 45.0%
l�
Source: Morningstar Direct
Page 4
The Market Environment
Russell 1000Return
Apple Inc
Top 10 Weighted
2.95%
Stocks
1-Qtr
3.0%
1-Year
Return
12.5%
Sector
Information Technology
Microsoft Corp
2.19%
8.6%
15.1 %
Information Technology
Exxon Mobil Corp
1.75%
4.3%
19.9%
Energy
Johnson & Johnson
1.47%
-1.8%
15.3%
Health Care
JPMorgan Chase & Co
1.46%
30.5%
34.6%
Financials
Berkshire Hathaway Inc B
1.43%
12.8%
23.4%
Financials
Amazon.com Inc
1.35%
-10.4%
10.9%
Consumer Discretionary
General Electric Co
1.35%
7.5%
4.6%
Industrials
AT&T Inc
1.22%
6.0%
29.9%
Telecommunication Services
Facebook Inc A
1.20%
-10.3%
9.9%
Information Technology
Top
CVR Energy Inc
10 Performing
9��I!Return
0.00%
Stocks (by
91.7%
Quarter)
Return
-27.2%
Energy
CoreCivic Inc
0.01%
79.4%
0.8%
Real Estate
United States Steel Corp
0.02%
75.4%
319.6%
Materials
California Resources Corp
0.00%
70.3%
-8.6%
Energy
NVIDIA Corp
0.25%
56.0%
226.9%
Information Technology
SVB Financial Group
0.04%
55.3%
44.4%
Financials
KeyCorp
0.09%
50.9%
42.1 %
Financials
EP Energy Corp A
0.00%
49.5%
49.5%
Energy
Goldman Sachs Group Inc
0.43%
48.9%
34.9%
Financials
SLM Corp
0.02%
47.5%
69.0%
Financials
Twilio Inc A
10 Performing
0.00%
Stocks (by
Return
-55.2%
Quarter)Bottom
Return
N/A
Information Technology
Puma Biotechnology Inc
0.00%
-54.2%
-60.8%
Health Care
Community Health Systems Inc
0.00%
-51.6%
-74.5%
Health Care
Fitbit Inc A
0.00%
-50.7%
-75.3%
Information Technology
GoPro Inc A
0.00%
-47.8%
-51.6%
Consumer Discretionary
Hertz Global Holdings Inc
0.01%
-46.3%
-61.8%
Industrials
GNC Holdings Inc
0.00%
-45.1 %
-63.0%
Consumer Discretionary
Alnylam Pharmaceuticals Inc
0.01%
-44.8%
-60.2%
Health Care
Juno Therapeutics Inc
0.01%
-37.2%
-57.1 %
Health Care
Groupon Inc
0.01%
-35.5%
8.1%
Consumer Discretionary
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of December 31, 2016
Or
Russell 2000
Advanced Micro Devices Inc
Top 10 Weighted
Weight
0.45%
Stocks
1 -Qtr
Return
64.1%
1-Year
Return
295.1%
Sector
Information Technology
Microsemi Corp
0.33%
28.6%
65.6%
Information Technology
Webster Financial Corp
0.26%
43.7%
50.0%
Financials
Prosperity Bancshares Inc
0.26%
31.4%
53.5%
Financials
Bank of the Ozarks Inc
0.25%
37.5%
8.0%
Financials
RSP Permian Inc
0.23%
15.1%
82.9%
Energy
Curtiss-Wright Corp
0.23%
8.2%
44.4%
Industrials
EMCOR Group Inc
0.23%
18.8%
48.2%
Industrials
Aspen Technology Inc
0.23%
16.9%
44.8%
Information Technology
PrivateBancorp Inc
0.23%
18.0%
32.2%
Financials
�i�
10 Performing
Stocks (by
Return
Quarter)Top
Return
Wins Finance Holdings Inc
0.01%
508.7%
1400.0%
Financials
Key Energy Services Inc
0.00%
293.0%
-66.2%
Energy
Peabody Energy Corp
0.00%
222.6%
-34.9%
Energy
Altisource Asset Management Corp
0.00%
189.2%
211.8%
Real Estate
Seventy Seven Energy Inc
0.00%
138.7%
4185.7%
Energy
AK Steel Holding Corp
0.17%
111.4%
355.8%
Materials
Era Group Inc
0.02%
110.8%
52.2%
Energy
NL Industries Inc
0.00%
107.4%
168.1%
Industrials
Fred's Inc
0.03%
106.1 %
15.6%
Consumer Discretionary
Pier 1 Imports Inc
0.04%
104.8%
77.9%
Consumer Discretionary
Bottom i Quarter)
2000Russell Weight I -Qtr 1-Year Sector
Return Return
Code Rebel Corp 0.00% -98.0%-100.0% Information Technology
Republic Airways Holdings Inc
0.00%
-93.4%
-98.5%
Industrials
Basic Energy Services Inc
0.00%
-92.5%
-97.7%
Energy
Ophthotech Corp
0.01%
-89.5%
-93.8%
Health Care
Cempra Inc
0.01%
-88.4%
-91.0%
Health Care
Violin Memory Inc
0.00%
-88.2%
-98.2%
Information Technology
Adeptus Health Inc Class A
0.01%
-82.3%
-86.0%
Health Care
6D Global Technologies Inc
0.00%
-80.0%
-99.7%
Information Technology
Proteon Therapeutics Inc
0.00%
-79.6%
-87.7%
Health Care
Anthera Pharmaceuticals Inc
0.00%
-79.4%
-86.0%
Health Care
l r+
Source: Morningstar Direct
Page 5 OZ;
■ As the USD versus local currency return charts illustrate, the USD's
strength was a major headwind for international index performance during
the 4th quarter as well as over the trailing one-year period. The primary
factor contributing to the return differentials in 2016 was increasing
divergence in U.S. monetary policy (tightening) relative to other developed
countries (further accommodation). While the U.S. growth prospects
support reduced monetary stimulus, economic data in the Eurozone
supports a continuation of monetary accommodation to bolster what has
been a slow recovery. As such, the European Central Bank (ECB)
lengthened its quantitative easing program, originally scheduled to end in
March 2017, to December 2017. Although the program was extended, the
ECB reduced the size of monthly purchases from $80 billion euros to $60
billion euros. This economic divergence was further reinforced after the
election as Trump's pro -growth policies and protectionist views on trade, if
enacted, favor additional USD strength.
■ The 41h quarter's USD performance was negative for both developed
(-0.7%) and emerging (4.2%) markets. While emerging market
performance (-1.4%) was also negative in local currency terms for the
period, the currency impact was more pronounced in developed market
results with the MSCI-EAFE Index's local currency return of 7.1 %
representing a 7.9% spread relative to the benchmark's USD returns.
While USD strength is also evident in the one-year performance of
developed markets (1.0% USD vs. 5.3% local), USD emerging market
performance of 11.2% marginally outpaced the emerging market local
currency return of 9.7%. Japanese equities advanced considerably in local
currency terms as a weaker yen was viewed as a major tailwind to its
export driven economy. The U.K. also posted a solid quarter in local
currency terms on the back of a weakening pound sterling and continued
stimulus. Despite their local currency return strength, the USD returns of
both countries were negative for the quarter with Japan returning -0.2%
and the U.K. returning -0.9%.
■ While the 4th quarter's emerging market results were negatively impacted
by rising yields, a stronger USD, and fears surrounding future U.S. trade
and foreign policy, one-year performance in emerging markets was more
than double the returns posted by developed markets. Although one-year
of outperformance does not represent a trend, emerging market investors
are hoping for a continuance of 2016's emerging market performance
surge after several years of lagging results relative to domestic and
developed international equity markets.
Source: MSCI Global Index Monitor (Returns are Net)
Page 6
The Market Environment
International and Regional Market Index Performance (Country Count)
As of December 31, 2016
AC World x US (45)
WORLD x US (22)
EAFE (21)
Europe & ME (16)
Pacific (5)
Emerging Mkt (23)
EM EMEA (10)
EM Asia (8)
Quarter Performance
-1.3%
-0.4%
-0.7%
0.5%
-1.0%
-4.2%
-1.4%
1.8%
-6.1 %
-3.1 %
3.7%
■USD ❑Local Currency
4.9%
6.9%
7.1%
5.3%
10.2%
EM Latin Amer (5) I -0.9%
7:j 1.2°i°
-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
1-Year Performance I■USD ❑Local Currency
AC World x US (45)
WORLD x US (22)
EAFE (21)
Europe & ME (16)
Pacific (5)
Emerging Mkt (23)
EM EMEA (10)
EM Asia (8)
EM Latin Amer (5)
-5.0%
4.5%
7.0%
2.8%
6.5%
1.0%
5.3%
6.8%
4.2%
2.3%
11.2%
7.7699%
7%
19.9%
12.2%
31.0%
24.3%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
The Market Environment
Consumer Discretionary
Sector Weight
12.5%
QuarterIVISCI-EAFE
1.6%
-1.3%
Consumer Staples
11.2%
-10.3%
-2.8%
Energy
5.5%
10.4%
26.8%
Financials
21.2%
9.5%
-1.7%
Health Care
10.7%
-7.8%
-11.8%
Industrials
14.0%
-1.9%
6.7%
Information Technology
5.5%
-3.2%
3.6%
Materials
7.9%
3.4%
24.3%
Real Estate
3.7%
-7.4%
2.6%
Telecommunication Services
4.5%
-6.9%
-7.3%
Utilities
Total
3.4%
00.0
-7.4%
-5.5%
Consumer Discretionary
11.5%
Quarter
-0.9%
-0.6%
Consumer Staples
9.8%
-10.1 %
-1.9%
Energy
7.3%
8.3%
31.3%
Financials
23.4%
6.8%
4.0%
Health Care
8.1%
-8.1%
-13.1%
Industrials
11.7%
-2.2%
6.3%
Information Technology
9.3%
-5.0%
10.7%
Materials
8.0%
2.6%
27.6%
Real Estate
3.3%
-7.9%
1.4%
Telecommunication Services
4.7%
-6.7%
-4.1%
Utilities
Total
3.2%
100.0%
-7.2%
-3.3%
IVISCI - Emerging Mkt
Consumer Discretionary
Sector Weight
10.3%
Quarter Return
-9.5%
1 -Year Return
0.9%
Consumer Staples
7.2%
-10.5%
0.4%
Energy
7.9%
8.0%
36.5%
Financials
24.4%
-0.7%
15.0%
Health Care
2.5%
-9.6%
-7.5%
Industrials
5.8%
-6.2%
-1.9%
Information Technology
23.3%
-6.3%
16.8%
Materials
7.4%
4.2%
31.4%
Real Estate
2.6%
-10.5%
-1.8%
Telecommunication Services
5.9%
-6.2%
2.0%
Utilities
Total
2.9%
i0 i
-6.8%
3.2%
U.S. Dollar International Index Attribution & Country Detail
As of December 31, 2016
Country AW
Japan
Weight
24.1%
Weight
17.0%
Q_
Retut,�lllllllllllllll�ReturnM
-0.2%
2.40
United Kingdom
18.3%
12.9%
-0.9%
-0.1%
France
10.2%
7.2%
2.9%
4.9%
Germany
9.3%
6.5%
1.5%
2.8%
Switzerland
8.7%
6.1 %
-3.9%
-4.9%
Australia
7.4%
5.2%
0.7%
11.5%
Netherlands
3.3%
2.3%
-2.1 %
4.89
Hong Kong
3.3%
2.3%
-9.0%
2.3%
Spain
3.1%
2.2%
2.2%
-1.0%
Sweden
2.8%
2.0%
-0.8%
0.6%
Italy
2.1 %
1.5%
10.8%
-10.5%
Denmark
1.7%
1.2%
-8.7%
-15.8%
Singapore
1.2%
0.9%
-3.6%
1.4%
Belgium
1.2%
0.8%
-11.8%
-7.6%
Finland
1.0%
0.7%
4.4%
-4.7%
Israel
0.7%
0.5%
-11.3%
-24.9%
Norway
0.7%
0.5%
2.4%
13.3%
Ireland
0.5%
0.3%
0.1%
-7.1%
Austria
0.2%
0.1%
6.5%
11.3%
New Zealand
0.2%
0.1%
-10.9%
18.40/(
Portugal
Total EAFE Countries
0.2%
ii i
0.1%
-2.9%
3.6%
Canada
Total Developed Countries
7.1 %
77.3%
3.3%
-0.4%
24.6%
2.8%
China
6.0%
-7.1 %
0.9%
Korea
3.3%
-5.6%
8.8%
Taiwan
2.8%
-2.2%
18.5%
India
1.9%
-8.0%
-1.4%
Brazil
1.7%
2.1 %
66.2%
South Africa
1.6%
4.1 %
17.9%
Russia
1.0%
18.6%
54.8%
Mexico
0.8%
-7.9%
-9.2%
Indonesia
0.6%
-7.8%
17.0%
Malaysia
0.6%
-8.4%
-3.9%
Thailand
0.5%
-1.8%
26.6%
Philippines
0.3%
-12.8%
-6.6%
Chile
0.3%
2.2%
15.6%
Poland
0.3%
3.4%
0.1%
Turkey
0.2%
-13.7%
-8.5%
Qatar
0.2%
0.7%
6.3%
United Arab Emirates
0.2%
-1.5%
13.6%
Colombia
0.1%
-2.3%
26.5%
Peru
0.1%
2.5%
55.6%
Greece
0.1%
15.3%
-12.1 %
Hungary
0.1%
9.3%
35.4%
Czech Republic
0.0%
-3.4%
-5.0%
Egypt
Total Emerging Countries
Total ACWIxUS Countries
0.0%
22.7%
00
-23.3%
-4.2%
-11.5%
l i
Source: MSCI Global Index Monitor (Returns are Net in USD)
Page 7
• After defying logic and market expectations with solid positive results for
most of 2016, fixed income benchmarks fell across various sectors and
quality segments during the 41h quarter as the reality of higher interest
rates and inflation expectations exerted their powerful impact on yields.
On the interest rate front, market rates rose through the quarter as
investors prepared for a telegraphed, and ultimately realized, interest rate
increase of 25 basis points (bps) by the Fed. The December increase was
supported by continued improvement in the U.S. economy, and
represented the sole Fed rate increase for 2016. On the inflation front,
Donald Trump's victory in the U.S. presidential election also played a role
in the quarter's negative fixed income results as market expectations after
the victory shifted sentiment toward potentially higher inflation and
economic growth.
■ Looking through the quality lens, each of the fixed income quality segment
benchmarks (with the exception of high yield) finished the 4th quarter down
roughly -3%. The high yield (lower quality) benchmark was the only index
to post a positive result for the quarter with a return of 1.8%. The high
yield index benefited from its lower duration (less interest rate sensitivity)
as well as a steady compression in credit spreads that offset the impact of
generally higher market yields. Extending the comparison to the one-year
period, the quality benchmarks all posted positive results with annual
returns displaying an inverse relationship with their quality.
■ Examining results on a sector basis shows the nominal Treasury sector
feeling the largest impact from the yield curve shift with a 4th quarter return
of -3.8%. The lower -duration TIPS index returned -2.4% for the quarter.
The mortgage sector posted the quarter's best relative result with a return
of -2.0% benefiting from its lower duration. Given the previously mentioned
negative impact of USD strength on foreign investments, the 41h quarter
was a particularly difficult quarter for global fixed income markets with the
Global Aggregate ex-U.S. index returning-10.3%. Despite the 4th quarter's
negative index results, each sector and global benchmark posted positive
results for the trailing one-year period.
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of December 31, 2016
AAA (5.4)
AA (6.2)
A (7.5)
Baa (7.3)
U.S. High Yield (4.1)
U.S. Treasury(6.1)
U.S. Mortgage (4.6)
U.S. Corporate IG (7.3)
U.S. TIPS (4.9)
Aggregate (5.9)
Intermediate Agg (4.3)
Global Agg x US (7.8)
Multiverse (6.7)
Quarter Performance
-3.0%
-3.1 %
-3.2%
z.7%
1.8%
-3.8%
2.0%
-2.8%
-2.4%
-3.0%
-2.0%
-10.3%
-6.7%
-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0%
1-Year Performance
AAA (5.4)
AA (6.2)
A (7.5)
Baa (7.3)
U.S. High Yield (4.1)
U.S. Treasury (6.1)
U.S. Mortgage (4.6)
U.S. Corporate IG (7.3)
U.S. TIPS (4.9)
■ The Fed stated that future rate increases will be implemented at a Aggregate (5.9)
measured pace and will be based on an ongoing assessment of current Intermediate Agg (4.3)
economic data. However, future policy action by the new Trump Global Agg x US (7.8)
Administration and global economic developments will likely impact the Multiverse (6.7)
pace of future interest rate increases as well.
Source: Barclays Capital Live
Page 8
1.4%
3.1 %
4.7%
7.9% 17.1 %
1.0%
1.7%
6.1 %
4.7%
2.6%
2.0%
1.5%
2.8%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%
Much of the index performance detailed in the bar graphs on the previous
page is visible on a time series basis by reviewing the line graphs to the
right. The 1-Year Trailing Market Rates' chart illustrates that after trading
in a tight range for most of the year, the 10-year Treasury yield (green line)
rose dramatically over the final months of 2016, closing at a yield (2.45%)
near its one-year high. The blue line illustrates changes in the BAA OAS
(Option Adjusted Spread). This measure quantifies the additional yield
premium that investors require to purchase and hold non -Treasury issues.
The steady decline in credit spreads throughout 2016 is equivalent to an
interest rate decrease on corporate bonds, which results in a tailwind for
corporate bond index returns. While there was some upside momentum in
credit spreads early in 2016, they have narrowed by over 1.25% since their
high on February 1111
The lower graph provides a snapshot of the U.S. Treasury yield curve at
each of the last four calendar quarters and clearly illustrates the unrest that
materialized in Treasury yields during the 41h quarter. While each of the
last three quarter -end yield curves show a fairly tight distribution, the
December 31st reading is higher at all maturities with both short- and long-
term rates finishing 2016 near the high end of their respective 12-month
trading ranges. This upward shift caused yields to rise an average of 22
bps for maturities of less than one-year, 60 bps for the two- to five-year
maturity range, and 81 bps for the seven- to thirty-year maturity range.
Greater yield increases at the longer end of the curve represent a
"steepening" of the yield curve which conveys market anticipation of higher
interest rates in the future.
Given the magnitude of the increase in yields that occurred during the
period, it is no surprise that most fixed income indices finished the quarter
in negative territory. In a rising rate environment, it is also expected that
longer -duration market indices will fall more than equivalent lower -duration
benchmarks. Finally, while global benchmarks are impacted by the same
yield and duration factors as domestic benchmarks, they have the
additional powerful lever of currency impact. This currency effect can
either be an offsetting benefit to negative yield and duration factors in a
rising rate environment or an exacerbation of negative performance as it
was during the 41h quarter.
3.50
3.00
2.50
2.00
1.50
1.00
0.50
The Market Environment
Market Rate & Yield Curve Comparison
As of December 31, 2016
1-Year Trailing Market Rates
Fed Funds Rate TED Spread 3-Month Libor
BAA OAS 10 r Treasury 10 r TIPS
0.00
Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Treasury Yield Curve
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)
Page 9 WP
Total Fund Compliance:
The total plan return equaled or exceeded the total plan benchmark over the trailing three year period.
The three year total plan return ranks in the top 40% of its peers.
The total plan return of the fund over the trailing three year period equaled or exceeded 7.3% (actuarial assumption rate of return).
Equity Compliance:
The equity return equaled or exceeded the benchmark over the trailing three year period.
The equity return equaled or exceeded the benchmark over the trailing five year period.
The amount invested in any single security is less than or equal to 5% of the market value of the total equity portfolio.
The amount invested in any single industry is less than or equal to 20% of the market value of the total equity portfolio.
Palm Beach Gardens Police Pension Fund
Compliance Checklist
As of December 31, 2016
Yes No
•
Yes No
•
Fixed Income Compliance: Yes No
The fixed income return equaled or exceeded the benchmark over the trailing three year period. •
The fixed income return equaled or exceeded the BCAB index over the trailing five year period. •
The amount invested in any single security (excluding U.S. Government and its agencies) is less than or equal to 5% of the market value of the total fixed income portfolio. •
The minimum quality rating of the domestic bond investments is BBB from Standard & Poor's or BAA from Moody's. •
Page 10
Asset Allocation Compliance
Palm Beach Gardens Police Total Fund Composite
As of December 31, 2016
Asset Allocation Compliance
Asset
Allocation
Current
Allocation (%)
Target
Allocation (%)
Differences
(%)
Target Rebal.
($000)
Total Fund Composite
84,422,396
100.0
100.0
0.0
-
Highland Capital Balanced
27,253,581
32.3
33.5
-1.2
1,027,922
Rhumbline S&P 500 Equity
20,295,491
24.0
25.0
-1.0
810,108
Rhumbline S&P 400 Equity
9,853,913
11.7
10.0
1.7
-1,411,673
Rhumbline S&P 600 Equity
9,629,615
11.4
10.0
1.4
-1,187,376
Rhumbline International Equity
7,664,848
9.1
10.0
-0.9
777,392
Oppenheimer Dreyfus (OIBAX) (DIBAX)
3,176,418
3.8
4.0
-0.2
200,478
American Realty
6,548,523
7.8
7.5
0.3
-216,844
R&D Cash
8
0.0
0.0
0.0
-8
Highland Capital Balanced -1.2 i-
Rhumbline S&P 500 Equity -1.0 i_
Rhumbline S&P 400 Equity -1.7%
Rhumbline S&P 600 Equity -1.4%
Rhumbline International Equity -0.9 /�
Oppenheimer Dreyfus (OIBAX) (DIBAX) -0.2 1
American Realty 00.3%
R&D Cash 10.0
-9.0 % -6.0 % -3.0 % 0.0% 3.0% 6.0% 9.0% 10.0%
Allocation Differences
Executive Summary
Highland Capital Balanced (32.3%)
Rhumbline S&P 500 Equity (24.0%) �� c
Rhumbline S&P 400 Equity (11.7%)
Rhumbline S&P 600 Equity (11.4%) IV d
Rhumbline International Equity (9.1%) �� E
E
Oppenheimer Dreyfus (DIBAX) (DIBAX) (3.8%) T 0
m
American Realty (7.8%)
R&D Cash (0.0%) T
-20.0 % 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0%
Policy Target In Policy
Page 11
Asset Allocation Compliance
Palm Beach Gardens Police Total Fund Composite
As of December 31, 2016
Asset Allocation Compliance
Asset
Allocation
Current
Allocation (%)
Target
Allocation (%)
Differences
(%)
Target Rebal.
($000)
Domestic Equity
47,649,638
56.4
55.0
1.4
-1,217,320
International Equity
7,664,848
9.1
10.0
-0.9
777,392
Domestic Fixed Income
18,219,749
21.6
23.5
-1.9
1,619,514
International Fixed Income
3,176,418
3.8
4.0
-0.2
200,478
Real Estate
6,548,523
7.8
7.5
0.3
-216,844
Cash Equivalent
1,163,219
1.4
0.0
1.4
-1,163,219
Total Fund
84,422,396
100.0
100.0
0.0
Domestic Equity
-1.4%
International Equity
-0.9 %=
Domestic Fixed Income
-1.9 %-
International Fixed Income
-0.2 i'
Real Estate
103
Cash Equivalent
_1.4%
-10.0 %
-9.0 % -6.0 %
-3.0 %
0.0%
3.0% 6.0%
9.0% 10.0%
0
Allocation Differences
Executive Summary
Domestic Equity (56.4%)
International Equity (9.1%)
Domestic Fixed Income (21.6%)
International Fixed Income (3.8%)
Real Estate (7.8%)
Cash Equivalent (1.4%)
-20.0 %
IT
0.0% 20.0% 40.0% 60.0%
Policy Target V In Policy
c
0
c
m
E
E
0
u
m
80.0% 100.0% 120.0%
Page 12
Asset Allocation By Segment as of
September 30, 2016 : $80,896,623
Allocation
Allocation
Asset Allocation By Segment as of
December 31, 2016 : $84,422,396
Asset Allocation Summary
Total Fund Composite
As of December 31. 2016
Segments
Market Value
Allocation
Segments
Market Value
Allocation
■ Domestic Equity
45,758,085
56.6
■ Domestic Equity
47,649,638
56.4
International Equity
7,722,343
9.5
International Equity
7,664,848
9.1
■ Domestic Fixed Income
16,377,329
20.2
■ Domestic Fixed Income
18,219,749
21.6
International Fixed Income
3,389,879
4.2
International Fixed Income
3,176,418
3.8
■ Real Estate
6,568,344
8.1
■ Real Estate
6,548,523
7.8
■ Cash Equivalent
1,080,643
1.3
■ Cash Equivalent
1,163,219
1.4
Page 13
Asset Allocation By Manager as of
September 30, 2016 : $80,896,623
Allocation
Allocation
U
Asset Allocation By Manager as of
December 31, 2016 : $84,422,396
K]
Asset Allocation Summary
Total Fund Composite
As of December 31. 2016
Market Value Allocation Market Value Allocation
■ Highland Capital Balanced
25,024,780
30.9
■ Highland Capital Balanced
27,253,581
32.3
Rhumbline S&P 500 Equity
19,551,948
24.2
Rhumbline S&P 500 Equity
20,295,491
24.0
■ Rhumbline S&P 600 Equity
9,464,523
11.7
Rhumbline S&P 400 Equity
9,853,913
11.7
Rhumbline S&P 400 Equity
9,174,798
11.3
■ Rhumbline S&P 600 Equity
9,629,615
11.4
■ Rhumbline International Equity
7,722,343
9.5
■ Rhumbline International Equity
7,664,848
9.1
■ American Realty
6,568,344
8.1
■ American Realty
6,548,523
7.8
Oppenheimer Dreyfus (OIBAX) (DIBAX)
3,389,879
4.2
Oppenheimer Dreyfus (OIBAX) (DIBAX)
3,176,418
3.8
R&D Cash
8
0.0
R&D Cash
8
0.0
Page 14
Asset Allocation & Performance
Total Fund Composite
(Gross)
As of
December 31, 2016
Asset Allocation & Performance
Allocation
Performance(%)
Market
Inception
Value
%
QTR
FYTD
1 YR
3 YR
5 YR
Inception
Date
$
Total Fund Composite
84,422,396
100.0
2.43
(3)
2.43
(3)
9.89
(5)
6.16
(4)
10.20
(5)
7.74
(57)
04/01/1992
Total Fund Policy Index
1.72
(12)
1.72
(12)
9.66
(6)
6.01
(6)
9.88
(9)
8.51
(11)
Difference
0.71
0.71
0.23
0.15
0.32
-0.77
All Public Plans -Total Fund Median
0.70
0.70
7.26
4.61
8.51
7.77
Total Equity Composite
55,314,486
65.5
4.93
4.93
13.22
7.44
14.24
5.21
07/01/2000
Total Equity Policy Index
4.41
4.41
13.07
7.45
13.93
5.00
Difference
0.52
0.52
0.15
-0.01
0.31
0.21
Total Domestic Equity
Rhumbline S&P 500 Equity
20,295,491
24.0
3.80
(53)
3.80
(53)
11.90
(42)
8.83
(34)
14.61
(47)
4.81
(73)
07/01/2000
S&P 500Index
3.82
(52)
3.82
(52)
11.96
(41)
8.87
(32)
14.66
(44)
4.68
(79)
Difference
-0.02
-0.02
-0.06
-0.04
-0.05
0.13
IM U.S. Large Cap Equity (SA+CF) Median
3.84
3.84
10.98
8.27
14.52
5.97
Rhumbline S&P 400 Equity
9,853,913
11.7
7.40
(25)
7.40
(25)
20.59
(20)
9.03
(25)
15.30
(37)
10.14
(44)
01/01/2004
S&P MidCap 400 Index
7.42
(24)
7.42
(24)
20.74
(19)
9.04
(25)
15.33
(35)
10.05
(52)
Difference
-0.02
-0.02
-0.15
-0.01
-0.03
0.09
IM U.S. Mid Cap Equity (SA+CF) Median
3.90
3.90
12.12
7.13
14.61
10.08
Rhumbline S&P 600 Equity
9,629,615
11.4
11.11
(34)
11.11
(34)
26.41
(25)
9.47
(26)
16.57
(31)
10.44
(33)
01/01/2004
S&P SmallCap 600
11.13
(33)
11.13
(33)
26.56
(24)
9.47
(26)
16.62
(30)
10.38
(35)
Difference
-0.02
-0.02
-0.15
0.00
-0.05
0.06
IM U.S. Small Cap Equity (SA+CF) Median
9.08
9.08
20.87
7.78
15.45
9.82
Highland Capital LCG
7,870,620
9.3
2.65
(17)
2.65
(17)
4.62
(50)
6.07
(73)
14.21
(44)
7.01
(58)
10/01/2007
Russell 1000 Growth Index
1.01
(38)
1.01
(38)
7.08
(26)
8.55
(28)
14.50
(36)
7.64
(35)
Difference
1.64
1.64
-2.46
-2.48
-0.29
-0.63
IM U.S. Large Cap Growth Equity (SA+CF) Median
0.18
0.18
4.60
7.22
13.94
7.12
International Equity
Rhumbline International Equity
7,664,848
9.1
-0.76
(29)
-0.76
(29)
N/A
N/A
N/A
-0.76
(54)
08/01/2016
MSCI EAFE Index
-0.68
(28)
-0.68
(28)
1.51
(65)
-1.15
(60)
7.02
(54)
0.67
(37)
Difference
-0.08
-0.08
N/A
N/A
N/A
-1.43
IM International Equity (SA+CF) Median
-2.92
-2.92
3.69
-0.37
7.20
-0.56
Page 15
Total Fixed Income Composite
Total Fixed Inc Policy Index
Difference
Domestic Fixed Income
Highland Capital Fixed Income
Bloomberg Barclays U.S. Aggregate Index
Difference
IM U.S. Broad Market Core Fixed Income (SA+CF) Median
International Fixed Income
Oppenheimer Dreyfus (OIBAX) (DIBAX)
Citigroup Non-U.S. World Government Bond
Difference
IM International Fixed Income All (MF) Median
Real Estate
American Realty
NCREIF Property Index
Difference
IM U.S. Private Real Estate (SA+CF) Median
R&D Cash
Asset Allocation & Performance
Total Fund Composite (Gross)
As of December 31, 2016
Allocation
Performance(%)
Market
Value %
QTR
FYTD
1 YR
3 YR 5 YR
Inception
Inception
$
Date
21,396,168 25.3
-3.32
-3.32
3.41
2.59 2.00
5.39
04/01/1994
-3.86
-3.86
2.59
2.47 1.78
5.47
0.54
0.54
0.82
0.12 0.22
-0.08
18,219,749 21.6
-2.83 (56)
-2.83 (56)
3.71 (30)
3.04 (83) 2.19 (95)
5.45 (97)
04/01/1994
-2.98 (75)
-2.98 (75)
2.65 (77)
3.03 (85) 2.23 (92)
5.58 (93)
0.15
0.15
1.06
0.01 -0.04
-0.13
-2.81
-2.81
3.10
3.34 2.82
5.90
3,176,418 3.8 -6.30
(85)
-6.30
(85)
3.74
(84)
0.06
(67)
1.12
(73)
0.92
(68) 10/01/2010
-10.84
(99)
-10.84
(99)
1.81
(90)
-2.18
(84)
-1.94
(87)
-0.99
(83)
4.54
4.54
1.93
2.24
3.06
1.91
-3.10
-3.10
9.51
2.11
3.71
3.12
6,548,523 7.8 1.20
(87)
1.20
(87)
7.09
(96)
10.84
(94)
N/A
11.47
(87) 07/01/2012
1.73
(74)
1.73
(74)
7.97
(88)
11.02
(93)
10.92
(93)
10.91
(93)
-0.53
-0.53
-0.88
-0.18
N/A
0.56
2.30
2.30
9.52
12.77
13.18
13.11
8 0.0
Page 16
Asset Allocation & Performance
Total Fund Composite (Net)
As of December 31, 2016
Asset Allocation & Performance
Allocation
Performance(%)
Market
Inception
Value
%
QTR
FYTD
1 YR
3 YR
5 YR
Inception
Date
$
Total Fund Composite
84,422,396
100.0
2.40
2.40
9.72
5.97
9.99
7.50 04/01/1992
Total Fund Policy Index
1.72
1.72
9.66
6.01
9.88
8.51
Difference
0.68
0.68
0.06
-0.04
0.11
-1.01
Total Equity Composite
55,314,486
65.5
4.93
4.93
13.22
7.44
14.24
5.21 07/01/2000
Total Equity Policy Index
4.41
4.41
13.07
7.45
13.93
5.00
Difference
0.52
0.52
0.15
-0.01
0.31
0.21
Total Domestic Equity
Rhumbline S&P 500 Equity
20,295,491
24.0
3.79
3.79
11.83
8.77
14.53
4.68 07/01/2000
S&P 500 Index
3.82
3.82
11.96
8.87
14.66
4.68
Difference
-0.03
-0.03
-0.13
-0.10
-0.13
0.00
Rhumbline S&P 400 Equity
9,853,913
11.7
7.39
7.39
20.51
8.98
15.26
10.12 01/01/2004
S&P MidCap 400 Index
7.42
7.42
2074
9.04
15.33
10.05
Difference
-0.03
-0.03
-0.23
-0.06
-0.07
0.07
Rhumbline S&P 600 Equity
9,629,615
11.4
11.10
11.10
26.33
9.41
16.53
10.43 01/01/2004
S&P SmallCap 600
11.13
11.13
26.56
9.47
16.62
10.38
Difference
-0.03
-0.03
-0.23
-0.06
-0.09
0.05
Highland Capital LCG Equity
7,870,620
9.3
2.65
2.65
4.62
6.07
14.21
7.01 10/01/2007
Russell 1000 Growth Index
1.01
1.01
7.08
8.55
14.50
7.64
Difference
1.64
1.64
-2.46
-2.48
-0.29
-0.63
International Equity
Rhumbline International Equity
7,664,848
9.1
-0.78
-0.78
N/A
N/A
N/A
-0.77 08/01/2016
MSCI EAFE Index
-0.68
-0.68
1.51
-1.15
7.02
0.67
Difference
-0.10
-0.10
N/A
N/A
N/A
-1.44
Total Fixed Income Composite
21,396,168
25.3
-3.32
-3.32
3.41
2.59
2.00
5.39 04/01/1994
Total Fixed Inc Policy Index
-3.86
-3.86
2.59
2.47
1.78
5.47
Difference
0.54
0.54
0.82
0.12
0.22
-0.08
Page 17
Asset Allocation & Performance
Total Fund Composite (Net)
As of December 31, 2016
Allocation
Market
Value %
�
QTR
FYTD
1 YR
Performance(%)
3 YR
5 YR
Inception
Inception
Date
Domestic Fixed Income
Highland Capital Fixed Income
18,219,749 21.6
-2.83
-2.83
3.71
3.04
2.19
5.45
04/01/1994
Bloomberg Barclays U.S. Aggregate Index
-2.98
-2.98
2.65
3.03
2.23
5.58
Difference
0.15
0.15
1.06
0.01
-0.04
-0.13
International Fixed Income
Oppenheimer Dreyfus (OIBAX) (DIBAX)
3,176,418 3.8
-6.30
-6.30
3.74
0.06
1.12
0.92
10/01/2010
Citigroup Non-U.S. World Government Bond
-10.84
-10.84
1.81
-2.18
-1.94
-0.99
Difference
4.54
4.54
1.93
2.24
3.06
1.91
Real Estate
American Realty
6,548,523 7.8
0.92
0.92
5.93
9.68
N/A
10.29
07/01/2012
NCREIF Property Index
1.73
1.73
7.97
11.02
10.92
10.91
Difference
-0.81
-0.81
-2.04
-1.34
N/A
-0.62
Page 18
Asset Allocation & Performance
Total Fund Composite (Gross)
As of December 31, 2016
Asset Allocation & Performance
Allocation
Performance(%)
Market
Oct-2015
Oct-2014
Oct-2013
Oct-2012
Oct-2011
Oct-2010
Oct-2009
Oct-2008
Oct-2007
Oct-2006
Value %
To
To
To
To
To
To
To
To
To
To
$
Sep-2016
Sep-2015
Sep-2014
Sep-2013
Sep-2012
Sep-2011
Sep-2010
Sep-2009
Sep-2008
Sep-2007
Total Fund Composite
84,422,396 100.0
10.96 (14)
1.46 (11)
10.95 (33)
14.75 (16)
18.89 (28)
0.46 (45)
10.42 (37)
5.99(9)
-13.46 (56)
12.22 (83)
Total Fund Policy Index
11.62 (7)
0.81 (19)
10.35 (47)
14.21 (22)
19.60 (18)
1.75 (19)
10.81 (29)
1.64 (50)
-12.83 (48)
13.68 (62)
Difference
-0.66
0.65
0.60
0.54
-0.71
-1.29
-0.39
4.35
-0.63
-1.46
All Public Plans -Total Fund Median
9.68
-0.53
10.17
12.51
17.93
0.22
9.92
1.59
-12.96
14.09
Total Equity Composite
55,314,486 65.5
13.39
0.44
14.07
24.58
28.78
-2.47
12.49
-0.91
-23.22
17.99
Total Equity Policy Index
14.30
-0.18
13.86
23.27
27.80
-0.50
11.44
-4.36
-21.04
17.05
Difference
-0.91
0.62
0.21
1.31
0.98
-1.97
1.05
3.45
-2.18
0.94
Total Domestic Equity
Rhumbline S&P 500 Equity
20,295,491 24.0
15.38 (25)
-0.63 (57)
19.64 (39)
19.30 (71)
30.16 (39)
1.18 (44)
10.20 (49)
-6.49 (60) -21.73 (59)
16.63 (57)
S&P 500 Index
15.43 (24)
-0.61 (57)
19.73 (37)
19.34 (70)
30.20 (38)
1.14 (45)
10.16 (50)
-6.91 (65) -21.98 (63)
16.44 (61)
Difference
-0.05
-0.02
-0.09
-0.04
-0.04
0.04
0.04
0.42 0.25
0.19
IM U.S. Large Cap Equity (SA+CF) Median
13.19
-0.37
18.80
21.13
29.17
0.75
10.11
-5.51 -20.84
17.08
Rhumbline S&P 400 Equity
9,853,913 11.7
15.21 (28)
1.45 (52)
11.81 (67)
27.55 (57)
28.90 (36)
-1.16 (55)
17.78 (41)
-2.78 (52) -16.54 (17)
18.73 (60)
S&P MidCap 400 Index
15.33 (27)
1.40 (53)
11.82 (67)
27.68 (56)
28.54 (41)
-1.28 (58)
17.78 (41)
-3.11 (55) -16.68 (21)
18.76 (59)
Difference
-0.12
0.05
-0.01
-0.13
0.36
0.12
0.00
0.33 0.14
-0.03
IM U.S. Mid Cap Equity (SA+CF) Median
11.35
1.47
13.49
28.01
27.30
-0.70
16.72
-2.72 -20.82
20.68
Rhumbline S&P 600 Equity
9,629,615 11.4
18.00 (26)
3.90 (36)
5.79 (54)
31.40 (56)
33.27 (36)
0.21 (38)
14.14 (58)
-10.54 (76) -13.64 (22)
15.16 (59)
S&P SmallCap 600
18.12 (24)
3.81 (37)
5.74 (55)
31.51 (55)
33.35 (36)
0.21 (38)
14.22 (57)
-10.61 (77) -13.83 (23)
14.93 (60)
Difference
-0.12
0.09
0.05
-0.11
-0.08
0.00
-0.08
0.07 0.19
0.23
IM U.S. Small Cap Equity (SA+CF) Median
14.58
2.40
6.13
32.17
31.60
-1.22
14.99
-5.30 -18.20
17.46
Highland Capital LCG
7,870,620 9.3
6.68 (93)
4.64 (34)
16.29 (70)
28.73 (7)
27.51 (51)
-6.48 (97)
14.63 (22)
15.31 (2) -30.80 (98)
N/A
Russell 1000 Growth Index
13.76 (22)
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 (57)
Difference
-7.08
1.47
-2.86
9.46
-1.68
-10.26
1.98
17.16 -9.92
N/A
IM U.S. Large Cap Growth Equity (SA+CF) Median
11.64
3.61
18.13
20.27
27.63
1.38
11.30
-3.01 -20.28
20.19
International Equity
Rhumbline International Equity
7,664,848 9.1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A
N/A
MSCI EAFE Index
7.06 (76)
-8.27 (51)
4.70 (63)
24.29 (33)
14.33 (71)
-8.94 (44)
3.71 (80)
3.80 (65) -30.13 (48)
25.38 (67)
Difference
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A
N/A
IM International Equity (SA+CF) Median
11.47
-8.16
5.80
20.28
17.29
-9.60
9.69
7.04 -30.34
29.56
Page 19
Asset Allocation & Performance
Total Fund Composite (Gross)
As of December 31, 2016
Allocation
Performance(%)
Market
Oct-2015
Oct-2014
Oct-2013
Oct-2012
Oct-2011
Oct-2010
Oct-2009
Oct-2008
Oct-2007
Oct-2006
Value %
To
To
To
To
To
To
To
To
To
To
$
Sep-2016
Sep-2015
Sep-2014
Sep-2013
Sep-2012
Sep-2011
Sep-2010
Sep-2009
Sep-2008
Sep-2007
Total Fixed Income Composite 21,396,168 25.3
6.60
1.40
3.45
-2.57
6.28
5.20
8.28
11.96
1.23
4.97
Total Fixed Inc Policy Index
6.01
1.82
3.41
-2.11
4.98
5.18
7.78
11.18
3.84
5.62
Difference
0.59
-0.42
0.04
-0.46
1.30
0.02
0.50
0.78
-2.61
-0.65
Domestic Fixed Income
Highland Capital Fixed Income 18,219,749
21.6
6.51 (19)
2.22 (88)
3.51 (94)
-2.54 (99)
6.07 (72)
5.66 (27)
8.09 (89)
11.96 (58)
1.23 (63)
4.97 (70)
Bloomberg Barclays U.S. Aggregate Index
5.19 (80)
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)
Difference
1.32
-0.72
-0.45
-0.86
0.91
0.40
-0.07
1.40
-2.42
-0.17
IM U.S. Broad Market Core Fixed Income (SA+CF) Median
5.66
3.02
4.50
-1.26
6.61
5.26
9.26
12.28
2.55
5.16
International Fixed Income
Oppenheimer Dreyfus (OIBAX) (DIBAX) 3,176,418
3.8
9.59 (81)
-4.81 (31)
2.98 (69)
-2.82 (42)
7.90 (70)
0.32 (40)
N/A
N/A
N/A
N/A
Citigroup Non-U.S. World Government Bond
12.61 (56)
-7.01 (45)
-0.99 (89)
-5.63 (81)
3.45 (91)
4.13(4)
4.46 (88)
16.04 (53)
5.16 (1)
9.53 (32)
Difference
-3.02
2.20
3.97
2.81
4.45
-3.81
N/A
N/A
N/A
N/A
IM International Fixed Income All (MF) Median
13.07
-7.89
5.35
-3.50
14.50
-0.29
13.84
16.28
-4.33
8.49
Real Estate
American Realty 6,548,523
7.8
9.03 (94)
14.05 (71)
12.45 (72)
12.30 (73)
N/A
N/A
N/A
N/A
N/A
N/A
NCREIF Property Index
9.22 (93)
13.48 (77)
11.26 (91)
11.00 (83)
11.00 (75)
16.10 (71)
5.84 (49)
-22.09 (10)
5.27 (46)
17.31 (66)
Difference
-0.19
0.57
1.19
1.30
N/A
N/A
N/A
N/A
N/A
N/A
IM U.S. Private Real Estate (SA+CF) Median
11.49
16.17
13.17
13.35
13.03
16.96
5.80
-33.88
4.97
18.53
R&D Cash 8
0.0
Page 20
uz�
Asset Allocation & Performance
Total Fund Composite (Net)
As of December 31, 2016
Asset Allocation & Performance
Allocation
Performance(%)
Market
Oct-2015
Oct-2014
Oct-2013
Oct-2012
Oct-2011
Oct-2010
Oct-2009
Oct-2008
Oct-2007
Oct-2006
Value
%
To
To
To
To
To
To
To
To
To
To
$
Sep-2016
Sep-2015
Sep-2014
Sep-2013
Sep-2012
Sep-2011
Sep-2010
Sep-2009
Sep-2008
Sep-2007
Total Fund Composite
84,422,396
100.0
10.74
1.29
10.73
14.53
18.64
0.22
10.08
5.61
-13.73
11.90
Total Fund Policy Index
11.62
0.81
10.35
14.21
19.60
1.75
10.81
1.64
-12.83
13.68
Difference
-0.88
0.48
0.38
0.32
-0.96
-1.53
-0.73
3.97
-0.90
-1.78
Total Equity Composite
55,314,486
65.5
13.39
0.44
14.07
24.58
28.78
-2.47
12.49
-0.91
-23.22
17.99
Total Equity Policy Index
14.30
-0.18
13.86
23.27
27.80
-0.50
11.44
-4.36
-21.04
17.05
Difference
-0.91
0.62
0.21
1.31
0.98
-1.97
1.05
3.45
-2.18
0.94
Total Domestic Equity
Rhumbline S&P 500 Equity
20,295,491
24.0
15.31
-0.66
19.55
19.18
29.99
1.04
10.02
-6.71
-21.87
16.47
S&P 500 Index
15.43
-0.61
19.73
19.34
30.20
1.14
10.16
-6.91
-21.98
16.44
Difference
-0.12
-0.05
-0.18
-0.16
-0.21
-0.10
-0.14
0.20
0.11
0.03
Rhumbline S&P 400 Equity
9,853,913
11.7
15.13
1.40
11.78
27,55
28.90
-1.16
17.78
-2.78
-16.54
18.73
S&P MidCap 400 Index
15.33
1.40
11.82
27.68
28.54
-1.28
17.78
-3.11
-16.68
18.76
Difference
-0.20
0.00
-0.04
-0.13
0.36
0.12
0.00
0.33
0.14
-0.03
Rhumbline S&P 600 Equity
9,629,615
11.4
17.92
3.85
5.76
31.40
33.27
0.21
14.14
-10.54
-13.64
15.16
S&P SmallCap 600
18.12
3.81
5.74
31.51
33.35
0.21
14.22
-10.61
-13.83
14.93
Difference
-0.20
0.04
0.02
-0.11
-0.08
0.00
-0.08
0.07
0.19
0.23
Highland Capital LCG
7,870,620
9.3
6.68
4.64
16.29
28.73
27.51
-6.48
14.63
15.31
-30.80
N/A
Russell 1000 Growth Index
13.76
3.17
19.15
19.27
29.19
3.78
12.65
-1.85
-20.88
19.35
Difference
-7.08
1.47
-2.86
9.46
-1.68
-10.26
1.98
17.16
-9.92
N/A
International Equity
Rhumbline International Equity
7,664,848
9.1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
MSCI EAFE Index
7.06
-8.27
4.70
24.29
14.33
-8.94
3.71
3.80
-30.13
25.38
Difference
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total Fixed Income Composite
21,396,168
25.3IM
6.60 A 1.40 M
3.45 _JL
-2.57_&
6.28A]W5.20AW 8.2�
11.96 JL
1,23 �
4.97
Total Fixed Inc Policy Index
6.01
1.82
3.41
-2.11
4.98
5.18
7.78
11.18
3.84
5.62
Difference
0.59
-0.42
0.04
-0.46
1.30
0.02
0.50
0.78
-2.61
-0.65
Page 21
Asset Allocation & Performance
Total Fund Composite (Net)
As of December 31, 2016
Allocation
Performance(%)
Market
Oct-2015
Oct-2014
Oct-2013
Oct-2012
Oct-2011
Oct-2010
Oct-2009
Oct-2008
Oct-2007
Oct-2006
Value %
To
To
To
To
To
To
To
To
To
To
$
Sep-2016
Sep-2015
Sep-2014
Sep-2013
Sep-2012
Sep-2011
Sep-2010
Sep-2009
Sep-2008
Sep-2007
Domestic Fixed Income
Highland Capital Fixed Income
18,219,749 21.6
6.51
2.22
3.51
-2.54
6.07
5.66
8.09
11.96
1.23
4.97
Bloomberg Barclays U.S. Aggregate Index
5.19
2.94
3.96
-1.68
5.16
5.26
8.16
10.56
3.65
5.14
Difference
1.32
-0.72
-0.45
-0.86
0.91
0.40
-0.07
1.40
-2.42
-0.17
International Fixed Income
Oppenheimer Dreyfus (OIBAX) (DIBAX)
3,176,418 3.8
9.59
-4.81
2.98
-2.82
7.90
0.32
N/A
N/A
N/A
N/A
Citigroup Non-U.S. World Government Bond
12.61
-7.01
-0.99
-5.63
3.45
4.13
4.46
16.04
5.16
9.53
Difference
-3.02
2.20
3.97
2.81
4.45
-3.81
N/A
N/A
N/A
N/A
Real Estate
American Realty
6,548,523 7.8
7.85
12.82
11.34
11.10
N/A
N/A
N/A
N/A
N/A
N/A
NCREIF Property Index
9.22
13.48
11.26
11.00
11.00
16.10
5.84
-22.09
5.27
17.31
Difference
-1.37
-0.66
0.08
0.10
N/A
N/A
N/A
N/A
N/A
N/A
Page 22
Historical Rolling Performance
Total Fund Composite
As of December 31, 2016
Historical Rolling Performance
QTR
1 YR
3 YR
5 YR
Inception
12/31 /2016
2.43
9.89
6.16
10.20
7.74
09/30/2016
3.11
10.96
7.69
11.25
7.72
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
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 23
Historical Rolling Performance
Total Fund Policy Index
As of December 31, 2016
Historical Rolling Performance
QTR
1 YR
3 YR
5 YR
Inception
12/31 /2016
1.72
9.66
6.01
9.88
8.50
09/30/2016
3.44
11.62
7.48
11.15
8.51
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
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 24
Strategy Review
Total Fund Composite I Total Fund Policy Index
As of December 31, 2016
Historical Statistics 3 Years Historical Statistics 5 Years
Return Standard Sharpe Up Up Down
Market Up Down Market Down Return Standard Sharpe Market Up Market Down
Deviation Ratio Capture Quarters Capture Quarters Deviation Ratio Capture Quarters Capture Quarters
Investment 6.16 4.94 1.22 102.78 10.00 103.02 2.00 Investment 10.20 6.28 1.58 103.49 17.00 105.15 3.00
Index 6.01 4.66 1.26 100.00 9.00 100.00 3.00 Index 9.88 5.96 1.61 100.00 16.00 100.00 4.00
Risk and Return 3 Years
6.2 1
6.1
c
d
6.0
5.9 1
4.6 4.7
4.8
4.9
5
Risk (Standard Deviation %)
Investment O Index
3 Year Rolling Percentile Rank All Public Plans -Total Fund
0.0
25.0
m
m
`�
m
a
c
50.0
d
0:
75.0
100.0
3/12 9/12 3/13
9/13 3/14 9/14 3/15
9/15 3/16
12/16
Total Period
5-25 25-Median
Median-75
75-95
Count Count
Count
Count
Investment 20
17 (85%) 3 (15%)
0 (0%)
0 (0%)
-
Index 20
19 (95%) 1 (5%)
0 (0%)
0 (0%)
Risk and Return 5 Years
10.3
10.2 •
10.1
c
d
� 10.0
9.9
9.8
5.9 6.0 6.1 6.2 6.3 6.
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank All Public Plans -Total Fund
0.0
� 25.0
m
.c
m
`� 50.0
m
a
c
d
75.0
100.0
3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
4
1
Page 25
Peer Group Analysis - All Public Plans -Total Fund
12.0
10.0
8.0
6.0
4.0
2.0
0
0
0.0
-2.0
• 0
• 0
1 YR 3 YR 5 YR
Median 0.70 0.70 7.26 4.61 8.51
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Sep-2016 Jun-2016 Mar-2016
Strategy Review
Total Fund Composite I Total Fund Policy Index
As of December 31, 2016
Peer Group Analysis - All Public Plans -Total Fund
28.0
24.0
20.0
16.0
12.0
3 r O • Q
d
8.0
4.0
� 0
0.0
-4.0
-8.0
• 0
• 0
4 Quarters 4 Quarters 4 Quarters 4 Quarters 4 Quarters
Ending Ending Ending Ending Ending
Sep-2016 Sep-2015 Sep-2014 Sep-2013 Sep-2012
40 Investment 10.96 (14)
1.46 (11) 10.95 (33)
14.75 (16) 18.89 (28)
0 Index 11.62 (7)
0.81 (19) 10.35 (47)
14.21 (23) 19.60 (17)
Median 9.68
-0.50 10.17
12.53 17.92
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2015
Sep-2015
Jun-2015
Investment 3.11 (66) 2.12 (35) 1.89 (11) 3.42 (23) -5.13 (54) 0.06 (38)
Index 3.44 (50) 2.14 (34) 2.03 (9) 3.54 (17) -4.45 (27) -0.41 69
Median 3.43 1.91 1.04 2.88 -5.04 -0.11
Page 26
Risk / Reward Historical Statistics 3 Years Ending December 31, 2016
2.0
1.5
1.0
0.5
0.0 _
-0.5
Total Fund Composite Total Fund Policy Index
■ Alpha -0.14 0.00
Beta 1.05 1.00
■ Sharpe Ratio 1.22 1.26
Treynor Ratio 0.06 0.06
Benchmark Relative Historical Statistics 3 Years Ending December 31, 2016
1.2
0.9
0.6
0.3
0.0
Total Fund Composite
Total Fund Policy Index
■ Actual Correlation
0.99
1.00
Information Ratio
0.21
N/A
■ R-Squared
0.98
1.00
Tracking Error
0.77
0.00
Benchmark: Total Fund Policy Index
Page 27
Portfolio Comparison
Total Fund
As of December 31, 2016
Risk / Reward Historical Statistics 5 Years Ending December 31, 2016
2.4
1.6
0.8
0.0 -
-0.8
Total Fund Composite Total Fund Policy Index
■ Alpha -0.14 0.00
Beta 1.05 1.00
■ Sharpe Ratio 1.58 1.61
Treynor Ratio 0.09 0.10
Benchmark Relative Historical Statistics 5 Years Ending December 31, 2016
1.2
0.9
0.6
0.3
0.0
Total Fund Composite Total Fund Policy Index
■ Actual Correlation 0.99 1.00
Information Ratio 0.41 N/A
■ R-Squared 0.99 1.00
Tracking Error 0.77 0.00
Historical Statistics 3 Years
Return Standard Sharpe Up Market Up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters
Strategy Review
Rhumbline S&P 500 Equity I S&P 500 Index
As of December 31, 2016
Historical Statistics 5 Years
Return Standard Sharpe Up Market Up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters
Investment 8.83 6.53 1.33 99.70 11.00 100.49 1.00 Investment 14.61 8.89 1.59 99.73 17.00 100.03 3.00
Index 8.87 6.52 1.33 100.00 11.00 100.00 1.00 Index 14.66 8.89 1.60 100.00 17.00 100.00 3.00
Risk and Return 3 Years
8.9
8.8
6.5
6
Risk (Standard Deviation %)
Investment O Index
3 Year Rolling Percentile Rank IM U.S. Large Cap Equity (SA+CF)
0.0
c
25.0
m
m
`�
m
a
E
50.0
d
0:
75.0
100.0
3/12 9/12 3/13
9/13 3/14 9/14 3/15
9/15 3/16
12/16
Total Period
5-25 25-Median
Median-75
75-95
Count Count
Count
Count
Investment 20
0 (0%) 11 (55%)
9 (45%)
0 (0%)
-
Index 20
0 (0%) 12 (60%)
8 (40%)
0 (0%)
Risk and Return 5 Years
14.7
E
d
K
14.6
8.8 8.9
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank IM U.S. Large Cap Equity (SA+CF)
0.0
c 25.0
m
m h
Z
2 50.0
`m
a r
d
75.0
100.0 -
3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 0 (0%) 5 (25%) 15 (75%) 0 (0%)
Index 20 0 (0%) 5 (25%) 15 (75%) 0 (0%)
Page 28
Strategy Review
Rhumbline S&P 500 Equity I S&P 500 Index
As of December 31, 2016
Peer Group Analysis
- IM U.S. Large Cap Equity
(SA+CF)
Peer Group Analysis - IM U.S. Large Cap Equity (SA+CF)
23.0
44.0
20.0
38.0
17.0
32.0
• O
• O
26.0
14.0
• O
20.0
• O
• O
11.0
• O
14.0
8.0
8.0
5.0
• O
• O
2.0
2.0
• O
-4.0
-1.0
-10.0
-4.0
-16.0
-7•0
4 Quarters
4 Quarters
4 Quarters
4 Quarters 4 Quarters
Ending
Ending
Ending
Ending Ending
QTR
FYTD
1 YR
3 YR
5 YR
Sep-2016
Sep-2015
Sep-2014
Sep-2013 Sep-2012
• Investment
3.80 (53)
3.80 (53)
11.90 (42)
8.83 (34)
14.61 (47)
40 Investment
15.38 (25)
-0.63 (57)
19.64 (39)
19.30 (71) 30.16 (39)
O Index
3.82 (52)
3.82 (52)
11.96 (41)
8.87 (32)
14.66 (44)
0 Index
15.43 (24)
-0.61 (57)
19.73 (37)
19.34 (70) 30.20 (38)
Median
3.84
3.84
10.98
8.27
14.52
Median
13.19
-0.37
18.80
21.13 29.17
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Sep-2016
Jun-2016
Mar-2016
Dec-2015
Sep-2015
Jun-2015
Investment
3.86 (62)
2.41 (40)
1.35 (30)
7.03 (30)
-6.47 (43)
0.27 (50)
Index
3.85 (63)
2.46 (38)
1.35 (31)
7.04 (29)
-6.44 (43)
0.28 (49)
Median
4.33
1.89
0.46
6.16
-6.79
0.27
Page 29
Risk / Reward Historical Statistics 3 Years Ending December 31, 2016
2.0
1.5
1.0
0.5
0.0
-0.5
Rhumbline S&P 500 Equity S&P 500 Index
■ Alpha -0.06 0.00
Beta 1.00 1.00
■ Sharpe Ratio 1.33 1.33
Treynor Ratio 0.09 0.09
Benchmark Relative Historical Statistics 3 Years Ending December 31, 2016
1.6
0.8
0.0
-0.8
-1.6
-2.4
Rhumbline S&P 500 Equity S&P 500 Index
■ Actual Correlation
1.00
1.00
Information Ratio
-1.20
N/A
■ R-Squared
1.00
1.00
Tracking Error
0.04
0.00
Benchmark: S&P 500 Index
Page 30
Portfolio Comparison
Rhumbline S&P 500
As of December 31, 2016
Risk / Reward Historical Statistics 5 Years Ending December 31, 2016
2.4
1.8
1.2
0.6
0.0
-0.6
Rhumbline S&P 500 Equity S&P 500 Index
■ Alpha -0.04 0.00
Beta 1.00 1.00
■ Sharpe Ratio 1.59 1.60
Treynor Ratio 0.14 0.14
Benchmark Relative Historical Statistics 5 Years Ending December 31, 2016
1.6
0.8
0.0
-0.8
-1.6
Rhumbline S&P 500 Equity S&P 500 Index
■ Actual Correlation 1.00 1.00
Information Ratio -1.12 N/A
■ R-Squared 1.00 1.00
Tracking Error 0.04 0.00
Historical Statistics 3 Years
Return Standard Sharpe Up Market Up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters
Strategy Review
Rhumbline S&P 400 Equity I S&P MidCap 400 Index
As of December 31, 2016
Historical Statistics 5 Years
Return Standard Sharpe Up Market Up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters
Investment 9.03 8.76 1.03 99.76 9.00 99.48 3.00 Investment 15.30 10.64 1.41 99.72 16.00 99.46 4.00
Index 9.04 8.80 1.03 100.00 9.00 100.00 3.00 Index 15.33 10.66 1.41 100.00 16.00 100.00 4.00
Risk and Return 3 Years
9.1
9.0
8.7 8.8
8
Risk (Standard Deviation %)
Investment O Index
3 Year Rolling Percentile Rank IM U.S. Mid Cap Equity (SA+CF)
0.0
c
25.0
m
2
50.0 `♦♦♦
d
75.0
100.0
3/12 9/12 3/13 9/13 3/14 9/14 3/15
9/15 3/16
12/16
Total Period 5-25 25-Median
Median-75
75-95
Count Count
Count
Count
Investment 20 1 (5%) 8 (40%)
11 (55%)
0 (0%)
-
Index 20 1 (5%) 8 (40%)
11 (55%)
0 (0%)
Risk and Return 5 Years
15.4
e
E 15.3 •
d
K
15.2
10.6
10.7
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank IM U.S. Mid Cap Equity (SA+CF)
0.0
c
25.0
m
2
50.0 00.0
m
d
75.0
100.0
-
3/12 9/12 3/13
9/13 3/14 9/14 3/15 9/15 3/16
12/16
Total Period
5-25 25-Median Median-75
75-95
Count Count Count
Count
Investment 20
0 (0%) 11 (55%) 9 (45%)
0 (0%)
Index 20
0 (0%) 10 (50%) 10 (50%)
0 (0%)
Page 31
Peer Group Analysis - IM U.S. Mid Cap Equity (SA+CF)
32.0
28.0
24.0
20.0
16.0
E
12.0
8.0 O
4.0
0.0-10
-4.0
• O
3 YR 5 YR
Median 3.90 3.90 12.12 7.13 14.61
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Sep-2016 Jun-2016 Mar-2016
Strategy Review
Rhumbline SAP 400 Equity I S&P MidCap 400 Index
As of December 31, 2016
Peer Group Analysis - IM U.S. Mid Cap Equity (SA+CF)
44.0
38.0
32.0
26.0
20.0
O
14.0
• O
8.0
2.0 0p
-4.0
-10.0
-16.0
• O 0 O
4 Quarters 4 Quarters 4 Quarters 4 Quarters 4 Quarters
Ending Ending Ending Ending Ending
Sep-2016 Sep-2015 Sep-2014 Sep-2013 Sep-2012
Investment 15.21 (28)
1.45 (52) 11.81 (67)
27.55 (57) 28.90 (36)
O Index 15.33 (27)
1.40 (53) 11.82 (67)
27.68 (56) 28.54 (41)
Median 11.35
1.47 13.49
28.01 27.30
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2015
Sep-2015
Jun-2015
Investment 4.13 (69) 3.96 (20) 3.72 (18) 2.61 (66) -8.44 (49) -1.05 (67)
Index 4.14 (67) 3.99 (19) 3.78 (16) 2.60 (66) -8.50 (53) -1.06 (69)
Median 4.77 2.42 0.66 3.25 -8.48 -0.38
Page 32
Risk / Reward Historical Statistics 3 Years Ending December 31, 2016
1.6
W,
0.8
0.4
0.0
Rhumbline S&P 400 Equity S&P MidCap 400 Index
■ Alpha 0.03 0.00
Beta 1.00 1.00
■ Sharpe Ratio 1.03 1.03
Treynor Ratio 0.09 0.09
Benchmark Relative Historical Statistics 3 Years Ending December 31, 2016
1.2
0.8
0.4
0.0
-0.4
-0.8
Rhumbline S&P 400 Equity S&P MidCap 400 Index
■ Actual Correlation
1.00
1.00
Information Ratio
-0.15
N/A
■ R-Squared
1.00
1.00
Tracking Error
0.06
0.00
Benchmark: S&P MidCap 400 Index
Page 33
Portfolio Comparison
Rhumbline S&P MidCap 400
As of December 31, 2016
Risk / Reward Historical Statistics 5 Years Ending December 31, 2016
1.8
1.2
0.6 IL
0.0
-0.6
Rhumbline S&P 400 Equity S&P MidCap 400 Index
■ Alpha 0.00 0.00
Beta 1.00 1.00
■ Sharpe Ratio 1.41 1.41
Treynor Ratio 0.15 0.15
Benchmark Relative Historical Statistics 5 Years Ending December 31, 2016
1.5
1.0 -
0.5
0.0
-0.5
-1.0
Rhumbline S&P 400 Equity S&P MidCap 400 Index
■ Actual Correlation 1.00 1.00
Information Ratio -0.47 N/A
■ R-Squared 1.00 1.00
Tracking Error 0.07 0.00
Strategy Review
Rhumbline S&P 600 Equity I S&P SmallCap 600
As of December 31, 2016
Historical Statistics 3 Years Historical Statistics 5 Years
Return Standard Sharpe Up Down Up Down
Market Up Market Down Return Standard Sharpe Market Up Market Down
Deviation Ratio Capture Quarters Capture Quarters Deviation Ratio Capture Quarters Capture Quarters
Investment 9.47 11.31 0.86 99.80 10.00 99.52 2.00 Investment 16.57 11.64 1.39 99.72 17.00 99.71 3.00
Index 9.47 11.35 0.86 100.00 10.00 100.00 2.00 Index 16.62 11.68 1.39 100.00 17.00 100.00 3.00
Risk and Return 3 Years
9.5
9.4
11.3
11
Risk (Standard Deviation %)
Investment O Index
3 Year Rolling Percentile Rank IM U.S. Small Cap Equity (SA+CF)
0.0
c
25.0
m
m
m
`�
50.0 Opp
m
a
E
d
0:
75.0
100.0
3/12 9/12 3/13
9/13 3/14 9/14 3/15
9/15 3/16
12/16
Total Period
5-25 25-Median
Median-75
75-95
Count Count
Count
Count
Investment 20
1 (5%) 18 (90%)
1 (5%)
0 (0%)
-
Index 20
1 (5%) 18 (90%)
1 (5%)
0 (0%)
Risk and Return 5 Years
16.8
E
d
K
16.7
16.6
40
16.5
11.6 11.7
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank IM U.S. Small Cap Equity (SA+CF)
0.0 1
c 25.0
m
m
2� -
50.0 �
`m
a
c
d
75.0
100.0
3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 2 (10%) 13 (65%) 5 (25%) 0 (0%)
Index 20 2 (10%) 14 (70%) 4 (20%) 0 (0%)
Page 34
Strategy Review
Rhumbline S&P 600
Equity I S&P SmallCap 600
As of December 31, 2016
Peer Group Analysis
- IM U.S. Small Cap Equity
(SA+CF)
Peer Group Analysis - IM U.S. Small Cap Equity (SA+CF)
40.0
52.0
35.0
44.0
30.0
36.0
• O
• O
• O
25.0
28.0
20.0
20.0
• O
• O
3
15.0
12.0
• O
• O
10.0
• O
• O
4.0
• O
5.0
-4.0
0.0
-12.0
-5.0
-20.0
-10.0
4 Quarters
4 Quarters 4 Quarters
4 Quarters 4 Quarters
Ending
Ending Ending
Ending Ending
QTR
FYTD
1 YR
3 YR
5 YR
Sep-2016
Sep-2015 Sep-2014
Sep-2013 Sep-2012
• Investment
11.11 (34)
11.11 (34)
26.41 (25)
9.47 (26)
16.57 (31)
40 Investment
18.00 (26)
3.90 (36) 5.79 (54)
31.40 (56) 33.27 (36)
0 Index
11.13 (33)
11.13 (33)
26.56 (24)
9.47 (26)
16.62 (30)
0 Index
18.12 (24)
3.81 (37) 5.74 (55)
31.51 (55) 33.35 (36)
Median
9.08
9.08
20.87
7.78
15.45
Median
14.58
2.40 6.13
32.17 31.60
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Sep-2016
Jun-2016
Mar-2016
Dec-2015
Sep-2015
Jun-2015
Investment
7.19 (61)
3.46 (46)
2.59 (23)
3.72 (36)
-9.22 (33)
0.22 (59)
Index
7.20 (61)
3.48 (45)
2.66 (22)
3.72 (36)
-9.27 (34)
0.19 (60)
Median
7.73
3.24
-0.05
3.10
-10.27
0.54
Page 35
Risk / Reward Historical Statistics 3 Years Ending December 31, 2016
1.2
0.9
Risk / Reward Historical Statistics 5 Years Ending December 31, 2016
2.0
1.5
Portfolio Comparison
Rhumbline S&P 600
As of December 31, 2016
0.6
1.0
0.3
0.5
0.0
0.0
Rhumbline S&P 600 Equity
S&P SmallCap 600
Rhumbline S&P 600 Equity
S&P SmallCap 600
■ Alpha
0.03
0.00
■ Alpha
0.01
0.00
Beta
1.00
1.00
Beta
1.00
1.00
■ Sharpe Ratio
0.86
0.86
■ Sharpe Ratio
1.39
1.39
Treynor Ratio
0.10
0.10
Treynor Ratio
0.16
0.16
Benchmark Relative
Historical Statistics 3 Years Ending
December 31, 2016
Benchmark Relative
Historical Statistics 5 Years Ending December 31, 2016
1.2
1.4
0.8 0.7
0.4 0.0
0.0 -0.7
-0.4
Rhumbline S&P 600 Equity S&P SmallCap 600
■ Actual Correlation
1.00
1.00
Information Ratio
-0.10
N/A
■ R-Squared
1.00
1.00
Tracking Error
0.06
0.00
Benchmark: S&P SmallCap 600
Page 36
-1.4
Rhumbline S&P 600 Equity S&P SmallCap 600
■ Actual Correlation 1.00 1.00
Information Ratio -0.74 N/A
■ R-Squared 1.00 1.00
Tracking Error 0.06 0.00
Historical Statistics 3 Years
Return Standard Sharpe Up Market Up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters
Strategy Review
Highland Capital Equity I Russell 1000 Growth Index
As of December 31, 2016
Historical Statistics 5 Years
Return Standard Sharpe Up Down
Market Up Market Down
Deviation Ratio Capture Quarters Capture Quarters
Investment 6.07 7.45 0.82 85.44 8.00 143.85 4.00 Investment 14.21 11.16 1.26 99.43 15.00 100.64 5.00
Index 8.55 6.27 1.33 100.00 11.00 100.00 1.00 Index 14.50 9.60 1.47 100.00 17.00 100.00 3.00
Risk and Return 3 Years
9.6
9.0
8.4 -
7.8
c
iu 7.2
6.6
6.0
5.4
6.0 6.2 6.4 6.6 6.8 7.0 7.2 7.4 7.6 7.8
Risk (Standard Deviation %)
Investment 0 Index
3 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)
0.0
c 25.0
��...�� O
2 50.0 10
c
m
Of 75.0
100.0 9 @
3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
14.6
14.5
14.4
c
� 14.3
14.2
14.1
9.0 9.2 9.4 9.6 9.8 10.0 10.2 10.4 10.6 10.8 11.0 11.2 11.4 11.6
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)
0.0
25.0
m
50.0
a
c
v
Of 75.0
100.0 -
3/12 9/12 3/13 9/13 3114 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 4 (20%) 3 (15%) 8 (40%) 5 (25%) - Investment 18 6 (33%) 3 (17%) 8 (44%) 1 (6%)
- Index 20 0 (0%) 17 (85%) 3 (15%) 0 (0%) - Index 20 0 (0%) 20 (100%) 0 (0%) 0 (0%)
Page 37
Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)
20.0
17.0
14.0
11.0
8.0
O
E
5.0
2.0
O O
-1.0
-4.0
-7.0
• O
3 YR 5 YR
Median 0.18 0.18 4.60 7.22 13.94
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Sep-2016 Jun-2016 Mar-2016
Strategy Review
Highland Capital Equity I Russell 1000 Growth Index
As of December 31, 2016
Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)
40.0
35.0
30.0
25.0
20.0 O
15.0
O
10.0
5.0
0.0
-5.0
-10.0
4 Quarters 4 Quarters 4 Quarters 4 Quarters 4 Quarters
Ending Ending Ending Ending Ending
Sep-2016 Sep-2015 Sep-2014 Sep-2013 Sep-2012
Investment 6.68 (93)
4.64 (34) 16.29 (70)
28.73 (7) 27.51 (51)
O Index 13.76 (22)
3.17 (56) 19.15 (39)
19.27 (65) 29.19 (38)
Median 11.64
3.61 18.13
20.27 27.63
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2015
Sep-2015
Jun-2015
Investment 4.20 (71) -0.43 (75) -1.76 (55) 4.68 (87) -7.61 (81) 1.66 (20)
Index 4.58 (61) 0.61 (50) 0.74 (22) 7.32 (47) -5.29 (34) 0.12 (67)
Median 5.16 0.60 -1.55 7.05 -5.94 0.60
Page 38
Risk / Reward Historical Statistics 3 Years Ending December 31, 2016
4.0
2.0
0.0 -
-2.0
-4.0
Highland Capital Equity Russell 1000 Growth Index
■ Alpha -2.83 0.00
Beta 1.07 1.00
■ Sharpe Ratio 0.82 1.33
Treynor Ratio 0.06 0.08
Benchmark Relative Historical Statistics 3 Years Ending December 31, 2016
4.0
2.0
0.0 0 M 0 lb
-2.0
Highland Capital Equity Russell 1000 Growth Index
■ Actual Correlation
0.90
1.00
Information Ratio
-0.69
N/A
■ R-Squared
0.81
1.00
Tracking Error
3.27
0.00
Benchmark: Russell 1000 Growth Index
Page 39
Portfolio Comparison
Highland Capital Equity
As of December 31, 2016
Risk / Reward Historical Statistics 5 Years Ending December 31, 2016
2.0
1.0
0.0
-1.0
-2.0
Highland Capital Equity Russell 1000 Growth Index
■ Alpha -1.35 0.00
Beta 1.09 1.00
■ Sharpe Ratio 1.26 1.47
Treynor Ratio 0.13 0.14
Benchmark Relative Historical Statistics 5 Years Ending December 31, 2016
6.0
4.5
3.0
1.5
0.0 ■ ■ ■
-1.5
Highland Capital Equity Russell 1000 Growth Index
■ Actual Correlation 0.94 1.00
Information Ratio -0.03 N/A
■ R-Squared 0.88 1.00
Tracking Error 4.02 0.00
Strategy Review
Highland Capital Fixed Income I Bloomberg Barclays U.S. Aggregate Index
As of December 31, 2016
Historical Statistics 3 Years Historical Statistics 5 Years
Return Standard Sharpe Market Up Up Market Down Down Return Standard Sharpe Market Up Up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters Deviation Ratio Capture Quarters Capture Quarters
Investment 3.04 3.31 0.89 96.02 9.00 88.44 3.00 Investment 2.19 3.25 0.66 98.00 13.00 97.47 7.00
Index 3.03 3.38 0.87 100.00 9.00 100.00 3.00 Index 2.23 3.08 0.70 100.00 14.00 100.00 t"lu
Risk and Return 3 Years
3.1
3.0
3.1 3.2 3.3 3.
Risk (Standard Deviation %)
Investment 0 Index
3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0
c 25.0
d
50.0
a.
c
m
75.0
100.0
3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
2.4
2.3
d
K
2.2 I t
2.1
3.0
3.1
3.2 3.3
Risk (Standard Deviation %)
Investment 0 Index
5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0
25.0
A
Of
d
o
d
a
c
50.0
v
Of
75.0
100.0
3/12 9/12 3/13
9/13
3114 9/14 3/15 9/15 3/16 12/16
Total Period
5-25
25-Median Median-75 75-95
Count
Count Count Count
Investment 20 0 (0%) 0 (0%) 6 (30%) 14 (70%) - Investment 20 0 (0%) 0 (0%) 0 (0%) 20 (100 %)
- Index 20 0 (0%) 0 (0%) 0 (0%) 20 (100%) - Index 20 0 (0%) 0 (0%) 0 (0%) 20 (100%)
Page 40
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
8.0
6.0
4.0
•Q
Q
2.0
3
N
0.0
-2.0
• Q • Q
-4.0
• Q
5 YR
Median -2.81 -2.81 3.10 3.34 2.82
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Sep-2016 Jun-2016 Mar-2016
Strategy Review
Highland Capital Fixed Income I Bloomberg Barclays U.S. Aggregate Index
As of December 31, 2016
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
12.0
10.0
8.0
6.0
Q
Q
4.0
Q
i
3
d
Q
2.0
0.0
Q
-2.0
•
-4.0
-6.0
4 Quarters
4 Quarters
4 Quarters
4 Quarters
4 Quarters
Ending
Ending
Ending
Ending
Ending
Sep-2016
Sep-2015
Sep-2014
Sep-2013
Sep-2012
49 Investment 6.51 (19) 2.22 (88) 3.51 (94) -2.54 (99) 6.07 (72)
0 Index 5.19 (80) 2.94 (59) 3.96 (80) -1.68 (80) 5.16 (91)
Median 5.66 3.02 4.50 -1.26 6.61
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Dec-2015 Sep-2015 Jun-2015
Investment 0.58 (61) 2.41 (43) 3.61 (3) -0.21 (12) 1.21 (43) -1.58 (48)
Index 0.46 (78) 2.21 (71) 3.03 (50) -0.57 (72) 1.23 (40) -1.68 (73)
Median 0.69 2.34 3.03 -0.45 1.15 -1.60
Page 41
Risk / Reward Historical Statistics 3 Years Ending December 31, 2016
1.2
0.9
0.6
0.3
0.0 -
Highland Capital Fixed Income Bloomberg Barclays U.S.
Aggregate Index
■ Alpha 0.13 0.00
Beta 0.96 1.00
■ Sharpe Ratio 0.89 0.87
Treynor Ratio 0.03 0.03
Benchmark Relative Historical Statistics 3 Years Ending December 31, 2016
1.2
0.9
0.6
0.3
0.0
Highland Capital Fixed Income Bloomberg Barclays U.S.
Aggregate Index
■ Actual Correlation
0.98
1.00
Information Ratio
0.02
N/A
■ R-Squared
0.96
1.00
Tracking Error
0.67
0.00
Benchmark: Bloomberg Barclays U.S. Aggregate Index
Page 42
Portfolio Comparison
Highland Capital Fixed Income
As of December 31, 2016
Risk / Reward Historical Statistics 5 Years Ending December 31, 2016
1.6
1.2
0.8
0.4
0.0 -
-0.4
Highland Capital Fixed Income Bloomberg Barclays U.S.
Aggregate Index
■ Alpha -0.10 0.00
Beta 1.03 1.00
■ Sharpe Ratio 0.66 0.70
Treynor Ratio 0.02 0.02
Benchmark Relative Historical Statistics 5 Years Ending December 31, 2016
1.2
0.8
0.4
0.0
-0.4
Highland Capital Fixed Income Bloomberg Barclays U.S.
Aggregate Index
■ Actual Correlation 0.98 1.00
Information Ratio -0.05 N/A
■ R-Squared 0.95 1.00
Tracking Error 0.71 0.00
Strategy Review
Oppenheimer Dreyfus (OIBAX) (DIBAX) I Citigroup Non-U.S. World Government Bond
As of December 31, 2016
Historical Statistics 3 Years
Return Standard Sharpe Up Market up Market Down Down
Deviation Ratio Capture Quarters Capture Quarters
Historical Statistics 5 Years
Return Standard Sharpe Up Market up Market
Down Down
Deviation Ratio Capture Quarters Capture Quarters
Investment 0.06 6.50 0.03 41.37 7.00 30.24 5.00 Investment 1.12 6.03 0.20 51.93 13.00 23.53 7.00
Index -2.18 9.93 -0.18 100.00 6.00 100.00 6.00 Index -1.94 8.49 -0.20 100.00 9.00 100.00 11.00
Risk and Return 3 Years
0.6
0.0 •
-0.6
e
E
-1.2
d
K
-1.8
-2.4
-3.0
5.6 6.0 6.4 6.8
7.2 7.6 8.0 8.4 8.8 9.2 9.6 10.0
10.4 10.8
Risk (Standard Deviation %)
Investment O Index
3 Year Rolling Percentile Rank IM
International Fixed Income All (MF)
0.0
c
25.0
m
m
A
50.0
`
E
,`�
75.0
�I,
100.0
3/12 9/12 3/13
9/13 3/14 9/14 3/15 9/15 3/16
12/16
Total Period
5-25 25-Median Median-75
75-95
Count Count Count
Count
Investment 14
0 (0%) 4 (29%) 10 (71%)
0 (0%)
-
Index 20
0 (0%) 1 (5%) 3 (15%)
16 (80%)
Risk and Return 5 Years
2.4
1.6
0.8
0.0
c
d -0.8
K
-1.6
-2.4
-3.2
5.4 5.7 6.0 6.3 6.6 6.9 7.2 7.5 7.8 8.1 8.4 8.7 9.0
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank IM International Fixed Income All (MF)
0.0
c 25.0
m
m
c
m
a 50.0 ,N
E �' _
d
75.0
100.0
3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 6 0 (0%) 0 (0%) 6 (100%) 0 (0%)
Index 20 0 (0%) 1 (5%) 4 (20%) 15 (75%)
Page 43
Peer Group Analysis - IM International Fixed Income All (MF)
30.0
25.0
20.0
15.0
10.0
E
5.0
Q
0.0
-5.0
-10.0 Q Q
-15.0
Strategy Review
Oppenheimer Dreyfus (OIBAX) (DIBAX) I Citigroup Non-U.S. World Government Bond
As of December 31, 2016
Peer Group Analysis - IM International Fixed Income All (MF)
36.0
28.0
20.0
12.0 Q
c
4.0
Q
-4.0
Q O Q
-12.0
-20.0
-28.0
3 YR 5 YR
Median -3.10 -3.10 9.51 2.11 3.71
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Sep-2016 Jun-2016 Mar-2016
4 Quarters 4 Quarters 4 Quarters 4 Quarters 4 Quarters
Ending Ending Ending Ending Ending
Sep-2016 Sep-2015 Sep-2014 Sep-2013 Sep-2012
Investment 9.59 (81)
-4.81 (31) 2.98 (69)
-2.82 (42) 7.90 (70)
O Index 12.61 (56)
-7.01 (45) -0.99 (89)
-5.63 (81) 3.45 (91)
Median 13.07
-7.89 5.35
-3.50 14.50
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2015
Sep-2015
Jun-2015
Investment 2.64 (67) 2.71 (75) 5.03 (39) -1.02 (83) -5.70 (69) 1.42 (13)
Index 0.60 (94) 4.04 (47) 9.10 (3) -1.38 (90) 1.71 (2) -1.54 (77)
Median 3.46 3.88 4.64 0.51 -4.28 -0.33
Page 44
Strategy Review
American Realty I NCREIF Property Index
As of December 31, 2016
Historical Statistics 3 Years Historical Statistics 5 Years
Return Standard Sharpe Up Down Up Down
Market Up Market Down Return Standard Sharpe Market Up Market Down
Deviation Ratio Capture Quarters Capture Quarters Deviation Ratio Capture Quarters Capture Quarters
Investment 10.84 1.93 5.27 98.58 12.00 N/A N/A Investment N/A N/A N/A N/A N/A N/A N/A
Index 11.02 1.12 8.96 100.00 12.00 N/A N/A Index 10.92 0.89 11.24 100.00 20.00 N/A N/A
Risk and Return 3 Years
11.1
E
d
11.0
10.9
10.8 1
0.9 1.0 1.1 1.2
1.3 1.4 1.5 1.6 1.7
1.8 1.9
2.0 2.1
Risk (Standard Deviation %)
Investment 0 Index
3 Year Rolling Percentile Rank
IM U.S. Private Real Estate (SA+CF)
0.0
25.0
m
�
2
50.0 ,,
�
75.0
100.0
3/12 9/12 3/13
9/13 3/14 9/14 3/15
9/15 3/16
12/16
Total Period
5-25 25-Median Median-75
75-95
Count Count
Count
Count
Investment 7
0 (0%) 0 (0%)
0 (0%)
7 (100%)
-
Index 20
1 (5%) 1 (5%)
1 (5%)
17 (85%)
Risk and Return 5 Years
11.0
E
d
K
10.9
0.8
0.9
Risk (Standard Deviation %)
Investment O Index
5 Year Rolling Percentile Rank IM U.S. Private Real Estate (SA+CF)
0.0
25.0
m
E
50.0
d
�
75.0
�
100.0
3/12 9/12 3/13
9/13 3/14 9/14 3/15 9/15 3/16
12/16
Total Period
5-25 25-Median Median-75
75-95
Count Count Count
Count
Investment 0
0 0 0
0
Index 20
7 (35%) 1 (5%) 2 (10%)
10 (50%)
Page 45
Strategy Review
American Realty NCREIF Property Index
As of December 31, 2016
Peer Group Analysis
- IM U.S. Private Real Estate (SA+CF)
Peer Group Analysis - IM U.S. Private Real Estate (SA+CF)
23.0
40.0
36.0
20.0
32.0
17.0
28.0
14.0
24.0
11.0
Q
Q
E
`
3
20.0
3
�
�
N
8.0
Q
16.0
Q
5.0
12.0
Q
Q Q
Q
8.0
2.0
Q
Q
•
•
4.0
-1.0
0.0
-4•0
4 Quarters
4 Quarters
4 Quarters
4 Quarters 4 Quarters
Ending
Ending
Ending
Ending Ending
QTR
FYTD
1 YR
3 YR
5 YR
Sep-2016
Sep-2015
Sep-2014
Sep-2013 Sep-2012
• Investment
1.20 (87)
1.20 (87)
7.09 (96)
10.84 (94)
N/A
40 Investment
9.03 (94)
14.05 (71)
12.45 (72)
12.30 (73) N/A
O Index
1.73 (74)
1.73 (74)
7.97 (88)
11.02 (93)
10.92 (93)
0 Index
9.22 (93)
13.48 (77)
11.26 (91)
11.00 (83) 11.00 (75)
Median
2.29
2.29
9.52
12.77
13.18
Median
11.49
16.17
13.17
13.35 13.03
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Sep-2016
Jun-2016
Mar-2016
Dec-2015
Sep-2015
Jun-2015
Investment
1.83 (66)
1.25 (95)
2.63 (52)
3.03 (78)
3.39 (63)
3.74 (50)
Index
1.77 (70)
2.03 (67)
2.21 (65)
2.91 (90)
3.09 (75)
3.14 (72)
Median
2.09
2.50
2.64
3.63
3.63
3.74
Page 46
Total Policy Historical Hybrid Composition
Allocation Mandate
Mar-1992
Bloomberg Barclays U.S. Aggregate Index
S&P 500 Index
S&P MidCap 400 Index
Russell 1000 Growth Index
S&P SmallCap 600
MSCI EAFE Index
Oct-2010
Bloomberg Barclays U.S. Aggregate Index
S&P 500 Index
S&P MidCap 400 Index
Russell 1000 Growth Index
MSCI EAFE Index
S&P SmallCap 600
Citigroup Non-U.S. World Government Bond
Apr-2012
Bloomberg Barclays U.S. Aggregate Index
S&P 500 Index
S&P MidCap 400 Index
Russell 1000 Growth Index
MSCI EAFE Index
S&P SmallCap 600
Citigroup Non-U.S. World Government Bond
NCREIF Property Index
Oct-2015
Bloomberg Barclays U.S. Aggregate Index
S&P 500 Index
S&P MidCap 400 Index
Russell 1000 Growth Index
MSCI EAFE Index
S&P SmallCap 600
Citigroup Non-U.S. World Government Bond
NCREIF Property Index
Page 47
Benchmark History
Investment Policy Benchmarks
As of December 31, 2016
Weight (%)
Total Equity Historical Hybrid Composition
Allocation Mandate
Weight (`
Jun-2000
35.00
S&P 500 Index
100.00
25.00
10.00
Jan-2003
10.00
S&P 500 Index
80.00
10.00
S&P MidCap 400 Index
20.00
10.00
Jan-2004
S&P 500 Index
60.00
31.00
S&P MidCap 400 Index
20.00
25.00
S&P SmallCap 600
20.00
10.00
Jan-2007
10.00
S&P 500 Index
62.00
10.00
S&P MidCap 400 Index
15.00
10.00
S&P SmallCap 600
15.00
4.00
MSCI EAFE Index
8.00
Oct-2007
29.00
S&P 500 Index
38.40
25.00
S&P MidCap 400 Index
15.40
10.00
S&P SmallCap 600
15.40
10.00
MSCI EAFE Index
15.40
10.00
Russell 1000 Growth Index
15.40
10.00
4.00
2.00
26.00
25.00
10.00
10.00
10.00
Total Fixed Income Historical Hybrid Composition
10.00
Allocation Mandate Weight
4.00
5.00
Apr-1994
Bloomberg Barclays U.S. Aggregate Index 89.00
Citigroup Non-U.S. World Government Bond 11.00
Palm Beach Gardens Police
Review of International Bond Funds
Performance Review
Dreyfus Intl Borl (DIBAX)
As of December 31. 2016
Mutual Fund Info from Lipper
Summary Description
Product Name :
Dreyfus Intl Bond;A (DIBAX)
The investment seeks to maximize total return through capital appreciation and income. To pursue its
Fund Family:
Dreyfus Corporation
goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment
Ticker:
DIBAX
purposes, in fixed -income securities. It also normally invests at least 65% of its assets in non-U.S. dollar
Peer Group :
IM International Fixed Income (MF)
denominated fixed -income securities of foreign governments and companies located in various
Benchmark :
Fund Inception :
Citigroup Non-U.S. World Government Bond
12/30/2005
countries, including emerging markets. The fund may invest up to 25% of its assets in emerging markets
Portfolio Manager:
Leduc/Murphy/Srivastava
generally and up to 5% of its assets in any single emerging market country. It is non -diversified.
Total Assets :
$118 Million
Total Assets Date :
12/31/2016
Gross Expense :
1.12%
Net Expense :
1.12%
Turnover:
217%
Peer Group Analysis - IM International Fixed Income (MF)
28.00
20.00
12.00
•
c
4.00
• O
-4.00 O O O • 0
-12.00 0
-20.00
QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
• Dreyfus Intl Bond,A (DIBAX)
-8.15 (70) 1.43 (66)
1.43 (66)
-0.69 (43) 0.56 (51)
-6.76 (62) 3.58 (24)
-3.92 (59) 9.28 (37)
3.21 (44)
O Citigroup Non-U.S. World Government Bond
-10.84 (94) 1.81 (62)
1.81 (62)
-2.18 (65) -1.94 (79)
-5.54 (46) -2.68 (72)
-4.56 (66) 1.50 (97)
5.17 (21)
Median
-7.04 2.97
2.97
-0.98 0.56
-5.87 0.32
-3.68 6.96
2.75
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Sep-2016
Jun-2016
Mar-2016
Dec-2015
Sep-2015
Jun-2015
Dreyfus Intl Bond;A (DIBAX)
1.85 (43)
2.35 (56)
5.94 (49)
-1.59 (86)
-1.88 (66)
-3.38 (84)
Citigroup Non-U.S. World Government Bond
0.60 (80)
4.04 (2)
9.10 (1)
-1.38 (78)
1.71 (4)
-1.54 (43)
IM International Fixed Income (MF) Median
1.57
2.52
5.75
-0.70
-1.42
-1.67
Page 49
3 Yr Rolling Under/Over Performance - 5 Years
18.0
Over
m 12.0 Performance
0
a e
6.0 0 0
a
a Op 00
m 0.0
N -6.0
r -12.0
-12.0 -6.0 0.0 6.0
Citigroup Non-U.S. World Government Bond (% )
® Over Performance 0 Under Performance
Earliest Date X Latest Date
Peer Group Scattergram - 3 Years
0.60
0.00
-0.60 •
Performance Review
Dreyfus Intl Bond;A (DIBAX)
As of December 31. 2016
3 Yr Rolling Percentile Ranking - 5 Years
x
0.00
dm
25.00
O
.
.
p
. O •
•
O O
O O
O O
•
p®®®
O•
50.00
0 O
O O
O
p
0
O
7s.00
p
p
0
Y
Under d
O
O
p p O
O
Performance K
100.00
12.0 18.0
3/12
9/12
3/13
9/13
3/14
9/14 3/15
9/15
3/16
12/16
Total
5-25
25-Median Median-75
75-95
Period
Count
Count
Count
Count
-1.20
-1.80
-2.40 O
-3.00
5.44 5.78 6.12 6.46 6.80 7.14 7.48 7.82
Risk (Standard Deviation %)
Return Standard
Deviation
• Dreyfus Intl Bond;A (DIBAX) 20
O Citigroup Non-U.S. World Government Bond 20
Peer Group Scattergram - 5 Years
1.70
0.85
40
E 0.00
-0.85
K
-1.70
-2.55
8.16 5.13 5.40 5.67 5.94 6.21 6.48
Risk (Standard Deviation %)
Return
2 (10% 18 (90% 0 (0%) 0 (0%)
0 (0%) 3 (15% 8 (40% 9 (45%
6.75
0
7.02
Standard
Deviation
• Dreyfus Intl Bond;A (DIBAX) -0.69 6.03 • Dreyfus Intl Bond;A (DIBAX) 0.56 5.61
O Citigroup Non-U.S. World Government Bond -2.18 7.78 O Citigroup Non-U.S. World Government Bond -1.94 6.91
- Median -0.98 7.11 - Median 0.56 6.53
Historical Statistics - 3 Years
7.29
Tracking
Up
Market
Down
Market
Alpha
Information
Sharpe
Beta
Downside
Error
Capture
Capture
Ratio
Ratio
Risk
Dreyfus Intl Bond;A (DIBAX)
4.13
55.64
50.72
0.75
0.34
-0.10
0.66
4.53
Citigroup Non-U.S. World Government Bond
0.00
100.00
100.00
0.00
N/A
-0.26
1.00
6.07
Historical Statistics - 5 Years
Tracking
Up
Down
Information
Sharpe
Downside
Error
Market
Market
Alpha
Ratio
Ratio
Beta
Risk
Capture
Capture
Dreyfus Intl Bond;A (DIBAX) 3.81 71.40 52.31 1.90 0.64 0.11 0.68 4.09
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A -0.26 1.00 5.36
Page 50
Mutual Fund Info from Lipper
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 :
$1,429 Million
Total Assets Date :
12/31/2016
Gross Expense :
1.02%
Net Expense:
1.02%
Turnover:
128%
Peer Group Analysis - IM International Fixed Income (MF)
28.00
20.00
12.00
c
' 4.00
m
-4.00
-12.00 0
-20.00
QTR
Performance Review
Oppenheimer Intl Bd;A (OIBAX)
As of December 31. 2016
Summary Description
The investment seeks total return. The fund normally invests at least 80% of its assets in debt securities.
It typically invests in at least three countries other than the United States. The fund invests in debt
securities of issuers in both developed and emerging markets throughout the world. It invests mainly in
debt securities of foreign government and corporate issuers. The fund may buy securities issued by
companies of any size or market capitalization range and at times might emphasize securities of issuers
in a particular capitalization range. It is non -diversified.
O
O
O
�
�
0
0
YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011
• Oppenheimer Intl Bd;A (OIBAX)
-4.40 (37) 6.13 (19)
6.13 (19)
0.83 (27) 1.71 (35)
-3.72 (28) 0.32 (51)
-4.16 (62) 10.77 (25)
-0.28 (80)
O Citigroup Non-U.S. World Government Bond
-10.84 (94) 1.81 (62)
1.81 (62)
-2.18 (65) -1.94 (79)
-5.54 (46) -2.68 (72)
-4.56 (66) 1.50 (97)
5.17 (21)
Median
-7.04 2.97
2.97
-0.98 0.56
-5.87 0.32
-3.68 6.96
2.75
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Sep-2016
Jun-2016
Mar-2016
Dec-2015
Sep-2015
Jun-2015
Oppenheimer Intl Bd;A (OIBAX)
3.47 (6)
3.08 (26)
4.08 (64)
-0.96 (54)
-1.59 (57)
-1.88 (53)
Citigroup Non-U.S. World Government Bond
0.60 (80)
4.04 (2)
9.10 (1)
-1.38 (78)
1.71 (4)
-1.54 (43)
IM International Fixed Income (MF) Median
1.57
2.52
5.75
-0.70
-1.42
-1.67
Page 51
3 Yr Rolling Under/Over Performance - 5 Years
15.0
m Over
O 10.0 Performance
0
pap 5.0 0 0
- O
0.0 00
w
E -5.0
a
-10.0
-10.0 -5.0 0.0 5.0
Citigroup Non-U.S. World Government Bond (% )
® Over Performance 0 Under Performance
Earliest Date X Latest Date
Peer Group Scattergram - 3 Years
2.00
•
0.00
c
-2.00
-4.00
4.40 4.95 5.50 6.05 6.60 7.15
Risk (Standard Deviation %)
Return
Performance Review
Oppenheimer Intl Bd;A (OIBAX)
As of December 31. 2016
3 Yr Rolling Percentile Ranking - 5 Years
x 0.00
m
v 25.00
0 0
•
u • •
• •
•
•
0
50.00
e
0
75.00 0000000
00
00
Under
d 0
0 0
0
Performance
Of
100.00
10.0 15.0
3/12 9/12 3/13 9/13
3/14
9/14 3/15
9/15
3/16
12/16
Total
5-25
25-Median
Median-75
75-95
Period
Count
Count
Count
Count
• Oppenheimer Intl Bd;A (OIBAX)
20
1 (5%)
14 (70%
5 (25%
0 (0%)
O Citigroup Non-U.S. World Government Bond
20
0 (0%)
3 (15%
8 (40%
9 (45%
Peer Group Scattergram - 5 Years
4.00
2.00 •
e.,
E o.00
O
-2.00
Q
-4.00
7.70 8.25
5.22 5.51 5.80
6.09
6.38
6.67
6.96
7.25
Risk (Standard Deviation
%)
Standard
Return
Standard
Deviation
Deviation
• Oppenheimer Intl Bd;A (OIBAX) 0.83 4.98 • Oppenheimer Intl Bd;A (OIBAX) 1.71 5.50
O Citigroup Non-U.S. World Government Bond -2.18 7.78 O Citigroup Non-U.S. World Government Bond -1.94 6.91
- Median -0.98 7.11 - Median 0.56 6.53
Historical Statistics - 3 Years
Tracking
Up
Market
Down
Market
Alpha
Information
Sharpe
Beta
Downside
Error
Capture
Capture
Ratio
Ratio
Risk
Oppenheimer Intl Bd;A (OIBAX)
5.85
39.85
24.67
1.77
0.49
0.17
0.42
3.28
Citigroup Non-U.S. World Government Bond
0.00
100.00
100.00
0.00
N/A
-0.26
1.00
6.07
Historical Statistics - 5 Years
Tracking
Up
Down
Information
Sharpe
Downside
Error
Market
Market
Alpha
Ratio
Ratio
Beta
Risk
Capture
Capture
Oppenheimer Intl Bd;A (OIBAX) 5.39 66.99 37.61 2.76 0.66 0.32 0.51 3.82
Citigroup Non-U.S. World Government Bond 0.00 100.00 100.00 0.00 N/A -0.26 1.00 5.36
Page 52
Report Statistics
Definitions and Descriptions
Active Return - Arithmetic difference between the manager's performance and the designated benchmark return over a specified time period.
Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's
non -systemic return, or its historical performance not explained by movements of the market.
Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk.
Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the
product's performance.
Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple
shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against.
Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance
Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative
quarterly set of returns. A higher factor is indicative of a riskier product.
Excess Return - Arithmetic difference between the manager's performance and the risk -free return over a specified time period.
Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return.
Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the
Information Ratio, the more the manager has added value to the portfolio.
Public Market Equivalent (PME)
Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index.
R-Squared
- The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has
historically moved in the same direction as the appropriate benchmark.
Return
- Compounded rate of return for the period.
Sharpe Ratio
- Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A
higher value demonstrates better historical risk -adjusted performance.
Standard Deviation
- A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period.
Total Value to Paid In (TVPI)
The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund
to date. It is a good measure of performance before the end of a fund's life
Tracking Error
This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark.
Treynor Ratio
- Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free
rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk -adjusted performance.
Up Market Capture
- The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.
Page 53
Disclosures
AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing
their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client.
AndCo uses time -weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo
analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information
presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to
our attention that would cause AndCo to believe that the information presented is significantly misstated.
This performance report is based on data obtained by the client's custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data
providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various
asset positions.
The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future
performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management
services.
Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves.
This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live.
This document may contain data provided by Standard and Poor's. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where
S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance
provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results.
This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or
redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an "as is" basis and the user of this information assumes the entire
risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any
express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all
warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non -infringement, merchantability and fitness fora particular purpose) with respect to this information.
Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect,
special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related
thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment
Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof.
This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is
proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not
guarantee of future results.
Page 54
Putting clients first.
AndCo Consulting 1 (844) 44-ANDCO I And Co Consulting. coin
Fomierhv The Bogdahn Group
11 PALM BEACH GARDENS POLICE
PENSION FUND
Benefit Approvals I
Meeting of March 9, 2017
APPLICATION TO EXIT THE DROP
JACK SCHNUR DATE OF BIRTH
07/14/1963
DATE OF HIRE
05/12/1992
DROP ENTRY DATE
06/03/2012
DATE OF TERMINATION
12/02/2016
FORM OF BENEFIT
1000/0 J&S
MONTHLY BENEFIT AMOUNT
$6,620.41
SUPPLEMENTAL BENEFIT
$ 250.00
RALPH KRANCHIK
DATE OF BIRTH
DATE OF HIRE
DROP ENTRY DATE
DATE OF TERMINATION
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
06/21/1956
08/23/1995
08/01/2012
01/04/2017
10 Year Certain
$4,814.54
$ 200.00
CHRIS BARCA DATE OF BIRTH
01/17/1967
DATE OF HIRE
02/26/1992
DROP ENTRY DATE
02/26/2012
DATE OF TERMINATION
02/03/2017
FORM OF BENEFIT
100% J&S
MONTHLY BENEFIT AMOUNT
$7,524.80
SUPPLEMENTAL BENEFIT
$ 250.00
TIM ROMAN DATE OF BIRTH
04/19/1970
DATE OF HIRE
06/12/1995
DROP ENTRY DATE
06/12/2015
DATE OF TERMINATION
02/28/2017
FORM OF BENEFIT
50% J&S
MONTHLY BENEFIT AMOUNT
$5,446.85
SUPPLEMENTAL BENEFIT
$ 250.00
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNTS
(due to retirement 1/1/17)
JACK SCHNUR DATE OF RETIREMENT
12/02/2016
DATE OF BIRTH
07/14/1963
TYPE OF DISTRIBUTION PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$8,750.00
TAX WITHHOLDING (20%)
$1,750.00
TOTAL NET DISTRIBUTION
$7,000.00
CURRENT DROP ACCOUNT BALANCE
$388,157.06
APPLICATION FOR DISTRIBUTION OF DROP ACCOUNTS
(due to retirement 3/1/17)
CHRIS BARCA DATE OF RETIREMENT
02/03/2017
(holding) DATE OF BIRTH
01/17/1967
TYPE OF DISTRIBUTION PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$250,000.00
TAX WITHHOLDING (20%)
$ 50,000.00
TOTAL NET DISTRIBUTION
$200,000.00
CURRENT DROP ACCOUNT BALANCE
$511,484.06
TIM ROMAN DATE OF RETIREMENT
02/28/2017
DATE OF BIRTH
04/19/1970
TYPE OF DISTRIBUTION PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$50,000.00
TAX WITHHOLDING (20%)
$10,000.00
TOTAL NET DISTRIBUTION
$40,000.00
CURRENT DROP ACCOUNT BALANCE
$103,093.35
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(1/15/17)
WILLIAM BRANDT DATE OF RETIREMENT
09/20/2015
DATE OF BIRTH
09/18/1958
TYPE OF DISTRIBUTION
PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$21,000.00
TAX WITHHOLDING (33%)
$ 4,200.00
TOTAL NET DISTRIBUTION
$14,070.00
CURRENT DROP ACCOUNT BALANCE $376,005.28
ROBERT ODELL DATE OF RETIREMENT
08/12/2016
DATE OF BIRTH
12/14/1964
TYPE OF DISTRIBUTION
PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$25,000.00
TAX WITHHOLDING (20%)
$ 5,000.00
TOTAL NET DISTRIBUTION
$20,000.00
CURRENT DROP ACCOUNT BALANCE $394,269.27
WAYNE SIDEY DATE OF RETIREMENT
04/30/2012
DATE OF BIRTH
11/01/1961
TYPE OF DISTRIBUTION
PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$16,000.00
TAX WITHHOLDING (20%)
$ 3,200.00
TOTAL NET DISTRIBUTION
$12,800.00
CURRENT DROP ACCOUNT BALANCE $324,390.05
TODD THOMAS DATE OF RETIREMENT
01/21/2016
DATE OF BIRTH
07/09/1966
TYPE OF DISTRIBUTION
PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$55,000.00
TAX WITHHOLDING (25%)
$13,750.00
TOTAL NET DISTRIBUTION
$41,250.00
CURRENT DROP ACCOUNT BALANCE $425,484.67
JOHN BOYLE
APPLICATIONS FOR DISTRIBUTION OF DROP ACCOUNTS
(2/15/17)
DATE OF RETIREMENT
DATE OF BIRTH
TYPE OF DISTRIBUTION
TOTAL GROSS DISTRIBUTION
TAX WITHHOLDING (20%)
TOTAL NET DISTRIBUTION
CURRENT DROP ACCOUNT BALANCE
SHEREE BROWN DATE OF RETIREMENT
DATE OF BIRTH
TYPE OF DISTRIBUTION
TOTAL GROSS DISTRIBUTION
TAX WITHHOLDING (20%)
TOTAL NET DISTRIBUTION
CURRENT DROP ACCOUNT BALANCE
08/26/2016
01/03/1694
PARTIAL LUMP SUM -CASH
$30,000.00
$ 6,000.00
$24,000.00
$463,523.06
05/01/2014
10/01/1954
PARTIAL LUMP SUM -CASH
$27,000.00
$ 5,400.00
$21,600.00
$124,111.35
GWEN FLEMING DATE OF RETIREMENT
10/10/2014
DATE OF BIRTH
12/04/1963
TYPE OF DISTRIBUTION
CLOSEOUT -CASH
TOTAL GROSS DISTRIBUTION
$15,451.97
TAX WITHHOLDING (20%)
$ 3,090.39
TOTAL NET DISTRIBUTION
$12,361.58
CURRENT DROP ACCOUNT BALANCE
$15,451.97
RICHARD GEIST DATE OF RETIREMENT
01/21/2016
DATE OF BIRTH
05/22/1961
TYPE OF DISTRIBUTION PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$20,000.00
TAX WITHHOLDING (20%)
$ 4,000.00
TOTAL NET DISTRIBUTION
$16,000.00
CURRENT DROP ACCOUNT BALANCE
$657,156.99
ROBERT ODELL DATE OF RETIREMENT
08/12/2016
DATE OF BIRTH
12/14/1964
TYPE OF DISTRIBUTION PARTIAL
LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$20,000.00
TAX WITHHOLDING (20%)
$ 4,000.00
TOTAL NET DISTRIBUTION
$16,000.00
CURRENT DROP ACCOUNT BALANCE
$347,846.20
JEFF MAIN
JOSEPH SHEEHAN
DATE OF RETIREMENT
DATE OF BIRTH
TYPE OF DISTRIBUTION
TOTAL GROSS DISTRIBUTION
TAX WITHHOLDING (20%)
TOTAL NET DISTRIBUTION
CURRENT DROP ACCOUNT BALANCE
12/29/2016
04/28/1960
PARTIAL LUMP SUM -CASH
$25,000.00
$ 5,000.00
$20,000.00
$143,192.21
DATE OF RETIREMENT
01/29/2016
DATE OF BIRTH
03/28/1961
TYPE OF DISTRIBUTION
PARTIAL LUMP SUM -CASH
TOTAL GROSS DISTRIBUTION
$15,000.00
TAX WITHHOLDING (25%)
$ 3,750.00
TOTAL NET DISTRIBUTION
$11,250.00
CURRENT DROP ACCOUNT BALANCE $454,080.15
CHAIRMAN
,SECRETARY
, DATE
Pension Resource Centers
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
Meeting
Check Number
Date
I Payee and Description
Amount
2814
December 5, 2016
Gabriel Roeder Smith & Company
$3,874.00
Actuarial Services Rendered through 10-31-2016
2815
December 5, 2016
Pension Resource Center
$2,575.00
Administrative Fee - December 2016
2816
December 5, 2016
United Members Insurance, Inc.
$5,815.00
Markel American Ins Premium 12/1/16-12/1/17
2817
January 1, 2017
City of Palm Beach Gardens
$28,826.64
Retiree Insurance
2818
January 11, 2017
Klausner, Kaufman, Jensen & Levinson
$45.00
Legal Services Rendered through 11-30-16
2819
January 11, 2017
Pension Resource Center
$2,575.00
Administrative Fee - January 2017
2820
February 1, 2017
City of Palm Beach Gardens
$28,828.14
Retiree Insurance
2821
January 25, 2017
Rosen Centre Hotel
$462.00
Jay Spencer 01/2017
2822
January 25, 2017
FPPTA
$500.00
Jay Spencer -Trustee School 01/2017
2823
February 9, 2017
City of Palm Beach Gardens
$1,712.96
Retiree Insurance
2824
February 8, 2017
Pension Resource Center
$2,575.00
Administrative Fee - February 2017
2825
February 8, 2017
Jay Spencer
$530.19
Travel Reimbursement
2826
February 8, 2017
Rhumbline Advisers
$1,250.00
Investment Advisory Fee - 4th Quarter 2016
2827
February 8, 2017
Rhumbline Advisers
$6,139.00
Investment Advisory Fee - 4th Quarter 2016
2828
February 8, 2017
Highland Capital Management, LLC
$28,677.20
Management Fee - 4th Quarter 2016
2829
February 8, 2017
Klausner, Kaufman, Jensen & Levinson
$2,497.50
Legal Services Rendered through 12-31-16
2830
February 8, 2017
Gabriel Roeder Smith & Company
$1,496.00
Actuarial Services Rendered through 12-31-2016
2831
February 8, 2017
AndCo Consulting
$5,374.95
Investment Consulting Fee
2832
February 14, 2017
FPPTA
$30.00
Marc Glass CPPT Re-Cert 2016
2833
February 14, 2017
FPPTA
$30.00
Greg Mull CPPT Re -Cent 2016
2834
February 14, 2017
FPPTA
$30.00
Jay Spencer CPPT Re-Cert 2016
2835
March 1, 2017
City of Palm Beach Gardens
$32,868.81
Retiree Insurance
2836
March 2, 2017
Pension Resource Center
$2,700.03
Administrative Fee - March 2017
2837
March 2, 2017
Klausner, Kaufman, Jensen & Levinson
$765.00
Legal Services Rendered through 1-31-17
2838
March 2, 2017
Gabriel Roeder Smith & Company
$4,972.00
Actuarial Services Rendered through 1/31/17
Total: $165,149.42
Paid by Custodian
January 10, 2017 Salem Trust $5,503.67
Total $170,653.09
Chair
Secretary
Date
Palm Beach Gardens Police
Balance Sheet
FY 2017
Account Description
October
November
December
January
1000
BB&T
3,525,786.95
633,883.40
508,614.83
417,858.57
1215
A/R Employee Buyback Contributions
2,752.88
2,752.88
2,752.88
2,752.88
1235
Pending Reinvestment/Distribution
0.00
0.00
80,245.78
0.00
1300
Prepaid Other
281,806.27
293,901.09
621,962.81
300,497.67
Salem Trust (Consolidated)
1400
Cash and Equivalents
1,507,178.13
1,896,817.50
1,044,877.13
726,791.10
1410
Equities
7,580,850.92
7,708,228.54
7,870,619.55
8,235,209.21
1420
Fixed Income
17,318,380.00
19,113,462.09
19,884,512.94
19,943,878.58
1430
Other Assets-RhumbLine
44,730,044.07
47,139,625.02
47,443,866.33
48,176,869.99
1450
1 Accrued Income
119,475.17
138,279.37
122,833.79
125,901.05
1461
Due from Brokers
380,356.35
0.00
0.00
0.00
1462
Due to Brokers
(453,207.96)
(135,985.51)
(4,491.87)
(3,870.46)
Salem Trust Total
71,183,076.68
75,860,427.01
76,362,217.87
77,204,779.47
1604
American Core Realty
6,568,344.12
6,568,344.12
6,548,523.22
6,548,523.22
1616
Dreyfus International Bond
833,310.38
833,310.38
765,414.07
765,414.07
1628
Oppenheimer International Bond
783,904.09
787,044.52
746,240.80
746,240.80
2000
jAccounts Payable
1 (41,661.50)
0.00
1 (46,944.82)
(41,441.15)
TOTAL RESERVE FUND (MARKET VALUE):
1 83,137,319.87
1 84,979,663.40
1 85,589,027.44
1 85,944,625.53
Palm Beach Gardens Police
Statement of Income and Expense
FY 2017
Account Description
End October
End November
End December
End January
Year -To -Date
Income:
4000
Employer Contributions
2,843,423.00
0.00
0.00
0.00
2,843,423.00
4100
Employee Contributions
37,768.93
39,088.40
58,667.41
39,743.42
175,268.16
Realized Gain/Loss-Salem Trust
4210
Equities
2,295.17
(998.74)
0.00
6,343.61
7,640.04
4220
Fixed Income
(2,505.17)
1,366.84
2,531.14
3,505.76
4,898.57
Unrealized Gain/Loss-Salem Trust
4310
Equities
(180,212.37)
188,650.28
162,391.01
274,465.68
445,294.60
4320
Fixed Income
(217,086.68)
(482,583.73)
(24,378.50)
24,898.78
(699,150.13)
4330
Other Assets-RhumbLine
(1,183,568.24)
2,408,272.48
1,204,241.31
733,003.66
3,161,949.21
4400
Realized Gain/Loss-Mgr Held
4404
American Core Realty
0.00
0.00
(15,195.12)
0.00
(15,195.12)
4500
Unrealized Gain/Loss-Mgr Held
4504
American Core Realty
0.00
0.00
40,690.04
0.00
40,690.04
4516
Dreyfus International Bond
0.00
0.00
(70,420.61)
0.00
(70,420.61)
4528
Oppenheimer International Bond
0.00
0.00
(44,734.97)
0.00
(44,734.97)
4600
Interest & Dividend Income
58,463.80
64,475.16
116,670.79
55,882.71
295,492.46
4710
Securities Litigation
0.00
1 0.00
1 0.00
1 60.20
60.20
4800
Salem Trust Adjustments
0.00
1 1,308.47
1 0.00
1 0.00
1,308.47
Total Income
1,358,578.44
2,219,579.16
1,430,462.50
1,137,903.82
6,146,523.92
Account Description
End October
End November
End December
End January
Year -To -Date
Expense:
5000
Benefit Payments
289,204.90
289,204.90
289,204.90
303,453.63
1,171,068.33
5010
Beneficiary Payments
7,286.39
7,286.39
7,286.39
7,286.39
29,145.56
5020
Disability Payments
22,735.14
22,735.14
22,735.14
22,735.14
90,940.56
5100
Refund of Contributions
5,219.18
0.00
0.00
0.00
5,219.18
5300
DROP Distributions
0.00
48,000.00
417,500.00
438,250.00
903,750.00
5310
IDROP Distributions -Monthly
6,800.00
6,800.00
6,800.00
6,800.00
27,200.00
6000
Custodian Fees
0.00
0.00
5,503.67
0.00
5,503.67
6020
Investment Consultant Fees
0.00
0.00
5,374.95
0.00
5,374.95
6040
Investment Management Fees
0.00
0.00
54,345.58
0.00
54,345.58
6100
Actuary Fees
0.00
0.00
3,874.00
0.00
3,874.00
6110
Administrator Fees
2,575.00
2,609.20
2,575.00
2,575.00
10,334.20
6130
lBank Charges
182.71
0.00
83.83
198.57
465.11
6150
Legal Fees
0.00
0.00
0.00
45.00
45.00
6200
Trustee Expense -Conference
0.00
0.00
0.00
962.00
962.00
6220
Annual Membership Fees
0.00
600.00
0.00
0.00
600.00
6300
Fiduciary Liability Insurance
949.12
0.00
5,815.00
0.00
6,764.12
Total Expense
334,952.44
377,235.63
821,098.46
782,305.73
2,315,592.26
Reserve Fund Last Period
82,113,693.87
83,137,319.87
84,979,663.40
85,589,027.44
82,113,693.87
Balance To/ From Reserve
1,023,626.00
1,842,343.53
609,364.04
355,598.09
3,830,931.66
TOTAL RESERVE FUND
83,137,319.87
84,979,663.40
85,589,027.44
85,944,625.53
85,944,625.53
KLAUSNER
KAUFMAN
JENSEN "'
LEVINSON
MEMORANDUM
TO: All Florida Defined Benefit Plans
FROM: Klausner Kaufman Jensen & Levinson
RE: Pending FRS mortality table
DATE: November 23, 2016
The Florida Retirement System ("FRS") Actuarial Assumption Conference recently voted to
revise its mortality assumptions for active employees. As set forth below, the new pending FRS
mortality table merits discussion with your actuary. As a result of this change, your Board may
have the option of immediately adopting the pending FRS table in your next valuation, or
continuing to use the current FRS mortality table for another year. Interestingly, rather than
assuming that employees would live longer, the new FRS mortality table for active employees
seemingly contemplates less improvement in mortality.
Additionally, the FRS will be lowering its investment return assumption by 5 basis points from
7.65% to 7.6%. The FRS actuary recommended lowering the investment return assumption to
7%, however, FRS is taking an incremental approach, targeting 7.5% as the longer term
objective.
Here is a link to the executive summary of the FRS actuarial estimating conference:
http:Hedr.state.fl.us/Content/conferences/actuarial/FRSexecutivesumm.pdf
This process fits precisely with the trend of what many municipal plans have been doing for the
past several years, incrementally lowering their investment return assumption after consultation
with their investment consultant and actuary.
Our office is available to answer any questions.
7080 NORTHWEST 4TH STREET, PLANTATION, FLORIDA 33317
PHONE: (954) 916-1202 • FAX: (954) 916-1232
100079694.DOCX; I } www.robertdklausner.com
KLAUSNER
KAUFMAN
JENSEN'<
LEVINSON
MEMORANDUM
TO: Administrators for all Florida Police or Fire Defined Benefit Plans
FROM: Klausner Kaufman Jensen & Levinson
RE: New online Annual Report requirement
DATE: November 23, 2016
Effective next year, the 2016 Annual Report to the Division of Retirement will be required to be
submitted electronically using a new online submission process. Attached are instructions and
examples that were circulated at the Division of Retirement's conference earlier this month.
While the new online submission process is intended to simplify the process of submitting
Annual Reports, we anticipate that there may be a learning curve for some plans during the first
year of implementation.
Administrators (or other professionals) who prepare the Annual Report should become familiar
with the new system prior to the submission deadline. At the outset, each plan must provide the
Division of Retirement with the name and email address of a designated contact person ("filer")
who will be responsible for filing next year's Annual Report. The Division will create an online
account for the filer who will receive an email with a User Id and default Password, along with a
link to the new online portal. The Board should ensure that a filer has established an online
account and that the default password has been changed.
Our office is available to answer any questions.
7080 NORTHWEST 4TH STREET. PLANTATION. FLORIDA 33317
PHONE: (954) 916-1202 • FAX: (954) 916-1232
(00079695.DOCX;I) www.robertdklausner.com
INSTRUCTIONS:
1. Each retirement plan must provide to the Division of Retirement the name and email address of
the contact person who will be responsible for filing the next Annual Report. The Division of
Retirement will create an online account for that person. The contact person will receive an
email with the User ID and default Password, and a link to the online portal. The contact person
should change this default password at the earliest opportunity.
2. From the online portal website, select "Log In' from the menu and sign in with the provided
User ID and current Password.
3. Select "Police and Fire" from the menu on the left of the screen.
4. Once logged in, plan(s) which have been associated with your username will be listed in the
drop -down box. If the correct plan(s) is not listed, please contact Local Retirement at 850-922-
0667.
5. Select the plan for the report being filed and click the "Select Plan" button.
6. Click "Start New Police and Fire Report" or select the report to be viewed or revised.
7. Complete the "Plan and Contacts' page. If you wish to provide additional information or
description for the item(s) in this section, please use the "Notes' box at the bottom of the
screen.
8. Complete the "Board, Ordinances, and Plan Details' page.
a. When completing "Board Members' and "Ordinances' you must click "Add" to save the
entered information for each data name or ordinance. Clicking "Add" will also create a
new data box if you need to add another.
b. Use the drop down box to select dates.
9. Complete "Third Party Contacts" page. Use "Notes' at the bottom to provide additional
information.
10. Download the templates for each Member Data page (Pension Data, Terminations Data,
Statistical Exhibit(s), DROP Plan and Share Plan Rollforward schedules). The templates must be
used to submit these pages of the report. You may bypass any pages that are no applicable to
your plan.
a. The template fields use a specific data format for each field. If the information on the
template is in an incorrect format, the file will not upload and you will receive a
message stating the error and the line on which the error occurred.
b. When you have entered the data in Microsoft Excel and saved the template, select
"Browse..." to locate the file and click "Open'. After selecting the file click "Validate File"
to upload. The system will populate the on -screen form with the data from the file.
Note, if the data contains an error, you may not edit the data in the on -screen form.
Corrections will have to be made to the spreadsheet and the file must be re -uploaded.
c. Under "Pension Data" complete the Disability Categories
11. For the "Plan Financials and Insurance" section, complete the Assets, Liabilities, Revenue and
Expenditures pages.
a. Grayed boxes will be auto -filled.
b. You must select "Add" to save your record and generate a new box for further additions.
12. Complete "Fund Totals" page.
a. Grayed boxes will be auto -filled.
b. "Fund Balance Beginning of Year" must equal to "Fund Balance as of Plan Year End
Date" from the prior year's annual report. The page will not allow you to "Save and
Continue" until these figures match.
13. Complete the "Investment Compliance" page.
14. If applicable, complete "Investment Compliance" page.
a. Download form for completion.
b. Upload to attach the file.
15. If there are any letters, notes, reports or other documents which you would like to append to
this report, please upload them on the "Supporting Documents" page.
16. Once the report is completed and ready to submit to the Division of Retirement, select "Save
and Submit".
10/28/2016
Florida Division of Retirement - FRS Online
Welcome (/main.aspx) Global Navigation:
My Account Plan Details Member Data Plan Financials and Insurance Supporting Documents
Profile Settings
(/personal/profile settings.asp:
s=STgtvezhng53tvetBw9APZBU' Plan Name: City of Apopka Municipal Police Officers' Retirement Trust Fund
J 1 bv4ktvRUl. )
Local Retirement
File Submit Plan And Contacts
(/local_retirement/file submit.
s=STgtvezhng53tvetBw9APZBU' Welcome to the electronic annual Police and Fire Report submission portal. Complete the fields below to begin your
J1bv4ktyRUl.) submission. Please note that information provided in this report is public record.
Reports Summary
(/local retirement/ reports sun
s=STgtvezhng53tvetBw9APZBU' plan
J 1 bv4ktvRUl. )
Actuarial Valiiatinnc -- -
(Aocal_retirement/ActuarialVa
s=STgtvezhng53tvetBw9APZBU'
Name of Fund
J1bv4ktvRUL)
Police and Fire
Apopka
(/local_retirement/PoliceAnd
s= STgtvezh n g 5 3 tvet Bw9 A PZ BI
J1 bv4ktvRUl.)
City
FRS Home
Apopka
(http://frs.myflorida.com/)
F.A.Q. (/faq/view_faq_pdf.aspx?
s=STgtvezhng53tvetBw9APZBU9gi
For Plan Year Ending
J1bv4ktvRUl.)
Forms
09/30/2016
(http://dms.myftorida.com/hume
Contact Us
(/contact/contact_info.aspx?
Plan Contacts
s=STgtvezhng 53tvet Bw9AP Z B U 9q l
J 1 bv4ktvRU l . )
Log Out (/logout.aspx)
The chairman and secretary must be members of the board of trustees.
Chairman
Name
John Smith
Address Line 1
Save and Continue
https://betainterM.rol.frs.state.fl.usliocat retirementIPoliceAndFire.aspx?s=LIVctMSX4iAav9mjbTc-nVbn461sspwHOUBFolnB[6c. 1/3
10/28/2016
City
Apopka
Zip
:32703 ,
Save and Continue
https:llbetainternal.rol.frs.state.fl.us/local retiremenUPoliceAndFire.aspx7s=LIVctMSX4iAav9mjbTanVbn46isspwMOUBFoln816c.
10/28/2016
Florida Division of Retirement- FRS Online
Phone (format: 999-999-9999)
999-999-9999
Email
jmsmith@apopkajunkmail.com
Plan Contact Person
The Municipal Police Officersa€I'Aand FirefightersACI Retirement Trust Funds Office will contact the person listed below for
additional information and/or corrections regarding the Annual Report. Please note that this person will be the primary
liaison between the division and your pension fund. This person will be responsible for coordinating all responses to the
divisions€m's requests for further information. Please help us reduce our operating cost by listing the e-mail address for the
contact person.
Name
Jill Smith
Title
Plan Administrator
Address Line 1
123 ABC St
Address Line 2
City
Apopka
Zip
32703
Phone (format: 999-999-9999)
999-999-9999
Save and Continue
https:/Ibetai nterriW.rci.ts.state.fl.usA ocal_retirement/PoliceAndFire.aspx?s=L1VctM SX4iAav9mjbTc-nVbn46isspwHOU BFol n8t6c. 313
10/2812016
Florida Division of Retirement - FRS Online
Welcome (/main.aspx) Global Navigation:
My Account Plan Details Member Data Plan Financials and Insurance
Profile Settings
(/personal /profile_settings.asp:
s=0_gk3MO2Fr8- Plan Name: City of Apopka Municipal Police Officers' Retirement Trust Fund
ijociRBW6jeJA5C6Q2uEMgvirksZ
Local Retirement
File Submit -��- Board, Ordinances, and Plan Details
( Aocal_retirement/file_submit.
s=0_gk3M02Fr8-
ijociRBW6jeJA5C6Q2uEMgvirksZ
Board of Trustees
Reports Summary
(/local retirement/reports sun
_
s=0_gk3MOZFr8-
ijociRBW6jeJA5C6QZuEMgvirksZ
Makeup of board specified in:
Actuarial Valuations
(/local retirement/ActuarialVa
Ordinance Number
s=0_gk3M02Fr8-
ijociRBW6jeJA5C6QZuEMgvirksZ
ABCDEF
Police and Fire
(/local_retirement/PoliceAnd
Section
s=0_gk3MO2Fr8-
ijociRBW6jeJA5C6Q2uEMgvirl
Areav 54
FRS Home
(http://frs.myflorida.com/)
F.A.Q. (/faq/view_faq_pdf.aspx?
Dated
s=O_gk3MO2Fr8-
ijociRBW6jeJA5C6QZuEMgvirksZDL
09/15/2014
Forms
(http://dms.myflorida.com/humz
Board Members
Contact Us
(/contact/contact_info.aspx?
Name of Trustree
s=O—gk3M02Fr8-
ijociRBW6jeJA5C6Q2uEMgvirksZDL
Albert Appke
Log Out (/logout.aspx)
Barry Banana
Chris Celery
Daniel Dill
Elvis Elderberry
Save and Go Back
Name of Trustee
Elected/Appointed By
Supporting Documents
City/District Appointee
Delete
City/District Appointee
Delete
Police Officer
Delete
Police Officer
Delete
Elected Fifth Member
Delete
Save and Continue
hops://betainternal.rol.frs.state.fl.us4ocal_retirem ent/PoliceAndFi re.aspx?s=L1VclMSX4iAav9mjbTe-nVbn461sspwHOUBFo1n816c. 114
10/28/2016
Florida Division of Retirement- FRS Online
h4
Elected/Appointed By
City/District Appointee
Quarterly Meetings
Quarter 1 Meeting Date
01/14/2016
Quarter 2 Meeting Date
04/19/2016
Quarter 3 Meeting Date
07/06/2016
Quarter 4 Meeting Date
09/20/2016
Ordinances
Add
List all ordinances passed during this reporting period that affect your pension fund. An impact statement must be
performed for each new ordinance. Any ordinance having no actuarial impact upon the plan must have a letter from your
actuary attesting to this fact. Please upload supplemental documents if they have not been previously submitted to the
department.
OSrgve and"UuOTPEck Save and Continue Date Passed
2016-123 4/12/2016 Delete
s://betainternal.rol.frs.state.fl.usnocal retirement/PoliceAndFire.aspx?s=L1VctMSX4iAav9mjbTc-nVbn461sspwHOUBFoln8l6c.
24
1012812016
http
2016-ABC
Ordinance Number
Date Passed
Florida Division of Retirement - FRS Online
9/21/2016 Delete
Chapter Funds Only (Premium Tax Monies)
List any benefit improvements implemented during this reporting period and the date effective
Ordinance Number
Date Passed
Miscellaneous Plan Details
Chapter Minimum Benefits
Does the plan meet all the chapter minimum benefits and standards as of July 1, 2015?
io:Bese 91Ad Go Back Save and Continue
........ ............ ...................... ............... ......_............. .........
_
0/betai nternal.ral.frs.state.fl. usAocal_retirem enl/Poli ceAndFi re.aspx?s=L1VctM SX4iAav9mjbTc-nVbn461sspwHOUBFo1 n8t6c.
Add
3/4
10/2812016 Florida Division of Retirement - FRS Online
Collective Bargaining Agreement
Is service in the plan subject to a collective bargaining agreement?
o Yes, No
Effective Date
09/30/2016
Period Covered Begin Date
10/01/2016
Period Covered End Date
09/30/2019
Next Scheduled Date
10/01/2020
Defined Contribution Plan
Does the plan have a defind contribution plan?
o Yes No
Date Established
10/01/2016
Detailed Accounting Report
Has the plan submitted a detailed accounting report for this filing?
o Yes No
Date provided to plan
Administrative Expense Budget
Did the plan operate under Administrative Expense Budget?
o Yes No
Date provided to plan
Save and Go Back
Save and Continue
https://betainternal.rd.frs.state.(i.usAocal_reti remenUPoliceAndFi re.aspx?s=L1WIM SX4iAav9mj bTc-nVbn461sspwH OUBFo1 n8t6c. 4/4
10/28/2016
Florida Division of Retirement- FRS Online
' Welcome (/main.aspx) Global Navigation:
My Account Plan Details Member Data Plan Financials and Insurance Supporting Documents
Profile Settings
(/personal/profile--settings. asp:
s=EiCXRvgjRNe4Vgw78mF4o3SU Plan Name: City of Apopka Municipal Police Officers' Retirement Trust Fund
Local Retirement
File Submit
Member Data
(/local_retirement/file submit.
s=EiCXRvg jRNe4Vgw78mF4o3SU
............. ___. ___...._.-...._. ___.. _.__....._ .
Reports Summary
(/local_retirement/reports_sun
Pension Data - Police Members
s=EiCXRvg jRNe4Vgw78mF4o3SU
ActuarialValuations
...... ..... ... ....... .......... ......................................... _......... _..... _... _....... _......... ...... -._..... .-..... -............ ...... ..... ...................... ..... _----...__.................................. .................................... ..............
(/local retirement/ActuarialVa
s=EiCXRvgjRNe4Vgw78mF4o3SU
Upload your pension data line items file by clicking the upload file button below
and then clicking the validate file button. Validating
.... and Fire ...........
Police
files can take several minutes, do not close or refresh your browser.
(/local_ retirement /PoIiceAnd
s=EiCXRvgjRNe4Vgw78mF4o3'
Download a copy of the pension data file upload template here.
FRS Home
(http://frs.myflorida.com/)
Choose File No file chosen
F.A.Q. (/faq/view_faq_pdf.aspx?
Validate File
s =EiCX Rvg j R N e4Vq w78m F4o3S U of
Forms
Social First Last Date Of Retire or Benefit Date of
Name of Pension Monthly Total Notes
(http://dms.myflorida.com/hum8
Security Name Name Birth Disability Type Disbursements
Beneficiary Option Pension Distributions
Contact Us
Number
Elected Amount This Period
(/contact/contact_info.aspx?
s=EiCXRvgjRNe4Vgw78mF4o3SUuf
6789 Greg Grape 07/1977 Retirement LOD 9/30/2016
Bingley 1 4,000.00 48,000.00
Log Out (/logout.aspx)
6321 Carl Carrot 03/1973 Terminated NLOD 9/30/2012
Elizabeth 3A 2,000.00 24,000.00
Vested
4789
David
Date
04/1974
Retirement
LOD
9/30/2013
Kitty
2
2,500.00
30,000.00
4123
Edward
Elderberry
05/1975
Disability
LOD
9/30/2014
Lydia
36
3,000.00
36,000.00
4987
Frank
Fig
06/1976
Terminated
NLOD
9/30/2015
Georgianna
4
3,500.00
42,000.00
i
Vested
6789
Albert
Apple
01/1971
Retirement
NLOD
9/30/2010
Mary
1
1,000.00
12,000.00
4321
Benny
Berry
02/1972
Disability
LOD
9/30/2011
Jane
2
1,500.00
18,000.00
Data Summary Total Number of Members on this report: 7
Disayll\'EgteW%Ve
hUps:l/betainterriN.rol.frs.state.O.usAocal_reU rement/Poli ceAndFi re.aspx?s=L1 VctM SX4iAav9mjbTc-nVbn4blsspwH OU BFo1 n8t6c. 1/3
1 D12812016
Florida Division of Retirement - FRS Online
hl#
For members listed as disabled please enter the counts below of members with the given disability type.
Heart Disease
I
Hypertension
Cancer
1mmumme
Florida Division of Retirement ' FRS Online
\
210,000.00
..........
Notes
Use the foKowingtext area tnadd any notes about the above fields.
� I Save and Continue
>
`
�.frs�tate.V.usAce»mnFneusp^?m=uvotMoXwmmomV/m'nvun*nmopwHouoFmn8mc
/
'
`
313
Kenthia White
From: Bonni Jensen <bonni@robertdklausner.com>
Sent: Thursday, December 08, 2016 5:50 PM
To: 6310spencer@comcast.net; Marc Glass; Greg Mull; 'bradsticker@yahoo.com'
Cc: bsjteam; Denise McNeill; Audrey Ross; Pete.Strong@grsconsulting.com
Subject: Palm Beach Gardens Police Pension Fund - Default Provisions
All,
As a follow up to our recent meeting, I had a phone conference today with Allan Owens about the default provisions of
the Chapter 2015-39 and the impact on the plan of the Board to use the excess 185 funds to increase the monthly
supplement. Allan listened to the concerns but was ultimately unable to do anything. At this point, the discussion of
mutual consent for the future use of the 185 money is in the hands of the PBA. They will need to bring this matter up in
collective bargaining either intra-contract or at the end of the current collective bargaining agreement.
For the next meeting, I will prepare an amendment to the Plan to create the Share accounts effective as of the date that
the new collective bargaining agreement was entered into as well as provide for how the state money is to be used
going forward. This will need to be accounted for in the actuarial valuation.
Trustees — please do not reply all. You can respond to my office, Pension Resource and Pete Strong but not to each
other.
To expedite the handling of your email, please be sure to copy bs
Bonni S. Jensen
Klausner, Kaufman, Jensen & Levinson
7080 N.W. 4th Street
Plantation, Florida 33317
Telephone: 954-916-1202
Facsimile: 954-916-1232
bonni(@robertdklausner.com
X r `d,t . , I i"
I F Vd. 1�
am@robertdklausner.com on your emails.
CONFIDENTIALITY NOTICE: This communication is confidential, may be
privileged and is meant only for the intended recipient. If you are not
the intended recipient, please notify the sender ASAP and delete this
message from your system.
IRS CIRCULAR 230 NOTICE: To the extent that this message or any
attachment concerns tax matters, it is not intended to be used and
cannot be used by a taxpayer for the purpose of avoiding penalties
that may be imposed by law.
12,
"UM
To RhumbLine Pooled Fund Investors: December 7, 2016
Re: Notice Regarding Daily Valuations
We are pleased to announce a significant enhancement to our family of Pooled Index Funds.
In response to several client and consultant requests and as a result of the steady growth of our
Pooled products, we have arranged with the custodian, State Street Bank and Trust Company, to
have all RhumbLine Funds valued on a daily basis. This will allow you added flexibility to
purchase and sell units of the Funds throughout the month as opposed to bi-monthly or monthly.
We are on target to make this change effective January 3, 2017 and will notify you if there is any
change to that date. The client notification policy will be set so that you can provide written
instructions for redemptions and contributions at least 24 hours prior to the actual date you
would like us to trade. For new contributions, units purchased will be valued at the closing NAV
on the day the actual funds are received by the custodian. For redemptions, funds will be
available to transfer out on T+3.
We believe that the benefit to our clients of this service substantially outweighs the minimal
additional expense to the Funds (less than a 1/3 of a basis point on average). We will continue
to welcome your feedback and consider reasonable and economical ways to enhance the Fund's
operations.
For more than 25 years, RhumbLine has been committed to managing index funds and helping
its clients to achieve their investment objectives in a cost-effective way. We take pride in
working with each of you in delivering dxactty what is expected of our team. Thank you again
for your trust and your business.
Should you have any questions, please contact anyone member of the RhumbLine Team.
Kind regards,
y T. Owen Denise A. D'Entremont
hi Executive Off r Director -Marketing & Client Services
eral Partner General Partner
RhwnbL ne Advisers
265 Franklin Street, 21st Floor, Boston, MA 02110-3326 • Tel: (617) 345-0434, Fax: (617) 345-0675
Sr
SALEM TRUST
C O M P A N Y
December 5, 2016
On behalf of the Salem Trust Company Board of Directors, it is with mixed emotions
that I announce the retirement of Brad Rinsem, Salem Trust Company's long time
President and CEO, at the end of 2016. 1 am happy that Brad will be able to spend more
time pursuing his fishing hobby and spending time with his family. However, at the same
time it is difficult to see him step out of the role in which he presided since the year 2000,
when Salem Trust was beginning to grow into Florida's most dependable custodial
services provider. Brad has cultivated many key relationships with our clients and partners
over all these years, and therefore he has agreed to serve Salem Trust as Vice Chairman of
the Board and will continue to develop new relationships for us. Brad will also remain
active in the Florida Public Pension Trustees Association. All of Brad's contact
information will stay the same.
Stepping into Brad's everyday role as President and CEO is Mark F. Rhein, who joined
Salem Trust in 2012 as our Chief Operating Officer. Mark brings deep experience to all
facets that have made Salem Trust the premier provider of custodial services. I know he
will passionately build on the culture of exceptional service that has been integral to the
success of Salem Trust.
Please join Mark and myself in congratulating Brad on his exceptional 40-year financial
services career. We know that he will always be appreciated, both at our company, and in
the marketplace we serve.
Sincerely,
David E. Bedran
Chairman of the Board of Directors
DEERFIELD BEACH TAMPA
1715 N WESTSHORE BOULEVARD, SUITE 750 • TAMPA, FL 33607 • TEL (877) 382-5268 • FAX (813) 301-1295
www.salemtrust.com
SALEM TRUST COMPANY IS A SUBSIDIARY OF U.S. FIDUCIARY SERVICES, INC., AN EMPLOYEE -OWNED COMPANY.