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Agenda 11-05-14 BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING WEDNESDAY, November 5, 2014 (ai 9:OOAM 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 August 6, 2014 IV. FINANCIAL REPORTS: A). Schroders — Melissa Krajewski, Client Director 1) Portfolio Review for Quarter & PYE 9 -30 -2014 B) Bogdahn Consulting — Dave West, Consultant 1) Investment Performance Review for Quarter & PYE 9 -30 -2014 2) LBC & Crescent funding update C) Attorney Report — Adam Levinson 1) Four Year Terms for Trustees - Ord 14 -019 dated 9 -3 -2014 2) Proposed ordinance Vac /Sic Snapshot — Administrative Rule in effect 11 -14 -2013 V. CORRESPONDENCE — 1) 27 Annual Police, Fire , EMS & Employee Pension & Benefits/NAPO conference Jan 25- 27, 2015. VI. OLD BUSINESS — 1) Proposed Schedule for 2015 Quarterly Board Meetings —New dates & time for review and approval. 2) Pension Administration Software Update — iRetire by Ellen Schaffer and Resource Centers in conjunction with Police Pension. Plus hardware upgrades. VII. NEW BUSINESS: A. Invoices for review and approval: 1. Schroder Fixed Income Mgt — Qtry fee 12 -31 -14 - $ 2. DSM Capital Partners LLC — Qtry fee 12 -31 -14 - $20,632.15 3. Bogdahn Group — Qtry fee 09 -30 -2014 - $8,375 1 4. Klausner, Kaufman, Jensen & Levinson — Service Aug/Sep 2014 - $5,910 6. Anchor Capital Advisors — Quarterly fee — 09 -30 -14 - $ 7. GRS - Service Aug 2014 - $864 8. Intercontinental - Management Quarterly fee 09 -30 -2014 - $8,449.29 withheld from dividend reinvestment plan. B) Implementation Package by GRS for Chapter 2013 -100 (Senate Bill #534) C) Davidson, Jamieson & Cristini — Auditors — Implementation of GASB 67 D) Mandatory Ethics Training - E) Fiduciary Liability Ins..Arthur J Gallagher.. recommended by NCPERS. VIII. PENSION ADMINISTRATOR'S REPORT: 1. Benefits as of 11 -01 -2014. IX. COMMENTS X. ADJOURNMENT Next Meeting Date — WEDNESDAY, February 11, 2015 @ 9:OOAM— Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739 -7972. NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE FIREFIGHTERS' PENSION BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE /SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE /SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CITY. PLEASE CONTACT CITY CLERK'S OFFICE (561) 742 -6060 AT LEAST TWENTY -FOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST. THE BOARD (COMMITTEE) MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED. IF NO QUORUM IS ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE CITY CLERK OR DESIGNEE WILL SO NOTE THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED BOARD MEMBERS MAY NOT PARTICIPATE FURTHER EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY. S: \CC \WP \JANET\FIREFIGHTERS' PENSION FUND.doc 2 MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND QUARTERLY BOARD MEETING HELD ON WEDNESDAY, AUGUST 6, 2014 AT 9:00 A.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES, CONFERENCE ROOM 1, 1500 GATEWAY BLVD, SUITE 220, BOYNTON BEACH, FLORIDA PRESENT: Luke Henderson, Chair Barbara LaDue, Pension Administrator Helen (Ginger) Bush Adam Levinson, Board Attorney Matthew Petty Robert Taylor, Jr. ABSENT: Jonathan Raybuck I. CALL TO ORDER - Luke Henderson, Chairman Chair Henderson called the meeting to order at approximately 9:05 a.m. 11. AGENDA APPROVAL • New Business Item A. Invoice for approval and renewal, Schroeder $7,581.78. D Item V # 2, Schroeder Investments would like to make a presentation at a Pension Board Meeting in order to introduce themselves. D Add the new Policy Statement in order to authorize the policy which was previously approved. Motion Chair Henderson moved to approve. Mr. Petty seconded the motion that unanimously passed. 111. APPROVAL OF MINUTES - Quarterly meeting May 1, 2014 Ms. LaDue requested one change to the minutes. Under Item IX - Comments, it should read as follows: 1 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 There was discussion about a retiree not receiving her check and Ms. LaDue noted she had not received anything since November 2013. That member did not return her Alive and Well Statement. A certified letter was sent and signed for by the member. The member signed the Statement with her middle initial which had not been contained on the Alive and Well Statement that was included in the addressed envelope. Motion Mr. Taylor moved to accept the minutes as amended. Mr. Petty seconded the motion that unanimously passed. IV. FINANCIAL REPORTS: A) Bogdahn Consulting -- Mr. West, Consultant 1. Investment Performance Review for Quarter 6 -30 -2014 Mr. West presented what he described as a great news report, even taking into consideration the element of political risk at present. The companies that performed well were the slower growers, such as Microsoft at 15% and utilities were left behind. Mr. West led the meeting through the Summary Report which was distributed. Internationally, there was a recovery rally in the re- emergence of the more volatile emerging market countries which were up 6.7 %. The MSCI EAFE was up 4.3% and the SAP 500 was up 5.2 %. After a strong start to the year, domestic bonds continued to move higher in the second quarter. Energy and utilities are leading all the other sectors in the market by a substantial margin. BAA rated bonds were up 3.4% and high yield was up 2.4 %. Mr. Taylor inquired about the division point and questioned if BAA was considered high risk for investment when it dropped below single A rating. Mr. West stated it was the bottom level of quality within the investment grade spectrum. BAA or lower would be high yield. The fund earned 3.46% which put it on June 30, at 11.50% fiscal year to date. There is excess to deal with between now and the end of the year. From a July perspective, the equity markets were down 22.5% to 33 %. 2 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 Mr Taylor noted the plan was making positive progress regarding its percentile ranking. On page 21, Mr. West reported Anchor All Cap Value Equity performed 5.58% for the quarter, making fiscal year -to -date 18.72 %, one year 25.52 and 3 year 17.13 %. Vanguard 500 Index Signal was up 5.3% for the quarter and fiscal year to date 18.43 %. DSM Large Cap Growth, which was severely impacted by the market rotation, was up 2.28% for the quarter versus 5.13% and fiscal year to date stands at 14.32% versus 17 %. Pier group rankings were not so good over the short term with the 3 year number standing at slightly above the benchmark at 32 %. Mr. Taylor questioned when would we consider putting them on the 'watch list'? Mr. West stated they would get consideration for the 'watch list' if the 3 and 5 year numbers deteriorated relative to the market. Mr. Petty asked what the difference was between them and the Russell 1000 Growth Index. Mr. West stated the Russell 1000 Growth Index gets a higher ranking because they not only include growth companies but a lot of slower growth companies such as Microsoft who have higher returns. It is always a consideration to invest in the Russell 1000 Growth Index. Mr. Levinson referred to page 62 indicating a checklist on how DSM stands on the longer term questions. DSM is in full compliance of all five of the policy directives. Closer attention to the short term is important, however, judgment should be made on the long term. Mr. West announced Vanguard Mid -Cap stocks did not keep pace with the larger cap index with 4.51% for the quarter and 17.23% year to date. Manning & Napier Overseas, with a lighter exposure to emerging and more volatile markets, they left a little money on the table with 3.24% for the quarter and fiscal year to date, pretty close to the benchmark, with 10.22 %. The three year number trailed slightly with 74 %. STW Fixed Income stands at 1.50% for the quarter and fiscal year to date, 3.23 %. The three year number is ahead by 314% at 3.61% and the five year number stands at 5.16 %. 3 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 STW TIPS, to which there is no fee attached, is doing a little better than the intermediate TIPS Index. The diversification efforts continue to pay off nicely. PIMCO Diversified Income Fund for the first quarter is 4.18% versus 2.41% and fiscal year to date almost doubled the benchmark at 8.38% versus 4.41%. The three year number is much improved at 6.82% versus 2.67 %. Templeton Global Bond fund is up at 2.68% versus 2.41%, with the fiscal year- to- date at 6.27% versus 4.41% and the three year number is 4.76% versus 2.67% representing the 29 percentile. The real estate portfolio is continuing to produce good retums with Intercontinental standing at 2.42 %, fiscal year to date 9.94% and the, 3 year number at 14.58 %. They are up annualized at 13.13 %. ASB Real Estate is up 2.65% for the quarter, 8.68% fiscal year to date, and for year one 14.14% versus 12.48 %, providing a nice diversification. LBC Credit Partners 111 was funded after this report, however, initial funding is in place with LBC. The Princeton shares were liquidated in two parts, the bulk of the shares were sold and they leave a window in the valuation. We did get the balance and closed the fund out. Part of the proceeds were used to fund the LBC. Crescent should be on the book for the next quarter. Mr. Levinson asked the following questions regarding STW: • Do we need to get a proof statement that they are charging us for the fixed income portfolio, but they are not charging us for the TIPS portfolio? • Do we need to get some validation regarding the TIPS portfolio, the fact that they are not charging us is a good thing, but could we potentially do better if somebody is charging us? Mr. West explained that this is an aberrational portfolio. They have stepped out to create a more conservative benchmark that makes it a non peer -group benchmarkable 4 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 strategy. They are sampling TIPS to create the approximate maturity distribution and line up the duration of the index. Over the 5 year term the sampling technique they are using is matching the benchmark, which is what they have been tasked to do. Without paying fees, they are able to equal the benchmark. The TIPS portfolio stands at 1.5 %, which is a small percentage. Mr. West moved on to Cash Flow. The fund opened with $77,118.157, with the initial distribution coming back from Princeton of $2.1M and LBC $1.5M. Contributions for the period stand at $310,553, Distributions at $1,263,401, Management Fees at $15,849 which are invoiced and paid fees, other expenses for Administration and Plant at $7,602, Return on Investment, which aggregates all income and appreciation at $2,654.184. Market Value showed a snapshot on June 30 of $78,796,042. There were no questions raised on cash flow. With regard to Financial Reconciliation fiscal year -to -date, the retum on investment showed that investments had earned $8,372,387, which puts us in a great position to close the year end. Mr. Taylor asked since the fund did well, whether or not it would be wise to hedge a little bit and put some of the money into an area where we can take greater advantage? Mr. West said it was an option, if the investment were at the outer bounds of the equity allocation limits. Given the returns he suggested rebalancing by taking profits off. He pointed out some excess cash to invest right now. Regarding "diversifying or de- risking ", and since there is a10 °Io allocation to alternatives with Crescent and LBC as examples, Mr. Petty inquired how this factored into the conversation without taking risk off the table? Mr. West explained that we are indirectly hedging a little bit of equity risk by providing a higher returning stable element to the portfolio. When the contribution comes in, that would be the second part of the re- balancing and, at that time, we should look at where we need to balance generically in line with the long term policy targets. 5 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 Motion Mr. Taylor made a motion that we seek direction based on the consultant's recommendation to rebalance the current excess capital to the S &P 400 Index Fund and then a second re- balancing address when the City monies come in to rebalance those funds per the policy targets. Ms. Bush seconded the motion that unanimously passed. Considering the fund's direction with LBC and Cresent, and waiting on their timing for the capital calls, Mr. Petty asked about the amount of time for the capital call and whether the money could be withdrawn if needed since it is 4% for each representing $7M. Mr. West stated that would be handled procedurally in exactly the same way the real estate capital call is handled. We pledge $4M, but there is no fee charged to that $4M until Crescent or LBC calls that money and if they are only calling $1.1M the fee is charged on that amount. We are still in possession of the money, therefore, it remains invested for the ongoing program until the capital call is received. Crescent suggested a more accelerated pace and it is likely that the full amount of the capital call will be called in 1 year, maybe a year and a half. It is likely that LBC will be the same. Both managers will provide adequate notice that the capital can be raised without disruption to the investment program. The capital call will be in fractions, taking little bits out of the investment program and when that comes in, we will be looking for an area to rebalance. a) Anchor Capital Advisors — Status Update There are two issues going on with Anchor Capital. The first one is an erroneous billing. It was discovered that they had implemented a new invoicing system which had a few bugs in it; however, they apologized and the matter was rectified. The second issue is regarding Salem Trust and the custodial statements referring to two stocks in the Anchor portfolio which were distributed to clients affecting the valuation of stocks and shares. The first statement did not properly reflect their corporate actions. They sent out an adjustment statement which created a confusing situation, but 6 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 subsequently looking at the adjustments made, everything is correct and properly reflected. The general consensus of the meeting was the disappointment of not receiving a phone call from Salem Trust; however, they have actually volunteered to send a representative to the next meeting to explain. The main concern is that this does not happen in the future. Motion Mr. Taylor moved that Ms. LaDue write to Salem asking them to inform us what steps have been taken to ensure this does not happen in the future. Ms. Bush seconded the motion that unanimously passed. Chair Henderson expressed concern that the bills get higher each time there is investment in a new company, e.g. Princeton. He asked the members if there was any way to cut down on the paperwork and the cost of signing contracts since this is eating into profits. It was agreed that this would be addressed under the Attorney's Report. B) Attorney Report — Adam Levinson Mr. Levinson stated none of his clients have used LBC before and this is an example of how the business consultant is not just taking "cookie cutter" managers but they are bringing investment options to the Board that have not been seen in Florida before, making this fund the first client to have LBC. Once that deal is done and the contract is signed we will not see those fees again on the legal services because the LBC contract is taken care of. It is important that this first set up be done accurately. Crescent is now doing a first capital call for a Florida client and they have worked out a contract with LBC. Mr. Levinson is currently waiting to hear back from Crescent and he wants to make sure their duties are clear. When the contracts are ready for signature, Mr. Levinson emphasized these should not be signed until an email has been received from him giving the go- ahead. MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 Mr Taylor asked Mr. West whether his legal team goes through any type of due diligence regarding the composition of these documents in terms of recommending LBC to their clients, whether their clients are fairly and correctly represented in the transition. Mr. West confirmed that they do not have legal staff. The only legal service they would retain would be for general business purposes. He confirmed that they are contracted to bring forth qualified investment opportunities and in order to ensure proper protection they will seek a legal advice. Mr. Taylor asked if the Bogdahn Group had recommended Crescent and LBC outside of the State of Florida, to which Mr. West concurred. He further inquired if there are other legal entities that are going through the same due diligence that Mr. Levinson has been through for this plan in the State of Florida. Mr. West explained that they are working with attorneys nationwide and the research team is taking the collective demands and expectations into consideration. Mr. West assured the members, that whilst the firm does not have a dedicated legal team, the research team has scrutinized the offering documents. 1) Four -Year Term for Trustees — Status Mr. Levinson reported that there had been a problem with emails, but he will continue to follow up and get this on the agenda Chair Henderson said he would be in touch with Lynn Swanson also as a follow up. 2) Premium Taxes Mr. Levinson confirmed he had checked on the State's website and reported the taxes will be posted this week. We are expecting the premium taxes will have gone up. He will use some of that money to rebalance the target and for the purchase of LBC and Crescent. 3) Division of Retirement — Gain Sharing Mr. Levinson stated we plan to use our extra 175 monies for the purposes of ad hoc. Other plans have a gain sharing formula that if you exceed your benchmark, say of 7.5 %, with other plans as there are actuarial gains, they take a piece of the actuarial gains and use it for an ad hoc call. Our ad hoc call is funded with State money, so it is a 8 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 much simpler, easier and more transparent and less volatile kind of an issue as opposed to funded actuarial gains. There is movement on the issue of gain sharing, this but does not apply to us. 4) Institutional lnvestors Mr. Levinson brought to the members' attention and recommended they read an article regarding Bassington vs. Levenson which was featured in the Advocacy Magazine; the result of which was very pro - investor. 5) The Reason Foundation For information, Mr. Levinson informed the meeting, that the Reason Foundation is a group that has produced a 200 page pension reform handbook incorporating rules and regulations for governments. V. CORRESPONDENCE 1) 44 Annual Pension Conference Police & Fire — November 17 -19 Orlando, FL Ms. LaDue stated there was no registration fee for this conference. It was agreed that Schroeder should be invited to the November 5 meeting to present their proposals of how they intend to proceed. Chair Henderson stated he visited the Intercontinental Head Office in Boston and was informed they are having an investor meeting in October. They would like the Board members to attend. Details will be forwarded in due course. VI. OLD BUSINESS 1) Tentative Schedule for 2015 Quarterly Meetings — New dates and times. Ms. LaDue circulated the proposed schedule, all meetings to commence at 9 a.m. 9 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 2) Special Board Meeting — March 2015 — Presentation of Audit & Valuation for PYE 9 -30 -2014 Ms. LaDue stated it may be necessary to have a special meeting because GRS cannot complete its valuation until they receive two pages from the audit report. This special meeting will just comprise GRS and the auditor's report. It was agreed this would be put on the agenda for the next meeting, 3) New Investment Policy. Motion Mr. Taylor moved that this Investment Policy be approved. Ms. Bush seconded the motion that unanimously passed. Ms LaDue agreed to send a copy to Tallahassee. VII. NEW BUSINESS: A. Invoices for review and approval: 1. Schroder Fixed Income Mgt — quarterly fee 09 -30 -14 - $7,581.78 2. DSM Capital Partners LLC — quarterly fee 9/30 -14 - $20,195.68 3. Bogdahn Group — quarterly fee 06 -30 -2014 - $8,375 4. Klausner, Kaufman, Hensen $ Levinson — Service Apr /May /June - $9,660 5. Anchor Capital Advisors -- quarterly fee — 06 -30 -2014 - $15,111.44 6. GRS — Service May 2014 - $1,432 & June 2014 - $450 7. Intercontinental — Management Quarterly fee 03 -31 -2014 - $8,282,85 Withheld from dividend reinvestment plan. Motion Mr Henderson moved to pay the bills. Mr. Taylor seconded the motion that unanimously passed. B. Salem Trust — Letter 5 -29 -14 - Update of authorized signor "Signature Authorization ". 10 MEETING MINUTES FIREFIGHTERS' PENSION TRUST FUND BOYNTON BEACH, FLORIDA AUGUST 11, 2014 VW. PENSION ADMINISTRATOR'S REPORT 1. Benefits as of PYE 08- 01 -14. Ms. LaDue confirmed they have been paid. 2. "Alive & Well" Statements — Up to date. The retiree who did not send back her "Alive & Well" statement has not received a check since last November, but this is being dealt with and it was confirmed that she is alive and well. IX. COMMENTS None X. ADJOURNMENT Chair Henderson moved to adjourn. The motion was duly seconded and unanimously passed. The meeting was adjourned at 11:03 a.m. Eileen Ellis Records Coordinator 11 Barbara Ladue aitirie,✓i From: Adam Levinson [adam @robertdklausner.com] Sent: Monday, November 03, 2014 3:53 PM To: Barbara Ladue (ladueb @bbpdpenslon.com) Subject: FW. Comments on 60T- 1.0035 Barbara, Set forth below are our firm's written comments to the Division of Retirement regarding the pending rulemaking on Section 60T- 1.003. Thanks, Adam Levinson Klausner, Kaufman, Jensen & Levinson 10059 N.W. 1st Court Plantation, FL 33324 ph (954) 916 -1202 fax (954) 916 -1232 Website. www robertdklausner.com 1 ,...--„ ,,,.. iii Disclaimer. This e -mail is intended only for the individual(s) or entity(s) named within the message. This e -mail might contain legally privileged and confidential information. If you properly received this e -mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges. Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege. If the reader of this message is not the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U.S.C. section 2510 -2521, If this communication was received in error we apologize for the intrusion. Please notify us by reply e-mail and delete the original message. Nothing in this e -mail message shall, in and of itself, create an attorney - client relationship with the sender. IRS CIRCULAR 230 NOTICE To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Adam Levinson Sent: Thursday, October 30, 2014 11:55 AM To: Green, Garry (Garry.Green @dms.myflorida.com); Brinkman, Keith ( Keith .Brinkman @dms.myflorida.com); 'Carr, Sarah' (Sarah.Carr @dms.myflorida.com) Cc: Robert Klausner; Stuart Kaufman; Bonni Jensen (bonni @robertdklausner.com); Paul Daragjati; 'Cypen Stephen' (scypen @cypen.com) Subject: Comments on 60T- 1.0035 Garry/Keith, The purpose of this email is to provide comments on the proposed rules (hereinafter "Proposed 60T- 1.0035 ") implementing the new reporting requirements of Section 112.664, Florida Statutes, as adopted by Chapter 2013 -100, Laws of Florida (hereinafter "SB 534 "). As you know, the whereas clauses in SB 534 repeatedly emphasize that the legislation was intended to provide "meaningful disclosure" regarding Florida's local government defined benefit plans. SB 534 correctly recognizes that participants have property rights in these plans. We would add that participants also have contract and constitutional 1 rights to accrued benefits. The final whereas clause reiterates that meaningful disclosure is necessary to protect both plan participants and the general public. Set forth below are several questions and concerns for your consideration: 1) Definition of "Annual Financial Statement ": Proposed 60T- 1.0035(1)(a) sets forth a definition of the term "Annual Financial Statement." The fourth sentence in (1)(a) requires that the "submitted annual financial statements must include all the statements and disclosures necessary to comply with section 112.664(1)." If so, it would appear that the new term "Annual Financial Statement" is defined as including all new disclosure required by Section 112.664(1)(b) & (c). Accordingly, the "Annual Financial Statement" consists of several "statements ", including the customary audited report, in addition to the new disclosure required by Section 112.664. Under this definition, the "Annual Financial Statement" includes unaudited financial disclosure. More importantly, the Division's definition runs the risk of blurring the lines between the new disclosure and traditional "financial statements." Definitionally, we propose to exclude the new disclosure from the definition of the term "Annual Financial Statement." Alternatively, please consider renaming the new defined term as "Annual Financial Disclosure," "Additional Financial Reporting", "Supplemental Financial Report" or "Additional Financial Disclosure Required by Section 112.664" rather than "Annual Financial Statement." By using the broader terms "Disclosure," "Supplemental," or "Additional," it is hoped that the Division would avoid unnecessary confusion between the new reporting required by Section 112.664 and conventional, audited financial statements. We would argue that the Legislature's language in Section 112.664 supports this recommendation. For example, Section 112.664(3) provides that "[t]he plan shall be deemed in noncompliance if it has not submitted the required information" to the Division. The Legislature did not confuse the newly required "information" /disclosure with the term "financial statements." Many individuals ordinarily assume that an annual financial statement or financial report is synonymous with the annual audit, prepared by the plan's auditor. This assumption would be incorrect as the actuary is being required by Proposed 60T- 1.0035(1)(b) to certify the new "Annual Financial Statements," not the plan's auditor. 2) Side -by -side comparison: Proposed 60T- 1.0035(7) does not specify the manner of providing the "side -by -side comparison" required by Section 112.664(2)(b)2. It would appear that Boards and their investment consultants are being afforded flexibility by the proposed regulations to prepare "charts and graphs" in a user - friendly manner. Would the Division object if the Boards include the 2014 investment returns in the side -by -side comparisons, along with the required 5 year look back beginning in 2013? 3) Additional disclosure: To the extent that a Board wants to provide additional information along with the new required disclosure - in order to make the new reporting more "meaningful" - please consider adding a blank space in the electronic report required by 60T- 1.0035(2). For example, a Board may find it useful to inform readers that it has approved incrementally lowering the assumed discount rate over a 3 or 5 year period, or the Board has further diversified its investment portfolio during the past 5 years. 4) Timing: It remains unclear when the new disclosure is required to be posted on the plan or city's website. We trust that the Division understands that many Boards only meet quarterly. Moreover, website administration is frequently handled by third parties. 5) Definition of "Receipt ": Section 112.664(3) requires the new disclosures to be filed within 60 days after "receipt" of the certified actuarial valuation by the Board. Receipt should mean, for purposes of this law, approval by the board. Any other definition could mean that the disclosure is due on a valuation report that had not been accepted, or was unacceptable. 6) Revised Valuations v. Impact Statements: 2 Proposed 60T- 1.0035(8) provides that another updated disclosure is required if the valuation is amended. This provision needs to be limited to the issuance of a replacement actuarial valuation, clarifying that an additional disclosure is not due when an impact statement is produced for plan amendments. 7) Certification regarding intent of SB 534: Proposed 60T- 1.0035(1)(b) requires the actuary or plan sponsor's CFO to sign the proposed "certification statement." It appears that the certification was created out of whole cloth by the Division, since certification is not mandated by SB 534. In particular, the proposed certification in (1)(b) requires that the signatory express an opinion that the financial statements meet the requirements "and intent of section 112.664(1)." We question whether certification should be required in the first place, since actuaries and accountants are already governed by professional rules of conduct. Moreover, we question whether the signatory should be required to certify anything regarding legislative intent. The Division has not attempted to summarize the legislative intent of SB 534 and Proposed 60T- 1.0035 is silent on this point. Certification regarding legislative intent is particularly onerous since many reasonably disagree whether the disclosures mandated by Section 112.664(1) are "meaningful." Thanks, Klausner, Kaufman, Jensen & Levinson 10059 N.W. 1st Court Plantation, FL 33324 ph. (954) 916 -1202 fax. (954) 916 -1232 Website www.robertdklausner.com 1 i+e Disclaimer: This e-mail is intended only for the individual(s) or entity(s) named within the message. This e-mail might contain legally privileged and confidential information. If you properly received this e-mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges. Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege. If the reader of this message is not the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U.S.C. section 2510 -2521. If this communication was received in error we apologize for the intrusion. Please notify us by reply e-mail and delete the original message. Nothing in this e-mail message shall, in and of itself, create an attorney - client relationship with the sender. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 3 INVOICE -) s. Schroders Schroder Investment Management North America Inc 22nd Floor 875 Third Avenue Ms Barbara LaDue New York Pension Administrator NY 10022 -6225 City of Boynton Beach Municipal Firefighters' Pension Trust USA Renaissance Executive Suites 1500 Gateway Boulevard, Suite #220 Telephone +1 212 641 3830 Boynton Beach, FL 33426 www schroders com Tax Registration number 13- 4064414 Invoice Date Invoice Period October 24, 2014 October 1, 2014 to December 31, 2014 Invoice Number Client Code 10143310 CLT00061637 Account ID Account Name GB93787001 City of Boynton Beach Municipal Firefighters' Pension Trust Fund Assets Under Management 7,945,215 Management Fee 7,448 64 Total Amount USD 7,448.64 Payment Instructions We should be grateful to receive your remittance in settlement of the above fee Electronic payments should be made to Bank Citibank NA (Swift. CITIUS33) Bank ABA Number 021000089 For the account of 36836344 (USD) Account Name Schroder Investment Management North America Inc If posting checks please attention them to Robin Aviles at the address above If you have any queries regarding this invoice please contact Schroders Client Service at Schroders_CSNY @schroders.com Registered Office at the above address Registered number 134064414 Authorized and regulated by the Securities and Exchange Commissions For your secunty, communications may be taped or monitored Fee Calculation Report Invoice Date Invoice Period October 24, 2014 October 1, 2014 to December 31, 2014 Invoice Number Client Code 10143310 CLT00061637 Investment Management Fee Breakdown Market Value Fees GB93787 City of Boynton Beach Municipal Firefighters' Pension Trust Fund 7,945,215 7,448 64 GB93788 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS 1,158,249 0.00 9,103,464 7,448 64 Fee Schedule Market Value Fee Rate pia Annual Fee Quarterly Fee 0 to 30,000,000 7,945,215 0 375% 29,794 55 7,448 64 30,000,001 to 100,000,000 0 0 250% 0.00 0.00 100,000,001 to 500,000,000 0 0 125% 0 00 0 00 500,000,001 to 1,000,000,000 0 0 100% 0.00 0 00 1,000,000,001 and above 0 0 080% 0 00 0.00 7,945,215 29,794 55 7,448.64 BOARD OF TRUSTEES BOYNTON BEACH FIREFIGHTER PENSION PLAN ADMINISTRATIVE RULES GOVERNING ACCUMULATED SNAPSHOT, AS REQUIRED BY SB 1128 In accordance with the Pension Board's administrative authority, the Pension Board adopts the following administrative rules governing accumulated leave accrued on or before September 30, 2013: Background: Senate Bill 1128 amended Section 112.66(11) and Section 175.032(3), Florida Statutes, regarding the pensionable status of unused sick or annual leave (hereinafter "accumulated leave "). For collectively bargained plans, Senate Bill 1128 recognized that different plans would necessarily have different effective dates. Similarly, the Division of Retirement recognized that accrued benefits could not be reduced, necessitating the preservation of accumulated leave earned on the applicable "snapshot date." Administrative Rule Governing Accumulated Leave Snapshot: For all service earned on or after the October 1, 2013, average final compensation ( "AFC ") shall not include payments for accumulated leave, except as set forth below. For members hired prior to October 1, 2013, accumulated leave accrued as of September 30, 2013 (the "Snapshot Date "), shall be included in AFC. In such event, AFC shall include the lesser of the amount of accumulated leave accrued on the Snapshot Date ( "the High Watermark ") or the actual amount of accumulated leave for which the member receives payment at the time of retirement (or entry into the DROP). The accumulated leave balance on the Snapshot Date shall be treated as a High Watermark, regardless of whether the accumulated leave balance fluctuates prior to retirement. While the member may be entitled to cash out additional accumulated leave above the High Watermark, any accumulated leave above the High Watermark shall not be included in the calculation of the member's AFC. This rule is effective upon adoption. The Administrative Rule was adopted by vote of the Board of Trustees on November 14, 2013. Chairperson / y 7073 7 * . Klausner :?. , Kaufman MEMORANDUM TO: ALL FLORIDA PENSION PLANS FROM: KLAUSNER & KAUFMAN, P.A. RE: UPDATED GUIDANCE REGARDING SB 1128 DATE: JUNE 1, 2011 The purpose of this memo is to provide a continuing update regarding Senate Bill 1128 (hereinafter "SB 1128 ") which is currently awaiting signature by the Governor. Not to be confused with SB 2100 which amends the Florida Retirement System, SB 1128 applies to municipal and local retirement systems. In a memo from our office dated May 18, we summarized the primary provisions of SB 1128. This follow -up memo describes additional guidance about SB 112 S received this week from the Division of Retirement. Attached to this memo is an update from Trish Shoemaker at the Division of Retirement, along with emails between our office and Ms. Shoemaker. In Light of the July 1 effective date of SB 1128, our office has been flooded with calls about whether and how clients should interpret the new legislation. In particular, the treatment of accumulated and annual leave has been questioned: As described in our May 18 memo, SB 1128 amends Sections 112.66, 175.032(3) and 185.02(4), Florida Statutes, to restrict the pensionable earnings used to calculate pension benefits. For non - collectively bargained service earned after July 1, 2011 and for service earned under a collectively bargained agreement ( "CBA ") entered into after July 1, 2011, only 300 hours of overtime may be treated as pensionable. Similarly, payments for accrued unused sick leave or annual leave earned after the effective may not be treated as pensionable earnings. For collectively bargained plans, these limitations will not apply until the first CBA entered into on or after July 1, 2011. In other words, these restrictions on accumulated leave and overtime do not take effect until the expiration of your current CBA. 10059 NORTHWEST 1ST COURT. PLANTATION, FLORIDA 33324 PHONE: (954) 916 -1202 0 FAX: (954) 916 -1232 www.roberidklausner.com According to Ms. Shoemaker: Where the members are represented by a collective bargaining agent (whether the CBA includes pension benefits or not) these provisions are effective on the date of entry into the first CBA entered into on or after July 1, 2011. As has now been confirmed by the Division of Retirement, the leave and overtime provisions should be interpreted consistent with the Legislature's intent to avoid any diminution of accrued benefits. Moreover, any required plan amendments will not apply to members who are eligible for normal retirement on or before the applicable effective date of SB 1128. According to Ms. Shoemaker: Payments for overtime greater than 300 hours per year or accrued unused annual or sick leave accrued with service earned before the "effective date" may still be included in compensation for pension purposes, as provided in the plan document or CBA, even if the payment is not actually made until on or after the "effective date ". Boards will be able to use any reasonable and non - discriminatory methodology, consistent with the legislative intent of SB 1128, to protect accrued benefits pursuant to Article 1, Section 10 of the Florida Constitution (the anti- impairment of contract provision). In summary, SB 1128 does not change anything with regard to the treatment of accrued leave and sick leave earned prior to the effective date, and plans may continue to treat as pensionable accrued leave and sick leave earned prior to the effective date even if paid on or after July 1. 2011. .It thus follows that it is unnecessary for current employees to retire prior to July 1 to preserve the value of their accrued benefits under a local plan. Please note that this memo is not exhaustive and should be read alongside our May 18 memo which provides a more detailed analysis of the primary provisions of SB 1128. Our office looks forward to discussing the new legislation at upcoming board meetings. Enclosures Adam Levinson From: Shoemaker, Trish [ Trish.Shoemakerdms.myflorida.com] Sent: Tuesday, May 31, 2011 9:47 AM To: Adam Levinson; abielerrcypen.com; Robert Klausner; Bob Sugarman; Bonni S. Jensen; Ken Harrison; lee@cdpension.com; rcohen@roncoheniaw.com; scott©cdpension.com; Steve Cypen; Stuart Kaufman Cc: Brinkman, Keith; Browning, Julie; Mitchell, Melody Subject: RE: SB 1128 Good morning to all! We concur with your comments in paragraphs 1 & 2, and while we are unable to give retirement advice to employees, SB 1128 does not change anything with regard to the treatment of AL and SL earned prior to the effective date, and plans may continue to treat as pensionable AL & SL earned prior to the effective date even if paid on or after July 1, 2011. I checked this morning and I don't see where SB 1128 has been presented to the Governor yet, but it may be that the website has not been updated. You can check the website at http: / /www.flgov.com/bill- action /. I will be out of the office the rest of the week and returning on Tuesday, June 6. If you have any questions or need assistance you can contact Melody or Julie in the MPF office. If you have questions about the legislation, you are welcome to contact Keith Brinkman. His toil free phone number is (877) 738 -5622. Thank you for your cooperation and assistance. Trish Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds Division of Retirement E - Mail: trish.shoemaker@dms.mvflorida.c om Website: htln://www.mvilorida.comifts/mDf s/mpf Phone Number 850- 414 -6320 Fax Number: 850 -921 -2161 Toll Free Number. 877 - 738 -6737 We Serve Those Who Serve Florida DISCLAIMER NOTICE: This email, along with any included attachment(s), is intended for use only by the person(s) or entity to which it is addressed. This message may contain confidential, proprietary, and/or legally privileged information. If you are not the intended recipient of this message, we apologize for any inconvenience this may have caused. You are hereby notified that you are prohibited from printing, copying, storing, disseminating or distributing this communication. If you received this communication in error, please notify the sender by email or by telephone at (850) 488 -5540 or toll -free at (866) 738 -2366 if Tallahassee is not a local call for you. All record of the convmmication you received in error (electronic or otherwise) should be destroyed in its entirety. Thank you for your cooperation and assistance in this matter. 1 From: Adam Levinson [ mailbo:adam@robertdkiausner.com] Sent Tuesday, May 31, 2011 6:53 AM To: Shoemaker, Trish Cc abieler@cypen.com; Robert Klausner Bob Sugarman; Bonni S. Jensen; Ken Harrison; lee@cdpension.com; rcohen@roncohenlaw.com; scott@cdpension.com; Steve Cypen; Stuart Kaufman; Adam Levinson Subject: RE: SB 1128 Ms. Shoemaker, We are in receipt of your emails of May 27 and agree with the points and observations you have described. Given the time constraints we are working under, and on behalf of the attorneys listed below, we would add the following for your consideration: 1) Boards will be able to use any reasonable and non - discriminatory methodology, consistent with the legislative intent of SB 1128, to protect accrued benefits pursuant to Article I, Section 10 of the Florida Constitution (the anti - impairment of contract provision); 2) We would clarify the sixth paragraph of your email as follows: "SB 1128 does not change anything with regard to the treatment of AL and SL earned prior to the effective date, and plans may continue to treat as pensionable AL & SL earned prior to the effective date even if paid on or after July 1, 2011." 3) It thus follows that it is unnecessary for current employees to retire prior to July 1 to preserve the value of their accrued benefits under a local plan. Respectfully, Alison Bleler, Esq. Ron Cohen, Esq. Scott Christiansen, Esq. Steve Cypen, Esq. Lee Dehner, Esq. Ken Harrison, Esq. Bonni Jensen, Esq. Stuart Kaufman, Esq. Bob Klausner, Esq. Adam Levinson, Esq. From: Shoemaker, Trish [maiito: Trish .Shoemaker@dms.myflorida.com] Sent: Friday, May 27, 20114:17 PM To: Adam Levinson; abieler@cypen.com; Robert Klausner; Bob Sugarman; Bonni Jensen; Jim Loper; Ken Harrison; Iee@cdpension.com; Mark Floyd; Matt Mierzwa; Paul Donnelly; Richard Sicking; rcohen @roncohenlaw.com; scott@cdpension.com; Steve Cypen; Stuart Kaufman Subjecb 5B 1128 Hello all! As of this afternoon SB 1128 has not been presented to the Governor. His website is htto: / /www.figov.com /bill - action/ and you can check to see if it has been presented and when he takes action on the bill. 2 1 know that you are getting a lot of calls, as we are, about the bill. 1 had hoped to have a brief outline of some of the major points available, but we are still working on that document. Though the bill has not yet become law...here are some comments that may be helpful.... The major questions seem to be about the effective date and how accumulated vacation and sick are to be treated. If the plan members are not represented by a union, the effective date is July 1, 2011. If the plan members are represented by union, these changes are effective upon the date of entering into the first new collective bargaining agreement on or after July 1, 2011. This is to be applied uniformly where you have union and non- union members in the same department...the effective date will be upon entering into the new CBA. SB 1128 does not change anything with regard to the treatment of AL and SL earned prior to the effective date, and plans may continue to pay AL & SL earned prior to the effective date even if paid afterJuly 1, 2011. I will be in the office on Tuesday (we are closed on Monday), and then will be out of town the rest of the week. We hope to have the outline available on Tuesday, but if not, Keith will be available to answer your questions while 1 am gone. Have a good weekend...God bless our troops! Trish Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds Division of Retirement E -Mail: trish.shoemaker@dms.mvflorida.com Website: httn://www.mvflorida.com/fralm of Phone Number. 850- 414-6320 Fax Number. 850-921-2161 Toll Free Number. 877 - 738 -6737 We Serve Those Who Serve Florida DISCLAIMER NOTICE: This email, along with any included attachment(s), is intended for use only by the person(s) or entity to which it is addressed. This message may contain confidential, proprietary, and/or legally privileged information. If you are not the intended recipient of this message, we apologize for any inconvenience this may have caused. You are hereby notified that you are prohibited from printing, copying, storing, disseminating or dishrag this communication. If you received this communication in error, please notify the sender by email or by telephone at (850) 488 -5540 or toll -free at (866) 738 -2366 if Tallahassee is not a local call for you. All record of the communication you received in error (electronic or otherwise) should be destroyed in its entirety. Thank you for your cooperation and assistance in this matter. 3 Adam Levinson From: Shoemaker, Trish [ Trish .Shoemaker@dms.myftorida.com] Sent: Tuesday, May 31, 2011 11:37 AM To: Brad Armstrong brad foster- foster.com; Chad Little; Chuck Carr Derek A. Scott Don Dulaney; Doug Beckendorf doug©foster-foster.com; Edmonds, Joseph; George Ling; Jason Franken; Jennifer Beattie; Jim Rizzo; john lessl@aon.com; Jonathan•Craven; Lary Wilson; Murray Cohen; patrickefoster-fOster.com; Randall Stanley; Rocky Joyner, Sandra Heinrichs; Steve Palmquist; Theora Braccialarghe; Benefits USA, Inc.; Carolynn Furlong; Dustin Heint Paul Shamoun; Pete Prior, Scott Baur; Adam Levinson; abieler ©cypen.c om; Robert Klausner, Bob Sugarman; Bonni Jensen; Hal Johnson; Jim Linn; Jim Loper, jserota©wsh- law.com; Kelley Bosecker, Ken Harrison; lee©cdpensbn.com; Mark Floyd; Matt Mierzwa; Paul Donnelly, Richard Sicking; rcohen@roncohenlaw.com; scott@cdpension.com; Steve Cypen; Stuart Kaufman Cc: David Murrell; matt•flpba.org; Lisa Henning ; Gary Rainey, tolley©mindspring.com; Brinkman, Keith; Browning, Julie; Mitchell, Melody; Green, Garry Subject: SB 1128 Attachments: Brief outline for notice re SB 1128.doc Hello all! As of this morning SB 1128 has not been presented to the Governor. Although the bill is not law, we know that many of you have questions about its impact on the local plans. Attached is an information sheet addressing some of the major concerns. Once the bill becomes law, this information will be updated on our website to show the Chapter number and a section -by- section analysis. A copy of this information sheet is posted on our website at: www.mvflorida.com /frs /mpf. Please feel free to share this information sheet with your clients. Please contact let us know if you have any questions or if this office can be of assistance. Sincerely, Trish Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds Division of Retirement E -Mail: trissh.shoe nakerd 1dms.mvfloridacom Website: htto://www.mvflorida.com/fremof Phone Number. 850- 414 -6320 Fax Number. 850 -921 -2161 Toil Free Number: 877 - 738 -6737 We Serve Those Who Serve Florida DISCLAIMER NOTICE: This email, along with any included attachment(s), is intended for use only by the person(s) or entity to which it is addressed. This message may contain confidential, proprietary and/or legally privileged information. If you are not the intended recipient of this message, we apologize for any inconvenience this may have caused. You are hereby notified that you are prohibited from printing, copying, storing, disseminating or distributing this communication If you received this communication in error, please notify the 1 Senate B111 1128 made several changes to all Florida's local government defined benefit retirement plans with amendments to chapter 112, as well as the Municipal Police Officers' and Firefighters' Retirement Trust Fund plans operating under chapters 175 and 185. Though this bill has not vet become law, we know you have many questions and want to present information to help you understand these changes. Listed below are the key changes made in this legislation: Overtime, accrued vacation and sick leave oavments for pension purposes Change applies to: all local plans — Chapter 112 • For service earned on or after the "effective date" (July 1, 2011, for non - collectively bargained service; or the date of entry into the first collective bargaining agreement (CBA) entered into on or after July 1, 2011, for collectively bargained service), a defined benefit plan may include up to 300 hours per year of overtime compensation, as specified in the plan or CBA, but may not include any payments for accrued unused sick or annual leave in the retirement calculation. Payments for overtime greater than 300 hours per year or accrued unused annual or sick leave accrued with service earned before the "effective date" may still be included in compensation for pension purposes, as provided in the plan document or CBA, even if the payment is not actually made until on or after the "effective date ". Plan sponsor contributions relating to normal cost Change applies to: all local plans — Chapter 112 • Effective July 1, 2011, a local government sponsor of a defined benefit plan may not reduce contributions required to fund the normal cost of the plan. If the Actuarially Required Contribution is less than the normal cost, employer contributions must at least equal the normal cost. This change in funding will require actuarial review and must be funded in accordance with chapter 60T- 1.004(4), F.A.C. The minimum funding requirement must begin no later than the first day of the next fiscal year for the plan. Overtime, accrued vacation and sick leave payments for pension purposes (175/185 specific) Change applies to: local Police Officer and Firefighter pension plans — Chapters 175 & 185 • There are no changes to the definition of "compensation" or "salary" for service earned prior to the "effective date ". • Police Plans continue to require 300 hours of overtime in the retirement calculation as a minimum benefit. Fire Plans may include up to 300 hours. • For service earned on or after the "effective date ", a Chapter 175 or 185 plan may include up to 300 hours per year of overtime compensation, as specified in the plan or CBA, but may not include any payments for accrued unused sick or annual leave in the retirement calculation. Payments for overtime greater than 300 hours per year or accrued unused annual or sick leave accrued with service earned before the "effective date" may still be included in compensation for pension purposes, as provided in the plan document or CBA, even if the payment is not actually made until on or after the "effective date ". Board of Trustees — makeup of the board of trustees Change applies to: local Police Officer and Firefighter pension plans — Chapters 175 & 185 • This amendment or_jk applies to those local law plans in effect on June 30, 1986 having a higher than 40% employee representation on the board. For these boards that were grandfathered in under the amendments in 1986, the City may now change the designated munidpal representative on the board. Such municipal representatives must continue to be residents of the municipality. This change may not reduce the membership percentage of firefighters, police officers, or the municipal representatives on the board. Employee Contribution increases Change applies to: local Police Officer and Firefighter pension plans — Chapters 175 & 185 • As of the "effective date ", employee contributions may be increased by consent of the members' collective bargaining unit, or if none, by majority consent of the police officers and firefighters. Increases in employee contributions are no longer contingent upon . providing greater benefits. Collectively Bargained Benefits & Non-collectively Bargained Benefits — Effective Date Change applies to: all local plans — Chapter 112,175 & 185 • Where the members are represented by a collective bargaining agent (whether the CBA includes pension benefits or not) these provisions are effective on the date of entry into the first CBA entered into on or after July 1, 2011. • For Chapters 175 & 185 plans, if some of the police and firefighters are represented by a collective bargaining agent, then the effective date is the date of entry into the first CBA entered into on or after July 1, 2011 for all police and firefighters regardless of whether they are members of the collective bargaining unit or not. • In cities /districts where the members are not represented by a collective bargaining agent, the effective date shall be July 1, 2011. If you have questions regarding these changes, please call the Municipal Police Officers' and Firefighters' Retirement Fund Office at (850) 922 -0667 or toll free (877) 738 -6737. May 31, 2011 5 REGULAR MEMBERS * Commission Appointed - Two -year Term **Elected by Firefighters - Two -year Term + Board Appointed - Two -year Term 2014 MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND MEMBER EXPIRES PHONE PROFESSION *BUSH, Helen . 12/14 737 -8194 Therapist/ 915 SW 27 Terrace Appt'd 6/7/11 ginbusht'c bellsouth.net Adj. Prof. BOYNTON BEACH 33435 **HENDERSON, LUKE, CHAIR 12/15 742 -6325 Firefighter P.O. BOX 310 Appt'd 05/18/06 HendersonLabbfl.us BOYNTON BEACH 33425 -0310 **PETTY, Matthew 12/14 596 -5224 Firefighter PO BOX 310 PettvM a(bbfl.us BOYNTON BEACH 33425 -0310 + RAYBUCK, JONATHAN C. 12/15 262 -4815 Firefighter/ PO BOX 310 Appt'd 8/13/09 RavbuckJ(bbfl.us Paramedic BOYNTON BEACH 33425 -0310 *TAYLOR, ROBERT B, JR. 12/14 737 -1960 Financial 4 Via Lago Appt'd 4/5/05 RTavlor a(bhinc.orq Consultant BOYNTON BEACH 33435 Ex - Officio Member Chief Ray Carter carterr(a,bbfl.us 2080 High Ridge Road Boynton Beach 33426 PENSION ADMINISTRATOR: LA DUE, Barbara Updated: 2/20/2014 C:\ Users \Owner\AppData \Local \Microsoft \Windows \Temporary Internet Files \Content.Outlook \CO3F8BKO \FIREFIGHTERS PENSION BD.doc gel ` , , ORDINANCE NO. 14 -019 2 3 AN ORDINANCE OF THE CITY COMMISSION OF THE 4 CITY OF BOYNTON BEACH, FLORIDA, AMENDING 5 THE CITY OF BOYNTON BEACH FIREFIGHTERS 6 PENSION TRUST FUND; AMENDING SECTION 18 -179 7 EXTENDING THE TERMS OF OFFICE FOR TRUSTEES 8 FROM 2 TO 4 YEARS; PROVIDING FOR 9 CODIFICATION, SEVERABILITY, A REPEALER; AND 10 AN EFFECTIVE DATE. 11 12 WHEREAS, the Florida legislature amended Chapter 175, Florida Statutes, 13 authorizing municipalities to pass an ordinance extending the terms of office for trustees on 14 Chapter 175 pension boards from two to four years; 15 WHEREAS, the Board of Trustees of the City of Boynton Beach Municipal 16 Firefighters Pension Trust Fund has recommended the extension of trustee terms of office 17 from two to four years, and that this ordinance be approved; 18 WHEREAS, the City Commission of the City of Boynton Beach concurs with the 19 assessment of the Boards of Trustees that the adoption of this amendment is in the best 20 interests of the citizens and taxpayers of the City; 21 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF 22 THE CITY OF BOYNTON BEACH, FLORIDA, THAT: 23 Section 1: The foregoing whereas clauses are true and correct and are now ratified and 24 confirmed by the City Commission. 25 Section 2: Section 18 -179 of the Boynton Beach City Code is hereby amended to read as 26 ' follows: 27 28 Sec. 18 -179. Application of Chapter 175; Trustee Terms of Office. 29 All other provisions of F.S. Chapter 175 shall meet all the requirements and be fully 11 1 applicable, except for the provisions of this article, to the City of Boynton Beach 2 Municipal Firefighters Pension Trust Fund. The increased pension benefits in the same 3 percentage of increase as provided for by this article shall apply to all firefighters now 4 receiving retirement benefits and all firefighters eligible for retirement benefits but not 5 now retired, under the provisions of the City of Boynton Beach Municipal Firefighters 6 Pension Trust Fund, F.S. Chapter 175. A retiree receiving a joint and survivor form of 7 benefit shall be permitted to change his or her beneficiary, as provided in F.S. §§ 8 175.171 and 175.333. The Board of Trustees shall be governed by Section 175.061, 9 Florida Statutes. Each Trustee shall have a term of four (4) years, but may succeed 10 himself or herself in office, and shall holdover until replaced. All Trustees serving as 11 of January 1, 2014 shall have their current term extended for a two (2) year period. 12 13 Section 3: It is the intention of the City Commission, and it is hereby ordained that the 14 provisions of this Ordinance shall become and be made a part of the Code of 15 the City of Boynton Beach, that the sections of the Ordinance may be 16 renumbered or re- lettered to accomplish such intentions; and that the word 17 "Ordinance@ shall be changed to "Section@ or other appropriate word. 18 Section 4: If any clause, section, or other part or application of this Ordinance shall be 19 held in any court of competent jurisdiction to be unconstitutional or invalid, 20 such unconstitutional or invalid part or application shall be considered as 21 eliminated and shall not affect the validity of the remaining portions or 22 applications which shall remain in full force and effect. 23 Section 5: All ordinances or parts of ordinances, resolutions or parts of resolutions in 11 conflict herewith are hereby repealed to the extent of such conflict. 2 Section 6: This Ordinance shall become effective immediately upon adoption, unless 3 otherwise provided. 4 FIRST READING this 19 day of August, 2014. 5 SECOND, FINAL READING AND PASSAGE this 3v day of Ser. , 2014. 6 CITY OF BOYN • BEACH, FLORIDA 7 / / 8 �_utai 9 or — e 'ay10 I 10 1 _jam 12 iI ay_ r — Joe Casello 13 IN` 1 14 1 5 Co . • • • ner — •a p - tier • 17 18 - ommissione — Mac 4 . 19 20 21 Commissioner — Michae M. i ' .atrick 22 ATTEST: 23 �y 24 � • 2 MMC 26 • C..� 27 28 •o ' Seal U 30 ti 31 T O 32 Coding: Words in strikeout type are deletions from existing text. 33 Words in underline type are additions. 34 VOTE Mayor Taylor - Aye Vice Mayor Casello - Aye Commissioner Merker - Aye Commissioner McCray - Aye Commissioner Fitzpatrick - Aye 5 -0 • GRS Gabriel Roeder Smith & Company One East Broward Blvd 954 527 1616 phone Consultants & Actuaries Suite 505 954 525 0083 fax Ft. Lauderdale, FL 33301-1804 www gabnelroeder com I ' t August 12, 2014 CONFIDENTIAL Ms. Barbara La Due Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd. Suite 220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Dear Barbara: As requested, we have reviewed the proposed ordinance amending the City of Boynton Beach Municipal Firefighters' Pension Trust Fund, received on August 5, 2014. This ordinance would amend the Fund as follows: • Amending Section 18 -179, Application of Chapter 175, to extend Pension Trustee terms of Office from two (2) to four (4) years, as permitted by Section 175.051, Florida Statues. All Pension Trustees serving as of January 1, 2014 shall have their current term extended for a two (2) year period. In our opinion, these changes will not have an actuarial impact on the cost. Therefore, it is our opinion that a formal Actuarial Impact Statement is not required. A copy of this letter along with the proposed ordinance should be sent to Trish Shoemaker's office and to the Division of Retirement before the second reading of the ordinance. The undersigned actuary is a member of the American Academy of Actuaries and meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The undersigned actuary is independent of the plan sponsor. We welcome your questions and comments. Respectfully submitted, _err• Peter N. Strong, FSA / Senior Consultant and Actuary cc: Adam Levinson Ms. Barbara La Due August 13, 2014 Page 2 PS /jc Enclosures Circular 230 Notice: Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, it is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (ii) marketing or recommending to another party any tax - related matter addressed within. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. This communication shall not be construed to provide tax advice, legal advice or investment advice. Gabriel Roeder Smith & Company -- , _,,; tiaL /S' Barbara Ladue Pele,lor—fe-- �+,01, to From: Barbara Ladue [Iadueb@bbpdpension.com] Sent: Thursday, October 02, 2014 1:48 PM To: 'Henderson, Luke' Subject: FW: Police & Fire Pension Ordinances Attachments: BB Police Pension Ordinance Cover Sheet (00039434xC4B6A).DOC; Fire Pension Ordinance Cover Sheet (00039442xC4B6A).DOC; Fire Pension Trust Fund Amendment (00028728- 2xC4B6A).DOCX; Police Pension Trust Fund Amendment (00028727- 2xC4B6A). DOCX Luke: Take a look at this in reference to Fire ...First of all the effective date is October 1, 2013...We should place as an agenda item in February, so the Board may address an ordinance for the vac /sic "snapshoot" and the max 300 hrs OT.. Take a look and let me know on Monday your thoughts. Barb La Due From: Bonni Jensen r mailto :bonniOrobertdklausner.com] Sent: Thursday, October 02, 2014 11:17 AM To: Athol Toby Cc: bsjteam; Ladue Barbara; Llopis Jason; Adam Levinson; Robert Klausner .--- , Subject: FW: Police & Fire Pension Ordinances 0 ,, ii Toby, This is the language that is being submitted to the City for consideration. It eliminates use of any sick and vacation time after the effective date — just like the general employees. The same is proposed for the Firefighters. To make sure that your email is handled in a timely manner, please copy BSJTeam@robertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561 - 686 -6550 bonni(robertdklausner.com lX t , I t ` t K ,K:1t NI AN priztk. )t� N i t INO 4, .. 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Bram A. Maravent Finailto:bmaravent @cityattv.comj Sent: Thursday, October 02, 2014 9:44 AM To: Bonni S. Jensen (bsiensenPperryiensenlaw.com) Cc: Jim Cherof; swansonl@bbfl.us Subject: Police & Fire Pension Ordinances Good Morning Bonni: Pursuant to our telephone conversations, please find attached the proposed ordinances for the police and fire plans and the cover sheets for the same. Please advise of the actuarial letters for the same and the police language which you told me was negotiated in 2013. We might need to know that background in order to further revise the cover sheets for the commission meeting. Thank you. Sincerely, Bram A. Maravent, Esq. GOREN, CHEROF, DOODY & EZROL, P.A. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale, Florida 33308 Telephone (954) 771 -4500 x 324 * Fax (954) 771 -4923 Email: bmaravent @cityatty.com www.citvatty.com Offices in Fort Lauderdale and Delray Beach, Florida. Disclaimer: This E -Mail is covered by the Electronic Communications Privacy Act, 181J.S.C. §§ 2510 -2521 and is legally privileged. The information contained in this E -Mail is intended only for use of the individual or entity named above. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you receive this E -Mail in error, please notify the sender immediately at the phone number above and delete the information from your computer. Please do not copy or use it for any purpose nor disclose its contents to any other person 2 Barbara Ladue From: Barbara Ladue [ladueb ©bbpdpension.com] Sent: Thursday, October 02, 2014 1:54 PM To: 'Henderson, Luke' Subject: FW: Boynton Beach Police Pension Fund - SB 1128 Amendment Take a look at the 2 page ...can the City draft an Ordinance for the Fire Pension ? ?? From: Barbara Ladue [mailto:ladueb @bbpdpension.com] Sent: Thursday, October 02, 2014 1:49 PM To: 'Henderson, Luke' Subject: FW: Boynton Beach Police Pension Fund - SB 1128 Amendment Luke: FYI ... From: Bonni Jensen [ mailto :bonni@arobertdklausner.com] Sent: Thursday, October 02, 2014 10:51 AM To: Ladue Barbara Cc: bsjteam Subject: FW: Boynton Beach Police Pension Fund - SB 1128 Amendment Barbara, Is there a drafted amendment for the Boynton firefighters pension Fund to implement the SB 1128 the definition of compensation to include up to 300 hours of overtime and exclude accumulated sick and vacation leave earned after the effective date. I know that that the Board implemented by policy but the City is looking to amend the plans, finally. Let me know. Thanks! To make sure that your email is handled in a timely manner, please copy BSJTeamProbertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561- 686 -6550 bonni Kt At \ \fi K. 1t:I LI.‘N 31.N \I N 1 ON d 10059 Northwest 1st Court Plantation, Florida 33324 1 Telephone: 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Adam Levinson Sent: Thursday, October 02, 2014 10:46 AM To: Bonni Jensen Cc: Robert Klausner Subject: Re: Boynton Beach Police Pension Fund - SB 1128 Amendment Bonni, I am out of the office today. Please call Barbara and verify what Fire did. If it was not done administratively, the union may have addressed with the City. In any event, the Board took a snapshot and is properly valuing the accumulated time. Sent from my iPhone On Oct 2, 2014, at 10:41 AM, Bonni Jensen <bonnicrobertdklausner.com> wrote: Adam, The City of Boynton Beach is finally getting around to passing an amendment to the Pension Plan to implement the provisions of SB 1128. The police pension fund was tired of waiting and so implemented the provisions by policy. I think that the Firefighters Fund has a policy too. Anyway see the below email from Bram Maravent with Jim Cherof's firm. He is looking to determine if there is a drafted amendment for the Firefighters. Attached is the amendment I drafted for the Police a long time ago. Bram indicated that he drafted amendments for the City Commission to consider which 1 do not yet have. It seems that they are trying to get something submitted today to make the next agenda. To make sure that your email is handled in a timely manner, please copy BSJTeam @robertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561 - 686 -6550 bonnk robertdklausner.com 2 <image003.jpg> 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 - 916 -1202 Facsimile: 954- 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. From: Bram A. Maravent [ mailto :bmaravent@cityatty.com] Sent: Thursday, October 02, 2014 10:34 AM To: Bonni Jensen Cc: bsjteam; Jim Cherof Subject: RE: Boynton Beach Police Pension Fund - SB 1128 Amendment Thank you Bonni. Is there anything related to the fire pension plan as well? Sincerely, Bram A. Maravent, Esq. GOREN, CHEROF, DOODY 8. EZROL, P.A. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale, Florida 33308 Telephone (954) 771 -4500 x 324 * Fax (954) 771 -4923 Email: bmaraventtocityatty.com www.cityatty.com Offices in Fort Lauderdale and Delray Beach, Florida. Disclaimer This E -Mail is covered by the Electronic Communications Privacy Act, 18 U.S C. §§ 2510-2521 and is legally privileged. The information contained in this E -Mail is intended only for use of the individual or entity named above. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you receive this E -Mail in error, please notify the sender immediately at the phone number above and delete the information from your computer. Please do not copy or use it for any purpose nor disclose its contents to any other person. From: Bonni Jensen [ mailto :bonniOrobertdklausner.com] Sent: Thursday, October 02, 2014 9:49 AM To: Bram A. Maravent Cc: bsjteam Subject: Boynton Beach Police Pension Fund - SB 1128 Amendment 3 Bram, As a follow up to our telephone conversation, attached is the amendment for the Boynton Beach Police Pension Fund limiting overtime included in the definition of Compensation to 300 hours and excluding all hours of accumulated sick and vacation leave earned after June 18, 2013. By separate email you will be receiving the actuarial impact statements for both Police and GE. The GE plan was already amended to add SB 1128. Please contact me if you have any questions. To make sure that your email is handled in a timely manner, please copy BSJTeamProbertdklausner.com. Bonni S. Jensen Klausner, Kaufman, Jensen & Levinson 400 Executive Center Drive, #207 West Palm Beach, Florida 33401 Telephone: 561- 686 -6550 bonni@robertdklausner.com <image001. jpg> 10059 Northwest 1st Court Plantation, Florida 33324 Telephone: 954 - 916 -1202 Facsimile: 954 - 916 -1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. <Definition of Compensation or salary.pdfs 4 p GAY i CITY OF BOYNTON BEACH �h - ` AGENDA ITEM REQUEST FORM rc COMMISSION MEETING DATE: October 7, 2014 ❑ OPENINGS ❑ PUBLIC HEARING ❑ OTHER ❑ CITY MANAGER'S REPORT ❑ ANNOUNCEMENTS /PRESENTATIONS ❑ UNFINISHED BUSINESS NATURE OF AGENDA ITEM ❑ ADMINISTRATIVE El NEW BUSINESS ❑ CONSENT AGENDA ❑ LEGAL ❑ BIDS AND PURCHASES OVER $100,000 ❑ FUTURE AGENDA ITEMS CODE COMPLIANCE AND LEGAL ❑ SETTLEMENTS REQUESTED ACTION BY CITY COMMISSION: Ordinance 2014 -XX (amending Boynton Beach Municipal Firefighters Pension Trust Fund) EXPLANATION OF REQUEST: EXPLANATION OF REQUEST: Section 112.66(11), Florida Statutes was amended in 2011, to state in applicable part: For noncollectively bargained service earned on or after July 1, 2011, or for service earned under collective bargaining agreements entered into on or after July 1, 2011, when calculating retirement benefits, a defined benefit pension system or plan sponsored by a local government may include up to 300 hours per year of overtime compensation as specified in the plan or collective bargaining agreement, but may not include any payments for accrued unused sick leave or annual leave. For those members whose terms and conditions of employment are collectively bargained, this subsection is effective for the first agreement entered into on or after July 1, 2011. Accordingly, this Ordinance serves the purpose of amending the definition of "average final compensation" as defined in the Boynton Beach Municipal Firefighters Pension Trust Fund. The definition is amended so that as of October 15, 2013, the total cash remuneration shall include lump sum payments for accumulated sick and vacation leave and "overtime" up to three hundred (300) hours. How WILL THIS AFFECT CITY PROGRAMS OR SERVICES? As of October- 15,-2013, the total cash remuneration calculation for qualified firefighter pension benefits shall include lump sum payments for accumulated sick and vacation leave and "overtime" up to three hundred (300) hours. FISCAL IMPACT: The fiscal impact of this ordinance has not been actuarially determined, however the legislative analysis of the original bill that led to the amendment of section 112.66, Florida Statutes (the underlying statute requiring these legislative amendments, stated: "Some of the provisions of the bill may help reduce local plans' long term unfunded liabilities. The overall costs or savings associated with the bill are indeterminate." ALTERNATIVES: The City Commission can choose to reject the ordinance, however rejection would render the pension plan not in compliance with current State law, which provides for the limitation on calculation of compensation or salary for purposes of determining the pension benefit. - ( Formatted: Font: Times New Roman Formatted: Font: Times New Roman ,ORDINANCE NO. 14- Formatted: Font: Times New Roman, Bold Formatted: Font: Times New Roman, Bold AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA, ( For matted: Font: Times New Roman, Bold AMENDING ARTICLE III, OF CHAPTER 18 OF THE BOYNTON - - BEACH CODE OF ORDINANCES, ENTITLED "PENSIONS FOR FIREFIGHTERS,;" AMENDING SECTION 18 -183, THE DEFINITION OF Formatted_ Font: Times New Roman, Bold AVERAGE FINAL COMPENSATION TO EXCLUDE ELEMENTS OF Formatted: Font: Times New Roman, Bold PAY PER FLORIDA STATUTES §112.66(11); PROVIDING FOR Formatted: Font: Times New Roman, Bold CODIFICATION; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND, PROVIDING FOR AN EFFECTIVE DATE HEREOF. ( Formatted: Font: limes New Roman WHEREAS, the Board of Trustees ( "Trustees ") of the City of Boynton Beach Municipal Firefighters Pension Trust Fund • (the ;`Plan") recommends amendment of the Ordinance ( Formatted: Font: Times New Roman Formatted: Font: Times New Roman j regarding Florida Statutes §112.66(11) and the required law changes to the definition of Compensation or Salary, and a corresponding change to the transfers of accumulated sick and I Formatted: Font: Times New Roman vacation leave; WHEREAS, the Trustees of the Plan recommend expanding the individuals to whom payment may be made when a member dies and there is no designated beneficiary; and WHEREAS, the City Commission of the City of Boynton Beach, Florida, desires to so amend the Employees' Pension Plan of the City of Boynton Beach, Florida; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA: Section 1. The foregoing "WHEREAS" clauses are hereby certified as being true and correct and are incorporated herein by this reference. (000287282306- 900,92,E Page 1 of 4 Section 2. The definition of Average final compensation of Section 18- 183(a) of Article III of Chapter 18 of the Boynton Beach Code of Ordinances is hereby amended as follows: FFormatted: Font: Times New Roman Sec. 18 -183. Average final compensation defined; average annual compensation defined, Formatted: Font: Times New Roman (a) Average final compensation, for the purpose of calculating entitlement to benefits under this plan, shall mean the average cash compensation exclusive of bonuses and incentive pay received by a firefighter during the three highest years of the last ten years of creditable service prior to retirement. However, as of October 15, 2013, the total cash remuneration shall include lump sum payments for accumulated sick and vacation leave and "overtime" up to three hundred (300) hours. Prior to October 15, 2013, all overtime is included in the definition of average final compensation. (Also effective October 15, 2013, no hours of unused accumulated —sick and vacation leave shall be considered in the computation of average final compensation. I Formatted: Font: T imes New Roman Section 3. It is the intention of the City Commission of the City of Boynton Beach I Formatted: Font: Times New Roman that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City of Boynton Beach, Florida. The Sections of this Ordinance may be renumbered, re- ( Formatted: Font: Times New Roman lettered and the word "Ordinance" may be changed to "Section," "Article" or such other word or phrase in order to accomplish such intention. Section 4, All Ordinances or parts of Ordinances, Resolutions or parts of Resolutions- ( Formatted: Justified Formatted: Font: limes New Roman in conflict herewith be and the same are hereby repealed to the extent of such conflict. Section 5, If any clause, section, or other part or application of this Ordinance shall ( Formatted: Font: Times New Roman ,I be held by any court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or invalid part or application shall be considered as eliminated and so not {000287282306- 900,82,) Page 2 of 4 affectingthe validity of the remaining portions or applications remaining in full force and effect. ( Formatted: Font: Times New Roman Section 6, This Ordinance shall become effective when the following have occurred: ( Formatted: Font: Times New Roman -- - --- - -- -- -- ---- -- - ( Formatted: Font: Times New Roman i (a) the City Commission has received and has accepted a report establishing the actuarial soundness of these amendments; (b) a copy of this Ordinance has been sent to the Florida Division of Retirement; and (c) when a collective bargaining agreement ratifying the foregoing changes to I Formatted: Font: Times New Roman 1 pension benefits has been ratified by the City Commission and the Board of Trustees of the Boynton Beach Police Officers' Pension Fund, or its successor I Formatted: Font: Times New Roman 1 ( Formatted: Font: Times New Roman 1 organization, or a letter from such union stating it accepts the terms of this Ordinance or otherwise does not object to its contents. Upon satisfaction of all of the above requirements, then in that event, the terms and ( Formatted: Justified provisions of this Ordinance shall become effective. FIRST READING THIS DAY OF , 2014 ( Formatted: Font: Times New Roman SECOND, FINAL READING and PASSAGE THIS DAY OF , 2014 ( Formatted_ Font* Times New Roman 1 ( Formatted: Font: T New Roman PASSED AND ADOPTED THIS DAY OF , 2014. ( Formatted: Font: Times New Roman CITY OF BOYNTON BEACH, FLORIDA Mayor — Jerry Taylor, ( Formatted: Font: Times New Roman Vice Mayor — Woodrow L. Hay ( Formatted: Font: Times New Roman Commissioner — David T. Merker, ( Formatted: Font Times New Roman {00028728 2 306- 9001821 { Page 3 of 4 Commissioner — Michael M. Fitzpatrick ( Formatted: Font. Times New Roman 3 Commissioner — Joe Casel to { Formatted: Font: Times New Roman 3 ATTEST: Janet M. Prainito, MMC City Clerk ( Formatted: Font: Times New Roman Formatted: Font: limes New Roman (Corporate Seal) (00028728 2 306-9001821 } Page 4 of 4 Barbara Ladue From: Bill Johnson [marketing @opalgroup.net] Sent: Wednesday, September 24, 2014 9:02 PM To: Iadueb @bbpdpension.com Subject: REGISTER EARLY: 27th Annual Police, Fire, EMS & Municipal Employee Pension & Benefit - Las Vegas, Jan 25 -27 Hello, I hope everything is going well. I would like to take this opportunity to formally invite you to attend the 27th Annual: Police, Fire, EMS, and Municipal Employee Pension & Benefits; January 25 -27 at Caesars Palace in Las Vegas, NV in conjunction with the National Association of Police Organizations. Pension and Union members are able to register for $395 while managers and service providers are welcome to sponsor the event. Opal Financial Group and the National Association of Police Organizations proudly introduce The 27th Annual Police, Fire, EMS, and Municipal Employee Pension & Benefits Seminar scheduled for January, 2015 in Las Vegas, Nevada. Thanks to the collaborative efforts of our advisory board members, Opal, and NAPO, we have been receiving an overwhelming response to our newly updated and cutting -edge program to ensure you fulfill your fiduciary obligation to your fund. The goal of this event is to educate your members of pension and union representatives along with their providers on the latest issues surrounding the pension and benefits industry. At the 27th Annual Seminar, we're putting the spotlight on key issues, including pension reform and the role of union's in securing retirement, reducing healthcare costs in the midst of new regulations, revising your asset allocation strategy, the outlook nationally and internationally on realistic projections of earnings and assumption rates, preservation of assets, and much morel We invite you to take an active role in improving the future of your fund by registering for this enlightening and challenging seminar. You owe it to yourself and your membership. If you would like to attend /participate, please contact me by phone or e-mail and I will follow up. Thank you for your consideration and have a nice day. Best Regards, Thomas J. Nee Andres Cuyun Bill Johnson President VP of Production & Investor Executive Director National Association of Police Relations National Association of Police Organizations Opal Financial Group Organizations 317 South Patrick Street 10 East 38th St, Suite 4 317 South Patrick Street Alexandria, Virginia 22314 New York, NY 10016 Alexandria, Virginia 22314 Phone - 212 - 532 -9898 x 247 acuyun @opalgroup net Opal Financial Group, 10 E. 38th Street, 4th Floor, New York, NY 10016 This is an advertisement. If you would prefer not to receive any further mails from Opal, please click here This email was sent to: laduebebbpdpension.com 1 BOYNTON BEACH FIREFIGHTERS' PENSION FUND Scheduled 2015 Quarterly Board Meetings February 11, 2015, Wednesday, @ 9:00 AM May 6, 2015, Wednesday, @ 9:00 AM August 5, 2015, Wednesday, @ 9:00 AM November 4, 2015, Wednesday, @ 9:OOAM Meeting Place: Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 (First Wednesday of the quarter ...exception to note February 11, 2015 is Second Wednesday) 10 -28 -2014 INVOICE DSM CAPITAL PARTNERS LLC 116 Radio Circle Drive, Suite 200, Mt. Kisco, NY 10549 Tel: (914) 242 -1900 20 Oct - 14 Invoice No: 14002 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 10/01/2014 TO 12/31/2014 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund Portfolio Value $9,337,147 G~— Amount Due $20,632.15 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: 4,337,147 8,132.15 Total $20,632.15 To wire payment: JP Morgan Chase ABA #: 021000021 A/C Name: DSM Capital Partners LLC A/C #: 3241067005 THE Invoice j BOGDAHN Date Invoice # GROUP 9/1/2014 10750 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Boynton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation for 6/30/14 Reports and Consulting 8,375.00 Services through 9/30/14 7/1/14 - 9/30/14 Balance Due $8,375.00 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 September 30, 2014 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 16116 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 09/30/14 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : 900334 Professional Fees Date Description Hours Amount 09/02/14 RECEIPT AND REVIEW MINUTES; REVIEW FILE 0.50 150.00 09/09/14 RECEIPT AND REVIEW EMAIL RE COMPUTER 0.50 150.00 PURCHASE; CALL TO BONNI; CALL TO CHAIR 09/18/14 REVIEW EMAILS FROM LADUE RE LBC CAPITAL 0 30 90.00 CALL 09/19/14 REVIEW EMAIL RE LICENSE AGREEMENT WITH 0.50 150.00 RENAISSANCE 09/23/14 REVIEW EMAIL RE NOTICE OF ASSIGNMENT BY 0.30 90.00 CRESCENT; DRAFTED EMAIL Total for Services 2.10 $630.00 CURRENT BILL TOTAL AMOUNT DUE $ 630.00 Past Due Balance 5,280.00 AMOUNT DUE eK v/ $5,910.00 6 r_____, 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 August 31, 2014 Attn: MRS. BARBARA LA DUE, ADMIN. BiII # 16033 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 08/31/14 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE : 900334 Professional Fees Date Description Hours Amount 08/04/14 RECEIPT AND REVIEW REVISED IPS; REVIEW 0.50 150.00 ORDINANCE 08/04/14 REVIEW SIDE LETTER FROM CRESCENT; 2.00 600.00 DRAFTED EMAILS; REVIEW OFFERING DOCS 08/05/14 DRAFTED EMAIL TO CRESCENT RE SIDE LETTER; 2.50 750.00 REVIEW PACKAGE 08/05/14 DRAFTED EMAIL TO SWANSON RE COVER SHEET; 0.20 60.00 DRAFTED EMAIL TO ACTUARY 08/06/14 ATTENDED BOARD MEETING 5.00 1,500.00 08/07/14 DRAFTED EMAIL TO LYNN RE ORDINANCE; 0.10 30.00 REVIEW EMAIL FROM LYNN 08/08/14 FINALIZED CRESCENT PACKAGE; REVIEW FILE; 1.00 300.00 DRAFTED EMAILS; CONFERRED WITH RDK 08/09/14 REVIEW SIDE LETTER; COMMENTS RE SAME 1.00 300.00 08/13/14 RECEIPT AND REVIEW EMAIL RE LBC TRUST 0.10 30.00 CERTIFICATE 08/13/14 DRAFTED EMAIL TO LA DUE ATTACHED CRESCENT 1.50 450.00 PACKAGE; ASSEMBLED PACKAGE AND FINALIZED SIDE LETTER; REVIEW FILE 08/14/14 DRAFTED EMAIL TO SWANSON FORWARDING 0.10 30.00 IMPACT STATEMENT 08/21/14 HOUSEKEEPING RE EXECUTION OF CRESCENT 0.50 150.00 PACKAGE; DRAFTED EMAILS 08/25/14 REVIEW BLACLINED CHANGES TO CRESCENT 0.50 150.00 LIMITED PARTNERSHIP AGREEMENT; REVIEW EMAIL Continued .. . Client: BOYNTON BEACH FIREFIGHTERS PENSION FUND August 31, 2014 Matter: 900334 - BOYNTON BEACH FIREFIGHTERS - GENERAL FILE Page 2 Professional Fees Continued... Date Description Hours Amount 08/26/14 RECEIPT AND REVIEW EMAILS; DRAFTED EMAIL 0.50 150.00 RE CRESCENT CONTRIBUTION Total for Services 15.50 $4,650.00 CURRENT BILL TOTAL AMOUNT DUE $ 4,650.00 Past Due Balance 630.00 AMOUNT DUE $5,280.00 1/ 4,K 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 July 31, 2014 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 15945 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 07/31/14 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE :900334 Professional Fees Date Description Hours Amount 07/07/14 RECEIPT AND REVIEW EMAIL FROM CLERK; 0.30 90.00 DRAFTED EMAIL; REVIEW FILE 07/11/14 REVIEW CRESCENT DIRECT LENDING FINAL 0.50 150.00 CLOSING DOCUMENTS 07/23/14 REVIEW NEW MONEY MARKET RULES; REVIEW 0.30 90.00 FILE 07/30/14 RECEIPT AND REVIEW AGENDA AND EMAILS; 0.50 150.00 REVIEWED FILE 07/31/14 REVIEWED EMAILS; REVIEWED QUARTERLY 0.50 150.00 REPORT Total for Services 2.10 $630.00 CURRENT BILL TOTAL AMOUNT DUE $ 630.00 Pa (C Past Due Balance 114 9,660.00 � 1 AMOUNT DUE $10.23A:98� G pc Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Invoice Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 Date Invoice 9/12/2014 409516 Bill To: Please Remit To: Attention: Ms. Barbara La Due Dept. # 78009 City of Boynton Beach Gabriel Roeder Smith & Company 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 Amount For professional actuarial services rendered for the Boynton Beach Municipal Firefighters Retirement Fund through 8/31/2014 Service purchase calculation for Michael Villamann 450.00 Revised service purchase calculation for Joseph Senseman 225.00 Review of proposed ordinance and preparation of a no actuarial impact opinion letter 189.00 (8/12/2014) Amount Due $864 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Pagel of1 !� INTERCONTINENTAL REAL ESTATE CORPORATION 1 \, E E El (, O y ' T 1 N E, N 1 1, 1270 SOLDIERS I'IELD ROAD BOSTON, MASSACHUSETTS 02 1 3 5- 1 003 TELEPHONE 617 -782 -2600 FACSIMILE 617 -782 - 9442 www.intercontlnental net August 15, 2014 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 $48,869.13, which constitutes your pro rata gross share of an overall distribution of $10,607,676.17. The Fund has withheld $8,449.29 for payment of asset management fees for the second quarter 2014, resulting in a net distribution to you of $40,419.84. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $40,419.84 into US REIF. Intercontinental will report the number of reinvested shares as part of the third quarter 2014 reporting. If you have any questions or wish to change your method of payment, please contact Bart Weinstein at 617- 779 -0440. Sincerely, P ad. J do4g4 Paul J. Nasser 202 GitS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants 8c Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301-1872 www.gabrielroeder.com October 21, 2014 Ms. Barbara LaDue Pension Administrator Renaissance Executive Suites 1500 Gateway Blvd., Suite #220 Boynton Beach, Florida 33426 Re: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Chapter 2013 -100 (Senate Bill No. 534) Implementation Package Dear Barbara: In 2013, the Governor signed Chapter 2013 -100 (Senate Bill No. 534) into law. This new law applies to all publicly- funded defined benefit retirement plans in the State of Florida, with the exception of the Florida Retirement System (FRS), and it adds significant disclosure requirements. The law is effective beginning with the October 1, 2014 actuarial valuation reporting cycle. We offer our assistance in providing the information required under these new disclosure requirements. Additional Disclosure Requirements This law is intended to provide additional disclosures regarding the value of local government employee defined benefit pension plan liabilities, funded ratios, and contribution levels. The law mandates that pension liabilities, including the change in liabilities during the year, contribution requirements, and the length of time the current market value of assets will sustain expected benefit payments, be valued using two alternative sets of prescribed actuarial assumptions. In other words, we are required to determine the following information under two alternative sets of actuarial assumptions (in addition to the regular actuarial valuation results): • The GASB 67 net pension liability, change in liability and funded ratio; • The annual required contribution (as a dollar amount and as a percentage of valuation payroll); and • The number of months or years for which the current market value of assets will sustain payment of expected retirement benefits. The first set of actuarial assumptions includes the Plan's investment return assumption and the prescribed mortality assumption (RP -2000 fully generational with Scale AA). The second set includes an investment return assumption that is 2% less than the Plan's investment return assumption and the same prescribed mortality assumption as the first set. Use of an assumed rate of return that is 2% below the Plan's assumed rate of return is intended to illustrate the discount rate sensitivity of the Plan. However, this will only show the impact of using a lower investment return assumption. The Board may want to include the required information also using an assumed rate of return that is 2% above the Plan's assumed rate of return. This additional scenario will not be included in the information required by the Department of Management Services (DMS), but it could be included in our report as well as any other place where the required information is shown or used. We will include this additional scenario in our report unless otherwise instructed by the Board. 60T- 1.0035 (1) All reporting fields terms referenced in subsections (2) through (4) are as required under section 112.664(1), unless expressly stated otherwise. (a) Whenever used in this section "Annual Financial Statements" means a report issued annually which documents the financial information of the pension plan as of the plan year end date and, for the year then ended., certified for statutory compliance by the issuer and/or preparer. The annual financial statements must include a detailed listing of assets and methods used to value them, and a statement of income and disbursements during the year. Such income and disbursements shall be reconciled with the assets at the beginning and end of the year. The submitted annual financial statements must include all the statements and disclosures necessary to comply with section 112.664(1), F.S. If a plan does not have its own stand -alone annual financial statements prepared, a copy of the plan sponsor's comprehensive annual financial report (CAFR) may be submitted, as long as the CAFR includes combining financial statements documenting the financial information for each plan, in its own separate column, and footnote disclosures in sufficient detail to satisfy the reporting requirements for each pension plan. (b) Such annual financial statements must be submitted together with a certification statement, signed and dated by the plan actuary and/or the plan sponsor's chief financial officer. The certification statement will be in the following format: "With respect to the reporting standards for defined benefit retirement plans or systems contained in section 112.664(1), Florida Statutes, these annual financial statements were prepared and/or completed by me or under my direct supervision, or have been reviewed by me, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements and intent of section 112.664(1), Florida Statutes." Signature Name Title Date (2) The reports required to be filed electronically with the Department of Management Services under section 112.664(1), F.S., shall use the following format: Electronic Reporting Format - Must be submitted as a semi -colon delimited file in the following layout: Reference Field Name Field Value Field Layout Variable length with the maximum number of characters (v#) or Fixed Length with the number of characters (f#) City/District _ v25 b() Plan Name _ v50 Plan Type - v25 (d) Valuation Date f8 using MMDDYYYY format Interest Rate - v5 using xx.xx format 1 �f Total pension liability: Place responses in Leave blank (f)(1) -(10) (f)(1) Service cost $ v20 rounded to the nearest whole dollar, exclude "$" in beginning of field and exclude commas: example 12313445 (0(2) Interest $ Use (f)(1) field layout (0(3) Benefit changes $ Use (0(1) field layout (0(4) Difference between expected and $ Use (f)(1) field actual experience layout (0(5) Changes in assumptions $ Use (0(1) field layout (0(6) Benefit payments $ Use ff)(1) field layout (0(7) Contribution refunds $ Use (0(1) field layout 2 (fl(8) Net change in total pension liability $ Use (f)(1) field layout (f)(9) Total pension liability — beginning of $ Use (f)(1) field year. _ layout (f)(10) Total pension liability — ending of year $ Use (fl(1) field u layout (gd Plan fiduciary net position: Place responses in Leave blank (g)(1 }(12) W1) Contributions — Employer $ Use (fl(1) field layout X21 Contributions — State $ Use (f)(1) field layout (g)(1) Contributions — Member $ Use (f)(1) field layout (aft) Net investment income $ Use (f)(1) field layout (g)(5) Benefit payments $ Use W(1) field layout 3 (g)(6) Contributions refunds $ Use (f)(1) field layout (g)(7) Administrative expense $ Use (0(1) field layout (g)(8) Other $ Use (0(1) field layout x(91 Net change in plan fiduciary net $ Use (0(1) field position layout (g)(10) Plan fiduciary net position - beginning $ Use (0(1) field of year layout (g)11 Plan fiduciary net position — ending of $ Use (0(1) field year BJ layout (h) Net pension liability / (asset) [A] — $ Use (0(1) field layout 01 Number of Months or Years for which Place responses in Leave blank the Market Value of Assets as of the (i)(1) -(6) _ Valuation (i)(1) Market Value of Assets at Valuation $ Use (0(1) field Date layout 4 (i)(2) Total of Monthly Benefits Being Paid $ Use (f)(1) field at Valuation Date layout (i)(3) Total of Monthly Benefits Payable at $ Use (f)(1) field Normal Retirement for Terminated, layout Vested Participants (i)(4) Total of Monthly Benefits Payable at Use (f)(1) field Nomal Retirement for Active layout Participants (i) (5) Total of (2) - (4) $ Use (f)(1) field layout (i)(6) Years of Benefits Payable* v6 using xxx.xx format *(Field Value of (i)(5) _ Field Value of (i)(1)1 -12 Recommended Plan contributions in $ Use (f)(1) field Annual Dollar Value layout (k) Recommended Plan contributions as a _ v5 using xx.xx Percentage of Valuation Payroll format (3) The generational mortality used by Pension Plans when submitting under (1) above, will reflect the mortality improvement before and after the measurement date in the following electronic format: 5 (a) Total pension liability: 1. Service cost $ 2. Interest $ 3. Benefit changes $ 4. Difference between expected and actual experience $ 5. Changes in assumptions $ 6. Benefit payments $_ 7. Contribution refunds $ 8 Net change in total pension liability $ 9. Total pension liability — beginning $ 10. Total pension liability - ending [Al $ (b) Plan fiduciary net position : 1. Contributions — Employer $ 2. Contributions — State $ 3. Contributions — Member $ 4. Net investment income $ 5. Benefit payments $ 6. Contributions refunds $ 7. Administrative expense $ 8. Other $ 9. Net change in plan fiduciary net position $ 10. Plan fiduciary net position - beginning $ 11. Plan fiduciary net position — ending Bl $ (c) Net pension liability / (asset) 1A1— B1 $ (d) A complete electronic copy of the plan's annual financial statements submitted in a portable document format (PDF) (4) Administrators of Pension plans complying with the reporting requirements in (3) above, will also submit electronically a report that meets the requirements of section 112.664(1)(b), F.S., m the following format: (a) Total pension liability: 1. Service cost $ 2. Interest $ 3 Benefit changes $ 4. Difference between expected and actual experience $ 5 Changes in assumptions $ 6. Benefit payments $ 7 Contribution refunds $ 8. Net change in total pension liability $ 9. Total pension liability — beginning $ 10 Total pension liability - ending [Al $ (b) Plan fiduciary net position: 1. Contributions — Employer $ 2. Contributions — State $ 6 3. Contributions — Member $ 4. Net investment income $ 5. Benefit payments $ 6. Contributions refunds $ 7. Administrative expense $ 8. Other $ 9. Net change in plan fiduciary net position $ 10. Plan fiduciary net position - beginning $ 11. Plan fiduciary net position — ending FBI $ (c) Net pension liability / (asset) [Al —1131 $ (d) A complete electronic copy of the plan's annual financial statements submitted in a portable document format (PDF) (5) Disclosure of the number of months or years for which the current market value of assets will sustain the payment of expected retirement benefits is required, based on the results in the plan's latest actuarial valuation, and under the conditions specified in (3) and (4) above. For purposes of this calculation, expected retirement benefits shall mean the sum of the following amounts: (a) For current retirees, the monthly retirement benefit being paid, plus (b) For terminated vested participants and participants in DROP, the monthly benefit payable at retirement, plus (c) For active participants, the accrued monthly benefit payable at normal retirement. (6) Disclosure of the recommended contributions to the plan is required, stated as an annual dollar value and as a percentage of valuation payroll, based on the results in the plan's latest actuarial valuation, and under the conditions specified in (3) and (4) above. (7) No additional charts or graphs are prescribed by the Department for compliance with s. 112.664(2)(bj3, F.S. (8) If the plan's actuarial valuation report is revised subsequent to the release of the annual financial statements, all the updated actuarial disclosure items identified in this section must be electronically transmitted to the Department within 60 days of receipt of the revised report from the plan actuary. The annual financial statements will not be required to be reissued and resubmitted to the Department. Rulemalang Authority 112.665 FS Law Implemented 112 664 FS History—New 7 Barbara Ladue From: Pete. Strong @gabrielroeder.com Sent: Tuesday, October 21, 2014 6:44 PM To: ladueb@bbpdpension.com Cc: Travis .Robinson @gabrielroeder.com; Jennifer Cagasan @gabrielroeder.com, c100560 @gabrielroeder.com Subject: Boynton Beach Fire - Senate Bill 534 Attachments: Boynton Fire - SB 534 Letter 10- 21- 2014.pdf Hi Barbara, Attached is our Senate Bill 534 Implementation Letter for the City of Boynton Beach Municipal Firefighters' Pension Trust Fund. Please present this letter to the Pension Board and let us know if the Pension Board approves the work. If there are any questions, please let me know. Thank you! -Pete Strong Peter N. Strong, FSA, EA, FCA, MAAA Senior Consultant and Actuary Gabriel, Roeder, Smith & Company One East Broward Boulevard Suite 505 Fort Lauderdale, FL 33301 -1804 Telephone: (954) 527 -1616 (ext. 2102) Direct: (954) 713 -2102 Fax: (954) 525 -0083 pete.strong@gabrielroeder.com Circular 230 Notice Pursuant to regulations issued by the IRS, to the extent this communication (or any attachment) concerns tax matters, It is not Intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax - related penalties under the Internal Revenue Code or (u) marketing or recommending to another party any tax - related matter addressed within Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor The above communication shall not be construed to provide tax advice, legal advice or investment advice Notice of Confidentiality This transmission contains information that may be confidential and that may also be privileged Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else If you have received this transmission in error, please not: the sender immediately and delete it from your system `, Please consider the environment before printing this e -mail 1 Davidson, Jamieson & Cristini, P.L. Certified Public Accountants 1956 Bayshore Boulevard Dunedin, Florida 34698 -2503 (727)734 -5437 or (727) 736 -0771 FAX (727) 733 -3487 Member Members of the Firm American Institute of John N. Davidson, CPA, CVA Certified Public Accountants Harry B. Jamieson, CPA Florida Institute of Richard A. Cristini, CPA, CPPT, CGFM Certified Public Accountants Jeanine L. Bittinger, CPA, CPPT September 10, 2014 Board of Trustees City of Boynton Beach Firefighters Pension Plan 1500 Gateway Blvd. Suite 220 Boynton Beach, FL 33426 ' RE: Implementation of GASB 67 Dear Board Member: The GASB 67 reporting requirements are effective for your Plan's audited financial statements for the year ended September 30, 2014. This new standard replaces GASB 25. The implementation of GASB 67 will result in significant changes to the note disclosures and required supplementary information in the Plan's audited financial statements. Under GASB 25 the auditor was allowed to use the prior year's actuarial valuation in the note disclosures and required supplementary information. (For example the audited financial statements for the fiscal year ended September 30, 2013 used information from the September 30, 2012 actuarial valuation.) This methodology eliminated the conflict of waiting for the Plan's actuary to distribute the current year report. GASB 67 has taken away this option. The auditor must now obtain current year information from the Plan's actuary to complete the audited financial statements. Timing of the Audit While we are working very closely with your Plan's actuary to obtain this information, there will be a delay in our completion of the audit this year. The year of implementation of a new standard of this magnitude always requires a significant amount of additional time. To facilitate the timely presentation of the September 30, 2014 audited financial statements to the Plan's Board; we recommend that the Board hold a special meeting for the audit presentation. This would get the audit report to the Board (and to the City /Town) as soon as it is completed. Government Finance Officers Association We are aware that the majority of the municipalities that sponsor the Plans use the Plan's audit report in the City/Town's Comprehensive Annual Financial Report (CAFR). Many of these municipalities participate in the Government Finance Officers Association (GFOA's) Certificate of Achievement for Excellence in Financial Reporting program (Certificate). We have discussed the delayed time schedule that GASB 67 will cause with Stephen Gauthier. Stephen is the Technical Director with the GFOA. He also heads up their Certificate program. Stephen has assured us that the implementation of GASB 67 is a valid reason for extending the GFOA deadline for the submission of a Certificate CAFR. Additional Fees We will bill in accordance with the hourly rates which are found in our contract. The amount of additional audit time that is required by GASB 67 will be significant in order to complete the Plan's audit report. We will come back to the Board for their approval of the additional fees after we have completed the audit. If you have any questions please do not hesitate to give us a call. Sincerely, Richard A Cristini, CPA Barbara Ladue From: Barbara Ladue [ladueb @bbpdpension.com] Sent: Tuesday, October 14, 2014 7:54 AM To: 'Athol, Toby'; 'Henderson, Luke' FW: Ethics Training "° e How do you all want to proceed on this? Barb La Due From: Pyle, Judith [mailto:PyleJObbfl.us] Sent: Monday, October 13, 2014 5:15 PM To: Coles - Dobay, Debby; Mack, Andrew; Prainito, Janet; Claude, Sherri; Rumpf, Michael; Majors, Wally; Howard, Tim; Livergood, Jeffrey; Molina, Nancy; Clark, Craig; Adams, Warren; Barbara LaDue (laduebObbpdpension.com); Tapper, Ronald Cc: Prainito, Janet; Oldbury, Julie Subject: Ethics Training It is time again for the mandatory Ethics Training for all employees and advisory board members that MUST be completed by January 1, 2015. The procedure is to schedule the training to be done after the actual meeting has adjourned and the Minutes Specialist has left. There can be no further board member discussions relating to board matters. There is an acknowledgement that must be signed and submitted by the members after the entire video has been seen. The training video and the acknowledgement form can be found at the Palm Beach County Ethics Commission web page. We will hopefully have a few CDs available too. Please let Janet or I know when the training will be done so we can discuss further arrangements for viewing the video and access in and out of chambers. Thank you for your cooperation. DEADLINE — January 1, 2015 Judith A. Pyle, CMC, Deputy City Clerk City Clerk's Office City of Boynton Beach 100 E. Boynton Beach Blvd. 1 Boynton Beach, Florida 33435 o: 561- 742 -6062 1 f: 561- 742 -6090 PyleJ @bbfl.us 1 www.boynton- beach.org America's Gateway to the Gulfstream 1 n+1 t C t `- s-"Ae, Barbara Ladue 1 From: Brandon Cole [brandon_c cole@ajg.com] Sent: Monday, October 13, 2014 5:06 PM To: Iadueb @bbpdpension.com Subject: NCPERS Fiduciary Liability Insurance If ou are unable to read the messa below 1. here o view R �"',R r f tb'n ' � r t � , y " 4 ` g :4 �,� _mss. .ea .. ,. m � . #�:E`3.. t*aa7 �..'vfA, i'vw� €,+.ibk r'F.. ..ass`s. �.n��+.xr�?E "-aw �,k�,�� n� •.. w Y { „=a. �.,. �,. .. . ...«. � _anr ...�. We look forward to seeing you at the 2014 NCPERS Public For More Information Safety Conference! Please stop by our booth to say hello. Contact: Brandon Cole We continue to see the Fiduciary Liability Insurance Market 303.88 c cole@a�q.com 303.889.2610 contracting coverage and increasing price. Several insurance companies are non - renewing clients due to the level of Priscilla McCoy priscilla mccoY@lai4.com funding. The NCPERS fiduciary liability program has had 303.889.2540 great success in controlling the cost of fiduciary liability Karen Graham insurance, offering coverage options regardless of the level of karen grahamCa.aig.com funding, as well as enhancing coverage of existing policies. 303.889.2538 For those of you not able to make the conference but interested in receiving a quote please feel free to contact us (x - ��' as your renewal approaches. Brandon Cole Area Vice President (949) 349 -9871 18201 Von Karman Ave, Suite 200 1 brandon c cole(aio.com Irvine, CA 92612 2 Pierce Place, Itasca, IL 60143 www.alo com + 1.630 773.3800 ;-0 Copyright 2014 This email is a promotional message from Arthur J Gallagher Risk E- —1 a Management Services, Inc and Arthur J Gallagher & Co Insurance Brokers of California Inc You may edit your communication preferences, or you may unsubscnbe from all email communications Contact Us Privacy Policy Ex 2 HT} }.( ��N` D�CD ��NO�OIfl�NaH00�� •- -� (d r (` ,r ' O O C• M H • >+ l fl t` M • • • r' rn 19 • • • • • • r1 cr cr H E - ° a ) N l 0 0 M O N H r - ul 1O r'i 0 NO N r - P1 cr LO M C 00 10 OD N O 1 1n Ln N H 0 a H ( \ Ol rr ° J 'V' M u .. m u) r r N- I N m m w r_i CO co (7) H W N 0 C4 O r�i 0 0101 M Lo u1 O0 M 0 r-1 HM �M N f- 16n`� " co ,r r _ , : W . . a . c) c f , ] �.,i M0N MQ1 c) 01 CD Lc) . f ' ) •� . cc up r - i r-i . . cr, 010100 ,r -i r-1 r- co 00 al r_ H co up 10 M r _ Q1000 r �'�N M r 0 00 on O X0 d 0 NN ()N� ` ul cr t CO Lc./ � - N NNN � � � N N NIO El ' M<1' NHM 4.010101 MM000 d•'4•M10 �d'dl cr H 0 1)0 ('"1 ('!1 Q N' M M r-iM, N N NNM MMM •-IN N M 1 01 •--f Q � 01 01 O N 4- N N 10 O • U) 101.( 01 C ./' 0'• C M O O O 01 O, 0) u) O fd p 14 a) up OO M 10 ❑ a10 M \ HI 0 0101 \ O\ ON H \� \ Cr) Q•00\ \\ 0 0 H \ 1 \ OI OIO . 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(--1 Z I-I I-. 41 7 a v) u ) mmE+E -1a >3 3 Oxxw ac O lD 0 - CO M 10 I co v' 0) >, M er O 00 O M Cl CO N CO 0 OD l0 OD r - O1 v' >, C 0 u l er co co er a) N 0 > O O N H t- M v' H M E, co FC op 0) co up 10 10 co N H 4) S4 1)) O 01 P - 0 OD CO H VD H O H 1� C - t - 01 N O1 N 0 rO ri Q) 1-7 U -`i S 4 H H u) Q) Z u ) Z � Z H W Software as Service .. ., ...., sti r1 1 R .Ai. to re ,, ifr ,, s, ,, _,,. ,,..: „ , ,,.., , , „-', --4 Ak. . , ,....., , . ,..A., . -, ...k , 7 4 ,,....., 1111 r Ail silliw.m.LI 111 0 at - 1 -6,, 1 11111rn imei misio) ..., * * At- - i Retire brings to you an entirely new generation of Pension Administration Software (PAS). iQfl i Retire delivers the functionality of an application designed by users for users, direct from the Resource Centers Private Cloud. The system is dynamic, flexible and responsive to the requirements of the user. Two key concepts form the very heart of i Retire system: • The user interface focuses on the lifecycle of a member, from accruing a benefit as an active member to payment of a benefit to a retired member. 4 • The database focuses on the money -in / money - out philosophy structured as a general ledger system. kt 1 Retire incorporates input from the plan administrators, trustees, and other pension professionals, including actuaries, accountants, auditors, and investment and legal counsel. Utilizing AGILE system development, the development team at the Resource Centers verify and validate each step of the system implementation against the requirements of the plan administrator. The resulting system provides a truly revolutionary approach to plan administration with the most robust set of tools available in the market. i Retire is available exclusively through the Resource Centers Private Cloud platform. i Retire — Meeting the needs of the pension professional today by dreaming the world of tomorrow. iRetire advantages • No additional hardware purchase, works with existing hardware zz • Software as Service (SaS) :. . • No capital outlay — no software to purchase • No local installation and maintenance of software • No need for data, software or hardware safekeeping • Platform- independent 24/7 access • Experienced product support staff • Developed by pension professionals for pension professionals • Monthly subscription fee based on plan size and system requirements Why should I choose the Resource Centers Private Cloud to host my SaS applications? • State -of -the art security • Experienced full- service third -party administrator • Proven Plan Administration System software provider • Quality customer support demonstrates commitment to excellence and service • Resources and expertise of larger firm • Added focus, incentive, and commitment of small company • Strong local presence in Florida public pension family i Retire Scalable - Secure - Affordable - Unbeatable. 0• ' 0 1 _ ~ •1 CI 1% •i . www.resourcecenters.com _Ad IlL THE RESOURCE CENTERS The Resource Centers LLC is pleased to submit a proposal to offer our iRetire Plan Administration System solution to the Board of Trustees and staff for the City of Boynton Beach Firefighters Pension Fund. In partnership with Ellen Schaffer, the Resource Centers is in a position to offer a uniquely qualified service to the Board. The Pension Resource Center became, at one time, the largest end user of the systems originally customized by Ellen Schaffer to the specific needs of numerous local pension plans in the region. In the course of providing plan administration services, we evolved to also become a provider of Pension Administration Systems, first to our own client plans and then to other retirement systems as well. As our systems and our operations became increasingly complex, we shared many of the same concerns as our Boards for the long term continuity and support of the legacy systems. We also desired to increase access and service to both the Trustees and the members of plans that we serve. We ultimately concluded that a web -based Application Service Provider (ASP) type platform would increase both access and utility while making the systems hardware independent. In short, the time had come to move the systems off the local server and into the cloud. To undertake the evolution of the systems that we share in common, we entered into a partnership with Ellen Schaffer. We replaced the existing data structure with an SQL server database, moving the original application to a purely web -based solution. The new interface runs entirely independent from the hardware or software maintained by the end client or user. Finally, we embraced an open architecture to facilitate the integration of the systems with other applications. The structure also provides the flexibility to maintain the systems cost effectively in light of the ever - changing plan requirements and specifications. Our firm possesses a unique understanding of the local plan administration environment in Florida, including the Boynton Beach Firefighters Pension Fund, which another firm cannot match. In combination with Ellen Schaffer, we also understand the functional requirements, the plan provisions, and the objectives of the Pension Fund in a comprehensive way. We can provide for a smooth transition and integration to a new platform with virtually no disruption to operations. We are local, so we must commit to deliver on the promises that we make. Our systems currently support the administration of over 65 public pension plans, more Florida public plans and a more diverse mix of Florida plans and plan requirements than any comparable system. These plans include over to $7 Billion in assets with 1 14,800 active plan members and another 14,000 retirees. The plans collectively make over $30 Million in benefit payments to the 14,000 retired members and their beneficiaries each month. The plans have another $300 million in DROP Assets allocated to over 1200 members. The systems become an integral part of the overall controls and procedures used to manage the separate requirements and demands of each component plan. Based on this combination of experience and resources that we can deliver to the Boynton Beach Firefighters Pension Fund, we believe that we provide not only the best solution to the plan, but the right solution for staff and the members. We are grateful to have the opportunity to open this dialogue the Board, so we also wish to thank the Trustees for their consideration. Pensio dmznis ratio ► ystem e.Pro osa The Resource Centers proposes the following plan administration modules to the Board of Trustees: Active Member Module Included Inactive Member /Share /DROP Module Included Each PAS module includes the following components: ❑ Remote Hosting and Data Storage ❑ Administrator Web Access Interface ❑ Plan Member Web Access Interface ❑ Administrative Services ❑ Technical Support B oynton Beach Firefighters Pension Fund Plan Administration System: Monthly Service Fee Item I M, r..k X ; Fee Modules, Hosting, Service and Support $1,450.00 Conversion Fee/ Member $15/ Record (Discounted Fee in Combination with Police Pension Fund) $1,250.00 Fee Rate Guarantee 3 Years! i Retire brings to you an entirely new generation of 1111111 Pension Administration Software (PAS). i Retire delivers the functionality of an application designed by users for users, direct from the Resource Centers Private Cloud. The system is dynamic, flexible and responsive to the requirements of the user. Two key concepts form the very heart of 1 Retire system: • The user interface focuses on the lifecycle of a member. from accruing a benefit as an active member to payment of a benefit to a retired member. • The database focuses on the money -in / money- out philosophy structured as a general ledger system. at i Retire incorporates input from the plan administrators. trustees, and other pension professionals. including actuaries, accountants, auditors, and investment and legal counsel. Utilizing AGILE system development, the development team at the Resource Centers verify and validate each step of the system implementation against the requirements of the plan administrator. The resulting system provides a truly revolutionary approach to plan administration with the most robust set of tools available in the market. i Retire is available exclusively through the Resource Centers Private Cloud platform. i Retire — Meeting the needs of the pension professional today by dreaming the world of tomorrow. /Retire etire advantages • No additional hardware purchase, works with existing hardware • Software as Service (SaS) • No capital outlay — no software to purchase • No local installation and maintenance of software • No need for data, software or hardware safekeeping • Platform- independent 24/7 access • Experienced product support staff • Developed by pension professionals for pension professionals • Monthly subscription fee based on plan size and system requirements Why should I choose the Resource Centers Private Cloud to host my SaS applications? • State -of -the art security • Experienced full- service third -party administrator • Proven Plan Administration System software provider • Quality customer support demonstrates commitment to excellence and service • Resources and expertise of larger firm • Added focus, incentive, and commitment of small company • Strong local presence in Florida public pension family `Retire Scalable - Secure - Affordable - Unbeatable. ❑ • , 11 ❑ ❑ . ..71.1 www. resourcecenters.com Ensure your current Plan Administration System has the robust backup and recovery procedures that you need. it ifil The Resource Centers will now provide system and software maintenance support, disaster recovery i ` operations, software hosting, backup and disaster recovery procedures for your Plan Administration System. The Resource Centers can tailor the support to the service desired. For an initial enrollment fee typically based upon your CD plan's size and software features, we will set up your plan U on our SoS Server. The Resource Centers IT Team has the staff and expertise to take over your system and software support. Features: • Daily Onsite and Offsite Backup • Disaster Recovery Procedures S • Phone Support during Normal Business Hours :I.i • Backup COBOL Programming • Prompt repair of software bugs Q • IRS Tax Table Support • IRS Form 1099R Support (Electronic & Paper) • Source Code Safekeeping For details, restrictions and conditions, contact Ellen Schaffer 954- 341 -5032 1111111 ellensch @bellsouth.net THE RESOURCE CENTERS Barbara Ladue From: Ellen Schaffer [ellensch500 @bellsouth.net] Sent: Monday, July 02, 2012 11:37 AM To: Barbara LaDue Subject: FPPTA workshop handouts Attachments: i- Retire 2 page flyer.doc; SOS Flyer.doc Barbara, I'm sorry you couldn't attend our workshop. It went very well. Maybe a little too long on lecture and not enough time for discussion. We could have gone on much longer in our discussion groups! Jonathan Raybuck was most welcome and contributed valuable insight to his groups. Attached is flier from the workshop for our new product, i- Retire. Call me with any questions you may have. Also attached is flier for a service you may be interested in - PRC is offering backup support services for my clients' pension software. Read it and, again, call me if you would like more information. After we have a chance to review all the feedback we got in our discussion groups, I will send you a synopsis. Thank you again, Ellen 1 Barbara Ladue From: Henderson, Luke [HendersonL @bbfi.us] Sent: Monday, July 02, 2012 11:29 AM To: Barbara Ladue Subject: RE: FPPTA 28th Annual Conference June 24th - 27th - Special Workshop I would like to see this new product, maybe it could make things easier ?? From: Barbara Ladue [ mailto:IaduebCabbpdpension.com] Sent: Wednesday, June 13, 2012 2:22 PM To: Raybuck, Jon; Petty, Matthew; Llopis, Jason; Ranzie, Frank Cc: Henderson, Luke; 'Gary Chapman'; 'Ellen Schaffer' Subject: FPPTA 28th Annual Conference June 24th - 27th - Special Workshop A special workshop is being put on by Pension Resource Center and Ellen Schaffer, to present a new administrator product under development . You will receive an invite to view " i Retire" in the next several days to review their new product. (Ellen Schaffer designed, programmed and supports our pension software system since 1994) Thank you. Barb La Due 1 O .v. ;- W r i E _c >, > U O co 0 -1 U c E cp O O c� N O r y m _ C� O O � L CD M U cm v LL. 0 U 0 z 0 0 Q a L C7 o c) E 0 L W 2 0 N L co a M P. I = V ▪ d C Tr o Z O 1 1h � iT - MM t O d = N 0 � G o ° ry N C c E ' 0 C7U o Q) h o p > t C o o y C N O N o o = rn ( F W d • u a ° o 0 II I ° I o a rn o 0 K - i I . �f 1 d �I i o O o) L O o a0 N (.1,-. 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V - N M O) O 0) O M (V M O M N N Z N Z, v ) E . - N N N N N M M M 0 s to a)(0 o 10 10 0 )1, c o ° o rn N v M W 0 m V 0 N O N N p ~ a M m o M d) (D 0 Q rn _Q _Q 6) Q N Q Q ao Q V Q N Q V Q (n Q m Q M U- V � 0) CO (O N 0 (D ■f� r 00 ■0 0 0 W 0 CO OO M 0 0 O W 0 N N 0 o N CO Z O Z Z O Z c0 Z o Z co Z M Z M Z M Z M Z M Z N CU r r C (a p c.0 l's O NCO CO V (O M 0 N O N ~ Q O I� M n V O) -..0"-- N Q 0) Q (D 00 Q 0 _ _ _ Q Q .1' Q Q'- Q Q O N OD M N h M M M Q ao N ■M a0 M M O N d 0 0 N N O N N o V Z 0 Z Z 0 Z n Z 0 Z Z 0 Z 0 Z 0 Z 0 Z ap Z I` a a- ,- r- ,- .- N N 0) it CO O OM W0 00 NV V O a0 p 0 ( 0 (D A (D O) 0) N O v O) (d O L N O N o I- ' O) 0 (0 0 0 0 (0 0.4-0 (O 0'- o N- o r- 0 0) 0) 0 0 O) 0) O o <(0 Q Q U 0 M 0 ,- N L O N M A (O O N%--.---, 1010(010 04'- V 04 - ' - 0 ) ■M O E 0 (/l O O O Odd,- ) 7 1' 0) ao (D N t '0)10 '- 664- M O V N Z M Z M O T ,- T r r 0 O) 0 NCO NM OW NW a d' V 0 ID V '1 V OD N W (D 00 1 co N O Cl. .. ~ (DD V N O (+) 0 .....-0 00 (O N N NOW,- 0 00 N - W OO I` N Q N Q N O • ! 00 O - 0)0(00) Vj V O 00) 0 6) M N- N r V N N N V N ■N 00 W Z ( p Z 0 O) O O 0) .-6- M O N O N 0 V V 00 r O 00 00 I- O 0) p r N I (0 M NN O) SCI) (0 CO ‘- 0 N_ 00 V M (D A 0 O) . 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(D m N Q o Q 0) Q Q O Q n Q O Q n Q a U co LL) N N CO CO W V I- O 0 v) O vvri Z (0 N Z (�iZ ZNZ � CO E >- 1- m � _pn a s o co v v to a co O o m N N V N N O ' (L_ LL O U Q M Q � Q a rn N Q QM Q � aMaa N Q ° `n Z "' Z "' Z Z N Z Z M Z N Z M Z N v C c c rn v v O N O N V ~ Q Q Q O Q n Q N _Q Q Q a Q Q O a 0 0 z •c r c o z�z� Z Z Ni G) N O N Q I- D. co O) Tr CO O n n N N Q (D Q Q (D Q E U N O CO V CO co CO 0 N M O) M a) O ( • rn co �D R O Z Z Z • Z o 0 a) o c o v v o ' n co CO N • N v V v U G N N n O) O) O O co Q N _Q N _Q N Q N a) (n Co N (a rn M '7 N ao N CO O o m n 0 rn . c0 n o Z (o Z n Z (O Z n o n - N O ) O ) N O N �. — ... o 0 N N 0 a) r- corn O < ao Q 2 Q co Q (D V a1 N N O (D CD aD O (A co y.- M I- co N n o Z 4 Z Z 4 Z • N n (C) CO CO o Tt CO N c0 n oo N O N V v v V v v O co co co (n 0) M O N CO N — .- CO R () (O rn N co O (O L( n M a CO n N M N N- h ( 0 /_ ( CO N O N ' F- (n (D n O CO O n () (D O N N M) n N o y O I� n N (O O) rn M (D O 0 (O (D ' (n O (q O O O O o (O '- M O O N M 7 M N (O M ,_ c0 O co N- N 0 N (D .- CO CO O .~ ). (D N n n Ch N (D 0) M () O M N- n co n LO CO (D O '1' (O (D ) 0) CO O M N O N O 7 o O O (D ,- 4 ('7 co - s! M CO O n . co } N (D e- c0 a- CO LL v w (D N n n a) N (D 0) (n v M u) (O O M v n n co n ao (O O V (D (D CO s! rn (O c CM N O N O.. O O O (D ,- Ni M (D .- M m t $ 3 w C m 0) F2 g co .- C w s l 'p a) a) . g N a a w ._ c c X d co -ec m U c x 6 c Y c A oo + - o m g m m , a � _ d a Z m m co CL c P a 10 m m cc- ill c o O c T } li m c m 2 c 0 a O a) @ a f9 2 g E d a te ) a o E c o E cc o N (a a U O U O U' 8 y i c a) E =p N a 0 V C m V C m m E ° a) H 1- 0 a) c a To c a W a) 8 c 0 y vi C .` J X p J X `ae X C a b °' m N a C 8 LL = 8 u d E tl d N . O $ c a X N c m co N co N X > N a) c a) N c o c U ▪ X T T, O O n o X lL (q d (a 0 _o LL C) _O cu l i . H ma ZS O C7 ) Q C6 ° y o m 0 Jo Q U o p n p o �L (n _ al m m O m _ N m 5 in r m Fri m W > - (D 8 . Om n O Co W c 0 0 ED - O C) 3 c o - 5 a 0 5 a a c 5 M 73 c 5� 8 m N (D a m D) O 6 m m m 6 m m^ N 3 m ' a Fl; 7 m a ; - 7 5 ) re, w 3 7 N C V 3 m "O D 0 7 co @ 0 CD c� 7 m 8' 0 CU XI $ m r• a m a m 0 m d CD 3 U: CD m 3 m m m o a a m a a a" ? N N -0 -0 x CO < 0 a � i ✓ 3 a m C CD 4 ; r o, ° m m • m m 3 ' m CD 1T1 w i FD d = m m • 0 x o m D) Z co ri (D L N -8 m N a x > > 03 m + + m 3 C) 0 7 _ % ,i v 8 ID I I $ x a a m v o a y Z A Z Z V Z Z O Is.' N Z N w a D D D 19 D ---- A A i:o D rn A 40 w -I Z Z Z Z O D D D D A O N N " N W (/) D; D > D D a I al D a) -4 73 _, O 14 0 N Z Z Z Z 0 D D D D A w J Z (T Z a) w 0 w O N w w UI N OD (1) 0 O W (D N O V A N O V A D 1 D w V CO CO w V 0 (D A V " 13 N o 0 _ 0) A 0) N _ Co CO CO O W N V O - Z N Z N Z Z N O" N V) 0 5.;Z w D CO D 0 D °) D 'co 0 °) - n N 0 N O) 4) O) O O V O N Z N Z Z a) Z - a) Z O-. P) O) fn 0 1 _ --- (D D O D co D N - D V D N Q1 V N 1 N 0 0 A A CT - (T - 0 O O ' .. O O O O N • D a D N > ( ° D — D CO D ` r ° D a O o� 0 A A - 0 (31 cn O to Z `' Z 0) C.71 Z CT Z cT Z ° Z v) O • (D D i..1 D D co D -4 D CO D 1 .-.• N 0 O CT CT O co O O ; eY *. t, W OD OD OD �, w D D w D N D o o iT iT o 0 O Z A 1 ' v 93 Z A Z - Z A Z ; • rn V D Not 0 N (..�.y Ln LA O O N W v v Q) 0 S (D 0 T Z =� Z Z Z w Z j Z w Z Z (n 0 m O n oD -I N D w D D D v CO D D D - D 31 �` w • F•'y N N co O V O = • F(y -x 7 a C. Il 3-a ' z Z o r 0 O 0) N M c� •,- 4 �/ ce To CI M 7v. 7' iO 7 W 0 o 0 ) 1 O o J O — _ y O N N [ •�C.) C ~ E N M r t M C O O CO a cn N m m N I Y 0 N 0 a to ui Sri 0 O N \ 0 a G 0) 7 O, 0) Q 0 Q O M 0 O F \ f n cv \ ! 01.-• v C O 3 \''ll')' . W CAI M CO m , O O O 01 y C O ` o co o co C G 12 c N c N LL O g 0. O 0 _o I r., 8 8 O O VI CO CO M b O 0 o S L O).- c ''* d ` d �n 8 N O C O O) m N 11 io, W U9 0 13 N S S N 0 v v x x w w I co o ).•• CO rn 0) 0) h 0) t0 0 m 0 0 O 0 Ol 0) D. 0 0 O 03 LL 0 LL N 2 2 CO 0 �+ N Art A 5 s t,,) Y C V t V CO � AT W D 0°C° M N 0 0 0 0) to c c 0 0 3. d ° - d ") M CO r v O O to M tO V . N �, •° •• a t`'. r- C O g C C Ce d W 0 ( 0 0 DJ O O > WC W 2 CO CO 7 0 0 c N O - N 0 v .0 . N pp V N U N A 0 M n c 0 0 0 L a E L' a Nto Y , N z c m0 r LL .00N co 2 c 0 CO f F 1 Q :! . ._ W 7 v a `g' o to 03 0 03 P9 0 H 7 a7 07 M O • LL M � 0 0 N C O o 0 O .. 1" d d V F V R 7 Y .0 7 co 3 O ' ( p 0 C a >N O) 0 >N ao H a CL a 0 O d N r = C n C Q 0 Q - o o a w '2 r f - ) to 0 ns CO a E u. • C ,C .1. o 8 O S 0 O U L >. H o� i 0 o) C o v co N 8 0 U a d y= co 0 63 2 0 2 Q N N ° ao m 0 0 Q. c c � Q u)n3ea ti LL '+�> c a l0 c 10 C G To .�- -6 03 dd 1 1- c LL 7 • LL • C F H 2 O. u- To n. ca ra co C O C p : •• o 0 F O - Q iL 1- iI 1- a v 1- - 1 -, w a o a o N J Return (%) Total Fund (Gross) ( %) -< M •l, _ 1 N -n a - T O • • W W (J A N t) O c) .) m _ A A C = -n ? O O A 8 f O O O O O O O 7 °' _o. 111 O. 5i S) O ") j CA 3 i ■ O e f t j m m O Xi • • 0 fO O N O N C1 n .. v co a s c p 3 o O O O W q. g co -1 -< S' Cb 7 O - m o - m� d 6a @ °' N 0_. q.., 0 qr -1 0 m C o ) C 0 - O b o j w w w w m in CO V C x cn W m 3 y d 0 ° ." a c - d m; i 3 c o ° p ° p w 1, $) C p o O O N a O O O) a D $ N- D 4 d ,c o X2 a' co _ se 0 g m N O - • _ - O. ° o o g cn� cu 0 mO Cto ° -. 3 c ,T ID O W O c N -. -.1 V CO 4< 7 O) ..- N O] A IT) a • ° O 3 a a, N a O ._ o C o 3 a 2 , N O) A o O O O 9 37 O O 4) O O N o a O A d CO W Return (%) CD • • Return Percentile Rank I •• 0 0 0 0 _ m o o O o 0 0 o g 0 0 0 o o N CO CO A O 0) N 0) 0) O O O O O O a N hi � i i ... , C m m ■ O C C O 9 �, a N Cita 0 p z o z ° a t ° o O eD Z 0 N Z Z • s � 3 rn CO D w O O D ° v O C N to v ° _ 0 Q 0 o 0 v —I ° m O a 0 o o - O m o N - 0 c o O m a) a O a v. -- i O � z- „ X l CO o W a 0 J m w - O W O a na c0 cD C x cn CO O C N • O @ m W N o ( .�. to 7 O O o a. 11, f • O < H e 0 R N _ o CT CO 0 3 a°0 ;a 0 i . o '� m - co co 1 o 'a N ' • 0 m m 0 o 13, O oV Z 1 • 0 m 0 • O c �) v ww » J 0 y N O O O V CO CO O< 7 O- o o N Nit c0 W CO a ° N 0 CT CO CO . N W - r 0 -I o p ' a •D o 0 0 O trel A cn XI = w W .=I = O W O ...1 _ v. /� n - co x Q c0 - (00 ! O W �� • O /"I. 4 J • � cD 1D o O 0 o A Ca O > o ... G 11 • = N C 1 7 Z ia CL x � N t o > a C i W M . . � u Ni 4 rn d y a) > N m > N M 19 M — CO L. V N N° O N° p - , C 0 C v v d E Y M `M c a : O N O n 0 O O • ..- Of W W O O O E O r L r r r r O 0 co a oa "a ` J RI 0 , aa , O aao �rn aG QD u) o co rn U C O d Q p eV CT r C C e � 0 p n N N N o W W d m U U 0 V 0 el cd E E c c E o o ° o ° t , • 5 5 m a. N ° o > 4 0 n CO CD w ca.- c o 0 0 'Es c l i I , N c °o S o0 IL y o c , n ') C0 a) X t al N L al en 7 v3 EA y r O n 6 Sa V w w N O c © >- re •t• N al h o CO c c° o E co ' n ..1" N- alai �co.- rna co al ' {f � ∎ . - +7 Co CLL co C V COO O cc0 2 r2 U N W p 0 O 0 • ®,,., >- o ao e c ) o co c` u, 0 O c C V CO M a a O } a •� CO CO ro N oi e0 P1 p p N N N co r ct N C O ,, d eV f0 e0 C a�0 m CO C O N CO CO ? 6 of 6 a a . C c c� V N U GI r _ O n m CO ‘'' O r N N } C O u- aVN 0 �'o + p W' v CO cO *Cr) a d N°' Q r vvv Z ` N 0 Z L } o co co LL O n N It o F- c eh Cr - W 0. c e N N d CU 7 V ..' c O co 2 L. O N N r- a 0 0 O LL O N Q N �. O (n 2 c g ° Oc ° 0 0 ° 0 8 8 0 c o TD co f6 lC H _ 0 0 L w Q e7 = '� T uj ;e)a v v v - - - N 1 W C = C 5 C N N d W o a Q N o y 0 Q E E > e? m U Q' 0 7 0 0 c • a a o Q co — E is o o . 0 c`o 0 o 0) as m o 0) •• E 0I- - LL H it I- d 0 -I 1 -1 = - W 0 0 o m a . Return (%) Total Domestic Equity (%) T ' �^ O •• - N + N N N W ' O 0 0 0 O M 91 • O 0 p 0 0 K-I 1 w a Y ow v 0 0 0 o c O o m - o m m 0 m iv 0 0 co - . L . � . �i 0 a + • (C N 0 D) N e 0 07 3 0 0 0, ® o c O m — o m ._. 3 3 0. m 0 o 0 3 c M C . M N Co = O) N „ m m CD CD 0 7 y to m m cc o 4 0 O a a . m o o ..c -< -< - 'o CD CD o CD m w y b o CD o a) 3 o _s mm o mw o o 0 0 x O n x m c » o W O W = O N 0 A N m m f0 co . 0 v O V7 -< W N O A O W Cs.) A 7 0 • . 0 D) c. N C C 7 n CO V Om CD 3 a n m G 0 0 0 co • 0 0 0 n 3 0 3 0 ▪ 0 O co 9 d 0 o 'm0 co C T �'i �, o O N c 0 O N c O o 0 -, r. O N N ... 0 0 0 p O _ N O O O 4) mm 0 o �om o Iv • O o m 9 o .. °o ,, m ° o v W C E O O Co N C E m W c° o A (I) O CO .�•. 7 O O . ' 7 0. N 0 0 m 3 a O p) ry l 0 (J N O co W › . x. w 0 0 0 o o s Return (%) m • Return Percentile Rank o m • d o° s N -, -I •• t A N CA 0+ ^ ' O O 8 Z,1 o ( o A (0 I.) (n 0 VI p O 0 O O A N 0 co 0 O co ) O O O O 0 n v 6. w a c 0 0 i S ai 0, ' 0 0 CA m m g - 1 3 3 c) cn N N = n n O C) m m m co 0 o mm i cc 0 z ° m z ° d3 c - • 3 77 0 - 0 A D o D-4 o 0) ? 3 ° •O 0 zl > > o 3 cm A N • O - 1D ig y o ;•O C.71 rn 4. m w .. 0. m Co 3. z= x •O N 00 ty 1 to in CD ev. D f0 _, _, _ 0) V 0 c d N O O CO 00 Cn 7 a O 7 1.4 0 O < N RI -• • O � N "' • O co co c• N • O 'CO in 7 0 0 CO 0 u , 0 w* a ) 0 C 0) 0 CO 0)) )1 O Ul o v 7 . 7 o • y CD 7 o o N - a • O • 4 o) V o» 13 o w i c A Q td g 0 0 °° = 0. •O m B a.) O'' 'V 73 E A 73 E o 0 0ol " •O 3 .• 0 O A 41 7 ."'). O N 7 C y. Its = m �. W >r N 0) x a O w CA 0 ' tD V a a • O 0 O N N 0 o o A . C • Z > ' N ¢ O CD rn Ce W M >a 7a Cii � ��Ahh�rhh�� y Ao co W w � — VV V > o n > o `n tern., �a M O M O C O O ea 07 O co O _ .- C W N W 0 0 CO ri) as y� 1 `_.I ._a p --: 6 Y t. ` L N O c N N 0 E E. v a s cc C CL QD Q ` rn� m �ii Co C . d 9 M W W 7 00 •- h. o S — —3 c) of w co 0 - a > W O O O 0 u N C C C E 0 Q - Q 11 L N t C N a2 a m N :' co o o O 8 8 8 N d N (V co o 0 o O 0 8 C G h co co M O X O v . = om N O N 8 W y N xi (O W W U U 8 u, «, C C 0 re 1 w O O E W 0 01 OD O M ..-.. OI O ALL .- .- ` Of n .. C LL C C O et 0 5 i3 N N) W 03' M m 07 R <t a0 O m It r N CO V co a N N f0 t0 O C C O O - ' a o .0 B CD co v A y 6 6 O M lA <O 0 1n N M N ` O) � _. N N N C O a 13 N W W L. W N O) O C co MO 2 M N N Q 0 re N M N- CD a a >- C C N N N U 0 .., p C N d' p LL I m c v M + ` co N e 1.. L Q c 0 w v s N 0) N . W N , - C C co co co 03 W Z W Z` Q N V W 7 6 V V F Q. H 7 Cr W LL CO m v C. o a, • M > C 7R 7M O. N M W A G c0 N 07 0 O R w N > N 0 03 3 > N O N i — Q co r..- O 2 y N y e. co U) Y Y O Q Si 0 LL C@ An .a ,a o C.) d � o V 2 N T O x v 0 ° oo 8 8 0 8 8 w W ' v w W , 4 .8 p 0 O O O p N N w C = D W CO H m 1 w c N ;� N ;3 O >. 0Jnaaa > j N C C co m o m m > 0) > O > O > C U 8 d >> F 0 0 Q = 0 0 0.0 U 0 co. N N i3. Q co > W O cc 0 � _ 0 7 O N m U N Q lQ Q F Q 0 N t' , y c ` C O 0 Q R ' 2 C. O N L C c C c 0 o c - LL Q LL ¢ a V D 2 m 2 D 71 Ca — Return (%) p nchor All Cap Value Equity 73 0 to to P % -< N O O N O o O • • O N ' N 8 d ' O) . N N Q) 0 A N x a D o f D D 0 m m D t -4 o w s) s 0 0 0 0 0 0 0 o O 0 0 0 (A 0 0 (A d m o CO -0 • O v t oa c o - 0 O. m << .* << = Ca) D 0 O op C E SD c ,�., c c K o a, m co o, m d to to 0 m to 0 a m m o '" m cD 0.-0 na to CD c m e to m • CO o CD x 0 1 x to N N 0 0 cD < < a m 3 . o „ CO am CD CD 8 0 - � 0 y N W _ • ? �` 1 1 C D n7 .1. N • .. + 3 0 A In N 0 CO m 0 A :•. N 0 0) 0 1 0 M 0 7 0 AO 0 CO O' 7 O CO 0_ m 0 c co 71 N C tD x d O O 0) IA n , m o., al N CO AJ -L w 77 CT, " 8 at C m ( T a CO -' 3 a m o • a < X • co i,v ic'a m m o 0 CO c m .. c m a° m ?Y 0 m N m O .« O O N) i N O d 3 A t" O CO a d 2 O ?-3 � O f0 CO m.7 N X O N C x F O V C x F CO CO N . � f3 O A X O N , 7 O V N a 7 c0 N m 0 N O _ 7 O. m C 3 n N D (' � m o ' m A A 0) W O CO D 0 CO D o 0 CO V 0 '9 W 0 CO m 0 CO d Return (%) • Return Percentile Rank • • A cn u, cn m "1 MI D $ c o C o ' Co N CO O N S O O O O O O a p O w D t0 O .Q w 0 D Cam) 0 C tC ® t : e 00 N d < -00 n 7 7 < tD Z 0 7 at .0 x C to x c 01 Q 7 CD 3 0 N Cu N d CO ' t. . l 0 z c J Al - .Xi S -. N 7C 711 CO N N CT CT CT e 7 O) n O ca O c o c m O 0 __ o N O CO CO 3 N a • > M C N 0 c < o @ N 0 a A N O• a ? n N • V ca o O O w m F. d N O• ' 0) V — d O V CD O V m 0 0 7 IIIIII) 0 V C) 0 CT d - O • 3 A N 1.0 N g O N • D MI CT A -∎ m 7 0 o N N 3. CO 0 0 7 a N • 3 ao 0 f A w f CQ 0 0 N _ 4 zu N 00 ap 7 CO A N 7 CO 0 Or 0 � o N - 0 t9 m m o o _ (D O o o m c cp N C Cl —, tD �Xo x N N m p ct > M A O A 0 a; N O N O V el O Y 22 N. ` r C N � .. 417 O 01 G N C E 2 , CI 'VI' 0 0 0 O x N N / o a 0 m E co ll X 7 o co Z31 � C m c o 07 CO rn O aJ C7aN ''- d y `" O V W 7 T W N- O E V d _ pC x 7 N N N U M V M V 8 4 C C C 0 p C E o N 8 J N t c N d [ a r { C7 -' cn N ' i N q W d c c ii L Cl) _ 1 O Al 0 8 O ` or O X O X E - 0 O C O •W IlJ 0 .4 ;9- C a co V NJ 0 W y N N N 4'1 (n ,n C C 0 y rii' .-. 0f of 01 N © >- N O t0 ALL CO LL CO r C co 2 E n .. M 4 Q r ` Of r ..� Tr > C O co C V O In d C V :NI: 0� C LL7 M G C W p 0 o t7 P a w in a . C CI 6 CI or co V N (-4 N N N N O 4) I C C O C 7 7 t C C _ O C ' d N O O 1 a U U W O or c, ._....._ •r . > co M . O N / of o1 6 w O 41 2 C Z C .0 _ R d 1. CO ` - Q v it a E O M O 0 U n N . �, of a; of a o> e- CO 'C 0 D el I Q a N 7 N C C O M CO N > N N M > N E ® W O O O O _ O Q N M O y o O O Y O O • r r r ti 0 N O d a� 1 1 1 K CO _ p ' o 8 °° 8 ° X o x 0 N N C N y Lk CO r . LL 0 U- iii V a C C . - Ulmaa _ pi C N O O it) co m 2 +'' c Vl y O> LL a O V) 2 co cn co cr, • V X • V x A C X 0 N N O - O O a C C d C N C CD Et 1 O O O. c0 O C w C 0 LW To v ° �' o ° �`a m 0 I r co t7 CO ci)) 0 a = a to c c c m y •• 0 j co - it > u. > 0. 0 m = < = to Fn. Return (%) m ,rd 500 Index Signal (VIF : .< g0 co p 0 90 co Q •• N N N N N N 1 N CO ~ 0 0 0 0 D 0 1 o 1 N N p 8 � O S O ' N CO CO ^ 0 0 0 O O O o n o p, O ! o d 0 F. c to O O co D V 0 O co, 0 O N a 0 en = o d 13 + • to a) a x - a o a n m 6 _ a C 0 0 o E. cn co 0 a o D)' = m 3 « O a Cr 0 V) 0 X O CD m -0 R CA a t0 O o m o W ID X D) N cp 2 -< 2 -< 3 o o T1 CD Ti m 7 CD 0) no 0) a) m to fD X C/1 x (/) 2 -< o tD cn @ X • rn X d A CD l) • m m 0 „ 0 o mm o o mg x 01 co O G 0 ( 0 ( W (12 IC a 3 13 CD O m C) d N o O ... .Z) C - J G N N N A 0 - (O CO 3 m N ® X O. N p g O 7 a° 0 0 CO - 0 -4 c 0 0 CD 9 D) t - o A C 0 ..'O o N ^ N ^' N 0 ,- 1 0 0 N g A k - n - - G7 g O O ▪ O O =. O 0 0' M 0 0 0 'O M O N N N 0 d N 0-` C c 0 O-- C m 7 tl O C 0 CD co O 0 N N 3 a N '� (D ^ N D) m o w Ft; p O 0 W I Ca I 01 1 -o w o o D o o > Return (%) • • Return Percentile Rank i ca 0 0 5 0 0 s 0 • 5n cn cn N (0 - Cn < g - o N 0 N cn N 0 0 0 0 0 O T f0 0 0 0 0 0 0 0 0 0 o m °m ' o a - t o o a N F o O1 K O O X o a, a 0 N 7 7 0. c.3 x a, m �o x to o m z °: 3 z o ° :. 3 co 3 x O O = 0 Ul 2 x 7C co x ® c), o o m • 0 o N - m ° 0 x - • 0 to 73 7 y • N N - 01 y 0 0 N y j a N o - V 0� cn A 0'O 6 0 D N m a ID (T (T Cn .•• v o o) 0 i 0) V 0 3 < O N a '. 0 0 N 3 N -, = N ; GO O O N O O 0 �/-� C 0V Iv N M 00 In W w • 00403 N # c 0 - 0 .!i O O ( 0 O O 7 G_1 00 1 0 0 D) o O p) o o W Q. W 00 o �1 0 ° • � 7 N W ▪ W W � . W 7 O O .► N CO Ill CO v v • O Cn X O 0m 3 (° ° co o(DOOd •O - (n to 0 0 IQ su � I V .ZI A .P .Zl O O N s • 3 0 n O N 7 ( n co O 7NC N m o. a O O .fin N II C"1 � T MT 0 CD N -. o o A .... RJ W N r O 1 CZ a N ci. 7 AXE � zP4 _ 0 -g o x 0 O �y 7 e 7 Wa c iu) F� (M� an d Q m > co > N ° e7 rn co VC./ V y0 M a0 c? - r CC M � .. ets a> co G1 O � o � � � W c0 m CO N = MM L a) ° rn of of F ling to J - 411 a CO LL) CO V/ - N 0 ` n _ a ad N G D O C V L rn' CS) v co 5 N C C n co m - m L C W 7 N 0 0 - -) O N N O L O _ a O E E C - a 0 o c c € _ o J • N v N J fa O cr a • c� �v c 1 - 1 Co W N il d 5 0 0 0 0 0 0 8 " W O. am +) 0 f d L GC) 0 w . 69 «� w "A oa� 6 . o " ' W W � N M C C C o n v • y O N u m O 9- v 6. m d • d , N- 6 6 }'j C O • . ' CO C d 00 00 co - W G .- 0 0 n K �• } V N n 0, M • M y N O) - (h la a C D M rn v co CN v N N N C N 0 W r O f7 M 7 N N d a of of of E _ V o m CO N Q C) ., >- N oa CO C O N O S rn 6 _ C C m rn W 7 N Lo N (n V 4 e CO CO W G F F} F - F .. ) N 0 M iii u. N 0 1- 0) O C {"f _ N O N LL =a - 7 M U d a) 2 y j o � C'1 ,� M Q CO N O) (V r ul 41 0 pi w 0/ O n �. W O V . —_ _._.�.._. _.. r • O 5 ��pp OD O .C:! O v N o L E C O - L f� N N Q L i" L v o v u�n�ea n t O a C C V, U 0) O N 0 0 c � m 0 0 0 0 0 m o U° N 0) J y °'� N J tm • C J C J O Q' 0. - ti 7 O 2 C - co C V) • • O V1 - LL 0 it 0 o 0 v = v = - 0 0) Return (%) m ISM Large Cap Growth (% .< C g c K j N N N N N N N N 1 N r o N r 0 I • N N W W A co N O O 0 0 0 m m 0' m m 0 C A v E d m n rn o 0 0 0 0 0 0 0 t� p — f 0 0) e) w C/) ° 0 a) d — CD + ° O m t 'n ° o 43 0 t'n EU • m o • 0 -0 CO O 0 N o -,(F) 'n • ° 0, t D .. 3 m d o 1 O 0 .' CD 0 d Cc s 0 ' ° c C o o O 0 0, N W O) co ° co x -< x -< 3 0 so a, N I. 4 o X• 3 o A En, , o A m; w y 0 O° 'ox o ° w ' o — m c m < , . p co co to m x m m o, N N CO co g '- R Q O M 0 c a 3 S y V cn a) 3 m 0 = 0 • @ 1 m o _ + � < • _ _, o c _, _, 0 a X p O O d a' O % N C 7 O , 00a— O OD c A 9 ae O O N N =, O X N /� O 0 3 0 � � N • 0 o Z o o m 7 a' p -, o CO �. � • 0 CO ::: co o A y o 0 y Return (%) A 0• Return Percentile Rank - .Z1 v O A N co CO 0 , N C 3 O O 01 0 O O 8 0 0. y y W C 7 o N r- W a R. fa m ° N _ O TI m n o 0 g --o n Z O -, Z o g F Q _. 7 O 3 w .. o w m — A. ° aD D 00 D w pm j v 3 m ' x 0 N 7C co 3 0 ! N O N o' 0 a)) ffi A V1 o cD m � _. _. .� 0) 'p 0 0 mm . d.y — —— A w, .. 0 m V • 0 co 0 ao • N 6 O CO O. N CT 03 3 m o , 1 o rn 00 0 -, V 0 h O • f N co co O • 0 co w o 3 ° 9) 0 • co co co 0) R. 0) N o ° 0 o Wl v j o o O • — � 0 O • • p (0 w CD � y 3 Ill �. N 0 • TJ w »a CO -, to • o A ao w p d D. -,.. O v o o a O• m m ''- 3 O V ao Z1 F a m M n r su � ^ � W x rd 0 co W J 3r CO. M� J a to a a °° A O • w f9 O N p 3 G � z x a) o •' U N m m Q h � G) E O _ a V VV CL J M R O l0 0 L > ^ >N M c„J O o Ts d N M d M M L C G y CC 01 co I ll (6 Z V CV CV L x - r 4 � O ai u) d C H a O. Q 4t, ' v ci(-) v C1 ? 0. O. am r x :2 a p Q p U . < M c y rn N- M la x d�N 7 m IX , C C Q O CO a W 7 Z a N m 0 N N fa 4 z e E E v y CO U v C c = to (4 v M > U d a I I 0 as at L N C 7.1 ` O) • t y t d o 0 0 0 0 o C o O C C O o o O (O a 0 W ft W E cD , O N 0 Oj a - C C' CO f"- I- fA LL , N 7 e» c� u3 <n i» M h I. - r 0 c c m m y 0 d d Et R LL ' C CO LL 1 O n Q C 10 Z co M M ^ c) C O d;CN U N M 0 y W Luc N (O O (O C = .0 Q 0 o 0,1S) eo ao 00 O Z ! tD M a a (p (A M Q 0 a: 01 Z M ( M N 01 y y C C N O O O M .. M ... 7 7 a: r C O d . .o ' 0 } < CD 0 v'5 N N C 0 Z Oj W A N CO (O O O N 2 C7 co N U 0 (o (o O 1 › a) -4- I- CO rn o E d o w o CI CO O N N � S Z C 03 (n O Z C CO A � 1- p ( I- E • • ,- - - d N n a) . ,- W 7 ■fI LL7 (n G m -, v a C' co _ 7 a d 7 M W . ;. O N a C n N O c > 01 0 >N V L o v v to v Y M Y O o U • N ., - l0 O Cs r T _ '0 O O O O O O O U N t K X �' o O O O O O O V (6 U O U V x LL 2 v 2 N upniaa = o a) x O 5 u a 0 a) Z. 2 N C 3 c 7 7 O @ LL Q O lx O LL C 1- W ++ x +' x y a E x 0 F- 2 (0 •0 - N ' y (O 0 0 S a o = C = c T U.0 d n @U U 0 CO O m C 12._' 2 d U V v U o U Q . vi > v a d a d > tY -6 Q co m c+ - U a' 2 g 3 7 a. m as �a E �a ° m� R m v� 0 C9 > U 2 a me t ea c t0 m d •• O c U- 0 LL > c 1° LL > a plq (.0 IOW ) nn �o in C • W cc; a) v W Ce M 3C 7V A , p O m p O m c--s1 V V V a) p y 0 O C p 0 C 0 Y ° YM ? 5�N W as 0 0 d CO / a/- ; < \> It r+ O 1 a H � \` o U i-�� e� a ao ' cy 0 C) a g r CO o V � C O - 5i d O 7 N O O CO T T I C C 0) Cr) 0 a 0- ' O N O m w w o c To a) m a) °f o 0 E E 0i ca E E c c E m m m L o C C O m N N a) CO H H a gg U3 m S t rn,- m V _...__. .__.. « C O 1 "T 1 N CO ..- C O ° en in 0 0 8 8 8 • 4 d 1 -, 7 r ) 0 o O o W N W • O O L d � L y 7 t9 O K O K U 9 W W o v CO uO c c O O M CO CO m m co C E v N M co E y a) a ) v cn co Q er mu. m u . C C v. W aa) `0 `° r O v ui m m co v ( _- > a CO r O t v co ca c) o a) c C u- O co CD a a Ir • y y M n N , 07a- O) C O CV W N O O N C N )- M vrt VI' O O N n d) O) O N 3 7 'L c c it to 0.) U v- 0 g K w N CO N N O O C V N CO C 7 O ui 5 C N M Cr' k ,_ C C a LO O 11.1 i W 7 N N CO y 1 M M (Ii h N d N L )f) p m CO . U I ■ Z CO 0. Z CO O ____ u_ v N C H it O )o V O c :. 7.-. o m M Oo . a) O ix O N N C 0 O (O O) N LL m — m c+) ++ C 7 ea Cl _ 0 N O L T Q 1 7 `� 0 i 0 ;; 0 W 1 a ° O 2 C O ° o oo oo O 8 d a) o I s - O O ° e . N o cZ1 L 2 C d U O O > as Z. m . a .6 > T N 11.11110H W E z . 5 W U N m m o Q w • � w . W O O w C 2 a) O co 0 m C N N O. m o m 0 o a) P_ 4 y G) i ° o a. m Z c E c 7 c a ` � m C C 0 _ _ m 0) C !a ` y fa N a3 � N c y .c _ 1— F G c m c as To ea m m • • o o 2 LI LL ' G . U o - 0 a . o R (%) A tal International Equity( i w ^ j 0 O O j O �rn�p A (m O O C O O N � w 0 0 0 0 0 0 0 0 Xi 7 N (7 J it 0 Z O O _s '" N V1♦ O 0 3 D) 0) 3 d a N N w a a G o v N m m N 5 5 5 N -o +• o 0 cla Si V m m Cn m c o a) m . m M m m m _ 3 G m 0 m -8 0 o o m y-0 0 �m � 0 .7 to 0 .7 W 0) 0 CO 0 o. 0 _ .4 m g ol W a s w D) m d o ,. . 0) 0 -< o -< . c .. 3 0 •c y •< y O W a, 5 -< 0 cr. -- O m 0 -R H x • I C , 7 - I - I pa c o 0 O A an d o A m 01 o ... N J m o CD 0 CD -1 O 0 0 0 0 N y - 7 7 -, • 7 x O • N E • O O m • 0 7 O W N - A d J d @ C d • m N 3 v ? " a 4. • w c 0 E O o o - W c o 9 13. Eu, c — o W C N O_. C ,,,,,--0 a 0 0 m' .. 0_, A ...... a • m .. O . O O u... 0 vu, _, _„ N • N (1 - n W A U ) - 8 p O o d , 0 p) -• -• et a V 0 d CD O W C F O tO C f F O N O m a. o w 3 O o w 3 ;: _ ' a N 3 a o m m • w 0 p A o a 0 0 o Return (% ) 1:1 CD • • Return Percentile Rank 48 ° o a 0 o C y •• w A j N 0 -4 } W pp 0 V N N lt A O N W O A 0 o U. O U O W O O O CO G) o 0 0 0 0 a w w o C 5 5 —. v 0 5 7 FE; fD {Q N - cD N 0 O _ O O _ 0) N o) tO 0 cD 7 7 -. ' m a) 0) ta m m 0 rt z ° xi o z ° 71 � as 0 0) c c ' D o O '.1.) D a O 9 C . 3 •7 ,. O 0 0 41 f71 O r =, �.. 7 J O x O 1 0 cD • 0 Cu (Q o .... N 0 0 N _, g cn 0 V — W - A A — 0 CD a M. 'c 0 0 0 Cl) A O o . m a• v+ a O m A W PIt O O w i 7 0- O 0.' w p� m p17 XI a o J CM ID O 03 A ID co N C a al -. O O N O W O O C N 7 ii O F•• N 0) x °: o 0 v o N N ,.. O a° O N N O O 3: N 0 C N O o 7 a 0 - O e) 0 0 R! 0 e I 0 o O) p1 o W y v ... O W w rt CE O • D mo w 13 CA ^ w �» o v J 0 W V N -. e. 4, — m a) v �. au w Cn M O Vi N (o .. a 7 tr4 �u7 y '- v t7 ▪ w ? a 0 0 ,.. K iv O m O N f Oo O X. f O ao O N a .. j O CD co A x � . W O xy O V e ms,.f � 71 t0 A M 0 y.y m co es [ 1 n n co o A G1 ° :V N Z A 4 r _ _ _ .1 Z .:, >7 71 • o o m m O m N X co) 7 a 3 ` 0 Lei v F+1 {L l6 c0 a ` c 0 (r/ .7 Q, W a) > N (0 > N cn H Q 01 �,.) N O d O al 0 Q1 � M j c y Y M O _ . M _ C 0. .a. tt 1 1 ! I to Ic a r- a ca rn Q Qo N 0 CO C " c o oa 4%11>'114 C y °- d�N O O M C w T v- W c O) a) a) CU > O N d 0 O i E E m O O c7) d a U U 0 C C C z oa E - o °' 0 C O ° c C To a Q1 2 F N a) d a) > . i ! 1 .... co .0 C N .c C .c C • c0 0) CO y a) o O O O 0 8 0 ,- C C ,0 • o a O 0. 77 O O O O O W c O O W W G LO M N O 7 of ei C C a) a1 co E N E N ce t RLL } °c:', (O c.., 01 CO C c in a] 0).- a, M ` C os to 2 2 I ... V (D t0 C N d W N u�'� a0 m 10 V V 1L) yr c 1 .. a 0 O 0 r 1 10 (0 0 CV •c c N _ W [ c0 CO V M CO N - N N 0 ` 01� 0" Ncr C O O 0 ` ... 0 L N M C G _ N � O 0 c m.- CO V > > OD W 2 N 6 0 .0 .0 >- CO C C N r W O 0 N- Csi t) 0 .... 0 rn ...... O N C LL C r NI G N ` N N .,,.:r V p CD w N w i O1� s _. a) 7) a) 0 . 7 C N Z` M Z ` 10 v o N L F W 0) . � y j N N CO a 0 11 F- M 0 M V E 0 LL V CO N M d (,) O .6 C O 0. O. ca N N N O 7v 7M 9 o_ a, ' O i._ 0 > N co w ...i c N m _ c0 c 7 O I- CO O) N Y O - eh Y G c C • co CO N t r co a3 C • Of a 2 2 N 2 c LL w Q/ C o O o O 8 O O a (.13 O fn d N N ci N v v N ''.4 La T N Q w s- w o w uJ n�aa a a 0 W. o o co 0 a) > 0- E a) a) co a y y Q W cn 5 U > = > 0 c ` C > W 5 0 C 0 a O m 0 c 2 o ;, 0 ;, c z m d U) o m w n a Q ai E > a co .= c Et z z = c C m m z E 81 To °� ad °� O` 0 m - 5 0 5 a`) O c co v �' V' 2 H CD `,2 c c c`o c 0 a) •• E m F LL. u. 2 d C) 5 W _ = Return (%) CD 7 & Napier Overseas (EXC - I m fA o) y CD o 3 0 0 7 O r N N W W O O O O O N 01. 0I A p� j 7 L7 7 n p A N T O a O 0 cu m 4° i m Q d a w w , '. C • v to CT) _ CO 'C • Z 7 p) 7 7 7 N a. ° 07 �' »'. a bi m ° 0 • o o ° ° 0 v _ 7 W N C m Z ." N to 0. m O = < m cD m , -, < m n v_ C N 0 C _ w y N N o g 0 0 m N w rT O w . co , co C < W O 2. -< • O d .� X o a °'i W o G co w a ti a — CD O 1 X X X CI) x • obi 0 co - t r C n X A 01 d N .. m a _ - -4 W • ( O e cn rn @ mo@ x m m 3 + < o io x o_, ' o - g 3 o 1 3 a d Q DJ o �0 (0 0 m m o • W a • z o C_ CO N . N < W • .,� N 0D C d o W O c5 o 3 _ a 3 O A••mpp � C ° o - ' , O . -3C A o • O V C o 'co C 7C'O o . W O V a r O co a .� O 0 Of/) N _ _ m • 0 '0 co A Gi w 7 J a CD O 0 0 0 D o c d O O N -, 5 c) I O O W 9 , o O A 7 c f N 7 a O V C N 3 p W 0 ID 3 m N ^' 0 m N W . W Return (°%) m • • Return Percentile Rank .< — O 01 W a N O 0) a, Y! N O O V y O O c) N O N N A a ? 0 7 o O O O O 7 7 f0 CO 7 N o m n m Z $ 4 N 9° cu Z , I O 0 o ° m d co � , „ M O d C m XI Z 0 a) 3 Z 0 d C m 3 w O 3 > rn 0 .. > 0 0 .. m , o v, x c o o a i ) .< 3 O 3 0 o O O a o y co O Ca X - O o A c) y O N o co (D 1 w W O N m m 0 0' A d , d ' CO .. a c m ° p m a O xi o W 0) A w < -� o o N 0 W N 01 C w __ C N O) OD 3 O ' Ell O R. U• N lV o c 3 O O -• al N_ • 0 la N o 0 3 O go O v O W 07 V 0° rn 7 to Z 'co z, Y N� co ri (C/:;) 41111 • o to _. c C 1.33-- 0 ...• i 1 CO "cs O 0 0 oom of ' o, o� a w CD a 'wm o » m m 0 0. nC) OW 5'm W O �, m yy (0 co co a 0 O (C • A � • ti 3 Z S oo x > O N el ul W C M c 0 2 O N A Q T � CD N N o N O M V = x E `f c 0 ` � m - U C O O M N MM 4 � ° � a Q= c o 0 = En L Q) . m W 0 0 0 E"' 0 / O w a = 1 y O _ a y �J Q LL To S m ` m o ` d `n \ - - . asN aa- °' I Q 0 Q O '`- O 0 co ° rn m �! 9 N n m W O CO n pp� - M N d S N 0) 8 W G) C C E v E o ca o U - m c c - LL O rn O +( F a I a i • - t - f I - r °) ` to , R C O 8 8 8 8 8 8 8 C G f0 )O N m = . 0) G o 8 O O O 8 o 8 - W y O n n .- 8 R cn N O !A fI� O O N C , d c 7 vv in o w » w vi . r m 'n U K O W W rn � re v � ... V7 co n O) ( , y O) ii C{L ' RI , - .- W V co O N m M N O O O O O CO N- O 0 • M N N C C O o co co m a a m o 0 b • M CI O) n CO .3'3 N C O 0 0 Y -W V) ^ N N 0 C C N N V N O O . . N 6 a a co C N o :---- M Q y �� ,- N CO , C O v av CO } 1 N N 5 t N - C C C o 0 0 ) 0 O W -) N i ro rn a n 0 7- 0 i 2 w Z C v 3 ~ F H .- 3 LL v 0 CO n 3 • V N Ni M A c O N N 1 O O N u) d m C ~ o u A =v .0 =M O in M o + O >° O Ao (A • 0 0 d Q U cm 0 > v N o m= O m m c Q o �° O �� 8 8 8 8 8 S . a 1 '- 1 Al ( O b aD t0 V N o N 4) N O 0 p a_ CD 0 E C E C w nmea g a ✓ 8 V o Q a v i3 3 E c O C E a. X x 3 m X c o 2 LL u 473 '0 X X ` C I X LL co C u - C u _ 0 F F 2 LL To C o C o : •• o I- - ii 1- Lt. 1- a I- W ti _4 -I c -1 o y Return (%) CD Total Fixed Income( %) -< O r) O O ( O • • O -� N W A A . T T , m o X N g 2 V & N 8 2 0 J .'� N A al O N > O O O O T r ) � ' I (') p p O R a of CD n 0) a 6 d ° C • - a °- 7 t/1 T T a - (Q 5 b' V o Si m R to o c CD 3 m 0 3 ( N a s a. T. m o G 0 _ rt 3 e_ ( �� n . n O o m Na X , - 0 0 o N 3 3 a o 0 O a ) C) co co 3 t7) W o m (D 0 N ( ° o..� -< 0 O _, _, 0 1 3 o ry m n o n) m M m 7 4 O 0 7 0 0 N O = N 1 A (7 CO (D A N - C O (s. x o 0 71 N m to • N A m g m 0 (D , co O co O C 6 .. N m 7 m e l f ° a a r 3 • m W • V3 , , n 3 X o . 0 • o O V 'O m t- o W 'O Dl c O r a< ° O A c �� o W c A -0 az 01 O a— C CT ; m. N N •• 0)) O _ D N V 0 .. • N (O O a 0 co ' 2) D p o co 'c 0 D) O N W < 7 i c xF 00 a' , O co C W 7 = N 7 07 N N O' co -o N .. A~ 7 O. N ,c 0 N O M o c 3 a. I m (D m co o 6. 0 o A D D CD cn ° a $ o -) a W ° o ( ° a y ° o w lc Return (°i6) c) • • • Return Percentile Rank i W w W d A a •• 0 0 0 0 0 0 lid o o _ g ci o ii p O O iii O O N O O O O a 0) E N o T T a j T T a N 0 „ ) IC _ O O. a 0 7 = W -, 0 ( p 7 0 7 7 ( O CD O _. O O N fD W K Z O a 73 t Z N N O (D 3 O O 3 Q y 7 7 0 ) N 01 O N 7 O -< N _, G. O 0 co al O V (D c a) A A d d . p N ..-. N ZI (1) (A O O O m V O m ( ( c E" G O co 0 N -- 0 • 7 m N O W . N 0 • d ° _. C N o N 7 N A W O 3 N� =a N 0 • - O W m O m "'. 7 N .» O (On 0 O W . 0 • 3 rn 0 IP cp co a ° CO cn O ^ N j 7 0 • N O la N N N451.< o :•4 N • W W O » m E - O A N O o 0 0 3 • 0 • ° . 3 0 O . ZIF N .�F V O O 0 • 3 X 7 '7 7 C f0 Cr t7 co ( x C m G W O ,„ N ' ; Q (D o N O O o ---• p O • O 5 X O ° N O � ACD > oo 8m ^° N = M 7 7 7 F.4 g' r "....,•e 7 { : I 1.L I. l00 co l 6 o co _ I / Fhh � � MM � 111 i y 0 a) > N O > N O O) ,- CO LL V ✓ 0 d y 0 _ y 0 C O .... • x i M a) `M a o'ON 0 0 , .., W 2 0 0 0 1" d 't CO 0 y 0 a E N -° ic....... o co \IN.\ 0 0_ m E .5 �w 3 v m v U 7 N N N I C C � X E E a) U U o o 0., c N Iii c c N E E E CIS co 0 O 0 11110 O a To To d H F M N a rn,- co 0 -- O N > a) C 0. V1 LO M W co t� co CO O CO 0 O O a) y 45 N = 0 0 0 O O .c d 7 .c 0 E S N o U A A A f9 W W O M n O) C C w O) W ` O) a) d } C O EN Em O LO O N a) N a) (j pN h O h c0 � j 01 LO O) C V o R LL ' A LL d' M V W D 0 0 0 C C R )a N W O 01 } M CO V a O N r M N6 co c c c C O .2 3 0 m co‘ m rn a a d' w C N 0 0 M n O) N C O P') co N CO W 2 N N O) r- 0) co CL c c ® T )O N- O O N N V' LC) 3 3 6: .- 0 Ja fl 0 c c + o o Q m o o c E; m U 0 f/) rn °) C cc) a) 0 >- .- el LO N 5 z N N V C c r` O) )O N p M N R W' a1 01 CC Q M C w a) d w r- a) 0 W co o Ol N N co m K © Z C - E. E Z c v Lo NI F r I— a) IL O V 1.. M N V N a 0 0) U u a) 0 Iii co K rn O U LL M ® d 2 M O) Q c V C 7 co <6o as N A o O Si 0 O ' N t0 ^ ' CO) CO E r N 0 o O Oi ` O o) U 0 / t6 c G m n ° o ° o O ° a g V () co N O N O N N a) CL- N VII O E E a) a) LL uJ n)aa o v c c 0 a) E a) O 0 0 0 a o a 8 u) m m E $ c U c _ c • ( x x O c a T LL U .O X Y C • O C a) COI o U 0 X LL LL ).5 C N y 0- Q a) E V V 'O a) • 3 w o E E Ce > w co o 04 E co m E m E C oo .- oovi co O o y t0 C 0 C 0 F F 2 a 0 C o co o d . . 00 o H- it i - i. 1- a 0 1 = -I = w vo! o Return ( %) 1 1 Domestic F fixed Income O p� — O _ N ,-.• -+ N N N W W CD iii o • • N 0 (,� O N A O) co O N 71 O O N o p Si O @ O )) A O) CO' O 0 0 O O O O O O O 3 N Ol 3 N CO n N 4U C 4- O 7 m cn m to ; v v ° '° 5 T rI. o T - 3 3 rY R Q 3 T R e) T R N m Oi . = m . G (D a X a 0 C) = m v ° N (D 0 m 0 O O N (e 0 N 0- 5 N °' 5 N T T . " tQ m o 0 5) 8 m N X < 0 3 (A 8 3 w a s o "° CD m m m m _ 3 • m m m o W a y N o ... p ° 11 x • • 3 o su y O m A 7 0 A N m m 5 ° . (D 1 -4 a W O O m m O O m 'D) x N O (.71 (.71 O m O O O V O N ^ N m o f1 ° N -I 7 m j m N a a rn W- N m O )) A •:. n 0 ( Co O A C 3 ° o ri • � • ri O N o 0 CD C ° o w � m C m O N a C d7 A O ( (0 0 a O N N Cr, 0 0 C o .. N N N < O cp O A m 0 O . m O N aD M. 2 . N a c \ O cn C . 7 O CO C m 7 O N m n m N m N o 0 A V D D Return (%) g • • Return Percentile Rank 0 0 0 0 I • A / O V O Oa W W c o (i' N A A Cu N O N V 1 ^ O» O cn N 8 O UNi O 1 . O t0 a) O Q7 m m 0 0 N O N N O O O O 8 r� a N CM) ° 0 O O 7 0 0 3 3 N 3 3 0 CA m m 1n $ m m C) C) (Q N N 92 `„ T T . 3 7 7 X' X' -, d a Z O m O Z d O d d = n n ° _ D m o° > o a 3 8 8 • . 3 3; 7 7 CD (D AO N O T O "" O -, y tr N 1 rn ,^ A N m or 13 N m ¥V 3. A S O 7' w 0 N ' • A m d , m co -' . = G a O V p - o A C m m m m 0 a C 0 oD V O 0 0 0 O N 0) 3 C N SA C ® o O 0 N 0 0 -. 7 De N t7 N N '' o N 0 3 N —I - o co o co o- z a O 0 aD rm+ O (0 a. o N M m raa 0 V 0) 0 A m ` -- 0 7 m fi ti W v ( 0 C • to 3 A 4. G Co 7 7 N CD a N N N < o o ' �. (0 O w . G x1 O CD n W 2 0 0 N o m , 17 Om __ 0 7a , - c� 3 x �f 0 7 V N O m ;' 0 O 0 /+ ^ (0 N p 7 0 A 4) /`I 4 , (o al x w co W F 1^ m 'E , ( O. CD a a (n � m m W o o A W N O o N O < . Z ACD * a x CI) o IX • C M 7 v 3 v C0 r ) 2ii CZ U O C • d d M I� i f -- 1� � C O C:0 x E o a �N w e 0 ao -',/ 2 c 01 m W u N ) M L. � j 0 E 2 0 0 0 O CO , r z - LL LI 43 ci 11 . e.. 01 o. d z z. C d N �. " Q 0 Q O 0 c E NI G7 - O O o M U d N C E co E d o c, o N x C C C 't izi $ _ F3LL- a d o — > rn� ++ p c _o co o o o 0 0 0 o N 0 d E o 0 O O O 00 8 W y N O O O L C — L c 0 e> , 0, iA 0, 0, v, oK ox W W N V } O OO u) N u) OI cy u) N re CD • 4) N a) C N C U ( LL ^- ,- C V O N P- T W d 0 0 0 0 I CO CO >- CV N 00 co MOO CO Tr 0 C) N N en y .. c o M CO .0 .0 N Q O V O .v M O O r ` O) .- u n' . N • C) N N C c — G o O 'n N W A N N n P- 1 re co tr) c c : n 0N 0 0 • 7 = a a T c c o U N U LL o U M + V O ` O) � N L • C) N N C N d S. 9 c c O N C. E c "' `° o m m � - �, m n L. 0 v m m .1-, C CO Z c v p LL v CO r o F F f C) N N M as c p 'O N y : N E ,- r - cCa T V L 0 I ... Li L C) ) N C C) C) 0 C.) (a 7O .0 c_o N O O } O O O 7 tv G . � O O co fn d > N co 0 N v O = C T Y O O Q ` O c0 U 0 O = 1a 0 0 p ._ y6 > N 0 0 0 0 0 E E C °? C a) C y ua nyaa c c d o CD 0 N v U 8 Q CI 0 d 8 c E CD E Q x x ' . c ai c IX E IX .0 0 ii ii c m ` 0 LO X N X L V y4 X LL vi it co LL ) • ® 0 W • cn CD Return (% STVY Fixed Income e%) O 0 i Q N y N � N [J j /^ '� 1 O N A 0) CO 0 N T 1 T U) p J Ql O O YI 0 0 0 0 0 0 O MI R N Al x m 0 �D O O O a) a a Q A C • 0 7 a= (p a 7 ('n j T m a - to D3 7 b 6 i 7 8 St m m 0 o o c 3 � cn 3 m y as m m o S III el et n 8 7 ° ex, CD 2 o to o ° N N CA 3 3 v _ cc o O n V 3 N CD to w v 3 ° . .. -4 0 g N @ W O p co 1 I - co 0 0 m ii.): o o r2 P, 0 N at O J a,. o a, a A - m .c` n (O 10 , a to ° CD F 0 rr u , N N N W N y ^ ° C J O O C o() O. D) O CO N o. j 7 ...... 7 d A W 2 2. m O • - m 3 o N 0 3 0 ok X ° f a. 0 CO c x o - , c 7- a m 0 •• c 0 0 a) :°. o rn :: iD _. v m g m 0 m 0 m 3v a cv d O - CO D O O o O ' d 0 < 7 • O i ' o W c x' .CO CO 0 - c 0 0 Q' 7 0 = 0 V CD = O O m^: 0, 7 N m a c ° 3 D) m 3 m N N ° A o o D o 0 D CO O 'O W O o N N o 0 N.3 y Return (%) ®� p Return Percentile Rank •• A O co O N C C O N O O g CA fn N 0 0 0 8 O O O O O °XI D. 17.‘3 t I .._ I T T t 3 T T CD CD Ri � . (1 3, 7 CL CL 7 f0 - 0 7 7 0 0 1 • CD rn O o a f 1 CD CD n) O O ` a Z • O) d, Z A » D <n 0 0) D Co G .m. -0 rn 0 0 • °— 3 •< 0 • D 7 7 • Cn .- 7 -< O N O • x 0 N -, 0 0 0 o m - (C 0 � • crt XI k co - _. _ 0 _ _ 0 x Cn O O M cT A O 0 co O C G O W C N °. O • 3 m a� . 0 • a N < m 0 • 2 N o N o a o 3 O• C CD OW :,'.0• - O 03 - -. co o o w l ^) O A 0) O C SC Co ta - 0 • o 0 • - ,� W N O O • J 6 N N N< N \ ° N 5 �0 ® • A A CO r O d N ��, W M C O tO x 0 D = 3 ° C 0 • F O� - �F �F cDO - z`0 • 3 X 0 co - F a (r W R A O M N CD t 7 CD L I, o . a r ' o / _ T o ..:62-, a O d c > H " t a ao z ✓ N > N Lo > N A M i O) e O O C E LM - ` on r w, —? cN g CO E 0 a O 2 10 0 5c s�g • C7 C c v M W 2 2 O o O N N d Q �.� 0 v • s a s N ca. 0. Q O Q 0 0 o co —a i= D , ' C O 9 a N o w .- C C O N W' a i 7 a) v c co a) N ca a E E a E • M 0 C F u c C CD CD CL a) I1 ca P, o o Q 8 M E -> M N O v C O 7 .q E» i» in o s N CO . M O ` ai V c C W a) o r a1 d c u) M O O o. O c. W LU 6-N. co u) 10 u CO to • ri v v c c • m and rna) ' m a `rn.- 1 c ' c 0 N (O a C N ca m N a co V t7 r C V N O O N M M W D cl N 6 O I-- V Ce N N ©. M 0 CO CO � co C G o O a a y - a . r _. O a O) M CO � � Co • N � y N C W o o W 2 O d) C co v C O O r O .7. a 0 a N j s- n to R a a 3 O ✓ 0 c M 0 0 m 0 C m VI E p L LL n u ) v G O <- 0) r 6) ' C O d 9 N d I- m 0 V W c 0 0 ry y M N W + 0 .� N (h Z C r Z C Q 1- 1-- .,- N '7 N N m a t a P . a as L7 0 v m F- - v a c 7 M c fn c 7 o as o o o o o uJ nlaa . cu 4.. > N m . • >N ,n N N E R Y O - Y O - U) co co 14 T u m ps c5 mo F N 4) as c � o G � c a 6.) o Q co 0 a) 47 0 CO CC CL 7 a m N . 6 cn cn 71 co 2 v '0 c a m = F c H cn m E z m LL LL CO a 0 CD = W ? -o co W W .y Return (°k) J STW TIPS ( %) - 1 C) C7 m � N A m ^ ' Z.) O W O t0 N 73 N W O 8 O O O - ' O O O O O O O O - 0 -0 n L EF 1 C y .�• C y O� n (6 A O C 7 in Gi in cn 7 v 1 a e -. (a C c b a, C y d 0 c n d a O 3 m d 0 1 A • C O/ N co in Il 1 O -I (D c m (A a (n t " a, 1 w c O co cn 71 v 1 1 A N Co c m O N mN O-• rn m' el' pp N Z O O R. O CD (7 x A C Ch w r, m CD m N a CJ, E a W w� p N A CO 3 <. .. C A w j C • 7 6y - 03 00 5c IV - a O 01 N C W .» N o 0 C 0 ID C.- p C O CO N .4 O W A w O) (D N CO V • 0 • O 0 01 0) A < • 0 3 f 3 6 -1 0) e1 a u , • • O 0) D 01 O O 0) cy W N G1 M.• e) Cl - O m C) 0) C x f OG CO C x ! 7 3 CO 0 O C • O O fD 7 O A A 7 N 0) 8 N O Cll tie O o o D o O D_ Return (% • • • Return Percentile Rank .< O in 9 0 0 9 c l 1.) a W a W A t A tpp / -, 8 1 O N d O N = t� • it N W A ( W V I N Cn O N 8 CNn co tt) (n W 0 0 Z O O o -O O O o. a fri co 7 v - C C 33 N W (1 D3 $ _ o x 1 0 43 to R, 7 7 al A • co C rn 7 O A O c a y , 2 o 0 (D z ° 0 3 z °; 3 'Z 3 c O x > 01 0. D w o ° C 0) v O O ()( 7 7 7 -{ O F v A tu (1 ° ca CR , @ C N C) a - . I A O O _ Ol R. O O O 2 S O O ' � = m _ tl . • (O w m N N •�. D) 7 a o O A O, O 1 v Ce p c, XI LI A A co to a 0 O N C CO C E. CO O O C N 7 5 . 7 01 e S O d O O * p A o o N 7 m 2 co • O II 1 N 0, N mo w O N a �+ p N O 7 _ a • O O - O Yl O m a V 0 7 W H v L N � • C/1 CO r V N O a II �J A< 7 <l, 0 0 01 w 01 01 ('n 0 V- = 0 A W N O ya (O . cD 1111111 3 0 W N xi g t S W N XI 7 3 3 /� 7 N co O CA 0 O N ? x w W N x 0 m w O (D u) o to cr ►.I J C. a O N - 0 1 co Le O PCJ � N O < D a z Ate* Z C , 0 .5 0 " O 71 8 <r UL) (1) 0 ci a 7 OP 0 OD .. i x c e 2 7-r F 7; vr CI n n 10 0 .. --- r- . . a •- 01 A = o 0 .0 .... -- N- a) CU •- 0 . ell 0 r E LL ...., 0 .. T a, I 1/4 0 — ° ■_. < 2 Y., cu -, • --: O 0 co 4-, 2 E '.; 0 (1.9 d% a' ,- ..." a " 1 . a ..... N- < 0 <0 CV - 2 C").3 o a3 ti 'El C I 0 0 0) E 2 8 0 I1J = CV LL _j 10 E sr 2 E oo o sr E C TO < 8 - (D a. - '---:, ' c > f 1-, CO . — 8 . 0 8 a ID 0 o OD s- w e Csi CO 03 0 0 9 _ 0 .c 5 . ..c a , • ...., z •;,- ,7, ,', zi; 5 Et 0 5 (.) X ILI Ill NT I .- CC ›- ..., < ‘- VI C Z cs i c ., a) el co E 61 E u) a) a) , a) a) , 0) 4) Iiii 5 ils 0 , 0 CO 0 CO U. CO U. C N- C CO , > 0 CI 9 0 2 2 CNI LO 1 cii us lz F c ›- c o I 1 0 ..r. ..0 I 7 0 , • 't :2 ' P c . .., 0 1 R- 0 co co b b c., u) lio 0 0, c4 0 co C4 U3 C) 9 — LI ' i .••` Cs/ C■i ; ,--- 0 0 1- OD C 0 0 0 1 Cs.1 10 CO c 7 SD . 1 IIIII t CV sr co c 1 u, ,- C3 .), t 0 0 — — c..) Tr ci ,- co 0.4 I— ›- CV .0 el iii Cc) U. c.t sr CO Xt 0 v.) e 1:3 "173 c a) co . Cif ce z c co Z c 1 - a) '-' 9 co ' it a) 1- CD • 1 .- (s1 co E o 0 x 1.- u a) 0 0 0 c a) 0 o - E) - 0 0 0 0 o 0 0 o - o a) c.) 0 0 r) a) ,-, as WI `- c cy > oi co u. > tx to ra uinlati 2 -c) (a ca 2 13 N - as ...' ..- ".. 0 2 - F l a 2 op 0 0 0 2 0 0 E TO C 0:1 2 - 2 8 -8 03 cD c c _ a) 0 0 c 0 E E 0 2 cl) 0 0 0 0 :ro 0 11= 93 - 0 .o 8 as E cc E 0 = 0 0 C T3 _ ca C C 13 C CO 0 -0 O 0 L 4 0. 0 r) / > 0 .15 11) LL OD ,- 0 CO U- CC DI CO in co cc 73 To = To 5 - E a 7i, Zi. 0 2 0 To .o 0 0 0 LD a 0 .0 O .— 0 1— co 2 0- c3 0 c.) 0 ID E ° 2 c ).. • 0 o - di (1) 0 F- CC To W C o W C 0 il I- Li= 1- a. -1 _ -1 x v w CO p y W p y Return (%) Total Global Fixed Income (% .( o 0 C 0 m O I •• - D n, a m CO ' 1 O N (T V O _. O O XI D G7 W ° O o ° o o ° La 0 m • m - m m cu a, D co ' c • m Et ✓ m a .. 1 , m a ° o C CI 0 � o c • Q y 0 Q rn = co 01 , cn m.1 Q CD • p 0 c) 8 n O N (D ° p 3 (1) ° Q 3 y 7' a m O f 3 °_ 0 N N N (1) W G 7 5 7 CD CO n m O -< O CO ( N 3 ' u, fD d Cu fl - -t W O A Q CA to O 3 4. m d a o m 30 - co a) g N m 0) m x x j 3 L A 0 a X W m S A Vi 0 o M1 -< X N 7 m -1 -I a Wes o gi o a m § a' c, ° o D a x e m 3 - S _ n s s x x�o_ CO v W . m ! 0 C * a . ,-^ O Oa O CO 0 ag a .. — h ,..0 NJ W V O ,. o rn A W O) < To p r .- N cp W N w O. O' O C y 00 v d 0 o v. •■ 0 ° . _ m a. O D C N 7 o N i e) 7 .. .. f' ' A 'O co U <') -0 W Return (%) (0 • • Return Percentile Rank .< CD -te o• N N j () W A -^, CO O J �(,�t, N W m ( O d N O W la O O O N o Ot O O 0 D 0 0) D cp o o ... p D °' 8 8 8 8 8 F a A s o v n $ m o C 3 0 3 ° o D m o m =$ 0 m o ._ CO O a 0' N Q C1 r °' 0 (D 0 7 R A (D 2. d 0 S Q co ee ° 2 0 7 a a ' GI v o0 °� ai O M o g • ® 3 m 3 O 7 o O o 3 CO o 01 Z Z m 3 z N W u ' N N_ t O x D D p m D O d o o ° .. .� a o O O a co i $ O 7 7 g -. N .a. y it cat (o o O -< R- _ a W A u, 7 01 Q o. F O X 0 X fn . N w O 73 7 p_. ;(I 7 a 0 W A O a, z .d. m co . O . e/ a. O -4 D p n) (o O 0 O N- O g m • a- S. ° ■ rn a N ' 0 3 7l { 7 n 1 Il v j z co III -. W O. 0 i C N w D 7 ( cn - v, » u, — O O O N a O Z tp „ co (n 0 0 3 sn O D S O N 1110 I N 0 7 a O 0 Ao s { o o �� W W al c , ....1) _ J 7 _. M (7 ...0001.- co (n a z <= $ o � N O • O 3 C o � A D 0 O � 0 © w �f v w A£ 7 a t7 •t 0 • 3 )-; CD n _ Z to 7 W N • 7 Da O O N n ( D co 8 ( O o '� N • W 5 N 7: Ct $ >` o n tD O > < < • x Acp * • z • a z. Sao � < �� o q C a M 1 OO o 10 0 0 `" 0 m h d - N O -- N O -*/) ^ C Y 1h M O / , C O M 0 co al LL cy N M d � O - M �l A 10 O.) V i"'1� L Q1 1 `L O O a) 0 w (1/4c1;00•4114 Q. Q - d i M N i a a) a d N w C L a C Q M 0 cu O a > ° c o N LL B rn .- to O `� m wco To a c c v 0 CO ✓ $ W O N n N U O d C 5 R N (h a C N V t T C Lo C m J a' m O m o m 0 o 't 2 0 d m 1 -- Ox O K 3 �, o o C s ° o O p ° o Op`� W W E M N ON a pi u N CO O C O CO 7 eo ve � (A N O 0 w i» C C d d E H Ev, n (a LL ' (0 LL >- >- v cra a) C C 'O Q a n R (a 2 2 Z N (7 C O N B I L N a O n co C O Q CO O C.- O O O o Z co (O N 7 3 a a in } m _ N co C *- i • C0 M N M N- L r) C C ^ O O Q . C ` O] .�- U LO N CO N N a .-E N • (O u7 C n LO CO C C M Q ui C R C O O N N N U 0 a c Y 0 .0 c) • r O v (O CO V' P') CO N r N N N N CO C v m Z c H CO O Z c M$ H M H LL o V' ( a N a t- • (D () �• O) r a) « C O 10 0 ii E _ ... W 7 7 co co .. LL . . V N N a+ C K y 7 M N d N N Tu O V N ; O n E N N Y o co 1 - i 0 co 0 it 1: c• O E N C.; 'a o ° o ° o ° o ° 0 c c) NI X 0 v c. q cu X c a.. r LL — Y X d X wn;ea a X Y c ea — a a - m CO 0 0 a 0 a c o a 9 c O LL c 0 c m m m c o U 2 O LL 0 LL - p -0 LL m U O ea L6 E L6 E N c c7 E E c (L) y = i O O a O U O • 0 C 0 C T tG C t C U N >+ 0 U c N O C N J Q. O T N O w 0 w Q >` w J 0 N a) O > `� = LL is 8 is o O U < o c O c O O am 2 c- O¢0 U U U o C C M y • •• p 2 m LL d LL d d V a v_ v_ ? °' co co 7...f. Ret urn (%) Diversified Income Fund (PDI -< o D 0 D o . •• O N 0 J O O O O O xp K 0 M y cf Co v 8 8 8 8 8 o co m '• w � n) ,2- w it: v 3 r - =i r �i to e) O 0 . a r. U in ! coA O r o 8 o 8 w cr ▪ 3 - 4 cr o- n 8_• 3 0 0 c' al * D' m w t7 g a ° _ 0 W , W C -< to 0 8 o w n w a A m 3 i. _ 4 0 0- 5 n - W w n CD co M p y p y o c N '<, 1 D • 0 R- X x X 0 o . ° T; to - CD v o m , 3 to • Cr R _ 0 m 0 m X m 4 w 0 X x 3) p 0 3 to - n v x & R. 3 as co N m pp A -< a S o 0) 0 -+ i a . o m m o w rnm a A g a 0 o D 9, 0 o w ' g °' ; 3. co I A a a r R. o- - V 3 e y 3 o g ID k N - cn O b i 3 m o - 0 • z c � � o a C c N OD $ O N a — • O tr v N . -•1 CO CD o - CT w A CO < CD (31 t0 w w 0. to w Of M ° 0 n f n3 0o. o - s e o co m 0 o to m oz o�a"-f N to 0D m = oN -. 2. to 0 m m m 0 0I w Return (%) el) • • • Return Percentile Rank -< I O• N N ca w CO A / - /� 0 N O - 0 0 0 co j g ( •n O u o 0 oz 2 oc , > °_ o a ° 8 8 8 8_ co oo D °o co m d D n ° • m 1 t Q E, m O N a 2 N • m • O 0 r N - 0 A - fD Di •< to ;t O 0 .< tn . � O a co • Q O �_ a '-. - 0 7 7 cr p 3 N 3 �F O co 71 0 � ;0 0 w 3 W T 7 z z m3 z , 0 m 3 co (0 01 u, o ° � C `�' O x D D d D o rL d ° o. a o' 7 - -7 - 0 t-, O al s m X - O -< X A o G `� d .-'°" x 0 - co N a • Z as w w d m a 0 ` "' a0 0 ✓ D 0 o , c n p j a' E l 0 to s o- „- - 0 3 xi o A o V j Z C * f O N 0 0 Ca D 3 w- . o M a ° . o - N O Z. 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( N o C c a - c N N E a c . c a) C E C p o w m E 0) a) a) a) -- ._ -o a) a> .-, a> m o c E vc° a c � � =I- c �� 0) a) O O) m N 0 m m ui c 0 U -0 -° U E C N- ._ 0 u> 0 m -- d O E U O E a) O o c a) O N _ m N - O O N CO N m p U) U e " 0 "O ' " N N ` o .9 a -0 ' � O N N O ° N N d > N N L_ U N 0 N n n CD a a)N a)t 0 Yn� a) O m L a c L= a) O t N a) "O L L US L a) .N x > Z C- L L I �1 L 0 • co 3 0 o CO Z 0 N O O CO 61 FD O O O O N fD 6) O 1) y 0 nn a -1 ° pd Woo O P N x N`t ", �z AQ 0 C14 0 „ �• 01 O O 70 1 Cr ori 1—L co) L,.) o o� N W „) CD 01 r; ti. \ I 0 0 SID siapoigog . . awoaui pex!J amen aaponios Schroders A worldwide team dedicated to asset management Focus Schroders offices • Asset management is our sole business Investment offices in blue UK Asia Chester Beijing Shanghai Experience and independence Edinburgh Hong Kong Singapore Guernsey Jakarta Sydney • Over 200 years of financial services experience Jersey Mumbai Taipei London Seoul Tokyo • Founding Schroder family still controls 47.5% of . oxford voting equity Resources '"d►~� • Well established teams in all key $ , ` . $ * investment regions , r b , • Over 400 portfolio managers and 4; analysts worldwide :0") • Over 3,500 personnel in 27 countries Europe and Middle East Financial strength Americas Amsterdam Madrid Bermuda New York Copenhagen Milan • $464.1 billion in AUM globally Buenos Aires Philadelphia Dubai Paris Cayman Islands Santiago Frankfurt Rome • Over $975 million surplus capital available for Mexico City Sao Paulo Geneva Stockholm Gibraltar Zurich building the business Luxembourg Source: Schroders Statistics are as of June 30, 2014 3 awe**+* w+•.+..nw .. T r�1 — .�..e.s •seoueiswn3Jio Aue Jepun uoiinquisipeJ 10i ION 'Apo asn iueosuoo pue ieuogniiisui '/ueipewJaiul ie(ouewd Jod siapoigoS s sn /woOslapolyOS'MMM 008£ - 1179 (Z lZ) ZZ001 AN •NleA MeN 'anueny pnyl 9L8 out eouawy yJON )uawa6eueW luewisenuI Japaiyos (pe ou aspic no sseiun) 102 `pc iegwe des jo se e }ea pund jsnal uo!sued ,saaI46!4aaid Iediaiunw goea8 uojuIog APO :o} 6uijuasaad ewo3u i pexi j amen Japoa u3S Table of contents I. Schroder Value Fixed Income II. Market outlook III. Portfolio review IV. Appendix ...thriZchrodecs saapoJ M pexui1 eoue,nsui pue swipe/woo sepnpui iegip asap lueumeAu! ,(q way s uesada, sled, .plos lonpad Aq ivy swese,de, eiea # .sJepagoS :aanoS 001-110 luewa6euew UAeeM • Jol3es -ilInw pegoo pue ueedan3 • upeio lego19 pue ueedoan3 • lassy !on • sla )1Jew 6ui6Jaw3 • Apadoid pue se!Hpowwoo `MAO • e!IeJlsny • awoouI pexi3 • elsy • Sfl • sailmb3 ■ ost Lz %EE %LZ % LL t o 'OE aunt bLOZ `OE eunp Wfld uo!sinia auaoaul pax!J ug5'£0l$ #WflV lelol uq 1. luewe6euew apun spund awooui pexu siapoauas US Fixed Income team Karl Dasher Philippe Lespinard CEO, North America CIO, Fixed Income Co -Head of Fixed Income Co -Head of Fixed Income US Multi- Sector Fmerying Market Debt Andy Chorlton Todd Jewett Wes Sparks Rick Rezek` Martha Metcalf Jim Barrineau Neil Sutherland Dan Scholl Ryan Mostafa Fernando Grisales Julio Bonilla Susan Beck Chris Ames Alec Moseley Eric Friedland Dennis Darling Denis Parisien Lisa Hornby Eric Richter David Harris* Lyniese Patterson Jeff Connor Fundamental Research Investment Directors Product Management Dealing Dina Welch Annette Nazzareta Team of more than 30 credit, David Harris` Julie Mandell Steve Sciaraffo Mina Shankar Team of 6 dealers securitized and municipal analysts Whitney Sweeney John Mensack Chris Tams Scott Dow US team supported by more than 100 global investment professionals As of October 15, 2014 *Rick Rezek is also a US Credit Specialist; David Harris is also a Senior Investment Strategist 5 :a-7; siepoJy3S 9 asaaniun apea6- luaw}sanu! peoaq ay' woad paaanos ale sei }iunijoddo `uoiiisodwoo )1aewgouaq Jo luapuadapu! s! uoi }eoome oilowod • suan�aa sanup >ponnaweal opwagi wie -6uoi e u!Li inn amen uo 6u!snood • 6ugsenui awoau! paxi)L uaeoadde papluaaaj}ip pue ajgeHai e si luawa6euew uoRoinuoo y6iy `pau!eiTsuoaun • sejdiauiad 6uiping awooui pexu anion aepoauas . fi Schroder Value investment process Analysis at three different levels shapes overall portfolio construction Valuation Valuation • Historical relationships drive sector allocation • Capitalize on market dislocations • Credit Quality Technicals Technicals • Analyze supply /demand Fundamentals • Sentiment and positioning Fundamentals • Industry and credit opinion • Sector correlation Portfolio % Construction Portfolio Construction • Benchmark agnostic • Duration Neutral • Spread Duration • Positioning for inflection points 7 6 LOZ 'OE aunt to se 'siapayos :a0mos s6ugaaw auo -uo -auo alarm yoiynn Sbg jley Isai1 ui speluoo i(uedwoo 699` G . }oe;uo3 4uewe6euew }oewoo iuewe6euew lanai ON salemioel siepoiyos esigouea; k;inbe 6uoils . 17 to lieu la m ayl ui panss! spode.' yoaeasaa iipaao Eb G' I . slepow yoaeasaa iuewlse ui ;o 6uueys snnoIIe esegelea iuewlsanui yoieesaa iegolD . alaJ b lOZ Ism. ay; ui s6ui4aaw paaeys 99 • �( eue ,Qinb sjsA�eud /( ;inb3 s�s IegolJ 3 �qe uaanniaq uoi�OBJalui �o !anal y6iy :sIsAleue 06 ueq aeon . sionssi OL -09 s1s!suoo asieniun e6eJeno0 sjsAieue yoe3 • sjiadx3 ppa.i3 paouapadx3 spunoieveq 6uipue -weq pue Aouebe 6u4eJ ssassod sIsAleuy . SWP01. yoieasal A4mbe pue oioew ' ;uawe6euew oiloiod y }inn sieulJed . eoueuedxe abalone saea�( weal ;ipaa� E l :suoi�eo O l :s ;s�(�e pE uey WWI sseaoad ano uoRepunol aye s! uaaolleid ipmeesem pen peaanosaa -Dann y goJeaseH Lpewdde saapoaups Schroder Fixed Income Research Deep and experienced team of investment professionals ortfolio Manager Market and Sector Research Investment Grade Credit Research Securitized Research Tax - Exempt Research Annie Ao (HK)' Carter Holloran (Ldn) Daniel Pearson (Ldn) Tom Hoffer (NY) Philip Villaluz (NY) Asia Europe Europe North America North America Financials Consumer Cyclicals & Staples Gaming, Prop., Auto & Cap Goods Securitized Head of Municipal Research Tom Cha (NY) Stephen Hunnisett (Ldn) Charlotte Peat (Ldn) Sunny Park (NY) Emily Kelly (Phl) North America Europe Europe North America North America Telecom, Media, Tech Financials Generalist Securitized Municipals Raymond Chia (Sing)' Robert Kendrick (Ldn) Afsah Quadri (NY) Asia Europe North America Consumer Food & Retail, Ind. Generalist REITS, Healthcare High Yield Credit Research Economics Research Team Sam Close (Ldn) Steve Kong (Sing)' Harold Thomas (NY) Europe Asia North America p Cong., Oil & Gas, Trans., Sing & Financials Chris Croteau (NY) Craig Botham (Ldn) Financials North America Global Philippines Prop. (Ldn) Davis (NY) Sam Tomlinson ( ) Industrials Economics North America Alicia Low (Syd) Europe Industrials Australia Financials Patrick McCullagh (Ldn) Tina Fong (Ldn) Generalist Wong (Sing)' Europe Global Marcus Fullam (NY) )' Mar Tele., Media, Tech Multi -Asset & Economics Jeannette Leong (Sing North America Asia Natural Resources, TMT, Utilities, Susan Park (NY) Simon Stevenson (Syd) Industrials (consumer) Real Estate, China Property Hong Kong & Indonesia Property North America Global Peter Fullerton (S Helen Mason (Syd) Putu Yudhana (Jak)' Tele.. Media, Tech Multi -Asset & Economics Australia Australia Asia Generalist Marjorie Widener (NY) Keith Wade (Ldn) Generalist Generalist North America Global Industrials (consumer) Economics Emerging Market Debt Credit Research Convertible Credit Research Mona Yee (NY) Azad Zangana (Ldn) North America Global Lucile Tiphanie (BA) Drake Morgan (NY) Chris Richards (ZH) Dominique Braeuninger (ZH) Energy, Utilities Economics Latin America North America Europe Europe EM Corporates EM Corporates Convertibles Convertibles Equity Research Team The entire Asia credit research team covers High Grade and High Yield issuers. Region beneath name indicates investment coverage. Location in parenthesis denotes physical location. NY is New York, Ldn is London, Syd is Sydney, HK is Hong Kong, Sing is Singapore, Jak is Jakarta, BA is Buenos Aires, Phl is Philadelphia. As of October 15, 2014. a» sJepo t #81 0 ) sa6ueyD :63.1193 a 041919 0,011 a3a0109 alaaN 1 I00e9 480039 ollnlel elaldlalulslw apipv s1aMaN •1!1.390 ILO L OOZ /80 /07, 4 091 4 LAf ♦ :LAI 0604140 86)1114 1 :.' 84 .11. ,418 01008 , IaseB Waads 0110141 Sla14lalulsiN 013410 1101n09 01/►ry90 10Z20ro1 L 4 a6ue43 ape!. 1 18009 391109•311 11 VG 35 V3138 SONIN4 IS 300410 01 S30NV310 H080 33 39 8311089 • 00910) .310304905 4414w lVA900Bld O13UM0 1•.4411318131 SdI t, .4 19u1a101aww Z9 49 054) 00 £1 415(1 8411041 P191414 IS • 1 00413 418010) e)U3u9 40 Hues . 4PUaury 410N 3119110 110)1 PIO a1 eH 10' L 0pel3413)41104411940 Aue8 44 NS 4101u9 0Zf►0 3089170 30799 8191 n .11(13321 tile s� 338009 33110V311 3190 3403138 S3I341LLS3 L1300MHJS H34403S38 1118831311 • su.90 aloes 0 184 3s. 41 A.1.1 dry 1 f.M441 01011 El SLIM 10)041410010440044404 11M1a1 011 10)0 Illllaw 03 3H1 NO RS Z1 la 441004 Y1 H33 .191511 01 9 19 00 aoua0aw00 6uolue1440 56014441 4.1 00:011. �5,. 51 )0 SN18 814644618.100 ..../.10.0 609038 l3I IO 80)1448 118443 004011. /3301 91 I " „ ,4 648 1} 4' N 804144 S1H911HOIH 4100 30N38 IN 3JN00 9NNV9149010 5384108 H011d 004113 134101 a St 544144 305 0 � 1135 NO 538085 334650 30VB311 93030 3598 54141113134101 — WWII 13444)09 !L.0 3593138 31030 5.:311 MO!A S y daS Zeei3 SApoory 54110040 p1oleH 1sAlOW154 A inb siapoiyoS S4e 'Hlewlpua8 6uoU4oN 3 0100 a14e4,S uoluld041pa10 ape 1 E 0341 V 01019 4018 3 00.10 40,8 - L 30.13 454033 4,, ,,.1. 0 50544044 10000188 !SARIN 6044 4544.449 Pads 804115 um 1401e1r0 41003 3 ^7':a9A00 9 S300440 31'303111 03x14 3010413A03 9 530980 A11f103 /195&0 10039 ::3 198 .83)13)1 4411(15a1UUaS MPU3u4i 30415/40040 . -, I' 501349 . - • • %S4' 4 pun LYS1 3831 MalA s,isAleuy aweN Auedwoo - .a +0445 Aleua0n5 4501411 ilpa3o saapo3yo5 — ost 2404403 d14a1aulwp 03 . 41 ,0001 104901413 04uawa00nou]4J ••• 004943 3 •• - • (410) Pwaw9 40114441)] 51001 515919119 00011300 801`033 30133s +.N014440 103019 5831038 NOSVIO' ..I -I• • I osn)40W1A59094) 944041314019445144403 481305 AS 344 00 Q!b osaapoly3S w ojieId uaaeesoi uowwoo aaeus s ].s /ieue Al!nbe '8 l!paaa Japoauas sisAIeUe Auedwoo of goeoadde pe e belui uv :aiEJ eq Industry strategy: REITs example Disciplined framework for research, discussion and validation of industry Economics Industry Scorecard: IG REITs • Semi - annual review of each corporate memo VW , a� "'""""°"`" industry to evaluate economic, ,•_, REM The view technical and valuation Fundamentals The view on the property sectors 00010 trends __ • Discussion of top -down issues • WO Technicals ...,'" including regulatory and legal m�,.. „� framework and implications Valuation ■ Detailed review of industry and issuer valuations compared to peers to ,„`• prioritize actionable investment 6000000 0000 • r7..01 . 0, °. 0 10 • OMm.mM°^tr* 1°u• recommendations C orrelation P mkt d. . 0000000 mastor • 000000000 0.000000000 • R l.•ral1•0Y+.0.n00t •..�1M0. 014. i•AImNO.w. coSq.d • n seM4nd•man Source: Schroders. Charts are for illustrative purposes and should not be viewed as a recommendation to buy or sell. ,-.11.5ChrilderS siepoig3s, Fl suorios luauI° pue Tuawlsanui ani}enouui dolaAep 61...11a0uped • digsaapeal sseooe 6uip!noad • sao.inosei leqon 6ui6peq Aouauno pue uoi }eana • salepuew aoloas leopel • sanoadw! smels 6u!puni se 6uiaallo uopanp buoi 6u!AIon • sei6aae4s uanlaa anal -6uoi • esiijadxe 10 pue eaueansui • suofnios ouoijiod awoau! pax!I paziwoisn3 wJi1 Iegolb e jo saaanosaa auk uo buizilelide Market outlook Schroders sJepoi ps ti l 'llas Jo Anq of uoilepuawwooai e lou si pue /quo sasodind anlleJlsnpi Jol Si pauoguaw sJoloag •paz!leeJ aq II!M suolwdo Jo slseowol /ue legl aalueien6 ou s! 9Jayl 'JanamoH •MOU)I ApuaJJno am legM to spunoq agl wylim suolldwnsse algeuosew uo slailaq pue suogeloadxa ino 6ulseq aae am imp anallaq am - smain palseowol awos apnloul uogeluasaid slyl w palels suolwdo ay' pampa., uaaq sell lanai )Isla 01101 1-10d • sajeaodaoo apea6 Tuaw]sanu! ui suiewaa 14iunpoddo an!Toalas • paleaa66exa s! uoileToa }eaib ay} anallaq am • aniJoddns Alpeoaq suiewaa doipoeq A}ipinbil legol6 aq • doipoeq leluawepuni pue leoiuyoal pros a]idsap pabualleyo aaow SU011enlen • awo3ul pexi j amen In a global context US government yields are not "low" 10 -year government yields 5.0% • United States • Emerging Countries • Developed Countries 4.0 3.0% 2.0% 1.0 /i// a c °, c a . m y m ° � �m c a o c ° c� m c \�c 3v °c Qz (s' c`� � �� m �� °� r � 4 `� °} �� R� Q - 4° hD A V a � ° �h 0c a Q y � o r V Q° °y b ra \° Q Q ° a m Source: Bloomberg as of September 30, 2014. Countries mentioned are shown for illustrative purposes only and should not be viewed as a recommendation to buy /sell. 15 _ i.Scflroders s * 9 l lot tO Jot si sqo lsatel 'ue6Jow "d f '011 1:13A00'alnAlsul 3MS :aanoS Jon :aanoS ZIO3 OIOZ 800Z 900Z 1700Z ZOOZ OOOZ 8661 0 0 SON OOOZ 5661 0661 5861 0861 0 lZ siasSV d MS ZZ EZ sanaasaa V Xd g ' o of VZ a � 07 el ` SZ bl 91. - 9Z 81. OZ - LZ LOZ Aq pauigwoo a40Z$ goeaa O LOZ aou!s Ailue3!pu6!s paseaaou! Aim ipM sAMS pue saa6euew anaasa.' Xd seq °lea s6uines ssoa6 iegoi6 eq j slasse Aj!Ienb Jogbiu ao� puewap land of anuiluoa sanaasai pue sbuines Iegol� The impact of quantitative easing Is it Treasuries or risk assets which have been more distorted? BN 2,000 4.5 Primary purpose of QE is to push 1,800 — 4.0 1,600 3.5 investors out the risk curve 1,400 QE 3.o Liquidity backdrop has benefited 1,200 — -- - -_. ___ _ 2.5 1,000 0E 3 2.0 all risk assets 800 Q - 1.5 600 1.0 2009 2010 2011 2012 2013 2014 —S &P 500 (LHS) —Fed B/S Assets (RHS) BN 4.50 4.5 4.00 QE3 4.0 • �- 1 35 The liquidity backdrop is unlikely to 3.50 improve dramatically from here 3.00 3.0 2.50 — — r — 2.5 _ • Valuations and technicals now 2.00 '� f 2.0 1.50 -- ____ -_� • 1.5 argue for less risk 1.00 QE 1 QE 2 1.0 2009 2010 2011 2012 2013 2014 —US 10 YR Treasury Yield (LHS) —Fed B/S Assets (RHS) Source: Bloomberg. Sectors mentioned is for illustrative purposes only and is not a recommendation to buy or sell. The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee that any forecasts or opinions will be realized. 1 - -c _ , ...,...,,,I - ,.. . Slap:ups ill — 8 pezpeai aq !pm suoluldo Jo slseoaaol Aue ley) ealuelen6 ou Si aJegl 'JanamoH moum /SpuaJm° am leym 10 spunoq ow uiypm suopdwnsse a geuoseai uo slapaq pue suope'oadxe mo 6ulseq ale am ley' analog am •smaln pelseoaiol awos epnpul uopelueseJd siyl ui pale's suolwdo eq •suopnquwoo ou sewnssy sieeA Z L slenbe uollemp /piper! '£ we iegweoaa g6noayl xapul vv s, (pooW NI pue £ LOd ' l£ Jegwaoaa 116noJg' anma lunoosla uolsuad dna6gp eql w sa6uego of lualenlnbe eie sa6uego ales lunooslp leg'sawnsse elewpse *pen £Loe ui xapu! OOS d'8S agl ul pue sialq L /Z[ ale le lmeuaq paupap yllm saluedwoo Ile sepnpul 4 me lsn6ny 10 se seuenloy 1 Ale!ooS 'OI le'ldeO nslavelAj 1e053 legois Aeluels ue6ioyq :eomoS luesaJd - 9861 wail LsnlelS pepund uolsuad dVVEJ Sfl N N N N N N N N O O 0 0 O O 0 O (o co (o c0 (o co (0 1 _ 0 0 0 0 O (.0 (o co (o co oo co A N O CO CO III U fl11J j I tilil %°0 n� ��n� - '00 °oOZI- %0b l pan 6uoi A o1 puewep 1aoddns ifiM sale., buisiu snje s pepun j uolsuad sn __t Broad market credit yield spreads since 1949 While credit spreads have narrowed, they remain above their Tong -term median 600 600 500 Median: 95 bps 500 400 400 a m 6. • 300 09/30/2014 Spread: 111 bps 3 00 co a a 200 2 00 v } 100 - - -- – – -- -- - -- -- 100 0 0 12/49 12/53 12/57 12/61 12/65 12/69 12/73 12/77 12/81 12/85 12/89 12/93 12/97 12/01 12/05 12/09 12/13 60 `j c • 60 m o • 45 45 2 q� 4 - 09/30/2014 Spread: 111 bps O 30 30 >. 11 - - _.. .__ • 15 _ — _ _ 1 LL 0 0 -25 51 -75 101 -125 151 - 175 201-225 _ 25 • 251 -275 301 -325 351 -375 401 -425 451 -475 501 -525 N 26 -50 76 -100 126 -150 176 -200 226 -250 276 -300 326 -350 376 -400 426 -450 476 -500 Yield Spread (bps) Source: Citigroup. Data is through September 30, 2014. Performance shown is past performance. Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Please see the Appendix for important information. 19 thSCI1r S SJOpOay3s OR OE ' las/Anq of uogepuawwooai e se paMaln aq lou wogs pue Akio sasodind angeilsnpl col uMOgs aye pauolluaw sJoloas paalueien6 lou sI pue do se IleM se UMOp o6 ueo sluewlsanul to amen agl •aouewJoped aminl 01 aprn6 a lou sI aouewiopad lsed •aouewjopad lsed sI uMOgs aouewjopad goJeasald IePOIO IOUAl II!JJe n eouawy 10 Nue9 :aoJnos ue6JO J df :aoJnos VIM ZLOZ OLOE 800E 900E 1700Z Z00E 0002 8661 VIOL ZLOI OLOI 80OL 900L bOOI ZOOM 0001 /**.%% •/ -°-"-- \ / "." f•- \/A..,,, \.\\(viv S'S xQS' L 0'9 x00'Z K xOSZ co m S1 .71 O D 0'8 � x00 £ K • — S8 m — — Og xOSE S'6 x0017 0 L solny x3 - Ileian0 - e6eJana1 ION -� • -•° 01121 a6eJano3.. solny x3 - peianO - e6eianai sso,9— S0 l x0Sb ()RBA a6eaanoo epea6 y6i1 a6eienal jeu pue ssoa6 apea6 4 apgels uiewal abalone' lau pue ssoag siewewepuni eJodao3 apaa6 ub!H Bank credit quality extremely strong Capital has improved with de- levering, capital issuance and retained earnings 13 Credit improvement —a -Tier 1 Common Ratio secular rather than 12% cyclical theme 11 • Issuance expected to be modest, especially at 0 % bank level 9% • Additional regulatory mandate to be implemented 8% Earnings benefit in rising 7' rate environment 6% 5% 4% 1003 1Q04 1005 1006 1007 1008 1009 1010 1011 1012 1013 1014 Source: SNL and J.P. Morgan, as of 1014. Note: Banks used in this analysis are BAC, JPM, WFC, C, PNC, BK, BBT, and USB. Sectors mentioned is for illustrative purposes only and is not a recommendation to buy or set. AL�+ 21 .--- -- ,S siepagOs * ZZ pas Jo Anq of uopepuawwooaJ e lou s! pue Apo sasodind angejlsnpi Jol s! pauoquew slopes •pealueJen6 Sou s! pue do se Ham se umop o6 ueo swewisanui to amen aqi . aouewJo ed aJnlnl of apin6 a mu s! aouewJolJad ised •aouewjopad ised 5! unrolls aouewJOjJad •pazpeai aq !pm suoiwdo Jo siseoaJol Aue leyl aaweien6 ou s! BMW 'JSAOMOH 'mows Apueuno am leym to spunoq ayi wylim suogdwnsse apeuoseaJ uo slaigeq pue suopeloadxa Jno 6uiseq am am leyi anageq am smaIA paiseoaJOi awns epnpu! uopewasaJd siyl w pees suoiwdo au . poped sty) Jol Jamo! Jo Jag6iy aq Aew Aiddns leu lenloy •lseoaJol e si q we pus c 1pZ Jol uogewJOlw eqj . •suogdwepej ssa! aouenss! ssom6 lelol si Aiddns laN •ue6Joinl - d - :eainos .17 1.03 £LOZ ZLOZ IIOZ OLOZ 600Z 800Z LOOZ 900Z 900Z VOOZ 0- 0 00t7 - - - .. llttI 17 m 008 008 v co z u) 0 0 A z co OOZ l OOZ l 009` l 009` l peanpaa aagvni aq II!M Aiddns apeiiene `SBIN 6uiAnq sanui.uoa pad eqT 11 jsapow aq IIiM slanpoad peaads lie ssoaae Aiddns leN Long municipals offer reasonable value Relative value: Tax - exempts vs. Taxable The Net Implied Tax Rate shows reasonable value in tax - exempt municipals 30 -Year AAA Municipals vs. Comparable Credits 35 35 30 Tax- Exempts Cheaper 30 25 25 ii 1/1'1\k" 0 d 20 20 m V C J A 4) 15 1 5 a 10 3.2% \ 1 10 Taxables Cheaper 5 5 0 0 12/88 12/90 12/92 12/94 12/96 12/98 12/00 12/02 12/04 12/06 12/08 12/10 12/12 One useful way to view the changing value of tax - exempt bonds relative to taxables is to compute the income tax rate implied by the relative yields of municipals and comparable taxable bonds —and then subtract it from the maximum tax rate paid by individuals. It has the advantage of incorporating changes in tax rates with the passage of time. The greater the difference between the maximum individual tax rate and the implied tax rate, the more desirable municipals are relative to taxables. This is the most practical relationship that we track in order to keep an eye on the changes in relative valuations of taxable and tax - exempt bonds. The graph may not capture some interim highs and lows. Data is through September 30, 2014. Please see the Appendix for important information regarding the calculation of the Net Implied Tax Rate graph. 23 .„ Schroders sepo.stps 0 bz •Ilas Jo Anq of uoilepuewwooaj a lou si pue Apo sasodind angeJlsnp! iol s! pauoiluew Joloas sla >pew lel!deO o5H :awnos 8889 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 98288 0 0 0 0 0 0 0 0 0 0 o 0 -1 0) m N 0, A A A W W N N N N—— 0 0 .88 0D 00 \ N A A 0)) W N N N N — 0 0 0 t0 N O O N 0 N O N — N — W -' O -' O - O N O — 0 - 0 E : 5 O N O N— N N— O- O N O N O N O N N (J II O N 0) 0 O 0) W t0 NN NN N N N U 0) W A O 0) N <0 N c0 1 N N N 0D 0 ) 0) 0) N O 0) N m A -+ \ A O 0) N t0 N J W O 0) O 0) W (0 0) N 0) A 0) W t0 N N N N N N N IV N N N N N N N N N N N N N N N N N N N N N N N IN N N N N N N N N N N N N N N N 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AA A A AA A A A A A A A A A A A A A A W W W W W W W W W W W W W W W W W W W W W W W W W W N N N N N N N N 000'o0s'e voys • aleipewJalul ■ 6uol ■ 000'0o0' 000 000'000'E- 000'005' 1- 000'000'[- II 11 11111111111111111 11 III I IIII i I iii. 11 1.i1 ui .1 1 1 11111h ::::: 111111111111 I I 000'0001 000'000'1 000'000 e coon U! $) j71-0 U! smoIJ an!Tisod `IeTuawepunl you leaiuuaal seen 4o-lies smoil puns Ied!o!unw Municipal technicals remain supportive ..- . _.- -..... Net supply of municipal bonds is negative Ratio of Munis Outstanding to State & Local Current Expenditures 140 140 2.0 120 120 1.8 100 100 1.6 80 - 80 60 60 1 .4 ._ \ \\... ..j .N......N. 40 40 1 .2 .. 20 1.0 20 - - - -- _- Average = t. 0 0.8 -20 0.6 -40 40 -60 -60 0.4 -80 - - - -- -80 0.2 -100 -100 0.0 -120 ' r -120 v N v N 0) V N 0) V N 0) V N 0) 2:2 N N) 7 N C') A ti h 6 o Ef (5 3000000o0Qao8O88000o 9 c§ 00 O O O O O O O O ^ N �ry ,.,."3 b v m m o m N n rn N g ra m m to co o N Q rn 2 0 0 ? N r.°j ^ q9 '19 .f r r10 ry0 19 r r1 0 r1 9 ry 0 r , - p N 01 m N m ID m m m r n n n m m co co 00 m 0) m m 00 0 0 rn m 0) m 0) m CD CD m m 0) 0) 0/ m m rn a, a, m 0) C7) 0) o 0 0 0 0 0 N N N N N N Source'. Morgan Stanley research, Federal Reserve Source Fed Flow of Funds, NIPA, FRED, Loop Capital Net supply is total gross issuance less redemptions. 'The information for 2014 is a forecast as of September 2014. Actual net supply may be higher or lower for this period. Change in bank ownership of muni market UST yield curve historically steep, supportive of bank asset gathering 450,000 Bank Holdings ($mm) r 11% 450 400,000 - —Bank Holdings as % of Total Muni Debt - RS 400 —2s30s Steepness 10 YR Avg. 10% 350 350,000 300,000 9% 300 250,000 250 II .. - 8% 200 200,000 150,000 - 7% 150 100 100,000 - - 6 50 50,000 - • 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5% 0 • — Os r. ^� r. A r. 'S r. ♦ 9 ^ ^ r. A A r. -50 4 O c Og Oy 0 0y 6 � O � O OA 6 0A Q Ob (g) et ' ,CS ^0 6 � ,` ... 4y 0 ^r ti O . , y O Aug -04 Aug -06 Aug -08 Aug -10 Aug -12 Aug -14 Source Barclays, Bloomberg. S &P, J P Morgan, Morgan Stanley and CM Research Source Morgan Stanley research, Federal Reserve 25 w_ _SChro�S SiOpay3S tlf se VHjry s,Apoon '931eesw Aaryelg ue6Jory :aomos yoieessy Aeryels ue6Jory '6iequoole 'va vi s,Apoory :e000g :rl wC,N, SOVWSM dOSO.= 000L$ 0009$ 000s$ 0004$ 000£$ 000z$ ooat$ £LOZ ZLOZ 1402 OLOZ 600Z 8002 LOOZ 900Z 900Z VOOZ SOOZ +000L$ - 0009$ - 0005$ - 0004$ - 000£S - OOOZ$ - 0001$ - 0$ 1� .% 04 Sl asiamun %9 00'Z to %0L %L 00? %9 ' OS'Z elpde3 Aad piaci ieloi iq sl,no9 1e3o1 0 luno3 sawn iln3(U(p g6nono imgels l!paio 4109 Alnr {o 09'seiy(opd A0ilod pug p8png uo (eyueo 'sump., s,Apooyy yoreese9 Aalueyg ue6ioyy a o og D D D O D D D D D D D D D O D D O D D O D D D D O some He Jai sde6 ,e6pnq ale6aMe yueseude∎ sme eloN, A W N A (J N A W N A (J N p A (v N A W N ( leeA 1 E09 4 L ui IIelyoyS la6pn9 alelS leloi • A co Co Co W N N N N+ -+ —, O O O O (p (Op ( O D (Op 8 OOp S m m 0 Z l" OSZ- Q 9- l6l 0'4- 0£L OS l- ■ COL 0 l _.�_._ - ,' , , ' 1' • L�__ 00 F " SS ■ ewe Zl0? L 0? Ol0? 600Z AA Jam) JA :sabueg3 anuenaa xel ApalaenO 1 6u!noidul! si de6 ia6pnq awls os :saie3S 6uizilewAou ufnnoa6 `age's Si ufIeau 1ipaa3 Iediaiunw Portfolio themes for Schroder Value strategies Rotation from bonds into equities is greatly exaggerated • Technical backdrop still beneficial for spread sectors, but valuations are more mixed • Still believe US financial sector is well supported fundamentally and technically • Fundamental picture in non - financials is much more mixed • Long tax - exempt municipals represent value for taxable investors • LDI will be an increasing driver of flows and valuations, especially further out the curve The views and opinions are those of the Schroder Value investment team and may change. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee that any forecasts or opinions will be realized. Sectors mentioned is for illustrative purposes only and is not a recommendation to buy or set. 27 ttiSChrOderS allePOJIPS MelAal 011011.10d r -- r-- ..•■•••.11 romon.1 rommin posol 01.■1 - 7-7 Yield spread and sector allocation City of Boynton Beach Municipal Firefighters' Pension Trust Fund Yield Spread Broad Investment -Grade Credits vs Treasuries 800 600 550- 589 bps' -550 500- -500 -9- 400 -400 8 °m 350- -350 a m 300- -300 m r° 250- -250 it a 200- -200 c } 150- -150 m 00 1 ,—� -100 50- -50 0 12 /92 12/93 12/94 12/95 12/96 12/97 12/98 12/99 12/00 12/01 12102 12/03 12104 12/05 12/06 12/07 12/08 12109 12/10 12/11 12/12 12/13 0 Sector Allocation STW Aggregate Composite /City of Boynton Beach Municipal Firefighters' Pension Trust Fund 100 100 90 90 80 US Governments 80 70 70 .. GSEs 60 m 60 i Cred,ts— 50 m 50 40 40 n,1oriria<• 30 30 + 20 20 10 Tax - Exempts 10 0 0 12/92 12/93 12 /94 12 /95 12/96 12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 Dotted line represents portfolio inception *Treasuries and issues guaranteed by the US Government. **Credits include Corporates, ABS, Sovereigns, Supranationals and Taxable Municipals. Data is through 09/30/2014. Please see the Appendix for important information. _ 2s r _ _ .. Schroders sJapoRPS W Os uolew�olui lueuodwi Jol xipuaddy all eas pazpenuue aye ieaA 1 uell JeleaJ6 spoiled Jol swnlaa 'seal to ss0J6 uMOys aie sllnsej eauewJoped •xepul puog oie6oi66y a ;e!pawaalul sAeloJes ay; s! paewyouaq;uaJJno ayl %44' %Z9'4 %96 (L0/4£/£0) uo!ldaoul %Z9' %89'E %Ol'Y MOM 9 %46' %6O'Z %CO'£ sJeeA £ %6L' %4L'Z %Z9'£ Jae), %E9' %88'Z %l9'E CIA %0Z' %£0' %£Z' swim uan;aa ssa3x3 N iewyouag 0110/P ad pouad b LOZ `0£ aagwe dag 6u!pu3 spopad a03 uan;aa sa ;ea Ieioi pa146!aM -awu ead ssoi9 pund 1snal uo!sued ,sielgb!laau Iediaiunw yaea9 uoTuAo9 AT!Q aauewjojjad Portfolio characteristics and quality distribution City of Boynton Beach Municipal Firefighters' Pension Trust Fund September 30, 2014 Characteristics Portfolio Benchmark Annual Yield 2.0 % 2.1 % Rol! 1.1 °a 8 °'s Effective Duration 4.2 Yrs 4.3 Yrs Spread Duration 2.2 Yrs 1.6 Yrs Effective Convexity .13 Yrs - .19 Yrs Average Quality AA- AA+ Quality Distribution ( °°) Portfolio Benchmark AAA 46 77 AA 10 5 A 32 9 BBB 12 9 The benchmark is the Barclays Intermediate Aggregate Bond Index. Annual Yield is the annual yield to worst. As we believe tax - exempt municipal bond prices are less sensitive to changes in the general level of interest rates than taxable securities, if any tax - exempt municipal bonds are held in the portfolio or benchmark we adjust the effective duration by multiplying by a factor of 0.7. Spread Duration is our estimate of the portfolio's sensitivity to movement in credit spreads. Average Quality is Schroder's average rating of Moody's, S &P and Fitch. Average Quality includes cash which is rated AA- by Schroders. Quality Distribution is based on Schroder's average rating of Moody, S &P and Fitch and includes cash which is rated AA- by Schroders. Based on this methodology, securities with a BB rating from one of the rating agencies may be categorized in the BB quality distribution category. 31 O SChrOfS sJOPQiPS 01' z E 6ulpunoi of enp ppl 01 ppe lou /en 'xepul puog ale68J66y aapowiewl sAeioaeg ayl si miewyoueq all 0 E ledlolunW ldwex3 xei O E ledlalunw algexel O 0 poionoJ 0 sallunoas pamoeg e6ebpon leloiewwoo EE 0 sallunoaS pa)loeg a6e6pow l ZZ sallunoas pemoeg gassy 61 8b aleiodJoG Z 0 leuolleueJdns — pelelal3 l,noe O 0 ledlolurm uoN — PaleloH 1,n0Q 9 0 sOIDua6y — palelad 1,noe 0 u6laaanos laven 6ul6Jaw3 O 0 u6laaanos la)1J 1 padolanaa sn uoN 9£ bZ saunseaJi Sfl yseo vew ollo;lJod ( %) uo!gnqulsla b LOZ `0£ aagweldas pund Tsnal uoisued ,saalgb!laaid ledioiunw yoea8 uoluAo8 uoRnqu1sip o!Iol1aod Performance City of Boynton Beach Municipal Firefighters' Pension Trust Fund — TIPS Gross of Fee Time - Weighted Total Rates of Return For Periods Ending September 30, 2014 Period Portfolio Benchmark Excess Return 3 Months -1.91% - 1.99% .08% YTD 2.00% 1.93% .06% imimmin 77% .61% .16% 3 Years .97% .92% .04% 5 Years 3.59% 3.43% .16% Inception (11/30/07) 3.62% 3.53% .09% The current benchmark is the Barclays 1 -10 Year TIPS Index. Performance results are shown gross of fees. Returns for periods greater than 1 year are annualized. Please see the Appendix tor important information. �c+,,,,��,MM,,��,,,,..,,,, 33 _ w &WORM , 4£ Aao6aleo uoilnqulsp i(ulenb 88 a41 ui pazuo6aleo aq Aew sapua6e 6ugei agl to auo woal 6upei 88 e uum sagunoes sA6olopoulaw sigl uo paseg sepagos /q -vy paleJ s! ga!IIM used sapnpui pue goiu pue dgs `Apoow to 6uileA a6eiane s Japoigos uo paseq s! uoilnqulsi4 A4!Ienp siapoagos Aq -yy pales Si g3igm gseo sapnpui Al!lenp e6SJany •4ouj pue dgs s Apoon }O 6ulleJ a6elane s Japagos si A19enp a6elany •uogellw Jo} palsnfpe piaiA lenuue agl s! plaR paid xapul Shcl JeaA p f -1 sAe oieg agl si jJewgouaq eqj 0 £ vv OOL L6 VVV vewyouag ollollJod ( %) uol ;nqu;si j Amen° VVV VVV Amen° a6eaany siA OZ siA Lt' /Uxanuo3 aniloa } }3 SaA V'S SJA 0'S uoileanO ani}oa}}3 0' % 0' Plav lead )Iaewgouag o!lo }land soilsualoeaey3 b lOZ `0£ Jagwaldes Shcl — pund lsnal uoisued ,saaTu6!Iaaid lediaiunw g3ea9 uolu /o8 uoicngialsip Aijienb pue solisualoalego oiloflaod Portfolio distribution City of Boynton Beach Municipal Firefighters' Pension Trust Fund — TIPS September 30, 2014 Distribution ( °o) Portfolio Benchmark Cash 3 0 US Treasuries 97 100 The benchmark is the Barclays 1 -10 Year TIPS Index. May not add to 100 due to rounding. C 35rS siepoitios XpUeddV r-7 t = = = = = = = Biographies of key investment professionals Andrew B.J. Chorlton, CFA Edward H. Jewett Head of US Multi Sector, US Fixed Income Portfolio Manager, US Fixed Income 2013 Schroders 2013 Schroders 2007 STW Fixed Income Management, Portfolio Manager 1988 STW Fixed Income Management, Portfolio Manager 2001 AXA Investment Manager, Senior Fixed. 1981 Kidder, Peabody & Company, Partner and Manager Income Manager 1978 Dillon Read & Company, Trader 1997 Citigroup Asset Management, Portfolio Manager BS, University of Virginia BSocSc., University of Birmingham 38 years of investment experience 17 years of investment experience 26 years with the Schroder STW investment team 7 years with the Schroder STW investment team Richard A. Rezek Jr., CFA Neil G. Sutherland, CFA Portfolio Manager, US Fixed Income Portfolio Manager, US Fixed Income 2013 Schroders 2013 Schroders 2002 STW Fixed Income Management, Portfolio Manager 2008 STW Fixed Income Management, Portfolio Manager 1996 Loomis Sayles, Vice President and Portfolio Manager 2001 AXA Investment Managers, Senior Fixed 1995 Wells Fargo Bank Investment Management, Income Manager Vice President 1997 Newton Investment Group, Portfolio Manager 1991 Duff & Phelps, Vice President and Portfolio Manager MA, University of Dublin MBA, DePaul University BS, St. John's University 17 years of investment experience 6 years with the Schroder STW investment team 29 years of investment experience 12 years with the Schroder STW investment team 37 itSchroders SJ PORPS at 9£ SJapwyog yliM siea/ ZZ aouauadxa luawlsanu! yo siea/ gZ SJ8qWV/SSflqOSS o AUSJan!un 'y89 Al!SJan!un walsam4UON 'luewa6eueW yo looios alenpei W 66oIlaN'ye s �apwyos gem s ea/ 17 aouauadxa luawlsanu y0 sleaA L IsAleuy le!oueu!d '1sniI g wee lea41S alelS 9861 AUS1 a n!u� s�a6lnH 'yg IsAleuy le!oueu!d 'dnwe le!OUeuld uolsaM 8861 1s/leuy le!oueu!8 'Auedwoa luawa6eueol uIM1l 0661 0 1SAleeV 18d slonpwd pazgunoes 'lel!dea s /eleJe8 LOOZ siapoi1oS 3661 sJapo qos 0lOZ Joloana luewlsanul Jo!uas awoou pax! I d Sfl 'Ja6euelry aloyi,od SUJeH •S pined vdo `(gwoH •yy inn sJapw4o5 Pl!M sJea6 £ aouauadxa luawlsanu! to sieaR 9Z Fuegly le >IJo% MaN yo AUSJan ua alels 'ye A1!sJan!ua walsea4UON 'SW weal luawlsaAUI MIS JaPOJ4o9 014140 sieaA 17 ApsJan!ua aHna'VOW aouauadxa luawlsanu! yo sJeeA L Joloana 'aouemssy 6Wnoes le!ouew j 17661 o6a!a ues yo ,{1!sianwn 'yg yweasad AI!sJan!ua au! piaddad'y8W ledio!unW to Joloana 'swawlsanul uaneH 0 11a8 8002 Joloana 6u!6eueW pue �a6eueW O!IO Jod io!uas 'luewa6euey,I !WED s11 OOOZ Jaogyp 11Paia dnwo 's6uue8 404!d le aoueu!d o!Ignd 6002 ie6eue o! 0 0 luawa6eue awoou W I W d W I Pex!A MIS 01.0Z • sJepw4oS .1.03 sJapw4oS £103 awoou) pax!d sfl �a6eueW 011011.10d awoou l paxy sfl . 1a6euelry oiloyiJOd VdO `puelpauj 'yy 3 93 !uo o! n yj� 'ell! u013 '� I f sIeuoissaload 1.uewjseAui Cal to saigdeJbO!9 . _ . _ Biographies of key investment professionals Jeffrey Connor, FIAA, CFA, CERA Senior Investment Risk Strategist 2012 Schroders 2003 Atticus Emerging Markets Fund, Co- portfolio Manager /Director of Research 1993 Oppenheim & Co. Inc., Executive Director and Co- portfolio manager Oppenheimer Emerging Markets Funds 1993 Bain & Co (Deutsche Bank), Equity Derivatives: Manager 1987 Bankers Trust Australia Limited, Fixed Income Analyst, Structured Finance Manager, Commodity Derivatives Manager 1986 AMP Society, Superannuation Actuarial Assistant BSc LLB, University of NSW, Sydney Australia 27 years of investment experience 2 years with Schroders 39 — _ _ _ Schroderf `�!. 04 xapui 4pa40 Paled VW 6uo1 s6eloJ9g 341 10 SVO 0 131 0 11enba s! Upon algetedwo3 alit to [maids 0144 '9661 'OE Jagwoldas 14600 'LE Jagweoa0 wad 1100g p!a!A 01416q pap!notd se xapu) 6wnsoaJ1 JSOA •x04)41 Sd11 Je0A 04-4 56913,99 ay; s! 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Ol anal •saunseail •saunseaJl pue s1!paJo ap946- luawlsang peaq uaaMtaq speaJds 4)10!6 0131 50191150!1! ydsi6 0141 pue 9414043 apet6- luawlsanw peaq uaamlaq speaids 041 saleJlsnp1 ydsmb peamdS PIa!A 0 41 gdeie peeidS Ple!A ydeio 6,61 eou!s speeldS PIMA 4!4)813 49)13 &W PeouB xipueddd Appendix Index Definitions Citigroup Broad Investment -Grade Corporate 10+ Years Index, A Rated Any index referenced herein is a fully invested index that includes income and does not include The Citigroup Broad Investment -Grade Corporate 10+ Years Index, A Rated, consists of US and any transaction costs, management tees or other costs. Within the investment -grade universe, non -US corporate securities. All securities must be fixed rate, have at least ten years to maturity portfolios managed by the Schroder Value investment team differ substantially from the indices and have a rating of A/A2 by either S &P or Moody's. presented, including with respect to the number and type of issuers and issues held, sector allocation and material characteristics. It is not possible to invest directly in an index. Citigroup Broad Investment -Grade Credit Index Barclays Lona AAA Rated Credit Index The Citigroup Broad Investment -Grade Credit Index consists of US and non -US corporate securities, US government guaranteed securities, and non -US sovereign and provincial securities. The Barclays Long AAA Rated Credit Index is a broad bond market index covering the US All securities must be fixed rate, have at least one year to maturity and have a minimum rating of investment -grade fixed corporate bond market. The index consists of publicly issued credit and BBB - /Baa3 by either S &P or Moody's. specified foreign debentures and secured notes. All securities must have at least ten years to maturity, have a minimum rating of AAA by at least two of the following ratings agencies: Moody's, S &P and Fitch and be dollar- denominated, fixed rate and nonconvertible. BofA Merrill Lynch 15+ Years AA -AAA Rated Industrials Index The BofA Merrill Lynch 15+ Years AA -AAA Rated Industrials Index is a market - capitalization - weighted index that includes all US- dollar- denominated investment -grade industrial debt publicly issued in the US domestic market with maturities greater than or equal to 15 years. Qualifying securities must have at least a AA rating (based on an average of Moody's, S &P and Fitch) and a AA rated country of risk (based on an average of Moody's, S &P and Fitch foreign currency long -term sovereign debt rating). Citigroup 30 Year Long Term New AAA Industrials Index The Citigroup 30 Year Long Term New AAA Industrials Index consists of US and non -US corporate industrial securities. All securities must be fixed rate, have at least 30 years to maturity and have a rating of AAA by either S &P or Moody's. Citigroup 30 Year Treasury Index The Citigroup 30 Year Treasury Index consists of all public obligations of the US Treasury and all securities guaranteed by the US government. All securities must have at least 30 years to maturity. 41 _. 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