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Agenda 05-10-12
BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING Thursday, May 10, 2012 @ 2:00 PM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA *Revised 5 -7 -2012 I. CALL TO ORDER — Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROVAL OF MINUTES — Quarterly meeting February 23, 2012 IV. FINANCIAL REPORTS: A). Bogdahn Consulting — Dave West 1) Investment Performance Review for Quarter 03 -31 -2012 B). Attorney Report — Adam Levinson 1) Four Year Terms for Trustees - 2) Update on Princeton Futures Fund of 6800 Capital LLC. Atalanta Sornoff Capital termination acknowledgement of 3 -27 -2012. *3) Pension Renewal & Amendment - V. CORRESPONDENCE — 1) DGHM — Annual administrative matters letter of 4- 24 -12. 2) Anchor Capital Advisors — Letter of 4 -30 -12 — ETF investment clarification & Investment Policy Outlook 3) STW — Guideline Exceptions Report — First Quarter 2012 VI. OLD BUSINESS — 1) Ad Hoc 175 Payments — Special runs processed for the years 2005 & 06, 2010 & 11. 2) Fiduciary Liability Insurance — Premium paid $7800.10, no premium increase with Deductible decreased to -0 -. VII. NEW BUSINESS: A. Invoices for review and approval: 1. STW Fixed Income Mgt — Qtry fee 6 -30- 2012 - $8404.14 2 Atalanta Sosnoff — Final fee 3 -8 -2012 - $5987.00 3. DSM Capital Partners LLC — Qtry fee 6 -30 -2012 - $ 15237.52 1 4. Bogdahn Group — Qtry fee 03 -31 -2012 - $8,375 5. Tegrit Administration — Qtry fee 03 -31 -2012 - $500 6. DGHM — Management fee 03 -31 -2012 - $12873.76 7. Klausner & Kaufman — Service Feb & Mar 2012 - $3755.25 & * Apr - $300 9. GRS — Service thru Oct. 2011 - $1,412 & Services thru 1 -31 -2012 $1,351 10. Anchor Capital Advisors — Quarterly fee 12 -31 -2011 - $ 10505.10 11} Intercontinental - Management Quarterly fee 12-31 -2011- $12,492.51 withheld from dividend reinvestment plan. B) Form 1— Financial Statement 2011 - Required to be filed by July 1, 2012 . VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of 05 -01 -2012 2. *Annual "Alive & Well" Statement to be mailed all retirees June 2012 IX. COMMENTS X. ADJOURNMENT Next Meeting Date — Thursday, August 9, 2012 @ 2:OOPM — Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739 -7972. NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' PENSION BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE /SHE WILL NEED A RECORD OF 1HE PROCEEDINGS AND, FOR SUCH PURPOSE, HE /SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED (F S 286 0105) THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CITY PLEASE CONTACT CITY CLERK'S OFFICE (561) 742 -6060 AT LEAST TWENTY -FOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST THE BOARD (COMMITTEE) MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED IF NO QUORUM IS ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE CITY CLERK OR DESIGNEE WILL SO NOTE THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHAL L BE CONCLUDED BOARD MEMBERS MAY NOT PARTICIPATE FURTHER EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY S \CC \WP\IANET\FIREFIGHTERS' PENSION FUND doc 2 MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING HELD ON THURSDAY, FEBRUARY 23, 2012 AT 2:00 P.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES 1500 GATEWAY BLVD., SUITE 220, BOYNTON BEACH, FLORIDA PRESENT: Luke Henderson, Chair Barbara LaDue, Pension Administrator Helen (Ginger) Bush Adam Levinson, Board Attorney Matthew Petty Ray Carter, Chief Jonathan Raybuck Robert Taylor, Jr. I. CALL TO ORDER — Luke Henderson, Chairman Chair Henderson called the meeting to order at 2:02 p.m Ia. Luke Henderson was nominated and will continue to serve as Trustee for another two year term. Ib. Congratulations to the new Fire Chief, Ray Carter. II. AGENDA APPROVAL Barbara LaDue, Pension Administrator, advised she wanted to add under New Business A. Invoices, number 11, Davidson, Jamieson & Cristini, $4,700 for final billing for audit and annual report. Also under E. Financial Statements, add Oct., Nov., and Dec. 2011 is included for review. Motion Mr. Taylor moved to approve the agenda, as amended. Mr. Petty seconded the motion that unanimously passed. III. APPROVAL OF MINUTES — Quarterly Meeting 11 -10 -2011 Ms. LaDue requested a change on page five, item 2, Princeton Futures, should read 6800 Capital, not Gapitai. Also on page eight, end of paragraph, correct spelling of Capac is Caois. Motion Mr. Petty moved to approve the minutes. Mr. Raybuck seconded the motion that unanimously passed. Meeting Minutes Firefighters' Pension Boar Boynton Beach, FL i- ebruary 23, 2011 V. FINANCIAL REPORTS: k Davidson, Jamieson & Cristini, Pi -. Richard Cristini, CPA & Jeanine Bittinger, CPA Audit Report/Financial Statements tor PYE 09 -30 -201 Jeanine Bittinger, CPA began by stating they brought the annual report to the Division of Retirement so that was now completed. She began by reviewing the financial statements. On page one was the Independent Auditor's Report letter. She advised it was the opinion letter and this was an unqualified opinion, which was the highest opinion that could be rendered In reviewing the financial statements, she stated it was a comparative report for two years, for the year ending September 30, 2011 versus September 30, 2010. The receivables were down mainly because there was a large outstanding receivable from the City, which was over $3 million The good news was the total investments. Looking at the growth net portfolio, it was very good. Total investments were $50,189,000, compared to the prior year of $45,880,000. Accounts payable were higher mainly due to some transit items from broker - dealers. That would simply be a cut -off issue depending on when the cut off time of the statements was, so there were some pending trades that were not settled at that point. She continued to review the statement of changes and planned net assets and mentioned those were also comparative statements, but it told the story of what made up the increase Although the news was not positive overall, compared to other plans, it had done much better than the others. When looking at what comprised the additions and the growth in the plan, it appeared the contributions from the City were a little lower, member buy backs were a little higher, and there were significant amounts of rollovers to the DROP Those things added to the increase. The state money was a little lower and a supplemental check was not received. The number hurting everyone was the net appreciation /depreciation The bottom line refers to the point in time, September 30, 2011, which was the worst quarter of the fiscal year. The plan did better than the average. When reviewing all the additions and payments, the plan ended with a positive net increase. Ms. Bittinger reviewed the schedule that showed numbers by asset class, the realized appreciation and unrealized depreciation in the portfolio, and comparative by the two years. Assets were sold at a gain. Because of the decline in the quarter, the unrealized depreciation of the portfolio experienced a decline. That was not liquidated so there would still be an opportunity to come back. The designations for DROP accounts were also reviewed over the last two years. There were no plan amendments for year ending September 30, 2011 She pointed out that in the back of the report handout was the Statement of Fund in Progress, which was of interest to many boards. Mr Taylor requested her thoughts regarding the reduction from 8.25% to 8.1% and did she see a further reduction going forward She replied that she saw that happening with a lot of Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 23, 2012 boards. Attorney Levinson advised that he would be presenting materials in his Attorney report that would address that issue. Because of the timing of the audit report and wanting to get it out as early as possible, which helps accommodate the city, the latest actuarial report was not used. It was not available, so the references made are all September 30, 2010. The biggest hot button was the funded ratio. The Board was at 62.2% as of September 30, 2010. Ms. Bittinger reviewed the schedule of hard contributions from the City from 2002 -2011. and pointed out the breakdown of the actual detail on the statements was based on one number for investment expenses and one number for administrative expenses. It compared the detail over the two year time period and was on par between the two years. In reality, administrative fees were significantly lower than they were last year and investment expenses were somewhat higher, which correlated with the increase in the portfolio. On a percentage basis, as long as the percentage was below 1% in each category, for a total of 2% for the fiscal year, that was good. As it stood, this showed .54% and .19% and that was with the total net planned assets. Attorney Levinson also pointed out that this year the attorney fees went down as there were no ordinances and there were fewer meetings and no pressing legal matters. Attorney Levinson reminded the auditors that this was the one day they come before the Pension Board where they describe whether or not there were any obstacles, burdens or barriers by the City or by anyone on the Pension Board that would need to be discussed. Richard Cristini, CPA explained there were several issues looked at. First, was an audit by flaw, then an audit by Board policy. Falling under the Board policy are the entered into contracts. With respect to the custodian, the pricing of the securities held are reviewed. There are several services that are investigated and used to test the market value costs. Looking at Princeton Futures, there was market value there and it was the Board's responsibility to accept the market value that was priced on those securities. Mr. Cristini recommended getting a copy of the audit report. If the provider of the audit report knows what he/she was doing, the report will list the name and address of every investment in the fund and would provide an understanding of what the market values were. It does not mean there would be something wrong, but would serve as a reminder that as a Board member, it was the right and duty to question and raise the issue if there was a feeling something was not right. With respect to the internal controls of the plan, he advised they worked with the City, and tested payroll records and did not find any problems or control deficiencies. Ms. Bittinger advised there were a couple of comments directed towards the plan's custodian and wanted to remind them to provide the detail. Their descriptions during the audit process were what was relied upon. They use the term lump sum to describe virtually any payment to the plan, but they need to provide the information if "lump sum" 3 Meeting Minutes Firefighters' Pension Soar c Boynton Beach, FL February 23, 2012 was refunded contribution, a DROP payment or other payment. The other issue would be sales tax After the governmental and public pension plan areas, the biggest part of our practice, was sales tax As a governmental area there needs to as x.. sales tax exemption and that was being worked on currently 2`; Professional Services Agreement - renewal Ms. Bittinger stated under the previous agreement, this would have been the last audit To prevent the lapse in service, this was being presented for the next three fiscal years. The fees for this Board and the Police Pension Board are the same. There was also a separate fee for the annual report to the Division of Retirement. Motio n Mr. Taylor moved to renew the agreement. The motion was seconded by Mr Petty ana unanimously passed. B. Gabriel, Roeder, Smith & Co. - Steve Palmquist & Pete Strong Actuarial Valuation Report for PYE 09-30-201 Steve Palmquist introduced Pete Strong, the replacement for Duane Holliston who left the firm a year ago. Mr. Palmquist began his report by identifying what would have to be contributed to the plan next fiscal year compared to the present fiscal year. The City contribution was calculated as though it was made all at once, at the beginning of the fiscal year. The City began this practice last year and it saved money. Mr. Palmquist commented that the contributions had been fully invested in equity so far this year and that was an extreme benefit He advised the same dismal reports had been given to almost all their clients. if the year ended August 31 or October 31, things would have looked pretty good. However, September 30 was about when the market hit bottom. The Board adopted a policy last year of gradually getting to an assumed rate of return of 7.5 %. This year, going forward at 7.95 %, the plan was going down .15% a year, until it gets to 7.5 %. That made the cost go up by 1.3% of payroll. It was the same last year. The firm still felt that was a realistic policy and suggested keeping it for now. There were comparisons and discussion on other companies that were doing something similar. Hopefully. by the time 7.5% was reached, things would look better than they do now. Mr. Palmquist advised one standard of practice, figuring mortality rates, was amended last year. The standard now states that it had to be explicitly stated in the report whether the mortality rates used anticipate future increases in life expectancy of conversely future reductions in mortality rates. Eventually, there would have to be a change in the mortality rates and that would make the cost go up approximately 3% 01 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 23, 2012 payroll. Under actuarial experience, the investment retum on market was -.9% for the year. When that was cycled through the asset smoothing method, it gave a return of +.9 %, and the assumption was 8.1%, so there was a big Toss due to investments. As far as the plan standpoint, there was a gain due to Tess than expected pay increases that helped some but not enough to offset the loss due to investments. That made the costs go up. Funded ratio went from 62% to 59 %, before the assumptions were changed and then to 58 %, based on the lower assumed rate of return. That was low and not consistent with other plans. The average would be in the low 70s. However, many factors and how things are reported make a difference in the numbers. Mr. Palmquist indicated that last year, in Senate Bill 1128, there was a provision that stated the State Division of Retirement had to design a financial rating system, not the 7.75% but another financial rating system; to which all the claims around the state could be compared. The Division of Retirement designed a rating system and had submitted the proposal to the Governor and the legislature and are now in the process of deciding what to do about it. So far, it had not progressed. Attorney Levinson stated this would be discussed under his attorney report. 2) Approval Ad Hoc 175 — Distribution The reserve of unused state revenue rose by $300,000, from $1.9 million to $2.2 million. Explaining the graphs in the report, Mr. Palmquist continued with discussion on the experience gain or loss comparing the last 11 years. In 2000, a peak was reached of +$3 million of gains. In the past 11 years, it had gone down to -$30 million, that equaled $33 million of experience losses. Those losses made costs go from -5% to +35 %, so the cost of the plan had gone up almost 40% of payroll because of those experience losses. The retums, using the asset smoothing method, for every year except one year, had been less than the assumption. With regard to salary increases, four out of the past 11 years, the pay increases had been at or above the assumption. The stock market in particular for the past 11 years had given 0.2% per year average. In conclusion, Mr. Palmquist pointed out that planned termination liability was always shown using the plan interest rate. Now, it had to be shown using the FRS rate of 7.75% which was reflected in the numbers given in the report. That ratio used the market value of assets. C. Bogdahn Consulting — Dave West 1) Investment Performance Review for Quarter 12 -21 -2011 Dave West, Bogdahn Consulting, began by discussing the assets and performance. Looking at the fiscal year to date, the plan through January 31 eamed 9.38 %. Factoring in the additional growth of assets, there would be approximately 11 -12% rate of retum, 5 Meeting Minutes Firefighters' Pension Boars Boynton Beach, FL rebruary 23, 2012 fiscal year to date. He was concerned with staying invested in this plan as he felt that a lot would be left on the table that gets factored into long term rates of return, should there be a month of negative return , There had been a number of frustrations with some of the active management. Most 01 the managers are beginning to get some traction such as utilities ana high -eno consumer staples. Now that the market appeared to be normalizing, more traction had been seen. The two managers, Anchor and Dalton, had been less impacted and are in line with the market. DSM picked up ground on the market and the International Equity managers picked up a lot. Fixed Income moved ahead as Asset Allocation decisions that were made were beginning to kick in. The Global Bond Strategy was up almost 7 %, and the Domestic market was outperforming the Global benchmark Templeton Global Fund had a huge month with an increase of 6.59% The steady and big success story continues to be real estate Mr. West commented that there had been two landmark events since the last meeting, The first was with regard to Europe. The European Central Bank was empowered to put together and oversee a bail -out program that completely follows the treasury fed program that was used to get the U.S. out of the market lockup in 2008. Essentially, the ECB through the EFS (European Financial Stability Recovery System) which was the treasury of the 37 member countries, met and agreed to empower the ECB The ECE issued over $900 million in Euros and is going to the distressed countries ana distressed financial institutions within these countries asking to pledge certain bonds as collateral. In return, they would receive —AA ECB bonds and those could go on the balance sheet. What that meant was now the financial institutions were protected with the ECB bonds on their balance sheets. That averted a market lockup similar to what was experienced in 2008. The second big landmark event was the Bank of America situation and the mortgage foreclosures had been resolved. All the mortgages would be foreclosed on so the short -term impact would have a negative effect on property values but the long -term impact would be that there would be a position to clear the market of real estate that had been stuck in transition with vacant properties. Those properties would finally move. Florida was one of the states that had to go through the tour system but some states do not have to go through the court process so the results would be immediate. That was the event that had to take place so that the funds would see recovery in that market. The December numbers reflected landmark events to help everything move forward He advised the U S economy was slowly improving. Status on Princeton Futures Fund of 6800 Capital LLC and Atalanta Sornoff Capital The Princeton Fund was down 9 %. There was an enormous amount of assets our there, but were not coming back in yet There was discussion on the terms of the transition that was agreed upon Meeting Minutes Firefighters' Pension Board Boynton Beach, FL Februa 23, 2012 D. Attorney Report — Adam Levinson 1) Reminder - 14 Annual Conference, Klausner, Kaufman, Jensen & Levinson, March 18 — 21 2012 — Ft. Lauderdale. 2) Legislative Updates Attorney Levinson discussed the current version of House Bill 365, along with many companion bills that state the same thing. It contained one paragraph for 175 and one paragraph for 185. What it basically stated was that not withstanding the normal requirements of 175 and 185, growth of money would be used to purchase additional benefits. It would be used as an asset and not to purchase a defined benefit. It stated that if the union and the City agree, effectively they could use the State money for that purpose. That was the state of the current legislation. The union argument would be that if the City could just go to impasse and demand the changes, it basically would allow the City to use the money for City purposes. The City argument would be that in Tight of the pain that was inflicted over the last few years, some would say it would be an appropriate thing for the City to do, because the City needed help to help fund the pensions. The compromise from the current version of legislation was that it allowed the parties to mutually agree and allow more flexibility. As discussed previously, a rating system would add a greater understanding of the pension system. There was more general discussion about the 175/185 legislation. Attomey Levinson handed out material from the FRS Division website explaining the changes made through their website. At the website, information would be available on the actuarial summary sheet, the local government annual report and the rating system. He reviewed the highlights and numbers of the material handout. Attorney Levinson reviewed another handout and reminded everyone that a couple of years ago, the Board decided to start lowering the investment assumption. The assumed rate of retum, according to the handout from the 2010 valuation, was 8.25% and as of now, it was at 7.95 %. He explained the percentages and comparisons on the sheet in detail. He requested Mr. Palmquist offer an understanding on SB 1128. Mr. Palmquist began by reviewing the percentage numbers and explained it was a serious problem to him. He stated the bottom line was the plan needed more money. He saw a preview on one of the early bills on what might happen. That bill stated if the funded ratio was below 80 %, there would have to be a plan by employer and employee to get to 80% within five years by cutting back benefits or putting more into the plan. That was happening all over the state. He advised there were eight or ten cities that were looking at cutting back benefits. When the revenues are peaked out and decreasing and the funded ratio had to be raised, the only one thing to give would be the liability. 7 Meeting Minute" Firefighters' Pension Boas, Boynton Beach, FL a ebruary 23, 2012 Attorney Levinson continued by advising he was comfortable with the manage° futures contract and would be hashing out a side agreement with the company within he 2ex': week or two There was discussion regarding the side agreements. 3' our Year Terms for Trustees Chair Henderson advised he wanted this to get to the City Commission, as there were changes in the package. Attorney Levinson advised he would provide a very short ordinance which would provide that all trustees would have four year terms of office This would be piggybacking off of what the City did for the Police. Attorney Levinson suggested having staggered terms, E. Financial Statements - Oct, Nov, and Dec, 2011 included for review. These were handed out at the beginning of the meeting to let everyone know what the current status was V. CORRESPONDENCE a ; DGHM - Personnel changes and promotions letter of January 11, 2012 This was added to make note of the personnel changes VI. OLD BUSINESS - NIA A, Invoices for review and approval; STVV Fixed Income Mgt - Quarterly fee 03 -31 -2012- $8,677 92 2 Atalanta Sosnoff - Quarterly fee 12 -31 -2011 - $7,378.00 3 DSM Capital Partners LLC - Quarterly fee 03 -31 -2012 - $13,356.79 4 Bogdahn Group - Quarterly fee 12 -31 -2011 - $8,375 5 Tegrit Administration - Quarterly fee 12 -31 -2011 - $500 6 DGHM - Management fee 12 -31 -2011 - $11,745.11 7 Klausner & Kaufman - Service Nov /Dec 2011 & Jan 2012 - $5,010 9 GRS - Service thru Oct 2011- $1,412, Services thru 01 -31 -2012 $1,351 10. Anchor Capital Advisors -- Quarterly fee 12 -31 -2011 - $9,890.53 11 Davidson, Jamieson & Cristini - Audit progress bill - $5,000 and Final Billing for Audit and Annual Report - $4,700 12 Ellen Schaffer Annual Pension Support Fee 1-2012/1 -2014 $1,650 1 a Intercontinental - Management Quarterly fee 09 -30 -201' $12,413,66 withheld from dividend reinvestment plan Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 23, 2012 , Motion Mr, Petty moved to pay the invoices. The motion was seconded by Mr. Raybuck and unanimously passed. B. Fiduciary Liability Renewal — 04 -10 -2012 — 04 -11 -2013 - Review & Approval for payment Mr. Taylor moved to approve the renewal. The motion was seconded by Mr. Raybuck and unanimously passed. C. Review and Approval — Vested Deferred Benefit— Brenton M. Tracy Motion Mr. Taylor moved to approve the benefit for Brenton M. Tracy. The motion was seconded by Ms. Bush and unanimously passed. VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of 02 -01 -2012 This item was not discussed. The next meeting was scheduled for Thursday, May 10, 2012 at 2:00 PM IX. COMMENTS None. X. ADJOURNMENT There being no further business to discuss, the meeting was properly adjoumed at 4:06 P.m. gt&-t Ellie Caruso Recording Secretary 9 KLAUSNER KAUFMAN' JENSEN LEVINSON To: Davie Firefighter Pension Fund From: Robert D. Klausnc Re: Proposed Normal Retirement Agc Rules (IRS NOTICE 2012-29) The purpose of the proposed Normal Retirement Age Regulation (NRA ) is to ensure that all qualified retirement plans. including governmental retirement plans. are truly meant for retirement. The rule was issued in response to the growing incidence of - retire-rehire - practices by state and local government employers. In many of those instances. the rehire of a retiree was accompanied by the continued payment of the retirement benefit along with the salary for the rehired service. To date. the Division of Retirement has opposed these practices (unless the member changed professions) in funds receix ing Chapter I 75 insurance premium tax distributions. The regulation. and our face to face meetings with the IRS on this subject, have led to the conclusion that this rule will not affect service based retirement (20 and out. for example), except for those systems that will pay officers a pension along with a salary if rehired. Section 402 of the Tax Code allows in-service distribution after normal retirement ate. The new regulation. which is scheduled to take effect in January 2013. will not affect nor require attainment of any age for the purpose of entering the DROP or simpl separating, from service. If the Davie Firefighter Plan NA LIS to provide for in-service distribution, that would be permissible if the officer retired and was rehired in the year in which he or she turned 50 years of age, or older, The new rule will not affect DROP. Participation in the DROP is not a - distribution. - It is the deferred receipt of the defined benefit. The member has no ability to access the DROP money while employed and it is a permissible subject for a post-separation - roll-over. - 10059 NOR' 11W1-',1 )NF COURI PI \: Ft ()Rt(),‘ 33324 PHONI- (954)91(-1202 • \\ (954) 916.1 \V \A w.rube ltdklut,er.oul It is expected that the regulation will be clarified prior to its effective date. The clarifications will likely focus on someone retiring as a Firefighter officer but being rehired by the same govemment in a different job. Additionally, there will likely be discussion as to whether this rule requires adoption of a normal retirement '`age" to continue using the $3,000 post retirement tax deduction for health insurance. We do not believe that it does, but will be closely watching the clarification requests. In summary, the current draft of the NRA regulation will not prevent or affect retirement, including entry into the DROP, based on service, regardless of age. W \Wdocs\LLP\9003361GM100038656 WPD Page 2 of 2 ■ OJ '^ 0 1 a7o D Z ^ 2 cu 3 o rO O c O 7 O O W Q O N _� C ti v 7 < 7 c W < O f o -I V 7 A N N n Q n N O X co X S m o N X X o O X to to to to in in ou N in 51,33 01 01 01 O 1-.� l F.-• A '0 A N ele A A N u W 00 W O V1 W V 03 01 1 W N O g w, LA to N W o ^ = 00 00 / su c co o V o V 0 1 cn NJ o M In 01 1 Lu co 1- 1.+ N i..) N 1-. o 0 0 e V) to to to to CO 1- 0 01 N J CO W N 0011 W VI NJ 00 0o V V A 1 "f 1 O O D > A 00 A N W O , 1 N v y 9 3 3 0 ` 3 ¢' m kn 0 d 0 r N u co N NJ 0 1 O d z o 3 3 . o ix, .1..- i--∎ in b CO a CU y Q 0 w V co A O U1 m 1 y n io to to 1 c1 v w y X D 7. S vi LA X N D 0 A A 0 �. 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E c 0 V V A 00 O A O W N 1--■ V O1 2 O N W 01 co w Lnn V A O Ql II) 0 O i - . 00 A l0 01 W 01 l0 in A F+ ' Co 0 0 0 03 Ul V V 0 W F-+ W 0 01 DG April 24, 2012 Ms. Barbara LaDue Administrator } City of Boynton Beach Firefighters Pension 1500 Gateway Boulvard, Suite 220 Boynton Beach, FL 33426 Dalton, Greiner, Hartman, Maher & Co., LLC A Boston Pnvate Wealth Management Company Dear Ms. LaDue: As is our custom each year, we need to cover a few administrative matters. 565 Fifth Avenue Suite 2101 ADV Offer New York, NY 10017 -2413 In accordance with the Investment Advisers Act of 1940, we are required to 212 -557 -2445 offer to deliver to our clients our current filing of Form ADV - Part II. Form Fax 212- 557 -4898 ADV is a document filed with the SEC that outlines how an investment 3001 Tamiami Trail North advisory firm carries on its business. If you would like to receive a copy of our Suite206 Part II of our Form ADV, please call Dolores Casaletto at 239 - 261 -3555 or Naples, FL 34103 -4172 email dcasalettoadghm.com. Part I of our Form ADV is now available on line 239 -261 -3555 at the IAPD website (www.adviserinfo.sec.gov). Our SEC registration number Fax 239- 261 -5512 is 801 - 62895. Code of Ethics Offer In accordance with Rule 204A -1 of the Investment Advisers Act of 1940, we website: www.d2hm.com are required to offer to deliver to our clients a copy of our Code of Ethics. Our Code of Ethics sets forth standards of conduct expected of our advisory personnel (including compliance with federal securities laws). If you would like to receive a copy of our Code of Ethics, please call Dolores Casaletto at 239 - 261 -3555 or email dcasaletto @dghm.com. Voting Guidelines In accordance with our investment management contract, we exercise voting authority over the security proxies we receive related to your account. Our current voting policies and procedures can be found at www.dghm.com /proxy.pdf. Please call if you need an explanation of any item. Investment Guidelines Your account may have investment guidelines and /or restrictions. A summary of those guidelines as we understand them is attached. Please review them and let us know if any changes are desired Contact Information A listing of the contacts on record for your account is enclosed. Please review this list for accuracy and notify us of any changes by email to Karen Schnetzer - Lamonge (kschnetzer( dghm.com). We are value investors Account Information On -Line Our web site (www.dghm.com) can provide holdings, performance and We focus on companies with transaction information on your account. If on -line access is useful to you, e- improving fundamentals, mail Mona Casey (mcaseya,dghm.com) a request to activate your account. priced at a discount to their Sincerely, peers We believe these companies will deliver Thomas F. Gibson Chief Compliance Officer superior returns over Enc a market cycle " } }! # f ! f }f f ! ! f }! ! 2 ! ! E k ) ( k \ { \ k fi ! -2 \ \ | \ i )\ \ \ } \2 2 2 2 2 ri Li )ƒ \ \ i ƒ ) } Ili §) §§ \) -\) §];] §) }\\\ \ } tj Ili }2 : § a § a ! ot k I i } l f ) & \ j ff ± ± ± ti ) § ( ) § il =l 2 } Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS April 30, 2012 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 13835 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 04/30/12 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE .900334 Professional Fees Date Description Hours Amount 04/16/12 REVIEW INTERCONTINENTAL CONTRACT AND 0.50 150.00 HURDLE 04/25/12 CALL TO PALMQUIST RE PENDING ISSUES; 0.50 150.00 REVIEW EMAILS RE RECOMMENDATIONS AND FUNDING POLICY Total for Services 1.00 $300.00 CURRENT BILL TOTAL AMOUNT DUE $ 300.00 Past Due Balance 3,755.25 AMOUNT DUE $4,055.25 PENSION FUNDS OF Boynton Beach Boynton Beach Police & Fire Pension Funds 0 fr m 1500 Gateway Blvd., Suite # 220 � Boynton Beach, FL 33426 < 7 Pension Administration 561/739 -7972 FAX: 561/731 -2997 Email ladueb@bbpdpension.com June 2012 Retirees of the Boynton Beach Firefighters' Pension Plan: It is that time of the year again Enclosed is "ALIVE AND WELL STATEMENT" for your completion, notary and return to the Pension Administrator. The Firefighters' Pension Board requires the statement be returned as soon as possible so as to not disrupt your monthly pension benefit. Please return the completed statement prior to August 7, 2012 so that your September 1 s ` benefit will be processed in a timely manner. Please complete with Notary Public and mail to: Barbara La Due Pension Administrator Boynton Beach Firefighters' Pension Fund 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 Please call me at 561/739 -7972 if you have any questions or concerns. Thank you. Barbara La Due Pension Administrator ALIVE DOC ALIVE AND WELL STATEMENT I, , hereby certify under penalties of perjury, I am alive on this day of , 2012, and lawfully receiving pension benefits from the City of Boynton Beach. X (Signature) (Print Name) (Address) (City, State & Zip Code)) (Phone/Cell) State of (Email) County of BEFORE ME, the undersigned authority, personally appeared , whom is personally known to me or has produced as identification and who did take an oath and, after being duly cautioned and sworn, deposes and says that he/she has signed the foregoing document for the reasons therein contained. SWORN TO AND SUBSCRIBED before me this day of , 20 . Notary Public My Commission Expires: 06 -2012 loll ll Capital, LLC • 101 Park Avenue, New York, NY 10178 -0008 (212) 867-5000 Fax (212) 922 -1820 wwwatalantasosnoff.com © 1986 Andy Warhol March 27, 2012 Ms. Barbara LaDue Adminstrator Boynton Police & Fire Pension Funds 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 Re: Boynton Beach Firefighters' Pension Plan A/C #49836 Dear Ms. LaDue: We were disappointed to learn of your decision to terminate our services as investment manager for the above referenced account. Per your instructions received on March 8, 2012, we have ceased all trading activity in the account and will effect no further transactions. Enclosed please find your final performance report and tax -lot portfolio for the period ended March 14, 2012. A copy of the final invoice was mailed under separate cover. We wish you the best of luck in your future endeavors. Should you have any questions or if we can be of further assistance, please do not hesitate to call. Sincerely, William E. DiPietro Senior Vice President WED/kb Encl. cc Mr. David E. West CFA, The Bogdahn Group Anchor Capital Advisors LLC One Post Office Square Boston, MA 02109 -2103 617- 338 -3800 FAX 617 - 426 -6871 www anchorcap tal coin April 30, 2012 Dear Client, Pursuant to a request by our regulator, the Securities and Exchange Commission (SEC), we are writing to clarify that the investment restriction which limits or prohibits Anchor Capital from "investing your assets in commodities" will, unless instructed otherwise by you, be interpreted to permit Anchor Capital to invest in common stocks or exchange- traded funds (ETFs) that invest solely in one or more commodities. Specifically, our investment disciplines currently may invest in SPDR Gold Trust (symbol: GLD on the NYSE). This trust is invested in gold bullion so each share is backed by 1 /10 of an ounce of gold. We expressly own this ETF as a means to offset inflationary pressure from the monetary easing actions undertaken by the Federal Reserve. If you have any further questions please do not hesitate to contact us. Sincerely yours, William P. Ri - President /kak Member of Boston Private Wealth Management Group .b ,_, — o o ,. vo .0 y - M M O I O N N co co o o co I co O O O O N 00 00 r- e-: O O n Mt S O 0\ 0\ � VD C U 00 , .0 V N N 0 C d co 0 0 co C O co M i7 C - O N ..y w y 00 M M 7 4 , n -. -- N .n a 0 0 0 0 0 0 000 0 0 re) '.o ri ri 00 06 vi ri t; C,..) v ■O '.0 00 00 1 v, 0 0 v y n C t o 1 0 1 00 00 00 ` N ! ,..5 ^1 [� R R N N N I 00 0 0 0 w ti�� � Q co CO 0 L. A a w A o 00 Qr h N t`y O . "1 U 0 N N v1 v1 r-- 7 , :r � I F - � �1 • �O L O. l- [- v1 v) N [- [� ti � yTTii ll re, 0 •--" N N H — ,--. a4 s en 0 t M M C U N 0 0 00 00 N N N N I:4 0 oj E U U ° I � r en `� U N rn en U 0 an - 0 00 0 a C 0 5 U et Q U E- a. a o - .o c E � H w c U >' 00 4: p 0 U 0 •0 .... ` a. O �" W U C H 0 0 N Q N w U > Q Z V 0 C M o Q 6 2 a o o b o 0 o a 4)0 .4.t' U o o Ll 4= 0 M en +" a3 E N N N C U d b U C U .G O - 0 > o U c� o Q 2 7\ a / 1 • Anchor Capital Advisors LLC Investment Policy Outlook One Post Office Square Boston, MA 02109 -2103 617•338.3800 April 2012 The rally in equities from the October 2011 lows 40 arr2011 Gross Domestic Product Bsons 13428.0 continued through the first quarter of 2012. The "`'"i "JH2 Reed t7LShred2005 °"na 2011' 1 -°'x 20% biggest influence on markets has been the global "` ini•s•eals•►m 1 .814 2rc [_t�-.�'_ 1.s% 1.5% and US liquidity surge led by the ECB (European O% j�yntil_�d a. Central Bank) and supported by the US Federal 1 - * M all 1 11 . 111111111111.1111 1 . Reserve and other countries' central banks. The . ,r IMINVIIIIIIIIIIIMMEI i� . — Sf•�f� new president of the ECB, Mario Draghi, re- s: x` I cmic7�® i 1 1 G 11111P7,1111111111. .7 versed the more restraining processes of his pre- y Alone* 8Alaitlr 99104124 1 9Yers 5rirs decessor by issuing 2 tranches of LTRO loans B - gonad of &away* Analysis totaling 1 trillion euros to banks that has effec- Gasoline Price Perspective tively shored up lending for sovereign debt. $44° $4.00 Warmer weather was an additional stimulating '' - Reel r r Gasolb» --IP ' $3.50 factor for employment and the economy. Lower so . r • $ winter heating costs provided for elevated con - $2.00 $200 sumer spending. However, the same positive $1•50 ' Nominal Regular Gasoline --♦ • 81.50 weather effects may be more of a headwind for 3''00: Price Per Gallon ' 31400 30 50 Last Obi. 2012 PnNn 30 ' .50 the rest of the year as weather comparisons will �.� be more normal with less boost or adjustment to 25 35 45 55 65 75 85 95 15 U.S. Average Self Service Price for Regular Grade, including taxes employment and consumption. Other economic Real = inflation Adjusted by the Consumer Price Index headwinds include: lower exports to Europe as its Sauiaes' Enaayyknbmwbon Administration; BuesuofLabor Slatisdos recession continues and the approaching year Yield Spreads: 10 Year Minus 2 Year Treasuries end fiscal threat from tax increases and segues- 35° Bests Points 300 • tration of spending. An additional near term oo . � 2 headwind for consumption is high and rising 100 ' ; ; � gasoline prices that along with negative real 50 ' - 50 personal income could further reduce consumer -5o - - -s spending. We bel oil prices eventually head 13 . :;50 lower as further efficiency gains take place and -200 ' - -200 natural gas, already competitive, provides con- 79 82 85 88 91 94 97 00 03 06 09 12 tinued energy price competition at the margin. Federal `rae,v.Board Key Economic & Investment Factors: Actual Percent U S. Government Yield Curves Percent Interest Rates 4/13/12 5 5 Prime Rate 3.25% 4 - — a Discount Rate 0.75% 3 _ -. ' - -- 3 • . .... ....... ........... Federal Funds Rate 0.10% 2 1.' ........ 2 90 -day Treasury Bill 0.08% 1 1 5 -year Treasury Note 0.89% 0 Mar 30, 2012 201 10 -year Treasury Bond 2.05% • M 31, 201 • 0 30 -year Treasury Bond 3.21% 5 10 15 20 Maturity in Years 3ouz>9 • Fedora/ Reserve Board Key Economic & Investment Factors (continued): Valuation Factors S &P 500 Economic Factors 2012 (Estimated) Price (4/13/12) 1,370 Real Gross Domestic Product +1.7% Earnings 2012 Estimate $102.00 Nominal GDP +4.5% P/E 2012 13.4X Inflation (Consumer Price Index) Dividend Yield 2.0% (ex. Food and Energy) +1.4% Market to Book 2.4X (All Items) +2.8% Corporate Profits +4.0% The interest rate outlook is less certain but we believe the US Treasury interest rate curve will move with the direction of the economy, slowness engendering lower rates until better growth is anticipated. In the 1st quarter 2012 equity selection was less important since the overall market was lifted by the liquidity surge. As the surge is now lessening we expect equity selection to be a greater contributor to performance. Energy related equities have been declining over the last year, a divergence to the market, and as the price of oil remains uncertain, restraint in the sector is warranted. Another potential problem for equities is slower earnings growth in 2012 as indicated by last quarter's 3 to 1 negative earnings revision ratio, the highest since 2009. Our focus is on individual companies where valuations are fair or undervalued and where analysis shows stability and growth of revenues and earnings. We have put increasing emphasis on companies that enhance shareholder value by paying significant dividends and maintaining dividend growth. We believe these companies equities' total returns will outperform and be more defensive during periods of market weakness. The Market Value of Equities Proft Margins and Capacity Utilization as a Percent of Gross Domestic Product 95% 12% 200% 200% Profit f (After-Tax) ---► . 11% 180% • 180% 90% Scale 1:light 4 • 10% 180% • • 160% 85% A 9% vto% • 140% 8% 120% • 120% 80% • 7% 100% • 100% Avenge 75% ti 6% 80% • 80% • 5% 60% - 60% 70% Capacity UtiNzation (Total) - •o• , 4% 4 0 % . • 40% Scale Left 67 70 73 76 79 82 85 88 91 94 97 00 03 06 09 12 73 76 79 82 85 88 91 94 97 00 03 06 09 12 Sources: Buiaru o/Econon *Ana4 /s,, Federal Reserve Board Semmes: New York Sex* E.rda, ;Natba Assoc/sew o &metres Deal a, WoddFedaati n aExcherqu4 Arnenbin StockExdaangr, Bureau ofEcaaankAnalysts Sincerely, The Investment Committee NOTICE TO CLIENTS: In orderforAnchor Capital to remain up to date regarding your investment objectives, it is critical that you advise us of any change in your investment objectives, financial circumstances, investment restrictions or other issues which may Impact the suitability of your account allocation. Please contact us at any time regarding your account. Anchor Capital annually files a statement, FORM ADV Part 2A Disclosure Brochure, with the Secunues & Exchange Commission containing information about our company If you would like to receive a copy of our most recent filing, please contact us • Anchor Capital Advisors LLC • One Post Office Square • Boston, MA 02109 -2103 • 617- 338 -3800 Barbara Ladue From: STW Reports [Reports @STW COM] Sent: Thursday, April 12, 2012 6 57 PM To: 'Ladueb @bbpdpenslon com' Cc: Andrew Chorlton, 'davew @bogdahngroup.com' Subject: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Compliance Confirmation - 1st Quarter 2012 Attachments: Guideline Exceptions Report 10 2012.xls Dear Barbara, I hereby confirm that STW Fixed Income Management has been in compliance with the security restrictions of Section IV of the Statement of Investment Principles for the quarter ended March 31, 2012 subject to the attached Exceptions Report. We would be pleased to provide you with any additional information you may find useful. Best regards, Erin Erin K. Chrislock Principal, Chief Compliance Officer and General Counsel STW Fixed Interest Management 6185 Carpinteria Avenue Carpinteria, CA 93013 Tel. (805) 745 -2400 / Fax (805) 745 -2401 e-mail:erin@stw.com IRS Circular 230 Disclaimer To ensure compliance with IRS Circular 230, any tax advice provided in this communication (including any attachments) is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (n) in promoting, marketing or recommending to another party a partnership or other entity. investment plan, arrangement or other transaction addressed herein This electronic mad message and any attachments transmitted with it contain confidential information intended only for the named addressee If you are not the intended recipient or the person responsible for delivering this e-mail to the intended recipient, you are hereby notified that any use, distribution, copying or disclosure of this communication is strictly prohibited If you have received this e-mail in error. please immediately notify the sender by reply e-mail, and delete all copies of this communication from your computer and network Thank you 1 En ] 2 o N N N / & N \ 7 o7 G / G 49 m $ 2 0 on , ok / / k \ a 2 a g ) ) \ k & & & Q £ / > \ ° \ \ \ Ca \ \ / / / ƒ 0 2 a ƒ \ 2 \ 2 ; E : \ ( k� .E ) v) >, S ) ® = 2 2 ) - \ ƒ o u u § 0 k / , C) 3 \ /\ \) $ t \ f § / \ E 7) _ -o a) O) / \ p © -C ..0 / m # ® OA ƒ ) c \ 0 2 '- \ / / { ® k ƒ / / § i. : « \ f © 7 ") u a .2 » .../ 0 0 '; .. o ± 7 E 7 C ' v E \ e j / /ƒ .o\ k ' > 0 « ± > 7 » w _ 0 C g a' E - / [ « \ / � 7 \ 2ƒ k 8 t[ f g _ t _ 6- - \ 0 o § = L- E> Q = E / < & e t Barbara Ladue From: Anita Mazorra [Anita Mazorra@salemtrust corn] Sent: Tuesday, April 17, 2012 11 00 AM To: Barbara Ladue Cc: Wanda Gordon Subject: Re. Boynton Fire - Ad Hoc 175 Pymts - Special Check Runs Barb, We received all 4 ad hoc payment requests. They look good! I think were good here. We've sent them up for processing on the dates we discussed. Tuesdays 4/24, 5/1, 5/8 & 5/15 The payments will be processed on Tuesday. Direct deposits will be received in their accounts Wednesday. Checks will be mailed out on Tuesdays. Please let me know if I can be of further assistance. Kind regards, Anita »> "Barbara Ladue" <ladueb @bbpdpension.com> 4/17/2012 10:59 AM »> Anita: Yesterday morning I faxed the special check runs for the 2005, 2006, 2010 & 2011 -175 Ad Hoc Payments, with two authorized signatures. Let me know if you need anything else. Thanks. Barb La Due 1 * 4 0 HC U.S. Special Insurance Company Houston, Texas DECLARATIONS CORPORATE FIDUCIARY LIABILITY INSURANCE (THIS IS A CLAIMS MADE AND REPORTED POLICY) Broker: 167091 Policy Number: U712 -50978 Trustee and Fiduciary Insurance Services, Inc Renewal of: U711 -50710 Item 1 EMPLOYEE BENEFIT PLANS: Any Plan of the SPONSOR ORGANIZATION Listed in item 2 as Defined in Section 3(1) of ERISA; any INSURED PLAN and any Plan Listed by Endorsement to this Policy. Item 2 SPONSOR ORGANIZATION: City of Boynton Beach Item 3 Address of SPONSOR 1500 Gateway Boulevard, Suite 220 ORGANIZATION: Boynton Beach, FL 33426 Item 4 POLICY PERIOD: Inception Date: April 10, 2012 Expiration Date: April 10, 2013 12:01 a.m. Standard Time at the Principal Address of the SPONSOR ORGANIZATION herein. Item 5 Limit of Liability: $ 1,000,000 Each CLAIM and in the Aggregate for all CLAIMS including DEFENSE COSTS. Item 6 Deductible: $0 Each CLAIM including DEFENSE COSTS. Item 7 Premium: $ 7,575 00 Recourse Premium $ 125.00 FL FHCF Surcharge $ 100.10 Total Premium $ 7,800 10 Item 8 Form numbers of endorsements attached at issuance: FL0002 ,ETRIA, FL0005, FL0007, FL0010, FL0011, FL0018, FL0044, FL2006, FL2010 ,zose=veleirz by ,%ulhoriird RepreMmtati.e FL0001 (10/01) Page 1 of 1 STW FIXED INCOME MANAGEMENT Ms. Barbara LaDue Invoice Number: 04123310 Pension Administrator Invoice Date: 04/10/12 City of Boynton Beach Municipal Firefighters' Pension Trust Renaissance Executive Suites 1500 Gateway Boulevard, Suite #220 Boynton Beach, FL 33426 For Account: City of Boynton Beach Municipal Firefighters' Pension Trust Fund if Original Invoice Please Pay ) g Y Q� Period Under Management 04/01/12 to 06/30/12 Assets Under Management. 8,964,410 Quarterly Fee Due: $ 8,404.14 Fee Schedule 0 to 30,000,000 0.375% 30,000,001 to 100,000,000 0.250% 100,000,001 to 500,000,000 0.125% 500,000,001 to 1,000,000,000 0.100% 1,000,000,001 and above 0.080% Fee Breakdown Account Assets Fee City of Boynton Beach Municipal Firefighters' Pension Trust Fund 8,964,410 8,404.14 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS 2,137,673 - 11,102,083 8,40414 Wire Instructions: Wells Fargo Bank, N.A. Ventura, CA ABA Routing Number: 121000248 Account Number: 4945349280 Account Name: STW Fixed Income Management LLC 6185 Carpinteria Avenue • Carpinteria, California 93012 PH (805) 745 - -2400 • FAX [805) 745 -2401 stw @stw.com • www.stw com �,ll ll n Capital, LLC • 101 Park Avenue, New York, NY 10178 -0008 (212) 867 -5000 Fax (212) 922 -1820 www atalantasosnoi(.com O 1986 Andy Warhol 4 9 I e) k'h Lai Invoice Ms. Barbara LaDue Invoice Number 150509 Administrator Invoice Date 03/09/2012 Boynton Police & Fire Pension Funds Billing Period 01/01/2012 - 03/08/2012 1500 Gateway Blvd., Suite 220 Account Number 49836 Boynton Beach, FL 33426 INVESTMENT MANAGEMENT FEE For the period 01/01/2012 To 03/08/2012 Account Name: Boynton Beach Firefighters' Pension Plan Account# 80106443 Opening assets under advisement for the period ended as of March 08, 2012 $4,005,883 / 6 , 1 Gross Market Value Balance $4,005,883 @ 0.80% x 1/4 _ $8,012.00 $4,005,883 $8,012.00 Credit for the period 03/09/2012 - 03/31/2012 ($2,025.00) ' Remit this amount $5,987.00 Please return the bottom portion with your payment and retain this portion for your records Please make check payable to Atalanta Sosnoff Capital, LLC Account Number 49836 Account Name. Boynton Beach Firefighters' Pension Plan Account# 80106443 Remittance Amount $ DSM CAPITAL PARTNERS LLC INVOICE 116 Radio Circle Drive, Suite 200, Mt. Kisco, NY 10549 Tel: (914) 242 - 1900 16- Apr -12 Invoice No: 9759 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 04/01/2012 TO 06/30/2012 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund Portfolio Value . $6,460,008 / Amount Due $15,237.52 FEE CALCULATION % of Annual Rate Rate Assets Under Management Fee 1 0000 % 0.25 On the first. 5,000,000 12,500 00 0.7500 % 0 25 On the next. 1,460,008 2,737.52 Total $15,237 52 * *Please note new wiring instructions ** US Bank ABA # 091 000 022 Account Name: RBC Capital Markets Corp. Account #. 160230097208 For Further Credit To: DSM Capital Partners Account #• 982 -99750 r Invoice Date Invoice # 3/23/2012 7342 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Boyton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation and Consulting Services 8,375.00 1/1/2012-3/31/2012 Balance Due $8,375.00 DG. Apnl 17, 2012 Ms. Barbara LaDue Invoice ID• 1337 Administrator City of Boynton Beach Firefighters Pension 1500 Gateway Boulvard, Suite 220 Boynton Beach, FL 33426 Email Ladueb @bbpdpension.com MANAGEMENT FEE: BOYNTON BEACH FF BOYNTON BEACH MUNICIPAL FIREFIRGHTERS PENSION For the Period 1/1/2012 through 3/31/2012 Zpo 3/31/2012 Portfolio Value: $ 6,866,003.74 R . Quarterly Fee Based On: 0.75% on the first $25,000,000 ($6,866,004) $ 12,873.76 Quarterly Fee: 812,873.76 PLEASE REMIT PAYMENT TO: By Wire: Wells Fargo Bank NA ABA Number. 121000248 Account Name: Dalton, Greiner, Hartman, Maher & Co., LLC. Account Number: 2090001865061 Swift Code: WFBIUS6S By ACH/EFT: Wells Fargo Bank NA ABA Number: 063107513 Account Name. Dalton, Greiner, Hartman, Maher & Co., LLC Account Number 2090001865061 By Check. Dalton, Greiner, Hartman, Maher & Co 3001 Tamiami Trail North, Suite #206 Naples, FL 34103 Attn: Dolores Casaletto Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS March 30, 2012 Attn: MRS. BARBARA LA DUE, ADMIN Bill # 13772 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 03/30/12 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND • BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE 900334 Professional Fees Date Description Hours Amount 03/01/12 RECEIPT AND REVIEW EMAIL; REVIEW FILE 1.00 300.00 03/06/12 RECEIPT AND REVIEW EMAILS AND 0.50 150.00 DIRECTION/TERMINATION LETTERS; REVIEW FILE 03/08/12 RECEIPT AND REVIEW EMAILS FROM LADUE; 0.50 150.00 REVIEW TERMINATION LETTER AND TRANSITION FILES; REVIEW FILE 03/09/12 RECEIPT AND REVIEW EMAILS; REVIEW FILE RE 0.50 150.00 CAPIS AND TRANSITION 03/12/12 RECEIPT AND REVIEW EMAILS; REVIEW FILE RE 0.50 150.00 6800 FUND 03/14/12 RECEIPT AND REVIEW EMAILS; REVIEW FILE RE 0 50 150.00 ATALANTA TRANSITION 03/28/12 DRAFTING ORDINANCE RE TERMS OF OFFICE; 2.00 600.00 REVIEW POLICE PLAN AND CHAPTER 175; REVIEW EMAILS Total for Services 5.50 $1,650.00 Continued .. . Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND March 30, 2012 Matter 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2 CURRENT BILL TOTAL AMOUNT DUE $ 1,650.00 Past Due Balance 2,105.25 AMOUNT DUE $3,755.25 Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.. 45- 4083636 BOYNTON BEACH FIREFIGHTERS February 29, 2012 Attn: MRS. BARBARA LA DUE, ADMIN Bill # 13706 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 02/29/12 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 02/07/12 REVIEW PROPOSED RATINGS SYSTEM; DRAFTED 0.50 150.00 EMAIL TO DIVISION OF RETIREMENT AND ACTUARY 02/09/12 REVIEW FILE RE MANAGED FUTURES ISSUES AND 1.50 450.00 DILLIGENCE; REVIEW FILE 02/16/12 RECEIPT AND REVIEW EMAILS AND AGENDA; 1.00 300.00 REVIEW FILE 02/23/12 ATTENDED BOARD MEETING 4.00 1,200.00 Total for Services 7.00 $2,100.00 Costs Date Description Amount PHOTOCOPIES thru 02/29/12 5.25 Total Costs $5.25 CURRENT BILL TOTAL AMOUNT DUE $ 2,105.25 G JS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 mite Im uicc Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 3/9/2012 117864 Bill 10: I'Iea.c Rani] Iii: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL FIREFIGHTERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 I)c.cril)liun Prole(I r,' kiHUUnl For services rendered through 2/29/2012 Final charge for 10/1/2011 Actuarial Valuation Report 100560 -068 $7,592 Total charges equal $11,115; prior year fee of $9,979 plus 3.87% increase in CPI from 9/2010 to 9/2011, plus $750 for required disclosure at 7.75% (state requirement), less previous charges of $3,523 Invoice Total $7,592 Paid to Date Client No. 100560 Amount Due $7,592 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Anchor Capital Advisors LLC One Post Office Square Boston, MA 02109-2103 617-338 -3800 FAX 617- 426 -6871 www.anchorcapital.com • April 01, 2012 Barbara LaDue 3025 City of Boynton Beach Municipal Firefighters Pension Trust 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Regarding Account: 80106279 ANCHOR CAPITAL ADVISORS LLC STATEMENT OF MANAGEMENT FEES / For The Period 12 -31 -11 To 03 -31 -12 Portfolio Valuation as of 03 -31 -12 $ +O 6 904 080.55 V 3,000,000 @ 0.750% per annum 5,625.00 3,904,081 @ 0.500% per annum 4,880.10 Management Fee $ 10,505.10 TOTAL DUE AND PAYABLE $ 10,505.10 Member of Boston Private Wealth Management Group INTERCONTINENTAL REAL ESTATE CORPORATION INTERCONTINENTAL 1270 SOLDIERS FIF11) ROAD Bos ION, MASSAC HUSE7 1 S 02135-1003 TELEPHONE 617-782 -2600 FACSIMILE 617- 782 -9442 www tnterconttnental net PAUL J. NASSER Chzef hinanrlalOfficer and Chzef Operating Offurr March 1, 2012 Ms. Barbara LaDue, Pension Administrator City of Boynton Beach Firefighters' Pension Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 RE: U.S. Real Estate Investment Fund, LLC Dear Ms. LaDue: We are pleased to announce that U.S. Real Estate Investment Fund, LLC (US REIF) has made a distribution to you in the amount of $35,372.66, which constitutes your pro rata gross share of an overall distribution of $3,732,351.01. The Fund has withheld $12,492.51 for payment of asset management fees for the fourth quarter 2011, resulting in a net distribution to you of $22,880.15. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $22,880.15 into US REIF. Intercontinental will report the number of reinvested shares as part of the first quarter 2012 reporting. If you have any questions or wish to change your method of payment, please contact Thomas Mitchell at 617- 779 -0472. ely, Cam"\ 06 Paul J. 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O1. 030 Vw01tn V01 W 1.11 to 0001100 000001.001A (n -1.O • • J 00 0103W • w • w0100N 1.00110N0001 < r - 1 - 0 • 0 01wNA AAw0 0 - A 0 4.P 40ClwvlwH0 -10_-_, 4t..04›.OAONA 0 01000NOOtvNNJ00 Barbara Ladue From: Adam Levinson [adam @robertdklausner.com] Sent: Monday, May 07, 2012 11 AM To: Barbara Ladue Cc: hendersonl @bbfl us, Robert Klausner Subject: draft LaDue addendum Attachments: Addendum to Pension Administrator Contract (00038749) RTF All, Attached is the draft addendum for placement on Thursday's agenda. The following calculations set forth the proposed firefighter administrative fee for LaDue Inc. discussed with the Fire Chair, subject to Board approval. Current Annual Fee 1- Oct -07 $20,441.48 Proposed Prospective New Fee 1- Oct -08 $21,463.55 $1,022.07 1- Oct -09 $22,536.73 $1,073.18 1- Oct -10 $23,663.57 $1,126.84 1- Oct -11 $24,846.75 $1,183.18 $4,405.27 (new proposed annual fee increase) The current contract dates back to October 1, 2007 at an annual rate of $20,441.48. The proposed prospective new fee would increase 5% each of the past four years to $24,846.75 (for a total increase of $4,405.27). The contract would increase again on October 1, 2012 by another 5% ($1,242.38) to $26,089.08. Thanks, Adam Levinson Klausner, Kaufman, Jensen & Levinson 10059 N W 1st Court Plantation, FL 33324 ph (954) 916 -1202 fax. (954) 916 -1232 Website www robertdklausner.com 1 FORM 1 STATEMENT OF 2011 Please print or type your name, mailing 1 FINANCIAL INTERESTS 1 address, agency name, and position below: LAST NAME -- FIRST NAME -- MIDDLE NAME FOR OFFICE USE ONLY MAILING ADDRESS ID Code CITY ZIP COUNTY ID No NAME OF AGENCY Conf Code NAME OF OFFICE OR POSITION HELD OR SOUGHT P Req Code You are not limited to the space on the lines on this form. Attach additional sheets, if necessary. CHECK ONLY IF ❑ CANDIDATE OR ❑ NEW EMPLOYEE OR APPOINTEE * * ** BOTH PARTS OF THIS SECTION MUST BE COMPLETED * * ** DISCLOSURE PERIOD: THIS STATEMENT REFLECTS YOUR FINANCIAL INTERESTS FOR THE PRECEDING TAX YEAR, WHETHER BASED ON A CALENDAR YEAR OR ON A FISCAL YEAR PLEASE STATE BELOW WHETHER THIS STATEMENT IS FOR THE PRECEDING TAX YEAR ENDING EITHER (must check one) ❑ DECEMBER 31, 2011 OR ❑ SPECIFY TAX YEAR IF OTHER THAN THE CALENDAR YEAR MANNER OF CALCULATING REPORTABLE INTERESTS: THE LEGISLATURE ALLOWS FILERS THE OPTION OF USING REPORTING THRESHOLDS THAT ARE ABSOLUTE DOLLAR VALUES, WHICH REQUIRES FEWER CALCULATIONS, OR USING COMPARATIVE THRESHOLDS, WHICH ARE USUALLY BASED ON PERCENTAGE VALUES (see instructions for further details) PLEASE STATE BELOW WHETHER THIS STATEMENT REFLECTS EITHER (must check one) ❑ COMPARATIVE (PERCENTAGE) THRESHOLDS OR ❑ DOLLAR VALUE THRESHOLDS PART A -- PRIMARY SOURCES OF INCOME [Major sources of income to the reporting person - See instructions p 4] (If you have nothing to report, you must write "none" or "n /a ") NAME OF SOURCE SOURCE'S DESCRIPTION OF THE SOURCE'S OF INCOME ADDRESS PRINCIPAL BUSINESS ACTIVITY PART B -- SECONDARY SOURCES OF INCOME [Major customers, clients, and other sources of income to businesses owned by the reporting person - See instructions p 4] (If you have nothing to report , you must write "none" or "n /a ") NAME OF NAME OF MAJOR SOURCES ADDRESS PRINCIPAL BUSINESS BUSINESS ENTITY OF BUSINESS' INCOME OF SOURCE ACTIVITY OF SOURCE PART C -- REAL PROPERTY [Land, buildings owned by the reporting person - See instructions p 4] FILING INSTRUCTIONS for (If you have nothing to report, you must write "none" or "n /a") when and where to file this form are located at the bottom of page 2. INSTRUCTIONS on who must file this form and how to fill it out begin on page 3 OTHER FORMS you may need to file are described on page 6. CE FORM 1 - Effective January 1, 2012 Refer to Rule 34 -8 202(1) FA C (Continued on reverse side) PAGE 1 1 PART D - INTANGIBLE PERSONA, PROPEPT,' . , u , t erlificaa- ] flf you have nothinr °r repor' yo, -,-. tit vw ' r -n ,- TYPE OF INTAN(,IE.it '.__ j s_ SINrEUS EN' , 12 't0 WHIZ, r Ht. PRL Lk E:'_.�_1 i _ ,:, - I I PART E — LIABILITIES [Major debts - See instructions t 5] (If you have nothing to report, you must write "none' or 'n /a [ NAME OF CREDITOR , ADDRESS OF CREDITOk P [ 1 PART F — INTERESTS IN SPECIFIED BUSINESSES [Ownership or positions in certain types of businesses - See Instructions p (If you have nothing to report, you must write "none" or "nla" ) BUSINESS ENTITY # I i BUSINESS ENTITY # 2 BUSINESS ENTIT Y # NAME OF BUSINESS ENTITY 1 ADDRESS OF BUSINESS ENTITY 1 e �--1-- PRINCIPAL BUSINESS ACTIVITY 1 POSITION HELD WITH ENTITl _.__ I OWN MORE THAN A 5% I 1 INTEREST IN THE BUSINESS NATURE OF MY OWNERSHIP INTEREST IF ANY OF PARTS A THROUGH F ARE CONTINUED ON A SEPARATE SHEET, PLEASE CHECK HERE ❑ SIGNATURE (required): DATE SIGNED (required): FILING INSTRUCTIONS: WHAT TO FILE: WHERE TO FILE: WHEN TO FILE. After completing all parts of this form including If you were mailed the form by the Commission initially each , oca, officer /employee, state signing and dating it, send back only the first on Ethics or a County Supervisor of Elections for officer, and specified state employee must , sheet (pages 1 and 2) for filing your annual disclosure filing, return the form to file within 30 days of the date of his or her that location appointment or of the beginning of employment If you have nothing to report in a particular Local officers /employees file with the Super visor Appointees who must be confirmed by the Senate . section, you must write "none" 0' "n /a" in that of Elections ofthe county m which they permanently must file prior to confirmation, even If that is less section(s) elide (0 you do not permanently reside ,r than 30 days from the date of their appointment Florida fie with the Supervisor of the county Candidates tor publicly- elected local office must where your agency has its headquarters file at the same time they file their qualifying NOTE. paper- MULTIPLE FILING UNNECESSARY State officers or specified state employees file with the Commission on Ethics PO Drawer Thereafter local officers / employees state Generally, a person who has filed Form 1 for a 15709 Tallahassee F! 32317 -5709 physica' officers ana specified state employees are calendar or fiscal year is not required to file a address 3600 Maclay Boulevard South Suite required to file by July 1st following each calendar second Form 1 for the same year However, a 201 Tallahassee FE 323 year in which they hold their position candidate who previously filed Form 1 because of another public position must at least file a copy of Candidates file this form together wdr, their Finally at time eno of office o' employment his or her original Form 1 when qualifying qualifying paper' Cach local officer /employee, state officer and To determine what category your position falls specified state employee is required to file a o lder see the 'Who Musk File" Instructions or final disclosure form !Form 1F) within 60 days If leaving office or employment However filing I gage ,l , CF Fora IF ;Final ;Final Statement of Financial interests) does not relieve the filet of filing a . Facsimiles will not be accepted. c Form 1 if tiii or she was in they positiori r;r December 2u L L.-,(;[ CE FORM 1 Effective January 1 2012 RP' 0 Rine ,r4-8 -8 202 - e INSTRUCTIONS FOR COMPLETING FORM 1 STATEMENT OF FINANCIAL INTERESTS WHO MUST FILE FORM 1: All persons who fall within the categories of "state officers," "local officers /employees," "specified state employees," as well as candidates for elective local office, are required to file Form 1 Positions within these categories are listed below Persons required to file full financial disclosure (Form 6) and officers of the judicial branch do not file Form 1 (see Form 6 for a list of persons who must file that form) STATE OFFICERS include the following positions for state officials county or municipal pollution control director, county or municipal environ- 1) Elected public officials not serving in a political subdivision of the mental control director, county or municipal administrator with power to grant state and any person appointed to fill a vacancy in such office, unless or deny a land development permit, chief of police, fire chief, municipal clerk, required to file full disclosure on Form 6 appointed district school superintendent, community college president, district 2) Appointed members of each board, commission, authority, or council medical examiner, purchasing agent (regardless of title) having the authority having statewide jurisdiction, excluding members of solely advisory bodies, to make any purchase exceeding $20,000 for the local governmental unit but including judicial nominating commission members, Directors of the 5) Officers and employees of entities serving as chief administrative officer Florida Black Business Investment Board, Enterprise Florida, Scripps Florida of a political subdivision Funding Corporation Workforce Florida, and Space Florida, Members of the 6) Members of governing boards of charter schools operated by a city or Council on the Social Status of Black Men and Boys, and Governors and other public entity senior managers of Citizens Property Insurance Corporation and Florida SPECIFIED STATE EMPLOYEES include the following positions Workers' Compensation Joint Underwriting Association for state employees 3) The Commissioner of Education, members of the State Board of 1) Employees in the office of the Governor or of a Cabinet member who Education, the Board of Governors, and the local Boards of Trustees and are exempt from the Career Service System, excluding secretarial, clerical, Presidents of state universities and similar positions LOCAL OFFICERS /EMPLOYEES include the following positions 2) The following positions in each state department, commission, for officers and employees of local government board, or council Secretary, Assistant or Deputy Secretary, Executive 1) Persons elected to office in any political subdivision (such as munici- Director, Assistant or Deputy Executive Director, and anyone having the palities, counties, and special districts) and any person appointed to fill a power normally conferred upon such persons, regardless of title vacancy in such office, unless required to file full disclosure on Form 6 3) The following positions in each state department or division Director, 2) Appointed members of the following boards, councils, commissions, Assistant or Deputy Director, Bureau Chief, Assistant Bureau Chief, and any authorities, or other bodies of any county, municipality, school district, inde- person having the power normally conferred upon such persons, regardless pendent special district, or other political subdivision the governing body of title of the subdivision, a community college or junior college district board of 4) Assistant State Attorneys, Assistant Public Defenders, Public trustees, a board having the power to enforce local code provisions, a board Counsel, full -time state employees serving as counsel or assistant counsel of adjustment, a planning or zoning board having the power to recommend, to a state agency, administrative law judges, and hearing officers create, or modify land planning or zoning within the political subdivision, 5) The Superintendent or Director of a state mental health institute estab- except for citizen advisory committees, technical coordinating committees, lished for training and research in the mental health field, or any major state and similar groups who only have the power to make recommendations to institution or facility established for corrections, training, treatment, or reha- planning or zoning boards, a pension board or retirement board empowered bilitation to invest pension or retirement funds or to determine entitlement to or amount 6) State agency Business Managers, Finance and Accounting Directors, of a pension or other retirement benefit Personnel Officers, Grant Coordinators, and purchasing agents (regardless 3) Any other appointed member of a local government board who is of title) with power to make a purchase exceeding $20,000 required to file a statement of financial interests by the appointing authority or 7) The following positions in legislative branch agencies each employ - the enabling legislation, ordinance, or resolution creating the board ee (other than those employed in maintenance, clerical, secretarial, or similar 4) Persons holding any of these positions in local government Mayor, positions and legislative assistants exempted by the presiding officer of their county or city manager, chief administrative employee of a county, municipal- house), and each employee of the Commission on Ethics its/. or other political subdivision, county or municipal attorney, chief county or municipal building inspector, county or municipal water resources coordinator, INSTRUCTIONS FOR COMPLETING FORM 1: INTRODUCTORY INFORMATION (At Top of Form) 119 071(4)(d), F S , whose home address is exempt from disclosure, the Commission is required to maintain the confidentiality of your home If your name, mailing address, public agency, and position are address if you submit a written request for confidentiality, Persons already printed on the form, you do not need to provide this informa- listed in Section 119 071(4)(d), F S , are encouraged to provide an address tion unless it should be changed. To change any of this information, other than their home address write the correct information on the form, then contact your agency's financial disclosure coordinator. Your coordinator is identified in the DISCLOSURE PERIOD: The tax year for most individuals is the calendar financial disclosure portal on the Commission on Ethics website: year (January 1 through December 31) If that is the case for you, then www.ethics.state.fl.us. your financial interests should be reported for the calendar year 2011, just check the box and you do not need to add any information in this part of NAME OF AGENCY: This should be the name of the governmental unit the form However, if you file your IRS tax return based on a tax year that is which you serve or served, by which you are or were employed, or for not the calendar year, you should specify the dates of your tax year in this which you are a candidate For example, "City of Tallahassee," "Leon portion of the form and check the appropriate box This is the time frame County," or "Department of Transportation " or "disclosure period" for your report OFFICE OR POSITION HELD OR SOUGHT: Use the title of the office MANNER OF CALCULATING REPORTABLE INTERESTS: As noted in or position you hold, are seeking, or held during the disclosure period (in this portion of the form, the Legislature has given filers the option of report- some cases you may not hold that position now, but you still would be ing based on either thresholds that are comparative (usually, based on required to file to disclose your interests during the last year you held that percentage values) or thresholds that are based on absolute dollar values position) For example, "City Council Member," "County Administrator" The instructions on the following pages specifically describe the different "Purchasing Agent," or "Bureau Chief " If you are a candidate for office or thresholds Simply check the box that reflects the choice you have made are a new employee or appointee, check the appropriate box You must use the type of threshold you have chosen for each part of the MAILING ADDRESS: If your home address appears on the form but you form In other words, if you choose to report based on absolute dollar prefer another address be shown, change the address as described above value thresholds, you cannot use a percentage threshold on any part of If you are an active or former officer or employee listed in Section the form (CONTINUED on page 4) CE FORM 1 . Effective January 1 2012 Refer to Rule 34 -8 202(1) F A C PAGE 3 FPART A — PRIMARY SOURCES OF INCOME ",J, r , /s,il,, `r ,r.,„,i,i,_ , i beneficial nterr , 1„ , ese, [Required by Se, ,< si4ni . , , a it, , t ,E, ,;,-11 01 3tt fiercer es, ,' . "i ss ,. see , saps s ,,r , Part A is intended to eceeru tn oia,,K,Surt, .' yo,r, principal r,uurt_es r ■, 'rink ifr income during the disclosure peno tine do not have le disclose the amour ` - of income received The sources should be listed , n descending rtrde, ;,c with the largest source first °lease st n this part -,` it e forty pie ,air eivea more 11 an is n, pe ce c ;r 1 of your,;' s ncniT„ address, and principal business activity of each source of y ie r < (giro whit` s riscios;er rinri, r� ^'c `� . h �•�ness ent a:tc (depending on whether you have chosen iu repost base! , , ,.r r nntaar thresholds or on dollar value 'hresf,clde) ei+hn eueive,d , oil :1,301 1 r .fuss . n; n'. r r 37 3 , r1,, ,< . _1E, exceeded five percen• (5 °/ , me gross income receive° ny you n „a”, ; , , 'irc�snala° r your own name or by any 'Jther ,person for your benefit rn list- nuring the disclosure period or . owned !either direLIp nduectiy or the tort or rr ( , °yuitabie or beneficial interest' during the disclosure period more exceeded $2 500 00 (of gross income received during the disclosure r„ ,v oercF'n` 15 of the total assets at- capital stock of a period by you in your own namF or by any other person for voui . se , .yiness entit y a . orporatio: partnership limrtero partnership benefit` upi Horsho o,i, ;P rit 0000 r sines ' You need not list your public salary received from serving in tit e - are position(s) which requires you to file this form but this amount should be eiveu more Mari •,o 000 of your gross t- „hie our.ric, included when calculating your gross income for the disclosure period Thy r ■ ■ les, ie person f-nni 'hat t333s‘ness i,nt t`, 1 income of your spouse need not be disclosed However if there is joins income to you and your spouse from property held by the entireties (such as your interest ri�a gross income exceeded the appropriate thresholds listed 3 interest or dividends from a bank account or stocks held by the entireties) the business et- ° above the) at t }usmess entity you , list list every source of income to you should include all of that income when calculating your gross income ano ry which exceeded ten percent (10 %) of the business entity s disclose the source of that income if it exceeded the threshold gross income r +opiiteci on the basis of the business entity's most recently completes .iscr, Jr' a , ' ihi source dailies - ,^r1 •ho sours _ , xincrpai 'Gross income' means the same as it does for income tax purposes business en :so including all income from whatever source derived, such as compensation for services, gross income from business gains from property dealings interest xamri rents, dividends, pensions social security distributive share of partnershin •0 (rte , he sole proprietor of a dry cleaning business tram which gross income, and alimony but , got 'held suppor you , ece o-d more than 10% of your gross income (an amount that was 1 Examples more the, 51 500) (or alternatively more than $5,000, if you are using dollar 3/33430 Thresholds) If only one customer a uniform rental company j — !f you were employed by a company that manufactures computers provided t 0 0 than 10% of your dry cleaning business you must list h and received more than 5% of your gross income (salary, commissions the naive of the uniform rental company its address and its principal etc) from the company (or, alternatively $2 500), then you should list uusines. erlivity (uniform rentals ' the name of the company, its address and its principal business activity (computer manufacturing) - ,r, - e- a 20% partner ) a partnership that owns a shopping male and yu, r partnership income exceeded the thresholds fisted above You — If you were a partner in a law firm and your distributive share c° shculd De each tenant of the mall that provided more than 1 0% of the partnership gross income exceeded 5% of your gross income (or partno st o moss mcome the teran'r address and pnncipai husines'r j' alternatively, $2,500), then you should list the name of the firm its ,-- tcf address, and its principal business activity (practice of law) , , , 3,t.,, all orange grove and sell al your oranges to one marketing -- If you were the sole proprietor of a retail gift business and your gross , ooperati,re You should list the cooperative, ds address, and its principal income from the business exceeded 5% of your total gross income (or t;usmest lh'ity if you, income met 'he thresholds alternatively, $2 500) then you should list the name of the business its address and its principal business activity (retail gift sales) PART c - - -- REAL PROPERTY — if you received income from investments in stocks and bonds you Requi en , per 112 3 145(3)(x) i ' 15 are required to list only each individual company from which you derived more than 5% of your gross income (or alternatively, $2 500) rathe , this pan please list the location ai description of all real property (land than aggregating all of your investment income and buildings) i Honda in which you owned directly or indirectly at any time — If more than 5% of your gross income (or, alternatively, $2,500) during the previous tax year in excess of five percent (5 %) of the property s was gain from the sale of property (not Just the soiling price) then value This threshold is the same whether you are using percentage you should list as a source of income the name of the purchaser, the thresholds c1 dollar thresholds You are not required to list your residences purchaser's address, and the purchaser s principal business activity If and vacatior homes nor are t rot required tc state the value of the property the purchaser's identity is unknown such as where securities listed on on the fnn an exchange are sold through a brokerage firm the source of income 'idirer i awi,ersnip includes situatio is , vhere you are a beneficiary .1f p should be listed simply as 'sale of (name of company) stock '' for a trust that owns the property as well as situations where you are more d example than a 5% partner in a partnership or stockholder in a corporation that owns ( f more than 5% of your gross income (or, alternatively $2,500) the property the value of the property may be determined by the mos r ecently assessr^d value for tax purposes it! the absence of a more current was in the form of interest from one particular financial institution i (aggregating interest from all CD's, accounts, etc at that institution) appraisr, t list the name of the institution its address, and its principal business I ho iocatioi or description 01 the property should be sufficient to activity enable anyone who looks at the form to identify the property Although a I legal description of the property will do such a lengthy description is not 1 PART B — SECONDARY SOURCES OF INCOME required using simpler descriptions such as duplex 115 Terrace Avenue Tallahassee or 40 acres located at the intersection of Hwy 60 and ` -95 Lake , [Required by Sec 112 3145(3)(a)2 or (b)2, Fla Stat ;hunts s sufficient In some cases the property tax identification number 01 the property wit help in identifying it '7r acre ranch on Hwy 002 Hendry This part is intended to require the disclosure of major customers ,aunty 'ax t' # 45863 NOEL on page ' ,et clients, and other sources of income to businesses in which you own a interest You will not have anything to report unless t t a) It you are reporting based on percentage threshold' 00 FORM 1 Effective January 1 2015 Refer Ruin 34-5 202,1 1 I ` PAGE' 4 Examples PART E - LIABILITIES — You own 1/3 of a partnership or small corporation that owns both a [Required by Sec 112 3145(3)(a)4 or (b)4. Fla Stet ] vacant lot and a 12% interest in an office budding You should disclose the lot, but are not required to disclose the office building (because your In this part of the form, list the name and address of each private or 1/3 of the 12% interest —which equals 4% —does not exceed the 5% governmental creditor to whom you were indebted for a liability in any amount threshold) that, at any time during the disclosure period, exceeded — If you are a beneficiary of a trust that owns real property and your (1) your net worth (if you are using percentage thresholds), g[ interest depends on the duration of an individual's life, the value of your (2) $10,000 (if you are using dollar value thresholds) interest should be determined by applying the appropriate actuarial table to the value of the property itself, regardless of the actual yield of the You are not required to list the amount of any indebtedness or your net property worth You do not have to disclose any of the following credit card and retail installment accounts, taxes owed (unless reduced to a judgment), indebted - PART D - INTANGIBLE PERSONAL PROPERTY ness on a life insurance policy owed to the company of issuance, contingent liabilities, and accrued income taxes on net unrealized appreciation (an [Required by Sec 112 3145(3)(a)3 or (b)3, Fla Stet ] accounting concept) A "contingent liability" is one that will become an actual liability only when one or more future events occur or fail to occur, such as Provide a general description of any intangible personal property that, at where you are liable only as a guarantor, surety, or endorser on a promissory any time during the disclosure period, was worth more than note If you are a "co- maker" and have signed as being jointly liable or jointly (1) ten percent (10 %) of your total assets (if you are using percentage and severally liable, then this is not a contingent liability, if you are using the thresholds), car $10,000 threshold and the total amount of the debt (not just the percentage (2) $10,000 (if you are using dollar value thresholds), of your liability) exceeds $10,000, such debts should be reported and state the business entity to which the property related Intangible per- Calculations for persons using comparative (percentage) thresholds In order to decide whether the debt exceeds your net worth, you will need to sonal property includes such things as money, stocks, bonds, certificates of total all of your liabilities (including promissory notes mortgages, credit card deposit, interests in partnerships, beneficial interests in a trust, promissory debts, lines of credit, Judgments against you, etc) Subtract this amount from notes owed to you, accounts receivable by you, assets held in IRA's, and the value of all your assets as calculated above for Part D This is your "net bank accounts Such things as automobiles, houses, Jewelry, and paintings worth " You must list on the form each creditor to whom your debt exceeded are not intangible property Intangibles relating to the same business entity this amount unless it is one of the types of indebtedness listed in the para- should be aggregated, for example, two certificates of deposit and a savings graph above (credit card and retail installment accounts, etc) Joint liabilities account with the same bank Where property is owned by husband and wife with others for which you are "Jointly and severally liable," meaning that you as tenants by the entirety (which usually will be the case), the property should may be liable for either your part or the whole of the obligation, should be be valued at 100% included in your calculations based upon your percentage of liability, with Calculations In order to decide whether the intangible property exceeds the following exception joint and several liability with your spouse for a debt 10% of your total assets, you will need to total the value of all of your assets which relates to property owned by both of you as "tenants by the entirety" (including real property, intangible property, and tangible personal property (usually the case) should be included in your calculations by valuing the asset such as automobiles, jewelry, furniture, etc) When making this calculation, at 100% of its value and the liability at 100% of the amount owed do not subtract any liabilities (debts) that may relate to the property —add Examples for persons using comparative (percentage) thresholds only the fair market value of the property Multiply the total figure by 10% to arrive at the disclosure threshold List only the intangibles that exceed this — You owe $15,000 to a bank for student loans, $5,000 for credit threshold amount Jointly owned property should be valued according to the card debts, and $60,000 (with your spouse) to a savings and loan for a percentage of your joint ownership, with the exception of property owned by home mortgage Your home (owned by you and your spouse) is worth husband and wife as tenants by the entirety, which should be valued at 100% $80,000 and your other property is worth $20,000 Since your net worth None of your calculations or the value of the property have to be disclosed on is $20,000 ($100,000 minus $80,000), you must report only the name the form If you are using dollar value thresholds, you do not need to make and address of the savings and loan any of these calculations — You and your 50% business partner have a $100,000 business loan Examples for persons using comparative (percentage) thresholds from a bank, for which you both are jointly and severally liable The — You own 50% of the stock of a small corporation that is worth value of the business, taking into account the loan as a liability of the business, is $50,000 Your other assets are worth $25,000, and you $100,000, according to generally accepted methods of valuing small owe $5,000 on a credit card Your total assets will be $50,000 (half of businesses The estimated fair market value of your home and other a business worth $50,000 plus $25,000 of other assets) Your liabilities, property (bank accounts, automobile, furniture, etc) is $200,000 As for purposes of calculating your net worth, will be only $5,000, because your total assets are worth $250,000, you must disclose intangibles the full amount of the business loan already was included in valuing the worth over $25,000 Since the value of the stock exceeds this threshold, business Therefore, your net worth is $45,000 Since your 50% share you should list "stock" and the name of the corporation If your accounts of the $100,000 business loan exceeds this net worth figure, you must with a particular bank exceed $25,000, you should list "bank accounts" list the bank and bank's name — When you retired, your professional firm bought out your partner- PART F - INTERESTS IN SPECIFIED ship interest by giving you a promissory note, the present value of which is $100,000 You also have a certificate of deposit from a bank BUSINESSES worth $75,000 and an investment portfolio worth $300,000, consisting [Required by Sec 112 3145(5), Fla Stat ] of $100,000 of IBM bonds and a variety of other investments worth between $5,000 and $50,000 each The fair market value of your The types of businesses covered in this disclosure are only state and remaining assets (condominium, automobile, and other personal prop- federally chartered banks, state and federal savings and loan associations, erty) is $225,000 Since your total assets are worth $700,000, you must cemetery companies, insurance companies (including insurance agencies), list each intangible worth more than $70,000 Therefore, you would list mortgage companies, credit unions, small loan companies, alcoholic bever- "promissory note" and the name of your former partnership, "certificate age licensees, pari - mutuel wagering companies, utility companies, entities of deposit" and the name of the bank, "bonds" and "IBM," but none of controlled by the Public Service Commission, and entities granted a franchise the rest of your investments to operate by either a city or a county government (CONTINUED on page 6) -' CE FORM 1 - Effective January 1, 2012 Refer to Rule 34 -8 202(1), F A C PAGE 5 Y ou are required to disclose I" this part Of the 'film the tact 'ha' , I ,e'osi rip fie �ffire :i,r, >rtr : ar n n+ na - ft- I�, r owned during the disclosure pence) ,r nteresr i;eim a , ` rta , ',3 , , ' xqr a- , : dons with particular types of ousinesses listed above 'o ' are era, a ', a, :' ,1 'led `',A)1 d posilu ,,v'ei sr f, nteres , +- .,I inkee make this disclosure if you owii r, , ieittier direr fay a Heine form of an equitable or beneficia� �nteresf at a tare '1uir� t �,, vue ;, ra:sine,se', ist rveriically for r>ac' Josirie; s, ,hi- r - .` rnc. r,,i q y y hr nisi us „� es' � ,,dine-. cr _' or rn;l(,a hu:.uie � ,t� ,u„ ` r }wS i 1. period more than five percent t5- a f total assets caratai c,, ,I. a an, ` of the types of business entities granted 0 privilege tr Operate i , rrne !lc, es iCc,` a h , ,bee at) a,. h' are listed above You also must complete tnis par a the fr i , act these types of businesses for wh;r ,o, „: -err sr a' ' r gift„ eo r Li Id ut instructions , PENAL. TIFS A failure to make any required disclosure constitutes grounds for auu may he punished by one or more or the following dis- qualification from being on the ballot, impeachment removal or suspension f om office or emplov,aerr; demotion wductron Ir salary reprimand or a civil penalty not exceeding $10 000 [Se -” `- ' - , orrda Statutes; Also, if the annual form is not filed by September 1st. a fine of $25 for each day late will be imposed, up to a maximum penalty of $1,500. [Section 112.3145, F.S. 1. OTHER FORMS YOU MAY NEED TO FILET 1. IN ORDER TO COMPLY WITH THE ETHICS LAWS i In addition to filing Form 1 you may be required to file one or more of the special purpose forms listed below depending on your particular position business activities, or interests As It is your duty to obtain and file any 01 the special o'rrpose forms which may he applicable to you you should carefully I read the brief description of each form to determine whether it applre Form 1F — Final Statement of Financial orrvate gain or loss) or to the special gain (or loss) of a relative, busi Interests: R equire d o l officers, state officers, end spec,- associate, or one by whom he or she is retained or employed Eact tied state employees within 60 days after leaving office or employment appointee state officer who seeks 10 influence the decision on such a 1 This form is used to report financial interests between January 1st of the measure prior to the meeting must the the form before undertaking that last year of office or employment and the last day of office employ action Sec 112 3143 Fla Stat ment [Sec 112 3145(2)(b) Fla Stat 1 Form 8B — Memorandum of Voting Conflict for Form 1X — Amended Statement of Financial County, Municipal, and Other local Public - Interests: To be used by local officers, state officers, and spec,- Officers: Required to be filed (within 15 days of abstention) by i tied state employees to correct mistakes on previously 1'4 Dorn: , ` each local officer who must abstairr from voting on a measure which [Sec 112 3145(9) Fla Stat I would inure to his or her special private gain (or IOSS) or the special gal,; or loss, of a relative business associate or one by whom he or she Is Form 2 — Quarterly Client Disclosure: Required - etained or employed Each appointed local official who seeks to 'NW of local officers, state officers, and specified state employees to once the decision on such a measure pro, to the meeting must file the disclose the names of clients represented for compensation by their, r crm before ndertaking that action [Set 112 3143 Fla Stat selves or a partner or associate before agencies at the same level of government as they serve The form should be filed by the end of the Form 9 -- Quarterly Gift Disclosure: Required of calendar quarter (March 31 June 30 Sept 30 Dec 31 I following the local officers, state officers, specified state employees, and state calendar quarter in which a reportable representation was made [Sec procurement employees to report gifts over 8100 in value The fora. 112 3145(4), Fla Stat ] nou(d be filed by the end of the calendar quarter (March ,1 June 3f, Form 3A — Statement of Interest in Competitive September re or December 31) following the calendar charter m w itch 1 tr e gift was received [Sec '12 3148 Fla Stat ' Bid for Public Business: Required of public officers and Form 10 — Annual Disclosure of Gifts from public employees prior to Or at the time of submission of a bid for public Governmental Entities and Direct Support business which otherwise would violate Sec 112 3130) or 112 313(7; Organizations and Honorarium Event Related Fla Stat [Sec 112 313(12)(b) Ha Stat J g Expenses: Required of local officers, state officers, specified Form 4A — Disclosure of Business Transaction, state employees, and state procurement employees to report gifts Relationship, or Interest: Required of public officers and ■, $100 it value received from certain agencies and direct support ' employees to disclose certain business transactions relationships, n` organizations also to be utilized by these persons to report honorarium interests which otherwise would violate Sec 112 313(3) ,di '12 313(7) event- related expenses paid by certain persons and entities The form Fla Stat [Sec 112 313(12) arid (12)(e) Fla Stat 1 mould be filed by July 1 following the calendar year in which the gift or , Form 8A — Memorandum of Voting Conflict for nonoranum event - related expense was received [Sec ' "2 3148 ario State Officers: Required to be filed by a state officer within 1,, '2 1149 1'a Stat ' days after having voted on a measure which inured to his or her special i AVAILABILITY OF FORMS; FOR MORE INFORMATION Copies of these forms are available from the Supervisor of Elections Questions about any of these forms or the ethics laws may oe in your county, from the Commission on Ethics Post Office Drawer addressed to the Commission on Ethics Post Office Drawer 15709 ' 15709, Tallahassee, Florida 3231 - 5709, telephone (8501 488 -7864 Tallahassee Florida 32317 -5709 telephone (8501 488 7 86 4 and at the Commission's web site www ethics state fi r, 1 CF FORM 1 Effeetwe January ' 2 '1,3 Fefu" i r, Ip 34 4 202 1 f'AGF 1 0 v , z 0 0 ( ` J � (D � R m co CD � �� co `< o N (� CD 3 11141 (p C� p:1 3. 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O N N Q v C1 0` O Z C c7 Z C u) Q:. E 2 m LL N F O F- >' Vi co LC; 7 N N N T Cr W U © . 1- r a, ° m N 7 N �' 7 r O 00 O 2 c N O V .0 A O O . a � N - r 7 Ell O O > N LL O ( a 75 Y N r O ` O N ._ O > C C 0 0 °o ° o o °o 0 0 °0 0 d C (J Q 6 O N O ' O O o O r r O O. '� •� N M t7 N N J J Q. LT cr r Y .0 >. .- .T1 •� mimed W W .?. • . 3 c 7 C 0 To V V d 0 W W O W 0 W C y y a W V a U O U d O O > U m U y y o0 = a ) EQ To E m E m a E o 0 o y m o o (.6 C 0 C 0 F F 2 a m CtS C C co E N •• O O F LL F LL F a co U F r I . i o X o = Return (%) ei Total Domestic Equity (%) w tt, o m ur • o m co () 9 Y ( 'd ) O y 0 O I N N.1 -, 0 0 0 0 0 0 0 0 0 3 y o 3 y m O O ° o ° o ° o 3 0 3 ca - 3 m .s n m E C ■ • • N 3 N fl y y �j N J o o 0 N • O O V m ° . : m - . 3 3 a, C p o c c . d o M y ti o . $ T 3 0 (C 9, °- N co c. c $ m 2 A 0 3 m A - • 2 O co 2 o sv _ 0 0 ?� -< 0 4. 0 3 o to o m o mn� N • 0 3 ° o D p 6. o N p x m m ' o m (0 m 4 7 4 o o p A Cn N al tl O { W A co 3 ° O e co aN 2 g - co N 3 a n m. N m m 1 ° E. 0 9 O p O O Z 'O d C 0 9 d C O K o o D a ;: o o. a . N a 0 0 o 8 N 0 N O 0 0 v N m 30 o 3v o co v < N o w m O o w 'O m O io in io .d. 2 a O D A O O C a1 7 A N co C d ° 7 V m a » 7 d 0 sc N 3 1 N N -s O J � l N CO O D 0 0 D W ° o D S ° °� 7 Return ( %) m • • Return Percentile Rank -< o co p Li' m I •• 'co 'co O N ^ � O O O V N N 0 0 0 0 y♦ O � p p O (Q 0 O ° O_ O O Ol N O O O O O d c O O 5 v v ° 3 3 rn c) 3 3 ° n co w ° CD N N M .. n 1 n O m m m m u m m N a E. = N Z Z m 3.2 Z-' m 2 c c c o D D 0 D ( O m 3 0 XI > 0 - 13 Q cu N O w 0 O r 0 . (Q N a 0 N O UI I N N 0 0 A A D. 6) 0 O N _ o Z _ m S f_, d 0 . w 01 Co 'w m A r a, [n D O m W W 0 O O v D C . N O O O N 0 y o C • N 0 0 O O w N • <_ o o #, 0 o N co N • N 0 at m C1N O N s O m E6 7 G o O W O A� d Z o N z o 0 o D 5 O co d G -. .,..:....:. o.. - O N � E N 00 0) C • d 0 O io A W 7 O r► O M O 0 9 v m Ql e W s 3 0 ia 0, D ,„ w� — O, 0 0 a C co A D " •d 0 O 0. N 9. co 0 ? Z A 7 c0 co xi 7 A O O O O N G1 co D w ° w x 0 c N �: - � n t7 a d oo O n m m • o 0 O PZ > N .. 4 x NC Z N < f z C al i z CD Q N re W M a N N O V 10 0 o i'" O N 1� d U > N O N a) r (0 v im; V L d a) ♦ - V _ C O C CC CI Y M O 0 'O N M O M R "6 2 O =' O W u, o O E a c a o co Ova k m Q a C md M o lg.. a d m C 0 4 2 O, O _. �. a c o L N In N r- ' C d a, O M a, W 0 W O m cu m co E E a a > E Z.7. O o c 0 0 0 c c `° a 0 c . O. 1.1 c 0 til d O O O O S S S C7 N O O O O ,- c 1.- 1.-- r - t C 7 L m `, E 0 0 e t N a S W N f0 (O 0 W O x = w ; «, - - w - W m a) c m Y 4 Q , a E m o m e a, in Z co m co a cu. o c 0).,- .to coo ,. ... 09N co 0 l y = M o 0) - - o 0 K } a Z , r, c v c C .2 O 3 0 . N Q 0 M Z O M N c _ 0 N N CO C_ O v O. N a) M 0, C m O co a, • a c co ici co W y '- co co c O r O y 7 .0 N a? 00 . °D. a ai o c c o 0 0 0 I m� K N� r N LL CO CO N 0 G + e 07 a V ` O,- co M (.2 N ic2 + c O w r a) N d C V co 0 0 U, .. () 0 0 0) � W d M M M Z c L Z 2 a 0 0) 0 0 le- 1- tl ~ A ~ C rn o o 0 N co it I- a 1 .l... ; c N N l0 , ` > N .- r 7 N ( U Q O (D O C 0) V 1.. W r n LL Y O 6 0) Y O u Q t` U co O 0 V O U �` d cn .7 a) c c - O O S S S O o O O O S W -a ' r X V O D O o a c 6 a d . o 4 a d o E •� W •� � v m m n r , > L L O t0 W _ W H uinvoll > U N T a> 7 7 i. 0 = O m CO co oo 0 >> m TO > a.) a Q - o ) > 00 d a 0> _ 0 — os Q c U Ce � 0 0 3 t N m ` - M Q 3 — O m a co Q wc• 0 m U1 it c O c o Q R 3 ' 2 a • C c 0) U Q LL Q LL a a ■ 0 •• m o a o a ca c y a ' 3 XI O > 7 > 7 m c m rn m D • 47 D n D n D w n m m n 0 m o v Z = W D - a) XI 73 m • o 17 0 17 0 v< y y o) 3 < O o < i O < E c •• < v cc) 3 c 7 m m m 6 m Return y co n m n c - _. m a m c 0 ) 0) m a C. j m O N O N N O N O t W 1 O N C C c x �` j m a g °o $ °0 8 S 8 8 8 8 $ j x c 7 A , E I ! 1 S 3 C Q p + to 'od o °d m T J •-• D (n ° m R- A N ° 0) 0) N 0a � A n o j _, a o cif o m a + 0 O N N 7 0) 0) T C N 0 0 m o N N m 3 io W Oo o ? " `.. 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O A .O. r. N N O O m O CO a A v • n rn rn rn ° • ° 2 30 _, 3p o o a v -0 d0 ° i °'0 0 o cD c°1 °' . z x f . W • C x f O a o ° j O D m' N 7 A O ' CO m m 0 m l rn N G W G1 D _ _ D Return ( %) (D p • Return Percentile Rank i y Z S % O , in CO 0 ' co < o o N o M o D y CO m 0 o C) (° m O CS 0 0 K m p co 0 8 8 o O a C 0 a) 7 iv cn 'O ° a g-. - (G o a o O n o N 01 a) O o n a m ' a O m 5 m N = j 7 a (3 0 • 3 r O Ao Ao x fl1 m z z v3 z ° m3 - 3 ° O d D 0 0 > A p Q . 01 G M € 7 ] T m O 3. co o (a — X N ( A X O N d O 0) '73.' - O ° CD V) V) N C. en z d d _ G , m�, g a �`- Q D p ' r, w p -3 u m m A a O - N Z_ . c m O N O ' • CP O C < G N O W D ? ^ -. N W ] 0, ... NO O O W N ] c d LC 0 0 0 3 C 0 C A CO CO b IA 7 a 0 1 5. Z 0 O A O O CL v o av o _. N •O o tri e" O A O } ®O 7 (D C ,7 4 ED o rn ^ N - SI' _ ! 0 V D i K O s o V 1 may - z ° . :Q • 0 0 N3 CZ _ o v NN 0a 0 3cC d T n n _ n a F m �� o o 0 n 0 D `-� m F 0 o o . �.. (n 3 ut N o o N 4.3 < x P:, • � 1+ v I V m < "4 • Z Nx, 1 9 ■ _ 0 J / ) \) wag ; ; _ . c.', OS 2 � 01 � A ° ` <a 0 • cv) §» i ° i ° � A�/9 I- _I 2 CD co (. 1 ° }@ )§ �� ° �� \ !E[ /\ °77 mg g \ \ ` � 0 /££ a \ [ r | z k a ¥ a ^ co { 0 ! a) § 1 \ $ . . . , a �fo ` E k & 0 # r, § & § E ) 64 �� ; § 7 sr co 0 s e g 0} 0 u, 0 , , _ Z, IL E, ). ) ° 10 }/ co ; , _ 8 1° c 2 � §/ 2 2 : / o 2 < j ; [ 23 f 0 .2 f ' $ � � � fR o ° ®� 5& N /�_ CV CV C`.1 ._ I m - � � - » c am .2 ' k ® \ ( \ co k c 0 R- - >— ._ ,,,, #_ / \ / • m ` a C % \ /o c7-) 2 — �2_7{ E ( w } \ « )} \a = o £ e k [E £ 1 / § • /§ / ; co \ k Cal § 0 i- ƒ 0 a I. { ] � \ ~ -J • co 0 a § � 0 - § \ e ■ 0 ;— | 0 0 o 04 / \ o % % @ § ° % 7 ` ) •% ce , , , , _ � \ \ i 0 , / © - $% { \ t\ 0. 9 0 k 2 \ 0 . 0 cc 0 0 0 0 = ! ]§ 0 0 0 ( \ m 0 k k ( \/ C \ k § ee E \)/ _ u_ 0 a 0 O = O = W 13 W 70 rn N x Fn N Return ( %) tD DSM Large Cap Growth A N O N Q O• N N N N N A 0, b O N (%) l 0 r- 1 to r 1 .0 A 0 0 ^ • ' ,-,• O o O 0 c Cl N / ai ('.J 0 73 0 O O O O 1 O m 01 n 41 0 0 = co N ( O N M J N • a . . , N co ... _ Ce Ca CI [le to L$ c O .Ni * O -. 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S 0 to _ G N O > 0 U N j A 9' Z O) 5 = o O co A O D c O a r O O O N m -, c N Q' 0 a0 o O 0 O O 0 7 N N 0 o , 0 3 C a 3 Q !� O 0 O O 01 Z 0 _ N o a O O D d d 3 N Q I N ' o-• o? CO o P. 1 Q C ir o N u v CD ao z m a �..� y D) C µ/ --f 0 0 0 D? � N Q O — �f m AE (7 N o n r 3 z 41 o A N o O O N • Q d _. D 7< N .. N ]� to w N n CD - c3 Z PZ v 0 0 o a N .. j V I N O > • 0 C �.j N V z N = C. 3 0 z > 3 N •‹ " N Q 4 W 7 N 7 N CO /�� I.L O co O M H W I�LV^,'J,1 — 76 (,� C N N • - )- OI = 0 as C , O) Y� C O . 0 03 ♦+ ryC IDG • O C N W M m'— a N V .. w E W a, LO (O O C G m co 0 " N L w Q a 7 0 R 1 0 N N M a 0 N W 0. 0 N a s N 0 0. ao <0 ° v r rn,_ CO a a a�N LO ' u J d r N O tr v M w w CU a, m E E o tl o 0 C 0 0 ✓ 0 o c E c £ Q d a 'm N 1- F a I ° rn t6 OWN a) a) 73 O O O O S S y S S w R V O) L C L C E 0 0) 0) W 0 y v 44 H 2 0 CO N 0 N 3 O x O U w w rV R.72 to C C r v E a E m Q c� o Z c o CO d ' 0) ID ' N N Q9N NU. CO 12- C C CO M C C w 7 aO 7 CO lo to O W O (- CD I.i M M CO N W C C O O oO N 7 7 T-- V a a ft Y ao v w w �") ino rn my O O ci, co ° ° r r r dv c''.' ao V M C a N 0) 0 w N CO N W N w a y re O O N co LC" CO 7 7 r N N C C LL Cri N O O 2 V 71 11 N O c ° co . 7 0-.-: c0 c0 Q 9 N o 0- N W c 0 N I Li a) CO t0 N i O N CO 4 .... • (a f " ) 15 w o V C c0 Z c 2 Z c G a LL 0 u, CD LO CD F 3 m g m y N ea aI Qt C Q O 1� LL 7 N 7 O • N t' > N O d > CV N 00 (O O r c0 C) .0 ,- a0 c T '5 3 Y O I- O y O c 0 11.1 i ; . _ C U w cr E ° 0 2 2 C 8 8 8 O 8 8. O 8 8 8 O d U _ V N C C c N N 0 OO to G N O N N T T C O U O o JII N uin$a i y N C W ea u c Q a) o a Ct 0 c m m y C C C F- O F O c m E E d c a C r, , c co o C o y •• O o - tL 1- a: 1- d 0 1- -I = = to O F o to Return (%) m Total International Equity (%) KU m ° m O � • •• TA v m , 0 0 0 0 0 b:. O m ' o 0 0 °o o °o C 0 0 0 0 o 0 n N a C) p d 2 O/ C N 3 ^� (� J CO D) 0 a • O CO y C l O J 7 J p ('n 0 3 . 0 3 0 3 M 3 N o 0 • C o 0 ? 3 m ',T.' L) m N 3 3 co 3. 3 1 0 m m� a o o m o .: C, N C .� co 3 3 CZ e b o O c n ` w m m ° :a co o -< o -< c c 0 3 - SD 0 N N co O 0 N O { O a v a + 3 o in T i o 0 • O 0 o and ° rn mm S = 0 O Z O (� A N 7 O D 0 7 O A -,; F O • p cn tC m w 0 3 - r p C • 01 V - CO cc „. e O 0 O p 6 a n1 0 - u+ -` 3 m 0 0 0 9 O X o . �0 - Z C 7C • i c n-13 N 3 0 C71 o D a.�. o 0”, a o- 0 0 co • N N O O ON at d 3 v _, W 3 NJ - . 7 O ip is O o Z V O O A- R- _' cn U1 N O d N N G D :°. 3 $ �° ° m> o c o o c m e ^. 0 rt m 0 m co - w 0 Z D o . > R eturn ( %) 3), • • Return Percentile Rank .< 9 0 O D N O A y I •• N N N N 1 � 1 O v N N XI O O 8 8 .3 8 O O S O O O P N O p N O 0 O O O O 0 y p� O O a ET N C 7 J 5 -O Fo N O 0 J 7 o m cn 3 3 ° 0 N r1 0 tit 0 0 O • O N N 0? 0? _ M CD V c v v o., m _a .0 N.. O m Z Z 0 g Z N a s 3 `G `G O p. D D o 3' D a O 3' -0 O le O O -o N O 0 F 3 3 O ' `OG 0 O 7 5 0 t0 oo 03 "I O to a cn ° o 0 N A W 07 d O O O 0 x a A 0. 0 0 A 0 rn 0 ° o Z St Eli 3. oo .0 d . N D oas N o p m n ° w A in e o - c a 0 O O O U' O D co co v c N 1 o o p 0 2 T ti i W c a o 0 3 co O 18 _____...., C m Ei 3 a o Z o o �° o O D 0 o A 0 - 1 N /1 _ � O 0 0 T N J Q a O v W W y J ^. A o cn A ^' V 03 W N.7 Z.7 0 o N e .... O y' 0 Z w G o0D O ° 3 v v J a 3 .. to / O oo ? m N N A w w ° ^ c to O n 3 co N �m CZ N < 6 co c7 l 0 v K m K m 0 C O m ? m cu 7 3 o j 3 3 d 'o O ) E - - n m D m a N 7 C Q° d p, m m z m O 0 7 v J ° m v CD CD N O 5. CD d 7 fD 0 N 0 Z O F ' O m o at 0 0 <O 0 m < q7j ( LE; N < = N = m 0 n c . in m 0 N m fl: m ti 3 ? N o c o n o N O . O ) m m X CD o m Retur 0 0 X O 0 a x '< X o N o i n o (n o CI o N o al X S X d 0 $ $ $ $ $ ° o $ °o $ o o y r .. X 3 CD i 3 N O N S1 p , O 01 o�A c a) �m O 0 sd 7 a7 = CZ ( `-- n — N 3 N N co m v o) A i0 0 = A A T m O ca a C n N - A W W O N V N n 7 T . an d O N No0 °° o7z w . N N N co 7 O W A - (n (n -. m w ... T A Cn A v N Cn 0 0 a 0 N N N 7 7 a1 Or OD - � 0 . C c O co w ( m N O in (D V '01 7 7 7 co A co N d p N N O 7 D 1 - -4 CO Z a CO " in ' Z w -< o v A N FL. N , O' S w w _ 0 0 W w Z O Et N D N N 0 L 0 ib m W CO OJ 7 O 0 y^^` co 7 p N N Z 3 d 0 W co N 0) N m a 7 O N Q D m N N O CD cp N 3 ce 3 m co EA W 03 EA fA fA 0 pp n c m m N co a 3 Co N 0 O A $ N OI O 3 K K (n io m m o oo $ $ $ 'o $ $ o c '0 0 ii 0 A N a 0 w co N 7 m N < N - co �� i O N N c0 - E C E,' m O 3 I I 0 m o 3 3 m O 3 3 M CD v v CT) p c 42 o 3 KT CD 0 m ,13' 3 (T N O C) 7 0 07 ^ Q r IC A Q1 "( 1 � x CO X cpp'O O ' Z -) j 'O� N' 61 e 1 v w a` m N O O m � a) cn cn m m 3 N Ws A is.) ' 0 7 O d w N Co 0 W d co „ 0 w m N V A N co N co N O O ff' Ocn� � Nx* z CD w E ° 3 O N z NNm ,- d a) a x ' Ce C C7 7 N 7 N L o m m ' 0 13 V ` > N _ N UPI M C.• CF R d M cD d ` O c") r..... L M co r O a0 C K /v^ l a 0 M • u C O E c � o a9N Q a Q w E w U) N N N F CO o a f O x j LL U U V U A �� N d m a) a) N O o. O. a. 8- ° \\ 'ci m Q O Q O o E N _ D1 01 v N .. C O a C0 I I I rn c y C) o ° W 0 0 0 d N co y m V E 0 O v - p v I C .- U co £ co N C x 0 y d 1:1- 1- v c o y y 7 0° o °o °o °o °O O °O °o °q o (J N y N M M N N O ry .- .- a0 V O T ; C A 40 n CO O O O m W L y - . L d N V . en c. «» to u, co «n e, .» "' o o O O K p a w w a co m c C `- 0 a) Q N n E y £ y Z O N co O) a c O RI LL , 0 IL = 5ii N C az au u J = N 4 cv 0 cO 0 -) N N N cc < co N C O y y c c C 2 O) c a c " co m m • M co m v ao v o N. 0 O ao co . a rn co '5 N c a co n N CO c k N M w N O N N C c v N co CD N G U N O N CO 7 j xi c0 to P a c. c 0 _.. 0 LL CO N 0 0 ce ° + ›- m c N ,- N c . N • I.- N • m m c o M C a . N L 0 C a) In N C y u y W 0 w Z c v 2 W y rn 7 0 N- C Z c n 0 0 1- it • LL co O) N 10 (V T 13 O N - o ■ N r m d a) c 0 l- 10 7 N 7 ..- a I� W I� LL 7 7, r„ w ,_ m CO U a> N V > N N • N O Q Y D 6. O Y _ CO 'ao O � ° - v U o - C - j0 N o 0 oo o o o o _ T n •- f o a o of o d E � U U >+ C O C as A ui nlaa o o t m O E O c y d ° d $ Q c d E o a x x > CO O LL LL C c . N C V O p a) <0 x LL uj C d f- H 2 2 LL m D LL LL F d • E m 0 CL o o r U i- 1 G ' o N o m Return (%) A Total Fixed Income (%) < F. O N O t U Q• O J V W O ; O O O O O 1 °� T O T I 0• o o O o O G7 Q X N x co N O O 5 1 a 0 0. 0. w m .0 • v 0_ N °' _ N m m ' L • l0 0 3 0 3 °r m m ° N , O a ° o C to o m r. 0 3 a o 0 U • N Q U 1 N co cu N n O N M N ° l 1 cD p N p N 3 p • i ° cD ° O n 1 3. 3 m m N an d O Ol o D C x .8 p 7c N • • n O (O N O co x O. o o O J i� x T 01 tu A in x < �rnm A yw O a, •x A .co W C z o A 6 W E. m p t �' N a'. ° 1 O w o 4. < o X O v y 3 - -, (03 o _ _ y o 6 -o N 1 N J W O co O W OJ O cl c�3 0 p io Iii ° O N d 0 N N A < 7 A N :5 D o m* ° co; A 3 A ° O o ° 7 a • m o c a •0 3 ' a N O N O n l N D , N D z v O W S O = D m w m Return ( %) (D O • Return Percentile Rank i m rn 9' P' m -^^ _4_ o - O O W O N W A Y / N v O O O O p C d N N 1 1 C T T1 T m N N o, (fl X R (n a 0_ O 0 a s 0) o 0 A 7 3 >> w O O Q ([1 .71 0 O x 72:' O O o Iii ( N M z z 3 3 m N O D •• m > w ' m m m -II o V M ° o ° a o 3 0 m ea > > 3 -< ° P. O x m N G at O J cn N D O 0 c O x _ ° a A N x x O N Z ^ a' A ^ P3 N T O O N 0 D �. O O N O Z 3 k, O N O N = CD N N D W C N CT p O N N 0 O o m ■ < t7,', 0 y O N ' � 0 N 0 0 0 C A o -' a 0 LA O W - O o .' 3 c Z o a' O D • d o w m /^ c , o O I w cn O °: 0 w w Z <. o o °' O D O A F M �y n o D ^. N 01 0 co W i v 0 ' a D® 7 3 0 ° z �f AE vo0N O • m X 7 N 3 XI o n W N O <. o z N� dN zP. • E 0 r6.41 x • N . QJ N C M 7 7N �+O/ Li l0 0 M N D M 1-64 d . L 1 N O > N O C (nn r h U ` O) .... c 0- V v C x nc Y M 7 -. � 7 ` N y O � ��� ? U O m E .& • W V) N N N t N < d a E . ..... --;:- c...." o ` U U U 0 d d d d 0 co 0. D N o Q G Q O m O ` 0) u) M LL c o M v 8 E N E E - c O 0)N N c 0 W CI 0 0 m o v a M N N d d x x Q) LL L E NI O a 00 (O C y in in C c to " E E ° 0 0 t To To G) H H M a ^ '' W a- v a CO d d O O O 0 0 0 0 0 0 0 O W 0 0 0 G) d N N = 0 0 0 0 0 0 0 0 0 0 0 .Cg l; L C (v E �D N a0 O O t0 a0 7 O Q a Q a = M M N N N O O O N O) I- G C ` O) .- E d d c o N E in N O N 07 d Ol y r Z O a0 c c 0 V' NI N 10 LL 0) LL ' O u7 W 7 C 10 N N N d N 2 Y a N. N (. N N (f) IA (0 V 0 0 O O 7 7 En 7 ^ r a a K rn rn 0 } LO CO O _ • c0 N _ is 5 • N G ° • M O) V V C d N I� v (0 Ni N M n O O 0 0 0) O) O O N CO N CO '7 (0 LL co N O) (0 co co O 0 + O 0 N 0) U U CO rn m Ot .- m LO d 0 �_o E u - M N Q 0 CO r CO • W d O N N N U O C a N . 0) • .dr w CO a) (O ( D CD 0"- r d N a) O) _ CO 0 0 Z q V L Z 0) LL >- O) N I- L V • N r ( (a 0 2 0 o d o y ( O (O ,� L. 0 I- 0 d T d d co cn co + 7N p 7� 2 • 7 (O O Q oD o N 01G r .a • .- O CO CO N M l- N R CO d r YO w YO ,- ` ' E <C A ,- mo m u o O O O O O O O O O p >,c ry c 2 Q 2 y V () - ,- O 40 1p R N O N 0 d . O N D a O O O ( a) 11 c co C u�n�aa c c E E d to 10 o io 8 N 0 E c U c - c ' o x x 0 c d 'V - V - _T it it t d C d C d . f6 U U d7 d N ✓ ii.1 U ii C a d a It o d u d o Q E E 41 o m a' . N a' N C o o ? 'y d o o 0 co E o °° E o m 0 0 '' m ° E ° vi C ° c ° F F E 0 - ° m M M m o o ca • 0 O o 1- _ LL 1- LL F- a 0 1- _ -I = ry otal Domestic F ixed Income (% _< y —I p in- Return (%) O E O m m O O • ' ° ' o o o 0 0 0 0 73 0 0 o o � O � 0 0 o O o 0 3 d o 3 m n m m N C • v 0 N b a n` -n n T om . 3 3 n cn m 3 m 7 TI N T N N co 41 N . " Q C x p n N 0- Q 3 6 N ® ly 3 N � n N �' N T T o 3 O MI p O ' O N N 41 m o N 3 3 to 3 3 w n n m 0 O N (D O N O O A a* O CD O ') O O O W • ID N N N N N O 2 N 2 N 4r i a rn a Z 5 o N 0 m • 0 • 0 N Q Po co O p O -1 -1 A o o- 3 ° Z n n Rl d ° N an d '� o, f71 N o w -< ° D o x ° N p 3 m T °' II tD > > > X (r 1 d w ° N an a a o 0o 0, OD 0 O ° 7, m O O Co pt 7 m N O w y j 01•1 O N n • O J 0 n 3 N it y y 0 "O d C S' A -O D, C A o Z c •O Cn C N ° D R , N m 0 m O N w CD Co N W < d O 'Co j OD w O. • o o 30 Si?, o m p) A o m :o a , Z is f ° i� f ' °• o ° ° 3 F., D C N 7 ? o C A 7 o m m 'm ^ m ^ o o A W (.J D D Return ( %) (D 0 Return Percentile Ra S o Z '7 p N •a o w m m ' O O $ cJii o N o o D m o N y K-I 0 0 0 0 0 m m $ °o °o $ °o a d m _... ..,L_.,._ -wl�, C O 0 0 o p p m (O ti J ID O (D M n p <7 ■ W 7 7 CO m m 0 • (D 3 D N N Z Z A O n a 3 - n 0 x A ° 3 z 7 D .: 3 >> 0 0 3 > D 7 CD > cn o 5, o o `'' 3 3 3 N tJr (D (D € 0 j N N 0-a Oi _ O 7 CO O 01 n' CO O 01 5 `< 3 o O m A ° N N a co O 1 x 0 N N A? J N A w 0. 71, O Z Co y CO 1.1. y n '.n. A co A a 0 O W O Z C N O O N N O N D j a O 0 N O 0 O o cO G 8 o _° -- 0 N A w O( N O c C r 0 c O• O O W o N 3 Q r•' o D d d CD o o ^ . C1 `" N 00 p g 1 0- „•, w 0 a (D F, 9 ' l7 O) N A 7 7 N 1D Cn W ^ v ® N r! O w W z < z o a cn f1 c o > ^ • m 0 , 0 • OD � a _. 0 0 v Q Z A f O XI E O O N O N O • (D 0 D 7C N x N (T N g w CD O� NO < . co � x N ( G ',""Jz • a) N z0:1 N x � N a a) ) v d a) No. QD re a) 7 N 7 N A - w/ = C O (n m 0 0 M ( � � 1 V N co -- N co O CO m 0V W C x Q m _ O co N ` c` 00 Y M .5 u C N y E to 6 E W 0 N N N a d ts LL (1/4 u V U ci o a) E N d a) O CO N p O. (0 a O. co a. 0 a. to 0 o a) o m rn v c 5 o � �N 'm . -. 0 q a) ? a) o c.) o E E o, C o 0 v a u 0 m C C L o x O N LL t H a 0 m o o co 8 8 p C N 1/ N 3 O S 8 8 8 O 8 8 8 oO S 8 0 E U7 CO O E O g M N N N b .t O O O g W A V V c0 N rL O O O L N 7 L u) N N V en w v) Vi d! M (A (A (A (A (A M O 0 - O o- x x W W 7 c) Et in 0 CO 0.1 E d cC (LA 6 0) � h- f` E 0 m E 0 C o N <aa 0 co Li.. . Q C C C) N- 0 C C W 7 a0 O to ea C O '3 .- N N 0 ... >. O 0 N V W ct (0 N U ct a) 0) C C o 0 R 7 7 ix P .0 } M , V .— N CO tlf _ n. I O) ( O G 0 4 N C G 0 0 W d O) M O 0 .- N N CO CD rt H N N (0 d) C C N V. c0 O O N u'i C C M N ✓ N 0 LL tt 0 co U .- N Q N cc) ` W,- CO N- C) co c0 c0 C o •,- 0 c N co C ") c CO m CO O t C D O O N U 4' w (- G Z c 2 C 1 CO 0 E ;i N N r 0 > N h V > N ( • O (A N ch 7 To C ZE e O O C 25 s O) a v V O C Q a7 O 0 8 O 8 ° o ° o ° o ° o °o O f0 >,[ O it co) CA O O co O CO O D_ E 7 N E E O 0 r `o a_ :� :� d a) c E d E o y N ° N U Q 0 a 4) C E To Q' c d' c Q- x x > c- d O LL LL p X C To l9 a) _ x LL (n co co LL ~ LL a) • • 0 _2 N Return (%) A STW Fixed Income I %) cn � T I o ° o ° o ° o .. o o .7J T m 0 T m n m 1 O o a a n c CL 0 a — S) 'O • N 1C 3 o m ' o y R R fA , o ° ° o C 3 c . 3 m y fD a a n v 0" 0 .. W . 7 j 0 ... D m i o co 4 co 3 3 • to CD 3 O 0 0 d N CT T `< W -0 N 0 0 3' ° 3 • co d d < W rn 0 N N ° O ::1 of 1r 3 lo o CO mm o N mm o co • a) O N O E O p A O F ? m 0 m IO a O - N Co J x 'oo 2 (A -1 O) 0 10 y y J A 0 A O CT C d w O • • co a s o v V • • N 3 n iT 0 0o' c, too o. m O N C r D O 6, C , � x . 0 X o A . O O r0. N co O w 8 O c l a 0 to o 0 la O W 0 0 O (O C p N N A< x f pio Cli a "-.1 is.) O CO @ w 0 o W w O 7 a A • ,.p o O c m m O r; a 0 A — O W — Cn o - � .� o O .0 co 0 0 bo 0 O ^ ) to Return ( %) % ®• Return Percentile Rank T i •• f0 co 0 O - N w ^ O N O N O ~ O O O O O Y• O O O 8 O O a C O O < T T O O j X% N 1:1 N W 0 A a a O CL s ° 0 n c, J co O O ° ° 0 P 0 A 3 3 _ P � A5 N u] m m =- D W w� Z IV w � v • O ° co O .d. D ao O .d. d 3 ,', d > > N - m x .C. °m 7 ° N c0 m o co N 0 O N A w C. a O A Sv w w ._ O lA 73 c• >r o co O S N N in t0 w d m v w d O co Vt O 7 y (7 rn 4 N G CO O O W fJ OD C B o W O N o� O Co -4 v 6 C N 3 d w W 7 N c b w ^. O s 0 o c < N 0 I c N CO � " O® o w -, O 3 c a o, ^ o W - o W o o A ) , o W Si 0 'co 0D 0 A 0 el-1111114) N (n O N C � � O N ... rn iT CD 0 orn"v o (p - W N A <. O . O o o OI D A D) m .d. . N O L 0 0 ���o� • 0 • m3 7 O. 0 m - W .ZI 1 O 70 Oo CT1 O O N 0 • d X 7 7 0 �I N 7 O C j0 (1 n 0 ^ O ? 71. t0 7� •� N O � to w LL m 4 J1:/ N M 9 — 0 N O �. °3' � z r..) CD v,N zE d a Co ' i= w ^ ID r ? Q� cL M 7 N 7 N M r N_ ��11yy ( y L '" o eo m o w w w " V V V N N CO T O v C Y M N Y M N C O O as 2 A O O , m aLcN FF+1 p - I m CO CO O CO V cO 0 a CO N N N ..: � ID 0 CL N • u • c i u N d O, C) m a O n ay a a)n _ O. O. N., N a " co o m a C o _ CV Lo 2 N O y T W O y m G • • 0 0 V C C 7 8 CO 8 ` d c c t a) co m a 11 t 3 8 8 8 8 8 8 °0 8 y 8 y . 8 8 tpp 8 co E M M N N N 1- O O 8 O, O N , ` O) T M CO 7 W W C o O U to w e9 w M M W M 19 f9 Q 'c N CNI a) C ' N C — ) y 0 N co 5 5a' 2N V N x x W W N cc in Z N '' N- r C C • C) a E w co 0 W N m ` O). ( N CO LL W U. C C V 'Cr O C N 2 2 Q 6 c0 - W = CO CO CD c+) M ei Et O g N r_ st C C CO N r CO O O r- a0 00 • 7 a a ' CO c o N CO O O O C O 0 I. O O 0 Cy r W m N 10) ( 0) CO N al Q 8 V) C C le .2 O 0 T j O O N . • ' .0 .0 . T O) N N T CO N CV C 0 C O N 0 U U a- 17-- v CO p L N I- a L- LL N h N aJ CO M CO ,- (`] O) N 0 w C O `* w I— a) V M ci Q c U O co ll] I a) W . T d N t •O' C W al c cj c0 ` O 2` CC 0 CV N N 2 a O H F N H N . d N o . s. V7 a) a. t a F- cn a. u N a 8 8 8 8 8 cn � ° 8 8 8 8 T � O .- .- O CD of. Q tV O V1 d H C cC 2 C 7 N C _ 7T G O M O f` N UJf1�82j . C 2 c vi 7 N ,' N O y L •_ Y c, N • .0 y 0 N .T N O J U c 0 o p C 0 . C 1- a) m ■ + Q a dV) W CO a a � 0 via u a u a ` F m a) m a m v? c H c i= CD UJ m 2 Q H U O as al m • • o H m 2 it W It cn a 0 W V �' N c, C�C 1 Return i► STW TIPS (%) V 0 d C O I •• G f C in 1 A O) m 8 N n-0 7 n ={ co co 0 0 0 0 8 47 0 0 0 0 0 0 U) N 0 (A j v - 0 4' • v UT y N y Cl) N IL N 1P, • f. c '2 N u) N 8 g • Y d ca a a O N < 0 U 1 • W N o < 1 A -I to c g • 'V 13 ID -rj SD 0 W 5.. 4 N N -i 0 0 0 1 W N N • • d N CO m 7 1 O W a ° CD O an d o N ttt d a N N 7 O D O co A 3. io N O • N m m r N 3 O d ° o n + N CO CO V m a C N CO V IV C S m A V 3 < C o P. 40 7 aa, d X O N o d ; d? ; O -0 d c O A 9 d c � Z C 1� O La a r - D , O co a w _ N 8 6 O 0 X O A w W • N + < 7 p -(4 io io m a 0 r;, • o y c p y 0 j d 0 d c p V O> 01 O y o m o D W :: = E m 3 a ] - a T m N a m O A V W o D O N D Return ( %) ( D • • Return Percentile Rank .< Z 1 O D d O _, N I •• O A m N Y/ CO CO 8 V N N N O tT O 0 co 9, 3 F, 8 8 8 8 8 a ) c v 1 3 o _1 P - c c v co to �' o (CI c m o N to N IIIII1 7 z z d g Z ° d z 3 c z D D d D w O d c vt 0 a> CD 0 N N d c.. p ni x p N c O A7 N . �7 w a • o Z w d • w d • cn O O N -, C-a m ° co d V V 0 a 0 O V 01 Z C O N 0 0 c w o D • c N 7 < w N - 0 w O O C o 0 T ' N O N - o O 3 0- O W -• o 03 al 7 G 0 Z W O o 0 0 "'? O O D N 0 0 N N N CI) w o0 a �' O N C d O w 7 0 7 7 m C "� • O D Cn Cn Z <. o t^ N 0 eli J co A D O d A • ® O 2, 7 a cu /� O A 2 '�. f !� A 0., 0, O cm n* O d 7 /. y � W D x N CO X N (.J ^ ■ C /D n Xd N Oo..N N 0 ; * P3 N Na O3 c O Y o -I <. o r7'.) 0) c. x � Aa O rza o 1 n -0 1 -n 1 T m O O co O • • m p1 y N 6 5 D 5 ' O 1 a m CO o 0 o n o t a i ✓ op Q D d O m d y iii N =, d X C 5 T X T T_ - n < co o X m x m a •7 a r T 1:1) a 0 a 0 m 3 0 3 y' co 3 °; 3 °:. CD g 1D 3 0 0 p o 3 co 7 m 3 - 3 7 a 2 m 3 O d m W 0 3 3 CD a p O o m — o d A • 3 a Cr cn o f �^ o d o is y Return m a N C - N N — <» T A y d (11 p d a S.D. N N m A V C r N N CD co a g 8 S 8 S 8 ° o Q O X 5 n -I O O N O CT • 3 A �1 V A m 1 d 1 cn v co 1 3 y 3 d ' O O N 0 173 -:--'4 .Z1 � T r 7 Z S e1 N ao is m m m co N N n 7 , _„ j w = o p v m m OD OD 1 0 ' W 0 t N O W v, C W O CO a 0 N O O A CO CO 4. w CJ, -N r Q Q Col j r . F. ... 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