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Agenda 08-08-13 BOYNTON BEACH FIREFIGHTERS’ PENSION FUND QUARTERLY BOARD MEETING Thursday, August 8, 2013 @ 2:00 PM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA I. CALL TO ORDER – Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROVAL OF MINUTES –Quarterly meeting May 2, 2013 IV. FINANCIAL REPORTS: A). Bogdahn Consulting – Dave West, Consultant 1) InvestmentPerformance Review for Quarter 06-30-2013 2) Investment Policy modification along with asset allocation & target allocation B) Attorney Report – Adam Levinson 1) Four Year Terms for Trustees - Status 2) Dell case with Boynton co-lead plaintiff – Update 3) Memo 6-19-2013 – Pension Disclosure Amendments to Chapter 112 (SB 534) V. CORRESPONDENCE – 1) Salem Trust transition to new trust system – Various updates June 14 thru July 31, 2013. VI. OLD BUSINESS – . VII. NEW BUSINESS : A.Invoices for review and approval: 1. STW Fixed Income Mgt – Qtry fee 9-30-13 - $7,962.81 2. DSM Capital Partners LLC – Qtry fee 9-30-2013 - $16,788.22 3. Bogdahn Group – Qtry fee 6-30-13-2013 - $8,375 5. Tegrit Administration – Qtry fee 6-30-2013 - $500 6. DGHM – Management final fee 5-31-2013 - $11,339.81 7. Klausner, Kaufman, Jensen & Levinson – Service Apr,May,Jun 2013 - $4,710. 8. Anchor Capital Advisors – Quarterly fee – Mar 2013 - $12,234.49 & June 2013 $12,405.63 9. GRS Service June 2013 $675.00 1 10.Intercontinental- Management Quarterly fee 3-31-2013 - $7,924.30 withheld from dividend reinvestment plan. B. State Report for 2012 has been approved – Phone call 8-1-13 Jeanine Bittinger, Plan auditor, Davidson, Jamieson & Cristini, PL VIII. PENSION ADMINISTRATOR’S REPORT: 1.Benefits as of 08-01-2013 2. Alive & Well Statements – 9 outstanding – Follow up sent August. 2013. IX. COMMENTS X. ADJOURNMENT Next Meeting Date – Thursday, Nov 14th, 2013 @ 2:00PM – Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739-7972. 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CALL TO ORDER — Luke Henderson, Chairman Chair Henderson called the meeting to order at 9:02 a.m. II. AGENDA APPROVAL Barbara LaDue, Pension Administrator, added the following items: Item 3 to IV, B - Attorney Reports memo regarding the State Budget Crisis Task Force > Item C, IV. B) - Letter to the Honorable James Sensenbrenner Motion Mr. Taylor moved to approve the agenda as amended. There was no second, but the Board voted and the agenda was unanimously passed. 111. APPROVAL OF MINUTES — Quarterly Meeting of February 13, 2013 There was a correction noted on page 10: ". . . Report discussed Ordinance 06 -092, the five years for the deferred 5% 2% COLA." Mr. Petty's last name was misspelled on Page 1 and 3. Motion Mr. Taylor moved to approve the minutes with the amendments. Mr. Raybuck seconded the motion that unanimously passed. 1 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 IV. FINANCIAL REPORTS: A. Bogdahn Consulting — Dave West, Consultant 1. Investment Performance Review for Quarter 12 -31 -12 Dave West, Certified Financial Planner and Senior Consultant, Bogdahn Consulting, explained the markets were very strong, and the plan, fiscal year to -date, was looking good. There were two significant events during the quarter. One was the market was moving into a period of across the board sequestration and the declaration was made during the quarter. The second event was the Federal Reserve indicated they would continue to buy back $85 billion a month in U.S. government securities. This was important because they are buying back 10 -year treasuries and mortgages which would artificially keep interest rates low. The only other tool they have to keep borrowing attractive is to keep long -term interest rates down to entice investors back into the market. Attorney Levinson noted page one of the report introduced Mr. West's team. Mr. West briefly reviewed his background and those of John Thinnes and Nick Rowlands, who service the Boynton Beach Plan. For the quarter, international equity investments for developed country stocks were up 5.2% and emerging markets were up 1.6 %. Part of this return, compared to the S &P increasing 10.6 %, was due to a currency reversal and the dollar depreciated, so the Plan lost money in currency overseas. Mid cap and small cap had smaller capitalizations and higher returns at 13% and 12.4% respectively. The bond portfolio had a classic 60 %/40% allocation. The total return for the bond market was negative for the first time during the quarter. They used the Barclays U.S. Aggregate as the proxy for U.S. investment grade bond market, but there was not enough coupon paid to offset the price depreciation that occurred because interest rates rose during the quarter. The U.S. Treasury market was down 2110s of a percent. The Barclays corporate investment grades were down a 10th, so even the coupons were not enough to offset the higher yielding investment corporate grade bonds. With rates and coupons so low, if the Federal Reserve starts easing off their buying program because the economy is improving, the Plan would face additional quarters of negative total return from the bond portion of the portfolio. There is a global bond strategy in place, which performed quite nicely, and there is a large allocation to fixed income allocated over real estate investments which continued to generate excellent returns. There was a market rally, and cash on the sidelines was starting to come back in during the quarter. There were private investors with 457 and 401K plans sitting on the 2 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 sidelines starting to re -enter the equity markets. The rally was driven by high dividend and defensive stocks, which was unusual. The small cap index had the classic recovery. Materials, industrials and financials were the best performing sectors year over year. Mr. West thought this was a good thing, because if the economy improved moving forward, cyclical investments would not have had a run, so there was opportunity there. For the quarter, high yields were up the most, and lowest quality up most in the bond arena. High -yield performance for the one -year period was up 13 %. Part of the strategy with the PIMCO diversified income fund was to go into the high -yield arena. PIMCO still had about a third of the portfolio in high yield and the Plan had benefited indirectly through that fund. Interest rates rose resulting in negative total returns. The plan opened the quarter, net of transfers, with $63,694,923. Contributions were $331,712. Distributions were $1,163,975, and management fees deducted from the custodial statements were $7,142. Other line item expenses for management of the fund were $105,667. The combined retum on investments, which included real estate, income distribution, bond coupons and stock dividends, was $3,970,306. For the snapshot of the fund taken on March 31, 2013, the Plan was at $66,720,159. The return on investment, fiscal year -to -date was $4,922,247. Mr. West spoke about comparative performance trading returns. For the quarter, the plan was at 627% ahead of the benchmark of 5.94 %. Fiscal year -to -date, the fund was at 7.73% versus the fund policy of 7.33 %. For the one -year period, the fund was at 9.8% and slightly behind the policy. On a three -year annualized basis, the fund was at 8.38 %, above the actuarial required rate of retum. On a five -year basis, the fund was at 4.2 %, slightly behind the benchmark. Since inception, the fund increased just past the 2008 financial crisis mark and was at 4.29 %. The fund, compared to the peer group for the quarter, finished in the 17th percentile. Fiscal year -to -date, the fund was at 23 %, and year over year, there was a slight underperformance to the benchmark. Although it was still above average, it ranked in the 42nd percentile. The three -year performance was lacking and the fund ranked in the 59th percentile and the five -year number placed it in the 79th percentile. The Board had reviewed the reasons for the rankings and made adjustments. Mr. West explained many other plans were experiencing active management issues and when looking at the total fund policy, the established allocation worked well. The passive allocation index finished in the top 16th percentile, and for the five -year period, it finished in the 33rd percentile. The allocations worked well. The fund was trending in the right direction. Mr. West explained alternative investments and asset allocation diversification strategy led the trend. He clarified the Boynton Beach Plan was compared to the public plan category that encompassed all public plans, nationwide. Florida has about 400 3 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 independent plans and the national market typically has one plan per state. They also compare the smallest plans, having about $500,000, to large plans such as FRS. There are closed, frozen plans with a 6% actuarial rate of return, and some plans, such as Tampa, with a 10% rate of return. The category encompassed a wide range of asset allocations. The Boynton Beach Plan lowered its investment assumption and was continuing to do so over time, but the universe contained plans that were all over the map. Asset allocations were reviewed. Mr. West explained during periods of rally in equities, the plan was slightly above average in its U.S. equity allocation and was on the mark at 15.96% in International equities. The Boynton Beach plan tries to be an all weather plan, and its objective is to have above average returns and be stable. A manager review indicated Anchor Capital had a good quarter and earned 13.7% versus 12.2% against the benchmark, ranking in the 12th percentile. Fiscal year -to- date, they were at 14 %. For the one -year number, they were ahead by 1.38% and ranked in the 16th percentile to their all cap manager peer group. For the three -year period, they were annualized at 14.6% and were just under 2% ahead of the benchmark. Since inception when they were hired on August 1, 2009, they annualized at 17% versus 16.4% and ranked in the 33rd percentile. Dalton had a good quarter and was up 13.4% versus the benchmark of 12.2 %. On a fiscal year to date basis, they were behind by slightly less than 1%. As to policy compliance, they annualized at 10.3% versus the benchmark of 12.7 %, ranking in the 88th percentile, and they were flagged. Mr. West requested deferring discussion of Dalton to later in the meeting. The S &P 500 was indexed and was up 10.6% and year- over -year, was up 13.8 %. For the three -year period, they were annualized at 12.5% and the five -year annualized rate was 5.75 %. The index fund was in the peer group of other index funds, and since they all tracked the benchmark, the only differentiation was the fee. DSM was at 9.6% versus 9.5 %. Fiscal year -to -date, they were ahead by 1 %. Since the last quarter, they were at 9.2% versus 8.1%. Year -over -year, they were ahead by 2.45 %. For the three -year period, they annualized at 15.6% versus 13 %, ranking in the top 6th percentile. Mr. West noted active management was effective in closing the initial funding gap. Manning and Napier, in the international stock portfolio, was at 5.15 %. Fiscal year -to- date, they were at 11.3% versus the benchmark of 11%. The fund was still recapturing earnings. Since inception on September 1, 2009, they ranked in the 38th percentile of active managers. The STW investment grade, core -bond portfolio benchmark was up .15 %, although the aggregate bond index was down .1%. Mr. West explained this manager has more of an 4 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 intermediate bond benchmark so the manager did not have the volatility of the 30 -year bond benchmark; they had a one -to -10 year bond benchmark. Fiscal year -to -date, they were ahead 1.02% versus the benchmark of .3 %. For the three -year period, they were ahead 5% versus the benchmark of 4.6% and ranked in the 56th percentile. For the five -year period, they were up .56% versus the peer average, and they ranked in the 48th percentile. Since inception, they were at 5.7% versus 5.4 %, slightly below average in their peer group. The TIPS portfolio was at .4% versus down .3 %. On a three -year basis, it lagged slightly. Mr. West noted they were using the entire TIPS benchmark as their universe, but the manager was managing against the short benchmark to remove any volatility and their numbers tracked more closely to that benchmark. Discussion followed about increasing the fund's position to global high -yield bonds, based on the success of a lot of funds in that area. Mr. West explained he wanted to discuss that issue. The Plan has the PIMCO Diversified Fund which is one -third high yield, one -third domestic credit and one -third foreign sovereign debt. The fund was up .5% versus a domestic market that was down and a global bond market that was down nearly 2 %. Pimco had a significant outperformance of 10.6% versus 1.4 %, and since inception in March of 2011, it was at 8.76% versus 3.5 %. The Templeton Bond Fund had a lot of currency exposure, and they were primarily involved in sovereign debt U.S. Treasury Bond equivalents. This fund earned 1.4 %. As to consideration of increasing the Fund's position to high -yield bonds, the Board would have to consider the historic behavior of the high -yield market. It is a cyclical area of the market that investors either want to be in or out of, which was why it is actively managed. The market always runs further and longer than one can anticipate. In an environment when everyone seeks yields, this was an exceptional period of time. Mr. West thought one could make a logical case as the underlying credits were fine and he thought there should be another decade of decent corporate financial strength. While the case for credit is good and the valuation is not good, there was still a distinct and significant advantage to high yield. Mr. West suggested the Board consider making a modification to the asset allocation and current targets. He pointed out this decision should be made with the idea the Board would stick with the change over the long term. The target percent allocation of STW, combined with the TIPS portfolio, would have a domestic bond allocation of 20 %, and they would have an allocation to the global bond portfolio of 7 %. Mr. West suggested, considering this environment, to reduce the allocation to TIPS to 2.5 %, taking those funds and allocating them to the global bond medley. It was a small allocation and on the margin and the Fund still needed the core investment, fixed -grade income. 5 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 Mr. Taylor thought, based on the time horizon, this would be well into the future and he would support the reallocation. This would involve a minor modification to the Investment Policy Statement. If the Board agreed, Mr. West would take the recommendation on his part and reallocate the alternative side of the fixed portfolio. Motion Mr. Taylor moved to go ahead and proceed. Mr. West explained he would modify the Investment Policy Statement and change the target allocation to TIPS, which is currently at 5% to 2.5 %, and reallocate that 2.5% to the global bond strategy, which would change from 7% to 9.5 %. The second part is to implement that reallocation. Vote Mr. Raybuck seconded the motion that unanimously passed. Mr. West would put the necessary communication together, letter of direction and make the amendment to that part of the Investment Policy Statement. The real estate portion of the portfolio performed well. Intercontinental earned 2.75% and fiscal year -to -date, was up 9.2% versus 5 %. On a year- over -year basis, Intercontinental was up 14% versus 10.79% and on a three -year basis, the real estate allocation added 12% versus 4.6 %. Mr. West explained Intercontinental is a leveraged special niche real estate player. ASB is a more conventional core real estate manager. They were up 2.6% for the quarter and fiscal year -to -date was at 5.3% versus 5 %. The Princeton Managed Future fund had a positive quarter although fiscal year -to -date, it was down 2 %. Mr. West explained this was the rainy day asset that would negatively correlate. When equities were up, the Princeton Fund would be distant from the equity market. He was not expecting performance from them, rather it was a place marker and a counter -move mechanism if there was a negative trend. An inquiry was made what caused the difference with the Princeton peer group. Mr. West explained the Barclay Index is made up of the largest 50 Commodity Trading Advisory (CTA) firms. Princeton is a fund of funds with 23 CTAs that have a fund -to- fund approach. They do not have a direct investment in any single fund. From a peer group standpoint, the Trustees should expect mediocrity. There will always be one CTA advisor that will hit the top of the peer group. They will also have an advisor that will be in the 100th percentile and the one shot concentrated CTAs would move around. A diversified pool of CTAs, over time, would rank in the middle because they have a blend. They could be blended again with other fund -of- funds, but there was not enough of them to comprise a valid universe. 6 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 As to Dalton's performance, Mr. West explained they gave Dalton one more quarter. If they did not perform, they would do a full manager search. The Bogdahn Research Team has Dalton on a performance watch, and they were still comfortable the team would perform, remain consistent and start to out perform again. From Mr. West's perspective, Dalton experienced their worst year since existence. While they did outperform by 1 %, Mr. West wanted to take a different approach to the allocation of the funds. Mr. West explained the struggle was to optimize the domestic equity allocation for the plan. Previously, they implemented what they thought was a more optimal way to do so, which was to allocate managers to the all cap or broad cap category. It was thought hiring a manager or only investing in the large cap position would be an efficient action as it is difficult to obtain value. However, if the Board purchased an index fund, the fund can get the market beta for six basis points. The fund was paying 75 basis points to obtain outperformance and if the manager outperformed by 1 %, it cost the fund 75 basis points to get 25 basis points of outperformance, which is expensive. The idea of bringing in broad or all cap managers still has merit, but lately all managers migrated to the large cap position, leaving a void in the small mid cap area of the portfolio. Mid caps, over time, were in the best position in the U.S. equity market. Mr. West's recommendation was to consider terminating the Dalton Grenier allocation and move it to the Vanguard S &P 400 index. He noted Anchor was the all cap manager, but lately they migrated to large cap. The SP 500 covered large cap and DSM covered the growth side of the core, but they also migrated to large cap. His recommendation was to put all the money into the Vanguard 400 Index Fund. The mid cap consistently outperformed all other areas of domestic equity on a risk basis, and for risk - adjusted returns, it increased diversification, would reduce plan costs, and still have some active managers. Mr. Taylor inquired about the relation between the Vanguard 500 and 400 indices. He noted they would be putting a significant amount under the Vanguard umbrella. The cumulative total under Vanguard was about 22 %, but, percent wise, it represented about +25 %. Mr. Taylor was concerned there may be too much exposure and manager risk. Mr. West explained by removing active manager risk, they would move to a passive index approach and they would not have issues with manager concentration. Mr. West was not concerned about moving from an active management to a passive management fee structure or the overall performance and was comfortable with the change because they still had DMS with 10% of assets to return alpha and Anchor on the value side. Those managers were still needed, but they wanted to increase participation in the mid -cap area. Mr. West explained the supposition is mid -cap stocks are usually in an attractive point in a company's life. They can obtain financing and money from equity markets, but they are small enough to grow earnings and growth is wanted. These companies are 7 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 healthy and are acquisition candidates. Mid -cap companies are less followed on Wall Street, have a better risk reward, and when looking at peer groups, research shows that over time, mid caps perform consistently above average, but only via the index. Mr. West reviewed compounded earnings on the mid -cap index, historically have achieved superior performance. From personal history, he was a project manager on a growth strategy team that was large cap, when the 1987 crash occurred. Investors fled the market. Fund managers had redemptions coming in and had to raise cash and decide what to sell to raise cash with the lowest cost. What effectively transpired was they sold defensive high - quality beta capitalization stocks, so it is counter intuitive because the most liquid, lowest cost transaction, as a portfolio manager, is to dump high - quality mega cap stocks, and this phenomenon has continued since 1987. That made defensive large cap names more volatile and the mid caps stayed in place because they were more expensive to sell. The last consideration was proliferation of Exchange Traded Funds (ETFs). All those funds are traded and what makes up ETFs are the large cap, mega stocks that get hit with the volatility. Mr. West's recommendation was to terminate Dalton Grenier, move to a permanent passive allocation approach, allocate those funds to the Vanguard SP 400 Index Fund, and make the target allocation in the Investment Policy Statement commensurate with that action. They would not be changing anything material, only the targets with the objective to make it a long -term target. Motion Mr. Taylor so moved. Mr. Petty would have preferred to see more of how the Vanguard 400 performed over a longer period of time. Mr. West explained Bogdahn Consulting extensively reviewed their mid cap index providers and concluded the Vanguard Index had the lowest cost, and did the best job in replicating that benchmark. He also agreed to put in a note to his team regarding its Tong -term performance and announced Bogdahn receives no compensation from any manager, product vendor, or Vanguard and was recommending the Vanguard Fund. Chair Henderson commented he researched index funds and noted they were stable. The plan's assumed rate of return was 7.5% and he inquired if the allocation could reach that target. Mr. West responded it could and explained when moving from active to passive, while potentially becoming Tess aggressive in pursuit of return from the equity portfolio, the counterbalance is the fact they are moving into mid cap. If they were just indexing and moving to the S &P 500, they would be taking aggressive pursuit off the table and would become passive. Since going into the mid cap arena, which has historically demonstrated higher returns over time than S &P 500, they would arguably 8 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 be moving into a more aggressive area of domestic equity allocation, which offsets that and obtains greater consistency by using this benchmark. This should result in higher return than the generic S &P 500 Index, more consistency and less volatility. If all tracked into the future, it should support the 7.5% better than its current positioning. The 15 -year time period provided included the events of 2001, 2002 and 2008, the technology bubble and the retum was still 9.3 %. Mr. West pointed out when singling out a period with the most catastrophic events, its performance was still better or higher than the retum of the entire portfolio. Vote Mr. Raybuck seconded the motion that unanimously passed. Mr. Petty left the meeting at 10:21 a.m. Mr. West explained he would contact Capis who would reach out to Vanguard and make the transition, which would not be out of market. They would put together the termination and transition letter, and update the Investment Policy Statement. 2. Acquisition of STW by Schroder US Holdings Inc Mr. Bogdahn distributed a handout regarding their manager search. He first explained he received a communication from STW. The firm was sold and closed successfully to Schroder. They researched the matter and were fine with it. STW was moving their fixed- income team to New York to work with Schroder and their underlying team was happy to make the move. This was viewed favorably as they would be working under Schroder and with their real estate team. They are on an internal watch, which occurs automatically whenever a firm is sold, but it was an amicable situation. His recommendation was to keep them on the intemal watch and see how they fare. B. Attomey Report — Adam Levinson 1) Four -Year Terms for Trustees — Status 2) Memo 2 -15 -13 — Highlights 2013 Fact Sheet — Summary of Factual Landscape on State /Municipal Bankruptcy, Municipal Bonds & State /Local Pensions. 3) Attorney Reports memo regarding the State Budget Crisis Task Force 4) Item C, IV. B) - Letter to the Honorable James Sensenbrenner Attorney Levinson highlighted a New York Times article which reported the value of gold in the Federal Reserve Building declined by about $75 billion dollars since the summer of 2011. It went from $1,800 an ounce to $1,400 an ounce. 9 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 Mr. Petty returned at 10:34 a.m. The same article mentioned the value of the gold in Ft. Knox was down by $50 billion over the same period. It was noted the gold in the Federal Reserve was not just U.S. gold; it was also gold from Central Banks. The first memo explained Attorney Levinson was invited be the Former Lieutenant Governor of New York, who was the former Federal Reserve Chairman, due to his work with NCEPRS, to attend a meeting that took place at the Federal Reserve. Many other prominent and pertinent individuals were invited to the round table event to discuss with the State Budget Crisis Task Force what they considered to be the difficult financial status of State and local governments. Attorney Levinson attended to discuss ongoing cases around the country, where public pensions have been targeted to be replaced that has occurred in the public sector. The memo spoke for itself about what he presented and information will be posted to their website, which will be updated. There has been much attention paid to public pension plans. Attorney Levinson explained a bill in the Florida Legislature that would have converted the Florida Retirement System from a Defined Benefit Plan to a Defined Contribution Plan did not pass, even though it was a high priority item for the Governor and Speaker of the House. He cautioned the Legislature may go into a special session, and it may come back again this year. Another bill that would have made material changes to the way Chapter 175 and 185 operated, was Senate Bill 458, which appeared dead, although there was one more day in the session. He suggested the members read about what is occurring in Tallahassee and the politics. It appears the State will not be accepting money for the Medicare Extension, so they insisted bills be read to slow down the process. However, the Speaker on the House side used an electronic reader. A copy of a letter dated April 24, 2013, to James Sensenbrenner, the sponsor of the Public Employee Pension Transparency Act (PEPTA) was included in the meeting materials. Over 21 large organizations signed the letter indicating it was a bad bill for the reasons outlined in the letter. The Florida version of PEPTA, which was Senate Bill 534 was adopted; however, the Florida version was less harsh. The bill bemoaned the lack of meaningful transparency and disclosure. Attorney Levinson pointed out there was meaningful disclosure in the valuation, because PEPTA would require, for reporting purposes, plans to show what the plans would look like if the assumed rate of return was reduced by an extra 200 basis points, instead of the current investment assumption. The Florida PEPTA bill asks the report to ignore employee, employer and investment contributions and advise when the plans would run out of money. It also required additional work for the actuary. It was thought, unless trying to scare individuals; it shifted the focus to ignoring the money going into the plan, and only looked at the money going out. The bill also contained a statement that the State is not responsible for pension obligations pertaining to the provisions of Chapters 175 and 185 and cities were 10 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 responsible for their own pensions. He explained there was much misinformation. Attorney Levinson explained the federal version of PEPTA was still alive, but the Florida version was adopted. It would affect the reporting for the plan, but not the funding of the plan. Attorney Levinson reviewed some cities in California and elsewhere were in bankruptcy. In the case of Pritchard, Alabama and Illinois, there were long periods of time when the required contributions were not being made, which was very different than Florida. He thought trying to confuse other areas with Florida undermined the reliability, credibility, and faithfulness of the Boynton Beach plan which operates differently. The Florida plans were adaptive and weathered the storm. Attorney Levinson explained the Ordinance to expand Trustee terms to four years was already instituted with the Police Plan, but it has not been implemented for the Firefighter's Plan. He expressed many cities were waiting on pension ordinances and the legislative session. Boynton Beach has still not moved it forward. Attorney Levinson spoke about the Dell case and explained since the Board met last, they moved forward with filing a lawsuit against them. The case was predicated on Mr. Dell wanting to buy back the company in a way that was not transparent and was hostile to outside bidders. The case was brought to Bernstein Litowitz to pursue. Other plaintiffs, who were: Wayne County Employee Retirement System, Michigan; Oakland County Employees' Retirement System, California; Meltzer Investment GMBH, a German Bank, established in 1674, and who was a big investor in Europe; and Shuler Bank AG, an Austrian Bank, established in 1833, filed behind Boynton Beach. The Court in Delaware agreed, even though Boynton Beach had the smallest amount of shares in play, to appoint Boynton Beach as the co -lead plaintiff, and the Courts consolidated the cases so it was now all one case. The bad news was negative information came out about Dell. In the past, individual desktop's held a big market share. The iPhone and Tablets created downward pressure on the stock, which supported Dell's argument that other handheld devices made the company less valuable. Regardless, the case was predicated on the premise it should not be insiders picking and choosing what the buyout should be and how much to sell it for. It had to be fair to shareholders. Attorney Levinson anticipated there would be a proxy battle and the case still had to move through the process. The good news was the initial inclination that there were reservations about the process of how the shareholders were being protected, was recognized. The buy -out price of the Dell stock that Mr. Dell would purchase it for was $16.35. The current share price was $13.33. It was anticipated Dell would make the argument they were still trading for less than the buy -out price and it was priced fairly, but some experts thought it was valued fairly at $16 to $19 per share. He pointed out this was a great example of corporate governance. 11 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 CORRESPONDENCE None. V. OLD BUSINESS None. VI. NEW BUSINESS A. Invoices for review and approval: 1. STW Fixed Income Management — Quarterly fee 6 -30 -13 - $8,532.17 2. DSM Capital Partners LLC — Quarterly Fee 6 -30 -2013 - $16,748.63 3. Bogdahn Group — Quarterly fee — 3 -31 -13 - $8,375 4. Tegrit Administration — Quarterly fee 3 -31 -13 - $500 5. DGHM — Management fee 3 -31 -13 - $15,655.86 6. Klausner, Kaufman, Jensen & Levinson — Service February and March 2013 - $2,760 7. Anchor Capital Advisors — Quarterly fee — 12 -31 -12 - $10,980.16 8. GRS Service January 2013 - $3,296, February 2013 - $8,910 9. Intercontinental — Management Quarterly fee — 12 -31 -12 - $8,044.80 withheld from dividend reinvestment plan 10. Professional Indemnity Agency, Inc. Annual Renewal paid 3 -13 -13 - $8,185.04 Chair Henderson requested a motion to pay the bills. Motion Mr. Taylor moved. Mr. Raybuck seconded the motion that unanimously passed_ Chair Henderson commented this quarter, the Board will calculate the payout for the ad hoc benefit. He had been waiting to see what the State would do, but since there were no changes, they would proceed. He had the graphs adopted for the ad hoc payouts, and he and Ms. LaDue would review the fund's performance last year and the payouts will be made in the next couple of weeks. VII. Pension Administrator's Report 1. Salem Trust Co. letter 4 -9 -13 — Completion to Electronic Benefit Payments Chair Henderson reviewed Salem completed the Electronic Benefit Payment program. No one would be receiving a handwritten check anymore. There was only one complaint received regarding the program, and if the member could not accommodate the payment electronically, Salem Trust would send a debit card. 12 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL May 2, 2013 2. Benefits as of May 1, 2013 This was for information only. VIII. Comments The next meeting was scheduled for August 9, 2013 at 2 p.m. IX. Adjournment Motion Mr. Taylor moved to adjourn. Ms. Bush seconded the motion that unanimously passed. The meeting was adjourned at 10:46 a.m. 0,46td11A14LL aA J1 Catherine Cherry Minutes Specialist 060513 13 CHAPTER 2013 -154 Committee Substitute for Committee Substitute for House Bill No. 1309 An act relating to governmental accountability; creating s. 119.0701, F.S.; providing definitions; providing that each public agency contract for services must meet specified requirements; requiring the public agency to enforce contract provisions if a contractor does not comply with a public records request; amending s. 215.971, F.S.; requiring agreements funded with state or federal financial assistance to include additional provisions; requiring state agencies to designate a grants manager for each agreement and providing requirements and procedures for managers; requiring the Chief Financial Officer to perform audits of executed agreements and to discuss such audits with agency officials; requiring the agency head to respond to the audit; amending s. 287.012, F.S.; providing and revising definitions; amending s. 287.042, F.S.; revising powers, duties, and functions of the Department of Management Services; eliminating a duty of the department to maintain a vendor list; authorizing the department to lead or enter into joint agreements with governmental entities for the purchase of commodities or contractual services that can be used by multiple agencies; amending s. 287.057, F.S.; providing that contracts awarded pursuant to an invitation to bid shall be awarded to the responsible and responsive vendor that submits the lowest responsive bid; revising exceptions to the requirement that the purchase of specified commodities or contractual services be made only as a result of receiving competitive sealed bids, competitive sealed proposals, or competitive sealed replies; revising contractual services and commodities that are not subject to competitive solicitation requirements by virtue of being available only from a single source; providing that a contract for commodities or contractual services may be awarded without competition if the recipient of funds is established during the appropriations process; revising provisions relating to extension of a contract for commodities or contractual services; authorizing an agency to negotiate better pricing upon renewal of a contract; providing training requirements for contract managers responsible for contracts in excess of a specified threshold amount; providing contract manager certification for contract managers responsible for contracts in excess of a specified threshold amount; providing that the department is responsible for establishing and disseminating the requirements for certification of a contract manager; providing that training will be conducted jointly by the Department of Management Services and the Department of Financial Services; provid- ing training guidelines and requirements; requiring the department, in consultation with the Chief Financial Officer to maintain a program for online procurement of commodities and contractual services; amending s. 287.0571, F.S.; revising nonapplicability of a business case to outsource; amending s. 287.058, F.S.; defining the term "performance measure "; revising references within provisions relating to purchase orders used in 1 CODING: Words ctrickcn are deletions; words underlined are additions. Ch. 2013 -154 LAWS OF FLORIDA Ch. 2013 -154 lieu of written agreements for classes of contractual services; revising terminology; creating s. 287.136, F.S.; requiring the Chief Financial Officer to perform audits of executed contract documents and to discuss such audits with the agency officials; requiring the agency head to respond to the audit; amending s. 287.076, F.S.; providing that Project Management Professionals training for personnel involved in managing outsourcings and negotiations is subject to annual appropriations; amending ss. 16.0155, 283.33, 394.457, 402.7305, 409.9132, 427.0135, 445.024, 627.311, 627.351, 765.5155, and 893.055, F.S.; conforming cross- refer- ences; providing effective dates. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 119.0701, Florida Statutes, is created to read: 119.0701 Contracts; public records. — (1) For purposes of this section, the term: (a) "Contractor" means an individual, partnership, corporation, or business entity that enters into a contract for services with a public agency and is acting on behalf of the public agency as provided under s. 119.011(2). (b) "Public agency" means a state, county district, authority, or muni- cipal officer, or department, division, board, bureau, commission, or other separate unit of government created or established by law. (2) In addition to other contract requirements provided by law, each public agency contract for services must include a provision that requires the contractor to com .1 with .ublic records laws s secificall to: (a) Keep and maintain public records that ordinarily and necessarily would be required by the public agency in order to perform the service. (b) Provide the public with access to public records on the same terms and conditions that the public agency would provide the records and at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. Lc) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law. (d) Meet all requirements for retaining public records and transfer, at no cost, to the public agency all public records in possession of the contractor upon termination of the contract and destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the public agency in a format that is compatible with the information technology systems of the public a ency. 2 CODING: Words stricken are deletions; words underlined are additions. Ch. 2013 -154 LAWS OF FLORIDA Ch. 2013 -154 (3) If a contractor does not comply with a public records request, the public agency shall enforce the contract provisions in accordance with the contract. Section 2. Section 215.971, Florida Statutes, is amended to read: 215.971 Agreements funded with federal or affel state assistance. — (1) For An agency agreement that provides state financial assistance to a recipient or subrecipient, as those terms are defined in s. 215.97, or that provides federal financial assistance to a subrecipient, as defined by applicable United States Office of Management and Budget circulars, must the agreement shall include all of the following: (a)(1) A provision specifying a scope of work that clearly establishes the tasks that the recipient or subrecipient is required to perform_; and (b)(2) A provision dividing the agreement into quantifiable units of deliverables that must be received and accepted in writing by the agency before payment. Each deliverable must be directly related to the scope of work and must specify the required minimum level of service to be performed and the criteria for evaluating the successful completion of each deliverable. (c) A provision specifying the financial consequences that apply if the recipient or subrecipient fails to perform the minimum level of service required by the agreement. The provision can be excluded from the agreement only if financial consequences are prohibited by the federal agency awarding the grant. Funds refunded to a state agency from a recipient or subrecipient for failure to perform as required under the agreement may be expended only in direct support of the program from which the agreement originated. (d) A provision specifying that a recipient or subrecipient of federal or state financial assistance may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. (e) A provision specifying that any balance of unobligated funds which has been advanced or paid must be refunded to the state agency. (f) A provision specifying that any funds paid in excess of the amount to which the recipient or subrecipient is entitled under the terms and conditions of the agreement must be refunded to the state agency. (g) Any additional information required pursuant to s. 215.97. (2) For each agreement funded with federal or state financial assistance, the state agency shall designate an employee to function as a grant manager who shall be responsible for enforcing performance of the agreement's terms and conditions and who shall serve as a liaison with the recipient or subrecipient. 3 CODING: Words ctrickcn are deletions; words underlined are additions. CHAPTER 2013 - 154 Committee Substitute for Committee Substitute for House Bill No. 1309 An act relating to governmental accountability; creating s. 119.0701, F.S.; providing definitions; providing that each public agency contract for services must meet specified requirements; requiring the public agency to enforce contract provisions if a contractor does not comply with a public records request; amending s. 215.971, F.S.; requiring agreements funded with state or federal financial assistance to include additional provisions; requiring state agencies to designate a grants manager for each agreement and providing requirements and procedures for managers; requiring the Chief Financial Officer to perform audits of executed agreements and to discuss such audits with agency officials; requiring the agency head to respond to the audit; amending s. 287.012, F.S.; providing and revising definitions; amending s. 287.042, F.S.; revising powers, duties, and functions of the Department of Management Services; eliminating a duty of the department to maintain a vendor list; authorizing the department to lead or enter into joint agreements with governmental entities for the purchase of commodities or contractual services that can be used by multiple agencies; amending s. 287.057, F.S.; providing that contracts awarded pursuant to an invitation to bid shall be awarded to the responsible and responsive vendor that submits the lowest responsive bid; revising exceptions to the requirement that the purchase of specified commodities or contractual services be made only as a result of receiving competitive sealed bids, competitive sealed proposals, or competitive sealed replies; revising contractual services and commodities that are not subject to competitive solicitation requirements by virtue of being available only from a single source; providing that a contract for commodities or contractual services may be awarded without competition if the recipient of funds is established during the appropriations process; revising provisions relating to extension of a contract for commodities or contractual services; authorizing an agency to negotiate better pricing upon renewal of a contract; providing training requirements for contract managers responsible for contracts in excess of a specified threshold amount; providing contract manager certification for contract managers responsible for contracts in excess of a specified threshold amount; providing that the department is responsible for establishing and disseminating the requirements for certification of a contract manager; providing that training will be conducted jointly by the Department of Management Services and the Department of Financial Services; provid- ing training guidelines and requirements; requiring the department, in consultation with the Chief Financial Officer to maintain a program for online procurement of commodities and contractual services; amending s. 287.0571, F.S.; revising nonapplicability of a business case to outsource; amending s. 287.058, F.S.; defining the term "performance measure "; revising references within provisions relating to purchase orders used in 1 CODING: Words ctrickcn are deletions; words underlined are additions. Ch. 2013 -154 LAWS OF FLORIDA Ch. 2013 -154 lieu of written agreements for classes of contractual services; revising terminology; creating s. 287.136, F.S.; requiring the Chief Financial Officer to perform audits of executed contract documents and to discuss such audits with the agency officials; requiring the agency head to respond to the audit; amending s. 287.076, F.S.; providing that Project Management Professionals training for personnel involved in managing outsourcings and negotiations is subject to annual appropriations; amending ss. 16.0155, 283.33, 394.457, 402.7305, 409.9132, 427.0135, 445.024, 627.311, 627.351, 765.5155, and 893.055, F.S.; conforming cross- refer- ences; providing effective dates. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 119.0701, Florida Statutes, is created to read: 119.0701 Contracts; public records. — (1) For purposes of this section, the term: (a) "Contractor" means an individual, partnership, corporation, or business entity that enters into a contract for services with a public agency and is acting on behalf of the public agency as provided under s. 119.011(2). (b) "Public agency" means a state, county, district, authority, or muni- cipal officer, or department, division board, bureau,, commission, or other separate unit of government created or established by law. (2) In addition to other contract requirements provided by law, each public agency contract for services must include a provision that requires the contractor to comply with public records laws specifically to: (a) Keep and maintain public records that ordinarily and necessarily would be required by the public agency in order to perform the service. (b) Provide the public with access to public records on the same terms and conditions that the public agency would provide the records and at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. (c) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law. (d) Meet all requirements for retaining public records and transfer, at no cost, to the public agency all public records in possession of the contractor upon termination of the contract and destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronicallymust be provided to the public agency in a format that is compatible with the information technology systems of the public agency. 2 CODING: Words ctrickcn are deletions; words underlined are additions. Ch. 2013 -154 LAWS OF FLORIDA Ch. 2013 -154 (3) If a contractor does not comply with a public records request, the public agency shall enforce the contract provisions in accordance with the contract. Section 2. Section 215.971, Florida Statutes, is amended to read: 215.971 Agreements funded with federal or mad state assistance. — (1) For An agency agreement that provides state financial assistance to a recipient or subrecipient, as those terms are defined in s. 215.97, or that provides federal financial assistance to a subrecipient, as defined by applicable United States Office of Management and Budget circulars, must the-agreement-shall include all of the following: (a)4 A provision specifying a scope of work that clearly establishes the tasks that the recipient or subrecipient is required to perform_; and (b)(24 A provision dividing the agreement into quantifiable units of deliverables that must be received and accepted in writing by the agency before payment. Each deliverable must be directly related to the scope of work and must specify the required minimum level of service to be performed and the criteria for evaluating the successful completion of each deliverable. (c) A provision specifying the financial consequences that apply if the recipient or subrecipient fails to perform the minimum level of service required by the agreement. The provision can be excluded from the agreement only if financial consequences are prohibited by the federal agency awarding the grant. Funds refunded to a state agency from a recipient or subrecipient for failure to perform as required under the agreement may be expended only in direct support of the program from which the agreement originated. (d) A provision specifying that a recipient or subrecipient of federal or state financial assistance may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. (e) A provision specifying that any balance of unobligated funds which has been advanced or paid must be refunded to the state agency. (,f A provision specifying that any funds paid in excess of the amount to which the recipient or subrecipient is entitled under the terms and conditions of the agreement must be refunded to the state agency. (g) Any additional information required pursuant to s. 215.97. (2) For each agreement funded with federal or state financial assistance, the state agency shall designate an employee to function as a grant manager who shall be responsible for enforcingperformance of the agreement's terms and conditions and who shall serve as a liaison with the recipient or subrecipient. 3 CODING: Words ctrickcn are deletions; words underlined are additions. mtif MEMORANDUM TO: ALL FLORIDA PENSION PLANS FROM: KLAUSNER, KAUFMAN, JENSEN & LEVINSON RE: IMPORTANT PENSION DISCLOSURE AMENDMENTS TO CHAPTER 112 (SB 534) DATE: JUNE 19, 2013 During this year's recently completed legislative session, the Legislature considered but ultimately failed to adopt any bills amending the Florida Retirement System ("FRS') or municipal police and fire pension plans under Chapters 175 and 185. One pension - 'disclosure" bill was adopted despite the opposition of the League of Cities. labor and the Florida Public Pension Trustees Association. Senate Bill 534 ("SB 534 "), otherwise known as Chapter 2013 -100. Laws of Florida, applies to all local government plans in Florida. SB 534 was signed by the Governor last week. In many respects SB 534 can be seen as building on prior legislation, SB 1128 from 2011, which required plans to disclose the present value of plan benefits using the FRS 7.75% assumed rate of return. SB 1 128 also required the Division of retirement to create actuarial fact sheets for each local government defined benefit plan to be posted on a governmental plan sponsor's website. Compared to the original version of the bill. the final version SB 534 was pared down to incorporate new Governmental Accounting Standards Board ("GASB ") standards 67 and 68. Nevertheless. SB 534 contains significant additional disclosure requirements and substantial noncompliance penalties. The FRS is exempted from SB 534. 10059 NOR - 1 \V!.5i 15( CM r,i 19 v1 ,iION. FLORIDv ;33 PROM, (95.4 ) x) 16- 1 202 a 1- .v v i 0; -H 9 1 6- 1 2 3_ ��t'.roh;'i tsEn • This memo is intended to highlight the primary provisions of SB 534, but is not exhaustive: • New actuarial and financial disclosure: SB 534 creates new disclosure requirements in Section 112.664, Florida Statutes, to be electronically reported to the Department of Management Services within 60 days after receipt of the certified actuarial report submitted after the close of the plan year ending on or after June 30, 2014: 1) GASB 67/68: Section 112.664(1)(a) requires preparation of annual financial statements in compliance with GASB 67 and 68, using RP -2000 Combined Healthy Participant Mortality Tables, by gender, with generational projection by Scale AA; 2) 2% lower investment assumption: Section 112.664(1)(b) requires preparation of annual financial statements using an assumed rate of return 200 basis points lower than the plan's assumed rate of return/discount rate. Note that SB 1128's requirement from 2011 to disclose the present value of plan benefits using the FRS 7.75% assumed rate of return has been deleted. The new lower 200 basis point reporting requirement should not be confused with the plan's actual investment assumption, which serves as the basis for calculating the plan sponsor's funding obligation. Many clients are considering supplementing the new required 200 basis point calculation with yet another sensitivity disclosure using a 200 basis point higher figure as well. For example, if a plan is currently using a 7.75% investment assumption a sensitivity analysis could be performed showing the impact of both the 5.75% and 9.75% bookends around the plan's actual investment assumption; 3) run out date: Section 112.664(1)(c) requires reporting of the fictitious "run out t' , date" for how long the current market value of assets can sustain the payment of expected retirement benefits based on items 1) and 2) above. Note that this projection ignores employer contributions, member contributions, assumed investment earnings and the receipt of premium taxes. Some have analogized this calculation to asking a doctor what your life expectancy would be, assuming that you stopped eating and breathing; 4) alternative contributions: Section 112.664(1)(d) requires reporting of contributions to fund the plan based items 1) and 2) above, stated as an annual dollar value and a percentage ofvaluation payroll. The reporting of these alternative contribution values are in addition to the actual recommended contribution set forth in the plan's latest valuation. 5) S year historic comparison: Section 112.664(2)(b)1 requires reporting of side -by- side comparisons of the plan's assumed rate of return compared to the actual rate of return for the previous 5 years beginning 2013; 6) portfolio construction: Section 112.664(2)(b)2 requires reporting of side -by -side comparisons of the percentages of cash, equity, bond and alternative investments in the plan's portfolio during each of the previous 5 years. • Requirement to post data and reports on -line: Each defined benefit retirement plan and its plan sponsor shall provide the information required in SB 534, including the plan's funded ratio, as part of the disclosure required by plan sponsors under Section 166.241(3), Florida Statutes. Additionally, disclosure is required "on any website that contains budget information relating to the plan sponsor or performance information related to the system or plan." If a plan sponsor or plan has a publicly available website, copies of the plan's most recent financial statement, actuarial valuation, and a link to the Division of Retirement's fact sheet shall be posted on the plan and plan sponsor's website. The Division of Retirement's fact sheets are expanded and shall also contain the information specified in Section 112.664(1). • Penalties for noncompliance: The Department of Management Services "may" notify the Department of Revenue and the Department of Financial Services of noncompliance, which "shall" withhold any funds not pledged for satisfaction of bond debt service and which are otherwise payable to the plan sponsor, until the required information is provided. The state is required to specify the date of the withholding 30 days in advance, to permit a request for hearing under Chapter 120, Florida Statutes. • State of Florida not liable for shortfalls: SB 534 amends Section 112.66 to clarify that the state of Florida is not liable for any obligations relating to shortfalls in any local government retirement system. SB 534 law takes effect on July 1, 2013, except as described above. Our office is available to discuss the new legislation at upcoming board meetings, along with the board's actuary and other consultants. We anticipate that guidance will be necessary from the Division of Retirement. For example, the Division of Retirement is charged with formulating a "standardized, user - friendly, and easily interpretable format" for the data required by Sections 112.664(2)(b)1&2. W‘WdeaLLIALGLUPDATOLGLUPDATEW0045076 WPD L "a N I A V Y July 31, 2013 To our clients and service partners, The June, 2013 statements are being posted and printed. We expect online statements to be available later this afternoon, and printed statements to be in the mail shortly. Please contact your relationship manager if you have any immediate needs or questions. I know these statements have been submitted later than you have a right to expect, but it was necessary to provide additional steps in our review in anticipation of the critical fiscal year end reporting. The audit and review process continues. Please immediately inform your relationship manager of any discrepancy that is discovered. I want to thank you once again for your patience as we worked through our new system's initial statement production. We do realize the delay was an inconvenience for you. We know you expect a standard of performance that is aligned with the exceptional service that has characterized our 15 years as the region's leading custodian. Regards, ' rox 1, Bradley K. Rinsem, President & Chief Executive Officer DIU RFIELD BEACH TkMPA 135 1 _i1Rt PR1\ 1 , �U111 1.113 0 1?1111111'1 1 B1 :,AC 11 11 13111 0 '11.1 (37*) 382 -52f-$ 0 1 _i\ 1951) u «,. sal• fl!1T lst._l�iu S4 CM TRUST COMPANY IS ^, SUi3SIDIARV or U S FIB LICIAPY SERVICES INC AN EMPI OYEE- O'A'NrD COMPAk' C OM "A NY July 15, 2013 To our clients and service partners, Please accept our thanks. We sincerely appreciate your understanding and patience during our recent system transition. Many of you have extended to us your support of our efforts to serve and protect the safety and soundness of our client's assets. The transition is, for the most part, complete. The officers and employees of Salem Trust are cleaning up the final details. We are now resuming the normal day -to -day quality of service that has earned us the reputation of being the best custodian in the marketplace since 1998. We know that everyone is being impacted by the delay in receiving the June, 2013 statements. The delay in statement production is being resolved and we will be able to release the statements before month end, as indicated in my update last week. Again, we are deeply grateful for your continuing support. Everyone at Salem Trust thanks you for helping us through this transition and we all look forward to returning the favor by helping you through any future circumstances that may arise at your end of our partnership. Regards, , !ac, 41p t r t Bradley K. Rinsem, President & Chief Executive Officer DFERFIEL D BEACH TAMPA I t .AIKIA.1Y PRA I. `•UI I I MI I?] 1 RI I[ ' I t 1R .A( II I t TI s H I i s - 7) (9; I) 73 - t ft' ,t' S tit 1 ru Otft S=•LFM TRUST COMPANY '.S A SUBSIDIARY OF 'J S F DUCIARI SERVICES, INC AN EMPLOYEE OWNED COMPANY _ r h 1 4 1 . M " A N July 10, 2013 RE: June 2013, statements You have received previous updates from us regarding unforeseen transition problems. I want to update you and assure you that we are doing everything we can to resolve the issues which will delay our release of the June 30, 2013 statements. As of this point in time, we expect to release the June statements before July 31, 2013. I understand the difficulties this delay may be causing you and I hope that you can accept my apology for extending the June statement production dates. Your continued patience and understanding with us will be greatly appreciated. The accuracy of our statements has always been our priority and we need to be able to resolve all irregularities before moving to final production of the June statements. We anticipated and planned for certain challenges in transitioning to our new computer system. Those challenges are being addressed. What continues to burden us on a daily basis are trades submitted by some, with wrong delivery instructions and or trades not being affirmed as required. This results in manual processing and causes a delay in posting to our clients' accounts. After reconciling failed trades, our Relationship Managers are contacting the investment manager who ordered the trade and the broker who executed the trade in order to correct their procedures. The resources necessary to resolve these differences has necessitated temporary additions to and reassignment of Salem staff. We have committed additional resources to our operations area as well, including 3 Salem Trust officers and additional service representatives from our trust system provider. They, as well as our entire operations area, are working 12 hour days, 7 days a week, even through the recent holiday, so that we will be able to release the June statements as soon as possible. Salem Trust Online continues to be available to you for account access and the Salem Team will help you with any questions you have. As always, I am available to answer any questions you may have. Regards, z --: f , Bradley K. Rinsem, President & Chief Executive Officer DEERFIELD BEACH TAMPA .AIRi? " _AY DI:1\ I', -4J1 ] I I C I ' , o I I I RI II.] 1 I31. yC 11 11 13I41 0[ L'1 (A 382-5'68 Y I _A\ (95 75 -11' sal,-711 SAI EM TRUST COMPANY IS A SUBSIDIARY OF U S FIDUCIARY SERVICES, INC AN EMPLOYEE -OWNED COMPANY C 0 L1 P A N Y June 20, 2013 RE: Status of transition to new trust system As promised, I would like to give you an update on our progress to correct post - conversion issues. • Balancing and posting of residual income is now current through June 12, 2013. There remain a few ADRs with foreign tax rates to be processed. • 2,000 trades with valid confirmations from June 6 to June 12 were processed. These postings are being reviewed to ensure that all trades were entered properly. Some trades were duplicated due to a system error, but we are in the process of reconciling and resolving these duplicate trades. Progress continues with the manual posting of trades from June 3 to June 5. We are working with our service provider to process the 30 remaining trades of the approximate 230, from June 3 to June 5, which required more information. May statements will be processed after this step has been completed. At this point, I am not confident that the May statements can be processed this week. • There were a few instances of the new delivery instructions intended for June being used early in May. • The number of trades using the correct delivery instructions has shown marked improvement. Demonstrable progress has also been made in trades that were affirmed correctly. We are current for trades with valid confirmations from June 13 forward. However, we are still reconciling trades from before June 12 that used invalid confirmations. Although we have not fully remedied all the irregularities described above, we are making steady progress. We are continuing to use additional operational professionals to help fully resolve all trading and posting issues. I will keep in touch with these updates. Regards, Mark F. Rhein, Chief Operating Officer DEERFIELD BEACII TAMPA 1115N \ 1101 :11 R1), ' , IA11 - 511 • 1 \ \Ir.A,11 1 • 11I 18 77) , r-S26S • 1,i \110 301 -129 COM SALEM I RIDS r COMPANY IS A SUBSIDIARY OI- U S HHDUCIARY SER'v ICES INC AN EMPLOYEE-OWNED COMPANY C 0 N1 P a V June 14, 2013 RE: Status of transition to new trust system As promised, I would like to give you an update on our progress to correct post - conversion issues. • The number of items effecting the balancing and posting of dividends and interest for mutual funds and money market funds has been significantly reduced. We are reconciling items that have a settlement date after June 7, 2013. • Considerable progress to reduce errant trades has been made. The number of incorrect trades has been reduced from more than 230 to approximately 40. • Since my last communication, we discovered the cause of trades not posting, which resulted in transactions not being shown on Salem Trust Online. The cause was a corrupted interface between our service provider and Salem Trust. A solution was tested successfully this morning. The files containing trading data from June 6 to June 13 are being loaded today. We expect to have the manual posting of approximately 60 trades from June 3, 4 and 5 to be completed today. Transaction verification of posted trades will be available today. • An area of concern for the production of June statements are "rogue" transactions , which are random, unidentified transactions sent to old delivery instructions. While we believe a few of these rogue trades may still occur, revised statements will be processed. • Finally, inquiries have been received about the ability to support trading on foreign exchanges. Salem Trust has not supported this additional service, due to investment guidelines of most clients and the concurrence of their advisors. Please contact me or your relationship manager if you have any immediate questions. I appreciate your understanding, and we will keep you updated. Regards, Mark F. Rhein, Chief Operating Officer DEERFIELD BEACH TAMPA 171 N i 13C?LJl I 4 \ki>,''1111 — 5L o I ) h \if 11 1V}0- m 11 1 f877) 1 -A\ Ii 1 301 ! SALEM I RUST COMPANY IS 4 E UBSIJ!ARY OF U S FIDUCIARY SERVICES INC AN EMPLOYEE -OWNED COMPANY ST FIXED INCOME MANAGEMENT Ms. Barbara LaDue Invoice Number: 07133310 Pension Administrator Invoice Date: 07/17/13 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 Original Invoice Please Pay Period Under Management 07/01/13 to 09/30/13 Assets Under Management: 8,493,661 Quarterly Fee Due: $ 7,962.81 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 8,493,661 7,962.81 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS 1,138,301 9,631,960 7,962.81 Wire Instructions: Wells Fargo Bank, N.A. Ventura, CA ABA Routing Number: 121000248 Account Number: 4945349280 Account Name: STW Fixed Income Management LLC Schroders STW, a Schroder Group Company 6185 Carpinteria Avenue • Carpinteria, California 93013 PH (805) 745 -2400 • FAX (805) 745 -2401 stw @stwcom • www.stw.com INVOICE DSM CAPITAL_PART_NE_RS LLC 116 Radio Circle Drive, Suite 200, Mt. Kisco, NY 10549 Tel: (914) 242 - 1900 01- Aug -13 Invoice No: 11851 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 07/01/2013 TO 09/30/2013 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund Portfolio Value $7,287,048 Amount Due $16,788.22 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: 2,287,048 4,288.22 Total $16,788.22 To wire payment: JP Morgan Chase ABA #: 021000021 A/C Name: DSM Capital Partners LLC A/C #: 3241067005 THE i ls Invoice :,, Date Invoice # GIZOUP 6/11/2013 9000 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Boynton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation and Consulting Services 8,375.00 4/1/13 - 6/30/13 Balance Due $8,375.00 DG -- F N L INVOICE June 6, 2013 Ms. Barbara LaDue Invoice ID: 1742 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 Penod 4/1/2013 through 6/30/2013 _/ i ,S c 5/31/2013 Portfolio Value: $ 9,022,273.71" Quarterly Fee Based On: 0.75% on the first $25,000,000 ($9,022,274) $ 16,916.76 Quarterly Fee: $ 16,916.76 '376' prorated for 30 days not managed from 6/1/2013 through 6/30/2013 -$ 5,576.95 Net Fee: $ 11,339.81 PLEASE REMIT PAYMENT BY CHECK TO: Dalton, Greiner, Hartman, Maher & Co., LLC 3001 Tamiami Trail North, Suite 206 Naples, FL 34103 Attn: Dolores Casaletto Klausner, Kaufman, Jensen & Levinson A Partnership of Professional A ssociations 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 June 27, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14836 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 06/27/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER. BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 06/20/13 RECEIPT AND REVIEW EMAIL FROM LADUEAND 0.70 210.00 CORRESPONDENCE FROM BENSON; DRAFTED REPLY Total for Services 0.70 $210.00 CURRENT BILL TOTAL AMOUNT DUE $ 210.00 Past Due Balance 4,500.00 AMOUNT DUE $4,710.00 g' 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 May 31, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14763 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 05/31/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 05/01/13 PREPARATION FOR BOARD MEETING; RECEIPT 1 50 450.00 AND REVIEW MATERIALS 05/02/13 ATTENDED BOARD MEETING 4.50 1,350.00 05/07/13 ANALYSIS OF FINAL VERSION OF SB 534; CONFER 0 50 150.00 WITH ACTUARIES 05/15/13 RECEIPT AND REVIEW EMAILS; REVIEW 0.50 150.00 TERMINATION NOTICE AND TRANSITION AUTHORIZATION 05/16/13 RECEIPT AND REVIEW EMAILS AND FILE RE 0.30 90.00 VANGUARD 05/17/13 RECEIPT AND REVIEW EMAILS AND ATTACHMENTS 0.50 150.00 RE TRANSITION AND REBALANCING; REVIEW FILE 05/21/13 REVIEW EMAIL AND TRANSITION AGREEMENT; 1.00 300.00 REVIEW FILE 05/22/13 RECEIPT AND REVIEW EMAILS, VANGUARD 0.50 150.00 PURCHASE AGREEMENT AND RESOLUTION 05/23/13 RECEIPT AND REVIEW EMAILS RE VANGUARD 0.50 150.00 PURCHASE AND FILES 05/28/13 REVIEW CORRESPONDENCE WITH DIVISION OF 0.50 150.00 RETIREMENT; ANALYSIS OF "SPONSOR COST OF MINIMUM BENEFIT PLAN" Total for Services 10.30 $3,090.00 Continued .. . Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND May 31, 2013 Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2 CURRENT BILL TOTAL AMOUNT DUE $ 3,090.00 Past Due Balance 1,410.00 AMOUNT DUE $4,500.00 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, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14690 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 04/30/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE • 900334 Professional Fees Date Description Hours Amount 04/01/13 ANALYSIS OF FIDUCIARY LIABILITY ISSUES AND 0.20 60.00 RATINGS 04/10/13 REVIEW LEGISLATIVE PROPOSALS AND VOTES 0 50 150.00 ON SB 458; ANALYSIS OF IMPACT; REVIEW FILE 04/23/13 RECEIPT AND REVIEW EMAILS AND AGENDA; 1.00 300.00 REVIEW FILE 04/29/13 PREPARATION FOR BOARD MEETING; RECEIPT 1.50 450.00 AND REVIEW AGENDA PACKAGE 04/30/13 RECEIPT AND REVIEW EMAILS; REVIEW BOGDAHN 0.50 150.00 ANNUAL DISCLOSURE 04/30/13 PREPARATION FOR BOARD MEETING; REVIEW 1.00 300.00 MINUTES AND AGENDA FILE Total for Services 4.70 $1,410.00 CURRENT BILL TOTAL AMOUNT DUE $ 1,410.00 t Past Due Balance - 2,760.00 AMOUNT DUE Anchor Capital Advisors LLC One Post Office Square Boston, MA 02109 -2103 6L7: 3 =3800 AXi6I7 4 266871 www.anchorcapital.com toW ssi � a, July 01, 2013 Barbara LaDue 3025 City of Boynton Beach Municipal Firefighters Pension Trust 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Regarding Account: 3040062794 Anchor Capital Advisors LLC STATEMENT OF MANAGEMENT FEES For The Period 03 -31 -13 To 06 -30 -13 Portfolio Valuation as of 06 -30-13 S 8,424,502.63 3,000,000 @ 0.750% per annum 5,625.00 5,424,503 @ 0.500% per annum 6,780.63 Management Fee $ 12,405.63 TOTAL DUE AND PAYABLE $ 12,405.63 Member of Boston Pnvate Wealth Management Group Anchor Capital Advisors LLC One Post Office Square Boston, MA 02109 -2103 - 61 338'3 800 = =FAX 174 871 www anchorcapital com / 743 / Z 0 April 01, 2013 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 -12 To 03 -31 -13 1 Portfolio Valuation as of 03 -31 -13 $ 8,287,589.84 3,000,000 ® 0.750% per annum 5,625.00 f 1----' 5,287,590 @ 0.500 % per annum _ 6,609.49 Management Fee $ 12,234.49 TOTAL DUE AND PAYABLE $ 12,234.49 Member of Boston Private Wealth Management Group Gabriel Roeder Smith & Company -- Consultants-- &Actuanes- - - One East Broward Blvd Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 Date Invoice 7/3/2013 402302 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 City of Boynton Beach Gabriel Roeder Smith & Company Boynton Beach Municipal Firefighters Retirement Fund PO Box 78000 Renaissance Executive Suites Detroit, Michigan 48278 -0009 1500 Gateway Blvd., Suite 220 Boynton Beach, Florida 33426 Federal Tax ID 38- 1691268 Client 100560, Pension Valuation Work, Project 100560 - 068 Amount For services rendered for the Boynton Beach Municipal Firefighters Retirement Fund through 6/30/2013 .5.89 Calculation of the lump sum value of remaining service purchase payments remaining for 225.00 Kinser Service purchase calculation for Roberts 450.00 Amount Due PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Page 1 of 1 INTERCONTINENTAL REAL ESTATE CORPORATION 1 \ 1 1 R L O V ' 1 I N 1.. \ `1 %\ L 1270 SOLDIERS FIELD ROAD BOSTON, M SSACHUSETTS 02135-1003 TELEPHONE 617 -782 -2600 FACSIMILE 617-782-9442 www.intercontlnental net PAUL J. NASSER Chief Financial Officer and Chief Operating Officer May 9, 2013 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 $39,565.13, which constitutes your pro rata gross share of an overall distribution of $6,675,203.09. The Fund has withheld $7,924.30 for payment of asset management fees for the first quarter 2013, resulting in a net distribution to you of $31,640.83. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $31,640.83 into US REIF. Intercontinental will report the number of reinvested shares as part of the first quarter 2013 reporting. If you ve any questions or wish to change your method of payment, please contact Bart Weinstein at 617 79-0440. S'n•erely. teA CCV 'aul J. Nasser cc via email: David West, Bogdahn Consulting 0.4w. 202 PENSION FUNDS OF Boynton Beach l �Yr'T 0� Boynton Beach Police & Fire Pension Funds i 1500 Gateway Blvd., Suite #220 Boynton Beach, FL 33426 Barbara La Due Pension Administrator laduebaa. bbadaension.com Second and Final Request 561/739 -7992 FAX 561/731 -2997 August 2013 Retirees of the Boynton Beach Firefighters' Pension Plan Enclosed is the Alive & Well Statement for your completion, notary and return to the Pension Administrator. The Firefighters' Pension Board requires this statement once a year. The timely completion and return will not disrupt your monthly pension benefit. Please return this statement prior to September 10, 2013, to prevent withholding your October pension from the benefit run. 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. Sin .-rely feia rA " -e---- Barbara La Due Pension Administrator Rit A4AN444' Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations /'y► Attorneys At Law 100,59'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 July 31, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14908 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 07/31/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND • BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 06/28/13 RECEIPT AND REVIEW EMAILS RE STATE REPORT; 0.50 150.00 REVIEW FILE 07/12/13 DRAFTED EMAIL TO ACTUARY RE GASB AND 112 0.20 60.00 ISSUES 07/22/13 RECEIPT AND REVIEW CORRESPONDENCE FROM 0.50 150.00 DIVISION OF RETIREMENT REVIEW FILE 07/23/13 DRAFTED EMAIL TO WEST; REVIEWED SALEM 0.20 60.00 CONTRACT 07/29/13 RECEIPT AND REVIEW EMAIL FROM LADUE AND tO 50 150.00 PROPOSED ORDER 07/30/13 RECEIPT AND REVIEW LETTER FROM BENSON; 1.00 300.00 CALL TO BENSON; DRAFTED EMAIL Total for Services 2.90 $870.00 CURRENT BILL TOTAL AMOUNT DUE $ 870.00 Past Due Balance 4,710.00 AMOUNT DUE $5,580.00 The City of : - Boynton Beach r j 100 E. Boynton Beach Boulevard P.O. Boa 310 Boynton Beach, Florida 33425 -0310 Human Reaourcee/Benebts= (561) 742 -6275 FAX: (561) 742-6274 IMPORTANT PLAN CHANGE To: All Eligible Retirees NEW VISION INSURANCE PROVIDER From: Patricia Sholos, PHR VSP CHOICE PLAN Benefits Administrator EFFECTIVE 10/1113 Date: August 7, 2013 www .vs p.com Re: 2013/2014 INSURANCE PLAN YEAR Although the City's claims experience continues to run high, CIGNA offered the City a renewal rate of 10.86%. Therefore, the City is remaining with the CIGNA Open Access Plan for our medical coverage. There are no plan changes, and the CIGNA Open Access plan continues to include adult wellness benefits and unlimited lifetime benefits. Members will continue to be able to save out -of- pocket expenses by utilizing in- network providers; however, members will be able to go out -of- network if they choose. The MetLife Dental plan will continue to provide the same benefits with no changes. The City's dental premium rates have remained the same for the last two plan years. MetLife's initial renewal offer for the coming plan year was 14.4%; however, through negotiations, the finalized increase is 7%. The City's vision carrier will be changing to the VSP Choice Plan, effective October 1, 2013. The City was required to go out to bid our vision plan. We received responses from six carriers including Humana. Humana offered a renewal with no premium increase. However, VSP offered an almost 25% decrease in rates with the same or increased in- network and non - network benefits. Most of the independent eye care providers utilized by City members are in- network with VSP. However, there are some nationwide providers that are not currently in- network. This could change in the future. As you may recall, nationwide providers such as Target Optical, Lenscrafters, Sears were not initially in- network with Humana, but were added later. Enrollment for the VSP Choice vision plan will be automatic for you and any dependents currently enrolled in the Humana plan. You will need to complete a VSP Choice vision change form only if you are deleting or adding dependents. To check for plan information and in- network providers, please login to: • The CIGNA Open Access medical website at www.Cigna.com • The MetLife dental website at www.metlife.com/mvbenefits • The VSP Choice vision plan website at www vsp.com `This year's open enrollment period is scheduled through September 30, 2013. The effective date of all coverage and premium changes will be October 1, 2013. The Open Enrollment Kickoff will be held in the Library Program room on: Tuesday, August 13 9:30 a.m. — 5:00 p.m. Wednesday, August 14 9:30 a.m. — 5:00 p.m. Insurance carrier representatives will be onsite to answer questions and assist members with changes. If you need to make changes and are unable to attend either of these days, please contact Patricia Sholos, Benefits Administrator, at 742 -6278. You do not need to complete any forms if you are not making changes. CIGNA OPEN ACCESS PLAN COSTS You are not eligible to enroll if you are not currently enrolled in the City's Cigna Open Access Plan MONTHLY PREMIUM FOR CIGNA MEDICAL COVERAGE 2013/2014 Retiree only $732.62 Retiree & Spouse $1,421.28 Retiree & Child(ren) $1,318.72 Retiree/Spouse/Child(ren) $1,633.74 METLIFE DENTAL PLAN COSTS You are not eligible to enroll if you are not currently enrolled in the City's MetLife Dental plan. MONTHLY PREMIUM FOR METLIFE DENTAL COVERAGE 2013/2014 Retiree only $29.48 Family $82.45 VSP CHOICE VISION PLAN COSTS You are not eligible to enroll if you are not currently enrolled in the City's Humana Vision plan. MONTHLY PREMIUM FOR VSP CHOICE VISION PLAN 2013/2014 Retiree only $3.50 Family $10.66 DEPENDENT COVERAGE CHANGES If you are adding dependents to your medical, dental or vision plans, please be sure to have the following information with you for each dependent to be covered: Full Name, Social Security Number and Birth Date You will be required to sign an affidavit of dependency and will also need the following original documents for verification purposes: Marriage Certificate, children's Birth Certificate, or 1s page of current Tax return listing your dependents If you have additional questions about any of our City benefits, please contact Patricia Sholos in Human Resources at (561) 742 -6278 for assistance. 2013 - 2014 RETIREE INSURANCE PREMIUM RATES CIGNA MEDICAL Rates (Per Month) 0 L i) EE 732.62 460 ? E +SP 1421.28 geA f E +CH 1318.72 //8? 4 . * Family 1633.74 /7 f L METLIFE DENTAL et. ° Rates (Per Month) Retiree only 29.48 oZ 7 a Family 82.45 ? , 7 b VSP CHOICE VISION PLAN cL D Rates (Per Month) (T ,a '`" 3" Retiree only 3.50 Family 10.66 /6 S /HR/Benefits /Health Plans /2013 - 2014 Retiree Insurance Rates.doc Barbara Ladue (-°- ; Jv From: John Colvard [john.colvard @tegritgroup.com] Sent: Tuesday, August 06, 2013 10:21 AM To: Iaduebebbpdpension.com Cc: Mike Spickard; Jennifer Daves; John Colvard Subject: Alerus Retirement Solutions Information Attachments: ARS Highlights - Tegrit plans.docx; Pension&Investments ranking March 2013.pdf Importance: High Follow Up Flag: Follow up Flag Status: Flagged Hi Barbara, As promised, I have attached informational pieces about Alerus Financial Group (AFG) and Alerus Retirement Solutions. They are as follows: 1. Pension & Investments Ranking Alerus is Ranked 30' in the Count-y among its' Recordkeeping Priors (March 2013) 2. Alerus Recordkeeping Service Highlights Sheet Ability to expand /grow as Boynton Beach Firefighters Pension Plan (DROPJ needs grow more robust participant'piar span; )r website(s) and took Expanded participant /plat's ,ponsc ropornng capabilities Greater depth of staff and - r D- r;aria' New bi'ingual capabilities and so i1 .a':rl more Alerus Finance Group Highlights: 4Ieru Rinancial is an independent rriiltibtIlion- dollar financial services company ;er'iInF_ customers across tnr• COUnrry and around the world Sint e t establishment in '119 33 a) national bank, Alerus has grown to offer a broad ,array of banking and wealth - nanagement products and services las a long history and commitment to serving the retirement plan rnarket, offers wealth of expertise ,i the retirement industry and operates with state - of- the - art technology Most 1 fiiportantly Alerus is dedicated to providing superior customer service th ,anion between Tegrit and 4Ier'1s a good fit `,Ne share client-centric, focus :nd a r ,finally committed to meeting ycut retirement plan reeds ALERUS RETIREMENT SOLUTIONS tot-ma/acing new f for Tegrit clients and participants... Call Center • Experienced, full time, dedicated staff • Toll -free access • Coverage from 8am to 7pm Eastern Time • Recorded lines • Translation services via a multi - lingual service center, supporting over 150 languages Participant Statements At -a- glance account summary • Personal rate of return for the reporting period, and YTD Message board for general and plan specific notices Age- specific news articles Investment election for future deposits, including pie chart Automated account realignment instruction, including pie chart Period -to -date, and year -to -date contribution summary, by source Loan summary (if applicable) Beginning and ending price per share, by fund • List fund type (asset category) in various sections • Disclose current Expense Ratio by fund • Provide comparative benchmark returns Participant Website • Balances by asset class • 'As of' date balances • Fund fact sheets • e -mail chat ... mobile app, available for both • Online loans (if allowed in plan) iPhox,e aad Ar6droid devices More financial calculators Custom date Personal Rate of Return Market information tab Acknowledge Prospectus on transactions Online investment guidance via MasteryPoint GuidancePlus! Sample login to view Participant Website: www .alerusretirementsolutions.com User Id: demo Password: 4455 Sponsor Website - "Plan Gateway" 'As of' date balances Participant distribution information (where check was sent, taxes, loan defaults, etc.) Participant loan information screen Export data to customizable spreadsheet • Ability to go to Participant website to see exactly what the participant sees • Indicative data changes for participants (addresses, hire date, birth date, date of term, etc,) • Ability to display company logo Sample login to view Plan Gateway: www .alerusretirementsolutions.com User Id: Alerus Password: 123456 Here is a Zink to Alerus Financial Group's most recent annual report www.alerusfinancial.com. 1. Click on the "About Alerus" tab. 2. Select "Investor relations and corporate governance ". 3. Then click on "2012 Annual Report & Financial Report ". The Alerus Retirement Solutions, a division of AFG, will be handling Dixie Metal's day - to -day recordkeeping functions. To preview the Retirement Solution's website please clink in the link below: 1. www .alerusretirementsolutions.com. If you have any questions please give me a call. Warm Regards, John JOHN COLVARD, CRSP Director, Recordkeeping Services Tegrit Group 364 South Pine Street, Suite A.209 Spartanburg, SC 29302 (p) 864.699.6918 (c) 740.281.8010 www.tegritgroup.com The information contained in this transmission may contain privileged and confidential information and is intended only for the use of the person(s) named above. If you are not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, any review, dissemination, distribution or duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender immediately by reply e-mail and destroy all copies of the original message. 2 Reprinted with permission from - • March 4, 2013 O Pionline com 1 t THE- INTERNATIONAL NEWSPAPEl O FMONEY MANAGEMENT rai SPECIAL REPORT DC RECORD KEEPERS DC record keepers ranked DC record keepers ranked by participants by number of sponsors U.S. DC plan participants under record keeping, as of Sept. 30. U.S. DC plan sponsors under record keeping, as of Sept. 30. Rank Record keeper Sponsors Rank Record keeper Sponsors Rank Record keeper Participants Rank Record keeper Participants 1 Paychex 60,000 j 3o Alerus Financial 2,500 1 Fidelity Investments 15,818,719 30 M11Nman 623,459 2 ING U.S. Retirement 47,988 31 Securlan Retirement 2,441 " 2 Aon Hewitt* 5,432,125 31 BMO Retirement 524,300 3 John Hancock Financial 44,657 32 Diversified 2,422 3 ING U.S. Retirement 5,134,432 32 Alliance Benefit Group 515,949 4 Nationwide Financial 41,156 33 Lincoln Trust 2,294 m 4 Great -West Retirement 4,583,628 33 American United Life 514,357 s BofA Merrill Lynch* 40,506 34 Newport Group 2,210 5 TIAA -CREF 3,919,166 34 Standard Insurance 504,306 6 AXA Equitable Ufe 35,264 35 Vanguard Group 1,929 a 6 Vanguard Group 3,556,188 35 Newport Group 422,050 7 ADP Retirement 35,213 36 New York Life Inv. Mgmt. 1,732 7 Principal Financial 3,342,215 36 CPI Qualified 348,460 8 Hartford Financial 32,403 37 EPIC Advisors 1,457 ? 8 BofA Merrill Lynch* 3,339,002 37 BOK Financial 275,026 9 Principal Financial 30,798 38 DailyAccess 1,210 ' 9 Wells Fargo 2,946,317 38 PNC Institutional 204,020 10 Fidelity Investments 28,491 39 BB&T Retirement 1,190 to Nationwide Financial 2,481,937. 39 Securian Retirement 200,307 11 VAUC 27,479 40 Charles Schwab 1,170 - 11 Xerox 2,448,350 40 USI Consulting Group 199,726 12 Ascensus 27,392 41 Correll 1,014 12 Prudential Financial 2,237,418 41 Security Benefit 190,382 13 Great -West Retirement 26,447 42 Millman 815 i 13 J.P. Morgan Retirement 2,082,790 1 42 Alerus Financial 180,143 1 14 TIAA -CREF 24,106. 43 BMO Retirement 806 14 T. Rowe Price Group 2,072,221 43 BB&T Retirement 158,262 15 Lincoln Financial 22,831 44 SunTrust Banks 768 15 VALIC 2,005,342 44 DallyAccess 137,088 16 Transamerica Retirement 17,776 45 J.P. Morgan Retirement 651 16 Diversifi 1,704,587 45 Pentegra 135,321 17 Security Benefit 11,545 46 PNC Institutional 617 17 John Hancock Flnancial 1,681,339 46 Ameritas Retirement 108,462 18 American United Life 9,811 f 47 USI Consulting Group 441 ; 18 Ascensus 1,481,705 47 EPIC Advisors 106,360 19 CPI Qualified 7,020 ) 48 BOK Financial 395 19 Hartford Financial 1,476,573 48 SunTrust Banks 90,164 zo ICMA Retirement 6,933 49 Aon Hewitt* 262 20 Lincoln Financial 1,378,208 49 Insperity 87,617 21 Alliance Benefit Group 6,221 so Mercer 261 21 A DP Retirement 1,349,691 so Correll 57,300 22 MassMutual Financial 6,094 51 City National Bank 227 22 Charles Schwab 1,303,836 51 City National Bank 36,441 za Wells Fargo 5,260 52 Xerox 189 23 MassMutual Financial 1,260,342 52 Uncoln Trust 33,142 24 Prudential Financial 3,998 53 Reed- Ramsey 152 ' 24 Mercer 1,230,299 53 Buck Consultants 16,390 25 Ameritas Retirement 3,354 s4 InvesTrust 41 25 New York Life inv. Mgmt. 997,787 54 Reed-Ramsey 13,800 26 T. Rowe Price Group 3,310 55 Buck Consultants 8 2 6 ICMA Retirement 923,751 ss InvesTrust 8,400 27 Standard Insurance 3,257 ss GAMCO Investors 5 27 AXA Equitable Ufe 826,204 56 GAMCO Investors 171 28 Insperlty 3,256 Total 642,336 28 Paychex 730,000 Total 84,093,809 29 Pentegra 2,563 As of Dec 31 a9 Transamerica Retirement 658,234 *As 01 Dec 31 The Pubhsher's sale of this repnnt does not constitute or imply any endorsement or sponsorship of any product, service or organization. Crain Communications 732.723.0569. DO NOT EDIT OR ALTER REPRINTS. REPRODUCTIONS ARE NOT PERMTL 1 r,D. #4372 C Entire Contents copyright by Crain Communications Inc. All rights reserved. PensioIis&Illvestmellts March 4, 2013 SPECIAL REPORT DO RECORD: KEEPERS -, DC record keepers ranked by assets U.S. DC plan assets under record keeping, in millions, as of Sept. 30. Rank Record keeper Assets (Rank Record keeper Assets 1 Fidelity Investments $1,081,826 30 BMO Retirement $21,693 2 TIAA -CREF $350,098 31 AXA Equitable Life $20,517 3 Aon Hewitt* 8310,977 32 Transamerica Retirement $18,652 4 Vanguard Group $302,440 33 Paychex $17,200 5 ING U.S. Retirement $300,592 34 American United Life $16,338 6 Great -West Retirement $173,424 35 CPI Qualified $14,736 1 Wells Fargo $169,700 36 Standard Insurance $12,815 e J.P. Morgan Retirement 8142,862 37 Securlan Retirement $10,427 9 T. Rowe Price Group $131,468 ( 38 Alerus Financial $10,083 I 10 BofA Merrill Lynch* $126,848 39 PNC institutional 89,676 11 Principal Financial $114,254 40 BB&T Retirement $6,750 12 Charles Schwab 8104,082 41 DallyAccess $6,461 13 Prudential Financial $102,486 42 Ameritas Retirement $6,076 14 Xerox 895,995 43 EPIC Advisors 85,317 15 Nationwide Financial $87,927 44 Security Benefit $5,026 16 Mercer $81,578 45 BOK Financial $4,837 17 John Hancock Financial $70,110 46 City National Bank $4,792 19 Diversified $61,025 47 Pentegra $4,368 19 VALIC $58,629 48 SunTrust Banks $4,289 20 Hartford Financial $56,199 49 USI Consulting Group $3,930 21 MassMutual Financial $50,700 50 Insperity $1,687 22 Lincoln Financial $43,931 51 Lincoln Trust $1,334 23 ICMA Retirement $41,322 52 Correll $705 24 ADP Retirement $39,714 53 Reed - Ramsey $353 25 Ascensus $36,771 54 InvesTrust $349 26 New York Life Inv. Mgmt. $35,100 55 Buck Consultants $163 27 Newport Group $23,847 56 GAMCO Investors $15 29 Alliance Benefit Group $23,214 Total 54,447,859 29 Milliman $22,151 i As of Dec 31 The Publisher's sale of this reprint does not constitute or imply any endorsement or sponsorship of any product, service or organizadon. Cram Communications 732.723.0569. DO NOT EDIT OR ALTER REPRINTS REPRODUCTIONS ARE NOT PERMIJ"J7sD. #4143 Entire Contents copyright by Crain Communications Inc. All rights reserved. X' n to •- z m W r-- c n o 7: 3 C n n` is - s -i. m J•Cu WV0003( 0E- C 1W00I-- 1 NUiNloW03(01-- 1 NV0I -0- i to 0 01 w r' - I rt --A wOI 0NI-+ C1N. p0NOV.POrvw1- IMOWko00u'00wulwNw M1 -ANJZ OWHOW∎ IWw. 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Z r N r r Cl 1 0 Mm M CO ` (0 A 0)) W M N 12 N . 0 10 N A M N O) M d I0 O (O (0 N A If) O 41 1q r A A O A O O N W M V M a O) v- 0 0 4 , - N O CM v, 0 01.-AO O r A (O A r (6 d 46 O r r- W 6 A N N N 1.: O M N in d r L() co Ln of (f) 1A If) O (O nt 0) 6) A r r r '- r r 11 ++.� 0 0 N N v V v V CO W v .-coo O (0 d 6) d 10 d 6) (O 10 I O 6) 10 U) 6) O —...).1-Lo 11 d M O CO 6) r a- 6) r N {$ r r N M O d M (O M r 100)0)0 40 M A a0 M r If) A A A O 1D A O A M O d O 4 O 6) 0 6) Gt N r -Co- O (D (O v.,._ •- r r 1. 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O ,- r p 7 p to ("f' V O ; - L.ri .4 7 N to m a I t 3 m m G W C g CO X E a) m a> -c) c c x a) a) >.- N 0 ' 0 c X C N c RI cn d v a. m g o o c o c la O t/j Z Li m 2 C m 2 m U 7 = N LL . n 4) S • o 0 m E p o E v O E W d y c C 5 O V O C-) E 2 4) tp (0 - L C CO C C 4) E -o 8 O E rn w T x J cm E c° x o 1 1 w . . 4) U C N 0 ~ C) > 4) C To c o C D g. x L a vi a m m vi '2 E.' o m a) o : i+- a ` > D ~ w— O < C5 a pg D E 1 (0 0 ill x D 5. g O o Z N O Z �p N m m n C m �] . "(1 C m 0 a m o inm m m tom mom Cn a m W Om m Om O m ED a o .' O m Q m A d o' O (D m a m a '2' ' -0 x U -� N o m 0 m m , m 0 m ea 1 m m � m m m 5 m m = N `� ) z n� m N a D D = C) T 3 N d m' (p m Q . a- c m of N N co a m N (ji j (O � CO J CO °'._ Co W m O J O QD 4°4 O O C ao J 07 O O 07 W O W N _ � N +fir i . N N O - , N Z• OD Z O� Z co O 61 j a 0 D m) co D D co o y n o rn c ^� D N N Z O Z O _ O) s O o T u) 0 J D co N D J D N C J N O M r.; C IV O J W v v O Z� O Ct7 Z Z W Z� Z co O D N co D J D co D J D .p N IV c -a O 0 0 0 A A p co co O W W W W Z N w Z Z A Z j Z N D (7, rn D co D rn D CO D fi n . N N Is) O O O C C SN Z J W Z rn Z Z A 0 C y; o > __ . z (05f, D o D co D a �» o� o R p D. CO o 4 C z ° O7 Z °D Z 00 Z °o Z (n 0 0 D o w D D w D D' St N O N A 0. ) - , CO c-...,..,64'.` cn c 0m � : ZA oz fn p c —I /1� 3_,.Z A D rn >_...Z w D rn >,_..z 1 � � CD wa z a M Z o c 3 N m O c a 0 0 ri v M 7('7 7 c7 r Ce + A G (O 07 C CD u3 w H 3 d o a ' m o ` Cl .- N O C 7 Y � ` M (O C O y o C V f+) °31.0 O W m (0 O 1"' o CD < a l/7 (O (Li 71 ° o r a aa� aa°' r- ± a 0 ' O. 0i M , a a Ct C o o ` O o cD c N C 03 C o y W : 2 oD r O c O E • v E 0 0 ✓ M O m0 LL C C a 1- 0 > N m 000000 p C � O O O O O O O O O o p o p O O N M a d 0 E m ° o CO 0 < ° t'1 N O — O Of a0 F/ co O M w w w N 0) C O N C N w w w w w w w w w w O v 8 (() r d a, d N U W = M (D m oX o,9 �N W W S. (l) N 01 0 a .- V (7 7 (0 (D (0 E 0 E w I. A li ( l N N ( ( 0),- (D (D z C O _' d ' (O l.7 C a 71 (O I� 03 'p M N (OD W a v y N N O 0 c c O O O 00 7 N 00 M 1 ((pp H W !h O i M o c c.i N a) r U ` Cl, o (.0 C O r 0 8 L N pp 0 C 0 cg . - ,_ C C) 10 M n O O } i0 ,- (D W G .- .- •' r •' O N 00 O V M .o r O n (O • M c V C C O O U U M co M ° O } N N (0 O) O 0) M • r r r 0) c • O c c 3 0) a- O 0 , m 5 t7) LL C O Z O Z o N Cil 2 ( 0) C 07 N V N F W O vi (ri r N L L N O C co (� N.: N f0 d E. d (5 • 3 al 7 N Q A v c O N N V 0 To > N a O 1 O O 0 o i (G O Y p O) — d N O O V 2 0 (O (0 Q • • O O O c a G 0 O c O 0) 5' 07 c I E LL t Too . F- • c l6 O O O O O O O O � Q Q d V~ o N 0 N C CC N q v Q. a N V 2 U 2 4 v v w L a m re 0 IX 0 7 LL N (5 V c U -o Til -o C C ' O �' c 11 C LL C LL H H 2 a L N d V O C 0 C o : •• 0 o I- Q I— LL F d 0 I- -1 s -I 1 'V W o m N o 0 y Return (%) m Total Fund ( Gross) (%) -< Q j O — O O > N N o ' N O N O N O ; T T TI ( T j ( ' j a, 0 0 0 0 0 0 - O O o O O O O 0 m S a s a a .5' v O C i i i [ 1 • G7 CO G7 /n c p c o0 2, O w y .< (,) 0 0 t0 T m 0 CA W o y o < A -7 4 3 • fe N o N R1 0 m O-. R 0 m W m 03 O N 0 O W 0 y Z an m N d W • 3 • + O • la W fn •• o - , N' m p 0 m O • M C R 0) w° 3 w o • { m • 0 , T a) D. 0 o co 9 m o CD al a n 0. 0 y o in c v 00 • o o N a I o N a gy. < 71 m m .< m O 0 - X a ° 0 0 /� e r m FO O o O N d W O O m O — s m 3 0 co • o c>033°'0 °' o 51'o "f Ofn o co 3 .m. 2 o qi 3 .m. = u) m t0 < 3 0 N CO - v 00 w . O 0 0 0 0 0. m 11 W ? N O c 'm 3 a O ? m m n m N N 0 0 N O O 0 O s a • N o 0 y o o y co (A Return ('Y.) N • • Return Percentile Rank _< CD O O O A ^^ 0 0 O J N N X K—i YJ _ N O N 0 O O O O Q SU N O O O O O a d d c mm 7 7 7 co co 3 T T - C C cc co a n a a n Co m O O m p a ° » • 3 ° . 73 3 ° — G o O O n D v O .m. D A O .m. y o M W O > 0 0 v 0_ m 3 O 0 0 S O m -‹ • a — p — . CD 7 N m g O CO N Cn O O d y to _, _, d m N a cn a, 5" n O O 03 0 7c W co G 'p 0 :' O Q y ' co W c co o 3 N co C C N Ca O N m m 7 E * N 0. P .- O CO e a v O 0 • < N W cn O co 0 0 3 a'rn A o as d -, o to oo ° 3 (° . ® 0 m m o V O W d f O E W o CO W o N °' O s q to A A »� O W O c0 .m.. a „k. to W 7 e N e, O X. 0 v 0 N O co co xi a (n 731 8 - oV O ° , co 7 7 0 ' C N - .. 0 c = /1 J co 0- W . W W 0- m m 0 4� wN ° 4, m I ,* v O A 0 TT Rs, GI O 0 71 < rQ r.1 N r :t Z w Q f >« ZE \�k Z 2 J ' ) � ) al g . � 2 r > § ' § -1- - - ` ;� C § Q 2R r 5 R r E _ £\ CO ��\ � � .2 a �0 d N O �� 0 z �� Cl. 4_, - �� [[/ [[ < < \ - �k� �� ) §b/ al E r E ` § k ® E _8 ) k � - - 3 • ; : ! �c •- ƒ \ 8 S 8\ - § r &© c� E , 8 - - - I §ge o Q - - - - ., w LU . � $$ - - 1 0 ; � k, E d § m ^^ &ƒ} &�} . � �%f @ @ _ § c0. cn= 2 ■ - ujaG2& gY mr 7@ R » � � § o § ^a S. ti7 c 4 a { 2 f § 2 , it: CT ii- 5 k e � • < > - � � k ci §/ § § ® vt .0 f ^ k ) > - e- 2 ‘- ■ CD k �® 0Q C5 LL 5 sC r n ! - - co_ a q E - J f/% } \22j a o \ � §§ - et # o # e\ I - " / O g W k� — co k ) . i~ R I \§ q \ @ \/ g gel . 4 ) - i ° R ) k . . . - rte �— f ) ca \) �j § ~ ■ m 8 8 8 8 8 8 8 8 8 ± § a$ « \ ,, R m m §- . Z' A E a» r § » w _a W ƒ ƒ A' 0 0 It � ) � CO 0) - 0 - E 7 @ 2 \ ■ { a - \ E 2 A 3 ; k \ 7 - ) 0 $ J ) ) E � To @ ® ) § •• § 2 L » it a a Q ® ilk w o_ y o 1 Return r /o) 0 Total Domestic Equity (%) _ — 0 O • ° o o O 01 K p p Co ° o °° o `v° 0 b b b 0 b 0 3 W - 3 N _a N ei c N H.. ('n N .N. (/� fll N N.. 0 "" . () O O O 'a • O CO 5' a w ' ma u) m 0 ° m d ° 12 O. 4 C v. 9 C CO N K. - W 1p. N N m m • lC co Ca 0 m b O o a c N a 2 A ( m 0 3 -o to so 0 y FA 4. (D 3 DI /` • 0 • 3 co O N an d O m O o o O O A G • N j O 0 CD O W m O A A a on N m tD r O < p ° - in' a .Z1 1p 3 A Q 3 (o o Ca m c d° a to 0 w 3 a m o o < Q m n3 n c rn 0 A N O W 13 d .a _ (WD C w e S '-'4: o O 0 O O N w O N .O. m b O m 0 , N 0 b 0(/7 W c d 3 G �1 rnrn 5 o - CO , D - 0) m e -, o in P. • - A o 'co c irk _ j c x f (D 0 0 0) ° o • m • o O A . 3 -. A 3 7 - Q 3 n N N 2 Co n A 0 to D D (1 o c QD S o ba 7 Return C'/) N • • Return Percentile Rank -< o m o (n m a) rn CD p -4 •• O O O 9, G) O_ O O N O ', Y. O X N O » c an d O O O O 0 O a E i c o 0 00 0 33 ,0 m s 0 co co N N O M O O (� o 3 • m mm 0 0 0 o m m c c w z° xi Z� a. c c 0 m ¢s' a, .. O CD D -4 o ° D c co o o � 0 3 0 xi v O w 0 o c to a 01 -I 0 0 M 2. m N m 0 o N o N (1 z c o Q ( c o IV ° O m 0 0 cr co - _. a) S 15 N A? -et N I) 1 m A C o in m al O O N O 0) V 0) O a C1 0 .• O • CD 0 0 -, m O C N 7 G . 0, •O < o o w 0 N e _ N co (n O $ m N C a .. •O o O N ^" y • f O - O (p A O t0 W o. 3 O O A m O 0) to N 3 N • O 1 1 ),. C CD (n Go v • O d (D �. N 1J ' d Q. N e N D ❑ O ( O N 0 d .. N O 1 0 0 3 a o • O o 3 3 Q wN �� V �f 000� •O � nn 40 N O C N 7< C N O .3. U1 - W O w PV 1, co N w e e 0 �/ o o m 0 O N c <_. o • � P x0 X3 0 > N /� Q1 W M M M a, 14 Ce O LO r O d d > O N M N M b m tAr CO 0 = O N O 7 co M O ` ' YM W Y M W U ♦ N M to PC co / w t0 t0 N G t () M N E Q. O O W Q O 01 r • 'tt O. a �`J o EE o O aoa a d°' Q Q N O co CO 0) .4- O C O c 5 5:a N 0 t0 V N W -o - W R t- O 5 1� c • N E E d a > v O , 0 N R O U o C C M Q - E `o m O U N t d Q cc 0 Co O a 0 0 o O o O o t'` m m o o 0 0 0 0 0 C co ca a) C E O O O O O O tV t • C N N E o or, 0 v N O W � O N V 5 0 G x U 69 69 w vi w <» in W O 0 0 O > m Q E m Em to t0 s 00 0a- W 1,.. �® N Z m 06 m ,_ r cn C A 5 '5 N 0 pp - W N -. 7 N- CO 6 LO co Q N c M Z tD r O Q Q M Lo a V csi O V • co co O ` to - co C O 0 'C C 0 1t7 N V W O N c0 N O 0 CO N Q O.- N O O y re _ o T O O N N V a a N C6 M N C 0 U V CO V x LL 0 ': r to CO U) O N t0 m7. W M 0)1-1.1 N V N N N C O M N 0 N N Q C7 6 m co V d N p" d U! N W R r N r Z c th Z ` >+ Q c 0 0 1- c F 7 C G 7 W LL a- co rn to n i.- 3 R 3 0) c 7 N p _ ° � � ° Re N to l0 N L > N O O D ,- > N t0 V ® 0 . ,- 2 d N d N ! u_ t+ Y O co d Y O r Q 7 t'7 M 0 Q S p + a O V co N co 0 5 x V w C C o O 0 O 0 0 O O O O W ` X Q p Z O o 0 o LO o 0 o to o u ? O O co W j cn M N N 7 A Cr co cr _ CO 7 p W C w - W r ujn;ea > 0 t > j v C > to . 0 > >` n > N m > C > p > C U co o d o CJ m V Q o. Q c> > co n y CL 10 CC co 3 `.- c m R U t°o Q 2 C1 to -8 N Q N u5 C c C c O Q c _ LL IQ LL Q a V > = > = 'L w ° H N Return (%) (D nchor All Cap Value Equity (% .< N. c O M - * N O S C . • O] 8 W - - N O A 8 W N Z N D 0 N D aj K 7J D _, co N m 0 0 0 0 o 0, 0 D7 m c 3 C o CO N oo o . o m ° o . • o -a t G G G< 00 W D g o C m m y an d cn ° O 0 0 3 G E c 0 m '. o o v m n a to ca N c w • • (C o o (>D< c_ N co c w m C `" y 3 CD (D (D CD m + 00 01 x c W N CD Z 1 (.. o 4 (n N -< O o III 3 O m o7 o A m d N D7 Z � ° �° m c.33 7 ° o D o X. oo a o a m ° n o m A CD A o m 5 N O m fn x Ft E W A N W A m N w A a i n c o Co F, A n N A CO 3 a 4 O m n n m o X O.° O O C O m 2 ,3 C - a r K O Z c x'6 O? c is -0 - m o D 5 `D o o al cn m ° o m rn b o 0 0 O 0 8, d 3v d �v ,,, O w o O L O O -- 0 13 d 0 O) O1 N— 3 W : :: S O OD S 73 W o D N O N of Return P/) N 0• Return Percentile Rank .< •• J J co co , 1 O (T O W /� c D 0 O O J o (.c3 O N 0 O O cn y � c N O (p c= O N .- O O O 0 p O °- m g C c a _ 3 m Q -p W D a ,> tQ Ca y 0 co °o coo C 3 ,0 C3 7 7 G J A m G (D ,Z1 O .Z1 c o c . Z Z Z n i 3 ° _: 3 m m D D o o' j A O .d. - m d a m 0 0 m N 3 X - c xi 7 7 k 0 N . < cu a N o F CD C °m 7 DI N d co FA O A -0 fn n> i $� j A o p ° co co - co x a A Z . N VI w d (!/ N D 5 N J 0 0 W 0 O) N m 1110 .... _ Z F331'•3 O N o O) W D C D3 0 O' C N O G O N w N O o - 0., 1 -, W E. O N O CJ ° n N A W O A o C 3, -� O N V 7 O- Z ocn - I (' D O D Gi ° O m m co 9f 0 N O W 1 0 1 A o o Q O = N w N 0 7 3 N N co O d W O o - V P Ca v N O. (� �= v v 3 a O• c 13 a CD O A Z 7 0 W N O W N O O N ,� O • C 3 N 4) m 'n �'" y g �, o �0 7 = PV co co co co w o O. Ca al fD CD W N !. z w K << \ n 2 P ° = el J ? R i � i � r > >e° — - � - � _ 0 U a) _ ~ § 7 f ) A z 7 § 2 0 6£ E @ ° 2 � 2� . , a 5 § qq � f 2 2 a � ( __ MI (1/4 0 ® k( 2 �� « � 'K { k ` - k �k / \ � e¥ § a |§ §a �� § & — e i � ! § A § • > ; . . '§ | | 6 � 6, ° U o / = \_ _ _ _ \ k \ ° ¥ k E � E 0 \ E u - 0 7 ) =LO = �� ci , ! 4§' (©' >- §� § � . i 7§ ( ■ ■ \\ : .7 \R ;i: 0. . q § § Y. ▪ ' ' ▪ \ / co � \ E C C N— 5 ,� 0 u 22 te 090 0 § \2 S _ | . 01 04 (l ci ■Ck / ZC / . 0i£ Er 0 • el [qm } ] U. \\ B$k / \ 0 CC /) / > x \\ � � § \\ \ e k )( ° ) 0 �� Csi r 2 k & 2 . k \ k \ 03 , , , e — f q§ q > A 0 m ` - # O \ & % § ©m@ k ƒ ) @ @ 0 \ / j • — \ — 4 k § — \ / \) / in Lc) 03 12 CC 1E' § & a �/ƒ O co ) > ¥ 2 : § @ § c ( % ee E q ■ U. > > a 0 > < 1 < _ w co c, N w Return ( ird 500 Index Signal (VIF ,.< O O ® • W W W W ' O W N W A 'Co' 1.2 0 , ° � �' -t co < ° o o A o N 0 0 0 0 0 0 0 0 0 0 _ 1 o N 6 0_ 1 O a 0 O c • 7 co X o. '� a ^� O Q n m O o p �C, m m H a �" 6 t m 3 O X X mo N 00 w x m y y CI X A O 1 o m co 7 a (Q m 0 0 CJ1 T_ W x N m w 3 o =.• - < T m T • o Cn su co X u) x co T 61 w q. X W o � � • o � r C 0 � � H n i3., 0 m n, -, o Ind w w ... `� o (.0) '''' N o v O W O 0- 1', CD y w m a, y x. o m = 3 i -< a m O a Cu w � � p n m ° wm !!•.' om ' A < o CO A w X 0 (T N � 17 N G e O w n 3 ( ' 1 3 CO ° o 0 c = C a °1 C o O N C .17 �! C O CT .. - co ,. w w CO N co 0 w w CO NJ O y ..n o Z m _ w w 5 p , C °' ° 00 0 v m O CO w CO w O "' a. O. • N m 0 A o A o N N 3 7 Q W _ O tD N N a v N A 0 0 w 01 0 o D J o D Return (%) l0 • • Return Percentile Rank .< c 0 . r • • T W - V - I 1 Ci) o cn y o A y O CO O O 0 Qo o) O N O N O XI cr, go N a 0 O O O o 0 0 T C o c O co 7 'O o m 0 3. n a O m • .. 'M • 0 0 O 0) x O + .: O. _ X O w • 2 0. (D O to 5 1 7 7 a CO x W -' w O A O x 01 0 . eT Z ¢:: O b d Z 3 4 3 cn 3 • 7i 7 3 G rn 7.1 . ,.. 7 �l 0 co • (C X y in -4 w O o ; } • m Ca CA in CD A A .d+ d w w . f 3D O ,. U • i 0 o D w N 0 •p d O . O Nv CD 4 CO V CT ID O W N� () N O -, 0 N A O j CZ C A -. c N s....2 0•10. o . + d°. - -• 0 CT O 0 0 O O / 0 o r • N o = LO 0 0 o 3 C CO -, -, CO c /o G) c o 0 0 0 0 o a .5 0 o to 0 o m o o 3 11 ca 1 W v v A W N_ 0 1 Co 0 0 0 e • _ W o o o. � awaM o o " C N aX cn W S O O IV rn c co o Q d • i • O (n 0 0 0 3 c I � w ' 7 y 7 0 0 0 C.11 .. 4 N C 3 C .) co O q . :Ti O 7C' y. a N Z 7 SD a a o o CD r � - I m at at w w up 0 x oX IMMEMOMMIMW W� 3tV Z d -0 Q c V Q. c > c= cc > N CO N o c m a-, `./ C N = U ny n ,, al , a al '� c o O m m U . 1 c� co u� E w *O 2 O 2 O . CV '-w d N N Sr��/r�� 0� Hl O> O N— O O I"' �+ 't o _I 4 a E r o - ( D. ao co X d CV O 0 oo o 1 c W g co v { d d V m 0 E_ E c v o ✓ N V R 0 0 , O C c G O m - L O J t O m t ?o i N c O: CL d o 1 1 N GO > N L O I,- v CV ▪ N o 8 8 8 8 8 0 8 ,_ c C O N co .n o 0 0 0 0 0 0 o W 3 rn o • N N N N 8 8 8 V N 8 8 7 (h R d C d C N O a O fl' H CV N W N 61 69 w N x x W W c c ce a d d in co N ` CD e... M 7 N v1 E d O d a, r 2 r cD C N C C W d CO CZ m N n co 0 2 2 v Co Ce N ✓ CO M c'4 CO e co - n c0 c c O O 7 7 M � N 0 ) co ( O C C CO D O a0 u ii N (V C u CO N CO W el) M M h O o 7 o 0) C y - O O s ix v ' N m N rn n c D d v • O • C . c 0 0 LL + . �..� 03 N Q 0 } t rn� CO v M CO C O V.. O 5 N N �+ • _ � i c0 CO 0 N N (V p ` C N a; 3 E ai of w M w W Z • z t ` p CO LO ~ • ~ © LO CO rn ` (- of o o c N 0. 'o 0 co ) 2 N a) , o .0 7 c0 7 0) 0 U t > N W 41 > N N J a N O O Q c0 N u p • o N N co 3 y 0 t� .. Y O c0 (/) r v s- 2 - 4.- 0 O 0 x ° d cr d V W O N O O O O O O O O O L L 3 O O r O O O O O O O O O O 0 C w N <7 aC et o o co v C v O L E c O 3 c F_ to .� ( 7 N N N O t L ) p ( .) p ? U J n laa n o t 3 a O (D O 0 C U o a 6- E U V m y 0. 4 0)O N a o 0, d • d - d 3 J d C ' O J To 2' O m m ` iC N ` q ) j N 1a R N 0 � C1 J Q. -� N S co • co C co y • • o co cc - LL LL 0 0. U 0 w x ( II x c M Return ('h) 0 , SM Large Cap Growth (% .< c 3 N 3 •• - CO t0 O O ' N CO O A m • ry d an d C y - O ON g m 0 O O O O O • o - om 0 a S 3 c o d o d + V - c) C C c N 'n U (D y m • @ 1 7 _ w O a a a a 1 ° O 3 N a) CI N w S a) y o 2 13 a a x `8 • a (p A o m ;I m o w to ; m y X ° • m • ° o D C E ° Co G$ o c z 2 m ' m A a m a a) x m m - o m ° Ur _ p N rn o V CO O w ; ] 8 • ° a o .. 3 d a A a + � o X o0 �m� x F._ Z6 0 - c . x T o o D a - o— a • 0 N N _ O V A O N A n 3 n 3 W C O o 13 d o ° o o y d a rn v,� o .. o Z c i rf ° o e a CDCO� m • O D al . O a» ° • NJ 0, 7 G b m ac g a R b _ N 8 IV O N LITIN Co o O Z 9 O N '0 w O D y 0 0 m R e t u r n (X) N • • Return Percentile Rank .< •• , .Z) O 0 0 0 0 C) C N g a o o 0 o p 4 3 8 $ ° 8 $ a o J = N j (a t0 ( W Z y3 Z me ° m O _. DD G0: y � Ca � £ J 3 ' a m m d x 0 7 3 X 0 N 3 CD N 3 o v 0 s es z Xi S co Co -, -I v x O w ' ar A Z 0 m W N N m 73 N v D -1 o co p-i 0) ) ? Z C 6 0 0 s. (n -A D , e � o0'CN ° 1I aN. o ,a c" O i 0 01 0 r 1 ° • a 0 (T A •'•• d O > r O T ar , • O 3 SO 1• N� v f 1) 0 N ' ° L _ E TI OD ;; ° = 41 ( 2 i t N Z d 7 e e N D O • y O »a W S v t7 o a o 0 • O (T, z CU O R �f �f o 0 o N L n 3 n n w D a � ' w 7 m c a M (° 0 • m a • oo °1 e O • w 0 73 ELI 5 . ci '7Z ! 0. f X� z; � y ; M 7 M 7 as M A -, ¢o I L Q ; O O j O O Q) (•,, N N 0.1 r { U al c y 0 O r, 0 O v _ _' Y M Y M CO ` D I .- - o C co G 10 G C O W E co L. Q 2 2 N � � N N W gr4 H ,- C W c0 c0 1 CD C w m r) m • y LCI $ate a$ o a m a d o CD X LL al 5 C C _ m N O N O N CO C) In a) cu N W A 7 0 -0 E ° E 0 ' ° o M V O G x C C C 0 m l co c P. � co a) > u o. .8 1 I fA N 0 N L t .0 c i co) O O O O O co O O O O =c N O O O O O O O O O p O O W W G N o 8 8 8 2. N 8 yr ` CO O = f9 19 rM f9 Q N U __ C C co O co W 7 N ^ co 7 N N N C C u) N C LL co LL 0 O CO O co co to • cp h ca O 0 C la u) C > M M O d N O O •:;;.. n c00 ,- C a CO N N CO 7 ▪ 1 d W co co N CO O O O c o Q w o } N 0 m • M CO CO W O H M ,- ,- e- C C O O c0 o O O • N OC n co y p 7; C r e C N 0 0 (7 c o m o0 co w y co c7 ,r C O o V. w • co cD ° o w M N N N N 0 0 0 M a) a) n Z ` t` 0 Z ` N N it -a a it C1 M aO D) IL M M O C Q L 0),- 0 y C O N 3 M 0 7 N E N NI C 0 CO l' O O I- To O cn CO c0 V N N M T N ,_ , N • F N O W 2 0 0 0 y o (D O Y O UJ - O D) R C N ▪ o Q • N N N O 2 , ' 0 d N N X ry a 0 a 0 0 0 0 0 0 0 0 cl LL v U) V N N 1- .- W IO N 5 X co C T U- 0 N m d i m C c 5 M uinlaa o ) C 5 d o TO .2 c ' CO cm _N £ C To 2 co to �0 c7) co a 0 y .. >, C 0 C (0 @ d O v O C G 0 c Q In C c a 0 C N O N ° a O > O 12 o — t o CC c c Ta is E 2 rn ca . ` � o °n E c Cl- E O a rn m > cc0 2 O. 7 0_ ( °0 0 CO m c m C ''Is 2 0 U w -o ( rd 500 Index Signal (VIF: .< < 1 < 1 Return (° /) - N N '+ cn m y cn j in 0 6 O m N CO A A Coo Spo p F• m a a° w 0 0 0 0 0 b O - c N O m 0 K cn < ° ° o O 7 0 n o a f 1 m a m 0 0 0- N o v+ m a - 0 .0 + • to a 0 N 7 °o to = o oo, N m O ° O 3 co O N N 0 a t7 m < 3 R. x D ... o_ x d = 0 co w m < j CD :r. e y ' k y N O v W N w N 0 cn 0 05 0 x a A = 0 3 O CD 3 7 (D _ m d 1 N ' N w x w n 0 < (0 - -< 3 J N 0 N (t m (1) m m O X f�/1 ?� y co m • w n w o m N w y 3 X o 9 ? 0 a —I A w O o C11 CD 0 o m m o o RI0 x "' m a, N o i. x o 0 0 7°. m m ° 4° N o CO ° = (° = 3 v o 03 (Q c ' o ° y ca A v w m _ G w a S J Co 47 A ZO O co CO A W C < N co (71 Na d 0 0 w _ (WO (l� n 3 0 o oo c) mC coo,m O N O tf, 9 t• N W O CT ^. W .. E',, N 0 w O n C N A m • W W W » • 7 ? ry 0 n 3 l7 w w 'a. a " 0 o c O O m p O p m p CO CO O 3 O. a o CT C �! A C W 3 n 0 O m A w 7 - N cD "' N m J w o A O CO C..) Return (% ) m • • • Return Percentile Rank D -, 0 o D o 0 f rn . o a a / ) • � p� < o a c� c , O • 7' 0 0 ? • • 0 0 p 0 0° Y/ o 0 0 0 0 0 0 O CD CT m m 9. < 0 0 7 C o v fC 5 ( (° c 'O CO a m 0 O O 0 7 (71 Xe o a e. o- 0 0. 5 u, CL p °: x 0 ? O X 5 x u 0 x o -1 In 7J p 77 p 3 x to 3 m Z o m 3 z- ° 3 m m I D co O 94.. i J o . 7 co (A < o y 7C m m T - • 0 3 ` d X o to (n y to X O_ w # ` <D N d ° m N O -a > : O y tt (p (1) 0' m p 0 ?: m W • w 0 a A A W N p' m n (T p co a n • O J Q] 5.3 N in (T O C < O j N w • w N O A o 0 0 O • < 0 o 0 so N Ic 000C C 0 3 - m co 0 0 c m • 13 0 o m ° o ° o m ' al O _ 3 ro C 1 O O O Q R E. y p O O w N N N X Ns* � mm� • a •® � N N N N m • fl '" o O) O1 0 O 3 " 0 J f 3 C. 0 0 _ D1 0 m /� /1 CO 0 N 6 o 7C N f O O O( - . N Cr) G J 1 4 J CO o Q d o o CO o t m m w 7i ■ r`t7 N o to Q X , w �Yo z ▪ = x c CD W M 7 M 7 CO CO Iri �o A W C C > N ° � N 0) M C) f M'I C O' Y co r) y 1` m - N co .... ...c. O O E 0 2 O 2O C V N O) = MM ` 0 N W G c�i ri v I- W • 0 rc, CD C CL kill 0 0 Q Q 0 0 ° . 0) t a, C 0 'co O o_ D o v D 2` W W u•> v • 5 5 . C D o c 0 ID w o To To d d (..) - ° c° 5 E E o c 3 m E c c E d m i s c c ' m To O r o N f CV CV ID • co N W O O O O O O O O O O c c CO CO tD Cti M o 0 0 0 0 0 0 0 w 7 N O r•••• • 0) tl) 3 O ) O O O C 8 O O ' (D (O L 0c1 . L m O O 8 OO W b 0 9 49 H N pf., 0a U 0 w x w W a n Z c 0 E n E l O r-- N O ,_ C ..- co W U 1 U . ' 7 V O 7 5; c C c 0. M W d °) c+) Ct CO CO y r cD a 0 >- • a N c 0)) o 00 O rD c c O 0 CD 7 N r D C e l )c') m 0 c O CD O O° O 0 3 N �cu rn 0) W m aD � .7c 0 ca ui O c0 v c c n N. O O N • S • r O O c c LL o 0 2 M m w 0 - m N M N v O CD CO y O) r CO M 3 • c0 o W 07 rn ` N ` y1 w 2 1ri V ch w 0 6- a 4. co w zCO c Z m a 0 1n u-) rn it F `° U. u) 3 U o °i o m 0 N r) 1O 0 C m v, 2 N i 0 H m d c N co N > N 4100 1C'.:i • O ' ' T t0 ▪ 4s' 1T .0 w_ . E 7 05 C7 N u A O r I C ®_.. __.... 1 I I . _ I __. ._. T _.__. I U W N- 2 O Q . 0 0 0 0 . 0 8 o 0 0 8 _ w _v N > O C C _ 17 N N N 10 cc; a O OD ' L 0 p U O O 5 '5 m d a m is . w 4111118N w w E T ' 5 U _ T m O w u u c c 't a C W C W D o y W O m 0 To c m To d m o o a) .2 a) .2 C m > c m _o CG • m IX c _ E c c a) • R - a`.) 2 70 m _o 1- d o c c c 0 0 o c o c @ - c to c ° c o 0 •• 0 0 LL 1- it I- a U I- W _ 0 = Return (° /) re Total International Equity (%) -< O 0 N 0 -. N N -1 p d 0 •• m ° 0 ° 0 0 0 0 0 0 to o) O d 7 O a c b) o 0 0 0 0 o O co O <D Q 0 0 0 0 o O 3 • m 3 d m 3 °1 0 m i N CO °.: v • ° f �l v p N 3 >> C• o ) C ° C4. o' d m m ° g a AI c 91 m m m m m o ., 0 0 o), CD C N - n 0 . y C H 7 7 O a 0 o m _ , 7 c N d N u, co W a a 3 - '' O -< 0 -< C C m 0 ,: m N C) • fD < W W O C CD N N 0 -t 0 n G co y o + su t -4 7 o n m S m m0 o A m,, v 'w ' 3 0 0 0 0= 0 0. o 5 x ° 0 3 ° m 6 m " • 01 m .'0 6 0 • N <O t0 CO 0 0 m 0 • 0)) 0 0 C 0 0 0 c 3 0 S. w • A 0 m X n O O n 3 -' m 3 e o C 7< W C a co O 07 . J iD ^' m O ° • mo '.' rot} . N O O .. O O 0 C m m J J t0 < 7 0 O t0 O w O 'O d O v fD J N w m cO 1 1 p O co O = (n J O N Q N • R C O O C N 3 - CO C N 3 ' a ° N 3 O °) c - 1; .. 0 0 0 o m N � ro A N p W N A W O w D o > Return ('�) m •• Return Percentile Rank .L v O N d 0 0 d •• O o o t7 O 0 O N o 01 c Q M 0 0 0 0 0 O S) 0) b 0 0 0 ° a y y C 5 7 5 17 N CD= (17 7 J 7 01 7 O O f N N 0 0) ra m C. 0) 03 N fl) 0 O O CD N cD N N 3 O 0 0 = 7 7 m m m w - xi 3. xi o m m • m p - 0 ce Z C a) g Z - M 3 C C N O • D co O 0 D N O O m 0 O c° 7 7 ' O � 0 0 7 (a O y tT N co w O N iv O to 7 0 A p ,w a1 W a Q u) >c G .0 7 O O 0 (0 - a � _ O co • O » l y 0) < T M, -1 7 t° O C0 0) O '1 N N . m �. A b 0 C e o 0 0 O N 0 O N -4 G N A J 7 W O O ^` 6T oe 0 Y1 7 g N O co n 3 02 O r o 0 0 . c go. O O A O° R 3 0 0 01 01 0 01 01 0 ° N • O M 1 �� M O°) c • O <D ON m A 7 7 r" 4 O 0 e a V _ W N 01 .. 7 -5 .. e N N 0 N a) 0 MI N O w O O o cu 3 R3 0 O O O 0 a. N • ` Ol CA o 0 rn -- N Zl F N O g o O J C N 0 = 0 0 O O. /1� /� �l O F a Ca J 7 •) C 0 O CT M N f0 CO M /M. 1 1l ' , Y� � J 7 A cn A CO l0 N e t'' m 0 O m X co 0 I )0 (0 0) � wK � �z M zCi a)X x ■ ' N N Xo N O M 7 Co, 7 _ co A/ LL W W O O � O O V p N > N O N 0) , c 5 N M \ r V y p of N C) W - ` O 0 co r C (O —) Y t ` ` M Q) C N O M d w 10 ° (o° 5 W E 0 O E 2 W a O 6i = ` L ,, p M M V L Q rn a) 11(1/444.-70, Q, E d o o O) M Z as as y QO Q p ▪ X W n al w >. m N CO C • x o CO c m a d� o v C • m '3 2 c 0 CO Q C C o Lo 0 b c O O U Os O - C C O o Z to co i C S. O c 7) m d � I 1 N N Co N u) d L C) 0) In W O) 7 C O d C N C a v N L W t m 1. 8 O O O O O o O O O O C C N CO CO O a 5 a O 0, o 0 0 0 0 0 0 0 0 c o W O LI )( E N N N t N O O O 2 ON) 2 7 (D • (O W W w v9 us U Z.Z. N9 w (9 (9 09 r9 e9 c c O) d E m d d CO C) m C) a ›- C LL LL C C 1 Q N p ,_ 07 c`, N 5 2 R CO Z O Q ii N W N 0) M 7 v w a O Y 0 0 ° Z M CD 7 7 O) a0 N N in M M CO 7 El O k Y P. (, COrn v N cO 0 D) O) " 0 Ci CO CO C O N N O :p N C C C U O) W O o It O W O7 O O c 7g ' 3 p ui �ti co d v O I N N r O O U U ce LL A w w w •- ` Q, r m M N .. C,) d N i d N i '3 C O Z` M Z` a o n 5 N T W C 3 LO C0 0) F O F p W •.- CO 0) N N 2 6 a c•i O O M (n 0) (") 0 • o of Oi m a C as 3 d V a E 3 M 7 N O7 o 0 O ) 0 (O = d' '- c >N co F..• > N (O 7 F as c' O) O 1 O -C Y o m N Y o co rn c+ a) (a g o (`o o 7 2 2 N 2 � c ii )- ,- O X 2 d ` O (O O 0 0 0 0 0 0 O O d c co o 0 0 0 0 0 0 o a o O Rs Z CO ( O (n G) M N N N .- co V O q OD X T 3 T v O W C7 0 0 0 C L.1.1111811 m a C C o 4 4) W (' o E O 0 O U LL a CO O m O m j 0 m w a) to N a _ O w E a 5 U _ v O v O a n o t O m C C CO a) c O 4 5 O c Z N d m o a CZ Z a Z 0- cc) L > Z To O E m !0 0 ..es m of 0 c „ v �- co a`) ✓ V c H a c o c O = c RI m c c y •• E co 1" 2 ii 2 LL 2 a U 2 W E H _, m . Return (%) % ing & Napier Overseas (EXOS: -.4 7 O 1 • • c0 f0 8 ' O N A O co O' A co n• = C 1 m p m ..0-) 0 0 °° C o 0 0 0 o o :, O • po Cf W Qo d a d 7 C ° = 5 7 'O • o .• > .Q 0 N .. N a) N 7 7 in P _ C • 7 CO -. 3 Q0 ° Ct y o O N C/1 d . . y i z . - + , (o m O . m O o 0, coo m o " al - y Cn "< *. to ( MO < v O ' 1 N N C a) O 3 , N ,. cn (n cn N O N - o fl) w X X • X 8 o o °o N -I 3 ra o X ro A A 5 y A -I ° • c.n x o o z 1- C00 o A m n n cl ._ O � I C g- �' w p C, O D m 0 A m cl° m o N a m • a A o CD CD m N < Co c rn T 00) 3 0 o X G ° ei It d N a p y 3 0 O p C O O .. tt ° o D , E. m o o) A W 0 m . o ca 0 0 0 CD D V) ° ° y y • v co St m a X o m m 0 0 o y 0 o CO - y 'o c �. o p 7 d C a oo D o m 3 o ao 3 W- c R al o in J W W Return (%) co • • Return Percentile Rank -< D > -, 0 0 I • •• 0 O O O "` ° o N o v o o Z S O • T i co is (i) O y O j o D 0-. y M - I K o 0 o w .t ° °° 0 0 °o ° o g co O y O °. _a y 7 N C 7 7 cl 3 N L ,, f° 0 fC f; 7 ° c j 7 (u 1 Z and �2 0 o 7 y NJ N ® m .0 O o 10 0 M in m zz m z , fl �_ ° 3 O d o � y y to o co _ M w. p O O N N m O 3 X o y o O N CA o O -< m z 0 W N O A m p 0 0 0 - 113 Q as) 0 W o o •y d s a ° ° z m y _ 0, i n a (o D o $ r.) w o v W 0 N o X) o r s' i 0 -.'P Z CO <o 000:" O 3 n°) A D 3 D L O. 1.) C1 . 3 g o 0 3 0o O = N N ° O 7 w N o O O C 3 ' 0 Q e 7' 7' W . c 5 a , ° o D m o t u m oo ° � , !y N N _, O 1 W T a W o v s. N O D c W N I a) W -� o N N 1 0 tO x O O s m D 0 m o O ` y O m o O O A •c 3 su ^ rn �f Na o o AE (n O y n 4J4J A D �(° A w � w p M� m O -r. CD D. na 170 Z w x C r d,--, ZF CD Eo x a) o N - 4 Q C Q , C o m m ^ d morn To' p a) w (n m _ CMJ 1/ a) = 2 C 1 C 7 Y M ,- Y M u L C O O (0 Il w• S O o 5 '0 N - M O 2 2 0 E 0 LL C N N N CD/ !^ a - x O N N d O d N ` r O a a O a s o a d a 0 a0 <C c _ N Eo L C 01 2 o> -7 O c m CO � ^ 0 0 (O w N 6 E N °' 0 0 V n E O E )-- C V 2 o O E C C L - o m LL m d F CL 1 o d c r w z t 1 -1-1-- 1 2 ( "si co E 0 0 0 0 0 0 0 0 0 0 0 0 : N 7 O O O O O O O O 0000 O 2 C C CO CO O CO 0 c a O ( N CO st 0 (0 N CO 7 C f p 7 O V 4) N O V (') 0 N N N 2 L 0 0 0 W w 7 t E 7 t d M 0 o R. O W W n S) N C C N N CO 0) d N O co N V E co E ,e ui v ri c 2 v r� co N CV (O O V CO CO 2 0 O) V I'LL m CO h (0 u) N 2 E a: N t0 V O O 0 0 ) O V V CO q C C O o h (p CO 7 7 CZ .0 .0 } M 0 0 ) 0 00 N O N N M C() M ` c o N .. L o O O 5 :5N 2 W N N 0 0 r O O C + .. N U) O 0 - - 0 M N M 7 7 a 0) O N O 0 ',..?,, LL - m O Q • ,_ 0 + 0) 0) n CM a N (1) • 2 O O C N _ r M O C w c0 (p O M M O - ,-. C 2 2 0 O O e y N :0 w— C d 2 v O d 0 0 m m 2 0 ? M 2 C a • Z C CO 0 U. CO 0 M 0 IL F" r ,w; O N N W -0 L 0 N m N E 0 0) N L r r L C aI u 7 M' .0 7 N • (� a- C co U O 3 ; N r O ; N r) v j till ) N In V M d N- Yo O Yo O cTi " c to m02 •- C @ c a � ' c oo o o ° o o o d _ � (E (O ., (p v N 0 N 1' N L O 0 T O a a) C 0 C 0 1 in 8 8 d w E cp 1 0 E p E C c c d E O m 8 ppp Q a -0 8 c E o Ix E = Q. X X ? = -0 -0 -o c LL LL V X L R X ! X O L .j - 0 L X LL (n co C LL C LL r r 2 a LL To D C 0 C 0 y •• E O - 1 w _ _ 0 = Return ( % ) co Total Fixed Income (%) �/) 0 y co CO W A - CO A CT 01 -.1 CO t0 O • m T 2%. m m •• 0 0 0 G1 0 0 0 0 0 0 o C T g Q W O O O m o. m a d 6 m c • W -, tQ d j (n O- 7 N j m m co O 2 C CD CD 5 3 M 3 W + . 7 7 C M -o c W n A `° 8 8 0 o 9 Q 0 3 3 a m 0 < . -< 8 o 3 m 0 A fD u) c C1 y N o FA -4 -I 0 d 3 o w mx O N m x to ? ° n O Of O j o A N • 0 • (D m to 3. 0 d T µ N L.) w w 0 m S • v W O CO O 7 °a' Co 0 0 N c ° 3 0 o X • < ca • • y » G W; o O m 0 ' m ,� + o o V� mC aCc o in =_ o A c O .w.. v 0 0 ! : o o 0 w ,i IJ • ° J W W 0 O 0 ' O j d ap O p 8-0 3 0 N N W < , w co O O O r A cm O O N i 7 o v» 3 W or A ? G 0 • M O U O u, E. 0 A 0 CD CD W I tT 0 J ■ W C o o o y Return Percentile R ank ° o rn m 0 w d Return ( %) •• z •• A A A co / 0 » O N O O O Co O O Y/ Q • O O O O O O O O 0 . Cl Cl C T T (Q O X X ▪ �, R, co a s a CD 0 v N N W f7 co CL CL 0 7 7 O 8 • • A 3 3 c... 0 X 3 3 w fQ °- 0 tD Z N 0. z °+3 m N 0) O D 5 St D o c°: o ° 3 a O 2 2 C.n W » t O D :.:... 7 o M N _. W to to N O N • N W O , A 0 a. ° � N z N `, 4 co -L an d l• w d TA 0. O O W (- O O W in n) = 6° O A N ° 7 Y O W » N a o w O A o • d g V O N O 1 3E A A W O S Iv = 63: rD oo CO oo a o ' O • ° o t N r S i ° o c m o 3 _ na ^, 0 0 P-8414) o m 4, s ca i W co A <. ° o O'••11' OI N D O O `` V O A O d A • (A 0 0 1 00 oa 0 • o T 3 O m a _. N 7ttg ° n � 0 • 3 a f�D CO N ( • r• A£ 01 O C N �\ ^ N A 7C fA v CO W N fn fN71 O 7 V7 N 0. 0. IM M a�-yy ' 1[I O O a - ~ W 0 • 7 a) /.. V N 0 ‹. 09 3 w f � N E 0 i O N M W d �v C 3 M _ _M v . - V - 0 c 04 N > N N , N O r d c N co O N O ` O),- co CO ` C K 7 Y M O ` M 0) c 0 (Q <O f0 (J o LL 0 O � r C V I r E c0 C W 0 O N 0,1 z a m W et a 0 _ CI irc 7. r G N M G C g \ 411\ Q Q � Q CI o I— O c) ` JT N CO o_ c O 0o E ,_ c L. CO O) M c� H H W v c0 O O v a d m 0 N x x d a LL IL 0 O _ V U U 0 c0 O N CO 0 0 C c o p p O o y a) \. F H CL N Q) CO 010 O 01 r- i c O y r. - I _ c c l c Am (0 0 N l0 0 o 0 a 0 0 0 0 0 0 0 W ' —— N d C 41 0 7 Q Q Q Q 0 0 0 0 0 0 0 L L m ch o N o N o c o C O. v o 2 2 N N o o rn O W O W U E9 69 .A 69 .n 69 69 69 69 to C c N 0) t0 E E } ca w O) M 0i d N N 0) to a) ,_ c G CSI O) In C LL CO LL V N W d O V N CO c6 CO N CD N- V A c0 O 0 C to V c0 d .2 O c O O D >• CO M 0.1 5 N el c V O O W M U') c+i V m a N V 0 G 6 O . 0 • 0) 0 V) N m o 0 0 O O O) u7 > > N LL N M N M .0 rn a U 0 U CO v 0) es o CO CD > C0 n N E • N 0 N c W L O O el V C O O W 2 0 O O W O E w i n N _ w Ill co Z c , O 0 0 In x M 00 F 0 N d • co N 2 c c O 0 a O a I- m C s- d' 0 CD N co IO I- V r c 0 3 M 0 7 N E Q , 0 0 To p N N to O N N N cn L > N CI ' N N CV N Y i Y O T E t 0 O N O m U O 2 O O 2 r Co O O O O 0 O O 0 a U - 0 O O co t0 et N O N v 0 E E LL X 0 O O U N 11 C 0 c - u inlea o o 0 m E a, E 0 E c c co t 0 t 0 y v a £ 8 c U C c IA X_ X _ L C f� -o .0 -0 >, LL LL N Y C x 0 X ID 0 0 N m X ( 0 U tl' V LL c N m d it 0 U N U a N d E _ d CC in w O. O O > .0 A 0 O O E (0 E o °° c co m o m 0 o C. w (0 o 0 vi C c F F 2 a ° 0 D co LL u •• 0O o F — ~ ~ 0 O = iiT Return - W R turn (%) CD i! Domestic F ixed Income _< O DI Q ,`=-) N O •• co W CO A A / � x . 1 xi o Z d 0 1 ° o O o O t1I O • 3 O O n CD d U d a _m _ -0 3 m a . N 0 to d o - o • to J o o N m O ' s o c CD 'al, O. Q O n O Ci O to • A o a, ,, a= N O' 7 0 T T ca m 2, O 0 3 to 3 3 W n 19 a N m ? o A 3 a' -< 3 a ' -< E 3 O_ m co w -o o 0 0 w CD 0 N 2 N - N N m �/ • O 01 • 07 0 O • D) � m g - 0 3 N m a 0 m n A 8 .,.. 0 CD � - x m m e`" Vt • O N T O O O in m m 0 w N 0 0 0 o o w O 3 -n CD i m c N 1' x D) d m $ o N a A W co .t e 0 w n n o a 3 $ .. i N • • o c T' 0 •C v s 0 — d 3 0 0 E C) `8 i 9 0 w • o � v m C o m o o w .. o V o m w o CT m 00 N CO a w W N N < N 00 V ,91. Q. ° 1p N '0 'O -.9 d 0 V d N 01 O) 0 a o J O U1 L O O OD 'O W E 7 O L N J lD 7 of j al Cn w CO C A V W Return (° /) ID • • Return Percentile Rank -( 0 0 O 0 I • • ( T O (T T 1 ,, O �1 (n N • o O D/ 0 O e7 N -1 -1 o 0 0 _ C o d O 8 o 8 o Q XI °° °° o 0 0 a m m c O 0 3 3 3 m 0 J o o to co m o 0 3 3 o n N m °' CD t N °.: C1 O O a" 0 T T CD T _T a N x N w —. 1 M 5 ID R w 6 . O. g- 0 fD Z o m o z m o a `g o O • g J J O co D cn o D ff., o V. 0 0 3 3 3 c n CD CD o 7 J N W w O 0 t o ca -o O O p y al O C '< CD A N m ° O w o w O N -0 i .. O N N - N p' 3 N ? p a ° A M a w 1 DI A A A O o -. 0 co • in 'co c < 0 0 o 0 N w , . 7 » O O w N O e e at A co N o ; " —I - W — o co o o. O 0 0 03 ° o o Si A - c w a) iv 3 N d • o 1 � CT co W O A em m a y A 07 CT '� V N ,� M W W A< ° e o N N Q �S O t7 "co o m o D O, T 3 o d 0 m N w � E �E 3 x � � 7 0 N V O N 'I� C (D 0 ° c x a, w � ° ca m 0. lD m N 4 j o c w 0 A Ai 0 N 0 < CD 3 � Z w CD * wM 4 a) E0 I x ~ O N _ r d V O m m `� ° � a) ra 7; (0 , m O O h m `/ V CD U d c > N CJ > N Co O n d p V d p co O) CO v C X 7 Y f' 7 N Y M - O 10 LL w 2 , (O o '6 a N N.. M E O � �o �� 0 00 CS) o �^ Q o O O O CL x >LL (:) C • C1 C/ C \ 4 4. 12 e N d O <n 0.m N 0.N N Q D Q C \ O 1 a ` 0) - N CO C O O O N -.1111411 C C CO O) CD VD m 2 a- O d a) o m m o E cO Li - E X C C L n 0 LL a n l • i � E 7 m C m C Vi fA IA di 1A 49 di f9 fA b9 t m � �m "' U OK Ox W W ,Il (0°) 3 cg n 0 E m E u) vi v )ri `c o v CO co 0 m m O N N 5'C N m LL RI LL C G O V Ca M n l f N co W O r >- . „s v c v 4 <- CO vi v c C C O O 3 NO O _ ) M M 0 N N • M M M M Oe- C CO C O G 5 O : N W m )n — v 0 O O O W N U) >- O C C N M O N O O 0 s ' � : c.i N M 7 7 A W N O o LL a 0) 0 U U aC _ r Q _ ^° M + O O4- N 0') N cn O O O N C N LO M O C uj A O M CO O E 0 o 0 d Fhi d 3 , co Z C C C •.- d 0 d m 2 0 . -) Z C V O Co O F. 0 as 1 1.• F a) • " . LL O ' - 0 chi co O y m N E .- O a) L r • C 2 aI L w C m a) m c d N O m d O Pe- O (J N O U N n 0 = d (n Y O O O I' O CO T C> o C m 4 C ,-p v C O � O O 0 0 0 0 0 o O R U m RI w y t 0 0 0 0 0 0 0 a E 7 t0 10 0 ... 0 N y m m L O c CI) O a m F v >' o o t a m O E 0 0 C uin�ab c c d E N a) O a) c Q 0 CD a c E C C O. X X 1 C N "O 0 3 LL LL U 0 To X t0 x OL :0 A X LL Vj CO C C F y • •• p u) _ LE 0 LL a U (/) i CA _ ce Return (%) STW Fixed Income (°/ ) ce 1 cn -I O� O • •• w w w w i A s, m *< T •t * T ° 0 0 0 o G) 0 o o T o T n O R a m a d a c 3 ° F () a 5 CI) 5 T r W a • CD 0 �: 5' s m N ° N ° C 0 3 0 3 a s co w a Sg I CD O V) O N 0 3 N an 9 0 cn 3" cD w o cr. to . co w m CD ,c w o co N N N -1 N co o w m3 o o m'M 0 y ran, • co O W O' Si- 5. o N O , ? b 0 CD ffi 0 m 73 N ° F O N W W W W y A co w o, co c cow - m • N F. o • O W 3 w N X O ci o cm 'O m C o EP. T, C 3 o .... r ococ ::: Ul � Y O N N N <� io O �'a ic O A C i Co 'CO in co.. o. w O N C Ql ° o co W 7 7 a w W o d o .,_ V ; .r O x � aC E. N j A W ° (T N N O .l O J O O 13 o N (1, o N co Return ( CD • • Return Percentile Rank i •• o O o W 0 U1 V1 S 01 O C O X m C n cn o . o o 0 pp Q 0: < -1 0 O O O O O ',. n TI 7 j T -1 N N N co (a CD m o .,,. (1) a s 6 0 M 0 ? 7 N 0 CD w Z° d3 Z Co m � CD o ... o 0 0. D al p D O O o o 3 o 0 X 3 7 w fn -4 o F O O b -< ° C O A _ lG N 0 12 O c11 w .'0 c• O. O O C�1 (/! N ° to O S _, m S (n <D w •1 • d U1 A Vt 0 e) co N N O co O O W j V-, C = O w 0 Y o a w f0 ; O O .. C j N o a < j • • w 7 C N T N N C k O A ` 7 03 Do A o e O • o A W o p N 0 O N 1) O N Y //►� _ n co N 1 O • • �) ° A [O O t7 N v 3 O • m O A V N co N A < o e N 'co N (.11 "'� d N O• H 5 0 �z v 0 � o • O • o , ` = o m Om w �f �F Ao O • M A C n el O IV W O C 10 F n C4) W co 7! ( W O A- 0 ) . N O O ...CM � Q. <D co o O x" wc 6 �z M al ,, H N c o al c co • M 7 (") 3 M of d I — d m O o O O O) r 40 Za O (n g > N M 1 N CO c 7 ` PO9 , Y M — y Or 0 ._ N �r co O 4 + V W O CV N t CD r 0 • (j ( 0 co o . O . rn O. m 0. 0 Q O < 0 CO a _ o_ ~ " 0 y rn co w r - W E O O N W Of m O 1 rL r O () co C m m m N E E CC N 0 )0 t 0 7 L / co H m C C � Yo a co tt CO m o CO 1 I > a 7. Rs 0 0 0 0 0 0 0 0 0 0 0 O O O O 0 0 O O O 0 0 N e N 0 L0 O 0) O 0 O 0) 0 i0 y o r s! a M CO 0) N O 0 O) Z 69 (H to 69 63 w w 69 69 Vi 69 0 : C N a) 0 CO d 0 Z a w r c t n u) C , t C W 7 (1 ir, O G O O- X X W W CO O O ct NI: (i V m- m C 0 m E u , Em a co W ro .- C O m m m m ( CD LL CO I ' } y� _ (a C O CO m V N 2 2 R U) In r W m N N (0 N N O U) M O) c+) (0 C c (0 CO (O O O c V' 3 O O . m II N I-- r N y O) r 0) CO C N r W d OM CD O O O O .2 re CO r 7 7 (0 a) M ` M 1 sr C r C o p O N 0 co p N (n M r d U. v (n C '. to )0 (O a) ) y 0) r _ C _ Co N 0 m LL p�N N O w 0 1.... 0 V N N r ( ! l0 7 M d V C N Z C 2 C - Q O: .� 0 0 R H N F r • O Q O O O Ct r CO n n t m N d CO ~ U) V o 0 0 ° o 0 0 0 0 o d d r , 0 W LL'J N q O (0 4) I= CD C 3M C 7N D C CO w ' O O w O ' UJ fgB ti t, 0 N C N N N N L V Y N V Y O N • co O O Z O r C F- d E co CL Ce CC a a > co To a co • R a o 2 c ct, a R a s L) c C7 co co 2 a r CO CO it co it 0 d •• o (n m 0 l 2 = TI (") cn itil:jo in- Return (°/ ( STW TIPS (%) -< CD IM W • A A A A CO O r 1 O O o ° o CO 0 0 0 0 o A C 0, d C to a t W ( O O a (1) CD Cn 0) j v 'O fa N y o) Cn to a 3 m G m ..... m M A A (D CA 0 c 0 -I m u, to m rn , < 1 CD _ C C D (.J 3 co o • - 1 co -‹ -1 ( C ' m °' in W X (n y (n v) o O • N 3 y ° a) m • 3 m n 1 ;I .� (l1 3 y (D O A - 9 o o 0 1 5. o N O 5 N o o N `< iC all 7 m 7, 01 o. y A A W at 3 cn N N co W (O 7 ;14 ° w N = V 0. y o - A 9 m C o O x - C ° y ° • C ,,M 13 O CD C � O O V a . 0 (O a . m • • 9 • 0 .. 0 O . co (n • m (T U1 A <. 7 0 (? 3 2 3 co rn o; a v, ° v O - V d O l7 O Q1 d d O W (O A ., 0 m O N O O O W O C 7C * 3 0. a. • O A O i 3 O A R, , O 3 m 0 rn o � 0 0 01 -13 Cci o c > o o > Return (v.) COD • • • Return Percentile Rank i ° o ( m o (NO y o o oo o 0 co < ° o L n o o CD 03 - 0 a< O O 0 O O Q (Q c C't -„o 'O C 'Z7 (n In y o ,. ,,.0 C 0 .. . 0 ao • (D CD m 7 5 7 N (n • • C4 c ti O O c o y ' (r) . xi Z to 3 0 d z 3 c 0 v D O O d D A O d c N O 0 O fn v' (71 - m- 2 7 N o O CO CD CD CO 0, N o 0 CA .... .O A >c o .. ON ' c 03 co 7. 0 M °° �° an a 0 ° �1 W o 0 W W c 0. ° ;0 A A W m 6 3. ) O n 0 0 0 N N - W 3 0 0 = ul a O w $ . �. m O O G o 0 p e• (n O 0 N N tp - oo# - II I I O c _ _ a) - o • 2. -• o • p u+ c 0 0� M o cn ° " y 0 w d o rn v ° O II O m N p o o 7 ® O N ° e V 4. CT (T ()1 < d e — N N > 0 V 0 o » c . c • 's �m 0 0 A N V 0 o • 0 ca O (n A i0 =' W N i0 'F -∎ 0 .( . O C 3 w r, 7 m M 3 01 C N C /) ^� rn W A x o - o . a A (D PV t' 0 CD o o CJ1 o 0 ® 0 4.1 C • 0 `/ N - < N -1 m 0 E . 7 O O f, CD 0 6 0 3 1 7 o p d a D O ° v at o d K r T A � . Q D O XI X CD - T 1 CD . n x = m O d R 01 3 3 4, �7 , N to ( 1 O o G) O sa y ' 0 3 p; 3 :: m O Q 3 3 ET 3 m m 0 ET 0 K co � n m 3 3 3 0 CD l7 3 � 3 0 m a y O 0 -, s= n c a O' a) oir Q cm o® 01 m m -• : m m Return co N. ' j m CO x a o a O r N u n W - , W N N N w W cr, a ro x 3 oo o oo O o o o 0 o co Q x a at 5 N x n -4 O O W N W 06 W O 01 A CD -1 3 O 3 —m (0 3 O 3 m W O A . O y, c W 0 0 M f A c0 c n m O e 0 U1 V (Ji 3 0 n1aA a N O) O W v W 4i O A c0 v 0 (71 CO 0 0 0 0 iv 0 � 3 3 0 A co 1 0. 3. c z C C 0. C o O 3 7 W co -a 0 W G m - co A O N n o. L) W O ( N O 7 "" -< 0 -•m rn N w 0 0 W co w w Z 3. 0 0. D• .C. Zil XI c D 0 0 al w W A Z Cn O p w CO a y 07 D - ' w rn-4 v 0 M 3 m O ' D O) 3 M CD T 01 �O N cD it o A N A w Z CO " 3 co A o D 0 . 03 . M Co' XI m m O O O L a f� R p di O o O N ' 0 3 35 00 03 -a 3 7 On co go cT co A -4 O 3 cD H N G O O O O o O O O C N N �: A O O O O O O O O O ) e co 7 " a! O NO -, A I I O p O 4 $ m a O 3 5- 3 3 3 CD 3. 3 N 3 w 3 to T n co cD i K f S O. N O CD 3 0 F N CO v V y m Q N_ 70 ii, 'O ~ a O .' N N a 3 e D G D d CD 13 ma w aa waa —1 a N.) v o° A " so 400048-11) m o N 0 fD 0 • 0 N > O O O N 0 .• m %.,. 0 w cn co m w o o K 7 ^ = CO N N A 3 T ill .4 co ^ C/ r 0 3 p w a O V G r x <7 �1 J 0— 0 c„ A O G A j d A Q CD W d CO CO w 0 w 0 G n CD C� �' 0 3 m `° � z WC M d _ o xi N oc d o � M 3M v. $ d 'a > Q M a (( II''� CC C.) 0) N >-"6 N O Z2 m `/\ C_ p c0 p c0 , , D C7 y M C7 N I 01 p r CZ LL _M c0 10 O g, < N O E d o m O x O • m ,_ C U 0 M CO O CO i E H w ul ❑ r> o o I FPM *t G Q ? O V d . u u u d N r y N t-- I- d C ` c, Q. a N c O. d G d N X m i Q Q m E % CD a m C W N ,- O ° m li Q L O)� r O m c O / d a : N V m m a o �W 0 v co L E E .1- - - U v o v c., - a) c C C c 'm co i A E O a> a m in o m > I r o .c c t c 1 1 1` ' 7 1 1 1 ..___ 1 w .- v o co O W 5 x ' 8 8 8 8 8 8 8 8 8 O =p N E Isig 8 0 o rn rn W 7 0 0 w w 0 N tH tN fN tN 69 69 19 N O O C C 0 0 1 ' 1 cC (D C C >. Q O CO N 113 N co a . 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