HomeMy WebLinkAboutAgenda Fire Pension 080713THE 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
Meeting of Wednesday, August 7, 2013
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 8, 2013
4.Actuary Report: Foster & Foster (Doug Lozen)
5.Investment Monitor Report: The Bogdahn Group (Troy Brown)
6.Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
Memo –Final Legislative Updates
7.Administrative Report: Resource Centers (Audrey Ross)
Disbursements
8.Old Business
9.New Business
Review of Draft Summary Plan Description
10.Other Business
11.Schedule Next Meeting: Monday September 9, 2013 at 9 A.M.
12.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.
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
Robert A. Sugarman♦ 100 Miracle Mile
Howard S. Susskind Suite 300
Kenneth R. Harrison, Sr. Coral Gables, Florida 33134
D. Marcus Braswell, Jr. (305) 529-2801
Pedro A. Herrera Broward (954) 327-2878
Noah Scott Warman Toll Free 1-800-329-2122
Ivelisse Berio LeBeau Facsimile (305) 447-8115
♦Board Certified Labor
& Employment Lawyer
M E M O R A N D U M
TO: Government Pension and Benefit Fund Clients
FROM: Sugarman & Susskind, P.A.
DATE: July 18, 2013
RE: Final Legislative Update
I. Required Public Comment Period at Meetings.
On Friday, June 28, 2013, Governor Scott signed SB 50 into law. SB 50 amended
Florida Statutes Section 286.0114 to require local government retirement plans to give
members of the public a reasonable opportunity to be heard on propositions being
discussed at plan meetings. This law takes effect October 1, 2013.
TO DO NOW: designate a specific period of time for public comment on regular
meeting agendas. Agendas for city commission meetings usually provide three to five
minutes for public comment. A similar allotment of time will suffice for retirement board
meetings.
II. New § 112.664 Financial Reporting Requirements
On May 31, 2013, the governor signed SB 534, which creates Florida Statutes
Section 112.664 and imposes new financial reporting requirements for local government
pension plans. This law takes effect July 1, 2013.
Memorandum re: Final Legislative Update
July 18, 2013
Page 2
The new financial reports require the following information:
• Annual financial reports in compliance with requirements found in Government
Accounting Standards Board (GASB) Statement No. 67 and Statement No. 68
(summaries attached). These reports must use the RP-2000 Combined Healthy
Participant Mortality Tables, by gender, with generational projection by scale AA;
• Annual financial reports similar to those prescribed above, but which use an
assumed rate of return and assumed discount rate 2% less than a plan's assumed
rate of return;
• Disclosure of the number of months or years for which the current market value of
assets is adequate to sustain the payment of expected retirement benefits as
determined in the plan's latest valuation.
• The recommended contribution to the plan based on the latest plan valuation stated
as an annual dollar value and a percentage of valuation payroll.
The reports will be due, at the very earliest, sixty days after you receive the October 1,
2014 actuarial valuation.
Florida Statutes 112.664 also requires local government plans to post certain
financial disclosures on the plan's website if the plan already has a website. The deadline
for website posting is 60 days after receiving the October 1, 2014 actuarial valuation. There
is no requirement to create a new website. Such website must contain the new Section
112.664 reports, as well as the plan's most recent actuarial valuation, a side-by-side
comparison of the plan's assumed rate of return compared to the actual rate of return for
the previous five years, and the percentages of cash, equity, bond, and alternative
investments in the plan portfolio. Plan sponsors must also post this information on their
websites in the same manner in which they are required to post tentative budget data.
Retirement plans should be prepared provide plan sponsors with the documents they need
to comply.
TO DO NOW: Evaluate the costs and benefits of the new disclosures and advise the
city in case repeal is proposed during the 2014 legislative session. Advise the city of the
costs associated with the new disclosure requirements. Add the requested disclosures to
Memorandum re: Final Legislative Update
July 18, 2013
Page 3
any fund website at the same time the new financial disclosures are due (60 days after
receiving the October 1, 2014 actuarial valuation).
III. New Fine Enforcement for Late Financial Disclosures.
On May 1, 2013, the governor signed SB 002, amending Florida Statutes Chapter
112 to change various ethics rules regarding the activities of public officers. SB 002 took
immediate effect when the governor signed the bill on May 1, 2013. This bill created
Section 112.31455, which creates a method to collect fines for failure to timely file
disclosures of financial interests. Such methods include wage garnishment, court
judgments, or referral to collection agencies. In other words, the fines for failure to comply
with the disclosure requirements now have more "teeth." The law also requires the creation
of an electronic disclosure filing system by the year 2015. We will share information on this
new filing system once it is available.
TO DO NOW: Make sure your financial disclosure was filed by July 1, 2013. File with
the supervisor of elections in the county where you reside and send certified, return receipt
requested, and send a copy of the return receipt to the pension office.
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9
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.
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v
(
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3
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.
9
9
To
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e
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Am
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r
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l
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y
F
u
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-
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9
3
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3
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9
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6
6
In
t
e
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t
i
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e
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&
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To
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3
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.
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3
7
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6
2
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.
0
0
Asset Allocation Total Fund As of June 30, 2013
13
Fi
n
a
n
c
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Return On InvestmentMarket Value 06/30/2013
To
t
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l
D
o
m
e
s
t
i
c
E
q
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i
t
y
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0
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8
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3
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6
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6
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Va
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r
d
T
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t
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l
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t
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k
I
n
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x
(
V
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T
S
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)
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1
0
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0
3
5
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4
8
4
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-
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2
7
7
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8
5
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3
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3
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3
3
4
Da
n
a
(
L
a
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C
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p
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1
6
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7
3
2
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2
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4
2
6
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0
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6
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0
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8
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3
7
7
,
6
9
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1
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C
1
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3
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4
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4
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3
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6
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Da
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a
(
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4
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1
2
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3
9
3
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2
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6
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0
0
6
To
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l
I
n
t
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r
n
a
t
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o
n
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l
E
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t
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8
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5
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4
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3
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1
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9
RB
C
I
n
t
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r
n
a
t
i
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l
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t
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6
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0
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1
8
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1
2
2
2
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7
1
4
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2
1
3
Ma
n
n
i
n
g
&
N
a
p
i
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r
O
v
e
r
s
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s
(
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X
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X
)
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0
9
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0
0
0
-
-
-
-
2
6
,
1
4
4
2
,
6
9
8
,
9
4
6
To
t
a
l
F
i
x
e
d
I
n
c
o
m
e
1
4
,
1
7
7
,
3
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2
5
2
8
,
8
8
0
-
-
3
,
8
8
0
-
-
3
3
2
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9
6
3
1
4
,
3
6
9
,
4
1
0
Ag
i
n
c
o
u
r
t
C
a
p
i
t
a
l
M
a
n
a
g
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m
e
n
t
5
,
6
8
3
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5
9
9
-
-
-
-
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1
3
9
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9
7
0
5
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5
4
3
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6
3
0
Ga
r
c
i
a
,
H
a
m
i
l
t
o
n
&
A
s
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a
t
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s
6
,
2
0
8
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0
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6
3
,
8
8
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3
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8
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1
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5
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6
7
8
6
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1
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2
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3
2
8
Te
m
p
l
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t
o
n
G
l
o
b
a
l
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o
n
d
A
d
v
(
T
G
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)
2
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2
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5
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7
6
7
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2
5
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0
0
0
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-
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8
7
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3
1
5
2
,
7
2
3
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4
5
2
To
t
a
l
R
e
a
l
E
s
t
a
t
e
3
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8
7
8
,
1
5
6
-
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1
6
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5
7
3
-
9
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5
6
7
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1
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7
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6
4
,
0
0
0
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8
1
3
Am
e
r
i
c
a
n
C
o
r
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R
e
a
l
t
y
F
u
n
d
1
,
9
3
4
,
4
5
3
-
-
-
5
,
4
9
9
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6
5
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0
2
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1
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9
9
3
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9
7
4
In
t
e
r
c
o
n
t
i
n
e
n
t
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e
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l
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e
1
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9
4
3
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7
0
3
-
-
1
6
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5
7
3
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4
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0
6
8
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8
3
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7
7
7
2
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0
0
6
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8
3
9
Re
c
e
i
p
t
&
D
i
s
b
u
r
s
e
m
e
n
t
2
5
3
,
6
3
7
1
,
3
0
7
,
6
8
0
-
1
,
4
0
3
,
6
6
1
-
-
3
2
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7
3
7
3
9
1
2
4
,
9
5
8
To
t
a
l
F
u
n
d
P
o
r
t
f
o
l
i
o
5
3
,
3
6
5
,
5
2
9
1
2
,
1
1
3
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4
0
6
-
1
1
,
4
7
4
,
9
1
8
-
5
4
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8
0
9
-
3
2
,
7
3
7
6
2
1
,
1
5
8
5
4
,
5
3
7
,
6
2
9
Financial Reconciliation Total Fund 1 Quarter Ending June 30, 2013
14
Fi
n
a
n
c
i
a
l
R
e
c
o
n
c
i
l
i
a
t
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o
n
F
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a
l
Y
e
a
r
t
o
D
a
t
e
Ma
r
k
e
t
V
a
l
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e
10
/
0
1
/
2
0
1
2
Co
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r
i
b
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t
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o
n
s
D
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g
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t
Fe
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s
Ot
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r
Ex
p
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n
s
e
s
Return On InvestmentMarket Value 06/30/2013
To
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
2
6
,
2
9
4
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2
9
7
1
0
,
9
0
4
,
5
9
5
-
1
0
,
2
7
9
,
6
8
4
-
1
1
9
,
1
1
1
-
3
,
8
2
9
,
1
9
3
3
0
,
6
2
9
,
2
9
0
Va
n
g
u
a
r
d
T
o
t
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l
S
t
o
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k
I
n
d
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x
(
V
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T
S
X
)
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1
0
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0
3
5
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4
8
4
-
-
-
2
7
7
,
8
5
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0
,
3
1
3
,
3
3
4
Da
n
a
(
L
a
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C
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p
)
1
4
,
4
1
0
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4
2
3
8
2
2
,
1
4
5
-
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7
2
,
1
4
5
-
1
,
9
4
9
,
5
2
7
1
7
,
1
0
9
,
9
5
0
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C
9
,
2
1
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4
9
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3
3
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7
8
1
-
1
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2
7
9
,
6
8
4
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3
3
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7
8
1
-
1
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0
6
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,
1
8
6
-
Da
n
a
(
S
m
a
l
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C
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)
2
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6
7
3
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3
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6
1
3
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1
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4
-
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1
3
,
1
8
4
-
5
3
2
,
6
3
0
3
,
2
0
6
,
0
0
6
To
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
4
,
3
8
8
,
6
3
2
4
1
0
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1
6
9
-
-
1
0
,
1
6
9
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6
2
4
,
5
2
7
5
,
4
1
3
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1
5
9
RB
C
I
n
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e
r
n
a
t
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o
n
a
l
P
o
r
t
f
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o
2
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8
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3
5
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1
0
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1
6
9
-
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1
0
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1
6
9
-
3
9
5
,
8
6
0
2
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7
1
4
,
2
1
3
Ma
n
n
i
n
g
&
N
a
p
i
e
r
O
v
e
r
s
e
a
s
(
E
X
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X
)
2
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0
7
0
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2
8
0
4
0
0
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0
0
0
-
-
-
2
2
8
,
6
6
6
2
,
6
9
8
,
9
4
6
To
t
a
l
F
i
x
e
d
I
n
c
o
m
e
1
3
,
3
3
2
,
9
9
9
1
,
1
8
3
,
6
3
5
-
-
1
8
,
6
3
5
-
-
1
2
8
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5
8
9
1
4
,
3
6
9
,
4
1
0
Ag
i
n
c
o
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r
t
C
a
p
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t
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l
M
a
n
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g
e
m
e
n
t
5
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6
6
8
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0
6
7
7
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0
8
5
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7
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0
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5
-
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1
2
4
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4
3
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5
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5
4
3
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6
3
0
Ga
r
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a
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H
a
m
i
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&
A
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o
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t
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s
6
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1
0
5
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1
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5
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5
5
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3
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5
3
6
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1
0
2
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3
2
8
Te
m
p
l
e
t
o
n
G
l
o
b
a
l
B
o
n
d
A
d
v
(
T
G
B
A
X
)
1
,
5
5
9
,
5
5
1
1
,
1
6
5
,
0
0
0
-
-
-
-
1
,
0
9
9
2
,
7
2
3
,
4
5
2
To
t
a
l
R
e
a
l
E
s
t
a
t
e
3
,
6
6
7
,
5
4
7
-
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3
2
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6
1
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4
3
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1
7
5
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4
0
9
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0
0
2
4
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0
0
0
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8
1
3
Am
e
r
i
c
a
n
C
o
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e
R
e
a
l
t
y
F
u
n
d
1
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8
5
1
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5
8
8
-
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1
6
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0
2
1
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1
5
8
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4
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7
1
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9
9
3
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9
7
4
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
R
e
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l
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t
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t
e
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5
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9
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9
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3
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6
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2
7
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1
5
4
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2
5
0
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5
9
5
2
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0
0
6
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8
3
9
Re
c
e
i
p
t
&
D
i
s
b
u
r
s
e
m
e
n
t
1
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1
3
8
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2
5
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2
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7
7
0
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0
9
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3
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6
8
4
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4
2
0
-
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9
9
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1
2
9
1
5
9
1
2
4
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9
5
8
To
t
a
l
F
u
n
d
P
o
r
t
f
o
l
i
o
4
8
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8
2
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2
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4
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1
3
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9
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6
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6
6
4
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1
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9
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9
9
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1
2
9
4
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3
7
,
6
2
9
Financial Reconciliation Total Fund October 1, 2012 To June 30, 2013
15
Pa
g
e
I
n
t
e
n
t
i
o
n
a
l
l
y
L
e
f
t
B
l
a
n
k
16
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
T
r
a
i
l
i
n
g
R
e
t
u
r
n
s
QT
R
F
Y
T
D
1
Y
R
3
Y
R
5
Y
R
I
n
c
e
p
t
i
o
n
Inception Date
To
t
a
l
F
u
n
d
P
o
r
t
f
o
l
i
o
(
G
r
o
s
s
)
1
.
1
5
(
6
)
9
.
6
1
(
5
)
1
5
.
1
2
(
6
)
1
1
.
8
6
(
3
3
)
5
.
8
3
(
3
5
)
5
.
2
0
(
7
9
)
0
5
/
0
1
/
1
9
9
8
T
o
t
a
l
F
u
n
d
P
o
l
i
c
y
1
.
1
9
(5
)
9
.
1
1
(
1
1
)
1
4
.
3
3
(
1
1
)
1
3
.
5
0
(
4
)
6
.
0
4
(
3
0
)
4
.
9
8
(
8
6
)
A
l
l
P
u
b
l
i
c
P
l
a
n
s
-
T
o
t
a
l
F
u
n
d
M
e
d
i
a
n
-
0
.
0
2
7
.
2
1
1
2
.
1
4
1
1
.
3
6
5
.
4
3
5
.
6
3
To
t
a
l
F
u
n
d
P
o
r
t
f
o
l
i
o
(
N
e
t
)
1
.
0
5
9
.
2
1
1
4
.
5
5
1
1
.
3
0
5
.
3
1
4
.
6
2
0
5
/
0
1
/
1
9
9
8
T
o
t
a
l
F
u
n
d
P
o
l
i
c
y
1
.
1
9
9
.
1
1
1
4
.
3
3
1
3
.
5
0
6
.
0
4
4
.
9
8
To
t
a
l
E
q
u
i
t
y
2
.
2
9
1
4
.
1
6
2
1
.
3
2
1
5
.
3
6
6
.
4
3
6
.
4
3
0
7
/
3
1
/
2
0
0
8
T
o
t
a
l
E
q
u
i
t
y
P
o
l
i
c
y
2
.
1
9
1
3
.
9
4
2
1
.
1
6
1
7
.
4
4
6
.
1
7
6
.
1
7
To
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
2
.
7
3
(
5
1
)
1
4
.
2
6
(
4
2
)
2
0
.
8
8
(
5
1
)
1
6
.
0
8
(
7
9
)
6
.
9
8
(
5
7
)
7
.
6
4
(
4
5
)
0
7
/
0
1
/
2
0
0
2
R
u
s
s
e
l
l
3
0
0
0
2
.
6
9
(5
2
)
1
4
.
3
4
(
4
2
)
2
1
.
4
6
(
4
3
)
1
8
.
6
3
(
4
3
)
7
.
2
5
(
4
7
)
6
.
8
3
(
7
5
)
I
M
U
.
S
.
L
a
r
g
e
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
2
.
7
5
1
3
.
8
6
2
0
.
8
8
1
8
.
3
8
7
.
1
5
7
.
4
8
To
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
-
0
.
0
4
(
2
6
)
1
3
.
7
5
(
1
4
)
2
4
.
1
8
(
9
)
1
2
.
4
5
(
1
9
)
4
.
2
3
(
1
2
)
5
.
5
1
(
2
8
)
0
1
/
0
1
/
2
0
0
6
M
S
C
I
E
A
F
E
I
n
d
e
x
-
0
.
7
3
(3
6
)
1
1
.
3
6
(
2
6
)
1
9
.
1
4
(
2
8
)
1
0
.
5
5
(
3
8
)
-
0
.
1
6
(
5
3
)
3
.
0
9
(
6
2
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
(
S
A
+
C
F
+
M
F
)
M
e
d
i
a
n
-
1
.
6
8
8
.
6
3
1
5
.
6
8
9
.
5
0
-
0
.
0
2
3
.
8
0
To
t
a
l
F
i
x
e
d
I
n
c
o
m
e
-
2
.
2
4
(
9
0
)
-
0
.
7
6
(
3
0
)
2
.
2
0
(
8
)
4
.
7
6
(
1
2
)
6
.
5
1
(
9
)
5
.
2
7
(
2
6
)
0
7
/
0
1
/
2
0
0
2
T
o
t
a
l
F
i
x
e
d
I
n
c
o
m
e
P
o
l
i
c
y
-
2
.
0
1
(8
1
)
-
2
.
6
4
(
1
0
0
)
-
1
.
0
0
(
1
0
0
)
2
.
5
5
(
9
6
)
4
.
4
7
(
9
1
)
4
.
7
0
(
8
4
)
I
M
U
.
S
.
I
n
t
e
r
m
e
d
i
a
t
e
D
u
r
a
t
i
o
n
(
S
A
+
C
F
)
M
e
d
i
a
n
-
1
.
7
8
-
1
.
0
0
0
.
7
5
3
.
5
8
5
.
3
1
5
.
0
4
To
t
a
l
R
e
a
l
E
s
t
a
t
e
3
.
8
5
(
5
2
)
1
1
.
2
6
(
1
4
)
1
4
.
2
5
(
2
9
)
1
4
.
7
8
(
6
2
)
-
0
.
2
0
(
5
5
)
3
.
6
6
(
5
1
)
0
7
/
0
1
/
2
0
0
6
N
C
R
E
I
F
P
r
o
p
e
r
t
y
I
n
d
e
x
2
.
8
7
(7
9
)
8
.
2
0
(
7
4
)
1
0
.
7
3
(
8
1
)
1
3
.
1
4
(
9
0
)
2
.
7
9
(
1
1
)
5
.
6
5
(
5
)
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
M
e
d
i
a
n
3
.
8
6
9
.
7
8
1
2
.
2
4
1
5
.
0
4
0
.
5
5
3
.
7
0
Comparative Performance Total Fund As of June 30, 2013
Re
t
u
r
n
s
f
o
r
p
e
r
i
o
d
s
g
r
e
a
t
e
r
t
h
a
n
1
y
r
.
a
r
e
a
n
n
u
a
l
i
z
e
d
.
R
e
t
u
r
n
s
a
r
e
e
x
p
r
e
s
s
e
d
a
s
p
e
r
c
e
n
t
a
g
e
.
17
Comparative Performance Total Fund As of June 30, 2013
QT
R
F
Y
T
D
1
Y
R
3
Y
R
5
Y
R
I
n
c
e
p
t
i
o
n
Inception Date
To
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
Va
n
g
u
a
r
d
T
o
t
a
l
S
t
o
c
k
I
n
d
e
x
(
V
I
T
S
X
)
2
.
7
7
(4
3
)
N
/
A
N
/
A
N
/
A
N
/
A
2
.
7
7
(
4
3
)
0
4
/
0
1
/
2
0
1
3
V
a
n
g
u
a
r
d
T
o
t
a
l
S
t
o
c
k
M
a
r
k
e
t
I
n
d
e
x
2
.
7
6
(4
3
)
1
4
.
3
1
(
5
7
)
2
1
.
4
4
(
5
3
)
1
8
.
7
4
(
2
1
)
7
.
4
5
(
2
5
)
2
.
7
6
(
4
3
)
I
M
U
.
S
.
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
M
e
d
i
a
n
2
.
4
8
1
4
.
8
4
2
1
.
5
8
1
6
.
4
1
6
.
0
2
2
.
4
8
Da
n
a
(
L
a
r
g
e
C
a
p
)
2
.
2
6
(
6
6
)
1
2
.
8
3
(
6
6
)
1
8
.
6
8
(
7
7
)
1
7
.
5
1
(
6
8
)
5
.
3
8
(
8
7
)
7
.
3
2
(
5
6
)
0
7
/
0
1
/
2
0
0
2
S
&
P
5
0
0
I
n
d
e
x
2
.
9
1
(4
6
)
1
3
.
3
9
(
5
9
)
2
0
.
6
0
(
5
5
)
1
8
.
4
5
(
4
8
)
7
.
0
1
(
5
6
)
6
.
6
4
(
8
2
)
I
M
U
.
S
.
L
a
r
g
e
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
2
.
7
5
1
3
.
8
6
2
0
.
8
8
1
8
.
3
8
7
.
1
5
7
.
4
8
Da
n
a
(
S
m
a
l
l
C
a
p
)
3
.
9
6
(
5
2
)
1
9
.
9
2
(
4
9
)
2
8
.
1
9
(
3
4
)
2
4
.
7
4
(
1
1
)
1
0
.
7
9
(
3
5
)
7
.
7
1
(
8
0
)
0
5
/
0
1
/
2
0
0
5
R
u
s
s
e
l
l
2
0
0
0
I
n
d
e
x
3
.
0
8
(5
9
)
1
8
.
0
1
(
7
7
)
2
4
.
2
1
(
7
4
)
1
8
.
6
7
(
7
3
)
8
.
7
7
(
7
1
)
8
.
0
6
(
7
6
)
I
M
U
.
S
.
S
m
a
l
l
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
3
.
9
9
1
9
.
7
3
2
6
.
3
5
2
0
.
6
8
9
.
8
9
9
.
2
8
To
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
RB
C
I
n
t
e
r
n
a
t
i
o
n
a
l
P
o
r
t
f
o
l
i
o
0
.
6
7
(3
5
)
1
7
.
0
8
(
4
)
3
0
.
2
6
(
4
)
1
5
.
9
5
(
5
)
6
.
0
8
(
1
1
)
6
.
8
8
(
1
4
)
0
1
/
0
1
/
2
0
0
6
M
S
C
I
E
A
F
E
I
n
d
e
x
-
0
.
7
3
(6
0
)
1
1
.
3
6
(
4
2
)
1
9
.
1
4
(
4
4
)
1
0
.
5
5
(
4
2
)
-
0
.
1
6
(
7
8
)
3
.
0
9
(
7
1
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
L
a
r
g
e
C
a
p
V
a
l
u
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
-
0
.
0
3
1
0
.
4
3
1
8
.
4
7
1
0
.
2
1
1
.
1
2
3
.
8
2
Ma
n
n
i
n
g
&
N
a
p
i
e
r
O
v
e
r
s
e
a
s
(
E
X
O
S
X
)
-
0
.
9
0
(
4
3
)
1
0
.
3
5
(
4
0
)
1
7
.
9
9
(
3
6
)
8
.
8
7
(
6
3
)
N
/
A
9
.
2
0
(
3
7
)
0
6
/
0
1
/
2
0
0
9
M
S
C
I
E
A
F
E
I
n
d
e
x
-
0
.
7
3
(3
9
)
1
1
.
3
6
(
2
8
)
1
9
.
1
4
(
2
8
)
1
0
.
5
5
(
3
7
)
-
0
.
1
6
(
3
5
)
9
.
1
4
(
3
7
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
M
e
d
i
a
n
-
1
.
1
0
9
.
1
9
1
6
.
3
4
9
.
4
6
-
1
.
0
2
8
.
3
8
Re
t
u
r
n
s
f
o
r
p
e
r
i
o
d
s
g
r
e
a
t
e
r
t
h
a
n
1
y
r
.
a
r
e
a
n
n
u
a
l
i
z
e
d
.
R
e
t
u
r
n
s
a
r
e
e
x
p
r
e
s
s
e
d
a
s
p
e
r
c
e
n
t
a
g
e
.
18
Comparative Performance Total Fund As of June 30, 2013
QT
R
F
Y
T
D
1
Y
R
3
Y
R
5
Y
R
I
n
c
e
p
t
i
o
n
Inception Date
To
t
a
l
F
i
x
e
d
I
n
c
o
m
e
Ag
i
n
c
o
u
r
t
C
a
p
i
t
a
l
M
a
n
a
g
e
m
e
n
t
-
2
.
4
6
(5
7
)
-
2
.
2
0
(
7
3
)
-
0
.
0
3
(
6
3
)
4
.
1
3
(
5
7
)
N
/
A
7
.
0
2
(
3
6
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1
0
/
0
1
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2
0
0
8
B
a
r
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y
s
A
g
g
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t
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n
d
e
x
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.
3
2
(3
6
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-
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.
2
4
(
7
6
)
-
0
.
6
9
(
8
8
)
3
.
5
1
(
9
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5
.
1
9
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9
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5
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5
8
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9
3
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I
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S
.
B
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e
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e
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Ga
r
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H
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7
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5
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8
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0
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6
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5
4
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8
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6
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5
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0
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B
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r
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l
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s
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n
t
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r
m
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i
a
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A
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n
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7
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8
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2
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9
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3
.
0
3
(
8
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4
.
7
6
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8
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4
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7
6
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8
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I
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U
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n
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r
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n
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.
7
8
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1
.
0
0
0
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7
5
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5
8
5
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Te
m
p
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7
3
(
1
6
)
2
.
3
9
(
3
)
7
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9
1
(
2
)
N
/
A
N
/
A
8
.
8
2
(
2
)
1
0
/
0
1
/
2
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1
1
C
i
t
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p
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.
2
6
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6
6
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-
4
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4
9
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7
8
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2
.
7
2
(
7
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3
.
0
4
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5
7
)
-
2
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4
4
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7
9
)
I
M
I
n
t
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r
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l
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i
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e
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M
e
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n
-
3
.
4
8
-
6
.
1
6
-
2
.
4
0
3
.
8
8
3
.
6
5
-
0
.
5
6
To
t
a
l
R
e
a
l
E
s
t
a
t
e
Am
e
r
i
c
a
n
C
o
r
e
R
e
a
l
t
y
F
u
n
d
3
.
3
6
(6
7
)
8
.
5
8
(
6
7
)
1
1
.
3
8
(
6
6
)
1
3
.
7
2
(
7
3
)
-
0
.
7
5
(
6
0
)
2
.
6
6
(
6
0
)
0
7
/
0
1
/
2
0
0
6
N
C
R
E
I
F
P
r
o
p
e
r
t
y
I
n
d
e
x
2
.
8
7
(7
9
)
8
.
2
0
(
7
4
)
1
0
.
7
3
(
8
1
)
1
3
.
1
4
(
9
0
)
2
.
7
9
(
1
1
)
5
.
6
5
(
5
)
I
M
U
.
S
.
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p
e
n
E
n
d
P
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v
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t
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R
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e
(
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+
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F
)
M
e
d
i
a
n
3
.
8
6
9
.
7
8
1
2
.
2
4
1
5
.
0
4
0
.
5
5
3
.
7
0
In
t
e
r
c
o
n
t
i
n
e
n
t
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R
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a
l
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t
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t
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4
.
3
5
(
2
5
)
1
4
.
0
1
(
7
)
1
7
.
2
0
(
7
)
N
/
A
N
/
A
1
5
.
7
8
(
2
5
)
1
0
/
0
1
/
2
0
1
0
N
C
R
E
I
F
P
r
o
p
e
r
t
y
I
n
d
e
x
2
.
8
7
(7
9
)
8
.
2
0
(
7
4
)
1
0
.
7
3
(
8
1
)
1
3
.
1
4
(
9
0
)
2
.
7
9
(
1
1
)
1
2
.
8
5
(
8
3
)
I
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U
.
S
.
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p
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n
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d
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t
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R
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e
(
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+
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M
e
d
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n
3
.
8
6
9
.
7
8
1
2
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2
4
1
5
.
0
4
0
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5
5
1
4
.
6
8
Re
t
u
r
n
s
f
o
r
p
e
r
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d
s
g
r
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a
n
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y
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a
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a
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d
.
R
e
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s
a
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p
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s
s
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d
a
s
p
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e
n
t
a
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.
19
Pa
g
e
I
n
t
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n
t
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o
n
a
l
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y
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e
f
t
B
l
a
n
k
20
Co
m
p
a
r
a
t
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P
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r
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e
F
i
s
c
a
l
Y
e
a
r
R
e
t
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n
s
FY
2
0
1
2
F
Y
2
0
1
1
F
Y
2
0
1
0
F
Y
2
0
0
9
F
Y
2
0
0
8
F
Y
2
0
0
7
F
Y
2
0
0
6
F
Y
2
0
0
5
To
t
a
l
F
u
n
d
P
o
r
t
f
o
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i
o
(
G
r
o
s
s
)
1
8
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9
3
(
3
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0
.
0
8
(
5
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8
.
6
1
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8
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)
0
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0
0
(
6
7
)
-
1
1
.
9
6
(
2
8
)
1
1
.
6
7
(
8
9
)
8
.
6
5
(
5
0
)
1
4
.
3
5
(
2
6
)
T
o
t
a
l
F
u
n
d
P
o
l
i
c
y
1
9
.
9
9
(
1
4
)
2
.
5
4
(
1
3
)
9
.
3
2
(
6
9
)
-
1
.
8
6
(
8
3
)
-
1
4
.
0
2
(
5
6
)
1
3
.
3
9
(
6
8
)
9
.
1
6
(
4
1
)
9
.
2
3
(
8
4
)
A
l
l
P
u
b
l
i
c
P
l
a
n
s
-
T
o
t
a
l
F
u
n
d
M
e
d
i
a
n
1
7
.
9
1
0
.
3
0
9
.
9
8
1
.
3
0
-
1
3
.
6
7
1
4
.
3
9
8
.
6
3
1
2
.
3
5
To
t
a
l
F
u
n
d
P
o
r
t
f
o
l
i
o
(
N
e
t
)
1
8
.
2
8
-
0
.
3
7
8
.
1
4
-
0
.
4
6
-
1
2
.
3
0
1
0
.
9
6
7
.
9
2
1
3
.
8
2
T
o
t
a
l
F
u
n
d
P
o
l
i
c
y
1
9
.
9
9
2
.
5
4
9
.
3
2
-
1
.
8
6
-
1
4
.
0
2
1
3
.
3
9
9
.
1
6
9
.
2
3
To
t
a
l
E
q
u
i
t
y
2
5
.
5
4
-
4
.
3
8
1
0
.
5
6
-
1
.
5
9
N
/
A
N
/
A
N
/
A
N
/
A
T
o
t
a
l
E
q
u
i
t
y
P
o
l
i
c
y
2
7
.
7
6
-
0
.
8
9
9
.
9
1
-
4
.
9
0
N
/
A
N
/
A
N
/
A
N
/
A
To
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
2
6
.
5
3
(
7
2
)
-
2
.
5
9
(
8
5
)
1
1
.
1
5
(
3
0
)
-
3
.
6
0
(
3
2
)
-
1
6
.
5
1
(
2
1
)
1
4
.
1
8
(
8
2
)
1
0
.
2
1
(
5
7
)
2
1
.
5
0
(
1
3
)
R
u
s
s
e
l
l
3
0
0
0
3
0
.
2
0
(
4
5
)
0
.
5
5
(
5
6
)
1
0
.
9
6
(
3
2
)
-
6
.
4
2
(
5
7
)
-
2
1
.
5
2
(
6
1
)
1
6
.
5
2
(
5
8
)
1
0
.
2
2
(
5
7
)
1
2
.
6
9
(
7
3
)
I
M
U
.
S
.
L
a
r
g
e
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
2
9
.
7
8
1
.
0
1
9
.
5
0
-
5
.
8
1
-
2
0
.
5
0
1
6
.
9
7
1
0
.
7
6
1
5
.
1
9
To
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
2
0
.
2
9
(
1
8
)
-
1
0
.
5
1
(
4
4
)
8
.
1
4
(
5
2
)
1
1
.
2
8
(
2
8
)
-
3
0
.
5
1
(
4
6
)
2
4
.
2
2
(
7
1
)
N
/
A
N
/
A
M
S
C
I
E
A
F
E
I
n
d
e
x
1
4
.
3
3
(6
9
)
-
8
.
9
4
(
3
1
)
3
.
7
1
(
7
5
)
3
.
8
0
(
5
4
)
-
3
0
.
1
3
(
4
3
)
2
5
.
3
8
(
6
3
)
1
9
.
6
5
(
4
5
)
2
6
.
3
2
(
5
6
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
(
S
A
+
C
F
+
M
F
)
M
e
d
i
a
n
1
6
.
6
0
-
1
1
.
2
3
8
.
5
6
4
.
7
5
-
3
1
.
0
0
2
7
.
9
2
1
9
.
0
8
2
7
.
0
3
To
t
a
l
F
i
x
e
d
I
n
c
o
m
e
8
.
8
2
(
7
)
3
.
3
9
(
6
1
)
9
.
2
0
(
2
3
)
1
5
.
3
3
(
8
)
0
.
0
3
(
8
5
)
5
.
2
4
(
7
7
)
3
.
6
4
(
8
4
)
1
.
7
7
(
7
6
)
T
o
t
a
l
F
i
x
e
d
I
n
c
o
m
e
P
o
l
i
c
y
4
.
1
1
(
8
9
)
4
.
2
2
(
2
2
)
7
.
5
2
(
7
7
)
9
.
6
9
(
8
1
)
4
.
1
6
(
3
5
)
5
.
4
3
(
5
9
)
3
.
5
4
(
9
4
)
1
.
4
8
(
9
5
)
I
M
U
.
S
.
I
n
t
e
r
m
e
d
i
a
t
e
D
u
r
a
t
i
o
n
(
S
A
+
C
F
)
M
e
d
i
a
n
5
.
5
6
3
.
6
0
8
.
2
5
1
1
.
4
6
3
.
2
6
5
.
4
9
3
.
9
2
2
.
0
9
To
t
a
l
R
e
a
l
E
s
t
a
t
e
1
2
.
4
5
(
5
5
)
1
5
.
9
2
(
7
8
)
2
.
4
4
(
7
9
)
-
3
2
.
9
6
(
4
1
)
4
.
9
8
(
3
6
)
2
1
.
0
7
(
1
3
)
N
/
A
N
/
A
N
C
R
E
I
F
P
r
o
p
e
r
t
y
I
n
d
e
x
1
1
.
0
0
(7
7
)
1
6
.
1
0
(
7
8
)
5
.
8
4
(
5
3
)
-
2
2
.
0
9
(
5
)
5
.
2
7
(
2
9
)
1
7
.
3
1
(
7
1
)
1
7
.
6
2
(
5
5
)
1
9
.
1
9
(
6
8
)
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
M
e
d
i
a
n
1
2
.
8
9
1
6
.
6
2
6
.
3
9
-
3
4
.
3
6
3
.
6
0
1
8
.
7
3
1
8
.
0
8
1
9
.
9
8
Comparative Performance Total Fund As of June 30, 2013
Re
t
u
r
n
s
f
o
r
p
e
r
i
o
d
s
g
r
e
a
t
e
r
t
h
a
n
1
y
r
.
a
r
e
a
n
n
u
a
l
i
z
e
d
.
21
Comparative Performance Total Fund As of June 30, 2013
FY
2
0
1
2
F
Y
2
0
1
1
F
Y
2
0
1
0
F
Y
2
0
0
9
F
Y
2
0
0
8
F
Y
2
0
0
7
F
Y
2
0
0
6
F
Y
2
0
0
5
To
t
a
l
D
o
m
e
s
t
i
c
E
q
u
i
t
y
Va
n
g
u
a
r
d
T
o
t
a
l
S
t
o
c
k
I
n
d
e
x
(
V
I
T
S
X
)
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
V
a
n
g
u
a
r
d
T
o
t
a
l
S
t
o
c
k
M
a
r
k
e
t
I
n
d
e
x
3
0
.
2
8
(1
6
)
0
.
7
1
(
2
3
)
1
1
.
1
6
(
2
9
)
-
6
.
0
3
(
6
5
)
-
2
1
.
1
9
(
2
9
)
1
6
.
9
8
(
4
7
)
1
0
.
3
8
(
3
0
)
1
4
.
7
0
(
4
9
)
I
M
U
.
S
.
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
M
e
d
i
a
n
2
5
.
4
3
-
2
.
2
1
9
.
7
5
-
4
.
4
3
-
2
3
.
1
2
1
6
.
7
5
9
.
1
8
1
4
.
5
4
Da
n
a
(
L
a
r
g
e
C
a
p
)
3
1
.
5
8
(
2
1
)
-
0
.
8
9
(
7
2
)
1
0
.
1
0
(
4
2
)
-
1
3
.
6
6
(
9
7
)
-
1
2
.
2
3
(
6
)
1
5
.
4
3
(
7
1
)
1
0
.
9
3
(
4
5
)
1
8
.
8
7
(
2
3
)
S
&
P
5
0
0
I
n
d
e
x
3
0
.
2
0
(
4
5
)
1
.
1
4
(
4
9
)
1
0
.
1
6
(
4
2
)
-
6
.
9
1
(
6
3
)
-
2
1
.
9
8
(
6
7
)
1
6
.
4
4
(
6
0
)
1
0
.
7
9
(
4
9
)
1
2
.
2
5
(
7
8
)
I
M
U
.
S
.
L
a
r
g
e
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
2
9
.
7
8
1
.
0
1
9
.
5
0
-
5
.
8
1
-
2
0
.
5
0
1
6
.
9
7
1
0
.
7
6
1
5
.
1
9
Da
n
a
(
S
m
a
l
l
C
a
p
)
3
9
.
2
0
(
8
)
3
.
8
2
(
1
5
)
1
5
.
8
6
(
3
6
)
-
1
3
.
0
6
(
8
4
)
-
2
1
.
9
3
(
8
0
)
8
.
0
2
(
8
9
)
5
.
2
3
(
8
0
)
N
/
A
R
u
s
s
e
l
l
2
0
0
0
I
n
d
e
x
3
1
.
9
1
(5
3
)
-
3
.
5
3
(
7
7
)
1
3
.
3
5
(
7
2
)
-
9
.
5
5
(
6
5
)
-
1
4
.
4
8
(
2
5
)
1
2
.
3
4
(
7
1
)
9
.
9
2
(
3
2
)
1
7
.
9
5
(
8
2
)
I
M
U
.
S
.
S
m
a
l
l
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
3
2
.
3
5
-
0
.
2
3
1
4
.
6
2
-
7
.
8
0
-
1
7
.
6
5
1
4
.
7
4
8
.
1
8
2
1
.
8
9
To
t
a
l
I
n
t
e
r
n
a
t
i
o
n
a
l
E
q
u
i
t
y
RB
C
I
n
t
e
r
n
a
t
i
o
n
a
l
P
o
r
t
f
o
l
i
o
2
4
.
6
5
(3
)
-
8
.
8
7
(
5
8
)
1
2
.
3
1
(
1
0
)
7
.
7
2
(
3
9
)
-
2
9
.
8
7
(
7
0
)
2
4
.
2
2
(
4
8
)
N
/
A
N
/
A
M
S
C
I
E
A
F
E
I
n
d
e
x
1
4
.
3
3
(5
3
)
-
8
.
9
4
(
5
8
)
3
.
7
1
(
6
4
)
3
.
8
0
(
6
4
)
-
3
0
.
1
3
(
7
1
)
2
5
.
3
8
(
3
9
)
1
9
.
6
5
(
6
8
)
2
6
.
3
2
(
5
8
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
L
a
r
g
e
C
a
p
V
a
l
u
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
1
5
.
0
4
-
8
.
4
0
4
.
9
7
5
.
9
5
-
2
7
.
3
7
2
3
.
8
7
2
0
.
8
4
2
6
.
7
8
Ma
n
n
i
n
g
&
N
a
p
i
e
r
O
v
e
r
s
e
a
s
(
E
X
O
S
X
)
1
6
.
0
4
(
3
3
)
-
1
2
.
5
1
(
7
1
)
2
.
5
2
(
8
6
)
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
M
S
C
I
E
A
F
E
I
n
d
e
x
1
4
.
3
3
(6
2
)
-
8
.
9
4
(
2
6
)
3
.
7
1
(
7
3
)
3
.
8
0
(
3
8
)
-
3
0
.
1
3
(
3
2
)
2
5
.
3
8
(
4
3
)
1
9
.
6
5
(
2
7
)
2
6
.
3
2
(
3
2
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
M
e
d
i
a
n
1
5
.
0
0
-
1
1
.
0
8
5
.
5
2
1
.
6
5
-
3
1
.
7
6
2
4
.
8
1
1
7
.
8
9
2
4
.
9
0
Re
t
u
r
n
s
f
o
r
p
e
r
i
o
d
s
g
r
e
a
t
e
r
t
h
a
n
1
y
r
.
a
r
e
a
n
n
u
a
l
i
z
e
d
.
22
Comparative Performance Total Fund As of June 30, 2013
FY
2
0
1
2
F
Y
2
0
1
1
F
Y
2
0
1
0
F
Y
2
0
0
9
F
Y
2
0
0
8
F
Y
2
0
0
7
F
Y
2
0
0
6
F
Y
2
0
0
5
To
t
a
l
F
i
x
e
d
I
n
c
o
m
e
Ag
i
n
c
o
u
r
t
C
a
p
i
t
a
l
M
a
n
a
g
e
m
e
n
t
6
.
9
6
(4
3
)
4
.
9
2
(
6
9
)
9
.
5
5
(
3
8
)
1
4
.
7
6
(
1
8
)
N
/
A
N
/
A
N
/
A
N
/
A
B
a
r
c
l
a
y
s
A
g
g
r
e
g
a
t
e
I
n
d
e
x
5
.
1
6
(9
2
)
5
.
2
6
(
4
9
)
8
.
1
6
(
8
8
)
1
0
.
5
6
(
8
0
)
3
.
6
5
(
3
2
)
5
.
1
4
(
5
1
)
3
.
6
7
(
7
6
)
2
.
8
0
(
8
1
)
I
M
U
.
S
.
B
r
o
a
d
M
a
r
k
e
t
C
o
r
e
F
i
x
e
d
I
n
c
o
m
e
(
S
A
+
C
F
)
M
e
d
i
a
n
6
.
6
1
5
.
2
6
9
.
2
7
1
2
.
3
3
2
.
5
6
5
.
1
4
3
.
8
5
3
.
1
4
Ga
r
c
i
a
,
H
a
m
i
l
t
o
n
&
A
s
s
o
c
i
a
t
e
s
9
.
5
1
(
4
)
2
.
3
2
(
9
0
)
8
.
8
7
(
2
8
)
1
5
.
9
1
(
7
)
N
/
A
N
/
A
N
/
A
N
/
A
B
a
r
c
l
a
y
s
I
n
t
e
r
m
e
d
i
a
t
e
A
g
g
r
e
g
a
t
e
I
n
d
e
x
4
.
3
1
(8
4
)
4
.
2
2
(
2
2
)
7
.
5
2
(
7
7
)
9
.
6
9
(
8
1
)
4
.
1
6
(
3
5
)
5
.
3
3
(
7
0
)
3
.
8
4
(
6
0
)
2
.
2
3
(
4
1
)
I
M
U
.
S
.
I
n
t
e
r
m
e
d
i
a
t
e
D
u
r
a
t
i
o
n
(
S
A
+
C
F
)
M
e
d
i
a
n
5
.
5
6
3
.
6
0
8
.
2
5
1
1
.
4
6
3
.
2
6
5
.
4
9
3
.
9
2
2
.
0
9
Te
m
p
l
e
t
o
n
G
l
o
b
a
l
B
o
n
d
A
d
v
(
T
G
B
A
X
)
1
3
.
2
5
(
1
)
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
C
i
t
i
g
r
o
u
p
W
o
r
l
d
G
o
v
e
r
n
m
e
n
t
B
o
n
d
3
.
2
8
(8
9
)
4
.
6
1
(
7
)
4
.
9
8
(
6
3
)
1
3
.
7
9
(
6
8
)
5
.
8
8
(
1
)
8
.
6
9
(
4
0
)
2
.
2
2
(
3
8
)
3
.
0
3
(
5
9
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
F
i
x
e
d
I
n
c
o
m
e
(
M
F
)
M
e
d
i
a
n
6
.
3
7
1
.
7
5
6
.
4
9
1
6
.
0
2
-
0
.
0
8
8
.
2
7
1
.
7
4
3
.
3
9
To
t
a
l
R
e
a
l
E
s
t
a
t
e
Am
e
r
i
c
a
n
C
o
r
e
R
e
a
l
t
y
F
u
n
d
1
1
.
5
7
(6
6
)
1
6
.
1
1
(
7
4
)
2
.
7
2
(
7
5
)
-
3
2
.
9
6
(
4
1
)
4
.
9
8
(
3
6
)
1
6
.
3
1
(
8
1
)
N
/
A
N
/
A
N
C
R
E
I
F
P
r
o
p
e
r
t
y
I
n
d
e
x
1
1
.
0
0
(7
7
)
1
6
.
1
0
(
7
8
)
5
.
8
4
(
5
3
)
-
2
2
.
0
9
(
5
)
5
.
2
7
(
2
9
)
1
7
.
3
1
(
7
1
)
1
7
.
6
2
(
5
5
)
1
9
.
1
9
(
6
8
)
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
M
e
d
i
a
n
1
2
.
8
9
1
6
.
6
2
6
.
3
9
-
3
4
.
3
6
3
.
6
0
1
8
.
7
3
1
8
.
0
8
1
9
.
9
8
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
R
e
a
l
E
s
t
a
t
e
1
3
.
3
3
(
4
2
)
1
5
.
8
0
(
7
9
)
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
C
R
E
I
F
P
r
o
p
e
r
t
y
I
n
d
e
x
1
1
.
0
0
(7
7
)
1
6
.
1
0
(
7
8
)
5
.
8
4
(
5
3
)
-
2
2
.
0
9
(
5
)
5
.
2
7
(
2
9
)
1
7
.
3
1
(
7
1
)
1
7
.
6
2
(
5
5
)
1
9
.
1
9
(
6
8
)
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
M
e
d
i
a
n
1
2
.
8
9
1
6
.
6
2
6
.
3
9
-
3
4
.
3
6
3
.
6
0
1
8
.
7
3
1
8
.
0
8
1
9
.
9
8
Re
t
u
r
n
s
f
o
r
p
e
r
i
o
d
s
g
r
e
a
t
e
r
t
h
a
n
1
y
r
.
a
r
e
a
n
n
u
a
l
i
z
e
d
.
23
Pl
a
n
S
p
o
n
s
o
r
P
e
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
A
l
l
P
u
b
l
i
c
P
l
a
n
s
-
T
o
t
a
l
F
u
n
d
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-2
2
.
0
0
-1
9
.
0
0
-1
6
.
0
0
-1
3
.
0
0
-1
0
.
0
0
-7
.
0
0
-4
.
0
0
-1
.
0
0
2.
0
0
5.
0
0
8.
0
0
11
.
0
0
14
.
0
0
17
.
0
0
20
.
0
0
23
.
0
0
26
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
To
t
a
l
F
u
n
d
1
8
.
9
3
(3
0
)
0
.
0
8
(
5
6
)
8
.
6
1
(
8
3
)
0
.
0
0
(
6
7
)
-
1
1
.
9
6
(
2
8
)
To
t
a
l
P
o
l
i
c
y
1
9
.
9
9
(1
4
)
2
.
5
4
(
1
3
)
9
.
3
2
(
6
9
)
-
1
.
8
6
(
8
3
)
-
1
4
.
0
2
(
5
6
)
Me
d
i
a
n
1
7
.
9
1
0
.
3
0
9
.
9
8
1
.
3
0
-
1
3
.
6
7
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
17
.
6
4
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
To
t
a
l
F
u
n
d
1
.
1
5
(6
)
9
.
6
1
(
5
)
1
5
.
1
2
(
6
)
7
.
5
8
(
1
8
)
1
1
.
8
6
(
3
3
)
1
1
.
7
7
(
4
7
)
5
.
8
3
(
3
5
)
To
t
a
l
P
o
l
i
c
y
1
.
1
9
(5
)
9
.
1
1
(
1
1
)
1
4
.
3
3
(
1
1
)
8
.
9
1
(
2
)
1
3
.
5
0
(
4
)
1
3
.
0
8
(
7
)
6
.
0
4
(
3
0
)
Me
d
i
a
n
-
0
.
0
2
7
.
2
1
1
2
.
1
4
6
.
4
7
1
1
.
3
6
1
1
.
7
1
5
.
4
3
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
2
1 Qtr Ending Dec-2011
To
t
a
l
F
u
n
d
6
.
8
3
(
8
)
1
.
4
4
(
6
2
)
5
.
0
2
(
3
4
)
-
2
.
5
8
(
7
1
)
9
.
5
5
(
1
0
)
6
.
1
1
(
5
0
)
T
o
t
a
l
P
o
l
i
c
y
6
.
7
6
(
1
0
)
1
.
0
0
(
7
7
)
4
.
7
8
(
4
9
)
-
1
.
8
4
(
4
6
)
8
.
5
4
(
3
8
)
7
.
4
8
(
1
0
)
A
l
l
P
u
b
l
i
c
P
l
a
n
s
-
T
o
t
a
l
F
u
n
d
M
e
d
i
a
n
5
.
4
6
1
.
7
3
4
.
7
7
-
1
.
9
5
8
.
1
5
6
.
0
9
As of June 30, 2013Performance Review Total Fund NONE
24
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
To
t
a
l
F
u
n
d
2
0
0
(0
%
)
5
(
2
5
%
)
1
1
(
5
5
%
)
4
(
2
0
%
)
To
t
a
l
P
o
l
i
c
y
2
0
6
(3
0
%
)
1
(
5
%
)
7
(
3
5
%
)
6
(
3
0
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Un
d
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
-6
.
0
0.
0
6.
0
12
.
0
18
.
0
21
.
9
Total Fund (%)
-9
.
0
-6
.
0
-3
.
0
0.
0
3.
0
6.
0
9.
0
12
.
0
15
.
0
18
.
0
21
.
0
To
t
a
l
P
o
l
i
c
y
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
11
.
2
0
11
.
9
0
12
.
6
0
13
.
3
0
13
.
8
2
Return (%)
10
.
0
0
10
.
1
0
10
.
2
0
10
.
3
0
10
.
4
0
10
.
5
0
10
.
6
0
10
.
7
0
10
.
8
0
10
.
9
0
1
0
.
9
9
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
To
t
a
l
F
u
n
d
1
1
.
8
6
1
0
.
8
7
To
t
a
l
P
o
l
i
c
y
1
3
.
5
0
1
0
.
1
6
Me
d
i
a
n
1
1
.
3
6
1
0
.
0
6
5.
4
0
5.
7
0
6.
0
0
6.
1
4
Return (%)
12
.
0
12
.
3
12
.
6
12
.
9
13
.
2
13
.
5
13.814.114.414.7
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
To
t
a
l
F
u
n
d
5
.
8
3
1
2
.
3
1
To
t
a
l
P
o
l
i
c
y
6
.
0
4
1
4
.
4
1
Me
d
i
a
n
5
.
4
3
1
3
.
6
5
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
To
t
a
l
F
u
n
d
1
.
9
3
9
6
.
7
4
1
2
2
.
8
6
-
2
.
1
2
-
0
.
7
3
1
.
0
9
1
.
0
5
6
.
6
5
T
o
t
a
l
P
o
l
i
c
y
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
3
1
1
.
0
0
5
.
5
3
90
D
U
S
T
B
i
l
l
1
0
1
5
0
5
0
0
2
4
0
0
9
1
3
1
N
/
A
0
0
0
0
0
0
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
To
t
a
l
F
u
n
d
4
.
0
8
8
7
.
9
7
8
4
.
2
8
0
.
7
3
-
0
.
1
2
0
.
5
0
0
.
8
2
8
.
0
5
T
o
t
a
l
P
o
l
i
c
y
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
4
6
1
.
0
0
9
.
5
1
90
D
U
S
T
B
i
l
l
1
4
5
3
0
4
8
2
0
4
0
3
3
0
4
6
N
/
A
0
0
1
0
0
0
As of June 30, 2013Performance Review Total Fund NONE
25
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-4
0
.
0
0
-3
5
.
0
0
-3
0
.
0
0
-2
5
.
0
0
-2
0
.
0
0
-1
5
.
0
0
-1
0
.
0
0
-5
.
0
0
0.
0
0
5.
0
0
10
.
0
0
15
.
0
0
20
.
0
0
25
.
0
0
30
.
0
0
35
.
0
0
40
.
0
0
45
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
VG
T
S
M
I
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
VG
T
S
M
I
n
d
e
x
3
0
.
2
8
(1
6
)
0
.
7
1
(
2
3
)
1
1
.
1
6
(
2
9
)
-
6
.
0
3
(
6
5
)
-
2
1
.
1
9
(
2
9
)
Me
d
i
a
n
2
5
.
4
3
-
2
.
2
1
9
.
7
5
-
4
.
4
3
-
2
3
.
1
2
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
22
.
0
0
24
.
0
0
26
.
0
0
28
.
0
0
30
.
0
0
32
.
0
0
34
.
0
0
35
.
7
3
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
VG
T
S
M
I
2
.
7
7
(4
3
)
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
VG
T
S
M
I
n
d
e
x
2
.
7
6
(4
3
)
1
4
.
3
1
(
5
7
)
2
1
.
4
4
(
5
3
)
1
2
.
3
5
(
1
8
)
1
8
.
7
4
(
2
1
)
1
8
.
0
4
(
2
1
)
7
.
4
5
(
2
5
)
Me
d
i
a
n
2
.
4
8
1
4
.
8
4
2
1
.
5
8
1
0
.
0
4
1
6
.
4
1
1
5
.
9
8
6
.
0
2
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr
En
d
i
n
g
Ma
r
-
2
0
1
2
1 Qtr Ending Dec-2011
VG
T
S
M
I
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
V
G
T
S
M
I
n
d
e
x
1
1
.
0
2
(4
4
)
0
.
1
9
(
7
9
)
6
.
2
4
(
3
3
)
-
3
.
1
6
(
2
0
)
1
2
.
9
4
(
3
8
)
1
2
.
1
2
(
3
0
)
I
M
U
.
S
.
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
M
e
d
i
a
n
1
0
.
7
4
1
.
4
7
5
.
7
6
-
4
.
5
4
1
2
.
6
2
1
0
.
8
9
Performance Review (Fiscal Years)As of June 30, 2013VG TSMI NONE
26
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
VG T
S
M
I
0
0
0
0
0
VG
T
S
M
I
n
d
e
x
2
0
6
(
3
0
%
)
1
4
(
7
0
%
)
0
(
0
%
)
0
(
0
%
)
No
d
a
t
a
f
o
u
n
d
.
16
.
8
0
17
.
6
0
18
.
4
0
19
.
0
9
Return (%)
14
.
0
0
14
.
1
0
14
.
2
0
14
.
3
0
14
.
4
0
14
.
5
0
14
.
6
0
1
4
.
6
6
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
VG
T
S
M
I
N
/
A
N
/
A
VG
T
S
M
I
n
d
e
x
1
8
.
7
4
1
4
.
0
4
Me
d
i
a
n
1
6
.
4
1
1
4
.
5
8
6.
0
0
6.
5
0
7.
0
0
7.
5
0
Return (%)
18
.
9
5
19
.
0
0
19
.
0
5
19
.
1
0
19
.
1
5
19
.
2
0
19.2519.3019.3519.40
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
VG
T
S
M
I
N
/
A
N
/
A
VG
T
S
M
I
n
d
e
x
7
.
4
5
1
9
.
0
0
Me
d
i
a
n
6
.
0
2
1
9
.
3
5
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
VG
T
S
M
I
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
V
G
T
S
M
I
n
d
e
x
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
2
9
1
.
0
0
7
.
5
7
90
D
U
S
T
B
i
l
l
1
4
0
4
0
2
5
0
1
9
0
0
9
1
2
9
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
VG
T
S
M
I
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
V
G
T
S
M
I
n
d
e
x
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
4
6
1
.
0
0
1
3
.
5
9
90
D
U
S
T
B
i
l
l
1
9
0
6
0
3
2
0
7
9
0
3
0
0
4
6
N
/
A
0
0
0
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013VG TSMI NONE
27
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
L
a
r
g
e
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-4
0
.
0
0
-3
5
.
0
0
-3
0
.
0
0
-2
5
.
0
0
-2
0
.
0
0
-1
5
.
0
0
-1
0
.
0
0
-5
.
0
0
0.
0
0
5.
0
0
10
.
0
0
15
.
0
0
20
.
0
0
25
.
0
0
30
.
0
0
35
.
0
0
40
.
0
0
45
.
0
0
47
.
6
4
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
Da
n
a
L
C
3
1
.
5
8
(2
1
)
-
0
.
8
9
(
7
2
)
1
0
.
1
0
(
4
2
)
-
1
3
.
6
6
(
9
7
)
-
1
2
.
2
3
(
6
)
S&
P
5
0
0
I
n
d
e
x
3
0
.
2
0
(4
5
)
1
.
1
4
(
4
9
)
1
0
.
1
6
(
4
2
)
-
6
.
9
1
(
6
3
)
-
2
1
.
9
8
(
6
7
)
Me
d
i
a
n
2
9
.
7
8
1
.
0
1
9
.
5
0
-
5
.
8
1
-
2
0
.
5
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
22
.
0
0
24
.
0
0
26
.
0
0
28
.
0
0
30
.
0
0
31
.
9
3
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
Da
n
a
L
C
2
.
2
6
(6
6
)
1
2
.
8
3
(
6
6
)
1
8
.
6
8
(
7
7
)
1
1
.
2
4
(
6
2
)
1
7
.
5
1
(
6
8
)
1
6
.
7
5
(
5
9
)
5
.
3
8
(
8
7
)
S&
P
5
0
0
I
n
d
e
x
2
.
9
1
(4
6
)
1
3
.
3
9
(
5
9
)
2
0
.
6
0
(
5
5
)
1
2
.
7
7
(
4
0
)
1
8
.
4
5
(
4
8
)
1
7
.
4
3
(
4
6
)
7
.
0
1
(
5
6
)
Me
d
i
a
n
2
.
7
5
1
3
.
8
6
2
0
.
8
8
1
2
.
2
6
1
8
.
3
8
1
7
.
1
3
7
.
1
5
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
Da
n
a
L
C
1
1
.
1
6
(
3
5
)
-
0
.
7
4
(
7
6
)
5
.
1
8
(
8
3
)
-
2
.
1
4
(
2
1
)
1
3
.
3
7
(
4
4
)
1
2
.
7
6
(
2
2
)
S
&
P
5
0
0
I
n
d
e
x
1
0
.
6
1
(
5
4
)
-
0
.
3
8
(
6
2
)
6
.
3
5
(
5
4
)
-
2
.
7
5
(
2
8
)
1
2
.
5
9
(
6
1
)
1
1
.
8
2
(
4
9
)
I
M
U
.
S
.
L
a
r
g
e
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
1
0
.
6
7
0
.
0
4
6
.
4
3
-
3
.
5
9
1
3
.
0
7
1
1
.
8
0
Performance Review (Fiscal Years)As of June 30, 2013Dana LC NONE
28
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
Da
n
a
L
C
2
0
1
(5
%
)
7
(
3
5
%
)
7
(
3
5
%
)
5
(
2
5
%
)
S&
P
5
0
0
I
n
d
e
x
2
0
0
(0
%
)
7
(
3
5
%
)
1
3
(
6
5
%
)
0
(
0
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Un
d
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
-1
0
.
0
0.
0
10
.
0
20
.
0
29
.
7
Dana LC (%)
-1
5
.
0
-1
0
.
0
-5
.
0
0.
0
5.
0
10
.
0
15
.
0
20
.
0
25
.
0
2
9
.
7
S&
P
5
0
0
I
n
d
e
x
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
17
.
6
0
18
.
0
0
18
.
4
0
18
.
6
5
Return (%)
15
.
0
0
15
.
2
0
15
.
4
0
15
.
6
0
15
.
8
0
16
.
0
0
16
.
2
0
16
.
4
0
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
Da
n
a
L
C
1
7
.
5
1
1
6
.
2
7
S&
P
5
0
0
I
n
d
e
x
1
8
.
4
5
1
5
.
0
8
Me
d
i
a
n
1
8
.
3
8
1
5
.
8
4
5.
4
0
6.
0
0
6.
6
0
7.
2
0
Return (%)
20
.
9
0
21
.
0
0
21
.
1
0
21
.
2
0
21.3021.4021.5021.55
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
Da
n
a
L
C
5
.
3
8
2
1
.
4
6
S&
P
5
0
0
I
n
d
e
x
7
.
0
1
2
0
.
9
8
Me
d
i
a
n
7
.
1
5
2
1
.
0
7
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Da
n
a
L
C
2
.
0
7
9
8
.
3
2
1
0
2
.
8
1
-
0
.
8
1
-
0
.
3
8
1
.
2
6
1
.
0
0
7
.
4
9
S
&
P
5
0
0
I
n
d
e
x
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
3
3
1
.
0
0
7
.
0
5
90
D
U
S
T
B
i
l
l
1
3
3
7
0
2
6
0
2
0
0
0
9
1
3
3
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Da
n
a
L
C
3
.
1
1
9
4
.
4
5
9
9
.
4
9
-
1
.
4
0
-
0
.
4
9
0
.
3
7
0
.
9
9
1
3
.
5
4
S
&
P
5
0
0
I
n
d
e
x
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
4
5
1
.
0
0
1
3
.
0
8
90
D
U
S
T
B
i
l
l
1
8
3
3
0
3
4
0
8
2
0
3
0
0
4
5
N
/
A
0
0
0
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013Dana LC NONE
29
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
S
m
a
l
l
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-4
0
.
0
0
-3
5
.
0
0
-3
0
.
0
0
-2
5
.
0
0
-2
0
.
0
0
-1
5
.
0
0
-1
0
.
0
0
-5
.
0
0
0.
0
0
5.
0
0
10
.
0
0
15
.
0
0
20
.
0
0
25
.
0
0
30
.
0
0
35
.
0
0
40
.
0
0
45
.
0
0
50
.
0
0
53
.
3
5
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
Da
n
a
S
C
3
9
.
2
0
(8
)
3
.
8
2
(
1
5
)
1
5
.
8
6
(
3
6
)
-
1
3
.
0
6
(
8
4
)
-
2
1
.
9
3
(
8
0
)
R2
0
0
0
3
1
.
9
1
(5
3
)
-
3
.
5
3
(
7
7
)
1
3
.
3
5
(
7
2
)
-
9
.
5
5
(
6
5
)
-
1
4
.
4
8
(
2
5
)
Me
d
i
a
n
3
2
.
3
5
-
0
.
2
3
1
4
.
6
2
-
7
.
8
0
-
1
7
.
6
5
-4
.
0
0
-1
.
0
0
2.
0
0
5.
0
0
8.
0
0
11
.
0
0
14
.
0
0
17
.
0
0
20
.
0
0
23
.
0
0
26
.
0
0
29
.
0
0
32
.
0
0
35
.
0
0
38
.
0
0
41
.
0
0
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
Da
n
a
S
C
3
.
9
6
(5
2
)
1
9
.
9
2
(
4
9
)
2
8
.
1
9
(
3
4
)
1
5
.
7
8
(
9
)
2
4
.
7
4
(
1
1
)
2
3
.
3
1
(
1
5
)
1
0
.
7
9
(
3
5
)
R2
0
0
0
3
.
0
8
(5
9
)
1
8
.
0
1
(
7
7
)
2
4
.
2
1
(
7
4
)
1
0
.
2
8
(
7
0
)
1
8
.
6
7
(
7
3
)
1
9
.
3
7
(
8
1
)
8
.
7
7
(
7
1
)
Me
d
i
a
n
3
.
9
9
1
9
.
7
3
2
6
.
3
5
1
2
.
0
1
2
0
.
6
8
2
1
.
1
4
9
.
8
9
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
Da
n
a
S
C
1
4
.
8
6
(
1
0
)
0
.
4
3
(
9
2
)
6
.
8
9
(
1
7
)
-
3
.
4
6
(
2
7
)
1
5
.
5
5
(
1
6
)
1
6
.
7
5
(
3
3
)
R
2
0
0
0
1
2
.
3
9
(
5
9
)
1
.
8
5
(
6
7
)
5
.
2
5
(
5
5
)
-
3
.
4
7
(
2
8
)
1
2
.
4
4
(
6
8
)
1
5
.
4
7
(
5
6
)
I
M
U
.
S
.
S
m
a
l
l
C
a
p
C
o
r
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
1
2
.
8
2
2
.
3
9
5
.
4
7
-
4
.
3
9
1
3
.
2
4
1
5
.
7
2
Performance Review (Fiscal Years)As of June 30, 2013Dana SC NONE
30
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
Da
n
a
S
C
2
0
5
(2
5
%
)
1
(
5
%
)
4
(
2
0
%
)
1
0
(
5
0
%
)
R2
0
0
0
2
0
0
(0
%
)
5
(
2
5
%
)
8
(
4
0
%
)
7
(
3
5
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Un
d
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
-2
2
.
0
-1
1
.
0
0.
0
11
.
0
22
.
0
33
.
0
Dana SC (%)
-2
0
.
0
-1
0
.
0
0.
0
10
.
0
20
.
0
30
.
0
3
7
.
5
R2
0
0
0
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
18
.
9
0
21
.
0
0
23
.
1
0
25
.
2
0
Return (%)
20
.
4
0
20
.
5
0
20
.
6
0
20
.
7
0
20
.
8
0
2
0
.
8
9
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
Da
n
a
S
C
2
4
.
7
4
2
0
.
8
2
R2
0
0
0
1
8
.
6
7
2
0
.
3
7
Me
d
i
a
n
2
0
.
6
8
2
0
.
6
3
8.
4
0
9.
1
0
9.
8
0
10
.
5
0
11
.
1
2
Return (%)
24
.
7
0
24
.
8
0
24
.
9
0
25
.
0
0
25
.
1
0
25
.
2
0
25.3025.4025.5025.6025.67
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
Da
n
a
S
C
1
0
.
7
9
2
4
.
7
7
R2
0
0
0
8
.
7
7
2
5
.
5
2
Me
d
i
a
n
9
.
8
9
2
5
.
5
5
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Da
n
a
S
C
4
.
3
4
1
0
3
.
4
7
7
6
.
5
1
6
.
0
0
1
.
1
5
1
.
3
2
0
.
9
6
9
.
7
0
R
2
0
0
0
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
0
3
1
.
0
0
1
0
.
5
1
90
D
U
S
T
B
i
l
l
1
8
3
4
0
1
9
0
1
7
0
0
9
1
0
3
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Da
n
a
S
C
5
.
1
9
9
2
.
7
4
8
4
.
5
1
2
.
5
5
0
.
2
8
0
.
5
7
0
.
9
1
1
5
.
6
2
R
2
0
0
0
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
4
6
1
.
0
0
1
6
.
8
3
90
D
U
S
T
B
i
l
l
2
3
9
1
0
3
5
0
4
9
0
2
9
0
4
6
N
/
A
0
0
0
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013Dana SC NONE
31
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
L
a
r
g
e
C
a
p
V
a
l
u
e
E
q
u
i
t
y
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-4
5
.
0
0
-4
0
.
0
0
-3
5
.
0
0
-3
0
.
0
0
-2
5
.
0
0
-2
0
.
0
0
-1
5
.
0
0
-1
0
.
0
0
-5
.
0
0
0.
0
0
5.
0
0
10
.
0
0
15
.
0
0
20
.
0
0
25
.
0
0
30
.
0
0
35
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
RB
C
2
4
.
6
5
(3
)
-
8
.
8
7
(
5
8
)
1
2
.
3
1
(
1
0
)
7
.
7
2
(
3
9
)
-
2
9
.
8
7
(
7
0
)
MS
C
I
E
A
F
E
1
4
.
3
3
(5
3
)
-
8
.
9
4
(
5
8
)
3
.
7
1
(
6
4
)
3
.
8
0
(
6
4
)
-
3
0
.
1
3
(
7
1
)
Me
d
i
a
n
1
5
.
0
4
-
8
.
4
0
4
.
9
7
5
.
9
5
-
2
7
.
3
7
-1
0
.
0
0
-7
.
0
0
-4
.
0
0
-1
.
0
0
2.
0
0
5.
0
0
8.
0
0
11
.
0
0
14
.
0
0
17
.
0
0
20
.
0
0
23
.
0
0
26
.
0
0
29
.
0
0
32
.
0
0
35
.
0
0
37
.
0
4
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
RB
C
0
.
6
7
(3
5
)
1
7
.
0
8
(
4
)
3
0
.
2
6
(
4
)
7
.
2
3
(
1
1
)
1
5
.
9
5
(
5
)
1
4
.
7
0
(
8
)
6
.
0
8
(
1
1
)
MS
C
I
E
A
F
E
-
0
.
7
3
(6
0
)
1
1
.
3
6
(
4
2
)
1
9
.
1
4
(
4
4
)
1
.
5
8
(
5
6
)
1
0
.
5
5
(
4
2
)
9
.
4
9
(
5
6
)
-
0
.
1
6
(
7
8
)
Me
d
i
a
n
-
0
.
0
3
1
0
.
4
3
1
8
.
4
7
2
.
0
1
1
0
.
2
1
9
.
6
5
1
.
1
2
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
RB
C
8
.
7
7
(
4
)
6
.
9
2
(
3
3
)
1
1
.
2
6
(
2
)
-
6
.
0
4
(
3
6
)
1
7
.
6
2
(
2
)
1
.
3
8
(
9
1
)
M
S
C
I
E
A
F
E
5
.
2
3
(
3
5
)
6
.
6
0
(
4
1
)
6
.
9
8
(
5
7
)
-
6
.
8
5
(
5
0
)
1
0
.
9
8
(
5
0
)
3
.
3
8
(
5
6
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
L
a
r
g
e
C
a
p
V
a
l
u
e
E
q
u
i
t
y
(
S
A
+
C
F
)
M
e
d
i
a
n
4
.
3
0
6
.
1
8
7
.
2
7
-
6
.
8
8
1
0
.
9
6
3
.
5
5
Performance Review (Fiscal Years)As of June 30, 2013RBC NONE
32
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
RB
C
1
9
7
(3
7
%
)
8
(
4
2
%
)
3
(
1
6
%
)
1
(
5
%
)
MS
C
I
E
A
F
E
2
0
0
(0
%
)
1
(
5
%
)
1
7
(
8
5
%
)
2
(
1
0
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Un
d
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
-1
0
.
0
0.
0
10
.
0
20
.
0
RBC (%)
-1
6
.
0
-1
2
.
0
-8
.
0
-4
.
0
0.
0
4.
0
8.
0
12
.
0
16
.
0
20
.
0
2
3
.
5
MS
C
I
E
A
F
E
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
Return (%)
16
.
8
0
17
.
2
0
17
.
6
0
18
.
0
0
18
.
4
0
18
.
8
0
19
.
2
0
19
.
6
0
20
.
0
0
20
.
4
0
20
.
8
0
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
RB
C
1
5
.
9
5
2
0
.
3
5
MS
C
I
E
A
F
E
1
0
.
5
5
1
7
.
2
1
Me
d
i
a
n
1
0
.
2
1
1
7
.
2
8
0.
0
0
2.
1
0
4.
2
0
6.
3
0
Return (%)
22
.
4
0
22
.
8
0
23
.
2
0
23
.
6
0
24
.
0
0
24.4024.8025.2025.6025.95
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
RB
C
6
.
0
8
2
2
.
5
6
MS
C
I
E
A
F
E
-
0
.
1
6
2
5
.
4
2
Me
d
i
a
n
1
.
1
2
2
4
.
4
5
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
RB
C
6
.
0
5
1
1
0
.
3
1
9
1
.
1
5
4
.
9
0
0
.
8
4
0
.
8
6
1
.
0
2
1
1
.
5
9
M
S
C
I
E
A
F
E
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
6
4
1
.
0
0
1
1
.
4
9
90
D
U
S
T
B
i
l
l
1
8
0
4
0
2
0
0
1
5
0
0
9
0
6
4
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
RB
C
8
.
2
7
9
3
.
0
9
7
4
.
3
1
6
.
0
3
0
.
6
5
0
.
3
8
0
.
8
1
1
3
.
6
0
M
S
C
I
E
A
F
E
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
1
0
1
.
0
0
1
6
.
8
6
90
D
U
S
T
B
i
l
l
2
2
8
6
0
1
9
0
7
0
0
2
8
0
1
0
N
/
A
0
0
0
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013RBC NONE
33
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-4
5
.
0
0
-4
0
.
0
0
-3
5
.
0
0
-3
0
.
0
0
-2
5
.
0
0
-2
0
.
0
0
-1
5
.
0
0
-1
0
.
0
0
-5
.
0
0
0.
0
0
5.
0
0
10
.
0
0
15
.
0
0
20
.
0
0
25
.
0
0
30
.
0
0
35
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
M
&
N
1
6
.
0
4
(3
3
)
-
1
2
.
5
1
(
7
1
)
2
.
5
2
(
8
6
)
N
/
A
N
/
A
MS
C
I
E
A
F
E
1
4
.
3
3
(6
2
)
-
8
.
9
4
(
2
6
)
3
.
7
1
(
7
3
)
3
.
8
0
(
3
8
)
-
3
0
.
1
3
(
3
2
)
Me
d
i
a
n
1
5
.
0
0
-
1
1
.
0
8
5
.
5
2
1
.
6
5
-
3
1
.
7
6
-1
0
.
0
0
-7
.
0
0
-4
.
0
0
-1
.
0
0
2.
0
0
5.
0
0
8.
0
0
11
.
0
0
14
.
0
0
17
.
0
0
20
.
0
0
23
.
0
0
26
.
0
0
29
.
0
0
31
.
8
5
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
M
&
N
-
0
.
9
0
(4
3
)
1
0
.
3
5
(
4
0
)
1
7
.
9
9
(
3
6
)
-
1
.
1
6
(
6
5
)
8
.
8
7
(
6
3
)
9
.
6
2
(
3
6
)
N
/
A
MS
C
I
E
A
F
E
-
0
.
7
3
(3
9
)
1
1
.
3
6
(
2
8
)
1
9
.
1
4
(
2
8
)
1
.
5
8
(
3
4
)
1
0
.
5
5
(
3
7
)
9
.
4
9
(
3
9
)
-
0
.
1
6
(
3
5
)
Me
d
i
a
n
-
1
.
1
0
9
.
1
9
1
6
.
3
4
-
0
.
1
2
9
.
4
6
8
.
9
0
-
1
.
0
2
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
M
&
N
5
.
1
5
(
2
9
)
5
.
8
9
(
6
7
)
6
.
9
3
(
3
2
)
-
9
.
2
8
(
9
2
)
1
6
.
1
1
(
2
)
3
.
0
2
(
8
2
)
M
S
C
I
E
A
F
E
5
.
2
3
(
2
7
)
6
.
6
0
(
4
6
)
6
.
9
8
(
3
0
)
-
6
.
8
5
(
5
3
)
1
0
.
9
8
(
6
2
)
3
.
3
8
(
7
9
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
M
u
l
t
i
-
C
a
p
C
o
r
e
E
q
u
i
t
y
(
M
F
)
M
e
d
i
a
n
3
.
9
9
6
.
5
1
6
.
4
5
-
6
.
7
6
1
1
.
4
4
4
.
1
9
Performance Review (Fiscal Years)As of June 30, 2013M & N NONE
34
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
M
&
N
5
0
(0
%
)
1
(
2
0
%
)
3
(
6
0
%
)
1
(
2
0
%
)
MS
C
I
E
A
F
E
2
0
0
(0
%
)
1
8
(
9
0
%
)
2
(
1
0
%
)
0
(
0
%
)
Un
d
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
0.
0
2.
0
4.
0
6.
0
8.
0
10
.
0
11
.
8
M & N (%)
0.
0
1.
0
2.
0
3.
0
4.
0
5.
0
6.
0
7.
0
8.
0
9.
0
10
.
0
11
.
0
1
1
.
8
MS
C
I
E
A
F
E
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
9.
0
0
9.
6
0
10
.
2
0
10
.
8
0
Return (%)
17
.
8
0
18
.
0
0
18
.
2
0
18
.
4
0
18
.
6
0
18
.
8
0
19
.
0
0
19
.
2
0
19
.
4
0
19
.
6
0
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
M
&
N
8
.
8
7
1
9
.
3
3
MS
C
I
E
A
F
E
1
0
.
5
5
1
8
.
0
5
Me
d
i
a
n
9
.
4
6
1
7
.
9
7
-0
.
9
0
-0
.
6
0
-0
.
3
0
-0
.
0
2
Return (%)
22
.
7
5
22
.
8
0
22
.
8
5
22
.
9
0
22
.
9
5
23
.
0
0
23.0523.1023.1523.2023.25
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
M
&
N
N
/
A
N
/
A
MS
C
I
E
A
F
E
-
0
.
1
6
2
2
.
7
9
Me
d
i
a
n
-
1
.
0
2
2
3
.
2
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
M
&
N
5
.
0
7
9
8
.
8
7
1
0
4
.
6
4
-
1
.
6
8
-
0
.
2
6
0
.
5
3
1
.
0
3
1
2
.
8
2
M
S
C
I
E
A
F
E
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
6
4
1
.
0
0
1
1
.
4
9
90
D
U
S
T
B
i
l
l
1
8
0
4
0
2
0
0
1
5
0
0
9
0
6
4
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
M
&
N
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
M
S
C
I
E
A
F
E
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
1
0
1
.
0
0
1
6
.
8
6
90
D
U
S
T
B
i
l
l
2
2
8
6
0
1
9
0
7
0
0
2
8
0
1
0
N
/
A
0
0
0
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013M & N NONE
35
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
B
r
o
a
d
M
a
r
k
e
t
C
o
r
e
F
i
x
e
d
I
n
c
o
m
e
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-1
0
.
0
0
-8
.
0
0
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
22
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
Ag
i
n
c
o
u
r
t
6
.
9
6
(4
3
)
4
.
9
2
(
6
9
)
9
.
5
5
(
3
8
)
1
4
.
7
6
(
1
8
)
N
/
A
BC
A
g
g
5
.
1
6
(9
2
)
5
.
2
6
(
4
9
)
8
.
1
6
(
8
8
)
1
0
.
5
6
(
8
0
)
3
.
6
5
(
3
2
)
Me
d
i
a
n
6
.
6
1
5
.
2
6
9
.
2
7
1
2
.
3
3
2
.
5
6
-5
.
0
0
-4
.
0
0
-3
.
0
0
-2
.
0
0
-1
.
0
0
0.
0
0
1.
0
0
2.
0
0
3.
0
0
4.
0
0
5.
0
0
6.
0
0
7.
0
0
8.
0
0
9.
0
0
10
.
0
0
10
.
6
9
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
Ag
i
n
c
o
u
r
t
-
2
.
4
6
(5
7
)
-
2
.
2
0
(
7
3
)
-
0
.
0
3
(
6
3
)
3
.
8
3
(
5
7
)
4
.
1
3
(
5
7
)
5
.
7
5
(
6
0
)
N
/
A
BC
A
g
g
-
2
.
3
2
(3
6
)
-
2
.
2
4
(
7
6
)
-
0
.
6
9
(
8
8
)
3
.
3
1
(
9
1
)
3
.
5
1
(
9
0
)
4
.
9
7
(
9
0
)
5
.
1
9
(
9
1
)
Me
d
i
a
n
-
2
.
4
3
-
1
.
8
5
0
.
2
1
3
.
9
7
4
.
2
2
6
.
0
0
5
.
9
4
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
Ag
i
n
c
o
u
r
t
-
0
.
0
7
(
7
8
)
0
.
3
4
(
6
3
)
2
.
2
1
(
4
4
)
2
.
0
3
(
7
1
)
1
.
1
8
(
4
0
)
1
.
3
8
(
3
7
)
B
C
A
g
g
-
0
.
1
2
(
8
7
)
0
.
2
1
(
8
3
)
1
.
5
8
(
9
1
)
2
.
0
6
(
6
8
)
0
.
3
0
(
9
0
)
1
.
1
2
(
7
3
)
I
M
U
.
S
.
B
r
o
a
d
M
a
r
k
e
t
C
o
r
e
F
i
x
e
d
I
n
c
o
m
e
(
S
A
+
C
F
)
M
e
d
i
a
n
0
.
0
9
0
.
4
6
2
.
1
5
2
.
1
6
1
.
0
3
1
.
2
7
Performance Review (Fiscal Years)As of June 30, 2013Agincourt NONE
36
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
Ag
i
n
c
o
u
r
t
8
0
(0
%
)
2
(
2
5
%
)
6
(
7
5
%
)
0
(
0
%
)
BC
A
g
g
2
0
0
(0
%
)
4
(
2
0
%
)
5
(
2
5
%
)
1
1
(
5
5
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
4.
0
6.
0
8.
0
10
.
0
10
.
9
Agincourt (%)
3.
0
4.
0
5.
0
6.
0
7.
0
8.
0
9.
0
10
.
0
1
0
.
9
BC
A
g
g
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
3.
6
0
3.
9
0
4.
2
0
4.
3
3
Return (%)
3.
1
8
3.
1
9
3.
2
0
3.
2
1
3.
2
2
3.
2
3
3.
2
4
3.
2
5
3.
2
6
3.
2
7
3.
2
8
3
.
2
9
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
Ag
i
n
c
o
u
r
t
4
.
1
3
3
.
1
9
BC
A
g
g
3
.
5
1
3
.
2
7
Me
d
i
a
n
4
.
2
2
3
.
2
2
5.
1
0
5.
4
0
5.
7
0
6.
0
0
Return (%)
3.
5
0
3.
5
5
3.
6
0
3.
6
5
3.
7
0
3.753.803.853.88
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
Ag
i
n
c
o
u
r
t
N
/
A
N
/
A
BC
A
g
g
5
.
1
9
3
.
5
2
Me
d
i
a
n
5
.
9
4
3
.
8
4
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Ag
i
n
c
o
u
r
t
0
.
7
0
1
1
1
.
0
9
1
0
1
.
6
5
0
.
6
0
0
.
8
6
1
.
3
8
1
.
0
0
1
.
6
9
B
C
A
g
g
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
2
1
1
.
0
0
1
.
6
3
90
D
U
S
T
B
i
l
l
2
8
1
1
2
6
0
9
7
0
1
0
1
2
1
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Ag
i
n
c
o
u
r
t
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
B
C
A
g
g
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
3
0
1
.
0
0
1
.
9
4
90
D
U
S
T
B
i
l
l
3
7
4
1
6
4
5
2
2
0
3
2
1
3
0
N
/
A
0
0
1
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013Agincourt NONE
37
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
I
n
t
e
r
m
e
d
i
a
t
e
D
u
r
a
t
i
o
n
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
GH
A
9
.
5
1
(4
)
2
.
3
2
(
9
0
)
8
.
8
7
(
2
8
)
1
5
.
9
1
(
7
)
N
/
A
BC
I
n
t
A
g
g
4
.
3
1
(8
4
)
4
.
2
2
(
2
2
)
7
.
5
2
(
7
7
)
9
.
6
9
(
8
1
)
4
.
1
6
(
3
5
)
Me
d
i
a
n
5
.
5
6
3
.
6
0
8
.
2
5
1
1
.
4
6
3
.
2
6
-4
.
0
0
-3
.
0
0
-2
.
0
0
-1
.
0
0
0.
0
0
1.
0
0
2.
0
0
3.
0
0
4.
0
0
5.
0
0
6.
0
0
7.
0
0
8.
0
0
9.
0
0
9.
4
0
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
GH
A
-
1
.
7
0
(4
1
)
-
0
.
0
5
(
8
)
3
.
0
5
(
5
)
4
.
4
8
(
8
)
4
.
9
0
(
8
)
6
.
6
4
(
1
1
)
6
.
5
4
(
8
)
BC
I
n
t
A
g
g
-
1
.
7
8
(5
0
)
-
1
.
4
6
(
8
2
)
-
0
.
1
2
(
9
0
)
2
.
5
4
(
8
9
)
3
.
0
3
(
8
2
)
4
.
4
2
(
7
9
)
4
.
7
6
(
8
4
)
Me
d
i
a
n
-
1
.
7
8
-
1
.
0
0
0
.
7
5
3
.
2
0
3
.
5
8
4
.
9
8
5
.
3
1
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending
Ma
r
-
2
0
1
2
1 Qtr Ending Dec-2011
GH
A
0
.
6
7
(
1
0
)
1
.
0
0
(
8
)
3
.
1
0
(
3
)
1
.
3
5
(
6
7
)
3
.
3
1
(
3
)
1
.
4
3
(
8
)
B
a
r
c
l
a
y
s
I
n
t
A
g
g
0
.
1
5
(
9
0
)
0
.
1
8
(
8
6
)
1
.
3
6
(
8
5
)
1
.
3
2
(
6
9
)
0
.
6
6
(
8
0
)
0
.
9
1
(
7
7
)
I
M
U
.
S
.
I
n
t
e
r
m
e
d
i
a
t
e
D
u
r
a
t
i
o
n
(
S
A
+
C
F
)
M
e
d
i
a
n
0
.
3
3
0
.
4
0
1
.
7
4
1
.
4
6
1
.
1
6
1
.
0
7
Performance Review (Fiscal Years)As of June 30, 2013GHA NONE
38
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
GH
A
9
8
(8
9
%
)
1
(
1
1
%
)
0
(
0
%
)
0
(
0
%
)
BC
I
n
t
A
g
g
2
0
0
(0
%
)
3
(
1
5
%
)
1
3
(
6
5
%
)
4
(
2
0
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
4.
0
6.
0
8.
0
9.
5
GHA (%)
2.
5
3.
0
3.
5
4.
0
4.
5
5.
0
5.
5
6.
0
6.
5
7.
0
7.
5
8.
0
8.
5
9.
0
9
.
5
Ba
r
c
l
a
y
s
I
n
t
A
g
g
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
2.
8
0
3.
5
0
4.
2
0
4.
9
0
5.
3
0
Return (%)
2.
3
0
2.
4
0
2.
5
0
2.
6
0
2.
7
0
2.
8
0
2.
9
0
3
.
0
0
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
GH
A
4
.
9
0
2
.
9
0
BC
I
n
t
A
g
g
3
.
0
3
2
.
3
3
Me
d
i
a
n
3
.
5
8
2
.
6
3
4.
9
0
5.
6
0
6.
3
0
6.
8
9
Return (%)
2.
4
0
2.
6
0
2.
8
0
3.
0
0
3.
2
0
3.
4
0
3.603.804.004.20
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
GH
A
6
.
5
4
3
.
9
9
BC
I
n
t
A
g
g
4
.
7
6
2
.
6
2
Me
d
i
a
n
5
.
3
1
3
.
3
7
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
GH
A
2
.
7
2
1
5
6
.
4
0
1
4
5
.
9
9
1
.
5
3
0
.
6
8
1
.
3
3
1
.
1
1
2
.
2
1
B
a
r
c
l
a
y
s
I
n
t
A
g
g
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
3
9
1
.
0
0
1
.
1
8
90
D
U
S
T
B
i
l
l
2
0
9
1
5
8
1
4
7
0
0
9
1
3
9
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
GH
A
2
.
7
2
1
3
2
.
1
7
1
2
0
.
1
3
1
.
3
1
0
.
6
4
1
.
4
7
1
.
0
9
2
.
4
4
B
a
r
c
l
a
y
s
I
n
t
A
g
g
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
1
.
5
2
1
.
0
0
1
.
4
3
90
D
U
S
T
B
i
l
l
2
9
1
2
5
6
5
5
4
0
3
2
1
5
2
N
/
A
0
0
1
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013GHA NONE
39
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
F
i
x
e
d
I
n
c
o
m
e
(
M
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-8
.
0
0
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
22
.
0
0
24
.
0
0
26
.
0
0
28
.
0
0
29
.
6
4
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
Te
m
p
l
e
t
o
n
G
B
1
3
.
2
5
(1
)
N
/
A
N
/
A
N
/
A
N
/
A
Ci
t
i
W
G
B
3
.
2
8
(8
9
)
4
.
6
1
(
7
)
4
.
9
8
(
6
3
)
1
3
.
7
9
(
6
8
)
5
.
8
8
(
1
)
Me
d
i
a
n
6
.
3
7
1
.
7
5
6
.
4
9
1
6
.
0
2
-
0
.
0
8
-1
4
.
0
0
-1
2
.
0
0
-1
0
.
0
0
-8
.
0
0
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
Te
m
p
l
e
t
o
n
G
B
-
2
.
7
3
(1
6
)
2
.
3
9
(
3
)
7
.
9
1
(
2
)
N
/
A
N
/
A
N
/
A
N
/
A
Ci
t
i
W
G
B
-
2
.
9
7
(2
2
)
-
7
.
2
6
(
6
6
)
-
4
.
4
9
(
7
8
)
-
0
.
9
8
(
4
8
)
2
.
7
2
(
7
4
)
2
.
8
0
(
6
8
)
3
.
0
4
(
5
7
)
Me
d
i
a
n
-
3
.
4
8
-
6
.
1
6
-
2
.
4
0
-
1
.
1
5
3
.
8
8
3
.
6
7
3
.
6
5
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr
En
d
i
n
g
Ma
r
-
2
0
1
2
1 Qtr Ending Dec-2011
Te
m
p
l
e
t
o
n
G
B
1
.
3
8
(
6
)
3
.
8
3
(
3
)
5
.
4
0
(
1
0
)
-
0
.
9
9
(
8
7
)
7
.
2
0
(
1
)
1
.
2
3
(
1
9
)
C
i
t
i
W
G
B
-
2
.
7
7
(
5
4
)
-
1
.
7
0
(
8
2
)
2
.
9
9
(
8
9
)
0
.
9
2
(
2
0
)
-
0
.
5
1
(
1
0
0
)
-
0
.
1
3
(
5
4
)
I
M
I
n
t
e
r
n
a
t
i
o
n
a
l
F
i
x
e
d
I
n
c
o
m
e
(
M
F
)
M
e
d
i
a
n
-
2
.
6
7
0
.
1
5
4
.
5
5
0
.
3
0
1
.
9
6
-
0
.
0
3
Performance Review (Fiscal Years)As of June 30, 2013Templeton GB NONE
40
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
Te
m
p
l
e
t
o
n
G
B
0
0
0
0
0
Ci
t
i
W
G
B
2
0
4
(
2
0
%
)
6
(
3
0
%
)
9
(
4
5
%
)
1
(
5
%
)
No
d
a
t
a
f
o
u
n
d
.
2.
8
0
3.
2
0
3.
6
0
4.
0
0
Return (%)
5.
7
0
6.
0
0
6.
3
0
6.
6
0
6.
9
0
7.
2
0
7.
5
0
7.
8
0
8.
1
0
8.
4
0
8
.
6
6
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
Te
m
p
l
e
t
o
n
G
B
N
/
A
N
/
A
Ci
t
i
W
G
B
2
.
7
2
5
.
8
7
Me
d
i
a
n
3
.
8
8
8
.
3
0
3.
0
0
3.
3
0
3.
6
0
3.
7
5
Return (%)
7.
2
0
7.
5
0
7.
8
0
8.
1
0
8.
4
0
8.
7
0
9.009.309.609.90
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
Te
m
p
l
e
t
o
n
G
B
N
/
A
N
/
A
Ci
t
i
W
G
B
3
.
0
4
7
.
4
2
Me
d
i
a
n
3
.
6
5
9
.
6
5
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Te
m
p
l
e
t
o
n
G
B
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
C
i
t
i
W
G
B
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
4
7
1
.
0
0
3
.
9
9
90
D
U
S
T
B
i
l
l
5
8
6
0
7
0
0
4
4
0
0
9
0
4
7
N
/
A
0
0
0
0
0
1
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Te
m
p
l
e
t
o
n
G
B
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
C
i
t
i
W
G
B
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
4
0
1
.
0
0
4
.
7
9
90
D
U
S
T
B
i
l
l
7
4
3
1
1
6
1
7
3
0
2
8
0
4
0
N
/
A
0
0
0
0
0
1
Performance Review (Fiscal Years)As of June 30, 2013Templeton GB NONE
41
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-7
0
.
0
0
-6
0
.
0
0
-5
0
.
0
0
-4
0
.
0
0
-3
0
.
0
0
-2
0
.
0
0
-1
0
.
0
0
0.
0
0
10
.
0
0
20
.
0
0
30
.
0
0
40
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
Am
e
r
i
c
a
n
1
1
.
5
7
(6
6
)
1
6
.
1
1
(
7
4
)
2
.
7
2
(
7
5
)
-
3
2
.
9
6
(
4
1
)
4
.
9
8
(
3
6
)
NC
R
E
I
F
1
1
.
0
0
(7
7
)
1
6
.
1
0
(
7
8
)
5
.
8
4
(
5
3
)
-
2
2
.
0
9
(
5
)
5
.
2
7
(
2
9
)
Me
d
i
a
n
1
2
.
8
9
1
6
.
6
2
6
.
3
9
-
3
4
.
3
6
3
.
6
0
-8
.
0
0
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
22
.
0
0
24
.
0
0
25
.
2
2
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
Am
e
r
i
c
a
n
3
.
3
6
(6
7
)
8
.
5
8
(
6
7
)
1
1
.
3
8
(
6
6
)
1
1
.
8
1
(
7
4
)
1
3
.
7
2
(
7
3
)
6
.
9
0
(
7
9
)
-
0
.
7
5
(
6
0
)
NC
R
E
I
F
2
.
8
7
(7
9
)
8
.
2
0
(
7
4
)
1
0
.
7
3
(
8
1
)
1
1
.
3
8
(
7
8
)
1
3
.
1
4
(
9
0
)
9
.
2
9
(
4
7
)
2
.
7
9
(
1
1
)
Me
d
i
a
n
3
.
8
5
9
.
7
8
1
2
.
2
4
1
3
.
2
0
1
5
.
0
4
9
.
0
8
0
.
5
5
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
Am
e
r
i
c
a
n
2
.
4
9
(
6
5
)
2
.
5
0
(
5
5
)
2
.
5
8
(
6
9
)
2
.
7
2
(
6
1
)
3
.
0
3
(
6
0
)
2
.
7
7
(
6
2
)
N
C
R
E
I
F
2
.
5
7
(
6
1
)
2
.
5
4
(
5
1
)
2
.
3
4
(
8
5
)
2
.
6
8
(
6
1
)
2
.
5
9
(
8
4
)
2
.
9
6
(
5
2
)
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
M
e
d
i
a
n
3
.
0
7
2
.
5
4
2
.
7
9
2
.
8
8
3
.
4
3
3
.
0
4
Performance Review (Fiscal Years)As of June 30, 2013American NONE
42
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
Am
e
r
i
c
a
n
1
6
0
(0
%
)
7
(
4
4
%
)
6
(
3
8
%
)
3
(
1
9
%
)
NC
R
E
I
F
2
0
1
4
(7
0
%
)
2
(
1
0
%
)
1
(
5
%
)
3
(
1
5
%
)
Ov
e
r
P
e
r
f
o
r
m
a
n
c
e
Un
d
e
r
P
e
r
f
o
r
m
a
n
c
e
Ea
r
l
i
e
s
t
D
a
t
e
La
t
e
s
t
D
a
t
e
-1
2
.
0
-6
.
0
0.
0
6.
0
12
.
0
17
.
8
American (%)
-1
2
.
0
-9
.
0
-6
.
0
-3
.
0
0.
0
3.
0
6.
0
9.
0
12
.
0
15
.
0
1
7
.
8
NC
R
E
I
F
(
%
)
Ov
e
r
Pe
r
f
o
r
m
a
n
c
e
Un
d
e
r
Pe
r
f
o
r
m
a
n
c
e
13
.
3
0
14
.
0
0
14
.
7
0
15
.
3
3
Return (%)
1.
2
0
1.
4
0
1.
6
0
1.
8
0
2.
0
0
2.
2
0
2.
4
0
2.
6
0
2.
8
0
2
.
9
0
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
Am
e
r
i
c
a
n
1
3
.
7
2
1
.
4
1
NC
R
E
I
F
1
3
.
1
4
1
.
3
4
Me
d
i
a
n
1
5
.
0
4
2
.
7
0
-1
.
2
0
0.
0
0
1.
2
0
2.
4
0
3.
3
4
Return (%)
7.
0
0
7.
5
0
8.
0
0
8.
5
0
9.
0
0
9.
5
0
10.0010.5011.0011.50
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
Am
e
r
i
c
a
n
-
0
.
7
5
1
0
.
4
3
NC
R
E
I
F
2
.
7
9
7
.
5
9
Me
d
i
a
n
0
.
5
5
1
1
.
1
4
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Am
e
r
i
c
a
n
0
.
9
9
1
0
4
.
2
6
N
/
A
3
.
3
0
0
.
5
4
9
.
3
2
0
.
7
8
0
.
0
0
N
C
R
E
I
F
0
.
0
0
1
0
0
.
0
0
N
/
A
0
.
0
0
N
/
A
9
.
4
3
1
.
0
0
0
.
0
0
90
D
U
S
T
B
i
l
l
1
3
2
0
7
5
N
/
A
0
0
6
9
4
3
N
/
A
0
0
1
0
0
0
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
Am
e
r
i
c
a
n
3
.
8
8
1
0
0
.
2
9
1
6
1
.
8
3
-
4
.
1
3
-
0
.
8
4
-
0
.
0
4
1
.
3
1
8
.
9
3
N
C
R
E
I
F
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
3
6
1
.
0
0
5
.
7
4
90
D
U
S
T
B
i
l
l
7
6
7
0
7
9
3
8
7
0
3
0
0
3
6
N
/
A
0
0
1
0
0
0
Performance Review (Fiscal Years)As of June 30, 2013American NONE
43
Pe
e
r
G
r
o
u
p
A
n
a
l
y
s
i
s
-
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
Co
m
p
a
r
a
t
i
v
e
P
e
r
f
o
r
m
a
n
c
e
-7
0
.
0
0
-6
0
.
0
0
-5
0
.
0
0
-4
0
.
0
0
-3
0
.
0
0
-2
0
.
0
0
-1
0
.
0
0
0.
0
0
10
.
0
0
20
.
0
0
30
.
0
0
40
.
0
0
Return
Oc
t
-
2
0
1
1
To
Se
p
-
2
0
1
2
Oc
t
-
2
0
1
0
To
Se
p
-
2
0
1
1
Oct-2009 To Sep-2010Oct-2008 To Sep-2009Oct-2007 To Sep-2008
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
1
3
.
3
3
(4
2
)
1
5
.
8
0
(
7
9
)
N
/
A
N
/
A
N
/
A
NC
R
E
I
F
1
1
.
0
0
(7
7
)
1
6
.
1
0
(
7
8
)
5
.
8
4
(
5
3
)
-
2
2
.
0
9
(
5
)
5
.
2
7
(
2
9
)
Me
d
i
a
n
1
2
.
8
9
1
6
.
6
2
6
.
3
9
-
3
4
.
3
6
3
.
6
0
-8
.
0
0
-6
.
0
0
-4
.
0
0
-2
.
0
0
0.
0
0
2.
0
0
4.
0
0
6.
0
0
8.
0
0
10
.
0
0
12
.
0
0
14
.
0
0
16
.
0
0
18
.
0
0
20
.
0
0
22
.
0
0
24
.
0
0
25
.
2
2
Return
QT
R
F
Y
T
D
1
Y
R
2
Y
R
3
Y
R
4
Y
R
5
Y
R
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
4
.
3
5
(2
5
)
1
4
.
0
1
(
7
)
1
7
.
2
0
(
7
)
1
5
.
4
5
(
1
3
)
N
/
A
N
/
A
N
/
A
NC
R
E
I
F
2
.
8
7
(7
9
)
8
.
2
0
(
7
4
)
1
0
.
7
3
(
8
1
)
1
1
.
3
8
(
7
8
)
1
3
.
1
4
(
9
0
)
9
.
2
9
(
4
7
)
2
.
7
9
(
1
1
)
Me
d
i
a
n
3
.
8
5
9
.
7
8
1
2
.
2
4
1
3
.
2
0
1
5
.
0
4
9
.
0
8
0
.
5
5
1
Q
t
r
En
d
i
n
g
Ma
r
-
2
0
1
3
1
Q
t
r
En
d
i
n
g
De
c
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Se
p
-
2
0
1
2
1
Q
t
r
En
d
i
n
g
Ju
n
-
2
0
1
2
1 Qtr Ending Mar-20121 Qtr Ending Dec-2011
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
2
.
7
8
(
5
5
)
6
.
3
1
(
7
)
2
.
8
0
(
5
0
)
2
.
6
4
(
6
2
)
2
.
9
6
(
6
9
)
4
.
3
3
(
2
5
)
N
C
R
E
I
F
2
.
5
7
(
6
1
)
2
.
5
4
(
5
1
)
2
.
3
4
(
8
5
)
2
.
6
8
(
6
1
)
2
.
5
9
(
8
4
)
2
.
9
6
(
5
2
)
I
M
U
.
S
.
O
p
e
n
E
n
d
P
r
i
v
a
t
e
R
e
a
l
E
s
t
a
t
e
(
S
A
+
C
F
)
M
e
d
i
a
n
3
.
0
7
2
.
5
4
2
.
7
9
2
.
8
8
3
.
4
3
3
.
0
4
Performance Review (Fiscal Years)As of June 30, 2013Intercontinental NONE
44
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
3
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
U
n
d
e
r
/
O
v
e
r
P
e
r
f
o
r
m
a
n
c
e
-
5
Y
e
a
r
s
Pe
e
r
G
r
o
u
p
S
c
a
t
t
e
r
g
r
a
m
-
5
Y
e
a
r
s
3
Y
r
R
o
l
l
i
n
g
P
e
r
c
e
n
t
i
l
e
R
a
n
k
i
n
g
-
5
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
3
Y
e
a
r
s
Hi
s
t
o
r
i
c
a
l
S
t
a
t
i
s
t
i
c
s
-
5
Y
e
a
r
s
0.
0
25
.
0
50
.
0
75
.
0
10
0
.
0
Return Percentile Rank
9/
0
8
3/
0
9
9/
0
9
3/
1
0
9/
1
0
3/
1
1
9/113/129/126/13
To
t
a
l
P
e
r
i
o
d
5-
2
5
Co
u
n
t
25
-
M
e
d
i
a
n
Co
u
n
t
Median-75 Count75-95 Count
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
0
0
0
0
0
NC
R
E
I
F
2
0
1
4
(
7
0
%
)
2
(
1
0
%
)
1
(
5
%
)
3
(
1
5
%
)
No
d
a
t
a
f
o
u
n
d
.
13
.
3
0
14
.
0
0
14
.
7
0
15
.
3
3
Return (%)
1.
2
0
1.
4
0
1.
6
0
1.
8
0
2.
0
0
2.
2
0
2.
4
0
2.
6
0
2.
8
0
2
.
9
0
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
St
a
n
d
a
r
d
De
v
i
a
t
i
o
n
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
N
/
A
N
/
A
NC
R
E
I
F
1
3
.
1
4
1
.
3
4
Me
d
i
a
n
1
5
.
0
4
2
.
7
0
0.
8
0
1.
6
0
2.
4
0
3.
1
3
Return (%)
7.
5
0
8.
0
0
8.
5
0
9.
0
0
9.
5
0
10.0010.5011.0011.50
Ri
s
k
(
S
t
a
n
d
a
r
d
D
e
v
i
a
t
i
o
n
%
)
Re
t
u
r
n
Standard Deviation
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
N
/
A
N
/
A
NC
R
E
I
F
2
.
7
9
7
.
5
9
Me
d
i
a
n
0
.
5
5
1
1
.
1
4
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
C
R
E
I
F
0
.
0
0
1
0
0
.
0
0
N
/
A
0
.
0
0
N
/
A
9
.
4
3
1
.
0
0
0
.
0
0
90
D
U
S
T
B
i
l
l
1
3
2
0
7
5
N
/
A
0
0
6
9
4
3
N
/
A
0
0
1
0
0
0
Tr
a
c
k
i
n
g
Er
r
o
r
Up
Ma
r
k
e
t
Ca
p
t
u
r
e
Do
w
n
Ma
r
k
e
t
Ca
p
t
u
r
e
Al
p
h
a
In
f
o
r
m
a
t
i
o
n
Ra
t
i
o
Sh
a
r
p
e
Ra
t
i
o
BetaDownsideRisk
In
t
e
r
c
o
n
t
i
n
e
n
t
a
l
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
/
A
N
C
R
E
I
F
0
.
0
0
1
0
0
.
0
0
1
0
0
.
0
0
0
.
0
0
N
/
A
0
.
3
6
1
.
0
0
5
.
7
4
90
D
U
S
T
B
i
l
l
7
6
7
0
7
9
3
8
7
0
3
0
0
3
6
N
/
A
0
0
1
0
0
0
Performance Review (Fiscal Years)As of June 30, 2013Intercontinental NONE
45
To
t
a
l
F
u
n
d
C
o
m
p
l
i
a
n
c
e
:
YesNoN/A
Eq
u
i
t
y
C
o
m
p
l
i
a
n
c
e
:
YesNoN/A
Fi
x
e
d
I
n
c
o
m
e
C
o
m
p
l
i
a
n
c
e
:
YesNoN/A
46
Pa
l
m
B
e
a
c
h
G
a
r
d
e
n
s
F
i
r
e
f
i
g
h
t
e
r
s
'
P
e
n
s
i
o
n
P
l
a
n
Co
m
p
l
i
a
n
c
e
C
h
e
c
k
l
i
s
t
a
s
o
f
J
u
n
e
3
0
,
2
0
1
3
Th
e
t
o
t
a
l
pla
n
r
e
t
u
r
n
e
qua
l
e
d
o
r
e
x
c
e
e
d
e
d
t
h
e
t
o
t
a
l
pla
n
b
e
n
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g t
h
r
e
e
a
n
d
f
i
v
e
yea
r
per
i
o
d
s
.
1.
✔
Th
e
t
o
t
a
l
pla
n
r
e
t
u
r
n
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p 4
0
t
h
per
c
e
n
t
i
l
e
o
f
i
t
s
pee
r
gro
u
p o
v
e
r
t
h
e
t
r
a
i
l
i
n
g t
h
r
e
e
a
n
d
f
i
v
e
yea
r
per
i
o
d
s
.
2.
✔
To
t
a
l
d
o
m
e
s
t
i
c
e
qui
t
y r
e
t
u
r
n
s
m
e
e
t
o
r
e
x
c
e
e
d
t
h
e
b
e
n
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g t
h
r
e
e
a
n
d
f
i
v
e
yea
r
per
i
o
d
s
.
1.
✔
To
t
a
l
d
o
m
e
s
t
i
c
e
qui
t
y r
e
t
u
r
n
s
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p 4
0
t
h
per
c
e
n
t
i
l
e
o
f
i
t
s
pee
r
gro
u
p o
v
e
r
t
h
e
t
r
a
i
l
i
n
g t
h
r
e
e
a
n
d
f
i
v
e
yea
r
per
i
o
d
s
.
2.
✔
Th
e
t
o
t
a
l
e
qui
t
y a
l
l
o
c
a
t
i
o
n
w
a
s
l
e
s
s
t
h
a
n
o
r
e
qua
l
t
o
7
5
%
b
u
t
gre
a
t
e
r
t
h
a
n
o
r
e
qua
l
t
o
5
5
%
o
f
t
h
e
t
o
t
a
l
f
u
n
d
v
a
l
u
e
a
t
m
a
r
k
e
t
.
✔
3.
Th
e
t
o
t
a
l
d
o
m
e
s
t
i
c
e
qui
t
y a
l
l
o
c
a
t
i
o
n
w
a
s
l
e
s
s
t
h
a
n
o
r
e
qua
l
t
o
6
5
%
b
u
t
gre
a
t
e
r
t
h
a
n
o
r
e
qua
l
t
o
4
5
%
o
f
t
h
e
t
o
t
a
l
f
u
n
d
v
a
l
u
e
a
t
m
a
r
k
e
t
.
✔
4.
Th
e
i
n
t
e
r
n
a
t
i
o
n
a
l
e
qui
t
y a
l
l
o
c
a
t
i
o
n
w
a
s
l
e
s
s
t
h
a
n
o
r
e
qua
l
t
o
1
5
%
b
u
t
gre
a
t
e
r
t
h
a
n
o
r
e
qua
l
t
o
5
%
o
f
t
h
e
t
o
t
a
l
f
u
n
d
v
a
l
u
e
a
t
m
a
r
k
e
t
.
✔
5.
To
t
a
l
f
i
x
e
d
i
n
c
o
m
e
r
e
t
u
r
n
s
m
e
e
t
o
r
e
x
c
e
e
d
t
h
e
b
e
n
c
h
m
a
r
k
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g t
h
r
e
e
a
n
d
f
i
v
e
yea
r
per
i
o
d
s
.
✔
1.
To
t
a
l
f
i
x
e
d
i
n
c
o
m
e
r
e
t
u
r
n
s
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p 4
0
t
h
per
c
e
n
t
i
l
e
o
f
i
t
s
pee
r
gro
u
p o
v
e
r
t
h
e
t
r
a
i
l
i
n
g t
h
r
e
e
a
n
d
f
i
v
e
yea
r
per
i
o
d
s
.
✔
2.
Th
e
t
o
t
a
l
f
i
x
e
d
i
n
c
o
m
e
a
l
l
o
c
a
t
i
o
n
w
a
s
l
e
s
s
t
h
a
n
o
r
e
qua
l
t
o
3
5
%
b
u
t
gre
a
t
e
r
t
h
a
n
o
r
e
qua
l
t
o
1
5
%
o
f
t
h
e
t
o
t
a
l
f
u
n
d
v
a
l
u
e
a
t
m
a
r
k
e
t
.
✔
3.
All
f
i
x
e
d
i
n
c
o
m
e
i
n
v
e
s
t
m
e
n
t
s
h
a
d
a
m
i
n
i
m
u
m
r
a
t
i
n
g o
f
i
n
v
e
s
t
m
e
n
t
gra
d
e
o
r
h
i
ghe
r
a
s
d
e
t
e
r
m
i
n
e
d
b
y a
m
a
jor
c
r
e
d
i
t
r
a
t
i
n
g s
e
r
v
i
c
e
.
✔
4.
Re
a
l
E
s
t
a
t
e
C
o
m
pli
a
n
c
e
:
To
t
a
l
R
e
a
l
E
s
t
a
t
e
a
l
l
o
c
a
t
i
o
n
w
a
s
l
e
s
s
t
h
a
n
1
5
%
o
f
t
h
e
t
o
t
a
l
pla
n
a
s
s
e
t
s
a
t
m
a
r
k
e
t
.
✔
1.
Ye
s
N
o
N/
A
Ma
n
a
g
e
r
C
o
m
p
l
i
a
n
c
e
:
Ye
s
N
o
N/
A
Ye
s
N
o
N/
A
Ye
s
N
o
N/AYesNoN/A
47
/A
Pa
l
m
B
e
a
c
h
G
a
r
d
e
n
s
F
i
r
e
f
i
g
h
t
e
r
s
'
P
e
n
s
i
o
n
P
l
a
n
Co
m
p
l
i
a
n
c
e
C
h
e
c
k
l
i
s
t
a
s
o
f
J
u
n
e
3
0
,
2
0
1
3
VG
T
S
M
I
✔✔
✔
✔
✔
Ma
n
a
g
e
r
r
a
n
k
e
d
w
i
t
h
i
n
t
h
e
t
o
p
40
t
h
p
e
r
c
e
n
t
i
l
e
o
v
e
r
t
r
a
i
l
i
n
g
th
r
e
e
a
n
d
f
i
v
e
y
e
a
r
p
e
r
i
o
d
s
.
Le
s
s
t
h
a
n
f
o
u
r
c
o
n
s
e
c
u
t
i
v
e
qu
a
r
t
e
r
s
o
f
u
n
d
e
r
p
e
r
f
o
r
m
a
n
c
e
re
l
a
t
i
v
e
t
o
t
h
e
b
e
n
c
h
m
a
r
k
.
Th
r
e
e
-
y
e
a
r
d
o
w
n
-
m
a
r
k
e
t
ca
p
t
u
r
e
r
a
t
i
o
l
e
s
s
t
h
a
n
t
h
e
in
d
e
x
.
Manager reports compliance with PFIA.
1.
Ma
n
a
g
e
r
o
u
t
p
e
r
f
o
r
m
e
d
t
h
e
in
d
e
x
o
v
e
r
t
h
e
t
r
a
i
l
i
n
g
t
h
r
e
e
a
n
d
fi
v
e
y
e
a
r
p
e
r
i
o
d
s
.
Da
n
a
L
C
✔✔
✔✔
✔
2.
Da
n
a
S
C
✔
✔
✔✔
✔
3.
RB
C
✔
✔
✔✔
✔
4.
Ma
n
n
i
n
g &
N
a
pie
r
✔✔
✔✔
✔
5.
Ag
in
c
o
u
r
t
✔
✔
✔✔
✔
6.
GH
A
✔
✔
✔✔
✔
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51
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
Meeting of Wednesday, August 7, 2013
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 8, 2013
4.Actuary Report: Foster & Foster (Doug Lozen)
5.Investment Monitor Report: The Bogdahn Group (Troy Brown)
6.Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
Memo –Final Legislative Updates
7.Administrative Report: Resource Centers (Audrey Ross)
Disbursements
8.Old Business
9.New Business
Review of Draft Summary Plan Description
10.Other Business
11.Schedule Next Meeting: Monday September 9, 2013 at 9 A.M.
12.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.
PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
MINUTES OF MEETING HELD
July 8, 2013
A meeting of the Board of Trustees was called to order at 9:04 AM at Council Chambers,
Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES OTHERS
Mark Joyce, Vice Chair Audrey Ross, Administrator
Tom Murphy, Secretary Pedro Herrera, Attorney
Ed Morejon Doug Lozen, Actuary
Martin Cohen Troy Brown, Investment Consultant
Ralph Segall, Investment Manager
Michael Stanley, Investment Manager
Jim Wenzler, Investment Manager
Fraz Farzam, Investment Manager
PUBLIC COMMENTS
N/A
MINUTES
The Board reviewed the minutes of the regular meeting held on May 1, 2013.
A motion was made by Ed Morejon to approve the minutes of the May 1, 2013
regular meeting as amended. The motion was seconded by Tom Murphy and
carried 4-0.
INVESTMENT MANAGER INTERVIEWS:
Mr. Brown briefly summarized the purposes of today’s investment manager interviews.
He explained that the board moved out of ICC Capital and now they are looking to
replace a manager. Mr. Brown’s recommendation is to move 5% ($5.5M) from the Dana
Advisors portfolio to a new all cap manager.
Segall Bryant & Hamill – All Cap Core (Ralph Segall)
Mr. Segall introduced himself and stated that he is one of the founders of the firm. The
firm was established in 1994 and they have 2 locations, Chicago and St. Louis. Segall is
2/3 employee owned and the rest is owned by a private equity firm. They currently have
$10B in assets under management as of June 30, 2013. Their philosophy is to have
consistent results and with consistent asset growth. Mr. Segall reviewed the investment
team that is dedicated to the all cap core product as well as their client list. He noted that
they do have a lot of Florida defined benefit plans similar to this one. This product offers
a lot of downside protection. Mr. Segall explained their investment philosophy and
stated that they focus on return on capital and growth measures. They do bottom up
research and have a long term investment perspective. This portfolio holds about 40-60
securities and they keep about a 5% cash position. Their turnover rate is around 40% and
they are diversified across all sectors and industries with no more than 200% in one
sector (and no more than 5% in any one security). Mr. Segall reviewed their sell
discipline and explained the reasons why they would sell off a company. For example if
a companies investment thesis is no longer in tact, or if the company fails to deliver the
expected return on investments, than they will sell a company out of their portfolio. Mr.
Segall reviewed their investment experience over different market cycles and explained
2
that they have always protected on the downside during all time periods. In conclusion,
Segall strives to give their clients superior returns over the long term as they do not hit
homeruns. The Trustee asked questions and wanted to confirm that Segall only invests in
domestic companies. Mr. Segall responded that they do only invest directly with
domestic investors, although they do own some ADR’s that are global. For Segall to be
able to go out and purchase international companies directly, they do not think they are
competent enough to do so because that is not their specialty. Mr. Segall noted that the
fee for this fund is 60 basis points and all assets will be held at the Plans Custodian. Mr.
Brown noted that this manager has a smaller position in cash than the other 2 mangers the
board is about to interview.
Fiduciary Management Inc (FMI) – All Cap Equity (Michael Stanley)
Ms. Stanley introduced himself and noted that FMI was founded in 1980 and they are
based out of Milwaukee. FMI is 100% employee owned with $17.7B in assets. Mr.
Stanley did comment that FMI does have 2 other accounts that are closed to new
investors due to reaching capacity. He noted that they will also be having a soft close on
the all cap equity product that he is here to explain today. Mr. Stanley introduced the
investment team and noted that they are all partners of the firm and they invest their
personal portfolio along side their clients. He reviewed their clients list and pointed out
that they have quit a few Florida clients. Mr. Stanley reviewed the firm’s investment
philosophy and reported that they look at a 3-5 year investment horizon, not short term.
They have about a 15-25% turnover rate per year, which is about 1 new company per
month, which lowers their trading fees and transaction costs. He explained that they like
to purchase companies when they have a “cloud over their head” or some controversy
with the business because they tend to be cheaper. Mr. Stanley reviewed what they look
for in a company when they are making a purchase, such as return on invested capital.
Also the company has to have an attractive valuation. FMI does not invest in any airline
companies and they are not big investors in banks either. He reviewed FMI’s
performance and for the 1 year as of March 31, 2013 they are up 15.21% versus the index
at 14.56%, and since inception they are also ahead of the index at 8.12% versus 4.01%.
They limit 6% in any one security and they purchase across all sectors. Mr. Stanley
briefly reviewed their sell discipline and commented that they will sell a company if the
stock prices reaches target of if management’s actions require them to sell. FMI holds
about 9% in cash and their fee for this product is 75 basis points. Mr. Brown asked if
FMI was able to come down on their fee at all. Mr. Stanley responded that unfortunately
they are not able to come down on the fee of 75 basis points. The Trustees asked Mr.
Stanley to explain why FMI holds so much in cash. Mr. Stanley responded that they
strive to be fully invested at all times and that this is actually their highest holding in cash
that they have ever had. They rather hold onto the cash if there is nothing to invest in
because they only invest in companies that have good valuations, and that is hard to find
right now.
Broadview Advisors, LLC – All Cap Strategy (Jim Wenzler & Fraz Farzam)
Mr. Wenzler introduced himself and Mr. Farzam who in one of the investment team
portfolio managers. Mr. Wenzler reviewed the background of Broadview and stated that
they are 100% employee owned and have been managing this portfolio since 2001. They
have $850M is assets and their fee for this products is 75 basis points. Broadview has a
total of 9 employees and therefore they consider themselves more of a boutique.
Broadview does all there own bottom up fundamental analysis and research. Mr.
Wenzler noted that their investment philosophy is to buy great businesses at bargain
3
prices. He reviewed the 5 pillar analysis they go through when selecting a company.
All companies must have strong business traits, defendable market niche, attractive
growth potential, capable management, and it must be a discount to private market value.
Mr. Farzam explained that they will sell a company if any one of the pillars is violated.
Also their max position in any one sector is 5%. Mr. Farzam noted that they are very
patient investors and gave an example of one company in the portfolio where patients
paid off. This fund protects clients on the downside and captures most of the upside. He
stated that relative to their competition Broadview will have a larger position in cash
because they are patient investors and do not purchase until the price is right. There are
about 100 stocks in this portfolio with about a 40% turnover rate. Mr. Farzam noted that
all the companies in the portfolio are domestic, although they do hold a couple of ADR’s.
He briefly reviewed the performance and commented that their wins are greater than their
losses and they do well during the down markets. Since inception they have
outperformed the market and also their peers. Mr. Brown asked if they were able to
come down on their fee of 75 basis points. Mr. Wenzler stated that he would have to
discuss that with his firm and get back to the board.
Board Discussion:
The Trustees had a very lengthy discussion on the different manager presentations. They
noted the FMI had the least correlation with the Dana portfolio, and Mr. Brown
commented that he has Broadview paired with a Dana portfolio in another pension fund
as well. Although he stated that he thinks the board may have a little concern with
Broadview because of their cash position and the volatility of the fund. Segall has the
lowest fee, but Broadview was able to come down on their fee from 90 basis points to 75
basis points. The Trustees noted that performance wise, FMI has the most downside
protection, but Broadview outperforms the most during the up markets and Segall is
somewhere right in the middle.
A motion was made by Ed Morejon to hire Fiduciary Management Inc. (FMI) and
to allocate $5.5M from the Dana large cap portfolio to the new manager FMI by
using the transition manager ConvergEx. The Board also directed the Plans
Attorney to send their standard investment manager agreement to FMI for
execution. The motion was seconded by Tom Murphy and carried 4-0.
INVESTMENT MONITOR REPORT: THE BOGDAHN GROUP (TROY
BROWN)
Mr. Brown briefly reviewed the funds preliminary performance as of June 30, 2013 and
noted that they added another 1.1% for the quarter, which now puts them at 9.5% for the
fiscal year to date. He commented that these numbers are preliminary because they do
not include the real estate returns, in which he will not get until the last week in July.
Lastly Mr. Brown explained that his second recommendation is to take $225K from the
Garcia Hamilton account and add it to the receipt and disbursement account for expenses
and benefit payments and to also be back inline with the policy.
A motion was made by Tom Murphy to transfer $225K from the Garcia Hamilton
account to the receipt and disbursements account per the recommendation of the
Investment Consultant to be back inline with the policy. The motion was seconded
by Martin Cohen and carried 4-0.
4
ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA)
Mr. Herrera updated the board in the recent legislative bills that have been signed. He
explained that the most impactful bill that passed was Senate Bill 534, which will require
new reporting requirements for local government pension plans effective July 1, 2013.
Mr. Herrera commented that the Division of Retirement office will be issuing regulations
regarding this new law, and than the board can discuss this with their Actuary because
there are additional reporting requirements which mean additional fees. The September
30, 2015 actuarial valuation report will be the first report that these changes will have to
be in effect.
Mr. Herrera had a lengthy discussion on the members leaving their DROP and share
monies in the plan after they separate service. The Trustees discussed how long members
are allowed to leave the money in the plan and how many times they can take
distributions from their accounts. Currently the ordinance states that members are only
allowed to take distributions from their accounts once, in a lump sum payment form. The
Trustees continued to have a very lengthy conversation on the rules and regulations
surrounding the DROP and share accounts. The Trustees directed the Plans Attorney and
the Administrator to gather information to put together a draft policy on the rules and
regulations regarding the investment and distributions of the DROP and share accounts.
Ms. Ross stated that she will send Mr. Herrera some samples of other DROP and share
policies from other pension plans.
A motion was made by Ed Morejon to direct the Plans Attorney to draft a policy
regarding the rules and regulations surrounding the investing and the distributions
from the DROP and share accounts. The motion was seconded by Martin Cohen
and carried 4-0.
The Trustees also discussed the self directed DROP account option that they are trying to
establish under the plan. There are a handful of investment companies that deal with self
directed DROP accounts for defined benefit plans (Vanguard, Mass Mutual, TC Craft,
ICMA and Hartford). The board asked the Plans Investment Consultant to send out an
RFP to the companies listed above to see if they are interested in establishing a self
directed DROP accounts for the plan. Mr. Brown noted that he will not have the RFP
results back by the August meeting, but rather the September meeting.
A motion was made by Ed Morejon to direct the Plans Investment Consutlatn to
send out an RFP to Vanguard, Mass Mutual, TC Craft, ICMA and Hartford on
behalf of the board regarding self directed DROP accounts. The motion was
seconded by Martin Cohen and carried 4-0.
ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS)
DISBURSEMENTS
The Board reviewed the disbursements presented for approval by the Administrator.
A motion was made by Tom Murphy to approve the disbursements that were
presented by the Administrator. The motion was seconded by Martin Cohen and
carried 4-0.
5
BENEFIT APPROVALS
The Board reviewed the application to enter the DROP for Gregory Timmer, the
applications to exit the DROP for Peter Bergel, Scott Fetterman, and the applications for
distribution from DROP and Share account for Scott Fetterman.
A motion was made by Ed Morejon to approve the application to enter the DROP
for Gregory Timmer, the applications to exit the DROP for Peter Bergel, Scott
Fetterman, and the applications for distribution from DROP and Share account for
Scott Fetterman. The motion was seconded by Tom Murphy and carried 4-0.
Ms. Ross noted that their last scheduled special meeting with the Actuary was canceled
last minute due to a lack of a quorum. Therefore the board needs to reschedule that
meeting at this time. The Trustees discussed meeting dates but due to scheduling
conflicts, they asked Ms. Ross to ask the Actuary to attend their next regular scheduled
meeting on August 7. Ms. Ross concurred. Mr. Brown commented that Garcia Hamilton
was scheduled to present at the August meeting but he will push that presentation back to
September.
The board tabled the review the draft summary plan description until next meeting.
OLD BUSINESS
Ms. Ross passed out the revised letter from American Realty which reflects their 2012
dispositions. This letter was requested by the board at the last meeting.
NEW BUSINESS
Mr. Murphy wanted to reconfirm that members are still allowed to buyback time if they
wanted too. The Trustees confirmed that the buyback benefit is still allowed under the
plan, but due to the 75% benefit cap that is in place, buying back time may not benefit a
member depending on their personal situation.
There being no further business, the meeting adjourned at 1:41 PM.
Respectfully submitted,
Tom Murphy, Secretary
DRAFT UPDATE TO:
CITY OF PALM BEACH GARDENS
FIREFIGHTERS’ PENSION FUND
SUMMARY PLAN DESCRIPTION
CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
SUMMARY PLAN DESCRIPTION
INTRODUCTION
The Board of Trustees of the City of Palm Beach Gardens Firefighters' Pension Fund is pleased to
present this booklet which briefly explains the provisions of your Firefighters' Pension Fund. As a
participant in the Fund, you are included in a program of benefits to help you meet your financial
needs at retirement, or in the event of disability or death.
This booklet can assist you in preparing for your retirement and financial future. If you need further
information on any of the topics presented in this booklet, please contact any member of the Board
of Trustees. They will either answer questions you might have to help you understand your benefits
or otherwise get you an answer to your questions. However, nothing they may tell you should be
construed as advice, which they will not offer. We urge you to read and understand this booklet in
order to become familiar with the benefits of the Fund and how they contribute to your financial
security and how they will enrich your retirement years.
Claims for benefits should be filed with the office of the Administrative Manager. If a claim is
denied, you will be notified and informed of the procedure to request a hearing before the Board of
Trustees. Claim denials are generally limited to failure to meet the eligibility requirements for a
benefit.
The following summary briefly describes the principle benefits of the Fund. Detailed benefit
conditions and limitations are contained in the Palm Beach Gardens Code, Division 2 Firefighters’
Pension Fund, which established the Fund. The Internal Revenue Code, Florida Statutes, and the
Palm Beach Gardens Code govern the operation of the Fund and should be consulted before you
take any action concerning your membership or benefits. In case of any conflict between this
Summary and the provisions of the Palm Beach Gardens Code or other applicable law, the Palm
Beach Gardens Code or other applicable law will prevail. Copies of the Palm Beach Gardens Code
are available at the City Clerk’s office, 10500 North Military Trail, Palm Beach Gardens, Florida
33410.
Chairman, Board of Trustees, City of Palm Beach Gardens Firefighters' Pension Fund
Date
-1-
1. BOARD OF TRUSTEES AND PLAN ADMINISTRATION
A. Administration. The City of Palm Beach Gardens Firefighters’ Pension Fund is a
defined benefit pension plan administered by a Board of Trustees which acts as the administrator of the
Fund. The Board consists of 5 Trustees, 2 of whom are appointed by the City, 2 of whom are full-time
Firefighters who are elected by a majority of the members of the Fund and a fifth Trustee who is chosen
by a majority of the first 4 Trustees. Each Trustee serves a two four year term.
B. The names of the current Trustees are:
Richard Beladino, ChairmanTom Murphy
Ed Morejon, SecretaryRick Rhodes
Philip ButtraravoliEd Morejon
Tom MurphyMark Joyce
Donna WisneskiMarty Cohen
C. The agent for the services of legal process is:
Sugarman & Susskind, P.A.
Suite 750
2801 Ponce De Leon Blvd
Coral Gables, FL 33134-6920
D. The Administrative Manager is:
Margaret AdcockAudrey Ross
The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 33410
2. ELIGIBILITY FOR PLAN MEMBERSHIP
Each person employed by the City Fire Department as a full-time Firefighter becomes a
member of the Fund as a condition of his employment. All Firefighters are therefore eligible for Fund
benefits as provided for in the Fund document and by applicable law.
3. FUND BENEFITS
All claims for benefits under the Fund shall be made in writing to the Board of Trustees.
A. Normal Retirement Eligibility. You are eligible for retirement upon the attainment of
age 52 and the completion of 10 years of credited service or upon completion of 25 years of credited
service, regardless of age.
B. Amount of Normal Retirement Benefits. The amount of the normal retirement benefit
is based on your credited service and average final compensation:
-2-
“Credited Service” is generally your period of employment as a Firefighter in the Fire
Department measured in years and parts of years. Credited service will include a break in employment for
military service, pursuant to conditions that are required or permitted under state or federal law, as
amended from time to time, provided that you are reemployed within 1 year of discharge under honorable
conditions. Additional credited service time may also be available (See subsection K).
“Average Final Compensation” is 1/12 of your average Salary of the best 5 years of the last
10 years of Credited Service prior to your termination, retirement or death, or the career average as a full-
time firefighter, whichever is greater. A year is defined as 12 consecutive months.
“Salary” is your total compensation for services rendered to the City as a Firefighter
reportable on your W-2 form plus all tax deferred, tax-sheltered or tax exempt items of income derived
from elective employee payroll deduction or salary reduction. For periods on and after June 30,
2011September 13, 2012, Salary will not include overtime or payments for unused accrued sick and
annual leave. If you were employed on September 13, 2012, Salary shall include payment for unused
accrued sick and annual leave up to the number of hours of unused sick and annual leaave accrued on
September 13, 2012.
The normal retirement benefit is calculated by multiplying 3% times years of Credited
Service times your Average Final Compensation: (3% x CS x AFC = normal retirement benefit).
Provided, however, that the benefit shall not exceed 9975% of Average Final Compensation at the time of
commencement. Members with a benefit accrual exceeding 75% as of September 13, 2012 shall retain
the percentage determined on that date. Additionally, Members who were eligible for Normal Retirement
as of September 13, 2012 are not subject to the 75% maximum limitation.
The benefit is paid to you for your life, but you, your beneficiary, or your estate shall
receive at least 120 monthly benefit payments in any event.
C. Deferred Retirement Option Plan (DROP). You are eligible to participate in the
deferred retirement option plan (DROP) once you are eligible for normal retirement and you can perform
the full scope of duties assigned to a firefighter. Election into the DROP is voluntary, but this election is
irrevocable once DROP payments begin. If you elect to enter the DROP, you will cease to accrue a
benefit and you will not be eligible for disability, pre-retirement death benefits, or partial lump sum
distribution benefits, other than the amount held in your DROP account upon termination.
The amount of the DROP benefit is calculated as if you had elected to retire on the date of
election to participate in the DROP, using Credited Service and Average Final Compensation at the date
of election. Your monthly retirement benefits, including any future cost-of-living increases, shall be
deposited in your DROP account. Earnings in your DROP account shall be credited or debited at the end
of each quarter at the actual net rate of investment return achieved by the fund. As an alternative, you
may elect that your DROP account be invested in a fixed rate money market fund. You may also elect
the “self-directed account option”, wherein you choose from a variety of investment options approved by
the Board. If you choose this option, your DROP account will be credited or debited at the end of each
quarter according to the performance of the investment options you chose.
Your member contributions to the Fund cease following election to participate in the
DROP.
You may participate in the DROP for a maximum of 60 months, at which point you must
terminate employment. If you terminate employment earlier than 60 months, your participation in the
DROP ceases.
Upon termination of employment, the balance in your DROP account will become payable.
You would have the following options of payment:
Formatted: Font color: Auto
-3-
(1) A single lump sum payment.
(2) An eligible rollover distribution to a qualified plan or IRA.
(3) A combination of a partial lump sum and rollover.
Should you pass away during your participation in the DROP, your beneficiary or estate
receives the same payout options as above. DROP payments to your beneficiary or estate will be in
addition to any retirement benefits payable by the Fund.
D. Early Retirement. You are eligible for early retirement upon the attainment of age 50
and the completion of 10 years of credited service.
E. Amount of Early Retirement Benefits. The amount of the early retirement benefit is
calculated in the same manner as for normal retirement and is available as follows:
(1) A deferred monthly retirement benefit which shall commence on the first day of
the month following attainment of age 52; or
(2) Beginning immediately upon retirement, but if beginning immediately, the
amount of the monthly benefit is reduced by 3% for each year by which the
commencement of benefits precedes age 52.
F. Cost-of-Living Adjustments (COLA). All members receiving benefits, excluding
Disability Retirees, shall receive an age based cost-of-living increase each January 1. The amount will be
a 1.0% increase of the prior year’s benefit for members who are age 53, 2.0% for members who are age
54, and 1.53.0% for members who are age 55 or greater, for benefits based on Credited Service earned on
and after September 13, 2012. Members eligible for Normal Retirement as of September 13, 2012 shall
retain an annual 3.0% COLA on the total benefit after attainment of age 55.
G. Optional Forms of Retirement. In lieu of the amount and form of retirement income
payable under normal and early retirement, you may elect to receive a retirement benefit in a different
form so long as the form you elect is of equal actuarial value as the normal benefit. The optional forms of
benefits which are available are:
(1) A retirement income of a monthly amount payable to you for your lifetime
only.
(2) A retirement income of a modified monthly amount, payable to you during your
lifetime and following your death, 100%, 75%, 66 & 2/3% or 50% of such
monthly amount payable to a joint pensioner for his or her lifetime.
(3) If you retire prior to the time at which social security benefits are payable, you
may elect to receive an increased retirement benefit until such time as social
security benefits shall be assumed to commence and a reduced benefit
thereafter in order to provide, to as great an extent as possible, a more level
retirement allowance during the entire period of retirement.
(4) Upon retiring under a normal retirement (after attaining Normal Retirement
eligibility, but excluding DROP retirement), you may receive a single partial
lump sum payment up to the actuarial equivalent value of your monthly benefit.
If you receive a partial lump sum less than the actuarial equivalent value of
your monthly benefit, your monthly benefit will continue in a reduced amount
after accounting for the partial lump sum payment.equal to complete months of
credited service earned after normal retirement eligibility times the monthly
benefit amount payable under the standard form of payment. If you elect to
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receive a partial lump sum payment, your monthly benefit will be reduced by an
actuarially equivalent amount.
H. Termination of Employment and Vesting. If your employment is terminated prior to
retirement, either voluntarily or involuntarily, the following benefits are payable:
(1) If you have less than 5 years of Credited Service upon termination, you shall be
entitled to a refund of your accumulated contributions or you may leave it
deposited with the Fund.
(2) If you have 5 or more years of Credited Service, you will be entitled to a
monthly retirement income to commence at age 52 provided your accumulated
contributions remain in the System. If you so request in writing, filed with the
Board, payment may commence on the first day of any month on or after the
date on which you attain age 50. Such monthly retirement income payable to
you under the provisions of this subsection (2) shall be equal to the product of
your vested percentage at the date of your termination of service as provided in
subsection (3) and the accrued benefit which you have accrued to the date of
your termination of service. If your monthly retirement income is to commence
on or after the date on which you attain age 50, but prior to the attainment of
age 52, your benefit in this subsection shall be reduced as for early retirement.
If you do not withdraw your accumulated contributions and do not survive to
age 50, your designated beneficiary shall be entitled to a benefit as described in
subsection J. (2).
(3) Except as otherwise provided herein, if you are not otherwise fully vested, you
shall have a minimum vested interest in the amount of your accrued benefit
equal to the percentage, applicable to the number of your years of Credited
Service:
less than 5 years: 0%
5 years but less than 6: 25%
6 years but less than 7: 40%
7 years but less than 8: 55%
8 years but less than 9: 70%
9 years but less than 10: 85%
10 years or more: 100%.
Provided, however, if you meet the early retirement provisions or the normal retirement
provisions, you shall be 100% vested regardless of the above schedule.
You shall at all times and in all events have a fully vested interest in your accumulated
contributions. Your vested interest shall not be reduced as a result of any amendment to this section;
however, any increase in your vested interest will be determined by the vesting schedule in effect at the
time of your separation from service.
The Internal Revenue Code provides that certain eligible lump sum distributions from the
Fund may be directly rolled over into qualified individual retirement accounts, annuities or certain other
pension plans. A 20% withholding shall be required on taxable portions of such lump sum distributions
not directly transferred to a new custodian.
I. Disability Retirement. You are considered disabled when you become totally and
permanently unable to perform useful and efficient service as a Firefighter. A written application is made
to the Board of Trustees for a disability pension and the Board of Trustees receives evidence of the
disability and decides whether or not the pension is to be granted. If the pension is granted, the benefit
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amount shall be:
(1) If the injury or disease is service connected, you shall be entitled to a monthly
pension equal to 60% of your Average Final Compensation, not less than 2%
per year of Credited Service.
(2) If the injury or disease is not service connected, you shall be entitled to a
monthly pension equal to 2.5% of your Average Final Compensation multiplied
by your total years of Credited Service, but in any event, the maximum amount
paid to you shall be 50% of your Average Final Compensation. This non-
service connected benefit is only available if you have at least 10 years of
Credited Service.
Terminated persons, either vested or non-vested, are not eligible for disability benefits,
except that those terminated by the City for medical reasons may apply for a disability within 30 days
after termination.
Your disability benefit terminates upon the earlier of death, with 120 payments guaranteed,
or recovery.
Your benefit will be reduced if you receive worker’s compensation and/or social security
disability benefits and your combined benefit exceeds 100% of your final Salary. The pension benefit will
be reduced so that the total does not exceed 100%.
Any condition or impairment of health caused by tuberculosis, heart disease or
hypertension resulting in total or partial disability or death is presumed to be service connected, unless the
contrary is shown by competent evidence; provided that you have successfully passed a physical
examination on entering into service and there is no evidence of the condition at that time.
Any condition or impairment of health caused by hepatitis, meningococcal meningitis, or
tuberculosis resulting in total or partial disability or death is presumed to be service connected, unless the
contrary is shown by competent evidence as provided for in Section 112.181, Florida Statutes. As of
May, 2011, there has been a commission formed to review this section of the Statutes. Please contact the
administrator promptly if you believe you are exhibiting any of these conditions to receive an up to date
summary of presumptive conditions.
To receive disability benefits, you must establish to the satisfaction of the Board, that such
disability was not occasioned primarily by:
(1) Excessive or habitual use of any drugs, intoxicants or narcotics.
(2) Injury or disease sustained while willfully and illegally participating in fights,
riots or civil insurrections or while committing a crime.
(3) Injury or disease sustained while serving in any branch of the Armed Forces.
(4) Injury or disease sustained after your employment as a Firefighter with the City
of Palm Beach Gardens has terminated.
As a disabled pensioner, you are subject to periodic medical examinations as directed by
the Board to determine whether a disability continues.
J. Death Before Retirement. If you die prior to retirement from the Fire Department,
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your beneficiary shall receive the following benefit:
(1) Prior to Vesting or Eligibility for Retirement. If you were not receiving monthly
benefits or were not yet vested or eligible for early or normal retirement, your
beneficiary shall receive a refund of 100% of your accumulated contributions.
(2) After Vesting or Eligibility for Retirement. If you die and, at the date of your
death were vested or eligible for early or normal retirement, your beneficiary
shall be entitled to a benefit as follows:
a. If you were partially or fully vested, but had not attained at least age 50,
your beneficiary shall receive a benefit payable for 10 years, beginning on
the date that you would have attained age 52 for a normal retirement
benefit or age 50 for an early retirement benefit, at the option of your
beneficiary. Your benefit shall be calculated as for normal retirement based
on your Credited Service, Average Final Compensation and vested
percentage as of the date of your death and reduced as for early retirement,
if applicable. Your beneficiary may also elect to receive an immediate
benefit, payable for 10 years, which is actuarially reduced to reflect the
commencement of benefits prior to age 50.
b. If you were eligible for normal (age 52) or early (age 50) retirement, your
beneficiary shall receive a benefit payable for 10 years, beginning on the
first day of the month following your death or at the date you would have
attained age 52, at the option of your beneficiary. Your benefit shall be
calculated as for normal retirement based on your Credited Service and
Average Final Compensation as of the date of your death and reduced as
for early retirement, if applicable.
c. Your beneficiary may, in lieu of any benefit provided for in (a) or (b)
above, elect to receive a refund of your accumulated contributions.
K. Additional Credited Service. In addition to credited service actually earned in the
employment of the Fire Department, you may also receive credited service as follows:
(1) “Buy-Back” of Time Lost Due to Absences Authorized by the Family and
Medical Leave Act. If you are absent on unpaid leave under the Family &
Medical Leave Act, you may purchase lost Credited Service by making an
actuarially determined contribution to the Fund, such that there is no cost to the
Fund in allowing such Credited Service, within strict time periods provided for
in Applicable Law as referenced in item 6 on page 9.
(2) “Buy-Back” for Military Service Prior to Employment. The time that you serve
or have served on active duty in the active military service of the Armed Forces
of the United States or the United States Merchant Marine, voluntarily or
involuntarily, honorably or under honorable conditions, prior to first and initial
employment with the City shall be added to your years of Credited Service
provided that:
a. You contribute to the Fund a sum of money equal to:
(i) the amount you would have contributed to the fund had you worked
for the City for the years you are requesting credit, plus
(ii) an additional amount to be determined by the Board’s actuary so that
there is no cost to the fund in giving you the additional years of
Credited Service, plus
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(iii) the amount charged by the actuary for determining the amount you
must contribute.
b. Multiple requests to purchase credited service pursuant to this section may
be made at any time prior to retirement, but no purchase is permitted for
periods of less than one year.
c. Payment of the required amount shall be made within 3 months of your
request for credit and shall be made in one lump sum payment upon receipt
of which Credited Service shall be given.
d. The maximum credit under this section shall be 4 years.
e. Credited Service purchased pursuant to this section shall count only for
calculation of benefit amounts and shall not count toward vesting or toward
eligibility for retirement.
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(3) “Buy-Back” for Prior Firefighter Service. The time that you previously served
as a Firefighter with the City of Palm Beach Gardens during a period of
previous employment and for which period accumulated contributions were
withdrawn from the Fund, or the time that you served as a Firefighter for any
other municipal or special district fire department in the State of Florida shall
be added to your years of Credited Service provided that:
a. You contribute to the Fund a sum of money equal to:
(i) the amount you would have contributed to the fund had you worked
for the City for the years you are requesting credit, plus
(ii) an additional amount to be determined by the Board’s actuary so that
there is no cost to the fund in giving you the additional years of
Credited Service, plus
(iii) the amount charged by the actuary for determining the amount you
must contribute.
b. Multiple requests to purchase Credited Service pursuant to this section may
be made at any time prior to retirement, but no purchase is permitted for
periods of less than one year.
c. Payment of the required amount shall be made within 3 months of your
request for credit and shall be made in one lump sum payment upon receipt
of which Credited Service shall be given.
d. The maximum credit under this section shall be 10 years of Credited
Service and shall count only for calculation of benefit amounts and shall
not count toward vesting or eligibility for retirement.
e. In no event, however, may Credited Service be purchased pursuant to this
section for prior service with any other municipal or special district fire
department, if such prior service forms or will form the basis of a
retirement benefit or pension from another retirement system, plan or fund.
L. Supplemental Benefit; Chapter 175, Share Accounts. In addition to the benefits
provided for in the previous sections, you shall also be entitled to an additional supplemental benefit to be
funded solely and entirely by certain state premium tax monies received pursuant to Chapter 175, Florida
Statutes. This benefit shall represent your allocated share of the premium monies received by the Fund
and payable in one lump sum payment upon retirement, death, disability and some terminations.
M. Contributions and Funding. The State contributes premium tax monies are first used
as a 26.8% contribution of Salary and credited as member contributions to the Fund (but not exceeding
$507,634 for all contributing Members). Any remaining premium tax monies are allocated once a year
into individual Share Accounts. The City contributes for the cost of all other benefits over and above
member contributions from Salaries and Share Accounts. You contribute 6% of your Salary to your
accumulated contribution account. The 26.8% of your Salary from premium tax monies will be
maintained separately and is only refundable upon termination to the extent you are vested as described in
subsection H(3). Your contributions will be excluded from your gross income for withholding purposes
so you will realize income tax benefits. Your 6% contributions are guaranteed refundable in any event.
N. Minimum Benefits. In no event will the benefits paid from this Fund be any less than
your accumulated contributions.
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O. Maximum Benefits. In no event will the non-member funded annual benefits paid
from this Fund exceed limitations established by Section 415 of the Internal Revenue Code, subject to
certain cost-of-living adjustments thereafter and actuarial reductions, under certain circumstances, for
retirement prior to age 62 as set forth in Section 415 of the Internal Revenue Code.
P. Forfeiture of Pension. If you are convicted of certain crimes committed prior to
retirement referred to in the Fund Ordinance, or if your employment is terminated by reason of your
admitted commission, aid or abetment of these crimes, you shall forfeit all rights and benefits under the
Fund, except for the return of your contributions as of the date of your termination.
Q. Claims Procedure Before the Board. You may request, in writing, that the Board
review any claim for benefits under the Fund. The Board will review the case and enter a decision as it
deems proper within specific time periods.
The Board’s decision on your claim will be contained in an order which will be in writing
and will include:
(1) The specific reasons for the Board’s action;
(2) A description of any additional information that the Board feels is necessary for
you to perfect your claim;
(3) An explanation of the review procedure next open to you which
includes a formal evidentiary hearing.
4. NON-FORFEITURE OF PENSION BENEFITS
A. Liquidation of Pension Fund Assets. In the event of repeal, or if contributions to the
Fund are discontinued by the City, there will be a full vesting of benefits accrued to date of repeal.
B. Interest of Members in Pension Fund. At no time prior to the satisfaction of all
liabilities under the Fund shall any assets of the Fund be used for any purpose other than for the
Firefighters’ exclusive benefit. In any event, your contributions to the Fund are non-forfeitable.
5. VESTING OF BENEFITS
Your retirement benefits are partially vested after 5 years of credited service and fully
vested after 10 years of credited service.
6. APPLICABLE LAW
The Fund is governed by certain federal, state and local laws, including, but not limited to
the following:
A. Internal Revenue Code and amendments thereto.
B. Part VII, Chapter 112, Florida Statutes, “Actuarial Soundness of Retirement
Systems”.
C. Chapter 175, Florida Statutes, “Marvin B. Clayton Firefighters Pension Trust
Fund Act”.
D. Ordinances of the City of Palm Beach Gardens.
E. Administrative rules and regulations adopted by the Board of Trustees.
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7. PLAN YEAR AND PLAN RECORDS
The Plan year begins on October 1 of each year and ends on September 30 of the following
year. All records of the Fund are maintained on the basis of the Plan year.
8. APPLICABLE PROVISIONS OF COLLECTIVE BARGAINING AGREEMENTS
The current collective bargaining agreement between the City and the Firefighters contains
no provisions which deal directly with pension benefits. However, pension benefits may be a bargainable
issue. bargained.
9. FINANCIAL AND ACTUARIAL INFORMATION
A report of pertinent financial and actuarial information has been prepared by the Fund’s
Actuary, Gabriel Roeder Smith & CompanyFoster & Foster, Inc., and is available at the office of the
Administrative Manager.
As of September 30October 1, 2012005, the date of the most recent actuarial valuation,
there were 7105 rRetired mMembers, 5 Disability Retirees, and 1no bBeneficiaryies of a deceased
members receiving benefits from the Fund, 6 DROP Members, and 2 Terminated, Vested Members,
eligible for future benefits. Active members totaled 10814 with an annual payroll of
$10,071,6179,720,0448,774,107. There wereas also 21 vested terminated members eligible for future
benefits. As of September 30, 2010September 30, 201205, there were 1201708 members with Chapter
175 Share Account balances totaling $5,456,3947,175,953.182,551,835.
Palm Beach Gardens, the employer, contributed $3,550,238974,4871, representing
approximately 43.5% of Total Annual Payroll. Member contributions totaled $564,117, in addition to
$188,039 in State Monies, calculated as 2% of the total Salary of all Members. The $188,039 was
utilized by the City for meeting its minimum funding obligation. $558,214 in additional State Monies
was allocated to the Share Plan.
The September 30October 1, 2012005 actuarial valuation report indicated that the actuarial
accrued liability for defined benefits under Governmental Accounting Standard No. 25 was
63.271.938.4% funded for past service liabilities, and the Share Accounts were 100% funded.
Contributions to the Fund during the year were equal to or greater than the actuarially
determined amount needed to comply with the provisions of Chapter 112, Florida Statutes.
It is the actuary’s opinion that the required contribution rates determined by the most
recent actuarial valuation are sufficient to meet the funding objective of the Fund, presuming continued
receipt of required contributions when due.
A copy of the annual audit report is available for inspection at the office of the
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Administrative Manager.
The final page is an accounting of the last two most recent completed fiscal years.
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ACCOUNTING INFORMATION SUBMITTED FOR VALUATION
Revenues and Expenditures
Year Ended
9/30/2012
REVENUES:
a. Member contributions $ 564,117.27
b. City contributions 3,974,487.00
c. Chapter 175 receipts to member contributions 188,039.09
d. Chapter 175 receipts to Share Accounts 558,214.37
e. Interest and dividends 1,435,601.53
f. Net realized and unrealized gain (loss) 6,719,870.33
g. Miscellaneous Income 2,290.29
REVENUES:
a. Member contributions $ 564,117
$ 592,131602,801
b. City contributions 3,974,48755
0,238 3,745,4973,180,731
c. Chapter 175 receipts to member contributions 201,11218
8,039 196,939201,059
d. Chapter 175 receipts to Share Accounts 457,50555
8,214 507,634453,089
e. Interest and dividends 1,435,6017 1,092,4886 f. Net appreciation in fair value of investmentsNet appreciation in fair value of investments 6,719,870 (1,402,535)( g. Miscellaneous income 2,290
3,295 4,3102,498
h. Total revenues 13,442,618 4,736,4644,897,352
EXPENDITURES:
a. Benefits paid 594,495
567,897 871,805376,676
b. Share Account benefits paid 80,653
c. Administrative expenses 96,825 73,72869,771
d. Investment expenses 268,486 231,215134,095
e. Total expenditures 1,173,649 1,176,7486
61,195 NET INCOME:
Total revenues minus total expenditures $12,268,969
6,506,719 $3,559,7164,236,157
Audit Adjustment 0 0
SHARE ACCOUNT NET CHANGE 344,371 274,582428,063
ASSETS(Defined Benefits) BEGINNING OF YEAR $38,451,339 ASSETS(Share Accounts) BEGINNING OF YEAR 5,730,975 5,456,3934,236,245
ASSETS (Defined Benefits) END OF YEAR $50,720,309 $32,175,409 ASSETS (Share Accounts) END OF YEAR 7,175,953
5,456,393 5,730,9754,664,308
TOTAL ASSETS END OF YEAR $57,896,262
34,346,668 $37,906,38427,839,949
Year Ended
9/30/20102
Year Ended
9/30/201109
213,843
$28,890,27519,3
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h. Total revenues 13,442,619.88
EXPENDITURES:
a. Investment expenses 268,486.07
b. Administrative expenses 96,825.33
c. Benefit payments 570,434.07
d. Lump sum DROP distributions 0.00
e. Lump sum share distributions 213,843.82
f. Termination payments 24,061.13
g. Total expenditures 1,173,650.42
CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS:
Net Assets Beginning of Year1 $38,451,339.47
Total revenues minus total expenditures $12,268,969.46
Audit adjustment 0.00
TOTAL NET ASSETS END OF YEAR $50,720,308.93
1Net Assets include DROP and Share account balances at the beginning of the year.
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ACCOUNTING INFORMATION SUBMITTED FOR VALUATION
SUMMARY OF ASSETS
REVENUES:
a.Member contributions $ 594,457 $ 602,801
b.City contributions 3,550,238 3,180,731
c.Chapter 175 receipts to member contributions 201,112 201,059
d.Chapter 175 receipts to Share Accounts 457,505 453,089
e.Interest and dividends 754,800 652,069
f.Net appreciation in fair value of investments 1,771,610 (194,895)
g.Miscellaneous income 3,295 2,498
h.Total revenues 7,333,017 4,897,352
EXPENDITURES:
a.Benefits paid 567,897 376,676
b.Share Account benefits paid 80,653
c.Administrative expenses 88,661 69,771
d.Investment expenses 169,740 134,095
e.Total expenditures 826,298 661,195
NET INCOME:
Total revenues minus total expenditures $6,506,719 $4,236,157
Audit Adjustment 0 0
SHARE ACCOUNT NET CHANGE 792,085 428,063
ASSETS(Defined Benefits) BEGINNING OF YEAR $23,175,641 $19,367,547
ASSETS(Share Accounts) BEGINNING OF YEAR 4,664,308 4,236,245
ASSETS (Defined Benefits) END OF YEAR $28,890,275 $23,175,641
ASSETS (Share Accounts) END OF YEAR 5,456,393 4,664,308
TOTAL ASSETS END OF YEAR $34,346,668 $27,839,949
Year Ended
9/30/2010
Year Ended
9/30/2009
Summary of Assets
ASSETS
September 30, 2012
Market
Cash and Cash Equivalents:
Prepaid Expenses
Money Market
650.00
3,019,096.82
Total Cash and Equivalents $3,019,746.82
Receivables:
State Contributions
Accrued Income
133,939.95
138,166.09
Total Receivable (Payable) 272,106.04
Investments:
US Government/Agency/Corporate Bond /CMOs
12,332,996.17
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Corporate Stocks/REITs
Mutual Funds:
International Fixed Income
International Equity
Pooled/Common/Commingled Funds:
Equity
International Equity
25,542,109.50
1,559,550.51
2,070,279.86
3,667,547.00
2,318,352.00
Total Investments 47,490,835.04
TOTAL ASSETS $ 50,782,687.90
LIABILITIES AND NET ASSETS
Liabilities:
Payable:
Unpaid Investment Expenses
62,378.97
Total Liabilities 62,378.97
Net Assets, including DROP and Share Balances 50,720,308.93
TOTAL LIABILITIES AND NET ASSETS $ 50,782,687.90
Cash & Equivalents $ 3,574,524 $ 2,842,499
Receivables/(Payables)(117,101)846,476
Corporate Bonds/Government Securities 9,174,500 8,080,865
Common Stocks 14,222,217 12,813,663
Real Estate 2,269,135 756,753
International 5,223,393 1,234,890
Miscellaneous 0 0
Mutual Funds 0 1,264,803
Total Assets $34,346,668 $27,839,949
September 30, 2010
Market
September 30, 2009
Market
Cash & Equivalents $ 3,019,7493,574,524 $
Receivables/(Payables) 272,106(117,101) 582,7598 Corporate Bonds/Government Securities 12,332,9969,174,500 10,736,5808,080,865
Common Stocks 25,542,11014,222,217 17,791,45912,813,663
Real Estate 3,667,5472
,269,135 3,175,3787
56,753 International 2,318,3525,223,393 4,748,5751,234,890
Miscellaneous 0 0
Mutual Funds 3,629,8300 1,264,8030
Total Assets $34,346,668 $37,906,384$27,839,949
September 30, 20102012
Market September 30, 200911
Market
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