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HomeMy WebLinkAboutDocumentation_Pension General_Tab 5.3a_02/06/2017 ;������,r ;�� �� rf�e �Uo r� �ar�c� i-�evisrrw� . . _ ' _ . ' "`l EI . i j . . i-,� � � . � ... ._ '� . .� I I.,�",. ... I _._ � '._:� Pr�elr'mr'nary Report Preliminary�Jniverse Data 1Jillage of Tequesta General Employees' Retirement Plan _ _` .'l±�ts_ii(:�i7��+tl�trri���.:{'r)37c. I�r>rrnerl�'Th�Gogd�hn�roup AndCo Firm Rebrand On the co�er of�c�ur standard qu�rterly report, and on�II documen#s we�rrill be sending to�o� going forward, you will n�otice your name comes before ours. That is not by accident. Everything from the services we pro�ide to how we are structured as an organization is designed to ensur�that ydu, r�ur cli�nt, com�s first. We take our role as an independent instittrt�anal cansulting firm and plan fiduciary very seriausly, and tnre believe this approach and philosophy adcls rtaf value to aur clier�ts. To e�sur� that the client always Games �rst in the service equation and that aur fiduciary responsibility is never com�rc�mised, t�e im�ortant princi�les of indPpendence, objectiviry and transp�rency are emtaodied in our missian an[i vision statements �nci define wha we are as an organization.They are engrained'in our culture and corporate values and used to guide our actions e�ery day. pver the years, the in�Pstment environment t�as grown more complex and we've seen aur staff grow and aur expertis+e and services advance to serve aur expanding clientele. Ta steengthen business eorotinuity and �neet the needs af our clients; we recently began a program ta broaden emplayi�e �wn�rship af our firm� Inh�rently, as w� thc�uyht about �ur missit�n (Tc� represent the sole int8rest of our clients by redefrnrng i��c�epenclence), �isian (To be a transformational organization viewed as the 1e�der in our inc�usfry), and the passi�n behind our service culture, we wanted to do samething significant that would better reflect who we are as an organization and how w� ne�er compromise our client-first m�ntality and servicc philasophy. After mor� than a ciee�de of growth and original brand equity, wtiy would a campany rebrand now? Though client-first ct�nsulting has been a cornerstone af aur company since its inception, with the milestone of transitioning majority ownership from our founder to the firm"s next g�n�ratic�n oF I�ad�rship, it becarn�the perFeet rt�p�p�rtunity to r�intr�duc�ours�l��s to dh�warld as AndCo, V�J�have always believed the ass�ts 4�our firrn were tt��cal��etive body flf individuals working tog�ther to serve our r,lierots. It has always bee� bigger than orae ar even a handful af people_We fee!this rebrand is a better reflection of this belief and canviction along with our mission and vision. Our team members could work at other pfa��s but th�y�hoose to wark at AndCo because they believe this �pproach is b�tter for clients, Business will continue as usual, as the teadership and team yo��have come to know�nd t�ust will nat be impac#ed by this rebrand, As AndCo, we want your first►mpression to be our commitment to client-first consulting_ Our promise to you spans from our very foundation up to the name on our building. Mvst irnportantly, this company rebrand sets the sE�ge for the future of our firm, and your�lace in it. At AncfCo, il is alv�+ays: ., � �_.� �ur +Clients x Pauc� �^. The Market Envi�onment Major Market Index Performance As of December 31,2016 - Bro,�d asset class re[urns v,�ere mix�d F�r th� 4'�� qu3tier. DcirT�eS[ic equity inclices posted positiue �erformance for th.e querte�. while broad intematwonal Qua1'ter PerF+Drmance eyuity antl fixed osico�ti� henchrT�arks were e7eyative for the peric7d. The hrSCi v�Ct�rx�.as -1.3� quarter's investment cyca� wa� dominated first by the U.�. prc�sidential �,�sCi E�FE � �lection, and #hen by the largely anticipated Federal Resenre (Fed} interest -0�7�'" rat� hike in December, The uncertainty that drove equity returns Iower during r.15C1 Emerg h1kLs -a_z�.s, the first half of the quarter gave r,vay to a string of positive macraeconomic S�P SUL� d. data and a TrumF� �i�tc�ry thdt dr(yve equity benchmarks, p�rti�;ularly in the i 9'b U.S., hi her throu h the remainder of the Russe113d�0 a.z�L 9 9 quarter. Trump's platform of ��sy�ii i��� strengthening infrestructure, rl�r�yulation, and lawer �erson�l and corp�rate 3'"' - - -- -- -- Russell MidGap - y,,��,;, taxes dro�+e expectatians hic�her for both domestic growth and inflation, The r�usseu 2aoc� t�rciac� market Russell 3Q00 Ir�dex return�d 42% for the quart�r. The small &g�'� cap Russell 2OOU Index mare than daubled perfarmance af at�er capdtaliz�tion � Bardays US AQg �.,pa„ indeces with a retvrr�af 8.8/� for the quarter and a strae3g 21.3°f� for the trailing Barclays LPS GUa•t -3,7�� �- ono-ya�r pariod. B�rul�ays US TIPS -i.q�s;, • �nterr�atiana� equity market benchrnarks stumbled during the quarter with the garclays h.9�S _1,i^iq,;; brc�a� market MSCI ACWI ex U_S. Index ppstiny a return 9f -1.3°Ia f�ir tf�e ���v�ays Cq�n ic _z o=:�� : period 3n U.S. dollar (US�I} terms. Desprte the difficult quarter, the broad rrtiarket in�iex return�d a m�rJerate 4.5"Io f�r 2016. D�velopeci market$ �-0.7°!0} 3-r.'om�r-P�i u 1�0 outperformed emerging� rr►arkets (-�4_2°Io) for the quarter as developed market -�t'"'^ --�.��'� -�.'�:;: �r�"�� z��'::n •9.;]iS;: t'i_C';''s �_u�s� i.�.r,��:;, ec�nomic data was geri�:raliy positive_ However, emergin� markets 1-Year Performance substantially outperformed de�eloped markets for the one-year penod with the MSC[Emerging�Markets Index recurning 11.2�/u versus a return of 1.0°/U for the ��SCi ACt��xU� ,.,:•„ I MSCI �AF� Ind�x. tu�sc:�EAFE � ,.�;;�. MSGI Ertoerg h1k1s ,1 Z^,6 • fihe qu�arter's strang econvmic backdrop led the Federal C�pen VSrlarket �c�rnrtaalkee {Ff�N1G1 tri fc�ll�w throuyh pn investors' expecl�linr�s and raise ��'�'�'� �z oe:o short-term r�terest rates for the first time in 2016. The same ew�nts that drove Russoll:i401� y�7.;w, ciomesti� �quily mmark�ts higher tivere a heac7wind far fixed inc�ime markets. R"ssPu 1°nr� I ';_�°,`, As a resuit, the U.S. Treasury yield curve rase dramatically dunng the quarter Russell Fn�dc���� �:�.s��� ?,.��, with modestly ele�ated rates at shorter maturities and larger inereases in mid- ausseu zr�or_• _ _.,.___ _ -._ to-long-t�rm m�tunti�s. All inv�stment grade benchmar�cs wer� n�c�akiye for the guarter, but the mortgage-backed securities sector was down less than garaaysUS,aUg �.:s�;; oEher investment grade se�tors due tc� iEs sharter duration. Althc,ugh the 4'h ��r�iay�s tJs cc��;� ! r.�_;;: quarter took back some of 2016's earlier gains, investment grade benchmarks garclays US TIP� ,ti.��:; Fnishe[i in pUsitiue lerritory fc�r the ye�r. The BI�Umb�rg B;�rr,l�y� Investment �ar�ieys r.�e�s , r�:�, Grade Carpvcate Bond Index was the best perFormer aver the one-year period, Barwla}�s Co�p IG �.��:6 ae�v�ncir�y a salici 6.1°�a. Ccir�ic�rat� issues ben�filec� fram ur7cre�ser� �eman� for yield ��Vhich Ied to creclit spread compr�ssivn, especaally in Iawer quality 3-h��fllh T-RII: fl.;!�o ,� ISSU@5_ C�J'•:h 2 Ly4:n 4.U`'.i: h.G".i� ES.{]'?6: 1�J_U�i+� 12.0'i>n 14_U".+i� 1 GU`.8: 1!3.0",�i� 2U.il''.d� �2�[1".�i� Si��,•iti<�r,v_S!rne:i;r.!5f!��i.s P21SIe Z _� The Market Environment Domestic Equity Style Index Performance As of December 31,201fi • U.5_ eqUity index retums ti�:ere �asitive across the style and capitalization spPcU�,m for the 4� c�u�rter as well as for calend�r ye�r 2Q16. During the Quarter Performance-Russell Style Series quarter. index retums were driven by encouraging economic data induding 3ppp V�,lt�e 7 z� Emprovem�nts in GDP growt6�, emplayment, hau�ing, and consumer 306�7 Index .t 1�:.b confidence being reported throughout the period. Domestic markets continued to ralfy after the lV�vember �residential election �Vith several domestic indices 3004 Grawth �,��;, hitting new highs on expectations resulting from Trump's "market-fnendly" policy abjectiv�s. While the Fed d�d increase interest rates in December, the 7�`����u'' c.'r°.� mark�t reaction was relatiuoi�tame as Eho rate h�k�w�s widaly expected, �oCfi incex �.G�:;; 1400�Frn��sn •.;��;; • 5ma11 cap berachmarks pasted the quarters stcor�g�st perf+�rmai7ce for botfi val�ae ar�d growt� issues. At the core, the sm�ll c�� R��ssell 2�O�i Index retumed a robust t3.�3°f4 for the quarter and a steifar 21.3°!� for #he �gaf. �'�idGap Ir'alue �S�� Alth�rsugh still pvsiti�e, the core I�rg�cap Russell 1C100 Ir��iex r�turr�ed a Iawer MitlCap In�tex 3_24�0 : _— .-, -–. ;3.8°lo fo� the quarter and 12_1°/o for the year. This dispersion is not totatly MfdCapGr,.wtl� ,�.��: Uutsirle o!the norm as small cap stocks yen�ra[ly out�erfarm larc�e c��st�acks dunng `�nsk-on' market expans�ons. Interestingly, mid cap stocks finished znoo vai��e y�1,� behind both small and large cap issues Bor the quarcer. This is artiall due to - - --- R � 7_OG:I lnr.ex 1 d iio the Russ�11 Midcap Index's higher aUoc�tions to the r�al est�te and utilities zona����r ,,hu�o sectors, tivhich were!wo of the worst performing sectors far the quarter. o.fl':v; z.c��?S =}_Q';�h 6.f]'?�� E;.�J'�+�: 'i0.u;c 12_Gi�,:� 14.pc�.�� 1@!7'::�: • v��lu� benchmarks rr7�re than doubl�[S their compE�rat�l� gr9wth aenchm�rks 1-Year Performance-Russell Style Series across the capitalization spectrum for both the quarter and one-year periods. Unlike pri�r yuarters wh�re valu� index outperforrt7ar�c� was dri�eri by 3p�����t'� ��4`�� ' exposure to higher yielding "bond proxy" sectors, t7iis quarters retums were 36�0 I�dex iz,r4; ted by �x�asure to cyc[ical sectors, particularly financials. Value-style 3G00 Grcavtti 7 n::b vu#perFormance persists o�er th� one-year per�ad wEth double-digit retums rang3ny from an impressive 31.7"ry for the Russell 2006 Value Index to a still 1Q00 Valuc 1�.��:; skronc� 17.3Gio for the Russe�l 100� Value Index. In cflntrast, grorvth index t4a01ndex r2_t��•a perfiorniance lagged �alue results substantially, r�eturning 11_3°lo and 7.1°fo foa� the RusseEl 200Q GrowtM and Russell 1DQ0 Growth re�pectively. t�o���rcwtn ?.-;�;•t ■ �omestic equity valuations appear stretched relative to Mistorical levels based PJIidCan I,+alus ?a.p�; ori Furwarc� Pric�lEarriings r�ticis{P�E},witM euer�the ch��a�esf relative indic�s n��dcdp ineeX �3.eqb ___ tradinc� margmally abo�e histarica� �aluations, The larc�e and midcap t�rowth �,�idcaa�r�,v�f� �-�n;: 6ndices have aaluation leuels near their respecEi�e histoncal averages, while th�remaining indicvs�all between 110°lfl and 137°•o af their 1�-ye�r a�erag�s. �oo��vaiuE 3,.�� 2[�001ndQx _ 21.3�k 2[�0�:1 Grr.avth �t�;�,; G.�J'iti� b_G'yh 1�J.U"�n i5l�'i:c 2l'J_G"i6 'L'S.U'i;n 3C�.d7�S�. 35.G`:+i� �,1!,rc�:��,v_:_�rr•i_:.tfl:!Sscs . Papc 3 � The Market Environment GICS�Sect4r Performance & (Sector Weight) As of December 3i,2016 • Large cap sector p�rfUrn7anc� s�aann�:d a rany� cf nearly 25Gio during the �'" �uarter, +n�ith results in five of ele�en ec�onamic sectors outpaci�ng the Russell 100Q �L�uarl2r ❑'I-year Russell 't U00 Ind�x return,and eight of eleven sectors posting gains for the C�nsumer pi�r(12_F�9�} 2.y`�'` penod. Financiais were the cl�ar leader during the quarter, posting a ,:,Z,,,: strong return of 24_4°fd, which nearly tripled the result of any otlier sector. �nsum�rs�ap�es is.i°�;} '�;"�- Fin�ncials ben�fited fr�m ex�Pctations for�otentia6 deregulation�s wPll as -� ��'�^ the impact of higher interest rates or� future profitability_ The industrials Eneryyi;7.1�d�} ' ���°•��� {7.6°la) �r�d rr�at�:ri�ls (4.9°Iaj ser,lors �Esd v��tperfc�rmed fqr Ihe pericid �s �t�.s°,s �inancials i;13$°'o} 2149�0 7rump's peomise for increased investment in U.S. infrastructure bri�htened zt.�� tfie putloak ivr bc�th sectors. The eriergy s�ci�ir(7.0%�also posted a salid Health Care(13_6`�} ���'° -2.a-;� , c�ain for the quarter as oii prices rose foliowing �n OPEC agreement to cut �e,,,, su I in NU��rt�f�er. Pric�s rose furth�r after S�verai nan-OPEC�ountries ���us��ais{1�_3�v} _ _ _ __ '�,,- Pp Y� - indicated they wauld also reduce production. The real estate �nd health Inf�Technulogy�2o_s°M.� '�''; care sectors w�re [he weakest performers far the quarter, bath pc�sting -- -- ''i�'" -4,1°o for tho period. R�at �stato and o#har"bond rox " sectors s��ch as Matenals(3_2°,:,} ti��� P Y 1�.s:,a consumer sta,�les and utilities �Nere iampacted by higher interest rates, t�e�l Est��e i;3 84�p '4.14� redu�ing th� dFinand for mor� defensi�e equiFy issues. The heah�h care ``�'�'" Ttio�,`.'al}SL`.NtCCS I;2_SWpj S.2'v_ sector'� tveak perfiormance was more symptomatic of the �ncer�ainty ?i y.,.b surrour�ding Ehe f�,t�rre of he�kh care regul�tion under a new Administration ut�ia��s ia_re.;,} ��3'; determined to repeal the Affordable Care Act. bespite some divergence in 1'.z'ti tl�e 4'h yuarter, sector perfarmance aver the ane-year peri�d was robust -�o a°�� -�.n^:� .r,a�.o �.o�:;, �r..�.�=:: 1;r.��; ��.��a.ti z;>.�:_ :��:,o°•; with ter� of efeven sectors posting positi�e results and seven puttin� up Russe112000 �������� �1-�P��� dcrut�le-c�igit gains. Gansurner Oisc{12.�u,i,,� _.7_9°,� 12.";; • Small cap sector resulxs were roughly iN-line with ��rge caps for the 4�" . Consu mer Staplss(3.0°�) b�`b quarter, ►Vith five of efeven economic sectors outpacing the Russell 2UD0 -____ .-� �s-1�.„ lndex retum for the c�uarter an�i ten of eleu�n sectors posting ��sitiv� Eneryyl;�.3�•�y �&��°- results for the period. Most af the trends observab�e in large cap index 3`'`��" Finan�ials;18.3°ro� �=y�`- s�ctor performance also irnyact�d the sma6t cap se�t�rs, but tc� a larg�r, 3�,��; �ositiye degree. Similar ta large cap issues, higher yielding, defensive HealthLare{13.2°roi ��"'° �. ��.ij':1p sectors lagyeci th� n��ire cyclical, ecr�nomically sensitive s�ct�rs. Over the 11:rq;: trailing ane-year period the materials, financoals, industrials, and ener�y Industrialsr,ia.4e:,,� ___._ . ___ 32.�4"•.; seciors �ach pasted retur��s in excess o� 30°/U. Th� sole negative sra�all inr�Technoloqy(1?.s°�b;� ���'`� �a�seckor�ar the�y�ar�.�1as hoalth care with a retum of-�.5°+0. --- - �3 4°^ Mdtendl5 f,d.E33n} 11.A':ri� �,.�,}°':, • Using S&P 500 sector valuations as a proxy for t6�e market, �onvard pi� F���I E5fa1v�t'8.1°,�oj °.c�`:b r�ti�s f�r five GICS sectors w�r� bel�w their I�ing-term �ver�g�s at Z��•2°� quarter-end, 7'he technology and health care sectors were krading at the Tclecom Sorvices{p.74b;� a.1^�o �'S.n°:; laryest diseount to their long-ternz averag� PiE ratios. In contrast, the �.d., U�III�IPS{.�i.$�u1 �..i.. energy and u�ilities sector �aluations tivere the most extended relative to ' za.z�s� tN�eir historical PrE ratios. -�).fl°'u -�.44di :+.{li>c 1r.�;l�:v l s.�7'i�tr 35.J=>e 4�i,i1=:� �oC:[i+:4t:�'�1'IVSf3i t'iu'ti� Pil�}c 4 �Y The Market Environment Top 1D Index Weights & Quarterly Performance for the Russell 1Q00 8 200a As of December 31,2016 _ i„� ��, -- ���� ^ � -_ Applr mr :: -9'.t� i :,: a::."�� Inform�I:k�n Teann„ir,p Advancec 5f :De,n r,'mr. t i5°;. E4.1?=, 1yri.1", Irf^�rmali,.7n Tecr.no❑ f f��icra=oFl�er - ?: 9s' F �. �J �� S r�ti �5.1 i6� Information Technelcvy PAi�-osemi�„orF. �.33"..; 2�3_$?:', G5.fi9+o Informali�n Technology Ex.r.or`.1oL•':CorF '.?5':0 4.g!!� ?9.�:o EntiryY' 'J4't�L•sterFlnarici�ICur� 0.2�3;. 4s".i';; SB.D��.0 Financi�l5 J�ih�son 8 J�lrn;an i.47;ti -1 tl".•o 15 J'�b Meatln Carc �'�pSper�lp Bancsliares iiir U.t6"�-. 31�1`„ 53.5`�; P�nanclals .IPfvir,rr�ao Ch:iS:+:i[;� 'Ah°:6 _�0 S`o 'i1 F=;b FinanCiar, FSank of thc�Jzark;tn�.; p l54:; 3�'.5°+_, 8 if'=,i, Fm�r�rial; Berk.=.hlra Hatha�h:,y Inc B 1.134�; t 2_84�0 �3.45b Finanr.ials RSP�zrmian Inr. 0.234: 15.1°i;. 82.9°f,, En�rgy Amaz�n.corn Irn_ 1.35°S. -10-1°•: i0.9=>;, C�r.=�me�J�srra[ioran� ��urtiss-Ydri ht Co e; o; � � 0.25 8.2=1, 4d.4.,� Industrials GFnerai Eiactric Co 1.35'�0 7.5�'0 4i�;ti; Indusirals EA4C4RGro�p Inc 0.23"�• 18.8°'� 482','t Industrials AT&T liir- '.22".•u 6JJ"� 29-u'.:o Tulc:-r�mrn�tir,atu�n ac-'v.;y_:5 A;-pc�Y T+.l.hr:)Irr.Jt��''v U G3"�, 10:8°�� 4�Q",�o Ir�lr,nndlit,n T�.s:t•,nr.;•':�gy Fa�,cr��}�r u�:A •.�;1�, i J 3°: �a�.,- - �- _. _ I'i6.iYril:�l,ir' I�;:;hUplC�jj Pffd'JiB�3J'ii�i:r,�lr'�: U.13°'c 1�,''14'� 32.2q'o F�na�ic�al5 C'-._'F , a�;li-. il[itl4�o ,,�� �- •'.n'r Fr . . . .. . ' . -" 'r�:i d�ims Ffn,:nr.a Nr.l7in�;s.ro, i t 1 = ;0:,?�� ta:n7 C?� F r3�..iaL--: L�raI,P:IC InC ��O1?:i, �9 a;S, G.34�,: Real EsL3te KeY E��er3i Ser�icrs lnc 0 C.1°': 193.GR': -66.29;: Energy l:ni:ed states S:eal Corp G�J2':i, '5..`,�� 317_v"4:, kla�erials s''eabcdj=ne�9Y r�-P O.G:1°': Z�z.��".: -3a.9Ct Energy G�I:Ipin',�i Rc::o��cw G.,'Urp O.UO".� ?U.�'.:o -8.6`.�n Enut�Y' r�Itisu�lrCu Aysul h4�r�,�yviricnt::a�p O.U�'r� ��9.Z'}5 211.a'�, Rv�l Estal�.i P:'v'llllh[�OrJ 0.15`�� 56 U-•n 2c6 y".�o Inf�rrnBbDn I�eC:hnnlr,�jy SBvgnly S�ven Enerr�y Inr_. U f,�a9'=. �:1.;.T9;• 4195.?'6 Enrr9Y :,:B Financ,�3i C;rnup C��'i1°:o 55:i5r �11 a=;u Fin2nr,iau AK Sirel Hal�iinr�^�,�; p.i�°!_ �1 t.d4; 355.�#4fi l.latenal5 KeY'����rF� G.09°:.� r,f�9°:6 -121'�� Finanr.ia�„ Era�srrn�p Bnc O.l';2°; 91C�.4°� ;2.2?ro Energy EP Energy Ccrp A G.O�?:,, �1'�J-5'=;�� qr-J.596� Enargy NL In�ustri�s Irc �.C�l?'=. 147.�10` 1G8.19�: Ic�Jus�nals Gc�ldman Sach�GrouF�Irc i��,-03".�J 48_�;'� 34.�J'ro Financials Fr�ad's Inc O.C"s'S; 10�.1";; 15.6"�0 �.vnsurnarDiscreGonarf Slfd��rr, i�,rj2��., �}7.s`.:o �a9.C�;io Fin�nci0ls PiiK 1 Irnpor151nC U.'�1'S_: 104.#3';:; 77.9"•o GbnsumurDiycrc:b�naif � - . - i � r - - - ii� _ � T��:I�r � ^. �;. i -. - N A Infomiat�on Trcnnolr,g� Codr•<rh_ ;r,rp i C�°-. -98.�1°- -1+�p.fy?b Infc,rmalion Tech,noi�r�y f'i.n�aB �cec1--�n.,��.Ir�, C!.�fl.:� .�12°; -6;�R9�; Hea:tthCare Rapublic.AinvaysHoldingslnr. [�.(fD4; .93.49� _98.5a5 Indus�rals Community I-:eall�.iystams Ir.c i�.00`;�� -51.u'?::, _��1.5°•:� Hea il�Care Basir.Er�ero f�ervir��.�nc 0_0��9� -��.v�a,; �g7.�?;; Ener9Y Filbit Ir�;;A r,,r}D'y, -50.?'S5. -?5.3'Y. Infr�rrna6on Tecim�lcgy Ophilholc=c;hi Corp O.C�1't-. -O�a.:�% -�J3.II% Hyallh Cara [�nPrC�I i.,A ri.00��: -�7.f3��= 'n : Coris,�inur�i3�t�lion<n:� f r ntlrzi Inc a- I u[;�'_ _(�,5.4".;, _gt p•: il��alth i�arc Hei�.-Clab�al Hol��nps Inr, 0,01°�0 4n 3°<- F1 5°;. Indusinals +holm A�smory Ire p Ct74� -(i$.?9„ •q$?°+'�; Iniurmaiion Techn�t��r�y G:V!:Hr•dir.7s In�. r�.00°,0 �i.1°•- t�7°•: ('�,ns.�me��,;,-r�tim-ar.� ndeptus ka.;ltn Ir:.;la.=..=.1i (1.C1°,, -Eit.39� -Ab.O°� HeaL+h�;ar� Alr�f!am Pnarmaceuticals in�= 0.014�, -�9q.8°: -@92°•`, Heanh Ca� 6D Glohal Tecnnola ies Ir.c O.G�°+: -BOA�� -99.?�5 g ., Information Techndagy Juno'�erapeu!ics Ir.�� ��i i�^::; _37.2��. _�7.1".. Hea!G�Care i'roteon Th�rapeutics Inc O.C��'!� -7�.G'� -D?.?S1: HRaI?h Cara rr�UF���'�n�. G.�1'ti'; -3�.5'� �..1;;, ��nsumyr Di�cr��li�n:ary Anthera Ph�rm�rxutiu�ls Inc O.CO".c -7�,4'U -D5.9No Ne�ItFi�arr� `_'i��r_e'i.f[��:in�g;�,:5;�!'e':( Ptiy�C g ��r.. The Market Envi�onment International and Regional Market Index Performance (Country Count) As of December 31,2016 - As the USD versus i�cal curr�ncy return charts illusirate, the USd�s strength was a ma�or heatiwind for international index pe�farmance dunr�� Quarter PerFormance ( ■usu❑�ocai c�rrd�,cy t�ie 4"� qusrt�r as well as over the trailing one-year periad. �h� primary , fac�or ront�ibutinc� to the ret�irn differentials in 2016 was inr,�easing '''�'"'�'���Y'��?•:5+ - �'° — diver enc�e in U.S. moneta - � "�"° g ry policy(tdghtening)relati�e to other developed -o_dq�o r,c�unlries {Further A��;c�mmvridtic�n}_ Nfhile the tJ.S_ yrowlh pr�s�ect� woR�o x us;�z7 �— I $_�^�� support reduced monetary stimulus, economic data in the �urozone ,�i�:U supports a continuali�n af mpnet�ry accommodation to balst�r what has EAFE r2�� ._._� _. . -- _ -- � �.�� been a slow reco�ery. As such. the European Central Bank �ECB) ,;.�� " lengthened its quantit�tive �asing pr�gram, originally scheduled to end in E"�°'P�r�tE�1s� � �__ __I �3�, �_.T -- March 2017, to December 2017, AlEhough the program was extended, the _i.o�:: PaciFic�;5} __ ECB reduced the size of a�ronthly purct7as�s �rom $8Q billion euros to $60 � �� 1c�.z�, -- billifln auros. �"his economic dav�rg�nc� was further r�inforced after Rhe Emerging Mkt{2�� �'�.�°t election as Trump's pro-growtEi po�icies and protectionist vie�,�us on trade, if -��a'�� i___� enact�.dl, Favor addatinnal lJ�p slreu�gth. �r.�Frv��k;�n;� �-g°`, � a.�e�, • The 4'r qGarter's I�SD perfarmarr�ce was negative for both �eveloped �p.�Asi�i;A} -6.T�', �� �-(l.7Gf�j ar�d �m�ryiny (-4.2��0) rnarket5. �Nhil� emerging market -3.1''° performance (-1.4%j was also negative in local �urrency terms for the EP.�LafinRmer(a} _�``-,°� periat�, the currency impact wa� more pronounced in developed market � 1z�' resu�ts with the MSCI-EAFE Index`s local currency retum of 7.1°�b -a.n°.i -e..a�:,, -a.^=: -a r..�p; �,�,�.;, :,a^, a.n�:. �;rp; s o��o i��c�°�� 12.n?:� representing a 7.9°� spread r�lative ta tf�e bencf�mark's U5D retums_ 1-Year Performance ■usu ❑L�c�tlCurrency lNhi�e USD sFrength is alsfl evid�nt in the one-y�ar performance of developed markets (1.0",�o- U5D vs. 5_3"•fo local), USD emerging market Q���'��ria x us tias} ', �5"`- I f.��i:u F�erForman�e of 'E1_2°io margin�l6y outp�Ced the emer�ing m�rke4 Ibc�l N10RL.D x US ti21ti Z-�'�" currenc��return of 9.7°i�_ ,9apanese equities advanced considerabty in laca! c�:� �urren�y te�nts �s � we�k�r y�rl was vi�wed as � maj�r l�ilwind to ats 1 0,` export driwen ecar�amy. 7he U.K. also posted a solid quarter in local E�aFE tizi� _�..__._ 5.3"io currency t�rn�s crn the back of a weak�niny pound sterling ar�d eontirweci _a,�� stimulus Despite their Ivcat cur�ency retum stre�gth, the USD returns of E�,�°�p�r��E�is� _ -_---.^T:� �$�,; bath �auntries were n�gative far the quarter �vith Japan returning -42% A q.2� and the U.K,returning-0,9%. Paarc r,�� 2�{:,u Eme. 9 11.2�s�� • l�Vhile the 4"' quarter's emerging market results �vere negatively impacted '�3�n_ Mkt{23} ,7 u � o by rising yields, a strc�nyer USD, an� fe�rs surrc�unding future U.S_ tr�c�e �r.�EM�A{iQ} '�a�'•ti� and foreign poliey, one-year �erfarmance in emerging markets v,�as mare 1z.2°= _._T_�_._ t��ar7 daub6e ttie returr�s p�st�d by dev�lope[i markets. Althc��yh c�r�e-ye�r �p,�a,5ia ra;� ���-w� of outperformanc� does not represent a trend, emerging market investors F).JRY are hopir�g for a cantinuance of 2�16's emerging mark�t perfarn�ance �h9 Latin kmer��1 ��'�°�� surc�e after several years of lac�c�ing rasults relative to domes�ic �nd zn-3''„ developed internationaE equity tnarkets. �.+�°�, C1 G°S 5 C1°�u 1?1.C1",+� 15.�7°.y ?_[7.�1?k. 25 6°a 30 C�°'o 35.17?�;, Scur._=-AfSCi G.I:La�'iva'ea.�.1un7u.�j.Rcfurr.�s a�c h�tl PL'Q`^ .. � The Market Envi�4nment U.S. D�Ilar International Index Attributfon 8 Country Detail As of December 31,2016 �vonsu-arGi�cretiona i 12:5°;; .- - -1_?.. - 4,onsu��rS;aples 1'.2°` -'l i4•; -2 A° Japan ��,.1. 1�:���.; -�Y ` ,� , ' :r:; _ �Inited Kngdcrn 1fl�.�;, 12.7?:� r_,- �1,:., �n�_r9,�' S 5",= 1r.a:, �6 8v:� _ - France 1Q.iv` ?.2',' 2.9°'' ��;�: I in�r�:G-�_d� �. _ " "._" 1'.2._ 4:5':;. _1 F°o GermanY' 9.34;: G.5'1�� 7.54e 2.^u�� 8a�i�erlanc 7q: '�-Ir3111i f;icP 1(i,�"'.'- -7.F!-ib -�1'i,Y°,-. S. : Li.l':i� -3.9iSi --0.9'.�i� - - Australia 7,qor 5.2'i�� �"i.T9: t1_5'?,� Industrials 14!7n6 -L�:;, G.73i� Nel�er!an:is 3..j°� � 3i�6 -�.IRi� 4.8�� Infc:rmation Te�:hrir..:,g��� 5.i9�=. -3.2=:�� 3.6=:� Hc,ng Knn9 3.:i0.; 2.�'?�� -:!,Ci°r� 2'.3''ri M1.1�alunals 7 g�,._, Spain .',.'�°'- 2.2?;� 12°c -1.d;n 3.�'.':: 24 3tio .. - �eal Es:ate 3.�p, ?,q;�� 2 i�,':�� Sweda� 7.89;; 2.0°•S, -l';.S�o 6.6=:� _ Italy� l."`:t: 15'?•r 1l}.$4'v -1�J..5°;:. Triecomn•�ur•,�r.a[ir..r���rau;�. 4 ti°� 6.�=>0 7 3`4. Denm:,rk �.7a:_ �o• o._ 'll7il;liN. - 12'iro -S., h -'IS.A::. 3.4'I -_ ., 5ingaFrare ��o.: -�., - _ II. -•o -:�.[7''b t.A?6 i �i �J Belgii.im �.��:; p P;?:o -'1 R°ro -7 fi°.'� FIr7��7r1{I '.fi°:_ II(`.:o -�7.+5'>a '.}/°%o ISf3@I [7,7?� [I$°:o •71 J°�b •14,94:• Consu�•�r Qisr.rFiionar1 1 t.;��i, ' ..:_„ -],='_, N�nva�y U.;ry:: USeo 1.�°;-. t 3 3"�0 � - �(P�OrsC1 �1,`J"..i- U.,1`.�D �J,'14''• -7.j�:p Consu-•ar 5lavles �3.3��._ -1 a.1".; -1.J"�� Ausrria � - �n�>( �i�.t"y_ 01'.0 u.5�7'_ 'l3`:� i11' ':i°,'_. ii.�i".�? i1 3'':�. I^�C�\'ZUdI�I1C C�.2`t;_ 0_i`.�o -"p 9`.:0 �r��:u =inancials '�3r1"l. b".8°: .L'�? PorluUal C�.2'i 0.1: v� ' a i_`:u • �� i � � ^Ic�l;h Ca�c 31':; -0.1`.,0 -13.1'S:, Canad•a (.I"�G Industnals 1 t,7�,- -2.2`:'v f.:i�;a �. - _d E;'o Infermation Tachnc og_�� 9.;".s -5.C:;, .0�:. China G.a'.:� �;c- PdatCnals g � o Korea _--;;- _` Jy [.b`:<_ 3_3i�L ��_•;� , � �7 6`b Ta���ar c.e,.:;, 2-8t>� -2.�':u lB_5';'0 Real Es:a:e :i.3'?:; -7.9=:�� 1 A=:6 lndia 1_9'�,i� -E•!35ti; -1�i".�S Teler.:c�rrnnur•icationS�raices 4.7",•�:, -C.?::S -4.1"� Brazii 1.7`:�� 2.19� h6_Z'��� .1-iLLr�. ;.J4'� , ; �. Souih AFrica :t";. l.FiSi� -�9.i•,l"� '7_�; Russla �� �i �� t�'=:6 1�.�3°6 �4_8�,6 �dexioo 0_S?i� -7.9�ti� -9.2?;� _ lndor:=sia 0_65�� -7.8'�� '_d°;;, j , . . � . : r.�d�A'��518 O.k?�;i� -P.Q:w -3.9°'� Consu�=_rQiscrelionarJ 10.3�� �.o"s, �.�=:;, TI-ailanr. f�.c:`„ -I.a?r� �.6_n?,�, �.:GnSU�t;;�tilOPli3� f;°;� 1Jti`l•o p.4='•0 �'hil�pFanes 113':� -t2.R'i:o -fi.fi'3'o =nergb` 7.D"„ 8.0": 36�".�i� t.hil� fi 3=:� :±.;±�•=. i 5 64:� �i��3n���315 i'd.$4` •11:7"' p�130C fL:i;•b i.49i C�.1'.•b ' �o 'ti 0`,ro TUrknb -. . II.J'Fo -t:i i'�'o -$.,y'�•� �i_�irn c��o z.5,�.; -�.Gi� -i•_5^s c�a�ar o 2-.b �,r�:_. F.3�•q In�]ustn:�lE: S.R4'o •Fi.�=6 -1.4a;� Ut',ded P,,r��h'=mir2lr�, �?.6 t 3 H��o n 112=�0 -1,' Intr,.malic�n Tochncioyy 23.�"E _g.�.:;.� ,�0,;. CDlomt�i� U 1'=>u .[,3?u 26 5°�0 f�i,��,i U 1`,�0 �,5°'-. �5 Fi'?.'� (�.laterials 7+1°" a�.�°':, 3'�d�rn �ifG'�CE U 1`',ro 1.;,�90 12.1°.:: �r��lE�'�Ir 2.$"� -1�_5'S� -1.�':o t-Iu�iV£n',' U.1-�o `,.-7_3q- :+�5.'.e;o, TFlecarnmucicatinn Csrvices 5.99�; -F.254� �.i'�;s6 CZ�::,`�RvUu�bc p.���-;b _y�.�; - U�il���«, 2.a�� -c t�- ��-- F��' O.O;o _.���G -1sJ5;", t-'U 11 1' _.___._ 11 1 . � .;ui er.::.-1.1:;_ The Market Environment Domestic Bond Sectflr 8 �roadlGlobal Bond Market Performance (Duration) As of December 31,2018 - Afker defyiilg Ioylc and rnarket expectatlaris t:�itf� solid pos�ti+re results for most of �016, fix�d income bencihmarks feEl across various sectors ar�d Quarte�Pet'formance quality segnients during the 4'�' quanter as the realiry of higher interest �J,�Jti,,��,, rites ��nti �nif�jtion ex �ct�tic�ns ex�rted their �werFu[ irrr�act r�n -�c:'° � � r y��i�s. .0 ts..z; ��' On the interest rate front, markeE rates rose through the quarter as -3.7"`° i investrars F�r�F��ar�d for a t�;B�yr�pliec�, �nd ultim�t�ly r�alized, int�r�st r�te A�`�.'� -•.:t.�°b !; increas�of�5 basis points(bps}by the �e�d. The December incr�ase was s��t�'�a _2,�;•p � sup�aUrt�e�i by c�rit;rw�d impraven�ent ir� the U.S. ec�r�cimy, and LJ S High Yieid(4,1 j 1 e�b represe�nted the sole Fed rate increase for 2018, On the inflatior� front. u.s.Tr�Asuryte>.�� .3�� Donal� Trump's victory in the U.S_ presidential elec[ior� also played a role in tho quarter's ncc�ativc fixed in�ome r�sults as marke�t export�tions after t�'�'��0���9a'4'�} -���� - ��- the victory shifted sentEment tawar� potentially liiyt�er inflation ar�d �J.S.Cr,rporate IG,�.3a .��o:_ economic growtt�. us.riPs;a.�a ;,��.� ■ LookFng throv�h the qu�lity lens, eacl�af the fixed income quality segment benchrnarks (witt� the exc:�plipra c�f�iigt�yi�ld)finish�d the 4sr�t�a��3rter dow� Ayyreyal�r,�.�� ' _���,� ; rough�4y-3`:��,. The high yield (&owe�r quality)ber�chmark wa�a the only index "�'��r'�'��'���'�9�tid��f -2 rr-,,, I' to past a �ositive result for the qu��ter with a recurn of 1.B°��_ The hi�h f�lo�al AyU x US{r.�> -�a.a�� yield index benefited from its lower duratian {less interest rate ser�sitivity) r�euiuti����,�ti.7} .�70:_, as we11 as a steady compression in �redit spreads Ehat offset the impact of g�nerall}� highor market yields. Extending th�compansvn to the one-ye�r -���°•� -�r.'�`'� -�o°•� -F.�a=:�. _a c,c; _�r,�;�, i,r.��.; �.oq;;, period, th� qual3ty benchmarks all pasted positi�e results with annu�l 1-Year Performance returns displ�ying an invPrse ref��tionship with their qu��lihr. pp�q���.�;� - ,���._ • �xann�n�!nt7 results on a sector basis shows �he nominal Treasury sector �`sf��+ �'.�°•s '�; fe�liny tF�e largc:st irnpas:i frorn Che yi�lci curve s67ift with a 4th quarter relurn a;T.S;� �.��b of -3,8°�b. Tt�� lower-duration TEPS index returned -2,4°/o for the qUal�@f. Ba�{7.3p 7 ga�, The mortg�ge sector posted tl�e quarters best relative result with a return 17�n'� o U.5_Htytt Yidld{4.1 j . of-2.Q�o bcnefiting from its lower dur�tion. Given the previously mentianed negative 6mpact of USD strength on foreign investments, the 4"� quarter U.S.Tf6aSUry{$.1} •.;1?:. was a partic��larly difficult quarter for globat fixed income markets with the U.S.�4on�age{a.�1 �:�;;,� ;.�o;_ Global Aggregate�x-U.S. index retuming-10.3°!a_ Despite the 4Ctl quarter's U.S.Gorporate IG;7.�� ,=;_y,�;,, negati�e iradex r�:sults, each SeG[�r dnci ylt�k�al benr;hmaric p�ste�i p�sitiv� U.S.TIRS ti�,��;� - resulEs tor the trailinn one�year perdod_ ' ° ■ The Fed state� th,at future rate ir��r�as�s tiVIII be implert�ent�tl at � i1[�(�fr',[�Sfj?{,r,:�j z�;b measured pace and will be bas�d o� an onc�ving assessment of c�rrent 8nlarm=a�arP�,g�{a•a; 1.rr;b economic data. However. future policy action by the new Trump Global Ayy x US;�.�; i:��, Administration and c�lobal �conom�e developmen3s ti�uill likely impact ihe fvlwt�ver�r,b 7i 2.J�•: �ace of futurz interest rate in:.reases as tivell. C'!T?:c 2.0°ju a r,p_ e.���ro fi flq•u 1C4�`.:b 12.Q°ti 14.f,�o•a 16.�J5't 1�i 0°0 3nt:•r,a�fSar,:b-�5 f;3Nrtai!_�og Pi1s�C S —�ir�`�+'. The Market Envi�onment Market Rate &Yield Curve Comparison As of Deoember 31,2016 ■ Mueh of the in�iex ;aerfcrrm�jnc:Y detrjile�� in the }��3r yr��phs e�n ihe E�revi«us page is visible on a time series basis by reviewing the line graphs to tfie 1-YearTrailing Market Rates right. Ttze '1-Year Trailing Market Rat�s' chart illustrates that �fter tr�ding 3.5D in a tight range for most af the year,the 10-year Treasury yield(green line) Fei�Furids Rale TE��preari 3-MUnUi LiGUr rUse drart�atically�ver the fnal manths �f 2016, clasing at a yield (2.45°!0} �'��As 1� r Treasu�� ------.io��r Y�pS near its one-vear high, The blue line illustrates changes in the BAA OAS 3-00 (Option Adj�st�cl Spread)_ This measure quantifies the additional yield premium that invostors require to purchase and hold non-Treasury issues, ��� Tha steady decline en credit spreads throughout 201fi is equivalent to an interest rate �ecreasc on carporate bonds, which results in a t�ilwind for �o0 corp�rate bon� index retums. Wh�le there tvas same��pside momentum in �y creclst spr��ds c��rly in 2�71f, they hav� n�arrotv�d by c.�rer 1.2�'.•! Since iheir �`�``'"� �°`' high on F'ebnaary 11���. i.�o • The lower graph provi�:�s a sn3�sh�t uf the U.S. Tre�sury yielei curve at y oQ each of the last four calendar quarters a�d clearty iilustrates the un�est lhat mat�rEalized in Treasury yields during� the 4�'� quarter_ While aach of the - ,�� last three quarter-end yield curves show � �airly tight distrit�ution, the U.SU �,_ - - Decemt�er 31��reading is higher at all maturities with both short-and long- ,� :.,,,� 4• A term r�tes finishiny 20'��i ne�r the high c�n� c�t their respective 12-m�nth r��;�� ' �- w ,— _M,`, trading ranges_ 7his upward shift caused yields to rise an average of 22 Dec-15 _an-1E Feb-16 �,qar-1� .ypr-1C r�.��y-�c ���,-1:; �„�-,r .4��-�� g,=p-y�, pc!-yg Nov-18 Dec-�ti t��is for �e�aturiti�.s of €�s� than c�n�-year, �4 bps ft�r the two- to five-y��r Treasury Yield Curve matur�ty range, and 81 bps for the seyen- to thirty-year matunty range. 3 a6 Greater yi�ld increas�s aE the lonyer end a( th� curve represent a - - - -- --- --- ��3�31�21?18 � -,�:,G'2��16 c��3�712fj1n" 12+31�2�J�6 `�steepening"Qf the v�eld eurve which conveys market anticipation of hic�her a.�n • interest rat�s in th�fuWre. • Given the m�gnihi�le of th� increase in yields that occ��rred during the Z-�� ,,/'` period, it is no surprise th�t cnost fixed income indices finished the quarter _,/y .�, in n�;ydtivc� terriEUry. In � risiny r�te envirUnmenl,, it is dlsc� expected thdt /'' � longer-duration market indices will fall more than equi�alent lotver-duration 1 Q� d � benchmarks. Finally, while glnbal b�neF�rr�arks are impa�ted by the same / �/ yield and duration factors as domestic benchmarks, they have the �$o �'>� additional powerful 1�ver of currency irtipact_ This currericy effect can � l� either be an offsetting benefit to nec�ative yield and duratian factors in � �.00 � rising rate enviranment or an exacerbation af negative perfarrriance as it ' was during the 4"'quarter. ,/r�,>�ti; o.��i , �,� r'� ,��.�;, c�.00 1 mo 3 rn� Fi mo 1 yr 2}�r 3�r 5}T 7 yr 1q Jr 2t7�.�r ?G yr SC�L.'i'=�:L�5�1:U5'i�t:�crr..� � _dSUr�..�REO i�e:7rr's:H:Fi5r480f�C LuV�Si f i11]V 9 -�j- Tequesta+General Employees'Retirernent Plan Asset Al�ocation by Asset Class As of Decem6er 31,2016 September 3D,2016:S4,012,4D5 Qecembe�31,201fi:54,164,486 -,-.,=�::��:,�,-.,�:- _ _. . [:.�:r�E�t a7�a^•_; ,�,, ..'•�� �.i I:k�r.Fixtxl Ina:rn�_ ; d��^ Gk:boi F�xsd utconc � DomesNc Equity Oomca�7lc Fi�uetl Inrome porneslic�quily Oomeslic F7wd Income Inlenalianal EquRy � inlernatlonel Equtly ��li', � I� I''�. � _ i il� �-!n�:eF. �1f'�`I _ Aliacation Allocation Market Value Allocatfon Maricet Val�ue Allocation � IJUrzsesliu�G�.ilti` 1,�53 03'r' „6 7 � I]vmeslic�quit� �,�Sl�.J11 4�7 Intcmatioral Equ:t.; fi15,394 15.3 Intcrnational Equit}� Sgy,g�� �,�� Domestic Fix��Pncor^ie 83f3.8rJ� eU.9 � Dvmestic�ixed income {l1E3,963 19.7 Glahal F�xod li7ceme 1�7,483 4.9 Global Fcxed Income 21g,�3y7 5.� ■ Total Reai Eskaie 3fa�,38f1 9 1 ■ Toial Real Estate 368,101 �g � Cash E[�uivalen¢s •9,3,312 1_'i '._! Cash Equivaiands 1.��,(�,��,7? �y� Pa��1�.� _��r.. Tequesta General Employees'Retirement Plan Asset Allocation by Manager As of�ecember 31,2016 September 3D,2016:54,012,405 December 31,201fi:34,164,486 ', �> - iEl�:�i R6 fF-7R:K1 . .��. ''� R8D , R5�;FTTRXi � I � � . � I .w:: x M� 'ii'`��y �}+�,: . .. . �< ,,. „>J_' `ss .. . ` . . . A �� � � _ ._ �Eq . �� _ ._. ... �;, k, .. O�a Eqully �� Oana Fiwed _. i Oane Fas[1 .:.w,.,.Y., .......,.. �..,,. �,�.-..: ., . ....... .�..�.... i :' ,.. ....,.. �7�� ....,,.�. .. . � - . . � � EumP;ici:ic:(RERG%J I : �.:, Eur�Pacd�fRERGk} i � i �o i ''ienr�Ldf�tV�aIS'Mck iJarket'�nr]F:. Alincetion Allocation Market Value Altoca[fon Market Value Aliocatfon � Dana Equi�y ':,953.032 =8-� Dana Equi�y 1,529.Od? 3g.T � Vanguard lc�tal wlock',d�rset Index I'+�l l�?kj - C�0 � V�rnguard 7c,�t�l Slock Calar�cet I.�clex I;VI`f5X} A�7,F:364 1l� C-ur�Pacific(RERGX:P fi15.39� 15.3 [urt�Paeific(R[RG7�} $S:g.gg$ .��� l7ana Fixer.i 83G,8U4 1C�J - Dana Fixed 818,963 19.7 T�,�ri�+ic�ton Glohal Tatal Roturn k6(t"TTRx} 1�7,483 A.9 Tenipletoi�Glu�al Total Return Rfi I;�TTRX} 213,997 5 1 ■ AS8 Real Esiate 3f6.380 5�' ■ ASB Real Estate 368,t01 g g � R8D d3,372 1.' __ RBD� 1f«6,648 ;.5 ��au 11 �- Tequesta General Employees'Retirernent Plan Asset Allocation Campliance As of Decemher 31,2016 Execukive Surnmary DOt11G'�SliC EqUity;4a.7?�nJ . International E�uil}��14.2°�t � � 0 .� � c orneskic�ixed Income f19.7°+uj y E E 0 V � � GlvGal Fixed In�rme{�_1"l�) -u;ai�F�eal Esta�te�;:ti_8°��� � 0-OL'e 8.0°t'r. 16A?+o 2�.05'r� 32.0°•o ADAS'� 48.(h"'n 56_Ou/, n� �: 64.0 m 1.U�'=� Pc�litiy ■ Tarye4 � lii Policy 7 Outsi�l�e Pr�licy Asset AtlocaUon Compliance blinimum Nfaximum Current Allocation�°!o) Allocation % p Target ( ? Allocation(h) Allocation(°!o; {ilph)dI�uX�i1 if�4'•���n� �J��.0 �4.�� 5.1 5.0 Tutal R�al Esta.c 5.0 15.�+ 8.8 14.D Internakior�al Equ�t}� 1�.tJ 24.C� 14.2 15.0 Dcnzestic Fix�c tncorne 15.6 25.G �n.7 2�� Dvrr�estic Equik�� �15.G ��.�� d8.7 5�J.4 Tfnal.�und N?A N?.4 1�J�,^.�.D 1 fl�.^„C� P�s�u 12 �� Tequesta General Employees'Refirement Plan Asset A9location vs Other Public Pension Plans As of December 31,2016 Plan Sponsor TF Asset Allocation vs.All Public Plans-Total Fund r,a.c� �t�.a �z.a • A�A 34".Q e _ C _,,.. .,...,, , .. 0 M 28�� ; c�+ a 'a zo.a � a 1�!;; � 4.(} � � � -Q_� -12.0 US Equity Intl.Equity US FxQd Incomo InU.Fxed Incomn Altornati�a Inv. Roal Estate Cash i Tequesia General Emplo;��s 48.67 (A1'i 14.1� {32;� 15_b"' i82:i 5.t4 141:1 �.6� 8.8a (�i 3.52 f1Z} 5th.Parcenlile 57.77 20.C5 44_$0 4.2$ 21.56 12.52 5.68 1 st C,2uarti le 51.1 J �4.41 :�4.37 5.�i:i 15.{'rl 9.54 2,34 lvtedian 4v",79 13.43 30_17 5.Q6 5.89 6_62 1.30 3 r[I:,2ua rti le d'1,'L 1 10,67 21 1 F� �i.69 4,�9 5.08 D,63 �35t1t Perr�n4ilc� 34.50 7.0"1 13.54 3.D4 1.�3 �_fi5 fl.17 gD�ulatir,n 11 fi 11?, '1£i 5£i 21 7(� 1 C)4 Firr.,�lncsr;r.nr;ain�r.rrr.rdita:in<ngs. P��a 1',i __�r.�y Tequesta General Employees'Retirement Plan Asset Allocatian History by Portfolio As of Decemher 31,2016 Oec-2016 Sep-2Q 16 J un-241 c M ar-2018 qec-2U15 (S) °�o (S} 4� Balanced Accounts � {�� % �S} a�0 ��J� °�a Dan4 Balan��d PortFalio - G-i70 - 0_O�J - 6_OQ _ 6.t�0 4.81� 0.13 Total Equity 2.616,776 62.84 2.588,426 B4.01 2,298,585 59.10 2.281,470 60.26 2.302,093 81.54 Domestic Equity 2,026,911 46.6i 1,953,032 48.67 1,762,618 45.32 1,Td3,804 46.06 1,751,674 46.83 D�n;�L�sye Cdp C���re �.ti2f:,l)4l 3C�_72 �,�53,D32 4B.67 1,7a2,61Fi �75-32 'i,7�13,f30A A6_06 1,751,67A 46.83 Vanguard Tetal 5tack Patarket lndex(�v'ITSXt 497.864 11_9� � 0_00 - 0_00 . 0.00 . 0.00 internationa�l Equity 589�,665 1d.16 615,394 15.34 S35„966 13.T8 537,667 14.20 550,d19 14.T1 EU�DPau^iifr Cyrn�n�±h Fund R6 4RERGXj 58�,E3F5 14 1fi 615,394 15 34 535,966 13 78 537;663 14 20 65D,419 14 71 Total Ffxed Income 1,032,961 24.80 7,034,287 25.78 1,17],308 30.27 1,382,B23 35.99 1,333,988 35.68 Domestio Fixed Incame 818,983 19.67 838,804 20.86 59d,164 25.56 1,180�420 31_18 1,152,217 30.80 dan�in.errneaiate Fix�d Gn�orn�� 818.963 15.67 83�E,804 20.86 99A.164 25_56 �,18{7.42D 3i_18 1,152.217 30.80 GIo6aC F[xod IncomQ 213,99T 5.14 197,483 4.92 183,142 4.71 182„203 4_81 181,7T1 4.86 Templetaru c;lnbal Total Return Rn fF`fTRX) 213,997 5 14 157,483 4 92 183,142 4 71 182,243 A 81 181,771 4€tq Tocal Rea1 Estate 3d8,101 8.84 386,380 9.13 3BU,000 9.28 0.00 0.00 �1SB Real Estate 36&,1Q1 8_84 366.380 9.13 36{7,000 9_2fi 0.00 0_09 Cash Accounts ��0 �aC•,G48 :i�2 a3,3i2 1.Ofi 53,290 1 3? 1a1,�C8 3 7� 99,63� 2�� ToWI Fund 4,164,466 100.00 4,012,405 100.00 3,889,780 100.00 3,785,960 100.00 3,740,738 100.00 �aau 14 _=71r.�� Tequesta General Employees'Retirement Plan Asset Allocation History by Asset Class Septemher 1,2007 To Decem6er 31,2015 56_i] ,. '�� �-..,. .� �''�f-•-.\ �-•� . '',•-- '�- '_ •- i � �c. .�r i•� .� �. ♦./ . �'\,l f �'.'.."�-.\ f'�, � "�'���� _ ii � I , ,. r \� -- - . 1 '•�I P.f+JI . � ' 1 . •.� SU U 72 U 6Q_p -- S6.d O C O u 4$.0 0 � 40 A 32 0 24 U 16A $_0 0_0 6�07 ��D8 ��U�3 Z�09 8.�U9 "Z.�10 BitQ 2t11 8i11 2i1Z 8l12 2f13 8r'13 2r1d 8�1d 2�15 8;15 2r�n 6116 72i16 L� Qornesti�Eq�ity intern�i�onal Equik}� '_'_� QomPstic Fixed income Globai Fixed Inr.ame ��'- � Real Estate � Cash Equivalent P�sau 1S _,.a�'�� Tequesta General Employees'Retirement Plan Financial Reconciliation 1 Quarter Ending December 31,2018 Markek Value Net Contributuons Distributions Management Other Captial Markek Value 10/011201fi firansfers Fees Expenses ��ticome GainlLoss 12l3112016 Tatal Equity 2,568,42B - - - - - 25,2T3 23.077 2,576,776 , Domestic Equity 1,953,032 - - - - • 15,773 58,10fi 2,d26,911 Dan�La�.ye t,aF�G��r� 1,9�i;3,ci:}2 -4f1Q,f?l)0 - - - - 12,�d2 53,:37:? 1,52�1,�1.:i �'anguard Tcrtal Stock C,darKet Indcx;`,'IT�X1 - �390.�}00 = • 3,131 4,733 497.Ec"� lnternational Equiry 615,394 - - - - - 9,50Q -35,029 589,8&5 E�roPacifir Gro�n�th Fund R6(RERC�X) 615,3� - - - - - 9.600 -35.U2� 58�,�?u5 Total F{xed Income 1,034,287 - - - - - 9,314 -10,840 1;032,951 Domestic Fixed Income 83G,8fl-0 - - - - - 7,789 -25,849 818,963 Dana 6n.emie�aiate Fixec Vncarne 838,8C4 - � _ � 7,�6� �25,6�7� 818.�:"? Global Finod 6icomQ t97,483 - - - - - 1,545 t4,9fi9 213.997 Ternpleten Glob�l T'otal Return�F�fFTTRX; 1Jl,dq3 - - - - - 1,545 14.yG's 773,9�? Tocal Real Estate 366,380 - - - -1,145 - - 2,886 368,141 r�SB Real Estate 3F6.3?0 - - - -1,145 - - 2,85� 36�3,1�:.�1 Cash Accounts RE4Q q:3,312 - 11�;:��1�3 -3�595 - =�#,247 1� - 146,�:�H Totat Fund 4,012,445 - 116,163 -3,595 -1,1d5 -9,247 34,603 15,303 4,184,486 ?JG,u 15 �� Tequesta General Employees'Retirement Plan Financial Reconciliation October 1„2015 To Decem6er 31,201fi Market Value Net Contribut'rons Distributions Management Other Capital Market Value 10161r2015 T`ransfers Fees Expenses lncamc �ainfLoss 12l3112416 Balanced Acco�nts Dana Balance�i Purtfolir� 2,t324,9`�9 -2,923,1A7 - - -3,f353 -68 3,Sbti �:���1g _ Total Equity - 1,976,145 - - •11,322 -673 T9,025 573,6a1 2,fi16,776 Domestic Equity - 1,941,145 - - -11�322 -673 51,244 46,516 2,026,911 l7ana I_:�Tr�e Ca�a C:ore - 1,451,1a� - - -11,32z -673 48,112 41,7F35 1,529,OA7 Vanyuard T�tal Stuck!a1ar�;ut Ind�x I:1�ITSXj - 490,�G0 - - - - 3.131 4,733 497,&64 International Equity - 35,000 - - - - 27,782 527,d64 589,955 EuroPaeific Gro��,h Funo R6?RER:�X i 534,�2G 3�,(}QO - - - - 27.782 -�,=:46 589,8fi5 Total Fixed Income - 612,739 - - -621 -432 48,863 172,383 1,032,981 Domestic Fixed Income - 797,7gg - - -621 -432 41,B3B -19,476 618,9B3 Dana intemiEci�te�ixed sncurne - 79?,7'�6 - - -621 -�1:i2 41,a"36 -19,418 8�8,9fi3 Global Fixed Incame - 15,OQ0 - - - - 7,217 191,781 213,'997 Templetan Global Tc�tal Ren�m R6 I:FTTRX; 177,70"3 t5,OG0 - - • - 7,798 19,435 213,897 Total Real Estate - 360,000 - - -1,145 - 22 9,224 368,101 ASB Rcal Estate - 360.f1�7G - - -1.14� - 22 9.224 368.101 Cash Accaunts Rii�G 2?.4;"�E -22�,7�? 43�,2C16 -28,U22 - -fi7.�84 37 - 145.646 7uta1 Fund 3,564,898 - 436�206 -28,022 -16,942 �88,357 132,088 140,834 4,164,486 Pa�u 17 _�a.�g�- Tequesta General Ernployees'Retirement Plan Trailing Returns As of Decemher 31,201 B �TR FYTD 1 YR 3 YR 4 Y� 5 YR Inception Inceptian Date ToWI Fund 1.21 (29} 9.]t1 (29} 4.31 {98) 4.22 (66) 7.49 {56) 8.61 (44) 5J4 (32) 11f011200D �C�?I � �T_: I"i)I�_:� 1 .!=i ,�'_i� . __ .'_ii �.r.,'i . _.'I �-:� .. 1. - .'=�i - - - �J I-'.if:l,: -�I�ri•,-T:+lal F.inc P.dedi�in ��'� �1..!� -. �._� , Tatal Fund{Net) 1.16 1.18 3.95 3.79 7.02 8.08 5.43 11101/2D00 T,_:i=1 ri-�'�'� �''-'�'-- 1.�0 l.v � c� - - -:r. - - -- ' "- ..-� _.�_ R� Tatal Equity 1.95 1.'�5 5.07 5.27 11.24 12.72 8.17 02101/2D04 l:t:i _:i�it�;� -.:�I;, �.:..-. _.__. 1�:,._.'-� :.-.:. i.:..-. =.::t 61�1 Domestic Equity 3.9�4 (49} �.'�d (49} 5.36 {86) 7_OB (75} 13.5D {84) 14.3d {52) 9_88 (id� 02t011240d =��r'_II�I�I' r.: 3u�` ,:ill:l iF'L :_ilJj l�.:t _�1� aA' _r-I'1 �.�� i��l '��J, i:l��i 'F� 1�_�. , i � . . -' - . . ir . ., i � :��..:�::;.:,�� t,:�.,��,� ��:,;-�.�-� �.7=::�;��• , ��- , '!:; 1:;.- ' eL'1 1 ;;' ':1.�'I :.:v:l lnternational Equity -4.15 (91) -4.15 (91) 1.01 (56j -0.86 (7d} 2.98 (31) 8.78 (16) B.61 (16) 07f01l2009 C��'�' .I -i :f� i U�rl 1.LG ,��4i i �f �4i 5.:' � �I 1 � �4i ?.�: -�qj �.�u i;��'i 6.2�� 117 Ih.' n:- i�lin�c-�I j,� i:��iC�n N��;i.,i�j hA ;� rri,.r� -1.71 -I r1 1.41 �u�: 1.71 Si,IH 5`9 Total F�xed Income -0.13 -0.13 3.25 2.7B 2.10 2.82 4.39 01101l2004 T�-t-I =i:,-1 f'r_�lir - - - - - -. _-- --- ?.-:� 1._P_ �_� C`; ft Domestic Fixed Incame -2.13 (91) -2.13 (91} 1.59 (91j 2.69 {29j 2.00 (25j 2.84 (22) 4.35 (25) 01101t2044 I;.;r-�e�=.lir:F-ivNii Iru:n ii-I'�:i n::�: -:' .... `1 .��'� , 1. ., , :i' . � ��` . :,.: �'V �.. trt �.� .. ,'`iql 1 `i`' i�til � :Sf,i`I jiri, I�r' l. ;.li',t��ir-n����,�Guratiu-�,=,5 ��� :1�_ii�ii 1."�, 1_a�; �c, � - -- 1.., _..,.. 4.p.' Global Fixed Income 8.36 (1} 8.36 (1) 8.81 (4) 1.53 (33} N1A N/A 1.86 (29) 1110112a13 'Y�a F. -_ n� nnN Irrr.x _,� o�� ,;��'-11 0�, �;q� - ' . �1 t� � „- . ,- ' _ __, . _ �.`�1 . :I I Fu ,.i-�i ' r� i•.ii . . �-�r�� IL' ':��� il i,i�il I .�7•tt�:il;'I ; �.iEi:i=ir _ ` ...,.. ,7.... .i..15 :J.'•:. -'�.�.. .- L '�Si Totai Real Estate 0 76 (PtIA} 0.76 {N/A) N!A NIA NJA NlA 2.37 (NlAj 07101l201�6 hJ' h:F - -i.i��ll�.:Nr-C)pFril-ndlJ�.�rsi{�d�.;ar�IF'�,. li-. f,rAi . 'I:. , ;� . ., C'; ,qj . ,-,I i.;,�;j ,. h:7,4i , , . rC;:r,y I •I; j'dt:- IR' _ !:=r C i:l Fr14'E��r�RC71 Es�ate i5r�,•CFi tvtcci:�r d:;•. `J '. �l;'., J::'�. d,.^,. 'i, r .+s krti.rn�:°-r pmnn.:qrr.alr�Ihan nrr.��a�r a�r.anaua�in�n Rclur�r,am r.x�.�-:ssr.r a:c�rrr.cr:a9r_:. 6an�:i�rr.ptir.n d::tc i:1,".�-1:!-?fr15. pana Cn'��E:�.oll r.��t�irt:intr_-n�;i-m,. pnn•tn 7��;;Ofi= Pa5?U 1S ..�- Tequesta Generai Employees'Retirement Plan Trailing Returns As of�ecemher 31,2016 QTR FYTD 1 YR 3 YR 4 YR 5 y�i �utCenti4M �ncepkivn Domestic Equlty 8trategles Date Dana Large Cap Core 4.57 {27) d.5i (27} 7.03 (84) 7.30 (70} 13.87 {59) 14.d$ (49) 6.12 (6Dy 11r01I2�05 �.�ir:�Ihl Ir r � A� :i�Yi �.u� ,'�II1 11 _h� �:il l '�p' 'i!-l'I ',1 �� =l�}1 :}tjfs i=3�'� ��Iri ' II IL' �. :� I .r..r�'::i. t:.:r- F �.ii'; ;`. , ':i-; �:-:: i_i �r n . - �;;� . �.... I.�.�., ,:!.;1 1..:r' I.:;� li:':, Vanguard Total Stock Market Indox{VITSX) NIA NI'A N1A NIA NfA NIA 1.94 (25) 12101l2016 , I-�,..;.=,NI! iiC;;:�'nriNx 1.: 1 ;;ii`i'i � 1 r, ••i , _ �1.:'1 :;iii 1. .� 1 I25) iL.., ,,��j "�1 ;''S �� I � r't,1 ri= r 1 ...� I;;,�, II. _ _.�.'i_tlli �_ �i. _ i ii h. ;lvl . �.�= j.��, 9.75 �g.-� .:3."1 '1 =�il Intemational Equity Strategies EuroPacific Growth Fund R6�RERGX� -d,15 (81} -4,15 (91) 1.01 (S6} N!A NfA N/A -1.72 6 r:�s, i � ,, � , . 06f0172414 i 1,,. -I ;t11 � . ,. � -I . . 'i� -,i -I .!: '�J'i .�.r�. i� � 1:;'� -;;Ili- i,- . I�; n:= �,ti��i� � ,�- �--I' = ��;' ;�-'i- t,'�:rf�in 1 ,? 1 ,1 1.-. =.a6 ��1 �4 - -_ 4ii�i Domestic Fixed income Stretegies Dana Intermediate Fxed Income -2.13 (91) -2.13 (91} 1.69 (91) 2.56 (41j 1.90 {29j 2.75 (24} d.37 (48) 11f01f2D05 C:i' .. ti 1-ixt:�] i.�.� ii:. F i i�.,. _ - - - � . `. , �i �'.,,`. , , ��..�� .'�i,l �':.! ,b��l 1.��' (I-„]I� - ..� .�,y�; - IP:' _ = Irrr�rn�l�. . .t��� _ Fj'�.L'.ii,�� 1 8E� -1.8E �.3Li �.=� 1 ,. _ 4.��t Global Fixed Income Strategies Templeton Glo4al Total Return R6(FTTRXj 8.36 (1} 8.3$ (1) 8.81 (4) 1.53 (33} N!A NlA 1.86 (29) 11101l2413 f';i�l)�i �,:'=i riCu�-'n_' li::i::t -�1."�+ {5S1i --I.G�� lS�i 9.�;E� � ?.�u i =:a +S�{ oc.� - - - - _ `d '� , � . ... �) �- ��- � � J..� . � ��!� iGYI 1-;�J�I 1 'i��'. R�. � 6=i. i -�xeril�:� T=i� 1- .5:�i=r -?.�; -� �� 3.:;'; (],_:', _ ' - - - D:_I Real Estate Strategies ASB Real Estate 0.76 {N1A} 0.76 (NlA) NIA NfA N1A NlA 2.57 (N�A� U7101l2016 hd 'RC--�rn_I I � =�pr�i E�'id D r3ifi�d _� _ �'=Ltir;� 2.1� t,'i'tl _.1': I'.+r"�.i _ _'-� . '`.'t __� i,ri.i _ _._ 1,;;`�,i _�= I, i ��F ' 1 ,: I��:' . : (i: .i i- n i'i�:;.� N,aal!-5 �1=i'_,q i'� .,_['i:�r 'd�.:.. I - 'd:.-. �d��,, `� ,-. !..-. - �,. RMi.rnr,`ar pranr:q'catr•�han or.^.:r.ar r.•r.amuali7et].Rr.luns.am r.x�,-a,sr.r.as p::rr.r.c:agr_;. Dan„�..nrr.�rtir.a dalc L:1;�1:3-:fx95. Ciana�;nm E::�.iiir r.�atiirs inirm�tir.rn.�nn•Ir�?�1!.`..ilU'� �'I Pa�u 1p II '"�✓' Tequesta General Employees'Retirement Plan Fiscal Year Returns As of December 31,2016 FYTD �Y 2076 FY 2015 FY 7U14 FY 2013 FY 20i2 FY 2011 Total Fund 1.21 (29) 6.06 (97� 0.08 (34) 11.92 7ct-� �-_; ,_: P_:i�_ - - {12) 12.09 (58� 16_89 (28� 1_82 (21) . � __ ._ _ _- ' . - -� :� - . _ 1- � -_ `h��', %�.I 'r'.I �I.. =1,-1-�: .. �,: 'r,i- � r. ....,-. . . . -,.. _.i .i� .I i'; �. .: , , Totat Fund(Net) 1.1& 5.62 -0.37 31.35 11,5p tg.2g 1 dg I,:I=I ri_rr:_.I'c�r ,,- 'I '-� (�i Tatal Equity 1.95 7.51 -4.84 17,55 21.22 29.19 -p,Og f.:i=:i - �ni; =.:d; , _ - _ " i� ,,., c�� �omestic Equity 3.94 (4SJ 7.61 (92� Q.16 (46) 21.50 (22} 21.7D (36) 31.26 (27) 2,42 {34} F�ill l _x �; _ _ .. �_ r�l �:-: : i ; �,-�� I: _:,:I �i;_, � 11 ., i't I' ", Ir _ _ L .i_� �.a� _��rcEq�iC,� i'_ . rri ..1=:. �+� 'r= r .�, -- IL 1_.� __ f' t�i-, �.- InternationalEquity -4.15 (91) 8.52 (181 -4.49 (4� 4.79 (25� 18.28 (T4� 18.93 (2� -12.67 (74} I .:��.I M1� ,��f��.. L')CI�J�I ?' _ _'. . Y,� ' 'r _ ' _ _ ' .. I-� .. : ": N' _ _ _ _ , .__ . ._ .. 1�-' . �� . �:1 '��_�_1ii ��`�� l.�l=. j_E'� ��.-� J'�,1 Ilr n� t,ihri ril i'1' �:: �� _::rrH FGiilly{h.9F, f : r 1 ,°i.l . '�1 ', )fJ 1 ' _� I . Total Fixed Income -0.13 3.80 1.75 3.11 0.21 6.81 2.90 T�Jt'� `I::;�rl r'iilli_�,�� _ '� �II i '=1'? _ '_ ' -- _.. _ 4 i�_' ,-- Domestic Fixed Incame -2-13 i911 4.02 (42) 3.31 (13J 2.96 {43) 0.21 (25) 6.89 (21 2.9D C ,r�r�=ri .Fiaz�d li_u n_ �� , - -r, - - - - -- - - � ���} i_. ,.- �� � - �'� ���� �'' - - - --. '� ,_ _ . I''�1 � 3^ iP_3; - _. t�'i IL .. .: Irirrri�.i a'.'r.Il:ii ilui i I:i,a+i;l-1 PAi_!:iic�Ei !:. ,�.i _ - . . :I _.� -. .�� -,� � .... Global FGcod hticome $.36 (1 y 2.68 (95� -6.14 (94) N1A N!A NJA NIA t�,a I-_-: -i�. r i� In::e:x :�:: i : , 1.; :1�J I-Il � ;F i'" , � _ - -:. ' _ _.. -.. �_ , i. II' ._'.�.. _� ' _ , �. �.� i � _�r,�r r�� �' `.�� ' `` i-:�;'I �1 I':! i3�1 '�' -�'� r:',cl'i 1 v die�' - _ -- � j: � Total Reai Estate 0.78 (M!A} NfA MlA N1A NIA �!('1-I1 -i.i:�l 1 i_ .:Fn-ri Frnl U .:-�rei1 r.-� : �.. ftdi�.: I;i i:;, ��;��, - i i .:':P _� -- NrA i i r: �� i: _ „ ,� , ir> - _ �-_- _,. r��:�.. � -i _,.� �_., � r; . , - _ __ r '. �. .� � 1 .ii� '_�- 1- - 1:: � r - _ - '-`-� Rr.11:�n!:'�"r pr�nY;q'r.�tr. �han nra vr.ar:1:anauali;en Rr.lnn:c arc r:zp�i.::r.'a:p::rr.cr:agr;. Gan:s.i�rr.pti:xt d31r_�is 1^�1 r2C�]5. pana i�r,•c F::�.iill r.����irs ir�in-natir.�: Crinr tn�^!iiiu- �ea�Zii r--� �: Tequesta Generai Employees'Retirement Plan Trailing Returns As of�ecemher 31,2016 QTR FYTD 1 YR 3 YR 4 YR 5 y�i �utCenti4M �ncepkivn Domestic Equlty 8trategles Date Dana Large Cap Core 4.57 {27) d.5i (27} 7.03 (84) 7.30 (70} 13.87 {59) 14.d$ (49) 6.12 (6Dy 11r01I2�05 �.�ir:�Ihl Ir r � A� :i�Yi �.u� ,'�II1 11 _h� �:il l '�p' 'i!-l'I ',1 �� =l�}1 :}tjfs i=3�'� ��Iri ' II IL' �. :� I .r..r�'::i. t:.:r- F �.ii'; ;`. , ':i-; �:-:: i_i �r n . - �;;� . �.... I.�.�., ,:!.;1 1..:r' I.:;� li:':, Vanguard Total Stock Market Indox{VITSX) NIA NI'A N1A NIA NfA NIA 1.94 (25) 12101l2016 , I-�,..;.=,NI! iiC;;:�'nriNx 1.: 1 ;;ii`i'i � 1 r, ••i , _ �1.:'1 :;iii 1. .� 1 I25) iL.., ,,��j "�1 ;''S �� I � r't,1 ri= r 1 ...� I;;,�, II. _ _.�.'i_tlli �_ �i. _ i ii h. ;lvl . �.�= j.��, 9.75 �g.-� .:3."1 '1 =�il Intemational Equity Strategies EuroPacific Growth Fund R6�RERGX� -d,15 (81} -4,15 (91) 1.01 (S6} N!A NfA N/A -1.72 6 r:�s, i � ,, � , . 06f0172414 i 1,,. -I ;t11 � . ,. � -I . . 'i� -,i -I .!: '�J'i .�.r�. i� � 1:;'� -;;Ili- i,- . I�; n:= �,ti��i� � ,�- �--I' = ��;' ;�-'i- t,'�:rf�in 1 ,? 1 ,1 1.-. =.a6 ��1 �4 - -_ 4ii�i Domestic Fixed income Stretegies Dana Intermediate Fxed Income -2.13 (91) -2.13 (91} 1.69 (91) 2.56 (41j 1.90 {29j 2.75 (24} d.37 (48) 11f01f2D05 C:i' .. ti 1-ixt:�] i.�.� ii:. F i i�.,. _ - - - � . `. , �i �'.,,`. , , ��..�� .'�i,l �':.! ,b��l 1.��' (I-„]I� - ..� .�,y�; - IP:' _ = Irrr�rn�l�. . .t��� _ Fj'�.L'.ii,�� 1 8E� -1.8E �.3Li �.=� 1 ,. _ 4.��t Global Fixed Income Strategies Templeton Glo4al Total Return R6(FTTRXj 8.36 (1} 8.3$ (1) 8.81 (4) 1.53 (33} N!A NlA 1.86 (29) 11101l2413 f';i�l)�i �,:'=i riCu�-'n_' li::i::t -�1."�+ {5S1i --I.G�� lS�i 9.�;E� � ?.�u i =:a +S�{ oc.� - - - - _ `d '� , � . ... �) �- ��- � � J..� . � ��!� iGYI 1-;�J�I 1 'i��'. R�. � 6=i. i -�xeril�:� T=i� 1- .5:�i=r -?.�; -� �� 3.:;'; (],_:', _ ' - - - D:_I Real Estate Strategies ASB Real Estate 0.76 {N1A} 0.76 (NlA) NIA NfA N1A NlA 2.57 (N�A� U7101l2016 hd 'RC--�rn_I I � =�pr�i E�'id D r3ifi�d _� _ �'=Ltir;� 2.1� t,'i'tl _.1': I'.+r"�.i _ _'-� . '`.'t __� i,ri.i _ _._ 1,;;`�,i _�= I, i ��F ' 1 ,: I��:' . : (i: .i i- n i'i�:;.� N,aal!-5 �1=i'_,q i'� .,_['i:�r 'd�.:.. I - 'd:.-. �d��,, `� ,-. !..-. - �,. RMi.rnr,`ar pranr:q'catr•�han or.^.:r.ar r.•r.amuali7et].Rr.luns.am r.x�,-a,sr.r.as p::rr.r.c:agr_;. Dan„�..nrr.�rtir.a dalc L:1;�1:3-:fx95. Ciana�;nm E::�.iiir r.�atiirs inirm�tir.rn.�nn•Ir�?�1!.`..ilU'� �'I Pa�u 1p II '"�✓' Tequesta General Employees'Retirement Plan Fiscal Year Returns As of December 31,2016 FYTD �Y 2076 FY 2015 FY 7U14 FY 2013 FY 20i2 FY 2011 Total Fund 1.21 (29) 6.06 (97� 0.08 (34) 11.92 7ct-� �-_; ,_: P_:i�_ - - {12) 12.09 (58� 16_89 (28� 1_82 (21) . � __ ._ _ _- ' . - -� :� - . _ 1- � -_ `h��', %�.I 'r'.I �I.. =1,-1-�: .. �,: 'r,i- � r. ....,-. . . . -,.. _.i .i� .I i'; �. .: , , Totat Fund(Net) 1.1& 5.62 -0.37 31.35 11,5p tg.2g 1 dg I,:I=I ri_rr:_.I'c�r ,,- 'I '-� (�i Tatal Equity 1.95 7.51 -4.84 17,55 21.22 29.19 -p,Og f.:i=:i - �ni; =.:d; , _ - _ " i� ,,., c�� �omestic Equity 3.94 (4SJ 7.61 (92� Q.16 (46) 21.50 (22} 21.7D (36) 31.26 (27) 2,42 {34} F�ill l _x �; _ _ .. �_ r�l �:-: : i ; �,-�� I: _:,:I �i;_, � 11 ., i't I' ", Ir _ _ L .i_� �.a� _��rcEq�iC,� i'_ . rri ..1=:. �+� 'r= r .�, -- IL 1_.� __ f' t�i-, �.- InternationalEquity -4.15 (91) 8.52 (181 -4.49 (4� 4.79 (25� 18.28 (T4� 18.93 (2� -12.67 (74} I .:��.I M1� ,��f��.. L')CI�J�I ?' _ _'. . Y,� ' 'r _ ' _ _ ' .. I-� .. : ": N' _ _ _ _ , .__ . ._ .. 1�-' . �� . �:1 '��_�_1ii ��`�� l.�l=. j_E'� ��.-� J'�,1 Ilr n� t,ihri ril i'1' �:: �� _::rrH FGiilly{h.9F, f : r 1 ,°i.l . '�1 ', )fJ 1 ' _� I . Total Fixed Income -0.13 3.80 1.75 3.11 0.21 6.81 2.90 T�Jt'� `I::;�rl r'iilli_�,�� _ '� �II i '=1'? _ '_ ' -- _.. _ 4 i�_' ,-- Domestic Fixed Incame -2-13 i911 4.02 (42) 3.31 (13J 2.96 {43) 0.21 (25) 6.89 (21 2.9D C ,r�r�=ri .Fiaz�d li_u n_ �� , - -r, - - - - -- - - � ���} i_. ,.- �� � - �'� ���� �'' - - - --. '� ,_ _ . I''�1 � 3^ iP_3; - _. t�'i IL .. .: Irirrri�.i a'.'r.Il:ii ilui i I:i,a+i;l-1 PAi_!:iic�Ei !:. ,�.i _ - . . :I _.� -. .�� -,� � .... Global FGcod hticome $.36 (1 y 2.68 (95� -6.14 (94) N1A N!A NJA NIA t�,a I-_-: -i�. r i� In::e:x :�:: i : , 1.; :1�J I-Il � ;F i'" , � _ - -:. ' _ _.. -.. �_ , i. II' ._'.�.. _� ' _ , �. �.� i � _�r,�r r�� �' `.�� ' `` i-:�;'I �1 I':! i3�1 '�' -�'� r:',cl'i 1 v die�' - _ -- � j: � Total Reai Estate 0.78 (M!A} NfA MlA N1A NIA �!('1-I1 -i.i:�l 1 i_ .:Fn-ri Frnl U .:-�rei1 r.-� : �.. ftdi�.: I;i i:;, ��;��, - i i .:':P _� -- NrA i i r: �� i: _ „ ,� , ir> - _ �-_- _,. r��:�.. � -i _,.� �_., � r; . , - _ __ r '. �. .� � 1 .ii� '_�- 1- - 1:: � r - _ - '-`-� Rr.11:�n!:'�"r pr�nY;q'r.�tr. �han nra vr.ar:1:anauali;en Rr.lnn:c arc r:zp�i.::r.'a:p::rr.cr:agr;. Gan:s.i�rr.pti:xt d31r_�is 1^�1 r2C�]5. pana i�r,•c F::�.iill r.����irs ir�in-natir.�: Crinr tn�^!iiiu- �ea�Zii r--� �: Tequesta Generai Employees'Retirement Plan Trailing Returns As of�ecemher 31,2016 QTR FYTD 1 YR 3 YR 4 YR 5 y�i �utCenti4M �ncepkivn Domestic Equlty 8trategles Date Dana Large Cap Core 4.57 {27) d.5i (27} 7.03 (84) 7.30 (70} 13.87 {59) 14.d$ (49) 6.12 (6Dy 11r01I2�05 �.�ir:�Ihl Ir r � A� :i�Yi �.u� ,'�II1 11 _h� �:il l '�p' 'i!-l'I ',1 �� =l�}1 :}tjfs i=3�'� ��Iri ' II IL' �. :� I .r..r�'::i. t:.:r- F �.ii'; ;`. , ':i-; �:-:: i_i �r n . - �;;� . �.... I.�.�., ,:!.;1 1..:r' I.:;� li:':, Vanguard Total Stock Market Indox{VITSX) NIA NI'A N1A NIA NfA NIA 1.94 (25) 12101l2016 , I-�,..;.=,NI! iiC;;:�'nriNx 1.: 1 ;;ii`i'i � 1 r, ••i , _ �1.:'1 :;iii 1. .� 1 I25) iL.., ,,��j "�1 ;''S �� I � r't,1 ri= r 1 ...� I;;,�, II. _ _.�.'i_tlli �_ �i. _ i ii h. ;lvl . �.�= j.��, 9.75 �g.-� .:3."1 '1 =�il Intemational Equity Strategies EuroPacific Growth Fund R6�RERGX� -d,15 (81} -4,15 (91) 1.01 (S6} N!A NfA N/A -1.72 6 r:�s, i � ,, � , . 06f0172414 i 1,,. -I ;t11 � . ,. � -I . . 'i� -,i -I .!: '�J'i .�.r�. i� � 1:;'� -;;Ili- i,- . I�; n:= �,ti��i� � ,�- �--I' = ��;' ;�-'i- t,'�:rf�in 1 ,? 1 ,1 1.-. =.a6 ��1 �4 - -_ 4ii�i Domestic Fixed income Stretegies Dana Intermediate Fxed Income -2.13 (91) -2.13 (91} 1.69 (91) 2.56 (41j 1.90 {29j 2.75 (24} d.37 (48) 11f01f2D05 C:i' .. ti 1-ixt:�] i.�.� ii:. F i i�.,. _ - - - � . `. , �i �'.,,`. , , ��..�� .'�i,l �':.! ,b��l 1.��' (I-„]I� - ..� .�,y�; - IP:' _ = Irrr�rn�l�. . .t��� _ Fj'�.L'.ii,�� 1 8E� -1.8E �.3Li �.=� 1 ,. _ 4.��t Global Fixed Income Strategies Templeton Glo4al Total Return R6(FTTRXj 8.36 (1} 8.3$ (1) 8.81 (4) 1.53 (33} N!A NlA 1.86 (29) 11101l2413 f';i�l)�i �,:'=i riCu�-'n_' li::i::t -�1."�+ {5S1i --I.G�� lS�i 9.�;E� � ?.�u i =:a +S�{ oc.� - - - - _ `d '� , � . ... �) �- ��- � � J..� . � ��!� iGYI 1-;�J�I 1 'i��'. R�. � 6=i. i -�xeril�:� T=i� 1- .5:�i=r -?.�; -� �� 3.:;'; (],_:', _ ' - - - D:_I Real Estate Strategies ASB Real Estate 0.76 {N1A} 0.76 (NlA) NIA NfA N1A NlA 2.57 (N�A� U7101l2016 hd 'RC--�rn_I I � =�pr�i E�'id D r3ifi�d _� _ �'=Ltir;� 2.1� t,'i'tl _.1': I'.+r"�.i _ _'-� . '`.'t __� i,ri.i _ _._ 1,;;`�,i _�= I, i ��F ' 1 ,: I��:' . : (i: .i i- n i'i�:;.� N,aal!-5 �1=i'_,q i'� .,_['i:�r 'd�.:.. I - 'd:.-. �d��,, `� ,-. !..-. - �,. RMi.rnr,`ar pranr:q'catr•�han or.^.:r.ar r.•r.amuali7et].Rr.luns.am r.x�,-a,sr.r.as p::rr.r.c:agr_;. Dan„�..nrr.�rtir.a dalc L:1;�1:3-:fx95. Ciana�;nm E::�.iiir r.�atiirs inirm�tir.rn.�nn•Ir�?�1!.`..ilU'� �'I Pa�u 1p II '"�✓' Tequesta General Employees'Retirement Plan Fiscal Year Returns As of December 31,2016 FYTD �Y 2076 FY 2015 FY 7U14 FY 2013 FY 20i2 FY 2011 Total Fund 1.21 (29) 6.06 (97� 0.08 (34) 11.92 7ct-� �-_; ,_: P_:i�_ - - {12) 12.09 (58� 16_89 (28� 1_82 (21) . � __ ._ _ _- ' . - -� :� - . _ 1- � -_ `h��', %�.I 'r'.I �I.. =1,-1-�: .. �,: 'r,i- � r. ....,-. . . . -,.. _.i .i� .I i'; �. .: , , Totat Fund(Net) 1.1& 5.62 -0.37 31.35 11,5p tg.2g 1 dg I,:I=I ri_rr:_.I'c�r ,,- 'I '-� (�i Tatal Equity 1.95 7.51 -4.84 17,55 21.22 29.19 -p,Og f.:i=:i - �ni; =.:d; , _ - _ " i� ,,., c�� �omestic Equity 3.94 (4SJ 7.61 (92� Q.16 (46) 21.50 (22} 21.7D (36) 31.26 (27) 2,42 {34} F�ill l _x �; _ _ .. �_ r�l �:-: : i ; �,-�� I: _:,:I �i;_, � 11 ., i't I' ", Ir _ _ L .i_� �.a� _��rcEq�iC,� i'_ . rri ..1=:. �+� 'r= r .�, -- IL 1_.� __ f' t�i-, �.- InternationalEquity -4.15 (91) 8.52 (181 -4.49 (4� 4.79 (25� 18.28 (T4� 18.93 (2� -12.67 (74} I .:��.I M1� ,��f��.. L')CI�J�I ?' _ _'. . Y,� ' 'r _ ' _ _ ' .. I-� .. : ": N' _ _ _ _ , .__ . ._ .. 1�-' . �� . �:1 '��_�_1ii ��`�� l.�l=. j_E'� ��.-� J'�,1 Ilr n� t,ihri ril i'1' �:: �� _::rrH FGiilly{h.9F, f : r 1 ,°i.l . '�1 ', )fJ 1 ' _� I . Total Fixed Income -0.13 3.80 1.75 3.11 0.21 6.81 2.90 T�Jt'� `I::;�rl r'iilli_�,�� _ '� �II i '=1'? _ '_ ' -- _.. _ 4 i�_' ,-- Domestic Fixed Incame -2-13 i911 4.02 (42) 3.31 (13J 2.96 {43) 0.21 (25) 6.89 (21 2.9D C ,r�r�=ri .Fiaz�d li_u n_ �� , - -r, - - - - -- - - � ���} i_. ,.- �� � - �'� ���� �'' - - - --. '� ,_ _ . I''�1 � 3^ iP_3; - _. t�'i IL .. .: Irirrri�.i a'.'r.Il:ii ilui i I:i,a+i;l-1 PAi_!:iic�Ei !:. ,�.i _ - . . :I _.� -. .�� -,� � .... Global FGcod hticome $.36 (1 y 2.68 (95� -6.14 (94) N1A N!A NJA NIA t�,a I-_-: -i�. r i� In::e:x :�:: i : , 1.; :1�J I-Il � ;F i'" , � _ - -:. ' _ _.. -.. �_ , i. II' ._'.�.. _� ' _ , �. �.� i � _�r,�r r�� �' `.�� ' `` i-:�;'I �1 I':! i3�1 '�' -�'� r:',cl'i 1 v die�' - _ -- � j: � Total Reai Estate 0.78 (M!A} NfA MlA N1A NIA �!('1-I1 -i.i:�l 1 i_ .:Fn-ri Frnl U .:-�rei1 r.-� : �.. ftdi�.: I;i i:;, ��;��, - i i .:':P _� -- NrA i i r: �� i: _ „ ,� , ir> - _ �-_- _,. r��:�.. � -i _,.� �_., � r; . , - _ __ r '. �. .� � 1 .ii� '_�- 1- - 1:: � r - _ - '-`-� Rr.11:�n!:'�"r pr�nY;q'r.�tr. �han nra vr.ar:1:anauali;en Rr.lnn:c arc r:zp�i.::r.'a:p::rr.cr:agr;. Gan:s.i�rr.pti:xt d31r_�is 1^�1 r2C�]5. pana i�r,•c F::�.iill r.����irs ir�in-natir.�: Crinr tn�^!iiiu- �ea�Zii r--� �: Tequesta General Employees'Retirement Plan Fiscal Year Returns As of December 31,2016 FYTD �Y 2076 FY 2015 FY 7U14 FY 2013 FY 20i2 FY 2011 Total Fund 1.21 (29) 6.06 (97� 0.08 (34) 11.92 7ct-� �-_; ,_: P_:i�_ - - {12) 12.09 (58� 16_89 (28� 1_82 (21) . � __ ._ _ _- ' . - -� :� - . _ 1- � -_ `h��', %�.I 'r'.I �I.. =1,-1-�: .. �,: 'r,i- � r. ....,-. . . . -,.. _.i .i� .I i'; �. .: , , Totat Fund(Net) 1.1& 5.62 -0.37 31.35 11,5p tg.2g 1 dg I,:I=I ri_rr:_.I'c�r ,,- 'I '-� (�i Tatal Equity 1.95 7.51 -4.84 17,55 21.22 29.19 -p,Og f.:i=:i - �ni; =.:d; , _ - _ " i� ,,., c�� �omestic Equity 3.94 (4SJ 7.61 (92� Q.16 (46) 21.50 (22} 21.7D (36) 31.26 (27) 2,42 {34} F�ill l _x �; _ _ .. �_ r�l �:-: : i ; �,-�� I: _:,:I �i;_, � 11 ., i't I' ", Ir _ _ L .i_� �.a� _��rcEq�iC,� i'_ . rri ..1=:. �+� 'r= r .�, -- IL 1_.� __ f' t�i-, �.- InternationalEquity -4.15 (91) 8.52 (181 -4.49 (4� 4.79 (25� 18.28 (T4� 18.93 (2� -12.67 (74} I .:��.I M1� ,��f��.. L')CI�J�I ?' _ _'. . Y,� ' 'r _ ' _ _ ' .. I-� .. : ": N' _ _ _ _ , .__ . ._ .. 1�-' . �� . �:1 '��_�_1ii ��`�� l.�l=. j_E'� ��.-� J'�,1 Ilr n� t,ihri ril i'1' �:: �� _::rrH FGiilly{h.9F, f : r 1 ,°i.l . '�1 ', )fJ 1 ' _� I . Total Fixed Income -0.13 3.80 1.75 3.11 0.21 6.81 2.90 T�Jt'� `I::;�rl r'iilli_�,�� _ '� �II i '=1'? _ '_ ' -- _.. _ 4 i�_' ,-- Domestic Fixed Incame -2-13 i911 4.02 (42) 3.31 (13J 2.96 {43) 0.21 (25) 6.89 (21 2.9D C ,r�r�=ri .Fiaz�d li_u n_ �� , - -r, - - - - -- - - � ���} i_. ,.- �� � - �'� ���� �'' - - - --. '� ,_ _ . I''�1 � 3^ iP_3; - _. t�'i IL .. .: Irirrri�.i a'.'r.Il:ii ilui i I:i,a+i;l-1 PAi_!:iic�Ei !:. ,�.i _ - . . :I _.� -. .�� -,� � .... Global FGcod hticome $.36 (1 y 2.68 (95� -6.14 (94) N1A N!A NJA NIA t�,a I-_-: -i�. r i� In::e:x :�:: i : , 1.; :1�J I-Il � ;F i'" , � _ - -:. ' _ _.. -.. �_ , i. II' ._'.�.. _� ' _ , �. �.� i � _�r,�r r�� �' `.�� ' `` i-:�;'I �1 I':! i3�1 '�' -�'� r:',cl'i 1 v die�' - _ -- � j: � Total Reai Estate 0.78 (M!A} NfA MlA N1A NIA �!('1-I1 -i.i:�l 1 i_ .:Fn-ri Frnl U .:-�rei1 r.-� : �.. ftdi�.: I;i i:;, ��;��, - i i .:':P _� -- NrA i i r: �� i: _ „ ,� , ir> - _ �-_- _,. r��:�.. � -i _,.� �_., � r; . , - _ __ r '. �. .� � 1 .ii� '_�- 1- - 1:: � r - _ - '-`-� Rr.11:�n!:'�"r pr�nY;q'r.�tr. �han nra vr.ar:1:anauali;en Rr.lnn:c arc r:zp�i.::r.'a:p::rr.cr:agr;. Gan:s.i�rr.pti:xt d31r_�is 1^�1 r2C�]5. pana i�r,•c F::�.iill r.����irs ir�in-natir.�: Crinr tn�^!iiiu- �ea�Zii r--� �: 7equesta Gener�l Employ�ees'Retirement Plan Fisaal Year Returns As oF Decem6er 31,2016 ��� FY ZO'16 FY 2015 FY 2U14 FY 2013 FY 2012 FY 2011 Domestic Equity Stretegies Dana Large Cap Cvre 4.57 (27J 7.61 (92) 0.16 S48J 21.51 {22M 21.69 (36� 31.26 (28 2.43 �S�F =,�i i I � : - - i ) (3qj I�.' � . I r,r� -�_ :::r- F,� - - - r- - _. '_ _ -1c 1 :;�4 165j ii i�� - 1= in : i=; -i:i i_i;' :i�- :;t� _'� 1!: - Vanguard Total Stack Market Index(VITSX} NIA NfA N!A NfA N!A NIA NiA F;� �:r-i : i� I.. II r ul li-[ � ' � � L:�� - _ - i i�l'_; (-. ?i; "-i_i� i;il I,.Fi91 3f_1 2�� i 17, ` ��, E. ._ . I; ;P,t ' f. -_J�,n - ," - G1 ';.2t�) `'1 r'`-J 215.4�J International Equity Strategies EuraPaoific Growth�und RB(RERGxj -4.15 ( � (7) N1A f��q t ;.-:I ^� 'crc � . U ,;�. - �-- N�A N!A z 3 , 191 ` 51 9' _ - li � . iilinii ,i p t_ � .. iil'� :h:1= � _ �� F 1� � �,a'� 5.t� � I'= '1�1 ,1 ! -� `I, .,� ,� _ �, �, _ � �- - . . - '-""� - _ . .�:l - ;ii,; � �y+;� 1' ' Oomestic Fixed Income Strategies Dana Intermediate Fxed Income -2.13 (91) 3.61 (71) 3.31 {13) 2,98 (43j 0.21 (25) 6.80 I �nir:li.�i �n i i. n.: F i n�. �� �Z�) 2�89 (77} _,.. i! , -„ 1�: i:!li: r 1 - - I •1 :, . i11:i,; If ,� ,� Irr .�nr I�� =U��trn �� -'�i`;iodiai ?£ � p1} - - - -- _ J.UJ � � _.Q _ �iJ . _. _ _" Giobal FGced Income Strategies Templeton Global Total Return RS(FTTRX} 8.36 (1y 2_68 (95y -8.14 (94) NfA N!A N!A N1A � ' Y�,1 F�. : n� lfl�-:Ir.�r� = jr..��� 1=i a.ii j-I'I - -r Ir.' -- - _- r'�' -� .. � � I..i c I �l - �:'' - If. ::b_i i i:,.�.��1 I . : i ,-_if �_._iar -.i j7 , ' ' _ _. - �.'J i, J.`.; _ - _ i : ToWI Real Estate Strategies ASB Real Estat� .78 (NfA) NrA M11lA NlA NrA NIA N1A ri r..� ���,_i i i,,_ � e� �_�_� ,-,.,� ,_ :_. �.,_ � �.<�.: � .�,_ , - - - �r' . .; i,.=- - ' = -l..'1 �:.=. - -r,, _ — _ _ j_,� ,,_;i i i Fn;;: --1 -. al.. i",;.,-� F- - ,, I? fi;' - . I I _ Rr.;i..-ns'-r F�r�n2:q'a�ir•�han nrc_.�aar;.•r.�n�ua�.i�crl.P.r.lun�:am cz�ressr.-a:parr.r.c:agr_;. pinas.i�rr.pti.-ai d,^.tr_i.1,".�-1?:7fi]F,. C�ana l7n•a F::�.�ilf r.��4�ir�:irtc neti-nc �rinr ir,7�i1;f�i iF. � Pas1u 21 _�J�:' 7equesta Gener�l Employ�ees'Retirement Plan Fisaal Year Returns As oF Decem6er 31,2016 ��� FY ZO'16 FY 2015 FY 2U14 FY 2013 FY 2012 FY 2011 Domestic Equity Stretegies Dana Large Cap Cvre 4.57 (27J 7.61 (92) 0.16 S48J 21.51 {22M 21.69 (36� 31.26 (28 2.43 �S�F =,�i i I � : - - i ) (3qj I�.' � . I r,r� -�_ :::r- F,� - - - r- - _. '_ _ -1c 1 :;�4 165j ii i�� - 1= in : i=; -i:i i_i;' :i�- :;t� _'� 1!: - Vanguard Total Stack Market Index(VITSX} NIA NfA N!A NfA N!A NIA NiA F;� �:r-i : i� I.. II r ul li-[ � ' � � L:�� - _ - i i�l'_; (-. ?i; "-i_i� i;il I,.Fi91 3f_1 2�� i 17, ` ��, E. ._ . I; ;P,t ' f. -_J�,n - ," - G1 ';.2t�) `'1 r'`-J 215.4�J International Equity Strategies EuraPaoific Growth�und RB(RERGxj -4.15 ( � (7) N1A f��q t ;.-:I ^� 'crc � . U ,;�. - �-- N�A N!A z 3 , 191 ` 51 9' _ - li � . iilinii ,i p t_ � .. iil'� :h:1= � _ �� F 1� � �,a'� 5.t� � I'= '1�1 ,1 ! -� `I, .,� ,� _ �, �, _ � �- - . . - '-""� - _ . .�:l - ;ii,; � �y+;� 1' ' Oomestic Fixed Income Strategies Dana Intermediate Fxed Income -2.13 (91) 3.61 (71) 3.31 {13) 2,98 (43j 0.21 (25) 6.80 I �nir:li.�i �n i i. n.: F i n�. �� �Z�) 2�89 (77} _,.. i! , -„ 1�: i:!li: r 1 - - I •1 :, . i11:i,; If ,� ,� Irr .�nr I�� =U��trn �� -'�i`;iodiai ?£ � p1} - - - -- _ J.UJ � � _.Q _ �iJ . _. _ _" Giobal FGced Income Strategies Templeton Global Total Return RS(FTTRX} 8.36 (1y 2_68 (95y -8.14 (94) NfA N!A N!A N1A � ' Y�,1 F�. : n� lfl�-:Ir.�r� = jr..��� 1=i a.ii j-I'I - -r Ir.' -- - _- r'�' -� .. � � I..i c I �l - �:'' - If. ::b_i i i:,.�.��1 I . : i ,-_if �_._iar -.i j7 , ' ' _ _. - �.'J i, J.`.; _ - _ i : ToWI Real Estate Strategies ASB Real Estat� .78 (NfA) NrA M11lA NlA NrA NIA N1A ri r..� ���,_i i i,,_ � e� �_�_� ,-,.,� ,_ :_. �.,_ � �.<�.: � .�,_ , - - - �r' . .; i,.=- - ' = -l..'1 �:.=. - -r,, _ — _ _ j_,� ,,_;i i i Fn;;: --1 -. al.. i",;.,-� F- - ,, I? fi;' - . I I _ Rr.;i..-ns'-r F�r�n2:q'a�ir•�han nrc_.�aar;.•r.�n�ua�.i�crl.P.r.lun�:am cz�ressr.-a:parr.r.c:agr_;. pinas.i�rr.pti.-ai d,^.tr_i.1,".�-1?:7fi]F,. C�ana l7n•a F::�.�ilf r.��4�ir�:irtc neti-nc �rinr ir,7�i1;f�i iF. � Pas1u 21 _�J�:' Tequesta General Employees'Retirement Plan Long-Term Performance As of December 31,2016 Plan Growth S•9,fi3fJ,i;;t(i.[I 54,02�.00DA �s,in:.ar�t.n / 5,3.21�7 A+��.O m _ � � � 52,4��,p00.4 i2,sn�,ass.a Y �C � .,._,.--._ �. ......,. .�.,. . 31,610,47'�Q.G .,,;� �8C75�S}D0 0 .. . J.-�` - .. ..<-, ,._,.,.,. . .. ,. ._ . $O.�J JiU�J �GiO� :i1U7 12;U2 9if}3 fj1U4 3?G5 �2tiJ5 GiU6 t3t?}7 3�U$ 12iC�8 JIU9 {ii1U 3111 itt'.� 9i1't G+�3 3i14 12�1d 9i15 11�1fi — Tota�Fund Net Cash Fl�r,v Trailing Retums QTR YtD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR =: urn.l ' �I "S' tii, '�:�:;, :'� 5 ,_ .I � � �i i�i� - � _ � :: _, Totai�undPolicy 1.30 1,25;1 8.55 1:1�i 9.55 �1�j �336 ?.�4i 5.4Z �;1�i 8.85 (33} fs24 i27} 5.47 t53} �32 f87j tviedian G.82 c".�a3 6.93 3.2A 4.5Z 8.47 7-82 5-58 5.97 Fiscaf Year Returns �YTD FY 2016 FY 2015 FY 2074 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 I .:.:i urn:l 1 , i; ;�:i,."'� ",. ,i.- ' ;:�i ; , '� ,in - i-��' �'. i l -�_[ri ;."I' _^. Total Fund f�olirf 1.30 f25:1 11 29 f6j 1.32 i7�j 11 54 {20;i 1.15 �BOj 18.46 f50i 1 2g i;1A;� 5.�10 f59b G.48 (?Zl tilEdian C�.82 �.43 -Q.38 10.42 12.37 18.O�1 -0_28 5_B1 2.06 Fs':r.r t:mup:All Fahii-P�n.-Tc�:al r.in: �asiu 2'Z _:�J Tequesta General Employees'Retirernent Plan Lnng-Term Performance As of December 31,2016 5 Year Rolling Percentile Rank'rng sc fl_U c ti G ��.� �O�p ���0���� �������* C9������o • 0 � O � ��.r� O O O O� • a 0 ��• O Q OO�pO • O O �O � � �5,, o 0 0 0000000 �� om000000000000� °oo 000 " ,000 000Q00000000000aooaoo 00000BoB000 �;�? -�:��ati 3;'�ti :3tJ� ;i�fj1 3t02 3.�D3 3i£�4 3i�J5 3�U� 3.tG7 3i0B 3:��� 3;1U 3r�.1 3?12 3;1:� :"si�1� 3;15 3�'6fi '�2;1a" Risk vs Retum:October 2007 to P�ese�t UplDown Markets:Octuber 2007 to Present 7.2 141.0 G.L �aa.o 6.0 � � 99.Q .� o s,: � � � C 3 +.. 3 a 96.�1 � d,�� t? .. a Y � '�.L � ��.�.� Q � :i.�: �6-0 � 3.� �5.0 E-3 7-2 fs`_1 �.Q @.3 10.Fi 11.? 'Ie.E 13.5 �3�:.� 67 U 9Q.� 93.0 98.D �39.0 1��2.D Risk(Standard Deviatio�°Fo) Down Market Capture Ralio(%} , Tnt�l Ft�n� � T�fai Fund Poliey d Totai Func1 Q f�tal Fimd F'olicy� Historical Statistios:October 1,2007 To Oecember 31,2016 Consistency Maxlmum AI ha A���g Sharpe infarmatlon Treynor TrackCng Drawdown Retum Ratio Ratio Ratio g�� •� _�_; ,_; -_ __ _ „ ,- ,, -_ , Error . _, _ r�r� _ . Tritai�und Pi�fir,'r ��-�1��1 �?.7[; U.GCi 0.�^ q.:5(1 M�q �.Ot) C�.CI:i 1.GQ Fc,r.r Gmup�RII F.iMir.P�ns-T:•:al�.m- ��[.-u 2:!. __��i Tequesta General Employees'Retirement Plan Compliance Statistics As of Decem6er 31,2016 Multi Timeperiod 5tatistics i 1 � Quarter Quarter Quarter 3 YR 5 YR Ret�urn Endinfl Endin9 Ending 3 YR 5 YR bown �own 5ep-2016 Jun-201G Ma�-2D16 Return Return Market Market Return Return Return Capture Capture ToWI Fund 1 2� T--[-I _ I = r,- (28) 2.16 (91) oB3 (96) 0.05 (89) 4.22 (86) 8.61 (44) 111.36 (65) 112_27 (71) - _ `_. � � .-_ _. i__ ._ I ���, ��-�� 11_ _. - �'...`�.'I_III �ill �.I I'.�. I . �I:7'i-; I.il�.11-.1 .. I.'Ir+lri ! . ,�� I.�il -�i' ��.1� -- �.�u '`i,� y;'�. .. Totaf Fund(Netj 1.18 2.06 6.72 -0.06 3.79 8.06 115.51 119,48 I�::t=� f-�rr�F'ri i�;, ;r� I' , 1 ,. ,��>� � i'.,�liit 1(,.:lifl Totai Equity 1.95 3.28 0.75 -0.96 5.27 12.�2 114.48 109.80 T::I::� _:i.,.t� _.��::� ' r;,:� :.;, I.I. -,.:?c �1�:i �2t�:.i 1',,;.�:al 1ti".ii0 Domestic Equity 3.94 (49) 1.80 {84) 1.08 (74) -0.53 (70) 7.08 (75) '14.34 (52) 115.79 (30) 1Q5.77 {50) :��F -ii i l �-,: ; -- , i.`. ., �; f,� ��.; i''"�, I ; .-, i.':!; �! „�' � IL' � _ L1'_r.��:a� roreEq�ir,:i�i,-i.Fi ',•1 - � _i�, _ f;: 1,c.ti; ilti 1CI`. i:�i:� 1r1`; ��U ' _ _' c ?'-} 1=.�' 1:,3 �9 l�.^� 'fl International Equity -4.15 (91) 8.23 (6) -0.32 (31) -2.32 (36� -0.66 (14) $.76 (18y 95.61 (89) 9Q.64 (91) C�,"� � � ''�_r� � Y il�i�. _0 i3:��, iiii ���:�� _ii �?6' . �r; (1:�` 1.:== i1;�� �.�3�=• I�3i 1C��.Qii ^ nii 1�J�. Ilo' ri',� �ili ri1 - �:'c-f�'::�re Fc�l�i�y{M�: t. - i � �ii _ 1i4� -. ��i.� ' li�i <,: I'.... . ,. !f Total Fixed Income -0.13 0.21 1.15 2.00 2.76 2.92 13.22 35.90 T,.:tsl �:,.:_�:I F'��::� 1; 0.?il C�E � �,:� �.-49 �.b? i'„�.C!il 1i�...,=�0 Domest�c Fixed Income -2.73 (91) 4.34 (54) 1.25 (89) 2.26 (59) 2.69 (29) 2.64 (22) 88.61 (59) 85.59 (60) C..r o- li i:.i:i. i �� r F'�i.ic� i - } i.`� i� , , i`- i l i� - � -- i.`:.`,. _ �I:.; 15�1 I.i+' 71 I.�;..IiIJ 1�:I,; ��i I�' � = irn. r-�a1 � ::��tion 1;5�1+f Fi P;tedia� �r; ;r; _ �'3 �1d ;:.°�ii ��?r; �` : � _ .�ri Global Fixed Income 6.38 (1 J -0.34 (100} p.52 (100) 0.24 (tOD 1.53 ,,L-�c� �xec �-�� �n � . Ir���.. ,,_ _ _ _ _ 1 _ (33) N!A -13.26 (98� NIA ��d i �. � ii� �= � � _ i� i^ ,F �_ , -� - IL' _:Iri:;il �r�Hri i , �i , . � . �ii� 1�..-- _ r-i,1,'F1 Rd��iiar i=. t I, 1� I:, 1 '1�1 _ , 1(� Totai Real Estate 0.78 (N!A) 1.77 (71) NfA N!A NIA N!A N!A N1A hJt�RC --uiill i :;4�i.rlCiirl=l�.. ci`i.�1 , . :_ ':1 �'•1:�.' _ - i-'� �. .. _. _.-11 i�.-- ( lr.�'•. I'�.=u I:,� �d � , I I ._. ' _:_:-- - ; I :r:,,_' -; - _ - _ - -, r; :-. . - I'.!;;.. �.! , �..:;. �I i �a�u 24 �'ri-' Tequesta General Employees'Retirement Plan Compliance Statistics As of December 31,2016 � 1 1 Quarter Quarter Quarter 3 YR 5 YR 1 Qtr Ending Ending Ending 3 YR 5 YR Down �own F�eturn gep•2016 Jun-2016 Ma�-2016 Return Return Market Market Return Retum Retum Capture Capture Domestic Equity Strategies Dana Large Cap Core 4.57 (27J 1.80 �84) 1.08 (74) -0.53 (TO) 7.30 (70) �4.b6 (49� 175.T9 (30� 105.74 {50) ii I :�> _ �, �.� (:_ i, i_I:�; I ' i,',' , : ,�':', i;: . i _, i i i ;.;..i 1:JC r.�r� ; ,�, R. � � L i ; . i., :�i.: C��. .--. -:f . ',i.:':i i � ..i.i'. !.�i :. F ;+...} �.= 'a� 1.^?.'��i �'� 'ii Vanguard Total Stock Market Index(VITSX) NfA N!A NrA N1A NfA NIA NfA NfA F .-�>I i I : n�l _ I !''. .�lU I,.` , i�1; ,.'.,,' �._ti;l !!.��:; 11��1 1�;.L-: 11a1 1G''.Ul.i 1(_ Ilil If _. _ I i ,t �_ � ---. - i_:l_ " �i..,l�iri - . _:�o -- :'. �6 P,;�- �7� 11144 i1. =r; International Equiry Strategies EuroPacific Growth Fund R6(RERGX) -4.15 (91) 8.23 (8) -0.32 �31) -2.32 R38) NIA NIA NIA NIA �:'.��:I � � I t� - - -- - - _., - JiiJ i�_ �lQ f��' �R 1 __ � -- -- It.' n . i,li� i, 1 � . �-. i:�l� ,P.t f. . - � �� - r (1=, i1^-I -1� (4?I 1,._.i_n.i ;�:...;_n.i i) _� _,�� ` I.�C I:_ .. ;?I� Oomestic Fixed Income Strategies Dana Intermedfate Fixed Income -2.13 (91) U.34 (54) 1.25 (89) 2.28 (59� 2.56 41 2.75 cnrir�. F'xFci l _ ( � (24) 101.03 (21) 93.24 (36f tC I "1.f111�=r'iill ..�.' � � ..� (�h�, . 'i�.j I'C� .. a� �r.r.-�� �-�:� i.�_.I 1.`' �'-;I 1'��I_ill j��^ ;ij�� I1/ .. : li !� � i� I !i.i .il i i ;.- r j `,q-;:i.-ri „�`, .i`I - ._ .., . �i l ._:�d,i .,._ 'r[-i ;i i Global Fixed I�come Strategies Tomploton Global Totai Return R6(FTTRX} 8.36 (1) -0.34 (100} 0.52 (100} 0.2b (100) 1.53 (33) NIA -13.26 (96f NtA i .t�a I- rn nri,-�Irr.F� ,: i1� �: 1? �r', ;'�� � , � _ - : - :';%f ,' I15'I 1::;' Iln �r�.� ,iji It _... i .iaJ I �.., r_ih'r Gi��_i=n `i-. -,- _ :._ ;.IS : �1:� 1.��} ��.-�; - _ �''- Real Estate Strate les 9 A5B Real Estate 0.T8 ) {71) N� fA NfA N!A NIA t�q (NJA 1.i7 A N r�r,�:r= - -�_���i i�-::��> .F�, ,�nci� .�.i��,�i � . ra:�. - . i i ,: i ., i•�di.�.� �; :�, iv;Ai r; �, t��;�. I: - -' �__- _ � j;_' -i =- = r : � - _- �.=d I:,.� I'' I,.! , �,� . a��u 25 �~ Tequesta General Empl�yees'Retirement Plan Fee Analysis As of Decemtser 31,2016 Estimated 12l31116 12131�16 �stFinated Annua�l Fee(°�e) Market Value Allocatfon(°,�o) Annual Fee(S1 Domestic Equlty Dann L�ryF C�a�i Cr�re` ��.75 1;529,Od7 3�i,72 91,4fi6 V�n�uard 1'c.�l�l Str��k Calarket Index{1`I1'S?Cj" �t.f)4 a����� t 1.�� 1�� International Equlty Cur:�Paeific�Gru�,v:h Fui�d R6{RERGXj" w�.4� 5B9,86S t4.1� 2,896 Domestic Fixed Income Dan�'+nt�rrne�iate Fixe�d incorne' ��.25 816.963 �g.�� �.Q�7 Global Fixed Income Templeton Global Total Retum R6 fFTTRX?'" ��.6fi 213 997 �.14 1,412 Real Estate ASB Real Estate" 1.25 366.101 g.,g.q 4,$�Y1 Cash Accounts R$Q 1d(i,.b48 3.5't: _ Tatal Fund Q.54 4,164,486 100.U� 22,616 Ft:r.p�id r.zlem�lfy oi7'Jila;c car.r.kir.�arr,-�lr: ..F�e p3iU if�1E,'iY5 i•j i�1116IUi'�] Pasiu 25 ��� Long-Term Manager �omposite Data ���o z7 -=�i��4/ Dana Large Cap Lang-Term Composite Performance As of Decemher 31,2016 Growth of a Dollar �2.1Q `�2.��,� S1.E3.n $1.fi4 _,_.:..�.._,�., _- _,�^..-✓~.~�' �f�, $1.2� f $0.84 -�,_.__ ��-�_. _ • ' - $Q.4� $DA� �UtiJ7 4�U8 10�C18 4�U$ 1U�09 4t�U 1D�lU 4;11 1U��1 4.�12 1fJ�12 4�13 1�U113 d.�14 1U.�14 di15 1��it5 �:t16 '2''1'v - �ana I�arge Cap 58P 5�0 Inr�ex Trailing Retums QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR �.i'�F. La�(a�. :,=.�� .�..`� .�,i;i -:' ���.';�� ;- .�:. ...�, - ;,_.., ., � r...�. . .. , : �._1 I ;J:_' � �.. ��(i, ����;�, � � , �,,';, 5&P5Q4Index 3.82 I�Oi 119b i;31; `1.9fi �,�1,;� �54 135i 8.8' i;35.i 1�3.�6 �,4�i;i 1263 14ai 6.95 t,67} e.8g {.8gY tvledian 3.92 1D_41 'i7.41 5.64 8_41 1�.�1 12.72 7.33 ?.44 Fiscal Year Returns FYTD FY 2016 FY 2445 FY 2014 FY 2U13 FY 2012 FY 2011 FY 201D FY 2D0�3 ii :_',_�i'�� _;{; ` - ��' ii;;c . �aJ� �ii ,} i!�,_ �c.;) -- -- -- - - '_' ', �.. . , c.� .� .�.i :.;�I.: �`, .,U ;���'` ._ � '_-- 'J,ii 5&F'SGOlndex 3,82 j�0i 15.�3 �21; -�1.�1 {621 1$.73 ��3�j 19.34 i;fi5; 30.2G {�35j 1.t4 f51t 10.1v" i,�Ui -�3.G1 ;6�1j W1edi�n 3.82 13-n3 -r�.�2 1�.25 2d.61 29.73 1.75 9.47 5.?7 I r.n--tcrm rnnp:sitr.pr.rr.rmarr,a A-1ual�'i��nl m.0�:rnay�.ary. C�1c4et�007�eF�ra<e�d4 rqr.UEyitl9i�Ny._f�frt Cu'rel'1 Plc•kdf_7Cie. P9er t;mlip�IRt ll:�.Ler�n t;clp I';r��t:;iJlPi 1-5��C:=; ��uu 2i: _�.i✓'��" Dana Large Cap Long-Term Composite Performance As of Decemher 31,2016 5 Year Rolling Percentile Ranking s O.Q C � 2�_U O O ������������ •���� � •�� �� o0000 • a sc'-o �°o°° °oo �� ��!•�• •s.e.��°°o �0000000��°o 000000 �� o • � rs.�, 000000a0000000000°Oo°°oo ooaa00000°ooQ � ��� � ��+r�.o OOOp00� 3�97 3.+�ti3 :iJ�a 3t0{? ��01 3;p2 3?D'3 31��'�7 3��5 3,'O6 3.t07 3�QG :il���� 3'1C} 31�1 3i12 3i13 3?14 3I1S 3�16 12�1fi Risk vs Retum:Qctober 2007 to P�esent UplDown Markets:Octoher 2007 to Present 9.� 1QC�.5 9.C� 1 t}G.0 8.1 '� '� 99.5 � a f.1 y � c 3 � � 9B.C1 � ti,3 U .. a x � S.� � J6.5 a � �.� �36A � 3.0 g7:5 12.0 13.0 1d.D 15.� 16.0 17.0 18.C� '99.+J 20_0 21.Q 94.fl '?5.L1 �6.G 97A 9$.0 �J9.�3 1d�.�Q 1U1.D Risk(Standard Oeviatiion°�,a Down Market Capture Ratlo(°/a) '� 9an�I,hrge Cap Q S2�P 54b InUex � L�ar�a l arc�e t.ak� Q S�R 5(l(J In:1ex Histurical Stakistics:October 1,2007 To December 31,2016 Maximum Acti�e Shar Informatian Tre nor Consistency Dr3wdown Alpha Retum Ratio Ratia R tio eeta Track[ng Error -�° � _r_� i5� 'r�i � _- ii _ '.;:_� ; : �-� :)ii_, i�: _ _ S�?51�p I�islex r.�_on ��5.Eiq Q.{!� Q.f1� Cl.•1�1 N�.'v C�.b? 1.GD ^,.00 1.r.n_.tr.rm mnp-siia nr.r:rrmrc.a Ja.yuai c.i r.N ms�:c,rnay�nr,. C�:ler�er 2�707•epra=erds!�e bE3in•ilrry c!Ihe cu'rer':rts�k.at_riie. Paer i;muR'R.t ll$.Lar,�c�Cap L:a-�E3�m�lSA�G=; �85)L'Z8 _.r.��/ Vanguard TSM Idx;lnst(VITSX� Lang-Term Composite Performance As of Decem6er 31,2016 Growth of a Dollar $�.,a $1.84 Si. ,�s $1.aa _ $1.2�� $0.�1�� $O.fil7 '-- $Cl 3�7 $L�.O� `';O+U7 41U8 1f];C18 4�U$ 1(}�U9 411U 10t10 4�11 1U�11 4r12 1U�1� 4�t3 1�.+13 4.�1� 1q,�14 di15 1�?15 �it(i '211£� — Vanyuard TS�a1 Idx;lnst I;VITSX} Russell 3pQf}Index Trailing Retums ' YR 5 YR 7 YR iD YR 15 YR YTp 1 Y�2 2 YR 3 �n.:�.,-„ i T=:t1 �I ,r=.tr,,, =;.; i �:_ � i-: ' 1Z.7�4 �251 $.�3 I:11 1 A43 S.�Oi 4.0 7 i�7 n' 1 2. � ;i � i I: 4 r�'.' : i :. ' ,.. Russeli 30�JC Index 421 �;36; 127�3 i25} , , � 9 2 {1 3} 7 0 7 i;2 3 1 7.1 1 (3 4 j Median 3.54 9.?5 8.75 •t.16 fi.47 i3.�1 1�.3� 6.08 6..�9 Fiscal Year Returns FYTD FY 2016 FY 2015 FY 2014 FY 2D13 FY 2�12 FY 2U11 FY 2010 FY 2009 i:�-�.�=' 7:_A: �_I.. ir:.t�',i 3>: 1.1� i-�Gr� _ ':_. i;!. ; 1 i, :.',:.j i -:_ 'i=�1i i1�- �; ;], ' �_: �"! i; i=:'=, R�sseII �0001ndex 4.21 �;36;� 1�_9ti i,13; -G.49 �331 1776 f3�Jl 216� ;391 30.2:G ��17} 0.5a f,L6i 1�96 i;33J 642 I;ti11 i�tediar 3.�0 9?_36 -1.61 1fi.24 22.75 26.�G -^�4 g.,� ,qq I r.n;-tarm r�n�:.iir.pr.rr.rrnarr,a Acluai cicn�msu::may•nry. CG��het�407•:epta�efd5[tid Utyif��iif�y�_{�hE tU•rzr7 r5&•k.et Cyife. F��+er t;mup'161 U S.l,��II�-l;;,p:;�rc,Egurty sl.1Fj Par�u 3�J _�a..�.f Va�guard TSM Idx;lnst(VITSX) Long-Term Composite Performance As of Decemher 31,2016 5 Year Rolling Percentile Ranking Y o.n � O'a � 25_�, oo�000 ° o00o e� r�����'�� 0 � ���.o �°°°°oaoo�• o w 8$8$8oa�ss��o�a�8o8o��a°���a��e� d a �������0 8 O E ?5_� 3 � � �t�r t� 3;97 3.�9E3 3199 3140 3�01 3�02 3r03 3144 3;05 3106 3i07 3ifl6 3t4�3 3;iQ 3�11 3.�i2 ,il13 3;'14 3,'15 3�'6 ',�;1a Risk vs Retum:Octvber 2007 to Present UplDown Markets.October 2007 to Present 1��.C) 14Q.3 � 8.0 v 1�JG.2 � o ` �.G � � d � c 3 � 3 � 14Q.1 °D U � �.Q .' m Y � R � Q � 1:711,.� 2.� ��.G 5�.9 12I.: 1d.'J ifi.0 18.G 20.0 22.0 24.G 26.D rt�.C� �39_2 �3�i_4 9�_6 �9.8 'IU�.fl 1�C�.2 Risk(5tanda�d Deviativn%) Down Mai'ket Capture Ratio(%) � Unnguafci TSti�i Idx;lnst{.VITSX) Q Russe�l 3fl{�D Index d Vanguarc.i TSW1 Ir�x;irst('�.+ITSX} � Russell 3000 Inc1�x Historical Statistics:October 1,2007 To Oecember 31,2Q16 Maxlmum Active SNa e I�tiformation Tre nor C�onsistency Alpha � Y Tracki�tg Drawdown Retum Ratio Ratia Ratio gpta Error i �.:_:'_' T :�•,' rl i-' - - 'i; _ - � F,tisel:3fiU�:3lnciFx t1.��t'J -.:S.JS i)_ii0 r,^ � - . - C7..1., .;-9A N+A Cl�1t3 1.�.G D.OiI I.r.n_-h�rm rnnry:sitr,pr.r:-rnarr.^ q-hia:acnl m.0;rnay�nry. C�.lcuer e007'eyi25eilis!n�UE,�if�9ii i^y CL If�"r�u'rer7 Plfi•ket CVCie. � Pnar t:mup'IfA l l y.}r�lry-Cd�r_.r,�Equdy�TQFI �.. '��:�u 31 .� � Qmencan Funds EuPc;R-5{RERFX) Long-Term Composite Performance As of Decem6er 31,2016 Growth of a Oollar �1.1(� �1.2Q $1.04 � ��.,i _ ,v;, ..._.,�; s��:i r.� - �08� r'�� ...✓` . �,_� ,,4i --.,� �" ��+�`"�,� � q �.. $17.6� :i „ y, �Q.�10 $o.2a ""UrU7 4;U8 t�;�8 4;U9 1U�U9 4I1U 1U;1U 4�11 1D�11 4t12 1U�'2 4�13 1{}t13 4.�1q 1Ul14 d,�1:� 1�,r15 a,r1U 1211G — Arnerican Funds�uPc;R-5{RERFX) 1�1SC1 AC'Norld ex U5A Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR i _ ic:�n r.ri�':; i� ;r=i-.` iF;GI=:.-,: I ii;. � ,. . -,. - 0 YR 15 YR -,i �;; - -, -: ,:;, - _;i i , , t�15Cs,1C:^JorldexUSA -1.20 f39:i 3.01 f,15) 5.01 �;15;� �J.25 {33j -1.32 (1�3i 5.48 1�3i 3.a9 i22:; 142 f1E:; 6�33 �;11;� W1�dian =L?1 1.�31 1.41 �0.&7 =Z.B6 5.08 2_59 0.32 �.14 Fiscal Yea�Returns FYTO FY 2Q16 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 201fl FY 2U09 �, i^�:ii i rr';i; �F _,�.-` (�C-:-'r::� -i : �:` ; ; -i ;;� � _ "__ ,:=� 1�:.::;_i =i I� i `:' _ : - ��.`. is i:-,; tu15Cl NG'.horld ex U5k -1 20 i?5�i 9 S�J (12; -�1.78 (81} 3.� {19) 1n.�8 1.79j 15.fjq I,�l�;i -1G.42 t34t 8 Oil f8j 6 43 f5} W1Edian -�_71 5.�� -8.38 3.�4 21.d6 1�4.Sh -11_06 3_67 1.45 1 cn_-tcrm rnnp:si�c pr.r:-rnarr,a A:-1uai ci enl m.-,u cs may�.ary. G���e!�00'�epra=e�JS!'ia U�3i�����iny�_t II�iE c�•ret':i�t6•ka[i:y�ie. Pner t;mup�11.1 Inlerraiinral L�'7F:�;�.!:orc:Equ-p�IdF� Paai:32 __�ir.,i�J-_ Americ _ an Funds EuPc•R , 5{RERFX) Long-Term Composite Perforrnance As of December 31,2016 5 Year Rolling Percentile Ranking Y [],n � o 0000a°0000aooO��o�•�o��asea�e� ��sss � �•��• � ��_� a o00 00 o S�00000�����Q� �► � � 5t1.f� d � � � a �O 00 p ��p� � 7s_o ° o 00 00° o � o �o�oQ o0 �t�a c� 3��7 '3+�k3 3i�+� 3:���� 3t�1 3�02 3r03 3?GW 3;05 310fi 3f07 aia6 310�3 311Q 3�91 �t12 3?13 3t1� 3115 3;'�6 ?2i16 Risk vs Retum:October 2007 to Present UplDown Markels:October 20�7 to Present 4.C� 1flC�.F3 �.4 1����.L O � O R ��.6 � �� � o y O 3 � � ��.0 3 V W � 'Z.� �6 'g�.� � � � "l.� �UlY.� G�.2 -60 fi..{? FiI_[7 5lil.Cl �3.0 �.D �53.0 1i12.1) 1a.a '£s�� i�2 79_� 2G.4 21.0 2i.s 22.� 22.¢ Down Market Capture Ratio(%} Risk(Standard Deviatio�°k) Q A�meric�n Funds EuPc;R-5{RE��X} � r^.merica�Funcis�uPc�R-5 i;R�RFX} Q h1SC;i A[�;,'a�ld ex 4JSF, ❑ ta1��.;9 r�C;+,n/orld�x USA Histarical Statistias:Octobew 1,2007 To December 31,201fi Maxlmum Active Sllar e Infonnation Tre n4r Cons'rstency Alpha p Y Tracking Dr�wdown Rekurn Ratio Ratio Ratia �et� Error f.ir I `:5i1 ri���.,_. -1 r' �i-].c,i�-E '.':-:i - � �� �. (��,- ., . :- . .:;ii -. ' II�i= .: �fi iI.''i:_ ... �viSL:r`•tC'.^lntlt!ek USA �7..,ii f,,1_:3fi (J..:C? �_OCJ ,n.[17 NIA '�.02 1.C1C� l�i.Y.`; 1.r.n--Mm rnnp-xi�a pr.r:-rn�rr.c Arluai c:.,nt msi�:x mTy sary. C�1.�het[�JO?�epfd5sfd5!9e UE�ifr-tii y ct IhE��•YeP:R��e•k2[:Vtle. Peer Gmup'Ibt Intc�rralinral I_�-pe Caa�.orE Equ;S'{IdF� . ����33 __�r.�J�,. Dana Intermediat�e Lon�g-Term Composite Performance As of Decemher 31,2016 Growth of a Dollar $i-�U $1.d�; ai �-`� � .---..r--:_... ._.. $12C} '�.""�" .�""' $1.OG $0.84 �O+i17 J;UB 1U;U8 41U9 1r�;U9 4t1U 1Ur10 4ri1 1rJ+i1 4.�i2 1U�12 4�13 ii�ri3 4.r14 1r1.�14 4115 1�3.+15 �;1[; •,�;ir,; — Ran�Intermeciiate 8loamber��arcl�ys intermed Aggre�ale Index Trailing Retums GtTR YTO 1 YR 2 YR 3 YR 6 YR 7 YR 10 YR 15 YR i, =_ i c:::i,i'.:. -' .'J i l:; ' .i.l ` i I i-��1 I `:_ �_ ir:, _ : � '•I ;i:�,:., 0 i ` i:i., Bla�mberg Barcla fs inte'rned Agr�reg3te:nd�x -2 0� (77} 1.97 �;76j 1.G7 {7b i 1.�9 (81 i 2 43 (.`�4} 1.95 {7?i 3.11 t73;i �.GO i82:1 423 {77j tvledian =1-88 2 38 2.36 1:66 2_4�3 2.3� 3.33 4.3L1 �}.qg Fiscal Yea�Returns FYTD F1'2U16 FY 2015 FY 2014 FY 2013 FY�812 FY 2011 FY 201U FY 2U69 ii : :r -:.i,i:.- , :. =, i' - -- =�1 li,�.f il!:. =1 f'�iS� 1 '[. ;F��i -: ( `.,, lii, ' i'i i .., ,.-� i Blvemberq Barcla}�s Inkerrned�lggrng.ate and�x -2 0� i;771 3.37 �72) 2 55 i30i 2 74 f�7� 0.71 f77} 4 31 (83} 4,22 t23i 7 52 1;771 9.b"9 (.81} M��ian -1.86 ;i.88 2.70 2.87 -0.28 5.57 3.80 8.2� 1�.��J I r.n_-t.^rm rnnry-sitr.pr.ra-mocr,:: A-1na,,-;aM m.-.0:s rnay�.:iry. Cc��t,e�:00?��epresrr�i5 Che Utiylt'��iiY��._'Ifie_u'rer'��aE•kat cViie. F>grr tifntip'167 U�i.I�q[Tn�iL�llc�I li�r8tnr�itiA}f..'Fl . ��ao 34 _�r�y..., Dana Intermediate Lang-Term Composite Performance As oF Decem6er 31,2016 5 Year Rolleng Percentile Ranking x p_p c ti � o� 2�a_U O a50d 00000°o°O00000Qo�000�000 00000000000 0� °�o� g� ��• �� � � 7s o ° � � � °°° ° °o � ���� o00 �o� o �a� °oo� � • ���� o � � 880�� oo��o go8o 00 000 � ,�o.� o�oo��• •����• soo s��s �o 3�97 �+9t3 3;'�9 3104 3i01 3�02 3iQ3 31CA4 3;Q5 3lOfi 3.�D7 3,��Q8 314� 3t1Q 3��1 Zt12 3�13 :ii1�. 3i15 3�tfi t2i1� Risk vs Retum:October 2007 to P�eseM UplOown Markets:Oatober 2007 to Preseni 5.� 14[?.1 O 5.� 0 0 :� � "`d,� � � � 3 3 � �Q�[�.r) � v � •s.�;. 0 � a � c 3.5 � 3.�� 99.5 2.�1 2.f :i.0 3.3 3.B 3.�3 •:.2 4.5 t31.{� t3d.{J �77.f1 90.Q 93.0 ��r_t7 99-0 1Q2.0 105.Q Risk(Standard Deviation°�6) Down Market Capture Ratio(%j � Qana Intermediate � Dana in6errnediate � ��oorntrrc,��artilays intermeci A�greya6e Index Q �laorr�t�er�Rarc;lays Iniermeu�k�greg�+ke fndex Historical Statistios:October 1,2007 To December 31,2016 Cansistenay ��Imum q�pha Active Sharpe Infnrmation Treynor get� Tracking Drawdawn Rotum Ratio Ratio Ratio Error -- - - i i 1 1 - „a I � = i[ I_: - ��1.':� 1 = _ Bkic,mbery 5ai<:lay:z Intetrnecl Ayyrey:�[e:ndex b.i'lC� -2.05 ��'.[?l� O.Qf� '_;s� NiA (l.^�3 11.C1^� G.Clfl I.an;-iarm rnnry-a:i�r.pr.ra-rnacr^ A,r.hiai cir.nl msu�x rnay,nrp C�vtc•he+�00��+epra�e�d5 C•iz UEr]it59i�iy�:t Ih"r_u'rBi�7���i&•k.dt cy�ie. PgC•.r timUp'I�.t U 5.ir4c�n+�ic�aie O�ira!nn iAA-CP� Pa�u 35 �� Templeton Global Multisector Plus Lon�g-Term Composite Performance As of December 31,2016 Growth of a Dollar �7.h� $2.1 f} �2.04 $'l.i3!} .,'�3 e _,_,.,..__. �.._,.�� '�1 50 ���+'/�`"��... .�–"� �l`�ry� $'1.24 '"', ,. _._���---�._.r $0.9�7 f $O.fiO 1Ur0� 4t08 1U,U8 41U�J 1f�tU9 4t10 1Ut1U 4t11 10�11 d.112 1U�12 A.t3 1U.+13 4.rt4 1U.r14 4r15 1�,+15 d,r1� 12:1�G — TernRleton�Iot�al hAultiseetor Plus Global Fixed Incarne Index Trailing Retums QTR YTD 1 YR 2 YR 3 YR �YR ?YR 10 YR 15 YR � ii�PlG�I i (�i.i:,:i '1.i l,i.,..,(�!ir F'i�- `i.�lri I I; ; � ,� =: _ ni=l ��:i, 1 -, ,,, � , :-; I I:a. Glebal Faxed Income In�ex -4.89 i;47't g45 i4:i 9.�6 {�ij 3.20 (15J 2.3� i,25;� 3.51 ti32;i A_9�3 i25j ;i67 (1�; 7.fi8 (14;i t�tedian 5.82 3.SE� 3.58 •0.07 p.4?. 1.70 2_5$ �t.75 5.83 F"rscal Year Retums FY 20't6 FY 2D15 FY 2014 FY 2413 FY 2012 FY 2011 FY 2010 FY 2009 vlobal Faxed Income la�dex -4.89 i,47i 14.�i� 2 3.75 �,.63i 4.Fi5 f4l;l t53 (63) 14.19 ;10'1 z ' I � -'-i 'I -�, � ii;:��.r; i �,i���:.:7 Lili.�i�r:fi.ir P_t:- _..�Ir i�l; � i +r_�'� � i; � } f '' . 52 i�'1} f2�� �,Z2; 19.6G 1;�1j tvledian 5.52 8.�3'J -3.19 4A8 -D.�lb 9.33 3-'% 8.55 15.22 1.�-r_-tarm rnnry-si�r.pr.r;-marr^ Ar.luai c�ent msu-;rnay�n•ry. � C��:_�e�e�]O7�'epr�5e��15 C�iB bE�it��tii ry Ct�hr cu're�'.i�15•k.2[Cyide. �ger t;mup'Iln f:nbai U�hcdr7ad�iue[i Incr.�rr�a�;tiA+CF; P�sio 3G _�r�\►X Templeton Global Multisectar Plus Long-Term Composite Perforrnance As of December 31,2016 5 Year Rolling Percentile Rankbng �c 0.�1 � ,,. � °� °�o°�a o ooa �oo t��+���s�0000���000��e��► � c Q �O OQOO O Op�p �pOOQ00 dpO �pOOpOOp� �00�������0 • �• d + a� 25.�1 O p � � �o.� 00 � ��Q�00•� O � O E 75 0 � � 1�r 0 ��00 3�'�7 3.��fi �:n� �l44 "srU1 3;L12 ;ir03 3!C�4 3105 3t06 3.�d7 3?OB 3r09 3i1Q 3�'11 3?11 ,i?13 3i1�: 3115 3;t6 ��i1fi Risk vs Retum:dctober 2007 to Present UplOown Mart�ets:Ootober 2007 to Present 1�.`� 14-0.0 y�.p O 1d3.Z 0 0 ° 1C12.4 � ^ $.G � ° � a� � C 3 a+ � � 1Q1.6 a� v � =.0 `m Y � � ��.� Q � 2.� 14Q.0 ��.G 59.2 4.9 5�:; 6_;i 7_0 ?? Ei.4 r.1 �.fs 1��.5 15.� 3Q.0 45.0 60_U 75 J �O.t7 'IOS:G 12��.0 Risk(Standa�d Deviation°,�o) Down Market Capture Ratio(%) � Ternpietc��[31ct�al btult�sect�r Plus � {;I�bal Fixed InGame Index Q Templeian[�iohal hAuliise�Ec,r Plus L/ [alr�t��l F�xed Inr.:ame Inc,lex Flistarical Statistias:October 1,2007 To Oecember 31,2016 Mlaxlmum Acdve Shar e lnformatton Tre nor Consistency Drawdown Alpha p Y �e� Tracklny , __ i _-. _;. . Return Ratio R�tio Ratio Error vl!:G�f F xr:.l Iri[::ar7N I i.1ex ,0.(1�" -11 Ci5 „ � T� - �.C?p i.J.�.C� U.ti7 Nt,4 n.�� �.c•t� �.�.,��r.� I.cn;-tn�n rnnp:e:rtc Pr:r:-rnarr,^ Arlua'.�r aN rr.ra::,rn�,M'.�ry. �I, Ci 1'.•:18�LUO7•'_�j(_cHl1I6 C`��UE��i(t9il7'�c!Ifi6 CL�'r8P71`iE'kr_C cviie. Pnrr�:;mup'Iln f:nb31 t��h�dn�tl�r n[i Inr..nm.�;tiA,+[=:F; . �'�[aL 3� "�'. ASB Allegianee Fund Long-Term Composite Performance As of Decem6er 31,2016 Growth of a Oollar :62.1 Cl �1.8+J $1.71 $7.�.�i�} ci.5� $1.2�� �,.--- r--- �.- $0.94 �, _.__ _ _.,.. ��J.6�� $0.3� 9i67 3rff6 9iQB 3;U9 9rU� 3+1�J 9;�U 3�y1 U�?1 3rt2 9,r12 3i13 9�13 3i14 9rid '3i15 9t15 ;3�1v y�1�iL'it� — ASB Aliegianr=F,ine NCR�lF Fi�nd I�dex-C)��en End Diversified C r�re(�t^!1 Traiting Retums QTR YT� 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR �t�J :.Ji- � t ;�e� �.rn.i �_l. I ,41 `...-�� -'-. -..'-: t, -., I I :_r � _'Crl Ij; ,, I�.I I �;� I ��� �pJ:t; . -. � ,� a . ' ihdr NCREIF Fund Index�Qpen Ertd Di��:e�-ifi�c Core rE4V} 2.1G �.N'h;i �.3tJ t:y:A; 9.3�� 1NiAj 12.19 I_Nrr�.l 12.22 (N!A) 12.20 {MtF1j 13 28 SNiA} �.�i2 {NfA) 7.�39 fN1A) f�lediar� �IiA N?A NiA NIA NrA N?A WA NiA N;A Fiscal Yea�Returns FYTD FY 2078 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2�10 FY 2009 �.y.��,li.�� �i;i:', �._r; _' ' . .h..4i I-:.I:in :� - - - - ,. (;'; I _'i I� t!U ri:'. ;. �� i. : _.,,' i [_ .'�i,:'i ;J'j j�-i; � . - NCREIF Furd Index-4pen�nd Dive-sifie�Cr�re�;EU1�:1 2.19 (N?A) 1D.62 f68j 14.71 �Fi�j 12.39 1,7t]i 12�' (b�;� 11.77 Ib6j 18 93 f41} f�,14 {a�j 36_pg i;�q+ bledi�n 6Vi,� 11.02 �5.93 1T.9U 13.22 12.5� 16.s2 6.39 -34_80 I an_r.-tarn rnnry-sitr.;r.rr.rrnarr^. A-hiai cir.nl m.0�:rnay'nry. G;9C."�et�V07`epl2EeGt5 C9e litwJin•ii�i��_t IhE c�•�rer�t P16•k.ar_yCie. Pgr3r i,mt:p-IL�U.s'.�=��n Erd Prra-a Raal Eslale�SA-CFi � Pa�o 3� -�ii.�+i- ASB Allegiance Fund Long-Term Composite Performance As of Decemher 31,2016 5 Year Rolling Percentile Ranking Y O.fj � •���� � 2s.o 0 � ��04��0 ���� ����• � �a.o C)O�s S••Q. g � OOOQ�p������000� lJ00 ��,•������• a QOQD��D�pOQ�pQ�O�ap�00� O e� 00�� � O � 75� 80000 00000 0 0 00000000 ;, o00 000 00000000° °O � ,��� °000�e�o�0000aa00000 3�37 3.��f3 3i�3a �,''qC� :stU1 ?.;02 3?03 �?C�4 �!'05 ;�;0� 3.tG7 3ifii8 3f0� ��iG 3�91 3i12 3i13 3l94 3�15 3716 12�1n Risk vs Retum:Qctober 2007 to Preseot UplOown Marlsets:October 2007 to Present 7.7 111.0 7.�� 0 14B.0 � 0 �;.z ,Q ;�. � v � 1Q5.0 � _ � 5.s'> � � V o� 1�}2.0 4.? a � � e d.: � 99.0 3.5 96.d 4.C1 �.t) �.(7 1t?[) 11.i, 14.Q 1C�.� 8Q.{1 64_U 8{i.0 �2.0 Slfi.D 1pQ.f1 1Ud.[1 Risk(Standard Gleviation°fo) Down Market Cdpture Rat�o(%) '� k5B Allegiance-und � AS&Allegiance Fund Q NC�R�IF Funci Index-Qpen�n�Diversified Cc�re{�W} � NCR€IF Fdin[�Index-0pen�nd�ivePsifiud Cor�f,�tM1'1 Historical Stakistics.October 1,2�d7 To Deoember 31,2Q16 �onsisteocy Maximum Q�ph� Actl�e Sharpe Informatfon Treynar g�a Tracking D�awdown Retum Rativ Ratio Ratio Error -� - - =,_i,�1 � t;�; - - 3`': ' _:_; _: ri r': Da' ii' ;,��, _ N4:.FtE1F Furn9 Irtilex-a�)An E�t[i C]ivetsifi�ii C:t�rH{EVJ'I {�.DO -35).11 fl!7D t1.C1�.^; 0.51 N�r4 t7.17.5 i.t7fl G_Qil Lan_-tc.rrn rnnp:sirc pr.r;-rn�rca Ar.luai ur.n�m:u;rnay•.,�ry� C�:l�het��JO7�ept«<an13 C'�e UE�IfiliOy:_f�he_L`reP:P1E'k.ef_ytie. F��nr i;mop�Ib7 U S.;lpan�rd Prrda-a Raal Eslatc 15A-QF�� . . D`c15143 3`.-'. ��3Y�� Tequesta General Employees'Pension Fund CompGance Ghecklist As of Qecemtrcr 31,2016 Total Fund Compliance: Yes No W/A 1.T6ie Total Pfari rEtum e4ualed or�xce�eded the Nee 7.09b actuarial eamings assurnption over the vailing thrae y�ar penod. � 2.Tne Total Plan rotum equaled or axc�eed�d the Nat 7.0�:f�actuanal eamings assw»ption over the trailing s�ve;ear per6ad_ ,� 3.T�e Total P!an rotUm equaled or exceeded the tat�l plan benchmark over the trailing three year period. �. �3.Tne Total Plai�cotum equalc+d or�xc�edad th�4ot�l plan benchmark o+�r�r the trailing five year period. v, 5.T�e Tatal PIai7 r�cum rankad�vrithsn�.�e top 40th trercontile of rts pe+or grouyr over the traili�g three year penod. J. 6.Tc�e Total Plan s6ttim ra+tkc:�wi[h:�n�ne top AGth c�n�ontilc of;ts poer gEuu;a auer the trailing fiv9 year period_ � Equity Compliance: Yes No MIA 1.Total Domesuc Equity return oyualud ar exce6ded the benchmark ower the trailing three year period. � 2.Total Domestic Equity retum pqualod or exceoded th�s benchmark over the traling nve year p�riod. � 3.Tot31 Internat�onal Equity retum eaualed or oxceeded the benchmark over the trai[ing threE year period. ,,, �4.Total InturnauonaV Equiry r�tum aqualed ar exceeaed the benchmark aver the trailing five year period. � 5.Tot�l Equotq inve�tments da not exceed 70��.of th�niarket value of Plan assets. � 6.T�t�l market val��e oF foreign socuri�es do not ex�uec125"i5 of the market value o1°Plam assats_ �. Fixed Income Compliance: Yes No N!A 1.Total�amastic Fixed Inc.�me raturn eyualed ar exceeded the benchmark ov�er the irailing three year penod. � 2.Tcrtal Dart7e�tic Fixed Inc.�me return equaled or exccuded thz benchmark over the tra�ling five year oer:od. ,; 3.Total Glc+bal Fixed(ncorne return equaled or cxczeded the benchrnark over the trailing three year periud. � 4.Total�labal Fixed Incorne return equaled or exceeded�he benchmark ovzr the tr�iling five year period. � 5.95°��.of the fixed incc,mc investments havE a minirnuni rating of investment grade or highec � Manager Campliance: Dana Oomestic Vangua�d Index(VITSX) Europacinc(RERGX) Yes No N/A Yos No NIA Yes No MlA 1.�v2anager o�tpeeFo�med ths index o�der th�trailing three year period. ✓ � � 2.�a�anager autpzsfa�rned the index ovor th�trailing fiwe year period. ✓ � � 3.t,Aanager has had less than 4 cons3eu4ve quarters of underpertornsance. r � ,,. �3.b9anager raa�ked v;ithin the top�Oth percontile oti�er the trailing three yc�ar perio�. ✓ � � 5.h7anager ranked vrithmn the top 40th percontile ouer the!railing five yaar period. ✓ ,� � 6.Manager thre�year down rnarket capture rati4 is less than the index_ ✓ � � ?.ta�anager five ye�r aown markot capture rati�is less tiian the index_ ✓ � � Manager Compliance: Oana Fixed Templeton{FTTRX) A56 Real Estate Yes No N1A Yes No NYA Yes No N!A 1. A,2�n�g�r t�tetperf�.rrn�c the ind�x r�•�+er khe Ir�il^ng threu ye�r perind. w ,j � 2. h�anag�er o�tpe�fasrneo the ind�x o�,rer thz traiGng fiv�year period. +� � f .i.ta9�nayer�as I�ad l�ss than 4 cans6cut�ve r�usrte�rs qf underpe�rtormencc�. ✓ r � �. h,9anager ra�ked withm the top+�Uth perceniile ouer the trailing three year perit�r�. ,i ✓ � 5. �,�anager rae�ked vnthin the top 4Uth percentil�ouer the trafling five year period_ ✓ � � 6.ta2anaGer threc y�ar down market caRture ratia is less than the index_ ✓ ,i � 7.M9an�c3er five year�own rnarket capture ratie is I�ss than the index � ,f � Pa�u d(? �.�a � Tequesta General Employees'Retirement Plan Benchmark History As of December 31,2016 Total �und Policy 7atal Fixed Policy Allocation Mandate W�oighd(°fay Allocation Mandato Woight{�o) .i�ii-1'�'F Frb•2f144 �diyrc�u�:3 Pa1�rilh T-Biil Ir��ir�x 100.00 Blntk�g.BarG.U.S.Gtiv'trr;re�iit �fb:1.�0 Jai��29{i� Oct•2�U5 S&P 5UU I�idex fiU.(7U 8lovmberg�arclays Interrnedirate US G�vtlCredit Idx 1(14.UU CitigrQup 3 h•lo�th--Bill Index 20.00 glrnGg Bar� U 5.Gov'L�S:aeciit 2U,U41 Jui-2�1'I� oce-��u� 8loomberg Barclays Intermed Ag�regaie Index ��Q.�p 5&���0 I�dex 60.00 S�p-2G13 Blcirnntr€�rg 8ars:lays In�errnecjiatw US G��vl�Ci�7i1 Idx .�q_p� Bioomberg Barclays Intermed Agc�rec�aie Index 8fiA0 Gluhal Fixed In�-�me Index 1a.fl� ��'C-2pDg :i$P 5[JO le��;lex 50.Clfl Blaomberg 7�rclays Inaecrnediate US Got�t�Crc�it Idx 40_00 �v1SGl�AF�InJex 1[1.Ui.1 .luC-2�112 S�P 5UlJ In�ex 5U UU Bloomberg�arclays Interrned Aggregata Index qp.po to15Cl AC ti^Jorl�ex USA 10 OQ ''��-1°1' Global Fixed Income Index 5�P 500 Index 50-00 1111ocatbon Mandate Wefght(o/a) BI<uirrrt)ery J�trs;la}�s trj9earri�Cl Ayyr�y�t�iri�l+;x :30.Of1 tM1SCl AC'�h'orid ex USA J�ii-1�p5+�1 �5��� JPh�1 Eh1B1+ 33.33 Glob�l FexFt4 Incr)rrie Index 8lpoml)�r Barc;la S U.S_Car prate Hi_fi Yield 9 Y P y .33.:i3 .fu9-2016 Citigroup Non-U.S.World Government 6ond 33.34 �&P 5UU Indax 5U UfJ 131oombury 3arcla,s In16�rned Aygrogate Index 20_00 tv1SCi AC'.^:q�t�ex USk 15A� Gltbel Fexe�lneorne htdex 5 pq NCREIF Fund Index-apen End Diue�iai�d Core{E4V:N 10.00 P�Siu 41 � Writeup Disclosures As of Decemher 31,2016 * Neither AntiCa, n�r any�a��rPt�assacia#es, have made�c�litir.ai cc�ntributinns to any offici�l associ�t�e1 vrith#h�'Tequ€�sk��er�eral Employe�s' Retirem�nt Plan in �xc;�ss of the t�ermitted arrto�unt. �as�u�t2 �y�!_ Report Statistics Definitions and Descriptians Aetive Return -A,r'tl7rn�tic aifferenc�be.t�r:cen thc rnanaqer's pe^o:�nance anc the de�iynatec be��hmar.r retun-�ovtr a spec'fi��time F�uria�d. Alpha -r�measure of the differenre h�etween�p��`�_ica's:���tuaa performa��e�nU its exFaected relurn basue an ds level��C r�5k as de9eTmened by bel�. RC cielermin�s tne pc�rtFolia's nori-systPr�iic rr�rurn,nr its historic�al perfor�i:ance not�xpaained hy r7invHrri�nts:�f tfie�riark€�t. Beta -A m�a�ure of the seasitiviYy of a partfolio to the rno�:ements in the market.It is a aneasure 4f the portfrrlio's systzmati��ri�k. ConsistenCy - i h��.aerr,erii�se o1 qi��rl,�r�;itrhl��]re[iuC1 a�,hi:�:��<i a r�le nf r�liirnt YeI�YiFr lFu�n ih�t r�E il5 t��nr:hmdrk.Higlt:-rr C;nn�;iatHriCy intliG�3teS thl�mi�nay�r tt�s c;[�niribut�;d rriur�tr7 tfte product's p€,rfarr�»nce. Distributed to Paid In(DPIa -The r.�tio of maney r�istlributer_i ta Lienited Partners by the fund,relaiiu�to aantributions, It is�alcul�i�d hy dividinc��urnulative�9istributians hy paid in�apit�l This multiple snt�v;s ine in��iestr�r h�•.v rnu�n money they gal t�ack. It is a gcr�J rc�e�sure dc�r evaluatin�a fund lat�r in�ts lif�t�ec.ause khere are more ciis9rit�utic�ns 1�measure ag,�insl. Down Market Capture -The ratia�f averag�parlfolio pPrfcrmaacSe tver tn�.designatcd benchmark during periods of negative ret�m�_A ta�n�er value indicates better product perfarmance Downside Risk -,=:measi�rP sirnila-:�st�nd�rd deviaiion thet utoliz�s r�niy ihe negative-novemenk.=_•nf'h=reii:rn s�res.II.i�r.�I�i�latFd h�,•t.�4;in�lhP standar�l��eviation n1 the negativF qu�rterly sel i�f rc�[u�ns.A c7�yhar factnr is ind'1�34ive e�f a risk�€�r produ�:[. Excess Rctum -t'�.rithrnetic ciffvr+�nce C•ehr.een the rnanaqer's pe�r�,rrna��..;anc�the r'sF fr�return over a s�ecfe��tirne perio�i. Exae55 f2isk -ft rne�5t�r�pt ih�ti1�nr��r���1�w�at1<�n r�F a�]or1is31i:�'S�;��ric�rm�nc;e r�l;�liv�:kn 9he r�sk FrFe ret�.arn, lnformation RaUo -This,.alcw�G��thc value-adde�co�tnbuticsn of fhe rnanager and is derived by dFviding th�aetive raa��Qf returr�aF tl7e aor�fr�lio o;Lhc tra�€im�errar.The higher tl-.c In�o�rnation Ratir�.the nnaze thE n��anager has added vadue ta the portfolio. Public Market Equivalent(PME) -Upsigns a set{�f analyses used�n the Privalr�Equily tr7duslry[o evalaa[€�!he pprfnrmanca af a Prlvate Equily Funcl aqamst a puQllc:hFnr.hmark r�r indc�x. R-Squared -Tha pEr:entaqe of a portf�lio's per�orrnance that can be explained h1 the t�Ehavi��r�f tl-�e auprc�ria:a ber��I-mark.;;I-�igl-R.-Squared m�ans t���ortfolio's pPrForma��e�as historieally rr�aued in the sarne direction as ihF ap,�roGnate aenchmark " Return -Campounded rate��f�ewrn f�r th�a�r�aci. Sharpe Ratio -Represents�h-�Fx��ss rate�:�f r�turr over the risk fra�r$turn C�i�rid�bt�th�e�tarrr�ard d��;iation of the exce�.s retu�.T��result is�n aG�salur,e rate af rFti_irn per u�it af risk.fl higher v�lue d�monstr�tv�hek7er nis(cynr,�l ritik-�dj�isteri��r(wrnancc. Standard Devfatfon -A�tatistical meas�rc af!hc ran�u�f a portfolio's purFormancu.It represcnts L�c va�ialaidiTy of rotu�ris arc+und thc a�cragc ret��m ovar a sp��cified t;me peraod. Total Value ta Paid In(TVPIj -The ratio of thF current�.�alue of r�maini�g irn�estmpn:�within�fund,plus the t�tal�la'��P nf�;I! ni,r.ributir��s to da#F,rei�=tive Yo the tatal amoi�nr,of o�3�ital pai�imio the fund t[�dal�. ' s��nnri measiire pt Fierfc�rrn�nr.e he�C�r�;h•c end c�f a(�intl'S(afe Tracking Error -This;s a mcasuru uf thc standard deviation af a�orfolia's�oS��ms in relateon ro thc pclu.�rn�nc,�of i?s desigr�tcd m.ark��t benchmark. Treynor Ratio -5irnil�r t4 Sha-�e ratir�h it utilizes beCa rain�r than Px�=ss risk as�eterminzd bj standard dev�ation It is c�'r,i,�rpd h;a takcng 6he Lx�:ess raGe�f relurn��hove the nsk fr�e r.il�:ili�nclet�tiy k�Fl:�li��l�'ivF 1r�..y;.3k�sr74ule r.Hle i�i.Ft:ir i�;��r unil r.�(risk,�hiiyhiNr•,r�lu�I:�icIK::�t[��:A F�r��[1ui:t h�as a�,hi;:aetf I��ttNr tiiSt.:xic:al risk�cla�rzl�ti�iurf;ir�riar'�c:-�, Up Market Capture -i h��ratio ur a�:e�a�::partfalio p�rtcrrnart,c�c+�,��r tne d�signaied bench�raiark during periods oi�ositi+,�e returnc,A ni�her•d�lu�indicatas bvcter arod�ct pErtorn-,anrE_ �'aau d3 � Disclosures J>tiIlCIC4�COrnpiled th��s raa�rt far the sole use 4f the client far which it vras prepared_ AndCo is responsible far evalua�ing the perFormance results of the Total Fund along��urth the investment advis�ors by�comparing their perfon�nance witn indoces and oth�r related peer universe data that is de�med appropriate. �+ndCo uses the results From Unis evalua5an ta make ohserrations and recornmendations to the Gient. AndCa uses^imu-wi.�iqht�d calculatioi3s whiclti ar�iounded�n standards recornmend�3d by the CFA Institute. The calculatians and vaiues shovrn ara based on inf�rmation that is re�eived from cust�dians. AndCo analyzes transactions as indi�ated on tine custodian statemenas and revis�,s the custodial market values of the portfolia. As a rzsul4,this provides MdCo�n�ith a reasonable basis that the inv�stment informauon presenied is�ree frvm ma9enal misslat=ment. This me�hodology of evaluating and measuring pertorrnarnce provides AndCo u;ith a pra�iical iounda;ion fo.�our obser�ativns and recommentlatiarrs, Nothing came ta :�ur httenlinn ihat���a�.ilr�r,�su5+:AnEi[,ci to believe Ihi�t 9hte infUrm�tiUn Firesentecl i5 signifi�antly reussl�teti. Tnis pertvrmance re�ort is based vn data ohtained by the c�ient's cuslodian{sl,investment fund administratvr,or other sources believed ie be reliab�e +;Jhile tnese saurces are bElAeve�ro tie reliable,thP dato ��reviders are res{�ansiGle icr 1he acc�.�racy and completeness of Iheir statemenis.Clienis are encouraged to compare the records qf their�ustodian{s7 fo ensure this report fairly and accurately reflRcis their various 85ydt�iGSi[iUi15. Tne straie7ies tisted rnay not be suitable tor all investors, We believe the intormation pravided here is reliable,but do nol warranl its accuracy or completeness. Pasi pertormance is not an indivation af future E»rf��rir•�aric�_ Aitv�r�ftirrnalirm c.cir7lair��4 ici ihis re�nrt is far infnrmaU�nai pur�,c�ses unly and shauld nnl be construed ta bp an�ff€±r tn auy ar sell er�y securities,inti�Pstrnant r,onsulting.nr I»vestmpnl mana4eri7ent SBNICE S. 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