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Home My WebLink AboutAgenda Fire Pension 110117 PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND Meeting of Wednesday November 1, 2017 Location: City Hall, Council Chambers Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 1 PM AGENDA 1. Call Meeting to Order 2. Public Comments 3. Minutes: • Regular Meeting Held on July 10, 2017 • Special Meeting Held on July 19, 2017 • Regular Meeting Held on August 8, 2017 • Special Meeting Held on October 12, 2017 4. Investment Monitor Report: AndCo Consulting (Dan Johnson) • 9/30/2017 Quarterly Performance Report • 9/30/2017 Quarterly Self-Directed DROP Report • SMID Manager Review 5. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera) 6. Administrative Report: Resource Centers (Audrey Ross) • Disbursements • Benefit Approvals • Financial Statements • 2018 Meeting Dates 7. Old Business 8. New Business • Foster & Foster Letter 9. Next Meeting Previously Scheduled Monday, January 8, 2018 at 1PM 10. Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting. THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM DROP Handout Period Ending September 30, 2017 Palm Beach Gardens Firefighters' DROP Palm Beach Gardens Firefighters’ DROP PlanInvestment Option Performance ReviewAs of September 30, 2017*Less than 4 consecutive quarterly returns below the index and peer rankings below the 75th percentile (‘more than 4 quarters’ evaluation criteria excludes index funds). ^The following fund share classes do not have long-term history, and, for compliance purposes, a different share class has been used (Original > Proxy): VQCIX > VPCDXVQFIX > VPSKX VQSIX > VPSIXFund has not met criteria for more than 4 quartersFund meets criteriaFund does not currently meet criteriaFundPlan Balance ($)Manager TenureStyleAsset Level (millions)Expense RatioCategory Median Exp Ratio*ConsecutiveQtr Return &Rank3 & 5 YearReturn > Index3 & 5 Year Rank< 50th %-tile3 & 5 YearSharpe Ratio< 50th %-tilePositive 3 & 5 Year AlphaDodge & Cox Income (DODIX)- 16.9US Fixed Income51,800.0 43 bps 66 bpsYES YES Yes Yes 7 3 3 1 1.42 1.68VT Puritan (FPURX)207,000 9.0Moderate Allocation25,598.0 55 bps 89 bpsYES YES Yes Yes 11 12 14 13-1.00 (5) -0.45 (5)VT Invesco Diversified Dividend (LCEYX)-5.9US Equity Large Cap Value23,987.0 55 bps 78 bpsNO NOYesNO (2)15 36 1 1 3.69 3.25VT Parnassus Core Equity (PRBLX) - 11.0US Equity Large Cap Blend16,040.0 87 bps 90 bpsYES YESNO (5)NO (2) 65 (2)38 29 9-0.10 (2)0.75VT Oppenheimer Main Street (MIGYX)-6.8US Equity Large Cap Blend10,235.0 69 bps 78 bpsYES YES YesNO (1)13 23 11 18 0.36-0.04 (1)VT Contrafund (FCNTX)- 27.1US Equity Large Cap Growth117,908.0 68 bps 90 bpsYES YES Yes Yes 30 36 6 9 2.33 1.34VT Diversified International (FDIVX) 72,073 16.6Global Equity Large Cap19,879.0 105 bps 104 bpsYES YES Yes Yes 41 11 44 17 1.71 1.39VT Nuveen Real Estate (FARCX) - 6.4Real Estate Sector Equity3,955.0 105 bps 102 bpsYES YESNO (5) NO (5)34 20 40 30-0.18 (4)0.02VT Vantagepoint Core Bond Index (VQCIX)-3.0US Fixed Income274.1 24 bps 66 bpsNOYESNO (5) NO (5)51 (1)63 (5) 69 (5)78 (5) -0.39 (5) -0.42 (5)VT Vantagepoint 500 Stock Index (VQFIX)217,484 11.8US Equity Large Cap Blend647.7 24 bps 78 bpsYES YESNO (5) NO (5)22 22 44 43-0.37 (5) -0.38 (5)VT Vantagepoint Md/Sm Co. Index (VQSIX)- 11.8US Equity Small Cap325.1 25 bps 92 bpsYES YESNO (5)Yes44293523-0.22 (5) -0.14 (5)PLUS Fund315,976Stable Value/Cash Management1 Comparative Performance Trailing Returns QTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Bond VT Vantagepoint Core Bond Index (VQCIX)0.82 (49)-0.23 (80)2.34 (60)1.65 (74)2.54 (78)3.83 (68)4.48 (69)04/01/1999 Bloomberg Barclays U.S. Aggregate Index 0.85 (42)0.07 (62)2.71 (30)2.06 (44)2.95 (52)4.27 (42)4.93 (33) IM U.S. Broad Market Core Fixed Income (MF) Median 0.81 0.47 2.49 1.99 2.99 4.17 4.76 Dodge & Cox Income (DODIX)1.13 (8)2.57 (3)3.23 (7)3.17 (3)3.95 (5)5.10 (7)6.78 (1)02/01/1989 Bloomberg Barclays U.S. Aggregate Index 0.85 (42)0.07 (62)2.71 (30)2.06 (44)2.95 (52)4.27 (42)6.32 (10) IM U.S. Broad Market Core Fixed Income (MF) Median 0.81 0.47 2.49 1.99 2.99 4.17 6.18 Balanced/Asset Allocation VT Puritan (FPURX)4.45 (11)13.91 (28)7.74 (11)10.12 (12)10.37 (8)6.48 (9)8.31 (21)06/01/1995 60% S&P 500/40% BC Gov/Cred 3.01 (74)10.87 (77)7.71 (12)9.36 (26)9.89 (15)6.50 (8)8.01 (28) IM Mixed-Asset Target Alloc Growth (MF) Median 3.58 12.63 6.30 8.77 8.66 5.05 7.38 U.S. Stock VT Invesco Diversified Dividend (LCEYX)1.96 (95)10.61 (99)9.17 (16)12.81 (37)12.58 (39)N/A 12.61 (21)11/01/2008 Russell 1000 Value Index 3.11 (71)15.12 (75)8.53 (30)13.20 (24)13.24 (22)5.92 (39)12.29 (30) IM U.S. Large Cap Value Equity (MF) Median 3.72 16.87 7.87 12.36 12.18 5.47 11.57 VT Vantagepoint 500 Stock Index (VQFIX)4.41 (44)18.38 (28)10.43 (42)13.80 (45)13.96 (44)7.04 (44)5.26 (62)04/01/1999 S&P 500 Index 4.48 (8)18.61 (2)10.81 (1)14.22 (1)14.38 (1)7.44 (3)5.70 (3) IM S&P 500 Index (MF) Median 4.39 18.15 10.35 13.72 13.86 6.97 5.39 VT Parnassus Core Equity (PRBLX)3.34 (84)12.91 (92)8.84 (65)13.50 (38)13.27 (43)9.34 (3)10.62 (4)09/01/1992 S&P 500 Index 4.48 (46)18.61 (43)10.81 (16)14.22 (16)14.38 (13)7.44 (20)9.64 (30) IM U.S. Large Cap Core Equity (MF) Median 4.40 18.25 9.40 13.11 13.06 6.60 9.11 VT Oppenheimer Main Street (MIGYX)4.61 (40)19.46 (27)10.96 (13)14.00 (23)14.07 (20)7.13 (30)7.61 (43)12/01/1996 S&P 500 Index 4.48 (46)18.61 (43)10.81 (16)14.22 (16)14.38 (13)7.44 (20)7.95 (32) IM U.S. Large Cap Core Equity (MF) Median 4.40 18.25 9.40 13.11 13.06 6.60 7.32 VT Contrafund (FCNTX)6.09 (31)23.21 (16)12.03 (30)14.55 (36)14.29 (38)8.52 (32)12.51 (N/A)06/01/1967 Russell 1000 Growth Index 5.90 (35)21.94 (26)12.69 (19)15.26 (21)15.41 (13)9.08 (17)N/A IM U.S. Large Cap Growth Equity (MF) Median 5.48 20.04 11.11 13.93 13.84 7.92 N/A VT Vantagepoint SMID Company Index (VQSIX)4.71 (53)17.71 (55)10.37 (51)13.71 (37)13.37 (30)8.02 (32)8.09 (90)04/01/1999 Russell 2500 Index 4.74 (52)17.79 (54)10.60 (43)13.86 (31)13.66 (22)8.19 (29)9.85 (60) IM U.S. SMID Cap Core Equity (MF) Median 4.76 18.09 10.38 13.18 12.50 7.28 10.13 International/Global Stock VT Diversified International (FDIVX)5.06 (54)16.38 (60)6.25 (41)9.08 (11)7.31 (9)1.78 (63)8.45 (N/A)01/01/1992 MSCI EAFE (Net) Index 5.40 (47)19.10 (31)5.04 (56)8.38 (25)6.38 (43)1.34 (75)5.55 (N/A) IM International Large Cap Growth Equity (MF) Median 5.23 17.30 5.43 7.41 6.11 2.14 N/A Palm Beach Gardens Firefighters' DROP Plan Investment Option Comparative Performance As of September 30, 2017 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 2 Palm Beach Gardens Firefighters' DROP Plan Investment Option Comparative Performance As of September 30, 2017 QTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Specialty VT Nuveen Real Estate Securities (FARCX)0.43 (65)0.14 (47)9.09 (34)9.22 (20)11.09 (23)6.60 (12)11.70 (8)07/01/1995 MSCI U.S. REIT Index 0.93 (33)0.54 (40)9.67 (19)9.58 (12)11.32 (13)5.79 (27)10.64 (55) IM Real Estate Sector (MF) Median 0.70 -0.09 8.63 8.49 10.36 5.15 10.73 Stable Value/Cash Management VT PLUS Fund 0.47 (40)1.83 (41)1.78 (52)1.86 (36)2.13 (41)2.68 (28)3.08 (32)01/01/2005 BofA Merrill Lynch 3 Month U.S. T-Bill 0.27 (100)0.65 (98)0.32 (100)0.22 (100)0.19 (100)0.47 (100)1.28 (100) IM U.S. GIC/Stable Value (SA+CF) Median 0.47 1.78 1.81 1.72 1.96 2.53 2.98 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 3 Investment Performance Review Period Ending September 30, 2017 Palm Beach Gardens Firefighters' Pension Fund (Preliminary Real Estate Data) 3rd Quarter 2017 Market Environment2 Returns were positive for major equity and fixed income indices for the 3rdquarter of 2017. Broad domestic and international equity market performancewas largely fueled by continued improvement in corporate earnings andmacroeconomic data worldwide. Domestic equities trailed internationalindicesduring the quarter. While U.S. economicfundamentals and corporate earningsgrowth were viewed positively, market participants faced headwinds fromincreasing tension between the U.S. and North Korea, several major weatherevents and ongoing political concerns surrounding the pace of implementationof Trump administration expansive fiscal policy reforms. Despite theseconcerns, investor optimism remained high and many major domestic equityindices hit record levels during the quarter. Small cap equities outperformedlarge cap stocks for the quarter with the Russell 2000 Index returning 5.7%versus a 4.5% return for the S&P 500 Index. Small cap companies have alsobeen the best performers domestically over the last 12 months, returning over20%. While small cap equities lead the charge, all U.S. core marketcapitalization indices returned over 15% over the last year.International equity market benchmarks continued to outpace U.S. marketsthrough the 3rdquarter of 2017 as both developed and emerging marketinternational equities saw benefits from continued strength in globalmacroeconomic data, a weakening U.S. Dollar (USD) and ongoingaccommodative global central bank policies. The improving economicfundamentals worldwide have led many international central banks to begintelegraphing an eventual reduction in stimulus going forward, with both theEuropean Central Bank and the Bank of England expected to announce plansto reduce stimulus before year end. Emerging markets, which benefitted froma weakening USD and rising commodity prices during the period, continuedtheir trend of outperformance relative to developed markets. The MSCIEmerging Market Index returned 7.9% for the quarter and a solid 22.5% for the1-year period. While weaker by comparison, the developed market MSCIEAFE Index also posted robust performance, returning 5.4% for the quarterand 19.1% for the year.The yield curve continued to flatten through the 3rdquarter of 2017 as interestrates rose slightly from the prior quarter, but with greater magnitude in short-term maturities. The Federal Reserve announced that its plan to systematicallyshrink the size of its balance sheet would begin in October. Broad fixedincome indices posted positive results with the bellwether Bloomberg BarclaysU.S. Aggregate Index returning 0.8% for the quarter. Benefitting fromtightening credit spreads, corporate credit has been the best performer amongthe investment grade sectors with the Bloomberg Barclays U.S. CorporateInvestment Grade Index returning 1.3% and 2.2% over the quarter and 1-yearperiod respectively.Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of September 30, 20170.3%1.3%1.0%0.9%0.4%0.8%5.7%3.5%4.5%4.6%4.5%7.9%5.4%6.2%0.0%2.0%4.0%6.0%8.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter Performance0.6%2.2%0.3%-0.7%-1.6%0.1%20.7%15.3%18.5%18.7%18.6%22.5%19.1%19.6%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year Performance3 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of September 30, 2017Despite political gridlock in Washington, increased aggression betweentheU.S. and North Korea and several major weather events, including threehurricanes that caused catastrophic damage to Texas, Florida and PuertoRico, domestic equity prices pushed higher during the 3rdquarter. U.S. equityindex returns were positive across the style and capitalization spectrum for the3rdquarter and trailing 1-year period. Encouraging economic data continuedtofacilitate gains in U.S. equity markets as positive trends in GDP, consumer andbusiness sentiment, corporate earningsand employment continued throughoutthe period. Over the past twelve months, there has only been one instance ofanegative quarterly return being posted by the Russell market cap and styleindices, which was a -0.13% return by the Russell 2000 Value Index during1Q 2017.Small cap stocks were the best performing capitalization segment across thespectrum for the 3rdquarter, bucking a year-to-date trend of large capoutperformance. The small cap Russell 2000 Index posted a 5.7% return forthe period. While small cap stocks were the best performers, large and midcap indices also posted solid returns. Interestingly, the returns for thelarge capRussell 1000 Index outperformed the Russell MidCap Index, which issomewhat unusual during a period of small cap outperformance. Small capstocks also outperform larger companies over the 1-year period, with theRussell 2000 returning 20.7% versus a return of 18.5% for the Russell 1000.The 3rdquarter built on year-to-date trends as growth style indicesoutperformed their value counterparts. Growth indices benefitted fromsignificant overweight's to the information technology sector, which wasthebest performing sector during the 3rdquarter. Growth benchmarks alsobenefitted from their exposures to more cyclical names within the informationtechnology, health care and industrials sectors. The Russell Midcap ValueIndex’s return of 2.1% was the worst performing style index for the period.Over the 1-year period, growth indices outperform value indices across themarket cap spectrum with the Russell 1000 Growth Index returning animpressive 21.9%. However, all market cap and style indices have returns inthe double digits with most returning greater than 15% for the year.Domestic equity valuations appear stretched relative to historical levels basedon Forward Price/Earnings ratios (P/E), with even the most reasonably valuedindices trading well above their historical P/E valuations. Index P/E valuationsrange from 115% to 138% of their respective 15-year P/E averages. The midcap core and small cap value indices appear the most inexpensive and thesmall cap growth and small cap core segments look the most overvalued.6.2%5.7%5.1%5.3%3.5%2.1%5.9%4.5%3.1%5.9%4.6%3.3%0.0%2.0%4.0%6.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series21.0%20.7%20.5%17.8%15.3%13.4%21.9%18.5%15.1%21.9%18.7%15.5%0.0%5.0%10.0% 15.0% 20.0% 25.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style Series4 The Market EnvironmentGICS Sector Performance & (Sector Weight)As of September 30, 2017Source: Morningstar DirectSector performance within the Russell 1000 Index was largely positive forthe3rdquarter. Six of eleven economic sectors outpaced the Russell 1000 Indexreturn, and ten of eleven sectors posted gains during the period. Technologystocks were the best performers, returning 8.6% for the quarter on the backofanother strong earnings season. Energy and materials stocks also performedwell relative to other sectors, rising 6.9% and 5.8% respectively, benefittingfrom increased commodity prices. Brent crude prices rose over 20% throughthe quarter as U.S. inventories fell faster than expected, there were concernsof potential supply disruptions in U.S. oil refining operations in Texas due toflooding caused by Hurricane Harvey, OPEC remained committed to limitingproduction overseas and the USD weakened. Industrial metal prices also roseon positive economic news out of China. Other cyclical sectors such asindustrials and financials also posted strong results. Telecommunicationservices returned an notable 6.5% due to strong performance of the sector’slargest weighted companies, Verizon and AT&T. Over the trailing 1-yearperiod, financials and technology were the best performing sectors in theRussell 1000, returning 35.1% and 28.3% respectively. Ten of eleven largecap economic sectors posted positive returns for the year with seven postingdouble digit returns. Energy was the only large cap sector to post a negativereturn over the last year, returning -0.7%.Small cap sector results generally outperformed their large capitalizationcounterparts for the quarter. Four of eleven economic sectors outpaced theRussell 2000 Index return for the quarter, and all eleven sectors postedpositive results for the period. Most of the sector trends observable in largecap index sector performance also impacted small cap sectors. However,small cap telecom services underperformed large cap telecom stocksmeaningfully. Over the 1-year period, six of eleven sectors have returnsgreater than 20% and eight have posted double digit returns. Energy was theonly Russell 2000 sector to post a negative return over last year, falling -10.1%.Using S&P 500 sector valuations as a proxy for the market, Forward P/E ratiosfor eight of the GICS sectors were higher than their long-term averages atquarter-end. Using these historical P/E measures, the energy, materialsandutilities sectors appear the most extended. In contrast the technology, healthcare and telecommunications sectors were trading at a discount to their long-term average P/E ratios.12.1%0.8%1.9%21.6%28.3%22.8%15.5%35.1%-0.7%4.3%15.9%2.9%6.5%0.6%5.8%8.6%4.7%3.3%5.1%6.9%-1.4%1.1%-5.0%5.0%15.0%25.0%35.0%Utilities (3.2%)Telecom Services (2.1%)Real Estate (3.8%)Materials (3.2%)Info Technology (22.5%)Industrials (10.4%)Health Care (13.9%)Financials (14.6%)Energy (5.7%)Consumer Staples (8.1%)Consumer Disc (12.5%)Russell 1000Quarter1-Year19.3%20.0%9.8%26.3%21.4%26.4%24.3%29.3%-10.1%4.9%15.7%5.2%0.7%1.9%6.8%5.0%8.7%7.9%5.5%6.3%2.8%3.6%-15.0% -5.0% 5.0% 15.0% 25.0% 35.0%Utilities (3.8%)Telecom Services (0.9%)Real Estate (7.5%)Materials (4.4%)Info Technology (17.2%)Industrials (14.6%)Health Care (15.2%)Financials (18.0%)Energy (3.5%)Consumer Staples (2.7%)Consumer Disc (12.1%)Russell 2000Quarter1-Year5 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of September 30, 2017Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 3.35% 7.4% 38.8% Information Technology Kite Pharma Inc 0.43% 73.4% 221.9% Health CareMicrosoft Corp 2.33% 8.6% 32.4% Information Technology bluebird bio Inc0.31% 30.7% 102.6% Health CareFacebook Inc A1.66% 13.2% 33.2% Information TechnologyExact Sciences Corp0.27% 33.2% 153.7% Health CareAmazon.com Inc1.59% -0.7% 14.8% Consumer DiscretionaryKnight-Swift Transportation Hldgs A 0.25% 12.3% 45.8% IndustrialsBerkshire Hathaway Inc B1.47% 8.2% 26.9% FinancialsMKS Instruments Inc0.25% 40.6% 91.8% Information TechnologyJohnson & Johnson1.46% -1.1% 13.0% Health CareCatalent Inc0.24% 13.7% 54.5% Health CareExxon Mobil Corp1.45% 2.5% -2.5% EnergyAspen Technology Inc0.23% 13.7% 34.2% Information TechnologyJPMorgan Chase & Co1.41% 5.1% 46.9%FinancialsStarwood Waypoint Homes0.23% 6.7% 30.2% Real EstateAlphabet Inc C1.21% 5.5% 23.4% Information TechnologyMGIC Investment Corp0.23% 11.9% 56.6% FinancialsAlphabet Inc A1.21% 4.7% 21.1% Information TechnologyCurtiss-Wright Corp0.23% 13.9% 15.4% IndustrialsTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorJuno Therapeutics Inc0.01% 50.1% 49.5% Health CareVeritone Inc0.01% 288.1% N/A Information TechnologyNRG Energy Inc0.03% 48.8% 130.0% UtilitiesMyoKardia Inc0.04% 227.1%162.2% Health CareAlnylam Pharmaceuticals Inc0.04% 47.3% 73.3% Health CareMadrigal Pharmaceuticals Inc0.01%176.6% 254.7% Health CareAlcoa Corp0.04% 42.8% N/A MaterialsAbeona Therapeutics Inc0.02% 166.4% 184.2% Health CareTake-Two Interactive Software Inc 0.04% 39.3% 126.8% Information TechnologyZogenix Inc0.04% 141.7% 206.6% Health CareOrbital ATK Inc0.03% 35.8% 77.0%IndustrialsVoyager Therapeutics Inc0.01% 129.8% 71.4% Health CareInternational Game Technology PLC 0.01% 35.5% 4.5% Consumer DiscretionaryDynavax Technologies Corp0.06% 122.8% 105.0% Health CareACADIA Pharmaceuticals Inc0.02%35.1% 18.4% Health CareHertz Global Holdings Inc0.06% 94.4% -44.3% IndustrialsSpirit AeroSystems Holdings Inc0.04% 34.3% 75.6% IndustrialsIntrepid Potash Inc0.02% 92.9% 285.8% MaterialsGap Inc0.03% 34.3% 38.3% Consumer DiscretionarySpectrum Pharmaceuticals Inc0.05% 88.9% 201.3% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorIntercept Pharmaceuticals Inc0.00%-52.1% -64.7% Health CareVersartis Inc0.00% -86.0% -80.0% Health CareUniti Group Inc0.01% -39.3% -47.9% Real EstateOtonomy Inc0.00% -82.8% -82.1% Health CareTahoe Resources Inc0.01% -38.8% -58.1% MaterialsGenocea Biosciences Inc0.00% -72.0% -71.5% Health CareSpirit Airlines Inc0.01% -35.3% -21.4% IndustrialsBabcock & Wilcox Enterprises Inc 0.01% -71.7% -79.8% IndustrialsRite Aid Corp0.01% -33.6% -74.5% Consumer StaplesOminto Inc0.00% -70.5% 38.0% Information TechnologyDexCom Inc0.02% -33.1% -44.2% Health CareAxovant Sciences Ltd0.01%-70.3% -50.9% Health CareDick's Sporting Goods Inc0.01% -31.8% -51.6% Consumer DiscretionaryRAIT Financial Trust0.00%-64.9% -75.1% Real EstateMednax Inc0.02% -28.6% -34.9% Health CareRadisys Corp0.00% -63.6% -74.4% Information TechnologyEnvision Healthcare Corp0.02% -28.3% -33.0% Health CareCPI Card Group Inc0.00% -58.6% -79.7%Information TechnologyFoot Locker Inc0.02% -28.1% -47.0%Consumer DiscretionaryTintri Inc0.00% -56.8% N/A Information Technology6 Source: MSCI Global Index Monitor (Returns are Net)International equity returns for the 3rdquarter were largely driven by ongoingimprovement in the global economy and continued weakness in the USD.These trends, in tandem with rising commodity prices, helped emergingmarkets continue their 2017 outperformance relative to developed marketequities. While USD strength remains on the high side of its 10-year range,theUSD continued its year-to-date declineagainst most major currencies throughthe period. This provided additional tailwinds to international index returnsdenominated in USD. The recent weakness in USD is also visible in the 1-yearperformance for broad international indices, with most indices showingstronger returns in terms of USD. However, Asian-Pacific markets stand outasan exception.Returns for broad developed market international indices were broadly positivefor the 3rd quarter in both USD and local currency terms with the MSCI EAFEIndex returning 5.4% and 3.4% respectively. Eurozone, U.K. and Japanesemarkets advanced on the back of positive macroeconomic data andimprovement in corporate earnings. As economic data has continued tostabilize, many developed market central banks have started to take a lessaccommodative stance toward monetary policy and economic stimulus. InEurope, European Central Bank (ECB) President Mario Draghi acknowledgedthat the ECB has been discussing plans to begin the wind down of theirquantitative easing program. Investors are expecting a formal announcementin October. In the U.K., the Bank of England telegraphed that an interest ratehike was likely before the end of the year, and in Canada, the Bank of Canadaraised interest rates twice this quarter. Despite increased tensions withNorthKorea and the early dissolution of the lower house of parliament by PrimeMinister Abe leading to snap elections in October, Japanese equities roseoverthe quarter. Performance for the past year has been strong on an absolutebasis with the MSCI EAFE Index returning 19.1% and 19.0% in USD and localcurrency terms respectively.A supportive global economic environment, increasing commodity prices and aweakening USD led to continued growth in emerging market equity prices. TheMSCI Emerging Market Index outperformed developed markets during the 3rdquarter, returning 7.9% and 7.6% in USD and local currency termsrespectively. Returns in China, Brazil and Russia were particularly strong asChina advanced on an improving growth outlook, Brazil on improving politicalstability and progress on social and economic reform initiatives, and Russialargely on improvement in oil prices. One year returns on the MSCI EmergingMarket Index are an impressive 22.5% in USD terms and 21.8% in terms oflocal currency.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As of September 30, 201711.7%7.0%6.7%7.6%3.5%3.3%3.4%3.4%4.4%15.1%7.0%6.3%7.9%3.9%6.2%5.4%5.6%6.2%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%EM Latin Amer (5)EM Asia (9)EM EMEA (10)Emerging Mkt (24)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (46)Quarter PerformanceUSDLocal Currency21.3%24.2%11.3%21.8%22.0%17.3%19.0%18.2%19.1%25.6%23.8%13.5%22.5%14.2%21.9%19.1%18.7%19.6%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%EM Latin Amer (5)EM Asia (9)EM EMEA (10)Emerging Mkt (24)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (46)1-Year PerformanceUSDLocal Currency7 The Market EnvironmentU.S. Dollar International Index Attribution & Country DetailAs of September 30, 2017Source: MSCI Global Index Monitor (Returns are Net in USD)MSCI - EAFESector Weight Quarter Return 1-Year ReturnConsumer Discretionary12.2%7.4%20.3%Consumer Staples11.2%0.8%6.2%Energy5.1%13.4%22.1%Financials21.5%5.2%32.5%Health Care10.6%0.7%7.8%Industrials14.4%6.3%21.8%Information Technology6.3%8.6%28.5%Materials7.9%11.0%27.6%Real Estate3.5%3.2%5.9%Telecommunication Services4.1%1.7%4.4%Utilities3.4%4.3%11.6%Total100.0%5.4%19.1%MSCI - ACWIxUSSector Weight Quarter Return 1-Year ReturnConsumer Discretionary11.3%7.0%19.7%Consumer Staples9.6%1.1%5.7%Energy6.6%12.7%17.5%Financials23.3%6.1%28.8%Health Care7.9%0.8%7.2%Industrials11.8%5.6%20.7%Information Technology11.2%10.0%35.1%Materials7.9%10.7%25.0%Real Estate3.2%6.1%10.3%Telecommunication Services4.2%2.4%5.4%Utilities3.1%4.6%10.5%Total100.0%6.2%19.6%MSCI - Emerging MktSector WeightQuarter Return 1-Year ReturnConsumer Discretionary10.3%5.0%16.3%Consumer Staples6.5%2.5%3.8%Energy6.8%12.9%21.2%Financials23.4%7.2%21.7%Health Care2.3%3.3%2.9%Industrials5.4%1.7%12.6%Information Technology27.6%11.0%40.5%Materials7.2%10.1%28.0%Real Estate2.9%17.9%29.9%Telecommunication Services5.1%3.3%6.3%Utilities2.6%6.4%7.2%Total100.0%7.9%22.5%MSCI-EAFE MSCI-ACWIxUS Quarter1- YearCountryWeightWeightReturnReturnJapan23.0%15.9%4.0%14.1%United Kingdom17.8%12.3%5.2%14.6%France10.8%7.5%8.4%30.6%Germany9.8%6.8%7.7%26.1%Switzerland8.2%5.7%2.0%15.7%Australia6.8%4.7%3.1%13.1%Netherlands3.7%2.6%9.3%28.4%Spain3.5%2.4%4.3%32.0%Hong Kong3.5%2.4%5.1%16.3%Sweden2.9%2.0%5.5%24.3%Italy2.5%1.7%13.7%45.6%Denmark1.9%1.3%7.7%20.3%Singapore1.3%0.9%3.1%18.7%Belgium1.2%0.8%9.2%6.2%Finland1.0%0.7%3.3%20.2%Norway0.7%0.5%19.2%28.9%Israel0.5%0.3%-12.7%-13.0%Ireland0.5%0.3%6.1%14.4%Austria0.3%0.2%12.7%59.3%Portugal0.2%0.1%13.2%22.6%New Zealand0.2%0.1%-0.1%-2.0%Total EAFE Countries100.0%69.2%5.4%19.1%Canada6.7%7.9%15.0%Total Developed Countries75.9%5.6%18.7%China7.1%14.7%33.0%Korea3.6%2.7%24.8%Taiwan2.8%0.8%19.9%India2.0%3.0%14.2%Brazil1.8%23.0%29.2%South Africa1.5%3.8%7.6%Mexico0.8%1.5%16.2%Russia0.8%17.6%19.6%Indonesia0.6%-1.1%5.9%Malaysia0.6%1.8%6.2%Thailand0.5%10.5%20.7%Poland0.3%9.3%51.2%Chile0.3%16.9%35.6%Philippines0.3%3.0%2.1%Turkey0.3%0.3%14.5%United Arab Emirates0.2%4.1%6.4%Qatar0.1%-6.9%-14.9%Colombia0.1%6.5%12.7%Peru0.1%14.1%32.3%Greece0.1%-12.2%30.9%Hungary0.1%9.6%42.8%Czech Republic0.0%10.0%21.5%Egypt0.0%2.2%-17.7%Pakistan0.0%-16.5%-7.1%Total Emerging Countries24.1%7.9%22.5%Total ACWIxUS Countries100.0%6.2%19.6%8 Source: Barclays Capital LiveThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of September 30, 2017Broad fixed income benchmarks gained ground during the 3rdquarter. TheBloomberg Barclays U.S. Aggregate Index ended the quarter with a 0.8% gaindespite modestly rising interest rates. Interestrates fell during the firsthalfofthe quarter when investors looked to safe-haven assets as internationalrelations between the U.S. and North Korea began to deteriorate and extremeweather created anxiety in markets. However, rates reversed course in thebeginning of September, ending slightly higher than where they began theperiod. The Federal Open Market Committee (FOMC) voted not to increaseshort-term interest rates during the third quarter, but market expectations arefor one additional increase prior to year end. While inflation remains subdued,the Fed feels the economy is tracking to be healthy enough to warrantcontinued tightening. This caused a flattening of the yield curve as short-termmarket yields rose more aggressivelythan rates on long-term maturities.TheFed also announced that its plan to gradually reduce its balance sheet byslowing the rate of reinvestment of the Treasury and mortgage backedsecurities (MBS) it holds on its books as the securities mature would begininOctober. The amount reinvested each month will fall systematically, reducingthe size of the Fed’s balance sheet over time. This can be viewed as furthertightening of monetary policy. This put additional upward pressure on interestrates as the quarter came to a close. The Bloomberg Barclays U.S. AggregateIndex stayed slightly positive over the 1-year period returning 0.1%, withthevarious investment grade sectors posting mixed results.Lower quality bonds outperformed higher quality issues for both the quarterand 1-year period as contracting credit spreads from improvements ineconomic fundamentals acted as a tailwind to these issues. During the 3rdquarter, credit spreads for high yield debt decreased by 17 bps versus only8bps for investment grade (IG) corporate issues. BAA issues more thandoubled the return of AAA securities for the second straight quarter, returning1.6% versus a 0.6% return for AAA debt. High yield debt continues to be thelargest beneficiary of the strengthening economy, returning 2.0% for thequarter and 8.9% for the 1-year period.A review of sector performance shows that IG credit has continued its 2017trend of outperformance versus Treasuries and MBS securities. As previouslymentioned, corporate issues benefited from tightening credit spreadsthroughout the period. Treasuries were the worst performer due to their higherduration and expectations for additional tightening of monetary policy.MBSalso benefitted from some spread compression through the quarter, butenthusiasm for these securities was dimmed by the Fed’s planned balancesheet reduction strategy. Treasury securities posted the worst returns for thequarter, appreciating 0.4%. U.S. IG corporate bonds were the best performingIG sector over the 1-year period, returning 2.2%.1.9%2.5%0.7%0.8%0.9%1.3%1.0%0.4%2.0%1.6%1.3%1.0%0.6%0.0%1.0%2.0%3.0%Multiverse (6.8)Global Agg x US (7.8)Intermediate Agg (4.2)Aggregate (6.0)U.S. TIPS (6.0)U.S. Corporate IG (7.6)U.S. Mortgage (4.5)U.S. Treasury (6.2)U.S. High Yield (3.8)Baa (7.7)A (7.6)AA (6.2)AAA (5.4)Quarter Performance -0.6%-2.4%0.2%0.1%-0.7%2.2%0.3%-1.7%8.9%3.2%1.4%0.4%-0.7%-4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%Multiverse (6.8)Global Agg x US (7.8)Intermediate Agg (4.2)Aggregate (6.0)U.S. TIPS (6.0)U.S. Corporate IG (7.6)U.S. Mortgage (4.5)U.S. Treasury (6.2)U.S. High Yield (3.8)Baa (7.7)A (7.6)AA (6.2)AAA (5.4)1-Year Performance9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of September 30, 2017Global fixed income indices also posted strong results for the quarter. Globalbenchmarks are impacted by the same local yield and duration factors asdomestic benchmarks. While these indices have relatively high durations,thereturns of these indices are also significantly influenced by fluctuations in theircurrency denomination relative to the USD. This currency effect can eitherbean offsetting benefit to negative yield and duration factors in a rising rateenvironment as it has been year-to-date,or it can further exacerbate negativeperformance as it did in 2016. Led by a weakening USD, global bond indicesoutperformed domestic issues for the for the quarter. However, hawkishcomments from several global central banks muted returns during the finalmonth of the period. Global bonds have had a currency effect tailwind so farin2017, but global bond returns still trail domestic indices over the 1-year period,primarily due to their relative underperformance in the 4thquarter of 2016. TheBloomberg Barclays Aggregate ex U.S. posted a -2.4% return for the period.Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the line graphs to the right.The ‘1-Year Trailing Market Rates’ chart illustrates that the 10-year Treasuryyield (green line) rose dramatically in the 4thquarter of 2016, held largelysteady during the 1stquarter of 2017 and then gradually fell through most of2ndquarter before spiking at the end of June. As described on the last page,rates then fell through the first half of quarter before rising to the levelswherethey began the quarter. The yield on the 10-year Treasury has fallen to 2.33%from 2.45% at the start of the year. The blue line illustrates changes in theBAA OAS (Option Adjusted Spread). This measure quantifies the additionalyield premium that investors require to purchase and hold non-Treasuryissues. This line illustrates a steady decline in credit spreads throughout 2016and 2017. This decline is equivalent to an interest rate decrease on corporatebonds, which produces a tailwind for corporate bond index returns. Thesecredit spreads have tightened by about 48 bps over the last 12-months. Thegreen shading at the bottom of the graph illustrates the gradual increase intheFederal Funds Rate due to a less accommodative Fed monetary policy.The lower graph provides a snapshot of the U.S. Treasury yield curve at eachof the last four calendar quarters. As mentioned, the yield curve continuestoflatten as yields on shorter-term maturities have risen, while interest rates onthe long end of the curve (5-years and beyond) have generally declined.Interest rate movement during the quarter was relatively muted, especially atthe long end of the curve. However, the significant upward shift in short-terminterest rates and decline of long-term interest rates since the end of 2016isclearly visible.0.000.501.001.502.002.503.003.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve12/31/20163/31/20176/30/20179/30/20170.000.501.001.502.002.503.003.50Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-171-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPS10 Schedule of Investable Assets Total Fund Net Cash Flow $0 $9,230,770 $18,461,540 $27,692,310 $36,923,080 $46,153,850 $55,384,620 $64,615,390 $73,846,160 $83,076,930 $92,307,700 $101,538,470 $110,769,240 $120,000,010 ($9,230,770)Market Value7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 9/17 $50,618,191 $92,739,604 Schedule of Investable Assets Total Fund August 1, 2007 To September 30, 2017 11 June 30, 2017 : $90,018,628 Cash & Equivalents Other Assets Real Estate Global Fixed Income Domestic Fixed Income International Equity Domestic Equity September 30, 2017 : $92,739,604 Cash & Equivalents Other Assets Real Estate Global Fixed Income Domestic Fixed Income International Equity Domestic Equity Allocation Market Value Allocation Domestic Equity 46,300,548 51.4¢£ International Equity 9,339,535 10.4¢£ Domestic Fixed Income 16,277,619 18.1¢£ Global Fixed Income 4,387,536 4.9¢£ Real Estate 9,347,614 10.4¢£ Other Assets 4,365,634 4.8¢£ Cash & Equivalents 142 0.0¢£ Allocation Market Value Allocation Domestic Equity 48,051,588 51.8¢£ International Equity 9,962,016 10.7¢£ Domestic Fixed Income 16,383,992 17.7¢£ Global Fixed Income 4,441,618 4.8¢£ Real Estate 9,460,541 10.2¢£ Other Assets 4,439,706 4.8¢£ Cash & Equivalents 142 0.0¢£ Asset Allocation by Asset Class Total Fund As of September 30, 2017 12 June 30, 2017 : $90,018,628 VG TSMI Dana (LC) Fiduciary R & D BlackRock MAI Intercontinental American Templeton GB GHA Agincourt EuroPacific RBC Dana (SC) September 30, 2017 : $92,739,604 VG TSMI Dana (LC) Fiduciary R & D BlackRock MAI Intercontinental American Templeton GB GHA Agincourt EuroPacific RBC Dana (SC) Allocation Market Value Allocation VG TSMI 15,941,432 17.7¢£ Dana (LC)16,439,319 18.3¢£ Fiduciary 9,756,029 10.8¢£ Dana (SC)4,163,767 4.6¢£ RBC 5,150,145 5.7¢£ EuroPacific 4,189,390 4.7¢£ Agincourt 8,274,394 9.2¢£ GHA 8,003,225 8.9¢£ Templeton GB 4,387,536 4.9¢£ American 4,549,729 5.1¢£ Intercontinental 4,797,885 5.3¢£ BlackRock MAI 4,365,634 4.8¢ R & D 142 0.0¢ Allocation Market Value Allocation VG TSMI 16,665,792 18.0¢£ Dana (LC)16,921,080 18.2¢£ Fiduciary 10,099,799 10.9¢£ Dana (SC)4,364,918 4.7¢£ RBC 5,485,373 5.9¢£ EuroPacific 4,476,644 4.8¢£ Agincourt 8,344,967 9.0¢£ GHA 8,039,025 8.7¢£ Templeton GB 4,441,618 4.8¢£ American 4,549,729 4.9¢£ Intercontinental 4,910,812 5.3¢£ BlackRock MAI 4,439,706 4.8¢ R & D 142 0.0¢ Asset Allocation By Manager Total Fund As of September 30, 2017 13 Asset Allocation vs. Target Allocation Allocation Differences 0.00%3.00%6.00%9.00%11.00%-3.00 %-6.00 %-9.00 %-11.00 % Cash Equivalents Other Assets Real Estate Global Fixed Income Intermediate Fixed Income Broad Market Fixed Income International Equity Domestic Equity 0.00% -0.21 % 0.20% -0.21 % -1.33 % -1.00 % 0.74% 1.81% Market Value $Allocation (%)Target (%) Domestic Equity 48,051,588 51.8 50.0 International Equity 9,962,016 10.7 10.0 Broad Market Fixed Income 8,344,967 9.0 10.0 Intermediate Fixed Income 8,039,025 8.7 10.0 Global Fixed Income 4,441,618 4.8 5.0 Real Estate 9,460,541 10.2 10.0 Other Assets 4,439,706 4.8 5.0 Cash Equivalents 142 0.0 0.0 Total Fund 92,739,604 100.0 100.0 Asset Allocation vs. Target Allocation Total Fund As of September 30, 2017 14 Asset Allocation Attributes Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Real Estate Real Return Cash Equivalent Total Fund ($) % ($) % ($) % ($) % ($) % ($) % ($) % ($)% Total Domestic Equity 46,266,951 96.29 - -- -- - - - - - 1,784,638 3.71 48,051,588 51.81 Vanguard Total Stock Index (VITSX) 16,665,792 100.00 - -- -- - - - - -- - 16,665,792 17.97 Dana (Large Cap)16,755,460 99.02 - -- -- - - - - - 165,620 0.98 16,921,080 18.25 Fiduciary Management, Inc.8,531,023 84.47 - -- -- - - - - - 1,568,777 15.53 10,099,799 10.89 Dana (Small Cap)4,314,677 98.85 - -- -- - - - - - 50,241 1.15 4,364,918 4.71 Total International Equity - - 9,962,016 100.00 - -- - - - - -- - 9,962,016 10.74 RBC International Portfolio - - 5,485,373 100.00 - -- - - - - -- - 5,485,373 5.91 American Funds EuroPacific Gr R6 (RERGX)- - 4,476,644 100.00 - -- - - - - -- - 4,476,644 4.83 Total Domestic Fixed Income - - - - 16,206,586 98.92 - - - - - - 177,407 1.08 16,383,992 17.67 Agincourt Capital Management - - - - 8,229,669 98.62 - - - - - - 115,298 1.38 8,344,967 9.00 Garcia, Hamilton & Associates - - - - 7,976,916 99.23 - - - - - - 62,109 0.77 8,039,025 8.67 Total Global Fixed Income - - - -- - 4,441,618 100.00 - - - -- - 4,441,618 4.79 Templeton Global Bond Adv (FBNRX)- - - -- - 4,441,618 100.00 - - - -- - 4,441,618 4.79 Total Real Estate - - - -- -- - 9,460,541 100.00 - -- - 9,460,541 10.20 American Core Realty Fund - - - -- -- - 4,549,729 100.00 - -- - 4,549,729 4.91 Intercontinental Real Estate - - - -- -- - 4,910,812 100.00 - -- - 4,910,812 5.30 Total Other Assets - - - -- -- - - - 4,422,506 99.61 17,200 0.39 4,439,706 4.79 BlackRock Multi-Asset Income Fund (BIICX)- - - -- -- - - - 4,422,506 99.61 17,200 0.39 4,439,706 4.79 Receipt & Disbursement - - - -- -- - - - - - 142 100.00 142 0.00 Total Fund Portfolio 46,266,951 49.89 9,962,016 10.74 16,206,586 17.48 4,441,618 4.79 9,460,541 10.20 4,422,506 4.77 1,979,386 2.13 92,739,604 100.00 Asset Allocation Total Fund As of September 30, 2017 15 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 Allocation (%)US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv.Real Estate Cash Total Fund 51.81 (18)10.74 (84)17.67 (90)4.79 (43)4.77 (71)10.20 (17)0.02 (100) 5th Percentile 58.63 24.63 44.22 7.22 20.58 12.71 6.73 1st Quartile 49.67 16.15 34.70 5.08 11.58 9.76 2.46 Median 45.64 14.79 29.85 4.71 9.11 6.25 1.37 3rd Quartile 41.64 12.51 22.78 4.28 3.92 4.80 0.79 95th Percentile 31.77 7.75 15.32 3.19 0.91 3.18 0.03 Plan Sponsor TF Asset Allocation Total Fund As of September 30, 2017 Parentheses contain percentile rankings. 16 Financial Reconciliation Quarter to Date Market Value 07/01/2017 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2017 Total Domestic Equity 46,300,548 -450,000 3,622 -450,000 -63,714 -3,291 196,110 2,068,314 48,051,588 Vanguard Total Stock Index (VITSX)15,941,432 -----71,050 653,309 16,665,792 Dana (Large Cap)16,439,319 -450,000 1,607 -450,000 -50,829 -1,607 86,367 896,222 16,921,080 Fiduciary Management, Inc.9,756,029 -1,177 ---1,177 28,977 314,794 10,099,799 Dana (Small Cap)4,163,767 -837 - -12,885 -507 9,716 203,989 4,364,918 Total International Equity 9,339,535 -----893 18,641 604,733 9,962,016 RBC International Portfolio 5,150,145 -----893 18,641 317,480 5,485,373 American Funds EuroPacific Gr R6 (RERGX) 4,189,390 ------ 287,254 4,476,644 Total Domestic Fixed Income 16,277,619 -1,930 - -15,234 -1,930 128,529 -6,922 16,383,992 Agincourt Capital Management 8,274,394 -978 - -10,231 -978 80,468 336 8,344,967 Garcia, Hamilton & Associates 8,003,225 -952 --5,003 -952 48,061 -7,258 8,039,025 Total Global Fixed Income 4,387,536 -----36,041 18,041 4,441,618 Templeton Global Bond Adv (FBNRX)4,387,536 -----36,041 18,041 4,441,618 Total Real Estate 9,347,614 ----8,842 -64,256 57,513 9,460,541 American Core Realty Fund 4,549,729 ------- 4,549,729 Intercontinental Real Estate 4,797,885 ----8,842 -64,256 57,513 4,910,812 Total Other Assets 4,365,634 -----50,314 23,758 4,439,706 BlackRock Multi-Asset Income Fund (BIICX) 4,365,634 -----50,314 23,758 4,439,706 Receipt & Disbursement 142 450,000 453,800 -450,000 --3,800 --142 Total Fund Portfolio 90,018,628 - 459,352 -900,000 -87,790 -9,915 493,892 2,765,437 92,739,604 Financial Reconciliation Total Fund 1 Quarter Ending September 30, 2017 17 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2016 Net Transfers Contributions Distributions Management Fees Other Expenses Return On Investment Income Apprec./ Deprec. Market Value 09/30/2017 Total Domestic Equity 39,420,219 1,300,000 2,203,622 -1,890,000 -63,714 -3,291 8,384,752 693,001 7,691,752 48,051,588 Vanguard Total Stock Index (VITSX)11,817,443 2,200,000 2,200,000 --- 2,648,348 236,645 2,411,703 16,665,792 Dana (Large Cap)15,341,664 -900,000 1,607 -1,890,000 -50,829 -1,607 3,520,245 307,394 3,212,851 16,921,080 Fiduciary Management, Inc.8,537,504 - 1,177 -- -1,177 1,562,295 109,723 1,452,572 10,099,799 Dana (Small Cap)3,723,608 -837 - -12,885 -507 653,864 39,239 614,625 4,364,918 Total International Equity 8,184,714 ---- -3,269 1,780,570 294,207 1,486,363 9,962,016 RBC International Portfolio 4,473,788 ---- -3,269 1,014,853 147,805 867,048 5,485,373 American Funds EuroPacific Gr R6 (RERGX) 3,710,926 ----- 765,717 146,402 619,315 4,476,644 Total Domestic Fixed Income 15,450,978 1,000,000 1,001,930 -200,000 -15,234 -1,930 148,248 475,956 -327,708 16,383,992 Agincourt Capital Management 7,802,572 500,000 500,978 - -10,231 -978 52,626 298,464 -245,838 8,344,967 Garcia, Hamilton & Associates 7,648,405 500,000 500,952 -200,000 -5,003 -952 95,622 177,492 -81,870 8,039,025 Total Global Fixed Income 3,918,293 ----- 523,325 110,988 412,337 4,441,618 Templeton Global Bond Adv (FBNRX)3,918,293 ----- 523,325 110,988 412,337 4,441,618 Total Real Estate 8,808,132 --- -71,362 - 723,772 322,615 401,157 9,460,541 American Core Realty Fund 4,347,003 --- -36,982 - 239,709 80,498 159,211 4,549,729 Intercontinental Real Estate 4,461,129 --- -34,380 - 484,063 242,117 241,946 4,910,812 Total Other Assets 4,101,844 ----- 337,862 181,601 156,261 4,439,706 BlackRock Multi-Asset Income Fund (BIICX) 4,101,844 ----- 337,862 181,601 156,261 4,439,706 Receipt & Disbursement 719,248 -2,300,000 4,109,184 -4,818,680 - -10,120 510 575 -66 142 Total Fund Portfolio 80,603,428 - 7,314,736 -6,908,680 -150,310 -18,610 11,899,040 2,078,944 9,820,096 92,739,604 Financial Reconciliation Total Fund October 1, 2016 To September 30, 2017 18 Comparative Performance Trailing Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR Inception Inception Date Total Fund Portfolio (Gross)3.63 (26)14.27 (9)14.27 (9)8.28 (2)10.46 (2)10.07 (2)6.23 (40)05/01/1998 Total Fund Policy 3.50 (37)12.32 (49)12.32 (49)7.89 (8)10.06 (6)10.31 (1)5.99 (60) All Public Plans-Total Fund Median 3.41 12.21 12.21 6.78 8.61 8.57 6.11 Total Fund Portfolio (Net)3.53 14.10 14.10 7.89 10.01 9.59 5.69 05/01/1998 Total Fund Policy 3.50 12.32 12.32 7.89 10.06 10.31 5.99 Total Equity 5.22 20.65 20.65 10.09 13.46 12.33 9.16 07/31/2008 Total Equity Policy 4.82 18.97 18.97 9.93 13.39 13.14 9.00 Total Domestic Equity 4.93 (26)20.40 (19)20.40 (19)10.42 (21)14.01 (33)13.15 (41)9.13 (22)07/01/2002 Total Domestic Equity Policy 4.57 (37)18.71 (34)18.71 (34)10.74 (14)14.23 (23)14.28 (15)8.60 (39) IM U.S. All Cap Core Equity (SA+CF+MF) Median 4.23 17.25 17.25 8.97 13.25 12.73 8.26 Total International Equity 6.67 (44)21.76 (33)21.76 (33)8.13 (22)10.41 (21)8.47 (19)6.76 (28)01/01/2006 Total International Equity Policy 6.25 (51)20.15 (46)20.15 (46)5.19 (59)8.48 (42)6.60 (43)N/A MSCI EAFE Index 5.47 (66)19.65 (50)19.65 (50)5.53 (54)8.87 (36)6.87 (38)4.75 (63) IM International Equity (SA+CF+MF) Median 6.26 19.63 19.63 5.72 7.92 6.17 5.44 Total Fixed Income 0.85 3.35 3.35 2.86 2.74 3.68 4.75 07/01/2002 Total Fixed Income Policy 1.04 -0.35 -0.35 2.19 1.52 2.27 4.06 Total Domestic Fixed Income 0.75 (92)0.92 (33)0.92 (33)3.10 (45)2.73 (30)N/A 3.50 (30)09/01/2011 Total Domestic Fixed Income Policy 0.85 (74)0.22 (72)0.22 (72)2.50 (97)2.00 (92)2.64 (99)2.35 (99) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.92 0.61 0.61 3.01 2.46 3.46 3.21 Total Global Fixed Income 1.23 (69)13.36 (1)13.36 (1)1.83 (44)3.06 (14)N/A 3.66 (13)09/01/2011 Citigroup World Government Bond Index 1.81 (31)-2.69 (94)-2.69 (94)0.88 (74)-0.43 (89)0.80 (84)-0.14 (85) IM Global Fixed Income (MF) Median 1.59 1.10 1.10 1.62 1.38 2.15 1.88 Total Real Estate 1.30 (86)7.08 (62)7.08 (62)10.71 (57)12.06 (36)12.66 (52)6.56 (33)07/01/2006 Total Real Estate Policy 1.88 (33)7.80 (57)7.80 (57)11.01 (49)11.45 (57)12.04 (70)7.83 (1) NCREIF Property Index 0.00 (100)5.11 (97)5.11 (97)9.22 (84)9.98 (79)10.98 (80)7.20 (24) IM U.S. Open End Private Real Estate (SA+CF) Median 1.62 8.17 8.17 10.93 11.62 12.72 6.19 Total Other Assets 1.70 (81)8.24 (60)8.24 (60)N/A N/A N/A 7.23 (62)12/01/2015 50% MSCI World/50% BC Agg 2.90 (47)9.11 (50)9.11 (50)5.63 (26)6.88 (33)6.97 (38)7.70 (54) IM Flexible Portfolio (MF) Median 2.83 9.10 9.10 4.19 5.94 6.16 7.82 Comparative Performance Total Fund As of September 30, 2017 Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage. Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present. Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present. 19 Comparative Performance Total Fund As of September 30, 2017 QTR FYTD 1 YR 3 YR 5 YR 7 YR Inception Inception Date Total Domestic Equity Vanguard Total Stock Index (VITSX)4.54 (39)18.64 (35)18.64 (35)10.70 (13)N/A N/A 13.17 (18)04/01/2013 Vanguard Total Stock Market Index 4.55 (38)18.64 (35)18.64 (35)10.71 (13)14.19 (22)14.29 (12)13.18 (18) IM U.S. Multi-Cap Core Equity (MF) Median 4.23 17.16 17.16 8.90 13.21 12.66 11.76 Dana (Large Cap)6.08 (13)24.13 (7)24.13 (7)9.94 (62)13.91 (58)13.99 (62)8.95 (58)07/01/2002 Dana Custom Index 4.48 (58)18.61 (50)18.61 (50)10.81 (43)14.22 (49)14.34 (55)8.39 (89) IM U.S. Large Cap Core Equity (SA+CF) Median 4.65 18.60 18.60 10.54 14.17 14.43 9.12 Fiduciary Management, Inc.3.52 (62)18.30 (52)18.30 (52)11.48 (32)N/A N/A 12.01 (41)08/01/2013 Russell 3000 Index 4.57 (43)18.71 (51)18.71 (51)10.74 (39)14.23 (50)14.28 (52)12.15 (41) IM U.S. All Cap Core Equity (SA+CF) Median 4.33 18.72 18.72 10.04 14.22 14.36 11.67 Dana (Small Cap)5.15 (64)17.58 (87)17.58 (87)9.79 (89)14.08 (80)15.80 (36)9.12 (82)05/01/2005 Russell 2000 Index 5.67 (47)20.74 (55)20.74 (55)12.18 (67)13.79 (83)13.51 (87)9.38 (79) IM U.S. Small Cap Core Equity (SA+CF) Median 5.58 20.97 20.97 13.03 15.52 15.04 10.51 Total International Equity RBC International Portfolio 6.53 (29)22.69 (34)22.69 (34)9.08 (14)12.72 (8)10.93 (9)8.33 (8)01/01/2006 MSCI AC World ex USA 6.25 (34)20.15 (53)20.15 (53)5.19 (60)7.45 (79)5.72 (86)5.03 (80) IM International Large Cap Value Equity (SA+CF) Median 5.68 20.66 20.66 5.86 9.18 7.52 5.61 American Funds EuroPacific Gr R6 (RERGX)6.86 (16)20.63 (24)20.63 (24)N/A N/A N/A 7.19 (10)03/01/2015 MSCI AC World ex USA 6.25 (28)20.15 (28)20.15 (28)5.19 (47)7.45 (71)5.72 (68)5.56 (31) IM International Multi-Cap Core Equity (MF) Median 5.67 18.96 18.96 5.07 8.08 6.20 4.91 Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage. Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present. Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present. 20 Comparative Performance Total Fund As of September 30, 2017 QTR FYTD 1 YR 3 YR 5 YR 7 YR Inception Inception Date Total Domestic Fixed Income Agincourt Capital Management 0.98 (35)0.61 (51)0.61 (51)3.12 (44)2.45 (52)3.44 (52)5.31 (43)10/01/2008 Bloomberg Barclays U.S. Aggregate Index 0.85 (74)0.07 (84)0.07 (84)2.71 (82)2.06 (86)2.95 (87)4.34 (94) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.92 0.61 0.61 3.01 2.46 3.46 5.16 Garcia, Hamilton & Associates 0.51 (100)1.23 (24)1.23 (24)3.07 (47)2.99 (16)3.80 (23)5.15 (28)07/01/2008 Garcia Hamilton Hybrid Index 0.85 (74)0.37 (65)0.37 (65)2.29 (100)1.77 (99)2.48 (100)3.69 (100) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.92 0.61 0.61 3.01 2.46 3.46 4.84 Total Global Fixed Income Templeton Global Bond Adv (FBNRX)1.23 (69)13.36 (1)13.36 (1)1.85 (44)3.09 (13)N/A 4.72 (9)10/01/2011 Citigroup World Government Bond Index 1.81 (31)-2.69 (94)-2.69 (94)0.88 (74)-0.43 (89)0.80 (84)0.18 (88) IM Global Fixed Income (MF) Median 1.59 1.10 1.10 1.62 1.38 2.15 2.24 Total Real Estate American Core Realty Fund 0.00 (100)5.54 (73)5.54 (73)9.46 (80)10.62 (72)11.53 (75)5.54 (77)07/01/2006 NCREIF Fund Index-Open End Diversified Core (EW)1.88 (33)7.80 (57)7.80 (57)11.01 (49)11.57 (54)12.50 (54)6.14 (59) IM U.S. Open End Private Real Estate (SA+CF) Median 1.62 8.17 8.17 10.93 11.62 12.72 6.19 Intercontinental Real Estate 2.54 (1)10.87 (5)10.87 (5)12.68 (21)14.02 (19)14.17 (28)14.17 (28)10/01/2010 NCREIF Fund Index-Open End Diversified Core (EW)1.88 (33)7.80 (57)7.80 (57)11.01 (49)11.57 (54)12.50 (54)12.50 (54) IM U.S. Open End Private Real Estate (SA+CF) Median 1.62 8.17 8.17 10.93 11.62 12.72 12.72 Total Other Assets BlackRock Multi-Asset Income Fund (BIICX)1.70 (81)8.24 (60)8.24 (60)N/A N/A N/A 7.23 (62)12/01/2015 50% MSCI World/50% BC Agg 2.90 (47)9.11 (50)9.11 (50)5.63 (26)6.88 (33)6.97 (38)7.70 (54) IM Flexible Portfolio (MF) Median 2.83 9.10 9.10 4.19 5.94 6.16 7.82 Returns for periods greater than 1 yr. are annualized. Returns are expressed as percentage. Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present. Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present. 21 Comparative Performance Fiscal Year Returns FYTD FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 Total Fund Portfolio (Gross)14.27 (9)9.07 (69)1.87 (7)12.50 (6)15.11 (12)18.93 (28)0.08 (55)8.61 (83)0.00 (74)-11.96 (33)11.67 (88) Total Fund Policy 12.32 (49)11.33 (9)0.43 (27)12.13 (10)14.70 (16)19.99 (12)2.54 (10)9.32 (69)-1.86 (86)-14.02 (63)13.39 (65) All Public Plans-Total Fund Median 12.21 9.68 -0.53 10.15 12.50 17.98 0.29 9.94 1.57 -12.97 14.09 Total Fund Portfolio (Net)14.10 8.54 1.41 12.01 14.56 18.28 -0.37 8.14 -0.46 -12.30 10.96 Total Fund Policy 12.32 11.33 0.43 12.13 14.70 19.99 2.54 9.32 -1.86 -14.02 13.39 Total Equity 20.65 10.82 -0.20 15.44 22.06 25.54 -4.38 10.56 -1.59 N/A N/A Total Equity Policy 18.97 14.20 -2.23 15.81 21.82 27.76 -0.89 9.91 -4.90 N/A N/A Total Domestic Equity 20.40 (19)11.02 (57)0.72 (23)17.57 (34)21.70 (61)26.53 (52)-2.59 (62)11.15 (30)-3.60 (37)-16.51 (9)14.18 (71) Total Domestic Equity Policy 18.71 (34)14.96 (14)-0.49 (34)17.76 (31)21.60 (62)30.20 (19)0.55 (32)10.96 (34)-6.42 (60)-21.52 (38)16.52 (52) IM U.S. All Cap Core Equity (SA+CF+MF) Median 17.25 11.51 -1.60 16.22 22.94 26.64 -1.42 9.66 -5.62 -22.61 16.67 Total International Equity 21.76 (33)9.61 (51)-5.28 (29)4.49 (52)24.24 (24)20.29 (19)-10.51 (43)8.14 (54)11.28 (30)-30.51 (46)24.22 (72) Total International Equity Policy 20.15 (46)9.80 (50)-11.78 (63)5.22 (43)22.69 (31)14.33 (68)-8.94 (31)3.71 (76)3.80 (56)-30.13 (42)N/A MSCI EAFE Index 19.65 (50)7.06 (67)-8.27 (46)4.70 (49)24.29 (24)14.33 (68)-8.94 (31)3.71 (76)3.80 (56)-30.13 (42)25.38 (64) IM International Equity (SA+CF+MF) Median 19.63 9.71 -8.88 4.62 18.38 16.58 -11.36 8.89 5.18 -31.11 28.17 Total Fixed Income 3.35 3.96 1.30 5.04 0.12 8.82 3.39 9.20 15.33 0.03 5.24 Total Fixed Income Policy -0.35 5.44 1.57 2.66 -1.56 4.11 4.22 7.52 9.69 4.16 5.43 Total Domestic Fixed Income 0.92 (33)4.86 (94)3.55 (11)4.65 (43)-0.24 (14)8.27 (14)N/A N/A N/A N/A N/A Total Domestic Fixed Income Policy 0.22 (72)4.38 (97)2.95 (59)3.34 (96)-0.80 (29)4.31 (98)4.22 (90)7.52 (96)9.69 (90)4.16 (20)5.43 (27) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.61 5.66 3.02 4.50 -1.27 6.61 5.26 9.26 12.28 2.55 5.16 Total Global Fixed Income 13.36 (1)0.84 (100)-7.62 (91)6.54 (10)3.33 (2)13.25 (4)N/A N/A N/A N/A N/A Citigroup World Government Bond Index -2.69 (94)9.71 (18)-3.83 (50)-0.07 (96)-4.60 (82)3.29 (96)4.61 (8)4.99 (89)13.78 (51)5.90 (5)8.69 (31) IM Global Fixed Income (MF) Median 1.10 7.27 -3.84 3.41 -1.80 7.18 1.77 7.68 13.86 -1.37 7.50 Total Real Estate 7.08 (62)11.16 (50)14.00 (68)13.05 (46)15.18 (32)12.45 (56)15.92 (72)2.44 (80)-32.96 (38)4.98 (32)21.07 (12) Total Real Estate Policy 7.80 (57)10.62 (68)14.71 (64)12.39 (70)11.84 (81)11.00 (77)16.10 (69)5.84 (53)-22.09 (5)5.27 (25)17.31 (65) NCREIF Property Index 5.11 (97)9.22 (96)13.48 (74)11.26 (89)11.00 (83)11.00 (77)16.10 (69)5.84 (53)-22.09 (5)5.27 (25)17.31 (65) IM U.S. Open End Private Real Estate (SA+CF) Median 8.17 11.14 15.54 12.90 13.22 12.90 16.62 6.39 -34.80 2.98 17.85 Total Other Assets 8.24 (60)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 50% MSCI World/50% BC Agg 9.11 (50)8.79 (44)-0.71 (16)8.39 (46)9.16 (44)13.82 (63)0.99 (30)8.26 (69)5.44 (39)-11.78 (21)13.22 (50) IM Flexible Portfolio (MF) Median 9.10 8.33 -4.46 8.00 8.31 15.66 -0.81 9.40 3.27 -17.27 13.11 Comparative Performance Total Fund As of September 30, 2017 Returns for periods greater than 1 yr. are annualized. Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present. Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.22 Comparative Performance Total Fund As of September 30, 2017 FYTD FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 Total Domestic Equity Vanguard Total Stock Index (VITSX)18.64 (35)15.00 (13)-0.57 (35)17.78 (30)N/A N/A N/A N/A N/A N/A N/A Vanguard Total Stock Market Index 18.64 (35)14.99 (13)-0.55 (34)17.77 (30)21.50 (62)30.28 (17)0.71 (25)11.16 (28)-6.03 (55)-21.19 (31)16.98 (45) IM U.S. Multi-Cap Core Equity (MF) Median 17.16 11.51 -1.70 16.19 22.85 26.63 -1.60 9.52 -5.59 -22.84 16.63 Dana (Large Cap)24.13 (7)7.09 (93)-0.05 (52)20.65 (29)19.62 (62)31.58 (22)-0.89 (73)10.10 (41)-13.66 (97)-12.23 (7)15.43 (72) Dana Custom Index 18.61 (50)15.43 (22)-0.61 (62)19.73 (45)19.34 (65)30.20 (45)0.95 (54)8.90 (59)-10.62 (92)-21.56 (62)16.52 (58) IM U.S. Large Cap Core Equity (SA+CF) Median 18.60 13.10 0.02 19.25 20.62 29.70 1.16 9.48 -5.77 -20.44 16.96 Fiduciary Management, Inc.18.30 (52)15.05 (15)1.78 (33)14.12 (71)N/A N/A N/A N/A N/A N/A N/A Russell 3000 Index 18.71 (51)14.96 (15)-0.49 (50)17.76 (32)21.60 (80)30.20 (30)0.55 (59)10.96 (51)-6.42 (58)-21.52 (66)16.52 (64) IM U.S. All Cap Core Equity (SA+CF) Median 18.72 11.49 -0.51 16.48 24.50 27.63 1.01 11.05 -5.83 -20.73 18.80 Dana (Small Cap)17.58 (87)5.64 (96)6.55 (22)11.03 (14)31.48 (55)39.20 (7)3.82 (13)15.86 (36)-13.06 (84)-21.93 (80)8.02 (89) Russell 2000 Index 20.74 (55)15.47 (43)1.25 (72)3.93 (78)30.06 (71)31.91 (54)-3.53 (76)13.35 (72)-9.55 (65)-14.48 (25)12.34 (71) IM U.S. Small Cap Core Equity (SA+CF) Median 20.97 14.59 3.32 6.68 31.90 32.35 -0.82 14.50 -7.73 -17.62 14.73 Total International Equity RBC International Portfolio 22.69 (34)10.68 (28)-4.42 (21)10.00 (9)27.45 (19)24.65 (3)-8.87 (54)12.31 (10)7.72 (41)-29.87 (70)24.22 (47) MSCI AC World ex USA 20.15 (53)9.80 (32)-11.78 (79)5.22 (57)16.98 (83)15.04 (53)-10.42 (68)8.00 (37)6.43 (49)-29.97 (71)31.06 (13) IM International Large Cap Value Equity (SA+CF) Median 20.66 8.36 -9.40 5.72 22.94 15.39 -8.65 5.00 6.22 -27.37 23.87 American Funds EuroPacific Gr R6 (RERGX)20.63 (24)8.52 (28)N/A N/A N/A N/A N/A N/A N/A N/A N/A MSCI AC World ex USA 20.15 (28)9.80 (15)-11.78 (88)5.22 (30)16.98 (82)15.04 (50)-10.42 (34)8.00 (20)6.43 (23)-29.97 (34)31.06 (6) IM International Multi-Cap Core Equity (MF) Median 18.96 6.05 -8.05 4.29 21.84 15.01 -11.19 4.39 1.57 -31.16 24.81 Returns for periods greater than 1 yr. are annualized. Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present. Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.23 Comparative Performance Total Fund As of September 30, 2017 FYTD FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 Total Domestic Fixed Income Agincourt Capital Management 0.61 (51)5.87 (39)2.96 (59)4.40 (53)-1.40 (59)6.96 (43)4.92 (68)9.55 (39)14.76 (17)N/A N/A Bloomberg Barclays U.S. Aggregate Index 0.07 (84)5.19 (80)2.94 (60)3.96 (80)-1.68 (80)5.16 (91)5.26 (49)8.16 (87)10.56 (82)3.65 (32)5.14 (53) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.61 5.66 3.02 4.50 -1.27 6.61 5.26 9.26 12.28 2.55 5.16 Garcia, Hamilton & Associates 1.23 (24)3.86 (100)4.15 (4)4.88 (33)0.88 (3)9.51 (4)2.32 (100)8.87 (61)15.91 (10)N/A N/A Garcia Hamilton Hybrid Index 0.37 (65)3.57 (100)2.95 (59)2.74 (98)-0.71 (25)4.31 (98)4.22 (90)7.52 (96)9.69 (90)N/A N/A IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.61 5.66 3.02 4.50 -1.27 6.61 5.26 9.26 12.28 2.55 5.16 Total Global Fixed Income Templeton Global Bond Adv (FBNRX)13.36 (1)0.84 (100)-7.57 (90)6.53 (10)3.44 (2)13.25 (4)N/A N/A N/A N/A N/A Citigroup World Government Bond Index -2.69 (94)9.71 (18)-3.83 (50)-0.07 (96)-4.60 (82)3.29 (96)4.61 (8)4.99 (89)13.78 (51)5.90 (5)8.69 (31) IM Global Fixed Income (MF) Median 1.10 7.27 -3.84 3.41 -1.80 7.18 1.77 7.68 13.86 -1.37 7.50 Total Real Estate American Core Realty Fund 5.54 (73)9.04 (97)13.98 (68)12.49 (66)12.27 (72)11.57 (67)16.11 (65)2.72 (77)-32.96 (38)4.98 (32)16.31 (82) NCREIF Fund Index-Open End Diversified Core (EW)7.80 (57)10.62 (68)14.71 (64)12.39 (70)12.47 (69)11.77 (66)18.03 (41)6.14 (52)-36.09 (54)3.73 (44)17.84 (52) IM U.S. Open End Private Real Estate (SA+CF) Median 8.17 11.14 15.54 12.90 13.22 12.90 16.62 6.39 -34.80 2.98 17.85 Intercontinental Real Estate 10.87 (5)13.30 (24)13.88 (69)13.98 (34)18.19 (10)13.33 (43)15.80 (72)N/A N/A N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)7.80 (57)10.62 (68)14.71 (64)12.39 (70)12.47 (69)11.77 (66)18.03 (41)6.14 (52)-36.09 (54)3.73 (44)17.84 (52) IM U.S. Open End Private Real Estate (SA+CF) Median 8.17 11.14 15.54 12.90 13.22 12.90 16.62 6.39 -34.80 2.98 17.85 Total Other Assets BlackRock Multi-Asset Income Fund (BIICX)8.24 (60)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 50% MSCI World/50% BC Agg 9.11 (50)8.79 (44)-0.71 (16)8.39 (46)9.16 (44)13.82 (63)0.99 (30)8.26 (69)5.44 (39)-11.78 (21)13.22 (50) IM Flexible Portfolio (MF) Median 9.10 8.33 -4.46 8.00 8.31 15.66 -0.81 9.40 3.27 -17.27 13.11 Returns for periods greater than 1 yr. are annualized. Dana Large Cap Portfolio: Managed as broad equity from 7/1/2002-1/1/2008; large cap value from 1/1/2008-1/1/2011; and core equity from 1/1/2011 to present. Dana Custom Index: 100% Russell 3000 Index prior to 1/1/2008; 100% Russell 1000 Value Index 1/1/2008-12/31/2010; 100% S&P 500 Index 1/1/2011-present.24 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 8.28 4.68 1.70 104.48 11 102.29 1 Index 7.89 4.48 1.69 100.00 11 100.00 1 90 Day U.S. Treasury Bill 0.28 0.16 N/A 3.01 11 -0.40 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 10.46 5.10 1.97 105.01 18 116.82 2 Index 10.06 4.85 1.99 100.00 18 100.00 2 90 Day U.S. Treasury Bill 0.20 0.14 N/A 1.75 19 -0.62 1 Risk and Return 3 Years Investment Index 7.8 7.9 8.0 8.1 8.2 8.3 8.4 Return (%)4.4 4.5 4.6 4.7 4.8 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 10.0 10.1 10.2 10.3 10.4 10.5 10.6 Return (%)4.8 4.9 5.0 5.1 5.2 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank All Public Plans-Total Fund 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 17 (85%)3 (15%)0 (0%)0 (0%)¾ Index 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ 5 Year Rolling Percentile Rank All Public Plans-Total Fund 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 14 (70%)2 (10%)4 (20%)0 (0%)¾ Index 20 16 (80%)2 (10%)2 (10%)0 (0%)¾ Strategy Review Total Fund Portfolio | Total Fund Policy As of September 30, 2017 25 Plan Sponsor Peer Group Analysis vs. All Public Plans-Total Fund -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Investment 14.27 (9)9.07 (69)1.87 (7)12.50 (6)15.11 (12)18.93 (28) Index 12.32 (49)11.33 (9)0.43 (27)12.13 (10)14.70 (16)19.99 (12) Median 12.21 9.68 -0.53 10.15 12.50 17.98 Plan Sponsor Peer Group Analysis vs. All Public Plans-Total Fund 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 ReturnQTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 3.63 (26)11.28 (46)14.27 (9)11.64 (15)8.28 (2)9.32 (2)10.46 (2) Index 3.50 (37)10.94 (59)12.32 (49)11.83 (10)7.89 (8)8.93 (6)10.06 (6) Median 3.41 11.17 12.21 10.73 6.78 7.66 8.61 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 2.84 (61)4.42 (52)2.69 (3)3.08 (66)1.26 (90)0.98 (54) Index 2.80 (63)4.26 (64)1.25 (28)3.34 (54)2.12 (36)1.67 (18) Median 2.96 4.44 0.79 3.41 1.90 1.05 Strategy Review Total Fund Portfolio | Total Fund Policy As of September 30, 2017 26 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 10.70 10.08 1.04 99.95 11 99.97 1 Index 10.71 10.08 1.04 100.00 11 100.00 1 90 Day U.S. Treasury Bill 0.28 0.10 N/A 1.35 11 -0.37 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 14.19 9.70 1.40 100.00 18 100.00 2 90 Day U.S. Treasury Bill 0.20 0.09 N/A 0.80 19 -0.34 1 Risk and Return 3 Years Investment Index 10.6 10.7 10.8 Return (%)10.0 10.1 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 14.1 14.2 Return (%)9.6 9.7 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Multi-Cap Core Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 7 6 (86%)1 (14%)0 (0%)0 (0%)¾ Index 20 9 (45%)11 (55%)0 (0%)0 (0%)¾ 5 Year Rolling Percentile Rank IM U.S. Multi-Cap Core Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 17 (85%)3 (15%)0 (0%)0 (0%)¾ Strategy Review Vanguard Total Stock Index (VITSX) | Vanguard Total Stock Market Index As of September 30, 2017 27 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 4.54 (39)18.64 (35)18.64 (35)16.80 (13)10.70 (13)12.43 (14)N/A Index 4.55 (38)18.64 (35)18.64 (35)16.80 (12)10.71 (13)12.43 (13)14.19 (22) Median 4.23 17.16 17.16 14.19 8.90 10.59 13.21 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 38.0 44.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 18.64 (35)15.00 (13)-0.57 (35)17.78 (30)N/A N/A Index 18.64 (35)14.99 (13)-0.55 (34)17.77 (30)21.50 (62)30.28 (17) Median 17.16 11.51 -1.70 16.19 22.85 26.63 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 3.03 (40)5.79 (40)4.12 (41)4.42 (52)2.67 (21)0.95 (40) Index 3.04 (40)5.79 (40)4.11 (42)4.41 (53)2.69 (21)0.95 (40) Median 2.81 5.47 3.62 4.45 1.48 0.40 Strategy Review Vanguard Total Stock Index (VITSX) | Vanguard Total Stock Market Index As of September 30, 2017 28 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 9.94 10.10 0.97 94.17 9 96.02 3 Index 10.81 9.93 1.06 100.00 11 100.00 1 90 Day U.S. Treasury Bill 0.28 0.10 N/A 1.36 11 -0.38 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 13.91 9.76 1.37 98.74 15 99.79 5 Index 14.22 9.47 1.44 100.00 18 100.00 2 90 Day U.S. Treasury Bill 0.20 0.09 N/A 0.81 19 -0.35 1 Risk and Return 3 Years Investment Index 9.6 9.9 10.2 10.5 10.8 11.1 Return (%)9.9 10.0 10.1 10.2 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 13.8 13.9 14.0 14.1 14.2 14.3 Return (%)9.4 9.5 9.6 9.7 9.8 9.9 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Large Cap Core Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)8 (40%)8 (40%)4 (20%)¾ Index 20 0 (0%)9 (45%)11 (55%)0 (0%)¾ 5 Year Rolling Percentile Rank IM U.S. Large Cap Core Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)3 (15%)12 (60%)5 (25%)¾ Index 20 0 (0%)10 (50%)6 (30%)4 (20%)¾ Strategy Review Dana (Large Cap) | Dana Custom Index As of September 30, 2017 29 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 29.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 6.08 (13)24.13 (7)24.13 (7)15.30 (62)9.94 (62)12.52 (55)13.91 (58) Index 4.48 (58)18.61 (50)18.61 (50)17.01 (28)10.81 (43)12.98 (45)14.22 (49) Median 4.65 18.60 18.60 15.71 10.54 12.73 14.17 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 38.0 44.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 24.13 (7)7.09 (93)-0.05 (52)20.65 (29)19.62 (62)31.58 (22) Index 18.61 (50)15.43 (22)-0.61 (62)19.73 (45)19.34 (65)30.20 (45) Median 18.60 13.10 0.02 19.25 20.62 29.70 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 3.96 (18)7.68 (8)4.54 (32)1.72 (85)1.06 (74)-0.64 (73) Index 3.09 (42)6.07 (44)3.82 (53)3.85 (55)2.46 (39)1.35 (33) Median 2.94 5.94 3.93 4.01 2.07 0.61 Strategy Review Dana (Large Cap) | Dana Custom Index As of September 30, 2017 30 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 11.48 9.76 1.14 94.70 10 79.85 2 Index 10.74 10.09 1.04 100.00 11 100.00 1 90 Day U.S. Treasury Bill 0.28 0.10 N/A 1.35 11 -0.37 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 14.23 9.71 1.41 100.00 19 100.00 1 90 Day U.S. Treasury Bill 0.20 0.09 N/A 0.80 19 -0.34 1 Risk and Return 3 Years Investment Index 10.4 10.6 10.8 11.0 11.2 11.4 11.6 Return (%)9.6 9.7 9.8 9.9 10.0 10.1 10.2 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 14.2 14.3 Return (%)9.7 9.8 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. All Cap Core Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 5 2 (40%)3 (60%)0 (0%)0 (0%)¾ Index 20 0 (0%)7 (35%)13 (65%)0 (0%)¾ 5 Year Rolling Percentile Rank IM U.S. All Cap Core Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 0 (0%)4 (20%)16 (80%)0 (0%)¾ Strategy Review Fiduciary Management, Inc. | Russell 3000 Index As of September 30, 2017 31 Peer Group Analysis - IM U.S. All Cap Core Equity (SA+CF) -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 29.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 3.52 (62)18.30 (52)18.30 (52)16.66 (31)11.48 (32)12.13 (47)N/A Index 4.57 (43)18.71 (51)18.71 (51)16.82 (28)10.74 (39)12.45 (35)14.23 (50) Median 4.33 18.72 18.72 14.90 10.04 12.03 14.22 Peer Group Analysis - IM U.S. All Cap Core Equity (SA+CF) -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 18.30 (52)15.05 (15)1.78 (33)14.12 (71)N/A N/A Index 18.71 (51)14.96 (15)-0.49 (50)17.76 (32)21.60 (80)30.20 (30) Median 18.72 11.49 -0.51 16.48 24.50 27.63 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 2.96 (52)5.04 (66)5.66 (34)3.48 (74)2.00 (51)4.44 (3) Index 3.02 (50)5.74 (37)4.21 (59)4.40 (63)2.63 (43)0.97 (38) Median 3.01 5.43 4.70 4.94 2.02 0.16 Strategy Review Fiduciary Management, Inc. | Russell 3000 Index As of September 30, 2017 32 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 9.79 12.80 0.77 86.64 10 91.75 2 Index 12.18 14.27 0.86 100.00 10 100.00 2 90 Day U.S. Treasury Bill 0.28 0.10 N/A 0.75 11 -0.68 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 14.08 12.73 1.09 93.66 17 86.17 3 Index 13.79 13.88 0.99 100.00 17 100.00 3 90 Day U.S. Treasury Bill 0.20 0.09 N/A 0.48 19 -0.50 1 Risk and Return 3 Years Investment Index 9.0 9.6 10.2 10.8 11.4 12.0 12.6 13.2 Return (%)12.3 12.6 12.9 13.2 13.5 13.8 14.1 14.4 14.7 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 13.7 13.8 13.9 14.0 14.1 14.2 Return (%)12.4 12.6 12.8 13.0 13.2 13.4 13.6 13.8 14.0 14.2 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Small Cap Core Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 13 (65%)2 (10%)3 (15%)2 (10%)¾ Index 20 0 (0%)0 (0%)10 (50%)10 (50%)¾ 5 Year Rolling Percentile Rank IM U.S. Small Cap Core Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 9 (45%)8 (40%)2 (10%)1 (5%)¾ Index 20 0 (0%)0 (0%)6 (30%)14 (70%)¾ Strategy Review Dana (Small Cap) | Russell 2000 Index As of September 30, 2017 33 Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF) -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 5.15 (64)17.58 (87)17.58 (87)11.45 (98)9.79 (89)10.10 (75)14.08 (80) Index 5.67 (47)20.74 (55)20.74 (55)18.08 (50)12.18 (67)10.06 (76)13.79 (83) Median 5.58 20.97 20.97 17.98 13.03 11.68 15.52 Peer Group Analysis - IM U.S. Small Cap Core Equity (SA+CF) -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 17.58 (87)5.64 (96)6.55 (22)11.03 (14)31.48 (55)39.20 (7) Index 20.74 (55)15.47 (43)1.25 (72)3.93 (78)30.06 (71)31.91 (54) Median 20.97 14.59 3.32 6.68 31.90 32.35 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 0.99 (74)2.08 (63)8.46 (37)4.41 (92)2.90 (55)-4.18 (95) Index 2.46 (47)2.47 (57)8.83 (29)9.05 (27)3.79 (40)-1.52 (70) Median 2.29 2.85 7.54 7.54 3.15 -0.47 Strategy Review Dana (Small Cap) | Russell 2000 Index As of September 30, 2017 34 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 9.08 12.52 0.74 108.97 8 85.91 4 Index 5.19 12.10 0.46 100.00 7 100.00 5 90 Day U.S. Treasury Bill 0.28 0.10 N/A 1.24 11 -0.29 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 12.72 12.20 1.03 114.20 15 82.99 5 Index 7.45 11.46 0.67 100.00 13 100.00 7 90 Day U.S. Treasury Bill 0.20 0.09 N/A 0.82 19 -0.26 1 Risk and Return 3 Years Investment Index 4.5 5.4 6.3 7.2 8.1 9.0 9.9 Return (%)12.0 12.1 12.2 12.3 12.4 12.5 12.6 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 6.0 8.0 10.0 12.0 14.0 Return (%)11.2 11.4 11.6 11.8 12.0 12.2 12.4 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM International Large Cap Value Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 18 (90%)2 (10%)0 (0%)0 (0%)¾ Index 20 0 (0%)0 (0%)8 (40%)12 (60%)¾ 5 Year Rolling Percentile Rank IM International Large Cap Value Equity (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ Index 20 0 (0%)0 (0%)7 (35%)13 (65%)¾ Strategy Review RBC International Portfolio | MSCI AC World ex USA As of September 30, 2017 35 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 6.53 (29)22.69 (34)22.69 (34)16.53 (19)9.08 (14)9.31 (10)12.72 (8) Index 6.25 (34)20.15 (53)20.15 (53)14.86 (38)5.19 (60)5.20 (67)7.45 (79) Median 5.68 20.66 20.66 13.24 5.86 5.84 9.18 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 22.69 (34)10.68 (28)-4.42 (21)10.00 (9)27.45 (19)24.65 (3) Index 20.15 (53)9.80 (32)-11.78 (79)5.22 (57)16.98 (83)15.04 (53) Median 20.66 8.36 -9.40 5.72 22.94 15.39 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 6.27 (46)7.47 (60)0.85 (37)12.89 (2)-5.54 (97)-0.71 (41) Index 5.99 (53)7.98 (39)-1.20 (66)7.00 (52)-0.40 (34)-0.26 (35) Median 6.04 7.70 -0.20 7.06 -1.41 -1.61 Strategy Review RBC International Portfolio | MSCI AC World ex USA As of September 30, 2017 36 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 5.19 12.10 0.46 100.00 7 100.00 5 90 Day U.S. Treasury Bill 0.28 0.10 N/A 1.24 11 -0.29 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 7.45 11.46 0.67 100.00 13 100.00 7 90 Day U.S. Treasury Bill 0.20 0.09 N/A 0.82 19 -0.26 1 Risk and Return 3 Years Investment Index 5.1 5.2 Return (%)12.0 12.1 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 7.4 7.5 Return (%)11.4 11.5 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM International Multi-Cap Core Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 0 (0%)7 (35%)7 (35%)6 (30%)¾ 5 Year Rolling Percentile Rank IM International Multi-Cap Core Equity (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 4 (20%)4 (20%)6 (30%)6 (30%)¾ Strategy Review American Funds EuroPacific Gr R6 (RERGX) | MSCI AC World ex USA As of September 30, 2017 37 Peer Group Analysis - IM International Multi-Cap Core Equity (MF) -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 29.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 6.86 (16)20.63 (24)20.63 (24)14.42 (18)N/A N/A N/A Index 6.25 (28)20.15 (28)20.15 (28)14.86 (13)5.19 (47)5.20 (40)7.45 (71) Median 5.67 18.96 18.96 12.43 5.07 4.91 8.08 Peer Group Analysis - IM International Multi-Cap Core Equity (MF) -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 38.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 20.63 (24)8.52 (28)N/A N/A N/A N/A Index 20.15 (28)9.80 (15)-11.78 (88)5.22 (30)16.98 (82)15.04 (50) Median 18.96 6.05 -8.05 4.29 21.84 15.01 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 7.69 (9)9.37 (5)-4.15 (94)8.23 (2)-0.32 (24)-2.32 (50) Index 5.99 (59)7.98 (31)-1.20 (36)7.00 (22)-0.40 (26)-0.26 (26) Median 6.18 7.71 -1.55 6.18 -1.08 -2.33 Strategy Review American Funds EuroPacific Gr R6 (RERGX) | MSCI AC World ex USA As of September 30, 2017 38 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 3.12 2.83 1.01 105.71 9 95.70 3 Index 2.71 2.82 0.87 100.00 9 100.00 3 90 Day U.S. Treasury Bill 0.28 0.10 N/A 3.63 11 -4.02 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 2.45 2.87 0.80 106.37 15 97.42 5 Index 2.06 2.82 0.67 100.00 14 100.00 6 90 Day U.S. Treasury Bill 0.20 0.09 N/A 2.62 19 -2.39 1 Risk and Return 3 Years Investment Index 2.6 2.7 2.8 2.9 3.0 3.1 3.2 Return (%)2.8 2.9 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 2.0 2.1 2.2 2.3 2.4 2.5 2.6 Return (%)2.8 2.9 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)9 (45%)11 (55%)0 (0%)¾ Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾ 5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 17 0 (0%)6 (35%)11 (65%)0 (0%)¾ Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾ Strategy Review Agincourt Capital Management | Bloomberg Barclays U.S. Aggregate Index As of September 30, 2017 39 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) -1.3 -0.6 0.1 0.8 1.5 2.2 2.9 3.6 4.3 5.0 5.7 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 0.98 (35)0.61 (51)0.61 (51)3.20 (45)3.12 (44)3.44 (47)2.45 (52) Index 0.85 (74)0.07 (84)0.07 (84)2.60 (80)2.71 (82)3.02 (86)2.06 (86) Median 0.92 0.61 0.61 3.12 3.01 3.42 2.46 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 0.61 (51)5.87 (39)2.96 (59)4.40 (53)-1.40 (59)6.96 (43) Index 0.07 (84)5.19 (80)2.94 (60)3.96 (80)-1.68 (80)5.16 (91) Median 0.61 5.66 3.02 4.50 -1.27 6.61 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 1.65 (32)0.87 (61)-2.83 (56)0.72 (46)2.49 (37)3.21 (18) Index 1.45 (76)0.82 (77)-2.98 (76)0.46 (77)2.21 (71)3.03 (49) Median 1.54 0.92 -2.80 0.69 2.34 3.02 Strategy Review Agincourt Capital Management | Bloomberg Barclays U.S. Aggregate Index As of September 30, 2017 40 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 3.07 2.39 1.16 116.48 9 92.18 3 Index 2.29 2.03 0.99 100.00 9 100.00 3 90 Day U.S. Treasury Bill 0.28 0.10 N/A 5.40 11 -4.56 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 2.99 2.31 1.20 120.83 16 79.18 4 Index 1.77 2.08 0.77 100.00 15 100.00 5 90 Day U.S. Treasury Bill 0.20 0.09 N/A 3.79 19 -2.67 1 Risk and Return 3 Years Investment Index 2.0 2.2 2.4 2.6 2.8 3.0 3.2 Return (%)1.9 2.0 2.1 2.2 2.3 2.4 2.5 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 1.5 1.8 2.1 2.4 2.7 3.0 3.3 Return (%)2.0 2.1 2.2 2.3 2.4 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 12 (60%)6 (30%)2 (10%)0 (0%)¾ Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾ 5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 18 10 (56%)8 (44%)0 (0%)0 (0%)¾ Index 18 0 (0%)0 (0%)0 (0%)18 (100%)¾ Strategy Review Garcia, Hamilton & Associates | Garcia Hamilton Hybrid Index As of September 30, 2017 41 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) -1.3 -0.6 0.1 0.8 1.5 2.2 2.9 3.6 4.3 5.0 5.7 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 0.51 (100)1.23 (24)1.23 (24)2.54 (86)3.07 (47)3.52 (38)2.99 (16) Index 0.85 (74)0.37 (65)0.37 (65)1.96 (99)2.29 (100)2.40 (100)1.77 (99) Median 0.92 0.61 0.61 3.12 3.01 3.42 2.46 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 1.23 (24)3.86 (100)4.15 (4)4.88 (33)0.88 (3)9.51 (4) Index 0.37 (65)3.57 (100)2.95 (59)2.74 (98)-0.71 (25)4.31 (98) Median 0.61 5.66 3.02 4.50 -1.27 6.61 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 1.37 (89)0.79 (85)-1.42 (5)0.28 (94)1.31 (99)3.02 (51) Index 0.92 (99)0.68 (94)-2.05 (7)0.31 (92)1.44 (98)2.31 (97) Median 1.54 0.92 -2.80 0.69 2.34 3.02 Strategy Review Garcia, Hamilton & Associates | Garcia Hamilton Hybrid Index As of September 30, 2017 42 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 1.85 6.50 0.27 -29.01 6 -62.17 6 Index 0.88 5.73 0.13 100.00 7 100.00 5 90 Day U.S. Treasury Bill 0.28 0.10 N/A 2.57 11 -1.07 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 3.09 5.95 0.51 6.17 13 -38.09 7 Index -0.43 5.35 -0.09 100.00 10 100.00 10 90 Day U.S. Treasury Bill 0.20 0.09 N/A 1.90 19 -0.84 1 Risk and Return 3 Years Investment Index 0.6 0.9 1.2 1.5 1.8 2.1 Return (%)5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 Return (%)5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM Global Fixed Income (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 13 5 (38%)5 (38%)1 (8%)2 (15%)¾ Index 20 0 (0%)2 (10%)4 (20%)14 (70%)¾ 5 Year Rolling Percentile Rank IM Global Fixed Income (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 5 4 (80%)1 (20%)0 (0%)0 (0%)¾ Index 20 0 (0%)0 (0%)4 (20%)16 (80%)¾ Strategy Review Templeton Global Bond Adv (FBNRX) | Citigroup World Government Bond Index As of September 30, 2017 43 Peer Group Analysis - IM Global Fixed Income (MF) -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 1.23 (69)13.36 (1)13.36 (1)6.91 (10)1.85 (44)3.00 (29)3.09 (13) Index 1.81 (31)-2.69 (94)-2.69 (94)3.33 (69)0.88 (74)0.64 (87)-0.43 (89) Median 1.59 1.10 1.10 4.21 1.62 2.19 1.38 Peer Group Analysis - IM Global Fixed Income (MF) -13.0 -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 13.36 (1)0.84 (100)-7.57 (90)6.53 (10)3.44 (2)13.25 (4) Index -2.69 (94)9.71 (18)-3.83 (50)-0.07 (96)-4.60 (82)3.29 (96) Median 1.10 7.27 -3.84 3.41 -1.80 7.18 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment -1.26 (100)4.69 (4)8.32 (1)-1.23 (100)-0.33 (100)0.13 (100) Index 2.89 (20)1.55 (65)-8.53 (97)0.30 (95)3.41 (12)7.09 (10) Median 2.25 2.01 -4.22 1.47 2.41 3.50 Strategy Review Templeton Global Bond Adv (FBNRX) | Citigroup World Government Bond Index As of September 30, 2017 44 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 9.46 2.35 3.60 86.60 12 N/A N/A Index 11.01 1.50 6.35 100.00 12 N/A N/A 90 Day U.S. Treasury Bill 0.28 0.16 N/A 2.69 11 N/A 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 10.62 2.00 4.80 92.18 20 N/A N/A Index 11.57 1.34 7.59 100.00 20 N/A N/A 90 Day U.S. Treasury Bill 0.20 0.14 N/A 1.76 19 N/A 1 Risk and Return 3 Years Investment Index 8.8 9.2 9.6 10.0 10.4 10.8 11.2 11.6 Return (%)1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 10.2 10.5 10.8 11.1 11.4 11.7 12.0 Return (%)1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)0 (0%)5 (25%)15 (75%)¾ Index 20 0 (0%)1 (5%)17 (85%)2 (10%)¾ 5 Year Rolling Percentile Rank IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)4 (20%)3 (15%)13 (65%)¾ Index 20 0 (0%)4 (20%)16 (80%)0 (0%)¾ Strategy Review American Core Realty Fund | NCREIF Fund Index-ODCE (EW) As of September 30, 2017 45 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 ReturnQTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 0.00 (100)4.29 (78)5.54 (73)7.27 (98)9.46 (80)10.21 (76)10.62 (72) Index 1.88 (33)5.52 (53)7.80 (57)9.20 (42)11.01 (49)11.35 (50)11.57 (54) Median 1.62 5.60 8.17 8.87 10.93 11.34 11.62 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 29.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Investment 5.54 (73)9.04 (97)13.98 (68)12.49 (66)12.27 (72)11.57 (67) Index 7.80 (57)10.62 (68)14.71 (64)12.39 (70)12.47 (69)11.77 (66) Median 8.17 11.14 15.54 12.90 13.22 12.90 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 1.97 (43)2.27 (30)1.20 (80)1.83 (70)1.26 (94)2.63 (55) Index 1.71 (74)1.83 (52)2.16 (56)2.18 (48)2.18 (60)2.44 (62) Median 1.91 1.90 2.24 2.13 2.50 2.65 Strategy Review American Core Realty Fund | NCREIF Fund Index-ODCE (EW) As of September 30, 2017 46 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 12.68 3.12 3.73 114.83 12 N/A N/A Index 11.01 1.50 6.35 100.00 12 N/A N/A 90 Day U.S. Treasury Bill 0.28 0.16 N/A 2.69 11 N/A 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 14.02 3.11 4.18 120.44 20 N/A N/A Index 11.57 1.34 7.59 100.00 20 N/A N/A 90 Day U.S. Treasury Bill 0.20 0.14 N/A 1.76 19 N/A 1 Risk and Return 3 Years Investment Index 10.4 10.8 11.2 11.6 12.0 12.4 12.8 13.2 Return (%)1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 10.8 11.4 12.0 12.6 13.2 13.8 14.4 15.0 Return (%)0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 17 3 (18%)13 (76%)1 (6%)0 (0%)¾ Index 20 0 (0%)1 (5%)17 (85%)2 (10%)¾ 5 Year Rolling Percentile Rank IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 9 2 (22%)7 (78%)0 (0%)0 (0%)¾ Index 20 0 (0%)4 (20%)16 (80%)0 (0%)¾ Strategy Review Intercontinental Real Estate | NCREIF Fund Index-ODCE (EW) As of September 30, 2017 47 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 ReturnQTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 2.54 (1)5.79 (43)10.87 (5)12.08 (20)12.68 (21)13.00 (28)14.02 (19) Index 1.88 (33)5.52 (53)7.80 (57)9.20 (42)11.01 (49)11.35 (50)11.57 (54) Median 1.62 5.60 8.17 8.87 10.93 11.34 11.62 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 26.0 29.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Investment 10.87 (5)13.30 (24)13.88 (69)13.98 (34)18.19 (10)13.33 (43) Index 7.80 (57)10.62 (68)14.71 (64)12.39 (70)12.47 (69)11.77 (66) Median 8.17 11.14 15.54 12.90 13.22 12.90 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 1.44 (86)1.71 (54)4.80 (2)3.89 (4)1.87 (80)1.14 (97) Index 1.71 (74)1.83 (52)2.16 (56)2.18 (48)2.18 (60)2.44 (62) Median 1.91 1.90 2.24 2.13 2.50 2.65 Strategy Review Intercontinental Real Estate | NCREIF Fund Index-ODCE (EW) As of September 30, 2017 48 Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 5.63 5.19 1.03 100.00 9 100.00 3 90 Day U.S. Treasury Bill 0.28 0.10 N/A 2.65 11 -0.42 1 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 6.88 5.12 1.29 100.00 15 100.00 5 90 Day U.S. Treasury Bill 0.20 0.09 N/A 1.58 19 -0.47 1 Risk and Return 3 Years Investment Index 5.6 5.7 Return (%)5.1 5.2 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 6.8 6.9 Return (%)5.1 5.2 Risk (Standard Deviation %) 3 Year Rolling Percentile Rank IM Flexible Portfolio (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 7 (35%)11 (55%)2 (10%)0 (0%)¾ 5 Year Rolling Percentile Rank IM Flexible Portfolio (MF) 0.0 25.0 50.0 75.0 100.0Return Percentile Rank12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 9/17 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 1 (5%)15 (75%)3 (15%)1 (5%)¾ Strategy Review BlackRock Multi-Asset Income Fund (BIICX) | 50% MSCI World/50% BC Agg As of September 30, 2017 49 Peer Group Analysis - IM Flexible Portfolio (MF) -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 1.70 (81)8.24 (60)8.24 (60)N/A N/A N/A N/A Index 2.90 (47)9.11 (50)9.11 (50)8.95 (47)5.63 (26)6.32 (31)6.88 (33) Median 2.83 9.10 9.10 8.79 4.19 5.32 5.94 Peer Group Analysis - IM Flexible Portfolio (MF) -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 ReturnOct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Oct- 2011 To Sep- 2012 Investment 8.24 (60)N/A N/A N/A N/A N/A Index 9.11 (50)8.79 (44)-0.71 (16)8.39 (46)9.16 (44)13.82 (63) Median 9.10 8.33 -4.46 8.00 8.31 15.66 Comparative Performance 1 Qtr Ending Jun-2017 1 Qtr Ending Mar-2017 1 Qtr Ending Dec-2016 1 Qtr Ending Sep-2016 1 Qtr Ending Jun-2016 1 Qtr Ending Mar-2016 Investment 2.83 (33)2.94 (71)0.55 (34)3.05 (50)2.34 (52)0.59 (56) Index 2.82 (33)3.65 (56)-0.51 (59)2.72 (56)1.72 (63)1.52 (40) Median 2.32 3.87 -0.25 3.01 2.39 0.76 Strategy Review BlackRock Multi-Asset Income Fund (BIICX) | 50% MSCI World/50% BC Agg As of September 30, 2017 50 Total Fund Compliance:Yes No N/A Equity Compliance:Yes No N/A Fixed Income Compliance:Yes No N/A 51 Yes No N/A Manager Compliance: Yes No N/A Yes No N/A Yes No N/A Yes No N/A 52 Estimated Annual Fee (%)* Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Index (VITSX)0.04 16,665,792 6,666 0.04 % of Assets Dana (Large Cap)0.63 16,921,080 106,026 0.75 % of First $3 M 0.60 % Thereafter Fiduciary Management, Inc.0.75 10,099,799 75,749 0.75 % of First $25 M 0.65 % of Next $25 M 0.60 % of Next $50 M 0.55 % Thereafter Dana (Small Cap)0.70 4,364,918 30,690 0.75 % of First $3 M 0.60 % Thereafter Total Domestic Equity 0.46 48,051,588 219,131 RBC International Portfolio 0.88 5,485,373 48,271 0.88 % of Assets American Funds EuroPacific Gr R6 (RERGX)0.49 4,476,644 21,936 0.49 % of Assets Total International Equity 0.70 9,962,016 70,207 Agincourt Capital Management 0.25 8,344,967 20,862 0.25 % of First $25 M 0.20 % of Next $75 M 0.15 % of Next $100 M 0.10 % Thereafter Garcia, Hamilton & Associates 0.25 8,039,025 20,098 0.25 % of Assets Total Domestic Fixed Income 0.25 16,383,992 40,960 Templeton Global Bond Adv (FBNRX)0.52 4,441,618 23,096 0.52 % of Assets Total Global Fixed Income 0.52 4,441,618 23,096 American Core Realty Fund 1.10 4,549,729 50,047 1.10 % of Assets Intercontinental Real Estate 1.10 4,910,812 54,019 1.10 % of Assets Total Real Estate 1.10 9,460,541 104,066 BlackRock Multi-Asset Income Fund (BIICX)0.55 4,439,706 24,418 0.55 % of Assets Total Other Assets 0.55 4,439,706 24,418 Total Cash**142 Total Fund 0.52 92,739,604 481,878 Palm Beach Gardens Firefighters' Pension Fund Pension Trust Fund Fee Analysis As of September 30, 2017 *Excludes incentive fees. **Manager fees associated with money market or cash accounts are not tracked. Mutual fund related expenses updated on an annual basis.53 Total Fund Policy Allocation Mandate Weight (%) May-1998 S&P 500 Index 60.00 Blmbg. Barc. U.S. Gov't/Credit 35.00 Citigroup 3 Month T-Bill Index 5.00 Jan-2001 S&P 500 Index 65.00 Blmbg. Barc. U.S. Gov't/Credit 30.00 Citigroup 3 Month T-Bill Index 5.00 Apr-2003 S&P 500 Index 65.00 Bloomberg Barclays Intermediate US Govt/Credit Idx 30.00 Citigroup 3 Month T-Bill Index 5.00 Jul-2005 S&P 500 Index 55.00 Bloomberg Barclays Intermediate US Govt/Credit Idx 30.00 MSCI EAFE Index 10.00 Citigroup 3 Month T-Bill Index 5.00 Oct-2007 Russell 3000 Index 55.00 Bloomberg Barclays Intermed Aggregate Index 30.00 MSCI EAFE Index 10.00 Citigroup 3 Month T-Bill Index 5.00 Jul-2008 Russell 3000 Index 55.00 Bloomberg Barclays Intermed Aggregate Index 25.00 MSCI EAFE Index 10.00 NCREIF Property Index 10.00 Oct-2011 Russell 3000 Index 55.00 MSCI EAFE Index 10.00 Bloomberg Barclays Intermed Aggregate Index 20.00 Citigroup World Government Bond Index 5.00 NCREIF Property Index 10.00 Allocation Mandate Weight (%) Jul-2013 Russell 3000 Index 55.00 MSCI AC World ex USA 10.00 Bloomberg Barclays U.S. Aggregate Index 10.00 Bloomberg Barclays Intermed Aggregate Index 10.00 Citigroup World Government Bond Index 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Citigroup 3 Month T-Bill Index 0.00 Dec-2015 Russell 3000 Index 50.00 MSCI AC World ex USA 10.00 Bloomberg Barclays U.S. Aggregate Index 10.00 Bloomberg Barclays Intermed Aggregate Index 10.00 Citigroup World Government Bond Index 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 50% MSCI World/50% BC Agg 5.00 Citigroup 3 Month T-Bill Index 0.00 Jul-2017 Russell 3000 Index 50.00 MSCI AC World ex USA 10.00 Bloomberg Barclays U.S. Aggregate Index 20.00 Citigroup World Government Bond Index 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 50% MSCI World/50% BC Agg 5.00 Citigroup 3 Month T-Bill Index 0.00 Benchmark History Investment Policy Benchmarks As of September 30, 2017 54 Dana Custom Index Allocation Mandate Weight (%) Jul-2002 Russell 3000 Index 100.00 Jan-2008 Russell 1000 Value Index 100.00 Jan-2011 S&P 500 Index 100.00 Total Equity Policy Allocation Mandate Weight (%) Jul-2008 MSCI EAFE Index 15.00 Russell 3000 Index 85.00 Oct-2011 MSCI EAFE Index 15.00 Russell 3000 Index 85.00 Jul-2013 Russell 3000 Index 85.00 MSCI AC World ex USA 15.00 Total Domestic Equity Policy Allocation Mandate Weight (%) May-1998 S&P 500 Index 100.00 Jul-2005 Russell 3000 Index 100.00 Oct-2011 Russell 3000 Index 100.00 Vanguard Total Stock Market Index Allocation Mandate Weight (%) Jun-2003 MSCI US Broad Market Index 100.00 Jun-2013 CRSP U.S. Total Market TR Index 100.00 Total International Equity Policy Allocation Mandate Weight (%) May-2007 MSCI EAFE Index 100.00 Jul-2013 MSCI AC World ex USA 100.00 Benchmark History Investment Policy Benchmarks As of September 30, 2017 Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager. 55 Total Real Estate Policy Allocation Mandate Weight (%) Jul-2006 NCREIF Property Index 100.00 Oct-2011 NCREIF Property Index 100.00 Jul-2013 NCREIF Fund Index-Open End Diversified Core (EW)100.00 Total Fixed Income Policy Allocation Mandate Weight (%) May-1998 Blmbg. Barc. U.S. Gov't/Credit 100.00 Apr-2003 Bloomberg Barclays Intermediate US Govt/Credit Idx 100.00 Oct-2007 Bloomberg Barclays Intermed Aggregate Index 100.00 Oct-2011 Bloomberg Barclays Intermed Aggregate Index 80.00 Citigroup World Government Bond Index 20.00 Jul-2013 Bloomberg Barclays U.S. Aggregate Index 40.00 Bloomberg Barclays Intermed Aggregate Index 40.00 Citigroup World Government Bond Index 20.00 Jul-2017 Bloomberg Barclays U.S. Aggregate Index 80.00 Citigroup World Government Bond Index 20.00 Total Domestic Fixed Income Policy Allocation Mandate Weight (%) May-1998 Blmbg. Barc. U.S. Gov't/Credit 100.00 Apr-2003 Bloomberg Barclays Intermediate US Govt/Credit Idx 100.00 Oct-2007 Bloomberg Barclays Intermed Aggregate Index 100.00 Oct-2011 Bloomberg Barclays Intermed Aggregate Index 100.00 Jul-2013 Bloomberg Barclays U.S. Aggregate Index 50.00 Bloomberg Barclays Intermed Aggregate Index 50.00 Jul-2017 Bloomberg Barclays U.S. Aggregate Index 100.00 Benchmark History Investment Policy Benchmarks As of September 30, 2017 Prior to 6/1/2011, the data and inception dates for Dana LC and Dana SC were provided by the manager. 56 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. 57 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 for a 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. 58 THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND 2018 MEETING DATES Monday January 08, 2018 @ 1PM Wednesday February 7, 2018 @ 1PM Monday March 5, 2018 @ 1PM Wednesday May 2, 2018 @ 1PM Monday July 9, 2018 @ 1PM Wednesday August 1, 2018 @ 1PM Wednesday November 7, 2018 @ 1PM Memorandum To: All Foster & Foster Clients From: Brad Heinrichs, President/CEO On August 15, 2017, the Florida Division of Retirement (Division) issued a Memorandum indicating that all actuarial valuations performed after September 30, 2017 must be submitted through an online portal similar to the manner in which we now file Annual Reports for plans subject to Chapters 175 and 185. In speaking with the Division, they made it clear that the information must be uploaded or inputted by the actuary. They understand that this new requirement will result in extra expenses to the Boards of Trustees, but they still feel that this is a necessary new requirement. By way of information, we have previously just sent an electronic version of each actuarial valuation to the Division’s attention and that was deemed sufficient. In order for us to comply with their new requirement we will need to create a comprehensive file containing in excess of 100 fields of required actuarial and financial information, assembled into a specific format required by the Division. This new electronic reporting requirement exercise is in addition to their requirement of being provided with an electronic copy of the actuarial valuation report. Unfortunately, the startup fee to prepare and file the information summarized above will be $750, and the ongoing fee in subsequent years will be $300. If you have any questions, concerns, or would like to discuss this further, please do not hesitate to contact me. Sincerely, Bradley R. Heinrichs, CEO 1 PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND MEETING OF NOVEMBER 1, 2017 RATIFICATION OF BENEFIT PAYMENTS APPLICATIONS TO EXIT THE DROP STEVEN ROGERS Date of Birth: 10/1963 Date of Hire: 10/07/1987 DROP Entry Date: 02/07/2017 Date of Termination: 07/05/2017 Total Monthly Benefit: $8,426.30 Form Of Benefit: 10 YEAR CERTAIN Action: ______________________________ MATTHEW HAYWOOD Date of Birth: 04/1969 Date of Hire: 10/07/1987 DROP Entry Date: 10/15/2012 Date of Termination: 10/15/2017 Total Monthly Benefit: $10,605.22 Form Of Benefit: LIFE ANNUITY Action: ______________________________ EDUARDO MOREJON Date of Birth: 10/1960 Date of Hire: 06/30/1993 DROP Entry Date: 10/31/2012 Date of Termination: 10/29/2017 Total Monthly Benefit: $6,501.42 Form Of Benefit: 100% J&S Action: ______________________________ 2 APPLICATIONS FOR DISTRIBUTIONS OF DROP & SHARE ACCOUNTS STEVEN ROGERS DROP ACCOUNT: Date of Retirement: 07/05/2017 Date of Birth: 10/1963 Type of Distribution: CLOSEOUT-CASH Total Gross Distribution: $42,131.50 Tax Withholding (0%): $ 8,426.30 Total Net Distribution: $33,705.20 SHARE ACCOUNT: Type of Distribution: CLOSEOUT-CASH Total Gross Distribution: $167,441.24 Tax Withholding (0%): $ 33,488.25 Total Net Distribution: $133,952.99 Action:____________________ MATTHEW HAYWOOD DROP ACCOUNT: Date of Retirement: 10/15/2017 Date of Birth: 04/1969 Type of Distribution: MONTHLY-CASH Total Gross Distribution: $2,500.00 Tax Withholding (0%): $ 500.00 Total Net Distribution: $2,000.00 Action:____________________ Chairman________________________________ Secretary________________________________ Date______11/1/2017_____________________ PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND MINUTES OF MEETING HELD MARCH 6, 2017 A meeting of the Board of Trustees was called to order at 1:03PM in the Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES OTHERS Rick Rhodes, Chair Audrey Ross, Administrator Martin Cohen, Vice Chair Dan Johnson, Investment Consultant Tom Murphy, Jennifer Gainsfort , Investment Consultant Pedro Herrera, Attorney Matt Haywood, Active Firefighter PUBLIC COMMENTS Mr. Haywood stated that he was here today to get clarification on the early tax penalty because he will be separating service prior to age 50. He commented that in the past he was advised that the additional 10% tax penalty on lump sum withdrawals would apply to him until age 50 ½, but then he also heard otherwise. Mr. Herrera stated that it was age 50 ½ and he advise the member to seek a tax adviser as well. MINUTES Mrs. Ross apologized on behalf of her firm as the minutes from the November 2016 meeting are not available, as she did not attend the last meeting so therefore she is asking for them to be tabled. The Board reviewed the minutes of the regular meeting held on February 1, 2017. A motion was made by Ed Morejon to approve the minutes of the February 1, 2017 regular meeting. The motion was seconded by Tom Murphy and carried 4-0. INVESTMENT MONITOR REPORT: ANDCO CONSULTING (DAN JOHNSON) Mr. Johnson briefly reviewed the February 28, 2017 flash performance report. For the quarter to date they are up 2.9% and for the fiscal year to date they are up 5.6%. So far it has been a great quarter and fiscal year and all managers are doing well including the Templeton Global Bond fund. Mr. Johnson reviewed the Dana small and large cap strategy. His recommendation is to move away from the small cap strategy all together and move into SMID cap as it has more to offer and it would add more diversification to the portfolio as well. Mr. Johnson stated that he will put together a SMID cap review to bring back to the next meeting. He also briefly discussed other products that they will be looking into in the near future. Ms. Johnson updated the Board on the Templeton Global Bond Fund. He stated that he is still comfortable with this strategy as they do protect on the downside. The board concurred and noted that they will still be keeping on top of their performance. Mr. Johnson stated that he spoke to GHA regarding their benchmark they are measured against. He explained that GHA recently changed their investment strategy to benefit the fund and by broadening the benchmark they are measured against gives them more room for better returns. Mr. Rhodes commented that he does not want the Board to get into the 2 habit or process of changing their manager benchmarks when their returns change. Mr. Johnson reassured the Board that this is not what they are doing in this situation. The Trustees had a lengthy discussion and Mr. Johnson commented that GHA was comfortable with this change as well. If the Board does allow this change, Mr. Johnson does have an updated GHA addendum for the IPS that they would need to approve. Mr. Herrera stated that he does not have any legal objection with this recommendation/change. A motion was made by Tom Murphy to approve the updated GHA addendum to the IPS as presented (authorizing the change to the GHA benchmark from the intermediate bond index to the aggregate bond index). The motion was seconded by Ed Morejon and carried 3-1. Mr. Johnson updated the Board on ICMA and stated that he spoke to the Plan’s rep regarding the tickers on the website not matching the forms the members fill out. Steve with ICMA will attend a future meeting to discuss this with the Board and any members that are interested. Lastly, Mr. Johnson stated that the Custodial transition is in the process and will occur on March 16, 2017. ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA) Mr. Herrera commented that there is no update regarding the BanCorp South litigation case since the last meeting, Mr. Herrera gave a brief update on the current Legislative session and the pending Senate and House Bills. He will update the Board as more information becomes available. Mr. Herrera stated that there are some Trustee educational opportunities coming up such as the FPPTA and the Division of Retirement conferences. Lastly, it was noted that Mr. Herrera’s firm, Sugarman & Susskind, has recently gained a new client, the Jacksonville Retirement System, which is great news for their firm. Although he explained that the Jacksonville Retirement System recently closed their DB plan for all new hires, which will go into a 401 Plan. He commented that he thinks this could start setting a trend for other pension Plan’s in this position, as other City’s may start moving away from DB Plans as well. This does not have any affect or impact on this pension plan directly, but Mr. Herrera wants to keep his clients in the loop because there is even a proposed Bill out there right now that would close out the FRS to all new hires and move them into a DC Plan as well. The Trustees had a lengthy discussion on the effects of closing a pension plan has on the City and the Plan, as well as other City’s that have already gone through this and where they stand today. Mr. Herrera stated that he will keep the Board updated on this topic in the future. ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS) DISBURSEMENTS The Board reviewed the disbursements presented for approval by the Administrator. A motion was made by Ed Morejon to approve the disbursements as presented by the Administrator. The motion was seconded by Tom Murphy and carried 4-0. 3 BENEFIT APPROVALS The Board reviewed the benefit approval list dated March 6, 2017 as presented by the Administrator (applications for distributions for DROP and Share accounts for William Schaneen, Michael Southard, and Anthony Vazquez and the application for a refund of contributions for Casey Beeler). A motion was made by Ed Morejon to approve the applications for distributions from DROP and Share accounts for William Schaneen, Michael Southard & Anthony Vazquez and the application for a refund of contributions for Casey Beeler. The motion was seconded by Tom Murphy and carried 4-0. FINANCIAL STATEMENTS The Trustees reviewed the interim financial statement as of January2017. The Trustees had some questions regards some accounts. Ms. Ross stated that she will look into this and get back to the Board. The financial statements were received and filed as of January 2017. OLD BUSINESS Mr. Cohen stated that for the record he thinks the Board should consider reducing their assumed rate of return to 6.5%. This can be discussed with the Actuary at the next meeting when he is present, but the other Trustees noted that the Plan is still in the process of lowering the assumed rate of return as it is being phased in over 5 years. NEW BUSINESS Ms. Ross presented the Board with the 2017/2018 Fiduciary Liability Insurance renewal quote. The premium increased $530 this year for a total of $12,166. She reminded the Trustees that last year they increased their total coverage from $1M to $2M. A motion was made by Tom Murphy to approve the 2017/2018 Fiduciary Liability Insurance renewal quote for $12,166. The motion was seconded by Ed Morejon and carried 4-0. The Trustees commented that next year they would like to go out other vendors/institutions for quotes. The Trustees reviewed the list of disabled retirees. Ms. Ross stated that she will mail out the letters to these individuals in which they will have to get a letter from their doctor to return to the Plan. The letter will need to confirm that the member is still disabled and unable to return to work. There being no further business, the meeting adjourned at 3PM. Respectfully submitted, Jon Currier, Secretary City of Palm Beach Gardens Firefighters' Pension Trust Fund U.S. SMID Cap Core Equity Manager Analysis September 30, 2017 Introduction As of 9/30/2017 Purpose for this Manager Evaluation Report Investment Options for this Manager Evaluation Report Strategy Name Atlanta SMID-Cap I (ERASX) Disciplined SMIdCap U.S. SMID Cap Equity SMID Cap Small Cap Equity Vehicle Management Fee MF 0.87% SA SA SA 0.80% on first $100 million; 0.60% thereafter 0.70% (negotiated) 0.55% on first $50 miillion; 0.45% on next $50 million; 0.35% thereafter SA 0.75% on first $3 million; 0.60% thereafter Great Lakes Advisors Firm Name Eaton Vance / Boston Management and Research Subadvisor: Atlanta Capital Management Lazard Asset Management Segall Bryant & Hamill Dana Investment Advisors This search is to evaluate potential replacement options for Dana Small Cap Equity. Eaton Vance Atlanta Capital SMID-Cap I (EISMX) will be used as a proxy for the cheaper share class, Eaton Vance Atlanta Capital SMID-Cap R6 (ERASX), of the same strategy, due to its longer performance history. Dana Small Cap Core has been included as the existing strategy in the plan and its performance/data is included for illustrative purposes only. 1 As of 9/30/2017 Asset Class Overview Benchmark and Peer Group This US SMID Cap search report will use the following benchmark and peer group: Index – Russell 2500: Consists of the 2500 smallest stocks in the Russell 3000 Index. The index is a blend of the Russell 2000 index and the smallest 500 names in the Russell MidCap index. Morningstar Category – SMID Core: Funds in SMID Core have a flexible investing strategy that allows for pursuit of investments in small and mid capitalization ranges. The style score of portfolios in this group falls in the middle of the spectrum, either because of a focus on both growth and value investing or because they select stocks from a variety of styles. Key strategies of SMID portfolios include but are not limited to, investment in smaller mid cap companies, investment in small cap and smaller mid cap companies, and movement between small and mid capitalizations. The primary role of a US SMID Cap strategy is to provide exposure to small and mid-cap US companies that have greater growth potential and provide higher upside potential in positive economic environments than their large-cap counterparts in similar industries. The group tends to be more sensitive to economic conditions. The lack of Wall Street research on the smaller-cap names and diversity of the index gives managers the ability to build portfolios substantially different from the benchmark, so tracking error can also be higher. US SMID Cap is typically defined as all US-based companies with a market capitalization between $100 million and $10 billion. The smaller companies typically have single business lines, a US focus, and higher growth potential than larger cap names in similar industries. Many of these companies are less followed by Wall Street, which results in lower average daily trading volumes. The mid-cap names have more diverse businesses and often have exposures to foreign markets. The primary benchmark for strategies in this space is the Russell 2500 Index. The index contains the smallest 2500 stocks in the Russell 3000 on Russell’s annual reconstitution day, typically calculated at the end of May. The Financials sector is the largest in the index, accounting for over 25% of the weight by market cap. The Industrials, Consumer Discretionary, Technology, and Health Care sectors also have meaningful weights. The index is well diversified by market cap with no single name dominating. The weighted average market cap is less than $5 billion and the median market cap is near $1 billion. Role within a Portfolio Definition and Characteristics 2 Investment Option Comparison 3 Firm and Investment Option Information As of 9/30/2017 Firm Information Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Firm Name Firm City Firm State or Province Great Lakes Advisors, LLC Chicago IL Lazard Asset Management LLC New York NY Segall Bryant & Hamill Chicago IL Dana Investment Advisors Inc Brookfield WI Eaton Vance Boston MA Strategy Information Inception Date Investment Type Fund Size Strategy Assets Minimum Investment (Base Currency) 7/1/2002 Separate Account 130,970,000 5,000,000 4/30/2002 Open-End Fund 10,290,512,145 12,052,969,000 250,000 5/1/2000 Separate Account 870,893,000 5,000,000 11/1/2002 Separate Account 1,455,976,000 2,000,000 7/30/1999 Separate Account 479,200,000 1,000,000 4 Current Portfolio Comparison As of 9/30/2017 GICS SECTORS % Energy % Materials % Industrials % Consumer Discretionary % Consumer Staples % Healthcare % Financials % Information Technology % Telecom Services % Utilities % Real Estate % 2.91 6.57 13.32 16.12 3.76 15.19 19.27 17.43 0.00 0.74 4.68 0.00 3.25 25.78 8.72 1.55 13.63 19.00 26.50 0.00 0.00 1.59 4.44 5.93 16.02 12.41 2.84 11.87 16.34 16.26 0.58 3.76 9.56 3.52 4.60 14.74 12.11 3.01 15.44 18.19 16.71 0.61 3.61 7.47 4.20 8.58 19.19 11.50 3.18 6.78 17.51 14.68 0.00 4.29 10.10 3.14 9.48 25.58 12.30 3.19 15.69 9.41 20.29 0.00 0.00 0.93 MARKET CAPITALIZATION Market Cap Giant % Market Cap Large % Market Cap Mid % Market Cap Small % Market Cap Micro % 0.00 2.11 46.11 39.60 12.18 0.00 0.00 44.28 39.30 12.69 0.00 0.00 76.05 17.32 0.74 0.00 0.25 48.55 37.30 13.89 0.00 0.00 14.05 61.76 23.23 0.00 1.35 50.53 38.46 8.57 CHARACTERISTICS Average Market Cap (mil) P/E Ratio (TTM) P/B Ratio (TTM) LT Earn Growth Dividend Yield ROE % (TTM) 3,600.00 20.27 2.36 10.37 1.55 10.64 3,805.36 23.32 2.51 10.15 1.41 13.63 7,081.23 28.18 3.83 11.96 0.77 20.57 4,300.91 22.44 2.42 11.20 1.27 13.77 2,193.02 22.67 2.78 12.81 0.91 15.77 4,165.17 27.31 3.34 12.32 0.90 9.48 COMPOSITION # of Holdings % Asset in Top 10 Holdings Asset Alloc Cash % Asset Alloc Equity % Asset Alloc Bond % Asset Alloc Other % 121 17.36 1.08 98.92 0.00 0.00 79 23.63 0.00 100.00 0.00 0.00 2,491 2.49 0.00 100.00 0.00 0.00 66 18.29 0.96 99.04 0.00 0.00 82 16.73 3.73 96.27 0.00 0.00 47 33.09 5.89 94.11 0.00 0.00 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 5 Historical Portfolio Characteristics Comparison As of 9/30/2017 Historical Cash Allocation 2012 2013 2014 2015 2016 2017 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Asset Alloc Cash % (Long)Historical Portfolio Turnover 2010 2012 2014 2016 0.0 50.0 100.0 150.0 200.0 Turnover Ratio %Historical Number of Holdings 2009 2011 2013 2015 2017 47.0 72.0 97.0 122.0 147.0 # of HoldingsHistorical Percentage of Assets in Top 10 Holdings 2009 2011 2013 2015 2017 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 % Asset in Top 10 HoldingsEaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity 6 Historical Portfolio Characteristics Comparison As of 9/30/2017 Historical Earnings Growth 2009 2011 2013 2015 2017 5.0 10.0 15.0 20.0 25.0 30.0 35.0 LT Earn GrowthHistorical Dividend Yield 2009 2011 2013 2015 2017 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Div YldHistorical P/E Ratio 2009 2011 2013 2015 2017 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0 P/E RatioHistorical P/B Ratio 2009 2011 2013 2015 2017 1.0 1.5 2.0 2.5 3.0 3.5 4.0 P/B RatioEaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 7 Current and Historical Portfolio Region Exposure As of 9/30/2017 Historical Non-US Portfolio Exposure 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Equity Country Non-US % (Long)Current Portfolio Region Allocation Portfolio Date: 6/30/2017 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Russell 2500 TR USD Equity Country United States % Equity Region North America % Equity Region Latin America % Equity Region United Kingdom % Equity Region Europe dev % Equity Region Europe emrg % Equity Region Japan % Equity Region Australasia % Equity Region Asia dev % Equity Region Asia emrg % Equity Region Africa/Middle East % Equity Region Developed % Equity Region Emerging % 100.00 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 98.24 98.24 0.45 0.00 0.00 0.00 0.00 0.00 0.00 1.31 0.00 98.69 1.31 99.10 99.10 0.00 0.00 0.90 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 98.30 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 98.90 98.98 0.16 0.19 0.21 0.01 0.00 0.06 0.01 0.28 0.10 99.64 0.36 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 8 Current and Historical Portfolio Style Comparison As of 9/30/2017 Historical Value - Growth Score 2009 2011 2013 2015 2017 50.0 100.0 150.0 200.0 250.0 300.0 Value-Growth Score (Long)Historical Average Market Capitalization 2009 2011 2013 2015 2017 0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Average Market Cap (mil)Style Allocation Portfolio Date: 6/30/2017 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Equity Style Large Value % Equity Style Large Core % Equity Style Large Growth % Equity Style Mid Value % quity Style Mid Core % Equity Style Mid Growth % Equity Style Small Value % Equity Style Small Core % Equity Style Small Growth % 0.00 0.00 0.00 1.55 19.57 54.40 4.61 3.60 10.63 1.29 0.00 0.00 11.24 15.99 21.60 15.17 15.81 17.23 0.00 0.00 0.00 9.64 19.30 10.39 12.08 21.73 21.85 0.00 0.00 2.11 3.67 11.58 30.86 8.49 20.61 22.68 0.00 0.00 0.00 2.44 3.25 4.45 14.14 40.67 34.13 0.15 0.00 0.15 13.39 14.46 18.65 16.65 17.41 17.19 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 9 Current and Historical Holdings Based Style Analysis As of 9/30/2017 Current Portfolio Holdings-Style Map MicroSmallMidLargeGiantDeep-Val Core-Val Core Core-Grth High-Grth Historical Holdings-Based Style Trail Time Period: 10/31/2007 to 9/30/2017 MicroSmallMidLargeGiantDeep-Val Core-Val Core Core-Grth High-Grth Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 10 Quantitative Review 11 Trailing Performance As of 9/30/2017 Peer Group (5-95%): Separate Accounts/CITs - Morningstar Institutional Category - SMID Core 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 ReturnEaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 1 Year Rank 2 Years Rank 3 Years Rank 4 Years Rank 5 Years Rank 6 Years Rank 7 Years Rank 8 Years Rank 9 Years Rank 10 Years Rank Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 18.48 16.03 20.45 14.17 17.31 17.79 18.08 13.85 15.29 14.61 11.29 16.10 15.78 10.49 11.44 9.66 9.73 10.60 13.64 10.83 11.58 9.22 10.04 10.19 16.78 15.59 15.13 12.38 14.15 13.86 19.00 18.69 17.50 14.59 17.90 16.54 16.88 16.00 13.24 12.93 15.70 13.66 16.41 16.16 14.11 13.28 15.44 13.94 15.29 13.17 13.21 10.96 12.27 11.57 13.01 9.51 9.38 8.41 8.44 8.19 63 34 6 8 6 6 1 3 3 1 81 70 57 46 33 9 3 3 23 28 41 59 43 38 43 35 65 59 20 34 92 66 68 73 79 84 76 73 78 70 68 86 68 63 55 32 11 27 43 70 66 45 53 63 66 58 55 66 67 70 Returns Gross of Fees. 12 Calendar Year Performance As of 9/30/2017 Peer Group (5-95%): Separate Accounts/CITs - Morningstar Institutional Category - SMID Core YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007-52.5 -45.0 -37.5 -30.0 -22.5 -15.0 -7.5 0.0 7.5 15.0 22.5 30.0 37.5 45.0 52.5 60.0 67.5 ReturnEaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD YTD Rank 2016 Rank 2015 Rank 2014 Rank 2013 Rank 2012 Rank 2011 Rank 2010 Rank 2009 Rank 2008 Rank 2007 Rank Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 15.30 9.35 9.46 9.95 8.13 11.00 12.29 15.50 17.36 15.52 11.89 17.59 10.81 -2.86 -1.08 -2.08 2.13 -2.90 6.20 10.62 12.42 5.81 6.72 7.07 37.42 43.29 36.76 35.33 46.27 36.80 15.40 23.41 15.85 11.82 19.29 17.88 6.64 1.97 -8.45 3.80 1.93 -2.51 27.00 28.77 24.86 23.94 32.11 26.71 36.55 32.85 57.32 36.81 22.17 34.39 -25.29 -36.53 -35.78 -36.03 -33.55 -36.79 13.06 2.41 0.87 14.98 -8.41 1.38 24 88 1 64 41 52 1 45 31 3 15 73 66 73 17 13 10 22 29 66 62 77 70 37 46 5 46 49 90 75 8 60 87 68 64 55 69 64 90 3 78 31 61 10 84 88 12 57 1 29 26 15 88 46 100 63 36 74 57 45 36 69 50 48 66 82 13 Rolling Excess Return Analysis As of 9/30/2017 Rolling Excess Returns Time Period: 10/1/2007 to 9/30/2017 Rolling Window: 3 Years 3 Months shift Calculation Benchmark: Russell 2500 TR USD 12 2011 03 06 09 12 2012 03 06 09 12 2013 03 06 09 12 2014 03 06 09 12 2015 03 06 09 12 2016 03 06 09 12 2017 03 06 09 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Excess ReturnRolling Excess Return Rankings Time Period: 10/1/2007 to 9/30/2017 Rolling Window: 3 Years 3 Months shift Calculation Benchmark: Russell 2500 TR USD 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile 12 2011 03 06 09 12 2012 03 06 09 12 2013 03 06 09 12 2014 03 06 09 12 2015 03 06 09 12 2016 03 06 09 12 2017 03 06 09 100.0 75.0 50.0 25.0 0.0 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USDExcess Return14 Rolling Risk Analysis As of 9/30/2017 Rolling Standard Deviation Time Period: 10/1/2007 to 9/30/2017 Rolling Window: 3 Years 3 Months shift 12 2011 03 06 09 12 2012 03 06 09 12 2013 03 06 09 12 2014 03 06 09 12 2015 03 06 09 12 2016 03 06 09 12 2017 03 06 09 5.0 10.0 15.0 20.0 25.0 30.0 Std DevRolling Standard Deviation Rankings Time Period: 10/1/2007 to 9/30/2017 Rolling Window: 3 Years 3 Months shift 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile 12 2011 03 06 09 12 2012 03 06 09 12 2013 03 06 09 12 2014 03 06 09 12 2015 03 06 09 12 2016 03 06 09 12 2017 03 06 09 100.0 75.0 50.0 25.0 0.0 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USDStd Dev15 Risk and Reward As of 9/30/2017 Risk-Reward: 5-Year Time Period: 10/1/2012 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Std Dev 0.0 3.0 6.0 9.0 12.0 15.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 ReturnRisk-Reward: 10-Year Time Period: 10/1/2007 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Std Dev 0.0 4.0 8.0 12.0 16.0 20.0 24.0 0.0 3.0 6.0 9.0 12.0 15.0 ReturnRisk-Reward: 3-Year Time Period: 10/1/2014 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Std Dev 0.0 3.0 6.0 9.0 12.0 15.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 ReturnRisk-Reward: 7-Year Time Period: 10/1/2010 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Std Dev 0.0 3.0 6.0 9.0 12.0 15.0 18.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 ReturnEaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 16 Up and Down Market Capture As of 9/30/2017 Up and Down Market Capture: 5-Year Time Period: 10/1/2012 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Down Capture Ratio 0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Up Capture RatioUp and Down Market Capture: 10-Year Time Period: 10/1/2007 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Down Capture Ratio 0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Up Capture RatioUp and Down Market Capture: 3-Year Time Period: 10/1/2014 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Down Capture Ratio 0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Up Capture RatioUp and Down Market Capture: 7-Year Time Period: 10/1/2010 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Down Capture Ratio 0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Up Capture RatioEaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 17 Multi Statistic Analysis As of 9/30/2017 Information Ratio 3 Yr -1.0 -0.8 -0.6 -0.4 -0.2 -0.0 0.2 0.4 0.6 0.8 1.0 1.2 Tracking Error 3 Yr 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0Tracking ErrorAlpha 3 Yr -3.8 -3.0 -2.3 -1.5 -0.8 0.0 0.8 1.5 2.3 3.0 3.8 4.5 5.3 6.0 6.8 Sharpe Ratio 3 Yr 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.5 Sharpe Ra t i o ( a r i t h ) Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Std Dev 3 Yr 10.0 10.5 11.0 11.5 12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 Time Period: 10/1/2014 to 9/30/2017 Std Dev Rank Sharpe Ratio Rank Alpha Rank Information Ratio Rank Tracking Error Rank Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 10.98 11.79 12.51 10.35 13.13 12.39 1.41 0.86 0.89 0.90 0.71 0.83 6.60 0.54 1.10 1.04 -0.76 0.00 0.95 -0.05 0.24 -0.24 -0.21 5.44 2.55 3.54 3.98 4.16 0.00 79 6 3 8 14 54 51 57 57 100 35 49 49 41 65 94 47 50 68 50 19 73 73 68 40 40 58 71 100 18 Multi Statistic Analysis As of 9/30/2017 Information Ratio 5 Yr -0.6 -0.5 -0.4 -0.3 -0.2 -0.1 -0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Tracking Error 5 Yr 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6Tracking ErrorAlpha 5 Yr -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Sharpe Ratio 5 Yr 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.6 1.6 Sharpe Ra t i o ( a r i t h ) Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Std Dev 5 Yr 10.5 10.8 11.0 11.3 11.5 11.8 12.0 12.3 12.5 12.8 13.0 13.3 13.5 13.8 14.0 14.3 14.5 14.8 Time Period: 10/1/2012 to 9/30/2017 Std Dev Rank Sharpe Ratio Rank Alpha Rank Information Ratio Rank Tracking Error Rank Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 10.61 11.92 12.25 10.68 12.90 12.20 1.56 1.29 1.22 1.14 1.08 1.12 5.19 2.16 1.53 0.74 0.33 0.00 0.58 0.61 0.40 -0.39 0.07 5.04 2.83 3.17 3.76 4.17 0.00 92 3 3 27 14 43 33 38 25 89 38 43 49 30 83 89 55 63 81 47 16 79 68 55 37 42 58 81 100 19 Multi Statistic Analysis As of 9/30/2017 Information Ratio 7 Yr -0.6 -0.5 -0.4 -0.3 -0.2 -0.1 -0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 Tracking Error 7 Yr 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6Tracking ErrorSharpe Ratio 7 Yr 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.4 Sharpe Ra t i o ( a r i t h ) Alpha 7 Yr -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Std Dev 7 Yr 11.5 12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.0 16.5 17.0 17.5 Time Period: 10/1/2010 to 9/30/2017 Std Dev Rank Sharpe Ratio Rank Alpha Rank Information Ratio Rank Tracking Error Rank Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 12.18 13.83 14.92 12.72 14.96 14.13 1.37 1.14 0.87 1.00 1.04 0.95 5.23 2.61 -0.67 0.91 1.69 0.00 0.63 0.79 -0.13 -0.20 0.49 5.13 2.96 3.25 3.62 4.18 0.00 89 1 1 14 16 51 14 14 1 89 14 81 83 73 81 86 37 40 76 55 14 32 29 14 37 40 55 71 100 20 Multi Statistic Analysis As of 9/30/2017 Information Ratio 10 Yr -0.4 -0.3 -0.2 -0.1 -0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 Tracking Error 10 Yr 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2Tracking ErrorAlpha 10 Yr -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Sharpe Ratio 10 Yr 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 Sharpe Ra t i o ( a r i t h ) Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Std Dev 10 Yr 15.5 16.0 16.5 17.0 17.5 18.0 18.5 19.0 19.5 20.0 20.5 21.0 21.5 22.0 Time Period: 10/1/2007 to 9/30/2017 Std Dev Rank Sharpe Ratio Rank Alpha Rank Information Ratio Rank Tracking Error Rank Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD 16.72 18.06 18.92 17.84 18.64 18.90 0.75 0.50 0.47 0.45 0.43 0.41 5.41 1.62 1.31 0.80 0.57 0.00 0.86 0.37 0.28 0.05 0.06 5.60 3.53 4.24 4.70 4.57 0.00 75 1 1 1 30 45 42 42 12 100 31 50 50 28 75 54 57 59 70 59 38 62 67 70 59 33 75 81 100 21 Batting Average and Drawdown As of 9/30/2017 Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Drawdown Time Period: 10/1/2007 to 9/30/2017 Source Data: Monthly Return 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -55.0 -50.0 -45.0 -40.0 -35.0 -30.0 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 Batting Average Source Data: Monthly Return Calculation Benchmark: Russell 2500 TR USD 3 Years 5 Years 7 Years 10 Years 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 65.0 Batting Average22 MPT Statistics As of 9/30/2017 MPT Statistics: 3-Year Time Period: 10/1/2014 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Return Excess Return Std Dev Beta Tracking Error Sharpe Ratio Alpha Information Ratio Batting Average Up Capture Ratio Down Capture Ratio 15.78 10.49 11.44 9.66 9.73 10.60 5.18 -0.12 0.84 -0.94 -0.87 0.00 10.98 11.79 12.51 10.35 13.13 12.39 0.80 0.93 0.97 0.80 1.00 1.00 5.44 2.55 3.54 3.98 4.16 0.00 1.36 0.88 0.90 0.91 0.75 0.85 6.60 0.54 1.10 1.04 -0.76 0.00 0.95 -0.05 0.24 -0.24 -0.21 58.33 50.00 52.78 50.00 50.00 100.00 96.88 93.43 98.79 87.52 97.94 100.00 54.26 88.84 91.21 84.44 103.11 100.00 MPT Statistics: 5-Year Time Period: 10/1/2012 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Return Excess Return Std Dev Beta Tracking Error Sharpe Ratio Alpha Information Ratio Batting Average Up Capture Ratio Down Capture Ratio 16.78 15.59 15.13 12.38 14.15 13.86 2.92 1.73 1.27 -1.48 0.29 0.00 10.61 11.92 12.25 10.68 12.90 12.20 0.79 0.95 0.97 0.84 1.00 1.00 5.04 2.83 3.17 3.76 4.17 0.00 1.50 1.26 1.20 1.13 1.08 1.11 5.19 2.16 1.53 0.74 0.33 0.00 0.58 0.61 0.40 -0.39 0.07 53.33 58.33 53.33 46.67 51.67 100.00 91.47 99.89 100.23 86.97 100.08 100.00 58.82 86.18 90.48 84.01 97.90 100.00 23 MPT Statistics As of 9/30/2017 MPT Statistics: 7-Year Time Period: 10/1/2010 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Eaton Vance Atlanta Capital SMID-Cap I Great Lakes Disciplined SMidCap Lazard U.S. SMID Cap Equity Segall Bryant SMID Cap Dana Small Cap Equity Russell 2500 TR USD Return Excess Return Std Dev Beta Tracking Error Sharpe Ratio Alpha Information Ratio Batting Average Up Capture Ratio Down Capture Ratio 16.88 16.00 13.24 12.93 15.70 13.66 3.23 2.34 -0.42 -0.72 2.04 0.00 12.18 13.83 14.92 12.72 14.96 14.13 0.81 0.96 1.03 0.87 1.02 1.00 5.13 2.96 3.25 3.62 4.18 0.00 1.33 1.13 0.90 1.01 1.04 0.97 5.23 2.61 -0.67 0.91 1.69 0.00 0.63 0.79 -0.13 -0.20 0.49 54.76 61.90 48.81 45.24 58.33 100.00 90.48 101.23 99.41 88.42 103.96 100.00 60.17 86.89 101.65 82.49 94.10 100.00 MPT Statistics: 10-Year Time Period: 10/1/2007 to 9/30/2017 Calculation Benchmark: Russell 2500 TR USD Return Excess Return Std Dev Beta Tracking Error Sharpe Ratio Alpha Information Ratio Batting Average Up Capture Ratio Down Capture Ratio 13.01 9.51 9.38 8.41 8.44 8.19 4.82 1.32 1.19 0.22 0.25 0.00 16.72 18.06 18.92 17.84 18.64 18.90 0.85 0.94 0.98 0.91 0.96 1.00 5.60 3.53 4.24 4.70 4.57 0.00 0.79 0.57 0.55 0.52 0.51 0.49 5.41 1.62 1.31 0.80 0.57 0.00 0.86 0.37 0.28 0.05 0.06 56.67 56.67 50.00 47.50 54.17 100.00 92.72 97.71 99.71 89.55 96.69 100.00 70.31 91.46 94.60 85.31 94.58 100.00 24 Investment Option Narratives 25 As of 9/30/2017 Eaton Vance Atlanta Capital SMID-Cap I Strategy Overview Recommendation Summary ACM believes that companies with a demonstrated history of consistent growth and stability in earnings provide superior returns with less risk over the long-term. ACM’s process starts by screening the Russell 2500 Index for companies exhibiting high return on capital, low debt, strong free cash flow generation and a consistent record of growth. ACM then takes a long-term perspective to determine if this historical record of success is sustainable. They believe this is best predicted by the strength of the business model, and make this the focus of their research. ACM seeks to own innovative businesses that dominate a niche, maintain high barriers to entry, and have consistent demand over an economic cycle. The team conducts bottom-up research and meets with management teams for each of the companies in the portfolio. Management’s decisions regarding capital allocation rank high in importance. Given a three-to-five year target holding period, how company management utilizes free cash (share buy backs, dividends, acquisitions, or organic growth) is critical to the team’s long-term view of the stock’s potential. Stock purchases are analyzed as if ACM were a potential acquirer of the entire firm. The team uses a variety of stock- specific valuation techniques, including discounted cash flow valuation, P/E, P/CF, P/B and EV/EBITDA. If the stock market valuation is below their internal assessment of value, they will purchase the stock with the weighting within the portfolio being determined by the stock’s risk/reward potential. The resulting portfolio is a diversified portfolio 50-60 stocks. The portfolio is relatively unconstrained with a maximum individual position size of 5% and a maximum sector allocation of 30%. There is much to like about ACM’s team and investment process. The team is experienced and has been in place since the product’s inception. Unlike other managers who may trade on shorter-term factors, ACM looks at the long-term business prospects and utilizes a three-to-five year investment horizon to purchase attractively values robust businesses. The team gravitates to companies that have a competitive advantage in their niche industries, generate free cash flow, and have an above average return on invested capital (ROIC). ACM’s process has led to an attractive pattern of performance with a focus on protecting client capital in down markets and results have been strong versus both the benchmark and peer managers. However, we have serious concerns with the portfolio’s level of liquidity. It is imperative that investors in the strategy have a full understanding of the current and potential liquidity issues. ACM’s Core Equity team is comprised of three portfolio managers and one investment specialist. Each portfolio manager serves as a generalist and conducts his own analytical research while investment decisions are made on a consensus basis. Chip Reed, CFA, Bill Bell, CFA and Matt Hereford, CFA are responsible for all purchase and sell decisions. All investment professionals have managed the strategy since its inception. In addition to High Quality SMID Cap, the team also manages the High Quality Small Cap and High Quality Select Equity (Large Cap Core) strategies. While we like ACM’s investment process, team, and philosophy, there are significant risks surrounding the portfolio’s level of liquidity. While the most worrisome scenarios might constitute a small percentage of the overall distribution of outcomes, we believe the potential loss of capital in these worst-case scenarios to be greatly disproportional to the risk associated with comparable managers overseeing fewer assets. The strategy is closed to new Separate Account mandates. Eaton Vance – Atlanta Capital SMID-Cap Fund is closed to most investors, but remains open to existing fund shareholders, qualified retirement plans, and fee- based advisory programs with centralized investment discretion that have selected the Fund as an investment option prior to closing. The Eaton Vance – Atlanta Capital SMID-Cap Fund (ERASX) is also available in a non- revenue share class (R6) as of July 1, 2014 Team Overview Points to Consider Atlanta Capital Management (ACM) was founded in 1969 and is based in Atlanta, GA. ACM operates as an autonomous subsidiary of Eaton Vance Corporation, a Boston-based investment management company listed on the New York Stock Exchange (ticker: EVN). Twenty-one ACM employees retain a minority equity interest in the firm. In November 2008, Eaton Vance and Atlanta Capital established a long-term incentive plan that enabled key employees to expand their ownership interest in future years. ACM is managed by a six-member Management Committee comprised of the key leadership professionals who direct the firm's investment management, client service, new business development and operations functions. Members include: Kelly Williams, CPA, Chip Reed, CFA, Richard England, CFA, Joe Hudepohl, CFA, Jim Womack, CFA and Jim Skesavage. Tracking error has averaged 5-6% over the long-term, which is high vs. its peers. ACM tends to do well during periods of stable-to-declining earnings, as well as stable-to-rising interest rates. Additionally, they tend to do well when markets are turbulent and investors seek the relative safety of higher quality, consistent businesses. This is evidenced in the strategy’s strong relative performance in 2008, 2011 and 2015 when the benchmark posted negative returns. We would expect the greatest headwinds during periods that favor low quality, high beta securities such as 1999, 2003 and 2009 or in yield dominated markets when Real Estate and Utilities do best. In terms of portfolio biases, ACM tends to underweight/avoid Real Estate, Utilities, Biotech, Semiconductors and commodity related companies while overweighting Industrials, Insurance and Business Services. ACM also tends to significantly overweight high ROE. The strategy will be significantly underweight stocks less than $3B and high Beta stocks, so will struggle when small cap significantly outperform mid caps. Firm Overview Expectations 26 As of 9/30/2017 Great Lakes Disciplined SMidCap Strategy Overview Recommendation Summary The Disciplined Equity Team believes that markets are dynamic with investor preferences changing depending on the underlying economic environment. Furthermore, they believe different market segments have distinct dynamics and securities must be analyzed relative to multiple peer groups in order to generate accurate return forecasts. The process leverages 16 quantitative models (1 broad market model, 4 style specific models and 11 sector specific models) with factor weightings that evolve as investor preferences shift to reward different security characteristics. The model’s ability to identify and react to changing market environments has been increased by the addition in 2011 of a short-term complement to the original model, which the team implemented in response to the strategy’s inability to quickly adapt to the market inflection point in 2009. Each security in the universe is given a score relative to the broad market, its style peer group and its sector, which are then combined to give an overall score. The team uses an optimizer with tight controls relative to the benchmark to the construct the portfolio with the goal being the elimination of any risk factors other than pure stock selection (industry, sector, style, market cap, or beta among others). The resulting portfolio is 100-125 names. The strategy has a targeted tracking error of 3.5%-4.5% and will not deviate from the benchmark by more than +/- 1.5% in any individual security, +/- 4% in any industry or +/- 5% in any sector. Managing the strategy within these relatively tight constraints isolates the majority of alpha potential in the model’s ability to select the best performing individual securities. The strategy aims to be fully invested and has a maximum cash position of 3%. Fostered by a research driven culture, the GLA Disciplined Equity Team, led by CIO Jon Quigley, has developed a sound process that allows the team to evaluate the investment universe relative to multiple peer groups through the use of 16 different quantitative models. The models score each stock relative to the broad universe, its sector and style, providing the team multiple perspectives on a securities relative attractiveness. Furthermore, the factor weightings in each model are dynamic and will adapt to changing investor preferences over time in order to identify and emphasize security characteristics that the market is currently rewarding, allowing the strategy to outperform in a variety of different market environments. When paired with an attractive fee and thoughtful portfolio construction, designed to limit benchmark relative risk to stock selection, the strategy should appeal to clients looking for US SMID cap equity beta exposure with the potential for incremental alpha over time. The Disciplined Equity Team was integrated into Great Lakes Advisors in 2013 through the merger of another Wintrust subsidiary firm, Advanced Investment Partners. All Disciplined Equity portfolios are team managed. CIO Jon Quigley leads the team and has ultimate responsibility over the portfolio construction. He is also actively involved in model research and provides managerial oversight of the team. He is supported by Portfolio Manager John Bright, and Research Analysts Dmitri Prokhorov and Lyn Taylor. Bright assists Quigley with portfolio construction and research. Prokhorov spend the majority of his time working to enhance the team’s proprietary quantitative models and Taylor is primarily responsible elements of data processing and workflow. There is a considerable amount of key person risk associated with CIO and Senior Portfolio Manager Jon Quigley. While the strategy does have a co-portfolio manager, Senior Portfolio Manager John Bright comes from a trading background. Should something happen that would prevent Quigley’s continued association with the strategy, The Research Group would not have sufficient confidence in the remaining team to continue to recommend the strategy. There has been substantial turnover of investment professionals on the Disciplined Equity Team, including a managing partner, a director of research and a president and co-CIO. More concerning is the lack of new hires over the same period. Over the last 10 years, the team has lost seven investment professionals, but has only hired two. While we are confident the current team can capably manage the strategy going forward, we question if they are nearing capacity. Team Overview Points to Consider The predecessor firm to Great Lakes Advisors (GLA) was formed in 1981 as Wayne Hummer Asset Management (WHAM). WHAM was purchased by Wintrust Financial in 2002 and GLA was acquired by Wintrust Financial in 2011 and remains a wholly owned subsidiary. Wintrust is a diversified $20 billion financial services holding company headquartered in Chicago, IL. It is publically traded on the NASDAQ under the ticker WTFC. GLA is a SEC registered advisor and manages a variety of US stock and bond strategies. GLA’s valuation models aim to identify and adapt to evolving valuation preferences over time. In general, they find that the valuation dynamics in markets and sectors evolve in a cyclical manner, typically characterized by extended periods of persistence in the characteristics of relatively superior securities. It is during this predominant phase of persistence that the investment process should generate its most favorable active returns. In contrast, like many quantitative strategies, active return challenges will arise from a transitionary phases where markets pass through inflection points in preferences. More sudden and dramatic shifts from recently prevailing behavior will make it more difficult for the models to adapt their factor weights to new investor preferences. The portfolio is diversified and significantly constrained to the Russell 2500 Index. We would expect performance to fall within a 4% tracking error band versus the benchmark over the long-term. Firm Overview Expectations 27 As of 9/30/2017 Lazard U.S. SMID Cap Equity Strategy Overview Recommendation Summary Lazard’s investment team believes that financial productivity ultimately drives valuation and that the best performing companies often sustain higher levels of productivity for longer than investors expect, which often leads to improper valuation. In contrast, they believe that while opportunities do exist for companies to improve their returns, they are less common than investors believe. Lazard believes that forward looking fundamental analysis is the key to taking advantage of valuation opportunities and determining future trends in profitability. Bottom-up, fundamental research is a cornerstone of the investment process. Analysts have leeway to source ideas however they prefer. Fundamental research focuses on return analysis, accounting validation and scenario analysis. The return analysis involves working with industry contacts to maximize understanding of the company, identifying the key drivers of company profitability, as well as, understanding company’s capital requirements and management’s influence on profitability. The accounting validation analyzes management’s accounting choices, quantifies any significant sources of off-balance sheet risk and reconciles any material differences between recognized profit and actual cash flow. This step ensures a more accurate comparison between companies. Lastly, Lazard performs a scenario analysis where a company valuation is calculated using a base, bull and bear scenario, giving the team insight into each idea’s relative risk-to-reward. The final portfolio is 70-90 names that represent the most compelling risk-to-reward tradeoff. Typical position sizes are 1-3% with a maximum individual position size of 5%. While Lazard does not list any formal sector constraints, the portfolio is generally between 50-200% of the sector weighting of the Russell 2500 Index. The strategy aims to remain fully invested, but does have a maximum cash allocation of 10%. The Research Group believes that the Lazard US Small-Mid Cap strategy is an attractive option for client’s looking for a bottom-up, all weather, diversified active manager in the SMID cap core asset class. We have a high level of confidence in Lead PM Dan Breslin and believe he is supported by a quality team of Co-PMs and analysts. The process is focused on finding leading companies that are likely to sustain returns in excess of market expectations or those that have potential to improve their returns to levels that have not been incorporated into current market prices. Lazard has shown the ability to perform well over the long term. Furthermore, the strategy has outperformed in variety of market environments and with a high level of consistency, which suggests that it is less likely that the portfolio will go dramatically “out of favor” for an extended period of time. This is made further attractive by the US Small-Mid Cap strategy’s attractive fee. Lastly, due to the strategy’s relatively predictable tracking error range, we believe this is a suitable stand alone option, but could also be used in pairings with other managers. Dan Breslin has managed the Lazard US Small-Mid Cap strategy in its current form since taking over management of the strategy in 2003. He is directly supported by three other Co-PMs (Martin Flood, Michael DeBernardis and Eugene Krishnan). Each PM also serves as an analyst and conducts their own research. Decisions are made with team input, but Breslin has ultimate decision making authority. The team is also supported by Lazard’s Global Research Platform, a centralized analyst team of 23 analysts who focus on six major global sectors. Analysts on the Global Research Platform average approximately 20 years of industry experience. While Lead PM Dan Breslin and Co-PM Michael DeBernardis have been working on this strategy since 2003 and 2005 respectively, the other two Co-PMs are relatively new to the strategy. Co-PM Martin Flood was added to the strategy in December of 2014 and Eugene Krishnan was promoted to Co-PM in the third quarter of 2015 due to the 2014 departures of Robert Failla and Michael Zaremsky. This opens the strategy to a large amount of key man risk. We are comfortably with the current structure due to the fact that Breslin has been the lead on the portfolio since 2003. However, should something occur that would prevent Breslin’s continued involvement with the strategy, it is unlikely that we would have enough confidence in the remaining team to continue to recommend the strategy. Team Overview Points to Consider The parent company, Lazard Freres & Co. was founded in New Orleans in 1848. Lazard Asset Management (Lazard), a subsidiary of Lazard Freres & Co., was formed in 1970. The firm’s parent went public in 2005 and is publically traded on the New York Stock Exchange (Ticker: LAZ). Lazard Asset Management oversees more than $150 billion in assets under management across a broad spectrum of asset classes. Lazard Asset Management is headquartered in New York, NY with offices in 24 cities across 15 countries worldwide. It employs over 750 employees, over 300 of which represent investment professionals. The U.S. Small-Mid Cap Equity strategy seeks to deliver a consistent pattern of performance. Stock selection has historically contributed the majority of the portfolio’s total return and usually accounts for 80-90% of excess returns. Given the way this strategy is managed, it is our belief that they have the ability to outperform in a variety of market environments as long as fundamental factors are the primary drivers of equity returns. We would expect the strategy to lag in periods with very narrow market leadership, environments where momentum or other technical factors are in favor, or in markets that are heavily influenced by macroeconomic events. Tracking error for the strategy, when viewed over 3- and 5-year rolling periods, has generally stayed within a 3-6% band. Firm Overview Expectations 28 As of 9/30/2017 Segall Bryant SMID Cap Strategy Overview Recommendation Summary SBH believes that through a combination of quantitative analysis, fundamental analysis and experienced judgment, they are able to exploit the relatively inefficient small/mid cap market by investing in companies that are trading below their intrinsic value. SBH's SMID Cap strategy utilizes both growth and value approaches in constructing portfolios with a emphasis on companies with sustainable and improving return on invested capital (ROIC). This team seeks to identify two distinctive types of companies: 1. Growth stocks with already high and sustainable ROICs trading at a reasonable price, and 2. value stocks with an identifiable catalyst for improving ROIC. Utilizing a proprietary screening process, SBH seeks to identify price inconsistencies among companies using combinations of historical and forward relative valuation ratios, ROIC, growth rates and other valuation metrics. Additionally, using the Holt model, they attempt to find stocks in which the market has priced in low or no future cash flow return on investment (CFROI) expectations over the next five years. The goal is to identify companies that have catalysts for ROIC improvement and/or sustainability within this smaller universe. The team conducts bottom-up fundamental due diligence to analyze the company, identify catalysts to determine what they believe the market is missing and scenario test the valuation. SBH targets companies with a minimum risk-to-reward ratio of 3:1 when initiating a position. When a position is established, a sell target is created based on expected ROIC levels and normalized EBITDA and earnings multiples. This estimate is updated on an at least quarterly basis until the name is sold. SBH’s final portfolio is typically 65-85 stocks and relatively unconstrained to its index. The strategy’s maximum position size is 5% of the portfolio. Sectors and industries are capped at 225% of the weight in the Russell 2500 Index. Cash and ADR exposure is limited to 10% of the portfolio. The Research Group believes that Segall Bryant & Hamill’s SMID Cap strategy is an appropriate option for clients seeking a relatively concentrated and benchmark agnostic strategy that has historically protected capital in down markets. While Lead PM Jeffrey Paulis is fairly new to his post, he has earned our confidence over multiple interactions. SBH’s process, focused on finding companies growing sustainable ROIC with attractive valuations and a margin of safety, has shown the ability to benefit investors on both an absolute and risk- adjusted basis over the long-term due. However, the team is willing to build portfolios that do not align with the benchmark and is willing to wait for a story to materialize, which can lead to periods of underperformance. Still, given the strategy’s historical downside protection and lower than benchmark standard deviation, we are comfortable using the strategy as both a stand alone option or paired with a complementary manager. SBH’s Small Cap Equity Team consists of three portfolio managers and two analysts with average industry experience of 15 years. Jeffrey Paulis is the Lead PM on the SMID Cap strategy, however, the Small Cap Equity Team is led by Mark Dickherber who serves as the lead PM for the firm’s Small Cap and Small Cap Value strategies. All team members are assigned sector coverage and are responsible for investment research within their respective coverage area. Portfolio decisions are made on a team basis, but Paulis has ultimate decision making authority. Lead PM Jeffrey Paulis joined the firm in 2003, but was promoted to his current role as head of the SMID Cap strategy in mid-2013. While he has a relatively short tenure at the helm of the strategy, after multiple interactions, we are confident in his abilities. There have been times where the All Cap team led by R. Segall and S. Rajagopal were selling a security at the same time that Paulis was purchasing it for SMID Cap. Given the smaller universe and opportunity set for SMID Cap, we can understand a situation where SMID Cap might be buying and All Cap might be selling, but not vice versa. This is because the All Cap strategy can fish for ideas from the entire investment universe whereas SMID Cap can only buy stocks between $100M and $15B in market cap. Given the more concentrated nature of All Cap relative to SMID Core (45-60 stocks in ACC as opposed to 80+ in SMID), we would expect that a higher threshold for inclusion in the All Cap portfolio. However, this dis-alignment is a bit unsettling and is something we will monitor in the future. Team Overview Points to Consider Segall Bryant & Hamill is an independent investment firm based in Chicago, IL with offices in St. Louis, MO, Philadelphia, PA, and Naples, FL. The firm was founded in 1994 by Ralph Segall, Al Bryant and Jon Hamill. SBH is currently 45% employee owned across 19 employees with the remaining 55% owned by private equity investors Thoma Bravo. SBH expects to perform well in normal and down markets when fundamentals drive stock prices. SBH’s process is likely to trail in momentum markets when investors are less concerned over the quality of their holdings. Periods of short-term underperformance should be expected due to the strategy’s style and concentrated, unconstrained nature. Client’s invested in the strategy must be willing to withstand these periods in order to benefit from periods of outperformance. However, it should be noted that there have been periods in which SBH trailed the Russell 2500 Index on an absolute basis, but remained attractive when viewed on a risk-adjusted basis. Firm Overview Expectations 29 Definitions Alpha - A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. Batting Average –A measure of a manager's ability to consistently beat the market. It is calculated by dividing the number of months in which the manager beat or matched an index by the total number of months in the period. Best Quarter-This is the highest quarterly (3 month) return of the investment since its inception. 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. Down Period Percent -Number of months below 0 divided by the total number of months. Downmarket Capture Ratio - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance. Downside Std Dev - This measures only deviations below a specified benchmark. Excess Return- This is a measure of an investment's return in excess of a benchmark. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the excess 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. Longest Down-Streak Return - Return for the longest series of negative monthly returns. Longest Down-Streak # of Periods - Longest series of negative monthly returns. Longest Up-Streak Return - Return for the longest series of positive monthly returns. Longest Up-Streak - Longest series of positive monthly returns. Kurtosis - Kurtosis indicates the peakedness of a distribution. For normal distribution, Kurtosis is 3. Max Drawdown - The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Max Drawndown # of Periods - This is the number of months that encompasses the max drawdown for an investment. 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. Skewness - Skewness reflects the degree of asymmetry of a distribution. If the distribution has a longer left tail, the function has negative skewness. Otherwise, it has positive skewness. A normal distribution is symmetric with skewness 0. Sortino Ratio - The Sortino Ratio is similar to Sharpe Ratio except it uses downside risk (Downside Deviation) in the denominator. It was developed in early 1980's by Frank Sortino. Since upside variability is not necessarily a bad thing, Sortino ratio is sometimes more preferable than Sharpe ratio. 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. Tracking Error - This is a measure of the standard deviation of a portfolio's excess returns versus its designated market benchmark. Treynor Ratio -Similar to Sharpe Ratio, Treynor Ratio is a measurement of efficiency utilizing the relationship between annualized risk-adjusted return and risk. Unlike Sharpe Ratio, Treynor Ratio utilizes "market" risk (beta) instead of total risk (standard deviation). Good performance efficiency is measured by a high ratio. Up period Percent -Number of months above 0 divided by the total number of months. Upmarket Capture Ratio - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Value-Growth Score -Morningstar assigns an Overall Value score and an Overall Growth score to each stock within a fund. Morningstar then calculates a net value-core-growth score for each stock by subtracting the stock's Overall Value score from its Overall Growth score. Once this is done, these raw scores are rescaled to range between -100 to 400 in order to fit within the Morningstar Style Box. Scores below 67 are classified as value, scores above 233 are classified as growth, and scores between 67 and 233 fit within the core boundaries. Worst Quarter - This is the lowest quarterly (3 month) return of the investment since its inception. 30 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo uses the results from this evaluation to make observations and recommendations to the client. When client-specific performance is shown, AndCo uses time-weighted calculations, which are founded on standards recommended by the CFA Institute. In these cases, the performance-related data shown are based on information that is received from custodians. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. 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 index databases, public economic sources and the managers themselves. This document may contain data provided by Barclays. 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. 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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. 31