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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 6.3b_02/06/2017 i; i V :::�t� I ii,i it ; �k ILJi 1 i !ul il.k�,. ��k�11�it�".�1f'� Preliminary 1Report P�+eliminary Uni�erse Data �1illage of Tequesta Public Safety �fficers' Pension Fund AndCo Conse�l+; � I�'���';- , _ � _�.��i,lf _� ',;�,���t�f,�,_ ,,��, r•�>n�«rr.,.rr,�a�g��r,�,����a� AndCo Firm Rebrand �n the cover of your st�ndard quarterly repart, and an�II documents we+�vill be send�ng to you gaing forwa�d, ya�will notice yaur narne comes before ours. That is nat by accident. Everything from Che services we provide to how we are structured as an organization is designed to i:nsur�that yi�u, r�ur cli�nt,comc�s first. �h+e take our role as an independent i�nstitutianal cansulting firm and plan fiduciary very se�iausly, and we believe this approach and philosophy acids r�ak valu� to our clic�r�ts. To ec�sure that the cli�nt always �omes first in th� ser�ic� �quatior, and that our Gduciary responsibility is never campromised, the im�ortant princi�tes vf inclepenclen�e, objecti�iry and transparency are embodied in our mission and vision statements and define+n�ha we are as an organization.They are engrained in our culture and corporate aalues and used to guide aur actions e�ery day. Gver the years, the iiiuestment enviranment has grown more compl�x aa�d�ve've seen au�staff grow and our expertise and services advance ta serve our expanding clientele. To strengthen business continuity and meet the needs of our clients: we recently began a program fo broaden �rnplay�e awn�rship �f our firm: Inherently, as w� thovght abc�ut ourt missi�n (Tr� re,�resent the svl� in�drest vf ciur elients t�y r�dc�ning ir��le,pen�feracej, vision (�"o be a trar�sforrraat�onal or�gar�izatron viewed as the le�der 1n otlr industry), aa�d the passban behind o��r servic�e ct�lture, we wanted to do something significant that woulc� better reflect who we are as an organization and how w� never compra�tlise our client-first m�ntality anci s�rvice�hiloso�hy, After mare than a dec�de of growt[� and original brand equity, why would a company rebrand now? Though client-first consulting has been a carnerstone of oue eompany since its inception, with the milestone of transi�ioning majori�y ownership from our founder tQ the firm's next g�ncratic�n of I�adc:rship, it b�c�m�thc� p�rf�cE t��►�ortunity tr� reintroclucc ourselvc�s ta dh�world as AndCo, W�h�ve always believ�d tt�e�ss�ts af aur firm were the call�ctiv� body of indi�iduals warking kogeth�er to ser�e our clients. It ha.s always been bir�ger than one ar even a handful of people. We feel thi�rebrand is a better reflection of this belief and conviction along with our mission and �ision. Our team members could work at oth�r �lac�s bui th�y choose to work�t AndCo b�cause th�y b�lieve this���roac� is beticr ic�r Glients, �usin�ss will continu� �s usual, �s tE�e 6eadership and team yc���have cr�me to knaw��r�r.i trust will not'�ae impacted '�y thns rebrand. As AndCo, we want your first impression to be aur commstment to client-first c�nsulting_ Our promose ta you spans trom our very faundation up to th� nam� or�our buildirr�g. Most irnportantly, this company rebrand sets the st�ge for the future of our firrn, and your pl�ce in it. At AndCo, it is always: � � C,IUr ClientS Pti�C 1 � The Market En�i�onment Major Market Index Performance As af December 31,2016 - Br��d ass�t class returns v�er� ni;xed f�ir th� 4��� rau�rt�r. ar�r7»stiw equity indaces posted positiue perfarmance for the quarter. while broad intemational Quarter PerFormance �quity and fix�d income benchmarks were negative for thre period. Th� MSCI ACN1x�JS -�.3'"< quarter s investment cyc�e was dorninated first b}r the U.S. presid�ntial NISCI EAFE _p_7=h, ; election, and then by th� large9y anticipated Federal Reserv�: (Fed� inter�st A95CI Emerq Mkls -4.2?.i, rat� hik,e in Decembe�r, The uncertainty tha6 drave oquity retums lower�iuring — th� first half of the quarter gave �vay ta a skring af positive macroeconomic S�P 50U 3 R9+o d�ta �n�i a Trump �i�t�ry that drt}v� equity benchmarks, E»rticul�rly in the a�sseli 30ao a 2�s; U.S., higher through the eemainder of the quarter. Trump's platform af kuss�u iooGr � 3.P''r� strerigttt��ir7g infrastructure, c��reyulatian, aric� lower pers�r»I arid corpor�te - - - - • Russell M1AidCap ',;2`1:� taxes drove expectations higher for both domestic growth and 3nflation. The Russeu z000 3.8".:.` br�a�€ rriark�t Russell 3Q00 Ind�x return�ci 42°la f�:rr th� yuarter. The small , rap Russell 200�Index mQre than doubled performance of other capdtelization gardays US Agg -3.G�s, in�ices wi[h a return of 8.8%; for the quarter and a stronc�21.3°f�, far the trailing e���ia.r5 us��•t -3.�q� � ane-yoar poriad. Barcl�3ys US TIPS -2.a^� i ■ Enternational equity market benchmarks stumbled during the quarter with the garti�ys n�ss _2•oa;; � tirciad rnarket MSGI ACWI ex U_S. Ir�dex pastiny a return c�f -1.3°la for ttie �ar�i�ys!;o�p i� -z a°,� �eriod �n U.S. dollar (USl�} terms. C7espite the difficult qu�rter, tF�e broad rt7arket incJ�x r�turned a mod�rate 4.5:o for 2016. Oevelopeti r75arkets {-a.7 fa) �hlonih T-Bill oi q u 1"b outperFormed emerging markets (-42°ra) for the quarter as developed market �0""`�� -�.'�':�� -_.�":�= �:�.r,";, ���'�� �a.0 sa �.c�:�:, �.o�s��, 1��.���;�, ece,nomic data was generally pasitive_ However, emerginy markecs 1-Year Performance substantially outperformed deueloped markeks for the or�e-ye�r penvd with the MSCf Emerging M3rkets Index returning 11.2°�v versus a return af 1.Q°/u far the �'����'��th;x��s :.�.�,s MSCF EAFE Inciex. �vtsci EaFE �.i;e.:; A�SCI Emerr�h1kt�. i 1 z�:� 4' • The quarter's steang economic backdrop led the Federal Open Market Crarnrroa�t�� �F0�9C:) tra fallUw thrc�e�c�P� can investors' exp����tians �nd raise ��R'�� '�r�`:� short-term errterest rates for the first time in�{116, The same e�ents that drove aussuu 3oou y�.7_,;; dUmestie equiry rtiark�ts higher wer� a heac�wind fc�r exed incorrie markets. R"ssP°i°°a I 111°�0 As a resuat, the U,S, Tesasury yield curve rose dramatically dunng the quarter Russen nnidCap �,.,g�ti•_ �1�n,, wi[h modestly �leva4ed ra0.es at shorter rr�aturiti�s aaid lacger increases en miti- �"yy����0r'�' to-lang-�crm matuntics, All inv�stmont grade b�nchmarics wera nogativa for the quarter, but the n�ortgage-backed securities sector was dawr� less than �dtp�yS U5 F+�� �.c54ti othcr investment grac�e sectoes due to its shorter duration. Although the 4'h ���ciays u�����:� ' <o::,: qu�rter took back some of 2b16�s earlier gains. imaestmer�t grade benchmarks B�'r��l�ys Us TiF� .F.�a:; F�isheti in pcis�4iu� �erritrary €�r the ye�r_ The'8lo�mt�erg B�►rcl�ys Inu�stment B�r�:iays r.�e�s � , ;��:., Grade Corporate gond Inde�x was the best performer over the one-year period, Bar�iay�s Co�p i� �,1�:� �r3�anciny a sc�lid 6.1 Q��. C�r�orate issu�s ben�fit�d from increased dem�nd for yield tivhich ted to credit spread cvrnpressaon. especually in Iower qualit�r �-�"omn r-P.�c u:.�-:s 185UE5_ C:U''m �1.C�'Yn �4!J'�:5i 6.Qn;n E:.rJ"i; 10_O4r� 121,]'s+n 1-0_f7`9i� 16.{]`�.'r. 1'3.q[�:o tC}.:1"ii 12.C�"`r� SO.:Cc:6���_.�NE>7i 415,nP"5 P_IIjU 2 ..� The Market Environment Damestic Equity Style Index Perfurmance As af December 31,2016 • U.S. equity index retums ti4ere positive acrass th� style and capitalization s�ecUu�m for the 4'h qu�rter as vr�ll �s for calend�r year 2Q16. During� the Quarter Performance-Russell Style Series quarter, index retums were dri�en by encouraging economic data including ��yp����tJe ��.,o impr�vements in GDP growth, employm�nt, f�c�usin�, ar�d consumer canfidence being reported throughout the periQd. Domestic markets con#inued ��r�7 Index d 1z,; to ralpy aFter the November pr�sidential e0ectior� tivith s�veral dpmestic indices �00°�f°"'�n �,z�; hitting new highs on expectations resultinc� from Trump's "market-fnendly" �c�licy objactiv�s. WhilE the Fetl did in�rease interest rates iw O�cember, the '��`����u� �.7��� market reaction was r�lative�y tame as the rata hike was wir�ely expected. �OGo in�ex 3.$�v tOQO Gernvth •.:r;�-. • 5matl cap benchmarks pasted the quarters strongest performance for both ��lue ��nd growth issues. At khe core, the small c�� Russ�ll 2�04 Index retumed a robust �3.8°Ia for the quarter and a stellar 21.3°10 for the year. '��idGap Value �Szb Altttr�uyh still pc�sitiv�, the c�re large c�p Russell 1000 Irtdex r�.turned � lower MidC:ap In�lex 3.2q•p � _ -.-T._ _.. 3,£3°/a for the quarter and 12.1°o for the year_ This dispersion is not totally '��������a'�r�+'th �.,�:; outside o6 t[n�nartri as srnalf ca�st�cks yenarally outperfc�rm large cap stock� durin� `nsk-on market expans�ons, Interestingly, mid cap stocks finished zr,,00 uaiue 1<1� behind both small and larye cap issues�or the quarler. This is partsally due ta zor.�n index � � d�,,;� tho Russo�l M�dcaq� Index's higher allocations to the real asQake and utilitios zqp57 ,i",,rrnvth sectors, which were dwo of the warst pertorming sectors for the quarter. 3 h��° UA�o 2.[}4� 4.Ou•h fi fJ".:?� L.�J':>I: `:C�.I1;;: 12.G'S':, 1�i.p°.�� 1E fJ'im • Valu� �,enct�marks mor� tt7an dpubl�i th�ir camparable growth benGhmark� 1-Year Performance-Russell Style SerieS across the capikalization spectrum for both the quarter and one-year periods. Unlik� prior quarters where value index outp�rfUrrtiance was Oriverti t�y �aaov�iue ,�,�u;G exposure to higher yielding "bond proxy" sectors, this quarter's retur�s were �n�fl�ndex ,2 r�fi �ed by �XpUSLIfB to cyclical sectors, particularly Fr�ancials. �u'alue-style 3G09 Grcnuth 7 a=;a outperFormance persists over the ane-year pe�od wr#h double-digit retums ranging from an impressive 31_7% for the Russell 2000 Value Index to a still 1pU0 Valu� 4; 13.3 stron� 17.3°/a for the Russe�l 100!] V�lue Index. In contrast, growth index y����tle% n;• per#orn�ance lagged Walue results substantially, returning �!1_3°Jo �nd 7.1°fo fo� i2_i � the RussePl 2000 Growth and Russell 1Q00 Growth respectively. ��aa��c�,��tr �.,;� • Damestic equity valuatians appear skretched relative to historical le�rels based �����r��;f�I47P. o: 7n.�.M on F�rw�ard Pr�eeiEarr�ir�gs r;�tios �:PfE},with even the ctie�pes4 re�atave inclices MidGap IriCex �3�tib tradinc� margmally above histaricay valuaFiQns, The lar�e and midcap c�rowth naidca:;�ra,v�►� �.�c;: endices hav� valuation leuels near their respective histancal averages, while th�remaining indi�ros fall b�tw�en 110',/0 �nd 737°�0 of th��r 1�-ye�r avaragas. 2G+00 Value 31.7�L , 2G+�0lndex __ . _ _ 21.3':>0 2GI7�7 Grr,�a�th 7 i��;_ C�.�Jstii 5_U'Y:� 1{lA";n 1�.�'ri: 20_G'S'h 't5IJ?��� 3U.�`s: 3S_0'�:� Su�:��..�r,�_.,.iii•t:if�A51r�i5 Ptis1U 3 ��r The Market Envi�onment GICS Sector Performance& (Sector Weight) As ot Deaember 31,2018 - Large �:ap s�ctnr per�c�rmar�ca spannFc� � ranye c.�F �7e�rly 25°t� ��uring the �'" quarter, with results in five of eleWen ecanomic sectors outpacing the Russ�ell 1000 ■G)uarter ❑�-Y2ar� Russell �D00 Ir�dex retvrn,and eiyht of eleven seetors postirtiy gains for the ��riQd. Financials w�re the clear Eoador durin the uarter, Cc�nsumerpi�r.412_6°+i,y �;°:� � q posting a ;,��;r strong return of 20_4°fo, which nearly tripled the result of any atlier sector. vcns�rnr,rStapiesi9.1°��; `1•�� Financi�ls beneeted from ex�ectations for�otenti�C deregulation as well as -----� '�^� the impact of higher ir�4erest rates or� future profitabitity. The industrials Erieryyl;7_i�rny ?��°�� ��.s;� (7.6°io} �nd rr��terials (4.9°}0) se�lors elso outperfarmed for th� perio�f as =inancials(13 8°•�, %��a°�o Trump's promise for increased investment in U.S. infrastructure brightened z�•A�: HE�alU7 Care{13_6`�t} "�1 x t ie autloc�k f�ir bc�th seetors. Th�;�n�rgy sector(7.0°Io)als� posted a sU�i� �,;h c7aim for the quarter as oil prices rose following an OPEC aqreement to cut �ndustrials�10_3�4;,� �t�`��� suppiy in Nt�v�n�E�er. Pric�s rUs�f�erth�r after severa[nun-OPEC c:ountries is.r;� indecated they wou�d also reduce product�on. The real estate and health Inf�Technul�gy�zo a°•�} ,`�``; care seetars were the w�akest performers for the �uarter, bath pasling �' - �a 1t" -4.1°fb for tho pariod. R�al �stato and aFh�r"bond proxy"soctors such as �4ta����ais(a_z4,�} ti�°'" ��4;.; consumer staples and utilifies were impacted by higher enterest rates_ Real E5t�7IE I;�S°�o{ -�i'14' 5.t�;>„ r�ducing the demand for more defensiue equily issues. The heallh care �z,t_ sector's. t��eak performance ta�as more symptomatic of the �ncertainty rcicc�dri SGNiCCS(1�q'nj 23 4'?.y sa�rraunc�ing the f��iu.re caf heath��re regul�tion under� nev.�Adm�nistraiion ut�i�i�Fs�;3_��,,,} '�'�j�'° _ determined to repeal the Affardable Care Act, Despite some divergence in � 1?.Z�.` I�I� ��h C�u3fl�f, s�ctor performance over the arze-year period was rabust -��r�o.' -�!�°'� ��'ob �!:l5„ 'G.'1=:c 1�C�°; 2�.t7°�w 2`a.fl'..: 30 0°; with ten of ele�en sectors pos�in� positive results and seven puttinc� up Russell2000 � '�!'�'��' °1-"Pa�� ctoubl�-�iigit yains. {:cnsurner Disc t 12??.i,} 7_9°��� 12.7'S; • Small rap sector results w�re roughtly inuline with large aa�s for the 4�" �onsumerSk�ples(3Q°ro) b�`.b quarter, with five of eBe�en economic sectors outpacing the Russell 2400 -.-�- z3�^� [ntiiex retum fc�r the quar�e�r anc� Een cif ele�vc�n SeCtr�rs pc�sting �Usitive ��7e��v;:�.a"•a) �1a.'�°''- —_, 3r.�.z`k resufts for the period. Most of the trends observable in large cap index Financials{18.3°ti) i-�a4- s�ctor p�rFc�rmanc� also impa�ted th� sm�ot cap sectors, but to a larg�r, s�.��: �ositi�e degree. Simifar ta large cap issues, higher yielding, defensi+�e HSalth Ca�re{13.1`.;o i .,'s_2°`° sectnrs lagye�i tf�e rt�Ure cy�lic�l, �c�r7ortiically sensitiv� sectars. Over tF�e �o tr�iling one-year periotf the materials, financials, industrials, and energy �ndustrials ti14A9��} �`''7'- .__-_.--___--. 32�,:, sectors �ach pasted rewr►�s in excess of 30°/Q. The sole negaGve srnall InfoTechnologyi1'.6"'t; ;,�'"^- _ �.3A"� cap sector far the�ear was health care with a ratum af-7.5%. U � �1_��.; ���a� Mat9ri�ls{a.s r�1 • Using S&P SUQ sector valuations as a proxy for t�e market, �onvard P/� t��i Estate{8:�°r�} ���''b r�tios for five� GICS seclors were belt�w their Ir�ny�term aver�ges �t ���2"° quarter-end. The technology and health care sectors were trading at the Telecam Sorviaos{OJS•6j �1':`� 1��.+;p�, largest disc�unE t� th�ir lany-terr�� av�:rag� PrE ratias. In contrast, th� �, y 30,; UCII1tIAS 13.F3:u} -. . -- .. . .. z,�i.�G;b energy and utilities ser,tor valuat�ons were �he most exter�ded rePati�e to their histarical P;E rati�i.s. -�i.C)°iu ],0?;0 :�.7`/ 1�.�J`�; 2�17i� 35.:7`.:i 4�>.{1=>c :�VL'.'t<�.��l':fi�i��4-,t>(d�'i�ii�=! . PaQC 4 � The Market Environment Top 10 Index Weights & Quarterly Performance far the Russell 1Q00 �2000 As of Oecember 31,2016 � _ ,� .� ._ , "' -- , � : � � ! : �� Ci �.: � i � �. -, � I � AFiplr.n � �5 ;, o.i °�; �. -: ';c-. r-�r-�r,i::i tid.:�nr.e� I.. -:D-e.irr-'�n�. t. �';-. t•I 1���. � _�;.�'�; �I�i rmatb.m Te�-r,nc,�gp A+IicrCsofl Cerp 2.1�J?:6 S F�Ru 15.1`..„ InFarmation Tevnnolcgy hlic�oserni„orp 0_3,;",•; 28.$?:o fi5.E°�6 InformaUon Techna�agy Exx�r`.iot;'.�::r�rp .'5".b 4:3'.:i '9.0 io EnarBY' 'J4'et=ler Financi�l f�uru �.e�"b 43.T"u �a.0��o Fin�nci�l5 J`uh��son K J�iht�;;cm 1.474% -1 tl"t�o 15 J".:'t I1G�It't:;£ilc PfpSpCnl,4 B�n�tt�ft�II'iC U.�o".�= 31.490 w3.5'�o ri���iCf�IS .IP�aLat[jC:O[�he-,?Fk[;-:� '.:1Fi°+o ill�'.�o =iSF��u (in3r1i713L; fi3nkOrtChe%{}73�kS�tlnr 11l$9�;, ?�.�j°rz HIF'�.o Fir1�r1C1813 ---_...__.___ �Y 8erk.=.hire Hatha��ay Inc.B 1.A3°•; t 2.84h 23 s5� F�nanr.ials RSf�I'armlan Inr. 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C.GD9; 93.4or _y$.5°.;i Ic�du;anals Communit;a F'e.:lln Syslams Irc G.O�?�i� �.tu�:, -74.5?� Heait�^are Sasic. r,er��•;erei� 4 unc 4' 0.�� _ 7'�^` � � E i -�`- 0_0��.,, -92.�,. �J,.. . �nerg;y Filbit Ir,;;A C�.OD'%� _50.?�k: -a8.3";:, InfnrrnaGan TE�hnolcyy FJFFilhcteczi ur�rp O.0 1't, -pg.�ry, -��.u`S� EI�aHh Care GUPr i I r�t qiJO"�: r3 = 3':, L+:)ns�,�niurOi3��rvlian£iry ��.rviii�ra Inc p f'I1�. -tli:.4",n -g'.�i��: iL��lth CarL Hei�,�I�h..l Hnln�nns Inr 0 01°�n 4h�°'; �.1 k°•, InduSln815 :hplm hlQmnrj Inc fJ C79Y. -5$,7°;0 -y8,24r Ini�rmation Technr�or��y G,VC Hc.du•�s in�r .r.�.�:7�i9� -0,.��4 -r'.:�.;1°•, G�ns.�me��scr�ticnarr hdeptus kealtn ir.c:;Ie55 A t1.G1°; -8�.3kf, -Eifi.ORt= HeAlth C:are Alnjlam Pnarrnaceu6�ls Im_ 0.014��, -Aq.B°: -@��.29�> Heatlh^are 6D Glohal Tecnnologies In� �.G�°> -BQ�M, -99.?4t: Informetion Technd��gy J�no'�erapeu!icslr.c ��n�?r,; _g7.2?;_ _�7_��:; Heailn��are PmteonTharpeuticslnc �.C�:1@� -7�.C�"� -8?.7"n Heal�hCare Groupon Inc 4.01'S'� -35.5't a.1�r �onsumer Dixr.lionzir; Anthera Ph�rma�:eutiuil5 Inc 0_C9:ti: -7�.4`U -05A;U f-I�v�lih Care 1�J�":_.i�tU':11�1�:.S.�J.�:C�� � Pi1�4$ --�_:" � The Ma�rket Enviranment Internati�nal and Regional Market Index Performance (Country Count) As of December 31,2016 • As the USD v�rsus I:�cal currency i��urn cti3ns illusirate, the USD's strength was a ma�or headwind for ir�temational index pe�forrnance dunng Quarter Performance ■uso ❑Loc:al Currenty tlie 4"' qu�rter as well as over the trailing one-year periad. The priniary factor aontributing to the return differentials in 2016 was inr,reasing A�'�a��tl x us;as� -1�`�� � diver enee in U.S. moneta _ ---_--`� '��'° g ry policy(tightenir�g)relatiue to oiher de�eloped o��,4 �:our�tries {Furth�e ��cummc�d�tir�n}. Nfhil� th� U.S_ yrpwth �r�spect� �°R�°x us,zzt � s_�^.�a suppo�t �educed monetary stimulus, ecanomic data in the �urazone ��o.� supports a c;r�ntFnuatiarti af mpn�t�ry ar,crarr»ru�dalion ta b�lster what ��as EAFEr,z7� �_.�.�__-._._ � . 1 �.r°;a been a� slow reco�ery. As such, the Europea� Central Bank (ECB) _G�0. " I�ngth�ned its quantiiative easing program, ariginally scheduled to end in Eurn�e$W1E{15} 5.3?�; March 2017, to L7ecember 2011. Although the program was extended, the Pac.ific f5} -���" EGB reduced the size af monthly purchases from $8Q aillion euros to$60 __�_ ] 1G.2:�� billion euros. This �conomic divergenee was further reinforced aft�r the Emerging Mkt{23} �'���°� � election as Trump"s pro-growth policies and protectionist vietivs on trade, if ���Q-�� � . __. _ enacte�i, fav�r aciditional IJSD strength. �r.�Fry��p;in;� 1 s�, ----T-- �.z�,:; ■ The 4'" q�uarter's USD performanee ta�as negative far both de�eloped �P,4 hi5i3 i;8j �1�� �� (-�7��%) ar��i �rrieryiny (-4.2°;0} rnarkets. tiNhile en��rginy marke! 3.1�'" �erformance (-1.4%j was also negati�e i� local cuRency terms for the �hALatinAmErSa} _��r,o�� period, the currency impact was mUr� pronounced in deueloPed market � �2°`° results with the MSCI-EAFE Index°s Iocal currency retum of 7,'I��o _9�ah _��'��;� _a.n=_ -a_n�; �.c,q.� ;.���=;: a;��: f�r.D•; R c,��� �o oe�U �z.o�b representing a 7.9°�� spread relative to the benchmark's U5D retums_ 1-Year Performance ■��� ❑Local CurrNncy While USD sEr�n�th is also evident in the ono-ye�r perfvrmance af developed cnarkets (1.0`�� U50 vs_ 5.3".�0 local�, USD emerging market AC W�rld x US tiA5) �5"'`- r-O:�G F�erFormance of �C1_2°o m�rginaGly out���ed the �merging m�rkel I��:�I currency retusn af 9.7°to. Japanese equities advarrced considerably in iocal �^�URL.D x US+,az} z-�''�° e.��.w eurrericy terms �s a weaker yen was vi�rveci �s a major tailwind tp its 1��L export driven ecQnomy_ The U.K. a�so posted a sotid quarter in local EAFE�2�� _._.____ 5�,n currer�cy terms e�rj th� t�ack of a weakeniny pound sierling and continu�d _a,aa stimulua despite their IocaP currency r�tum strength, the USD returns af E"�"ne r�r°�E;i�� :-�`i : ] U.a��� both countries were negat�ve for the quarter with Japan returning -0_2a/� a.2�L and the U.fC,returnsng-�.3%. P3�ir�c r�� 2��,u Fmer. g ��,2G':, ■ While the 4"' quarter's emerging market results a�lere negatively impacted ��� Mk�;23} _ _ _ 7.7Q` t�y risiny yie��i�, � strUnyer USD, and fear� �i�rruundinr� future U.S. tr�de �p.q FMFA y14;� ���'}� and foreign policy: one-year �erformance in emerging markets K�as more _ . __:__ 1z.z°•� t#��n doub[e tMe retums �ost�d by developecl markets. Althaugh �n�-y��r �a,a�,sia ra; f ��'�'� of outperfarmance does not represent a trend, emerging market inve�stors `��°`� are hoping for a continuance of 2416's emerging market performance �rdl_a�inAmer(5j 3�'�°'_ surge after several years of lagginc7 results relati�re to �OmeSfIC �nd za-3''° dev�laped internationa[equity mar�cets. �,o�w O G°; ,Ci°�o 1�:1.p°,y 1!'>,Q4q 2q,p=%� ?;f��.; ��7 C�°u 35.0°b, S::or.r.�1fwG��3!..L'x!ir�lna!.Lrn�u.�j!icWu:s a�e h4•1'1 Rti�v 5 �� The Market Envi�onment U.S. Ddllar Intematibnal Index Attributian& Ceuntry Detail As of Oecember 31,2016 ��ansu���rGiscreGanary 12.59,: _._ -1.:1'i� Consu�srSt,�,IF; 11.2°6 _ c _` Japan 2'.1':�, 17.9?., �� f t;1.3:6 R�t, :�;: �:1];; _ United Kangdom 18.3;5� 12:9?':, -C.��c:�: -:1.1".':, 'tn�_rgy S 5��. ��q,.� 26 B`o crance 1�.� '�" 2.9�: 9'inar.��alS 1'.2`:� 9,5"c _�T�;,p Gerrnany ci.:jqi G.��� 7.5°=, ;[.S�:V� � S�vitrerlanc S.?4<: G.1'::6 -g+�'�� �1.9'�6 *i6Cdih C3�a 1C�:':'_ r.�?o -1'�.h°t. Australia �"• 11_u:�� industrials 1•1.0"6 -i.:^;;� [,7i,', '.d 5_2�i:�� �i.7°:, r,,: Nr.l�er!an�:�a 3,:i9.= 2.3':'r� -i.In`� a.2?i; Infcrma7ic�n Tr,i:hr�r::,g',� 5,�:, -:i.'?=:�� 3.6°:s, Hr,n. Knn; a, � G � 3.;�� 2.:i'i,'r� _c,��u.� [.3'i, PAoilun<+I� 7 y��y �t..3'}:_ �4 3`:u Sp3.in 3.i°; 2.2°i� �.2°'0 -1.q?4� Stiveden 2.Fsw, 2.0'=:' � r'teal E5:31E 5.'r9� -�.�4=r;� ��;�� u -l':.S:o C�.B'i, italy� r.'.'!4;: 1 S';b 11i.$°�o -10.59•:; Trir-:con•�miu�.�r:�ticn Sera�r.es a 5�� r:c-� �'3°� OFnm3rk i.7�e= 1.2'=�0 -B.�R•b -1�.8��:. - . UtiI�GHs 3.4'S'; - . .� � . ;ingaF,�re �.7`:<- i_i�=:;, '.�i?•h i.a:o �i � E381qIUm ',p�c D.13''ro -'1 N°ro -7 h°�u �v}I3rld ',C:�°�: U Y`:o -4,4`ia _4(y�o l5�3E1 U.!5� U 5`�0 •11 3°•b -2d,y"<-. ri,nsii^arDis.r.retionari 1t.:�.`- -CS.-,� -:�C':,. Nflrwu's� b.?r,:_ O�io 2.�"c. '33"0 �' � 3rt'I�r,:l U,i°r U.3`•b �J.9�'c, _7y°:o i Con:;u•-�rSia�+lcs 9.�J"., -1�.1".�b -1.'J':o Au�Giu C�,2":- U 1`.:�, i5,5':�- t1 3�:6 �1..�lii:if��y � . . :3� . ,:y";:, :S.i;� 31:f`:o t'dCwZt;;ilrlllC 9,�'$ U1:�o "py°:b +g..�;:;, Finar..i31s 23.�I�`: r�.8°� a.G�� P�rtu.lai 0.2'tt- 0.1`:a ;,�:a ;1.�_:;;; � �ii , � I �Iral?h C�ru 3 1��; -0.1`.;S -13.�'Y. Canada innusmeis 7R;_ '.1'�� _ 2d 6°•'� �1. . "Z.%':'o f:�..�":q �: • . . Inicrmd:ion Terhnc ogy 9.;� ��hina -5.C'_„ '�_7'ii� G_�3o �;�._,. MalGu�al� t3 J": 2,E+".r 27 6`'�b Korea 3.3'.>'0 _^,�3�;;, , :,-:� Lc:o Tanvan P.E?� -,�.2s•'v i0.5'>'0 Real Es:a:r ;.:i'?:�, -7.c;;h t A�ti� Indie 1.9i�� -E.�iti -1.�?%� Tel�convmuricaliuriSt3rvices 4.7"l:, -G.?:S -3.1".; Brazil 1_7`:�t� 2.1?, 6�_2'���� tJ:IliUr6 .'i-7° :'i'•. i: , 5flutt�Africa 1.G5tii -�7.t;ti'� . '7_9':; Russia � �i i' L�':,�� 1E.�.3o6 �i_B'.��� I�.�6%iG� �.8=>�� '7 G°i� -9_2°+� indar.asia U.fiS;� -7.d^�, t7_d?:;, I " . • • • P.�e�Ay518 O.E=L 'P A'1'� -3.9°+� Consu^arQiscreti�narJ 1�."s°t: =;.�;:i, C.r,::i� TFailanc 0.:>";, -1.8?r, t5_hg4, Consumer5tavl� r 1"; -iJ b9�6 U n?n Phil�p`�nPs 0 3;6 -t2 R"..o -n".fi'�•� =ner9}' 7.9".3 �JJi:; ?, Ct7ilr: f1.3'':0 2.f°'a i5 h?'� �_5'�i� P41311C f1-:j't•b ;i.4°1-. [i.1'..b Finar.r��IR ld.y�c -I1?`:b '!i IJ`.�o TUfkBV 111"0 -':i�=�o -k 5°+� R-lealth��are 2 5",, -�J.C•i'� _;5"� Q3tae 0 2`•b 0,I°�; F,3'a Intlustn:Is 5.$9:-, -6.2'-:'t -1 9a;o Unded P,rah Emirvlas II 2=0 1 b'b !3 6°•� Interma;ion Tectvnc og_,� 23.s`;� -�.�-;;, .��,�,. COlumbi0 U 1'->0 �2.3'b 2ti S°�o Prr�.i 111`,+0 2',54c• j5 � h':'o h.larerials 7 4?4 4.2°:; 37 a=;;� Gri,�i:u U 1�0 15.:3aa 12,1w:: Rr�alEslalc 2.6".'s -1�_5''t -1 �'ib Huin,_ny U.1io y3°j� '+�54":0 Telecnmmucicatior,Services 59�4: -G.i=.;� 2.C=s� Cz�x:�t Hepubl�c O.U';u :,4:%h 5;]'>; 'J�il�b,`� 2.a�b- -6��_ i._. E' 1 U.�`.�u :3 J`.t -1'.5': ro f . : �I I' ,w '� ' • -. ll f' Srn:•r.r::�f:i�:'^'f;;nnii!sdr.r hfnn,Tr,r i��:r.f�!�ns;�m i:cl�n.ISQ. PiiS1C 7 � TF�e M�rket Envi�anment Damestic Bond Sector 8 BroadlGlabal Bond Market Performance (Duration) As of December 31,2016 - After defyiiiy logic and rttarket expectatians ::�ith solid positiVE� results for mast of 2416, fixod income benchmarks f�tl across vanous sectors and Quarter PerFormance quality segmEnts durir�g the 4"' quarter as the realiry of higher interest �q f�.4� -s.c:,�� r�tes an�i @nfl�ti�n exp�ctatic�ns exerted their p�werful impaCt c�n yields_ Aq�s Z� r On the interest rate front, market rates rose through the quarter as -3 y"`° ;; inuestcars pr�par�d for� t�6�grephed, and ultim�tely realized, imter�st r�t� A+`��'� ' -'s.1ro � increase of�'5 basis pai�nts�bps}by the Fed. T'he December increase was �sA�;�.3) _z 7��:0 supp�arteri iiy ;;Cttil�tlLl�C� imprUven�ent in tt�e U.S. ec�irrcirny, artd i�.$ H,�n Yr�id sa,�} 7 s°��� represe�nted the sole Fed rate increase for 2016. On the inflation front. — ' L1.S.Treasury{�.1) -3��. Dor�alcE Trump's victory in the U.S_ presidential electian also pl.ayed a rale in the guarter's negative fixed income resuits as market expectations after ����•�`�o��Rga{a.�� ,�,;_;� the victory shifted sentiment toward potentially higher inflakion and �J.S.Corpn2te IG{7:3j ,2 gq_, eCUf�OmcC�fouvth. U.S.TIPS�4.9} .7.A°�;, ■ Looking through the quality lens, each of the fixed incame quality segment benChmarks{witti tfi�exceptic�n af�iigfl yi�ld) fi�7ish7ed th�4�t�t�d�arter cic�wai +'�iv��ya��{�.�; -3.i��,� rouc�h6y-3elG. The high yield (Bower quality� ber�chmark was the or�ly index �r�lerrn�diale F�yg tia.ay _����;;, to past a p�ositirr� result for the quarter wikh a� return of 1.8°��. Th� high �iu�ai ayy x us?:7.i�} -�a.a�„ y y�eld index ber�efited from its lower duration (I�ss inte�est fate sensitivity) r4��iut��r�a{8.7j _r,,7?:., , as well as a steady compression in credit spreads lhat offset the impact of g�nerapy highar rr�arket yields. �xtending th� r,ompansvn to the one-year -��o°'° -'r,.:�`>Q -�o°•� -e,��=.� -a ca_, -a o�•� q r,��; a.�.,��� periad, the quaiity benchmarks all pasted positi�e results v�ith �nnual 1-Year Performance returns displ�ying an inverse relationship with their qu�lity. nqq,;�.�1 -.a��:: ■ Examining r�sults on a sector basis shows the �n€�mina@ Treasury seator �{��a' �%,�°�a f��:lir7y tfae lary�st irri�act frr�rri �h��yi�ld�urue shii!with a 4th quarter r�turn a;�.`� a;.r-;o �f -3,��;, The lower-duration T6PS index �eturned -2,4°fo for the quarter. Bda{�:j;, 7 y�� The mortyag�sectar posled the quaRer's best relative result with a cewrn - "�°'° a U.S_H�yh Vidltl{G.�;� of-2,Oto b��efiting from its lower duration. Given 4he previously mentioned negatiue impact of USD strength on foreign investments, the 4°i quarter U.S.Treasury{6.1} •..��<. was a particularl f diffiault quarter far globa! fixed income markets with the U.S.A4ongago{�.�; -.�a:; Global Ag�gregate ex-U.S. index retuming-10.3°!0_ Despite the 4�r quarter's �J,S.Corporate IG;�.3� ,;.1�; neyati�e index results. �aah sect�r and yl�ti�l tienchmark p�ste�i �ositiue u,s.rlP5la;a;� fi.�:�� results�or the trailing one-year period. i. • Th� Fed stated that futur� ra�te iriereases wift be implena�nted al a �+9�r��a►e�J.s+ 1.b;� measured pace and vnll be based o� an vnc�oin� assessment of current �ntermad�arpA9��a.s� ' z,r,�.;b econamie data. Howe+�er, future policy action by the new Trump t;lohal Agy x U5�;z.ati �:��, Administration and g�lobal �conomic de�relopments wi16 likely impact the rv�uwve�;s?;� 2.�4: pace of future int�rest rate increases as we1f. G.:7=:c ?_.0°�u 4 f,�o,�. F.ia�'u Y,.b°�o tG,�J�:i: 12.C1°10 14 flo;� 16.+J�'t 181D°'o 5ni:�r.?-F,arrr�ls('��r.��a .�.i . �,,. Pil�j�;!3 � The Market Environment Marl�et Rate &Yield Curve Comparison As of Deoember 31,2016 ■ tt9u�,h c�f thN index ,�c�rfc;�rrn��n[,� �etailFd in lhe t)ar grtjFihs On t�e pr�vie�us page is uisibie on a time series basis by reviewing the line graphs to the 1-Year Trailing Market Rates riyht. The '1-Year Trailiny Market R�tes' chart illustr�t�s that after tr�dir�g 3.;0 in e tigh[range for most of the year,the 1(!-year Treasury yield�green line} ���Fur�cfs Raie TEo�pre�� 3-Mor�ur�iuor rose tlramaticaEly Uv�r tlhle final mi�nths �f 2016, clasing at a yield (2.45°ro} ���%�+s �--io r 7r�as�r• - 10�r�i�s 3_UO near its one-year high. The blue line illustrates changes in the BAA OAS [Option Adjusted Spread)_ This measure quantifies the additiona! yield premium that i�vestors�equire to purchase and hold non-Treasury issues. 2�� -�^ The steady decline in credit sRreads throughout 2016 is equivalenk to an interest rate decrease on cor�orate bonds, which res�lts in a tailwind for �o0 corparate bond index returns. V�hile there was some upside mumentum in credit s�reads early in 2016, they h�ve n�rrowc�d kiy rrver 1.25°Afl since their high on Febr�ary 71"'. ��o • The lower graph provi[!es a snapsh�t �f the U.S. Treasury yield curv� at i.oa each of the last four calendar quarters a�d rtearly illustrates the unrest thet materialized in Treasuryr yields during tf�e 4��� quarter. �Nl�ile each of the las# thre� qu�irterYenci yiold c�rues shaw � fairly tig€�t distribution, the ��'� �- Deeember 3'1��readir�g is higher at all ir�aturities with both short-and long- ,,,,,.`i..��,�.w .,J'`�, t�rm r�les finishiny 2016 ne�r the hiyh en�f cif their res�ec;tive 12-month r�.r�u __, trading ranges_ This �Rward shift caused yields to rise an averag� 4f 22 Dec-ib _an-1E Feb-1G r.9ar-1<7 .ypr-1� r�.1�y-iG .1un-1n Jui-1G kuy-16 saF.-7�::, o�:�_i� n���•.•-1� ������ t��s for maturiti�.s c�( tess than rane-ye�r, 6U bps fUr the tw�- ta five-y�ar Treasury Yield Curve matur�ty range, and 81 bps for the se�en- to thirty-year matunty range. s�o _ - _. _.. reat�:r yiPlci increa�ses a! the lar�ger end c�f the curve r�pres�nt a ��3;3�;2C,�� ,��s;,;n?�ih ��r���;�f)1fi �2;31 �u�� `steepening" Qf the yield eurve which conveys market an#icipation ��f hi�her :;��r interesl raEes in the�utur�. ,/ ■ Givan the m�gnitu�le �F thr� inr,rcasc� in yirld� thE-�t occurrrid d�rring thrr 2_�0 - /� period, it is no surpnse that rmost fixed income indices finished the qu2,rter ,,.•�''� ;�. in n�;g�tlivc� terriEt�ry_ In �r risiny rate envir�nmerut. it is �tlsc� ex�ectc��i thai �Q� � fanger-duration ma�ket indices will fall more than equivalent lower-duration ±�-; b�rjchmark5. FFn�lly, wh�ile ylqb�l b�nehmarks �re impact�d by th� same �� yielcl and duration #actors as domestic benchmarks, they riave the �$Q � .J;� additional powerful lev�r of currency impact_ This currency effecE can � "� either be an offsett�ng benefit to negative yield and d�ratian factors in a �pb � � rising rate environment or an exacerbation of negatiue perforrr�ance as mt �..�� was during the 4"'�uart�r, I'�.- o.�o �,.._.. -r'"� A�'r�`._. o.c�c� t m•� 3 rno F ina 1 vr 2 yr 3 fr ;yT 7 yr ',p Jr 20 yr 3G yr ;iOLYC<�.-US rL;4i-yn.1'ti+r?L��T�r3sU�"F•.'=,R�L���e�:'di�9:RSE..r4rut5L L..U�Y: Pt�u�� � Tequesta Public Safety dfficers' Pension Fund Asset AIlocation by Asset Class As of Qecember 31,2016 September 30,2016:512,205,102 Qecember 31,2018:�12,112,913 I�XSh Fq4r:alG�f „-.-.=q;;r;aL-o� _ GIDC31 Rxn:In�[�r9 �luti�l�ir.r�Ire::nie � 5 � '�: , ` II ...,. �. ., .. ....� , .., _. . .. ,..� ., i t�� p � � .o-.� _ ._... �... �. �� .. . i - �.. ,^. ,'. . . . ._: �1� � . .. , . . _.. . .. ,. .. .�. .� i .. . ,.. . W . I Oomesflc Fixed lncome � DomeBlic Equlty Oomeallc Fxed Income �orneydc Eqully In1�vn;Nion:d Equity Imwnazbnal�Eqaty Allocation Allocatian Market Value Allocation Market Value Alloc�tion ■ I�err:esiic�c�uity I5'�5,685 tifi.1 ■ �omestic Equit}` ti,fJl9,i}C34 5{}.� Intcrnational Equity 1.SOO,Q50 14.7 Intornational Equity 1.725,37g ��2 DemPstic Fix�d tncome 2,550,�42 24,9 ■ Domestic Fixed incorne 2,488,852 ?p,� Global Fexed Incttimd 574,518 A.7 Global Fexed Income 822,561 5.1 ■ R�ai Estate 1.01?,721 8_3 ■ Real Estate 1.r�zz,503 g_.� ■ Cash Ersuival�nt '3f,£+d6 1.1 ■ CasM E�uivalen� '?A,535 1.4 Pasiu 1U _��JI�/�/ Tequesta Public Safety Officers'Pension Fund Asset Allocation by Manager As of Decem6er 31,2016 September 30,2016:512,205,184 December 31,2018:512,114,677 Tniaf Rc;i.-n iF-7P.%1 cAai Rar�m�.FT7k%; �. �'r.�:: ., _ F_ �- - � , ,. GeGeRfGAMCA Va�ue __. • cmes�+�n+.aco va�ue � � . . � - �. ._ „--.. Gy�siu Hamillan � � � � r� . � ___ ----.... � . ---��-�-� ��-- - GarciaHarniltan �'�. Brown ludvieary(BAFGX) Brown Advlaary(BAFGX) EuropeaRc Gra�Mlh(RERGXf Eun,puof�c Growlh(RERGYc} � �'. Allocation Atlocation Market Value Allocation Market Value Albcation ■ Gat��:IlirGAh4C{�V�lue 3,OFi4,527 25.:� � ti�atielli+C,�AA4Cf�'t�:ilu� :i.�82�A0T 2�3 ■ 9�o1+i�AdVisOrY 1:8AEGX'i 3.n41,956 24.9 � BrQvrn Advi-sor,�(�,�,FGJi} 2.89fi,278 23_9 �ur��aacifi�tirowth{FiEF2UX i 1;BrJr l,(y5U 1 d.7 Eur���acific t�r�wth;�{E RGX i 1,T1�,37E3 14'�' Garcia rlae�iiltan 2.5a0,�2 20.9 GarGia Hamilton 2.488,�52 24.5 Teanplei�n c�loqal Total Retum;.FTTRXj �74,518 4? Templeton Cilobal Totai ReRurn{FTTRXj 622,5[i� 5 1 ■ AS�Real�statu 1.Q17,T�'1 a_3 ■ ASB Real�state 1,p22,S63 g.�{ ■ R-��eipt&Disbursement '36,�i86 �_1 ■ Receipt&Disbursement t74,535 i_4 �aiei;xiny Ae-r;�iur,l E32 d_0 Laizcking Accriunt i,c+6;, �_U �auu 11 ��`� Tequesta Public Safety Officers' Pension Fund Asset Allocation Campliance As of Decem6er 31,2016 Executive Summary Domcstic Equity{50.2°!�j In[ernational Equ�[y j,1d.2';'oj � G O .� � C Uro��SkIG�ixed Incr�rne f1�4,5°�uj ,y E E 0 U d Q' Gl�bal Faxed Income {5.1°!,} Tatai�c�al Esta[o{$.4'.�t 7 p-U'�n $.Q4�r, 16.0'/n 24.p`f. 31.4"`0 40_0°iu 48.4°fn 5b.p4;, 54.4".•� 72A�f� Palicy ■ Tarqet � 6i Policy � �utside P�ticy Asset Ailocatlon Compliance Minimum Maximum Current Target Allocation(°fo} Allocation�°lo) Allocation{°�� Allocation{°/;j {il��bal F:xed Inc�arne (J.bJ 1CI.{.� 5.� 5Il Tc,tal Rcai Estat�c 5.� 15.D 8.� 1 D.�1 Internakiors�l EqErtk 1fJ,(1 2Sl,U 14.2 15�J D4mc�sti�:�ix�d income 15.� 25,C 2Q.5 20.0 D6m85tir Eq�Ji�)' ��.�� ,Fi5.C� 5D.2 5DA Tatal�und N;A N,�, 14D.D 100.b pasiu 12 _✓'w✓ Tequesta Public Safety Officers' Pension Fund Asset Allocation vs Other Public Plans As of December 31,2016 Pian 5ponsor TF Asset Allocation vs.Ail Publia Plans-Total Fu�d FiA.l"1 64.� 52.C� � 44.0 36.0 � a ro 28.Q � u 0 a 20.0 0 • 1Z.0 � 4.t� '� • � —a.c; -�1.Q US Equity Intl,Equity US Fixad Incomo IntR.Fixod Incoma Altarnativa inv. Rmal Estaka Cash • TequE�ta Pu�lic S3fety Oificers 50-78 i;3�:t `�i.24 ±31;i 2G.5�1 f81;1 :i_1C r,381 ��.OL 8_44 (37;� 1.�8 ��16i 5th Percentile 57_83 20.9�7 45.0� 9_39 21.77 12_61 5.73 1 st C,�uarti le 51.�Ei 1 d.d3 �A.S� 5.32 11.y' J.59 1.31 tvlcdian 46_7? '3.48 3fl_19 �A5 5.60 6_�4 1.2g 3rd C]uar.ile a2 05 1rJ.73 22:56 4 58 3.90 5 U3 q,83 �5[h Percenlyle 3Q..i5 7.74 14_42 2_9fi 4.�8 2.6� a.i6 F?o�iul ati�.7r� i 1 S 11 D 1 t;5 S.F �0 G7 1 C�1 Fam.�lnr:srs r.nr-:un�rrr,r4i�^;ina�gs �a!�u 1'.i � � Tequesta Public Safety Officers'Pension Fund Asset Allocation History by Portfolio As of December 31,2016 Dec-201B Sep-2016 Jun-2U16 Ma�-2016 Oec-2015 IS1 `IO �S1 'IO l$) "IO (SJ "I6 (S) "IO Total Equity 7.8U4,462 64.42 T,925,T35 64.94 T,565,4i5 64.41 7,4T2,827 64.21 T,500,93$ 64.64 Domestic Equity 6,079,064 50.1$ 6,125,665 50.19 5,902,179 50.25 5,604,3t4 4g.87 5,792,851 49.92 ElrovrnAdvisoryrfBAF�X} 2.89G,278 Z3,97 3.Ud1,15S 2�.82 2,935,445 2�3.35 2,947,574 25.27 2,��31.4�8 2569 Gabelli�GAh.1COl+alue 3,1A2,8d? 2�.27 3Ai3+1,527 25.27 2.96fi,733 2528 2,662.740 24.84 2,8'11,4+t3 2423 internatianal Equity 1,725,378 14.24 1,8Q0,050 14.75 1„663,237 14.16 1,668,513 14.34 1,7D8,087 14.72 Europarin'c Growth{RERG%j �.725,3a$ 1�24 1.$OQ,�050 1�i.75 1.663,Z3? 14.18 1,658 s13 14.3� 1,705,087 14.7� TotaM Fixed Income 3,111,413 25.68 3,1xd,980 25.B0 3,121,819 26.56 4,449,210 34.79 3,938,529 33.94 Dvmestic Fixed Inoome 2,488,652 14.54 2,554,442 20.50 2,545,381 21.$7 3,475,7U7 29.8fi 3,366,385 29.01 �Garc�a elaa7iilton 2.488.652 20.54 2.�5�,442 2Q.9d �.5�5,381 21.&7 3,476.747 29_8fi 3,366.385 29A1 GlobaE Ffxed Income fi22,561 5.14 574,518 4.�1 576,458 d.91 573,5U4 4.93 572,i43 d.93 Te�npletoa Global Total Retum{FTTRXt 622,561 5.14 �?�i,5t$ 4.71 576,�E58 �.9�1 513,�{74 �1.93 i72,143 4.93 Roal Estate 1,022,503 8.44 1,09T,721 8.34 1,000,000 8.51 - 0.00 0.00 ASF3 Re�l Fslale '..021,fiO3 l5.4�1 1.U17,721 8.34 1:0(10,U0C� ii.51 - 0.C1;} . ��r,} Cash Accounts 176,499 1.46 136,768 1.12 58,364 0.50 116,721 1.00 164,663 1.42 Receipt 8 Disbursem�nt 174,535 1 4-� 136,666 1,12 58,344 0.50 11F�,3fiA 1,0�� 162,158 t.4Q Ca�e�xia,y Accowit 1,96� C�.G2 f32 Q.DO 40 0.4D 3,57 0.0+� 2.505 O.U2 ToWI Fund 12,114,877 100.00 12,2d5,184 100.00 11,745,619 7d0.00 11,838,756 700.00 11,80+4,130 100.00 Pasiu 14 � Tequesta Public Safety Officers' Pension Fund Asset Allocation History by Asset Class August 1,2007 To December 31,2016 , ,:.: - :. -._�. �. .... . ._ _ _ . ____ _ i - . ,�_ 96A � , 68_0 I 60 Cl a "t>0 ti�l_(1 ,� 56_0 e C O U 48_0 4 � ��.� �z� L4 O 16_U t3.�J 0_0 7�Q7 1i0$ 7�p8 1iC�9 7,+Dy 1i1U 7,''1U 1;11 7,''11 1;1'1 T12 ��13 7�13 1t1�} 7714 1?15 7,115 1?16 7.+16 1211�6 � Dornestic Eq�ity International Eqe�it_v _; Domestic Fixed incorne Global Fixed Inrome � Raal Estat� � �esh Equivalent Peau 15 .� Tequesta Public Safety Officers'Pension Fund Financial Reconciliation 1 Quarter Endirig December 31,2018 Market Value Net �,�ntributions Distributions Management Other Capital Market Value 10101t2016 Fransfers Fees Ezpenses �ncome Ga{nlLoss 12t311201fi Total Equfty 7,925,T35 - - - • _ 279,391 -40b,663 7,604,462 Domestic Equity 6,125,685 - - - - - 251,602 -296,243 6,079,OB4 Brc���m Adviso�r I;i3hFGX} 3,041,1�6 - • - - - 241.019 -365.9�J{2 2,696.278 L»k,�:II�rGAA4CC7 vali,� 3,[lt3d,527 - - - - - 10.58a 67,6�Jfi 3,t82,F1�? lnternational Equity 1,BOO,U5D - - - - - 27,788 -iD2,48U 1,725,376 EWro�iacific Grou�tl7{RERG?C;i 1.S4�J,45Q - - - - - 27.a88 -1D2,�380 1,725.378 Total Fixed Income 3,124,960 1,593 - - -1,593 - 22,875 -36,421 3,111,413 Domestic Fixed Income 2,550,442 1,593 - - -1,593 - 18,3i9 -79,969 2,488,852 C�ar[;a;�H�inilis�n 1,55d,AA1 1,5�3 - - -1.SS�,+ - 1�3,37<,� -79,��69 2,4$tl,Fi52 Glotsat Fized Income 574,518 - - - - - 4,495 43,54$ 622,561 ?ernpluto�Global Total Retun7 rFTTRXj 57d,�1S - - • - - 4,495 43,348 6�2,561 Total Real Estate 1,017,721 - - - -3,180 - - 7,981 1,022,503 ASB Real EState 1,017,721 - - - -3.184 - - 7,9&1 1,a12,5D3 Cash Accounts 136,766 -1,593 95�434 -45,187 - •8,944 21 • 1T6,499 Receipt&Distsursanient 136,6B6 -24,�29 95.434 -31.919 - -757 2+� - 17d,535 Checking Ar,count B2 23,33Ei - -13,268 - -8,1�6 1 - �,��:3 Totai Fund 12,205,184 - 95,434 -45,187 -4,7T3 -8,944 302,286 �29,123 12,114,877 p��u 16 -Sr/�/ Tequesta Public Safety Officers'Pension Fund Financial Reconciliation October 1,2016 To Decem6er 31,2016 Market Value Net C�antributions DisVibutions Management Other Capital Market Value 101D1�2016 Transfers Fees Expenses Incomc GafnlLoss 12/3112016 Total EquitY 7,925,735 - - - - - 279,391 -400,663 7,BU4,462 Domestic Equity 6,125,885 - - - - - 251,602 -298,203 6r079,dB4 8ra��inAdvisorpl;BAFGX} 3.041,156 - - - - - 241.019 -�65.9��"� �.69b,276 Gat��Il�tC`„^�A4r'�7Value 3,f1A4,5�f - - - - - 10583 f�7,Fr<.lh ?.,1F32,NC17 International Equity 1,600,050 - - - - - 27,788 -1D2,46fl 1�72�,37g Eurapaci5c Grav:tl7 ra�RGXi 1.Bd0,Q5p _ - - - - 27.78� -102,45�� 1,725.376 Total Fixed Incvms 3,124,86Q 1,553 - - -7,593 - 22,875 -36,421 3,111,41� Domestic Fixed Income 2,550,442 'l,593 - - -1,593 - 16,379 -79,9fi9 ?,488,852 Uari;n��-1am7t�n z,'�SFJ,AA� 1,!���+.3 - � - -1..541:9 - 1�3,�74J -79�ihEi 1,A�23�{i52 Glabal Fbxed Income 574,51 B - - - - - 4,495 43,548 6Z2,5B1 Tcrnpleton Glabal Total R�turn�`�TTRhi 574,515 - - - - - 4,�95 43,543 622,�61 Total Real Estate 1.017,721 - - - -3.180 - - 7.961 1,022,5fl3 �SB Real Eslate 1,0'17,721 - - - -3.11i�� - - 7.�3n"1 1,D22,503 Cash Accounts 136,768 -1,593 95,434 -45,187 - -8,944 21 - 176,499 Receipt&Disbursement 136,885 -2d.929 �35.434 -31.51� - -;57 2+J 17�3.535 C�ne�king AccouRk E32 23,33f> - -13.7€�8 - -g,1�� 1 - �,�,�3 Totaf Fund 1�,205,184 - 95,434 -45,18T -4,773 -8,944 342,286 -429.123 12,114,877 ��a�7� -�� Tequesta Public Safety Officers"Pension Fund Trailing Returns As of December 31,2016 QTR FYTD 1 YR 3 YR 5 YR Inception �nception Date Total Fund(Gross) -1.04 (9B) -'f.04 (98) 4.39 (98) 3.89 (75) 7_47 (84y 6.10 (fi7) 05r0112005 r �=i F��,.1 r��,�, :� , �._ ;r - - ! (��l _ - _ -' r�: �_i ,. - - .i �_�.,.:i: -i�,,,-T.i�.i r, _ :, ,� _ �,_ ;i - Totat Fund{Net) -1.08 -1A8 4.15 3.68 7.16 5.77 d5101JZ005 Total Equity -1.53 -1.53 4.06 4.43 11.08 6.45 04101f2D05 1::1=1 �'iul , �:;I i:y : !i , � I : !-,r,� i, li; i`i` Damestic Equlty •0.76 (9Bj -0.76 (98) 4.96 (93) 5.66 (63) 12.00 (75) 7,a2 (S7} 04f0112005 Ir l=1 � rF�-Jir Fr.�:i i.��I'Oli�.j ' !1 i_� j.:r'I 1:; 7,1 ,:. _! �1 il" 11'_' Ih:' � - I -,zi'� �::i::Gqui[y tS,4_ � f:l- �, �rl�_i =i? -.. ...i;" -.-._ �•i International Equity -4.15 �91) -4.15 (91) 1.01 {56) -0.54 (12} 7.26 (10) 4.83 (7J 45r0112010 T;:L I I if i -:G::r-J [qul�.�PuliCy - _: f": - _ti , ;::I `,t�: ... �,il� - r;..; I.`ii: IP-:' :-r.�_-�-ti�n�l _an3e Cap Co•e Ecuirj{h4F}hAe�-�- ' '1 7 :i' _ � � Tot�l Fixod Income •0.43 -0.43 4.53 2.78 2.01 3.67 04l01/2005 Ir:l;l Fc<:Nr1 I�i:;:�rt� �:;I�::.I - � , �,i� ;1 �-. Domostic Flxed Income -2.41 (49j -2.41 {49) 3.26 (60) 2.81 (61 1.98 ? (sa� 3.86 �so� oa�oir2oos I':I'-1:� re�,hr-Fr-:: nc:;�r-iePolir_ _ _, ��, - , i .:� �il (7,1 y '' i,..- i� u'I i �'�` �{ IF, �� � C��r�i1":,•,_: r a.�_d Inccmu{SA+C�+M�i -� _ - , � ,� _ .i.� Clobal Fixed Income 8.3fi (1) 8.36 {1} 8.81 (4} 1.52 (33} NfA 2,42 �27) 70r011Z013 z,l��r � .__ n ii lr' I.t [:��.x i`_< !:I ;S�il .ill:i `n -�. 11�1 It' �_i�� �I =i;.��rll�__re(�a'F;I�vlediar :� -_ � :_ ,7 Y � Total Real Estate 0.78 4NIA) 0.78 (N!A) N/A N1A N!A 2,57 (NlA) 0710112016 tl:;h:��- -i.i�rl I �:-�;�pen I-nr�Ilv�rsitedi:c:�e IEb�i; li-: (t`1'-' " � ... . ii hd .- '(I IRI:.-. - I� - - i-'-- �i! F �:�.. _ r'_71 = :.7t� i�ri i F' .,_ ,- �. �., ��, _ . !: RMi.rnt:•:r pr�nr:q•r.�tr.•�han nrr.:r.ar a-r.amuah�en. I Ret�ri��e e1e�.::res3E7 de:ereErt43[r-'S. Rett•ms pncr(.-�Junr_.1J 1V ao nM m;l�tle nsh a�au 18 � Tequesta Pubiic Safety Officers' Pension Fund Trailing Returns As of Decem6er 31,2016 QTR FYTD 1 YR 3 YF! 5 YR Inception �ncepti4n Oomestic Equity 3irategies Date Brdwn Advisory(BAFGX) -4.7fi �91k -4_76 (91) -2.86 (88) 3.42 (90) NIA 7.89 �97) 0210112�13 f'.l;=.i=.l '''--''' -";t^ Irrla:; - .. �� .. �� I.�F; 11_I- Il�il '�,[67 ;,�) �'r.r. (p.' �-loil 1�11 ��- 11?, 16:' l�: . I ��:.:N t'.i:: i.�ii.:'.'i F-r.�i.11' ,`:11--�P.'lurl;i:i - ._., -I ;'(1 -I.'i't�•; i-i."... 1�`l.`� 1 I.�.,. � . GabellilGAMCO Value 3.18 R84) 3.19 (84) 13.25 (73) 7.74 (42) N!A 12,05 (52) 02101�2013 R:.�=�1 3G�:,� 'v'aucl�i:_:: '.'= (3�' �.��1 i-i�i 1G.4p ;.3��1 i3.55 t2�+} 14.81 i3'-I 12.65 i4-i; Ih:' _. - r�.l _;a� ;;yl: . '-:1 :i- i:;,.K-i_ �•,1=r_v,r 5 i1 F �_� I:_ . - i'- 'ri 1; 1� Intemational Equity Strategies Europacific Growth(RERGX) -4.15 (91) -4D15 (91) 1.01 (56) •0.60 (13} 7.22 (10) 6,43 (10y 06I01lZ010 � 1'. r�.�.:1 '..:I I � ...,, I_.�Iti, -�I .'I.I � �il �:.i.l' � `;I -1 .!:' il!.i� :�.:' 'i� � •,'. I It` n:� „ti��-,,I , _� ��_��' � - =:� itr ,h:1 r:•�:�J=.r� -1 , , i�t..� , �:,�i,; . 1.� _.5F. �;ii,� �.E,E Domestic Flxed Income Strategles Garcia Hamilton -2.41 (9� -2.41 (91 326 (45} NfA N!A 0.74 (T7) 0210112015 86�rribe-q?�-rr- s_. = r'� r��;te nde:. � '�; - . _ ' •�l']�' � -2'a.. I,�i. �-`- '='�'� �I ! Fi:�i �l'��I i�:' i;Pi:t'i ',�' �i r? -. 2 .3 I'lr I IG?�. Rs' ���. Gririd �1.iikel{:�ate F�xEil Irtc�iitd;S.A+�;.F ��:trcJi�ri -1•i, -2.t3U ? +i i - +�, .. ;,.,.,. �d;, :.t�,�? Global Fixed Income Strategies Templetun Global Total Rekurn(FT7'RJO 8.3b (1� 8.36 (1} 8.81 (4) 1.52 (33) N!A 2.42 �27) 10f01l2013 �;:�b�, �..�._. �i�._:-q-i�.: Inc�-�.. �3.,3�: �=,r,: --`-�9 i5'�l = n � � 4 I�lj '.??. r�2:� 3.�1 (1°! �?,5 ��'; I�:' :?Iri ii ' i:crrl I ., .'t':=i�:�� :i:?��?r -;'' -' `-1'� � : - !.I:,.� �.1 1<. ,, Real Estate Strategies ASB Reai Estate 0.78 (NIAj 0_78 (NlA} NIA NfA N!A 2.57 (N/A) 07101l2016 fl:f�E - -i_�-ir_I I r.. ::�� E��rl =� '..�---,- _ _. . _ 1= (Pdr;��; � :_� � �.:,0 (Nlllj ?.?� (Pd i�j t' �_� i"J w.42 fNi�'t'� Ih;' l.S. r]::-i E itl Privr'r�k-ttl E:;::�(r f:�A-C:FI !��iFii�:�i N;F. I�;A NiA V7r`+. N;A N;A Rr.v ms'r.rpr.nn2:nra�tr�han nrc..r.ar a-r.amuaii�r.n REt�rn3 8ie�.a�i'r>.r7 es�er•::ertlalY-�s. RFd�.ms pncr co Junr:2+':t P co noi mr,l�de cash PaSjG 1`� _� Tequesta Public Safety Officers" Pension Fund Fiscal Year Returns As of Uecem6er 31,2016 FYTQ �Y 2016 FY 2015 FY 2014 FY 2013 FY 2d12 FY 2011 Totai Fund(Gross) -1.04 (98a 6.58 (78) 1.56 (10) B_53 (85) 11.17 (]5) 15.28 (88� 0_23 (50) T_t=1 Fil i� F'C 1,= _0 =_ r- _�;i -- r=� ' ill - -- _ - - -- �.I �.�,:P.. =1,i i_ I..,.;J �.i ., . - -- - -- - ' I� __ (��: _. _ . ... .. �-n:� .,:� .I i -,. . :-��I .. _.-I:i li::, Total Fund(Netj -1.08 8_31 1.37 B_32 t0.T8 14.79 -0.09 Total Equfty -1.53 10.46 2.06 11.53 20.3d 25.01 -3_91 Irl.:al �-C:i.iil.r � Cdry -_ _ -r1 -_ 14?'J " il� .., ;'1 -' i1�=1 Domestic Equlty -0.76 (9�) 1�_04 (54) 3.6g �7} 12.49 (79f 20_73 (70� 26_39 �51J -2_00 (5S) T �I-� �.�.'l r.tIC Er��_I(y-�O�IC! .� (: - �Iri i.1-. '��_I (�i=�l �?'i7 =:i ,_ rii� 1��:1� 'I i - I 1��' I i �r, �q...�� IL .. . ,I :,�a C.;tt-!Ey.JitV(:ih-i:f--h:i- I � - �, 'i= -, ' - - ,., - , 1 L:'�i � i, I' - -�.. Internatianal Equity -4.45 (91) 8.51 (18) -4.78 (5) 6.99 {8} �[6.18 (75) 18.57 (4} •12.08 (6S� I,.i-Ilil r -li :i II-i�ul: I'plir.J li �: S ',�:i ;'I;'1 11 F� ,:11 ;'•' , ,ri.' j:'� � . i ���, _ ; F „ � E�.r=: i�� ii�5 I..:..� � j:�n� I��.' �i'_ i�tn.i i:� _.�np G_p Co'u ECUIty{A9�}h7ed'.� �.. - 5�4 4..,6 ;�4d � [u; Tocal Fixed Ineome �0.43 5.20 d.44 3_42 -1.47 4_1d 4.51 T I._;I ,�- i Ir:.� � -_'li��,; ;� 1i� 1 �i�_i 1 iir; p r�l -1_�1 -1::>:' Damestic Flxed Income -2.41 (49J 5.69 (51� 1.97 (43) 3_29 {88M -1_47 (65� 4.14 (98) 4_51 (48� TCYc� � .'ll`�ll'F =. i1i�11'lBr'D�IC�j ..'ii iG- . '-1 ;,hj?,I �y.:� ;��I ,= �I� -�� .', IµL�I �.i� I .�; ��i I�j; IL' �.:� l�,r.i�pJ .i � ... F- ��:!il II'I:I:�t1e{iA+G'�+�v1Fi .I-.:., . .h - i�ll I , �i i�l . Jti . . .. ,� y�j . . Globat Ffxed Income 8,36 (1) 2.68 {95� -8.14 (94) 5.73 {23� N!A NlA N!A I,� f-> nr ur iF In;:ex !a (', , lii I'�l -'! :''� ;`�,-'I i ti.`� , ;'i - � I.`:;; I l ii "; -' �u� � I.�:) .%�:ir' I:...., I� =b:� ,�l �;�.e���n �,�,�rrvsr��v�����r �5 - Sa � 'i� : _-, ._� r 1:� '1 Total Real Estate 0.76 NfA N!A NlA A N!A NlA N!A �1.'F'.F - -i_n�_I I�rr� '�ia� Fnd 7 .?'=i'ari ., �a =,. a �r.� ' ;� - NI - .. -- III - - ri.,.<i = r Pri:�. I ..-:! - t. i:., � I . . _ :i- - _ " ' I . T. '-'- -1' ' _ c �I . 1, LS ._ _. ._ _� _�.r ��i:._ Rrii,mr,`-r pr.�nri;q-r.alr•ihan nrr.:r.ar c-c ar��uaiiir,r,. �� Rel�nls 2fe b.i3r"r"."sEQ e5;:effeerih3l.l?5. �', Reit.ms prt.-r r•-,_iunr�2`.:1 G c0 nn1 in'Ictlp[ash �� D��(:Zl) �I �`. Tequesta Public Safety 4fficers'Pension Fund Fiscal Year Returns As of December 31,2016 �YTD FY 2016 FY ZOi 5 F1'2014 FY 2013 FY 2012 FY 2011 Domestic Equity Strategies 6row�Advisory(BA�GX� -d.76 (91) 9.72 (68) 4.37 (27) 9.64 (108) N!A N1A NJA � �_ - - r ;. I ,-. (lE'� �: -�; ;.i,l �1i 19.".5 �i� �, „ �� I( �_ I r_r i� �_ ir, i �:'ti l} ,1F f:+� _; =i � ;�, -�i _ 1,5i.i c+ 19 f3=1 ;.'�3 i1"; 1I �'-1 i., 1r�:-� ' 1�1qi'� �' 1.`.: IJii�1 Gabe1111GAMC0 Value 3.19 (84� 12.31 (62} 2.T5 (8j 15_31 {50) N!A N!A N1A P.� �-,rl �� ' �iir I _.._ ' a i'�"r", if} : " ' .}�9 � � ' i:'�I hiTl '�1�� . '`}d � '�' i�� ' ' - - ' . ' � � .- . - . , .. . -, � I ��'.� �....:i . �� �:�1: . 'i.,.4 I ��.IF'Lj1-fl � �' i � . ' _ . . . -. _ _ ., ..,- ., ,x_ I •%t� �,1� 7P1 _ _ .. , .... I:.�1:i _�,:i ._<<i �t;_..;s; _, , � -' ,; - �,; Manning and Napier NfA N1A NIA NIA N!A 25.70 N!A �!',_';',t�l .�.,.,,. i�i.i-.. �.'r1 I;1 '.)t'i -Il�l�d 17' ji=i ' �i �. ._ :i:l ;.I.JJ�:� li.=�.'� Rockwood Equity M1A N!A N!A N!A N!A ?7.05 -1.83 I�::I;I .ir:;rr:;lir I-r�.i t•.;I'�i n �, i�� ,� . _ �;1[; � -I'� . , L1 1/ tt; .' i:i�:l :'.,I1:�i1 I? i� International Equity Strategies Eurapacffic Growth(RERGX) �4•15 (91) 6.51 (18} -4.9A (7) 6_98 (8} '!B_27 (74J 18.4d (5) •12_33 (69) ��'::;:;I t ' �cr aa II ��{ 1.:�11 i:?,�lj 4'�'ll j7�:',I 11 'i� 1�1 ,' --I i I'': - - 1 �"' - �J �� _ '�� ,il� ,: i�a _ i,.., �.. ' i . , i�'; I�:,. � i'i�iii i-il_i �.C F .:�. ,:r t il, ;P,1 ' f::��.1:.i i I i" 5 5-1 -�' i� � ��1 : iJ:; ,I.. ' _. , i1:=. Domestic F1xed Income Stretegles Garcia Hamilton -2,41 �9) 5.69 (47) NlA NIA N/A NlA NJA N,I:...��'ttir�y�'::f .: .�il.l'��:j91F ri I-:�_ ;' �+�, i;(15j , ''.) '�:!I f'-1`1 I.`i'-11 ;�l�i �if.11 _- li�l I� � n"It'i I'`i"I I �;'r.-i j,': IF:' �,, �. Gr,��i:l 1 r:�_:!� i_ �: _,I�u ,i'-n.+ .-�•,i; -', �:�i ftu-i 1.E,ii ;r�.5 ?.�-�= 4-�'I =:} ti.i_C; y_h Rockwood Fixed Income NfA N!A NlA NJA N!A 4.14 q.�� TcL'I I i;.�.�d It'i:;=�rr:=:li_•r 3.�4 F�.:{6 ��i� I._ �t.iir, _C�_i;1 4.:s1 �3�� Globaf Fixed Income Strategies Tempieton Global Total Return(FTTRX) 8,36 (1) 2.68 (95� -6.14 (94) 5.73 {23� N!A N!A NlA L��.:7�7�! �'r:':: !i-.Ilf'IE'. �I!CF!): - ..IJ� `.:j� I.' ,�i5 ���I -.� i ".:'I l`,. , !�.I - -.. '. , I ,.. - I��' -.- i7.='C� --�.1'^_ .� . . .��:._,- -- - _ .-. �I - -_ __ . - _ . � . -��� �_ . Raal Estato Stratagles A5B Real Estate Q.78 (N1A) N!A NFA N1A N!A NJA NiA 1 'I�C �u11 � '� ��Fi�• i Ci;il i i"�•U (_' �. 1.1�+ iNiA} 10.62 16d.1 1-;.'.. 1,8Y1 le';iy '?�J'1 I'�_�}' ����I ' "? I���I IuU3 f411 I��;' t..: �!'��r F��J f'riv�te Re31 E5 ate(5r+--GFI W1ec:f;jr tli+i 1' n2 15 93 12 90 13 22 1���1CI 1F;t;'� Rr�i.m.`�-r prvnr.qrr.rnr•ihan nrr.:r.ar a-c amnaii�.,r. Ret�ms aie 9.i�irs3Ei!85 aei•::rrit3tie5- RNums pn�r to Juno 1`J t U no nm inc�ctle r,ash �'a�u 21 _Jr.r'� Tequesta Public Safety Officers'Pension Fund Lang-Term Performance As of December 31,2016 Plan Growth S 1 Q.9S�,I,�:ii?[i_2 S 12 458,33�_5 siz.•r�.R,e.y $9.9Gd".ii6Fi_£f w 3 > 'sb,178,8G?.� py 51'.4�J��'�'Q�.7 Y � � . . . .__., ..., �w � � � , _;.. . . ..... .... . . . .. .. ..._.,,. . . . .��4.�C�.1�33J.�1 52.491,Gfi6 3 K�;:. ��.a 9i{�� 3i08 9�Ut3 3�U9 5,'09 3?1U 9i1C� 3�11 gr11 3��2 5�1`L 3?13 9i13 3�1n 9��a 3r�6 J.r1a" 3.+1G '�2;1{: — Total�und Nst Cash Flo�n� Trailing Retums QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR ��;:a -urn:1 -I �tf 1+i� .i ;, '.:� � ,�i<' ; 'r' I� ;ir: � �-� r ,1, : �� `�;� -,. �,,;;- Total Fund Policl 1 JO fZC;I 2�� I:r3j 9.25 {81 �l 38 {121 �43 �92) 8 95 (L$:; 8.�12 t24j 5.60 f45} N;A Median 0.82 6.52 fi.92 3.18 4.4� 8.45 7_78 5.$r, 5.5g Fiscal Yea�Returns FYTD FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 li;:.:� ui�iil -�iJ�.l �L"i' _..-. ; ,`r;��.;� �1 `�h ,-.. . 'r;".i -.�1' �?�.���, �=� i'.'�� _�.-' i_�.��,�: -1-1_:-�(i i"II -�� �. r-'�` Total Fund @olic�l 1 30 (,24;I 11 a7 {4";� -1.25 S72j 11 „1 {331 �2.23 156} 17.88 �5" 32 i;13} 1D.93 �d0} �74$ 1,77j Median D.82 v.aD •Q.49 10.�2 12.3? 18A5 -42�3 5_66 ^e.1�} F'cr.r Gmup�All Fahli-Pans-Tr,:al F.�nr. P�uU 22 __cr✓"4� Tequesta Public Safety Officers'Pension Fund Lang-Term Performance As of Deeember 31,2016 5 Year Rolling Percentile Rankeng ac p_fJ C ti Q' � zs_� � 5G_4 O �O O•.�• O�� � � � �� O a � DO� B�O �O � s.o �00��� •• ,• �A�A�� t cr�a � 3�9�7 3;9£t 3r99 3if10 3rU1 3�Q2 3iO3 3/4l� 3105 3�'06 3,'d7 ;li06 3r49 3i1Q 3��1 3?12 3i13 3i1� 3:15 3�16 �2;1� Risk vs Retum:October 2007 to Present UpfOown Markets:October 2007 bo Present 7.2 142.C� �.�s ��.a s.c� � 4 .� � 0 4,, „ ss_a � � � 3 a � d,8� RJ � Y 93.d � � 4.2 � Q � 9�.4 + 3.fi� 3.� 87.0 E.3 7_2 €i.1 �.Q �.9 10.fs 11.7 1�.G 13.�i 87.L� �3+�.L7 '�3.13 *3fi.� ��.D 1�2.G Risk(SCandard Deviatioo°.�a) Down Market Capture Ratio(°fo} � Tr�tal Fun�2 Q To1a�Fund Policy (� Tatal Fund Q Total Funci Pr�li�y Historical Statistias:Oatober 1,2007 To Decemder 31,2016 llAaximum Active Shar informatlnn Tre nor Con5i9tency Dr3wdown ��pha Ratum Ratio Ratio R tio geta Tracking _ Error �� -� ;�,_, -.: =: i= ,, ,_ � Tc,1al�uncl F'olie;y ll_C1�7 -2?.?fi 0.{]0 D.!7Q Cl_51 N�A ;'�.b5 1,GG �;.{1l) � Fnr.r i;rmip�Afl P:ihlir.F�ns-Tc:al�.mr. �8%U 2:1� �_ . Tequesta PubEic Safety Officers' Pension Fund Gompliance Statistics As of December 31,2016 Multi Timepenod Statistics 1 1 i Quarter Quarter Quarter 3 YR 5 YR i t�Yr Ending Ending Ending 3 YR 5 YR Down Down Return gep-2018 Jun-2D'�6 Marv2016 Return R�turn Market Market Retum Retum Return Captura Captura ToWI Fund(Gross) -1.Q4 (B8) 3.89 (T5) 7_47 (84) 95.07 64 (80) [98} 3.26 (55] 1.42 (63) 0.72 { ) 89.94 1:[_I � i : �'�_ ,_ _._ _ _ -. _ _ - _�i� -_ -4 = - _ - ��_ ?Cni,-- 1�,��,-�:-; �.I i-'.i:I . -1,a ir-I.il�.l h.i ..I.i �_,' i . , . ;J'I i�. _ , i.` lii < 1'i !ir Total Fund(Net) •1.08 3.16 1.40 0.68 3.68 i.i6 97.15 94.13 I�::t=1I-iri+'F'niic; � 'I . >1�:� _ ;i� , . ._. � ... ?Cul�.�.. 1;_�I'Jfl�_: Totai Equity -1.53 4.T8 1.24 -0.37 4.43 11.08 93.23 87.65 Tc;L_I_::i.�itt :±I;, _ J' =L.,.. ',J: D-ii':. i: 1. �J:;S ILnJ.�J" iDl"i,UC, Domestic Equity -0.76 [98} 3,81 {T1) 1.69 (50) 0.20 (59j 5.6fi [78} 12.00 (89} 68•22 i[78} 62.48 (89} T:.I.:i _i i i :(icG:a.�i•g Pulk,j I.�I 71.';j �I�., lifl'i 'ri:'. _i�i 05)1 �:l , I.� � i5? liiil - I;ni.i:l`: I�,' t_ :�. I i::�!� __•r?Eqi.l�tyf��`t��:F-h:i�� �'i=.rl=r =� d.'� ' r�i pti2 - _ � , 1L 'r 1•�d., International Equity -4.15 {48) 8.23 (7) -0_32 (32) -2.32 (35) -0.54 (15} 7.2�i (6) 9'7.20 (65) 69AU (79) Tct^I I�L_r^=[i=r_.I Er�i_�t_�Polici =_ �Fs; -��� ;•Y ii - - - - - - - - i _ �3�=' -,R1 i�_r �n'� �- _ _ . � ,�.� 'ini �_. 1Gii�7=: IfJ n� ulluri�i 1= (,-��i�rt�v;th Equi!y�i,h".Ft 6,1-_ - I I'i u 'I:: -u� . `�I - .`.I � i i:l ; :in,r;� Total Fixed Income -0.43 (1) 0.14 (98) 1.9T (83) 2.81 (81) 2.78 (96) 2.01 (99) 53.95 (98) $3.69 (90) T,L'-'I�.; Ilri.�:nr ii• � ��i.��} ��.�i� ;i�1i 'i�; ��61 �4 - . ,;.J1 S� _ `� i`:.1`, Iliil .,.. fl�t1.U�:' I��' � _ 1-rn;,d '�t r,- _ .r.,F:•:ed InrDme tiSr'4+f:F h.1r,- - � �❑ . } - - -- � `'' � -- 'll.� ' . c.f� �r. _ _ - � . _. _ .. .. 1 j.. Domestic Fixed Incame -2.41 [5B} 0.25 {98) 2.24 {77) 3.25 (16J 2.81 (90) 1_98 (99) 1D1,89 [9) 119.48 (3) T .t_I �rn•r-rticF =� 'ncoria�olicl ;Q rnn� iia. �iti _'?1 ��3iit ;ii3 3:}1 _ , _„}� � -r�,, liirir II' �., c�. I .:,,n.l"d r�N. 1= ��cl Ir�:�::inr�{SA+�:�+��1F1 A1..:.�;;- u ,. � 1.. � - ' _ �. 11n��; , ... . � , J•1 , �:. , �id:. .. I ..-. Global F'rxod Income 8.36 [7) •0.34 {700? 0.52 (100) 0.24 {700) 1.52 {33} N!A -13.25 {96) N1A t�,-� F ,-. n� ur-iF Irc:a>: �,rr� , . ' . _. :, .. ;i'I) . -"I . � �:� . , . i' "' , - -�,�I i1.' 1I)(� � ;i i , , ,� 1 i � � � �." , , - Ih.'�=6 >>I -i ��1 I _����c i;�.'�l�vtediar - -;, _-3:: �.'_ p.d3 -iT 9 . _ 1=�-1 ',_ Tota!Real Estate 0.78 (I31A} 1.7T (T1) N!A N1A N!A M!A NlA NIA I'F nrl I^^r;. :}pgn End D:��r�:lfad�_:Qra�F�;ij; li- �.P.:rLi ' 1"_ .!?i .'1U �:�i1j -1� (�:� �, `,,i �I: � - - - , IP; .. -. i i,_:c�_ - - F,.:i-:�:. .'c:::l __ .��i �: i:=�. i i ,._.��_;,, ._ . �, :, , - i- ._-. . .,:. _...� _.G- ._ �:; ... ..... .. . .�. P�51u 24 %�. Tequesta Public Safety bfficers'Pension Fund Compliance Statistics As of Decem6er 31,2016 1 1 q Quarter Quarter quarler 3 YR 5 YR 1 Qtr Ending Ending Ending 3 YR 5 YR Down Down Return Return Return Market Market 5ep-2016 Jun-2016 Ma�-2016 Retum Retum Return Capture Capture Domestic Equity Strategies Brown Advisory(BAFGX) -4.78 [91) 3.64 (90) -0.21 (65} -1.34 (28) 3.42 {90} N1A 96.51 (71} N!A r� .._:� .., �.� ��.'�I�.t�r.�;, . -,.I .,�_�i �4l ?7' - - " _ _ _ -�,_ �i iii,1 ,-r°1 i,_': �r-,� �� �� _:� r�� ;�,] �,- �fnii�j_-; �L _ -. �.,_f'.r �.,A: t��-p',: i r..'J L '... :�:I��_,1 _ _i `?'�. I_I�.._ _3�li._ i_; ._ - _lr - �.0 " - 1�'-�J1 GabellilGAMCO Value 3.19 (42) NlA 73.38 60 N1A (B4} 4.01 (65) 3.83 {34) 7.82 (51� 7.74 { � Fi.:;;�( ':+.iur Li:r.,: (:'s2) �;r.ir l-;':di I i ''ll ' (r1 �t�. �_. _ � �_:_�_ �.�._ ^�"i: r- , CFj btediar -; �� .� ,;_��, ,:: 1r�ri�i�`: - `�.'-�',—., �.rJ' .fi�� : .�I.�L� C, - _ . _ _ 1, intemational Equity StraLegies Europacffic Growth(RERGX) -4_15 (91� 8.23 {6) -0.32 (31) -2.32 (36) -0.60 (13) 7.22 (i0) 97.65 {64) BS_10 (96) t, 'I.'.,i:��,�-rr a�. II^� {q, �i:)' , ' - - ' ' _. � : 2:c11 -fld(' ;:i�i� I1?r; ��; _ >: 'q -lu � 1 nlr _ ' r ._ I�. -i e. i il.�.; iai i � �:; F �I: �hA�:h.� .l 1 u_'1:' ' i" � - :�.. .- _1(; ,?i.l:i -�.,.. .- fl�! _ ..__ :i'i ..: Domestic Fixed Income Strategies Garcia Hamilton -2.41 (9) 0.25 {96) 2_24 (65) 3.25 (75} NfA NlA NlA N/A Ctl .�r':I�_ �_� ��.r - �__. ��� i �q:[�_ rnJex -- ?h'� u.4� ?2 _ _ ' - -- - - I(: 1...-. Fr,'�:ri '1 � N.. _._r�.Fr..... if�.:r-tr,i,%,+{I . ..- ,.. I_l„u ''1",1 '� ,'lll ,.Q.3 fSllj :�.(J? i` �i ` i� (�._ .I.!�_._ : "�1111�_;: . _ . . ... :i 11.? -�:?:: ?r-'..a .-..� �. [1(i-:. Global Fixed Income Strategies Templeton Glabal Total Return(FTTRX} 8,36 (1) -0.34 (100) D.52 (100) �.24 (700) 1,52 (33} N!A -73,25 (96} NlA i�: _ . I,., I rn ,i r- Ir::i i:: i .. ._. i,uJi ,.il!! ;l�i ;i:'"I ,"i I:i ��..� :' � -� Ih.' _I�� tl i.�-,rl � ,�i;`,�'�� 'vieci�r =� �' � �., � ,ii (' �i�.�`: „ni(�_ - . _ .i '�. I I.�.' ' 4_ .�_i-.,,u - - `� - Real Estate Strategies A5B Real Estate 0 T8 (N�A} 1 77 (71) N�A N1A N1A N!A N!A Nlq i :i;C u,�:l I ,��� [i il=� i'� iJ =. 1_ �`, :`,1 1:- =l.-i _ 1'- ,i;U� -'-�= �_' --- I`. , _. = P, � _ '' i r� �_ � i...__ :',, - ::. F�, ,._��.,� ,r:, .r- -_d' �.;'ii.: . . . . . Pauo 25 -'�;; Tequest�Public Saf�ety dfficers' Pension Fund Fee Analysis As of Decem6er 31,2016 Estimated 12l31f16 12131116 Estimeted Annual Fee(%} Market Value Allocation(%� Annual Fee(;) Domestic Equlty C:�kiellitGAA4Cf]V�lue 0-75 3,162.8Q7 2�i.27 23,F�71 Brovrn Advisary f,�A�GX'r U i2 2,F595,278 23.J1 2d,f�53 InternatYonal Equlty Eurupacific GrAwth{RERGXy 0.49 1.725,378 1424 8,q,q Domestic Fixed Incame Garcia Wamilton 0_25 2.46B,8fr2 20_54 6.222 Global Fixed I�come Tesnpleton:(;lohal Total Retum{FTTRXI O fi�, f�22.561 �14 d,1[19 Real Estate ASB Real Estate 1.25 368,101 3.04 4,601 Cash ACcounts �tc�c��pt&Disbursement 0_00 �7q,�35 � ,}4 _ ��ec::i��g Accaunt 1,9&3 O.U2 _ Total Fund 0.63 �„ 12,114,877 . 140.00 � 78,291 � Jii�ii�ii�ili� � PO�u 2F.i _� Long-Term Manager Composite Data Pa�iu 27 .�_ �a � GabeUilGAMCO Value Long-Term Composite Perforrnance As of Decemtser 31,2016 Growtn of a Dolia� �62.�1C} �2.(14 $�.Q1 $1.fi4 s�.�s � �_---_��� $12�J ` _. .. ._ _ $0.8Q _ , " ;---.. - -- $9.4� $0.�4 'Utl17 4�U8 10tU8 4tU$ 1U�09 411p 10�10 4'11 iq.�11 4.�i2 1U�12 4�';3 tU.�13 4,t14 1��14 A,;15 1;t+t5 4116 '12;1G - C,aheililc;Ah9Cp Value Russ�li 3f100 Value lndex Trailing Retums QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR _��i::l: _ .i 1.:-:� .=il�.n: ". ; i �':;; 't i;�� � ,;, r- � ;i - - _ - -- i . �., .:.�. ��I,.�;� .`. . �i-i:ii - • �;�::. �.:'�I iI:L`:, l;'.:t.' �3'i '�'•'� I�-I�; �,'.. i::'J Russell 3�J�1�Va(ue Index ?.2A (321 18_44 (3G; 18.�C� 1,i�J;i fs.5� f4s;i 8.35 (2Bj n4 81 {34j 1�.75 ;.�21 5.76 (8�j 7 s�l i;85} Median 5.91 16.27 16.27 fi.06 7_SQ R3.78 12.83 7.47 9_16 Fiscal Year Returns FYTD FY 2016 FY 2Di 5 FY 2014 FY 2013 FY 2Q12 FY 2011 FY 2010 FY 2U49 ����,�.::1�' ,.-�i 1..�._ .:=ii�_o.-� _.;�:� j.'��'; � i1-; ;�.. .!i- ,il�r":� - , ��-- - -_ -- -- � - � - , , - ; _ � '.`. , '1.�� ��;;1 �i� i�.-:`, i ,i: ;� _ I:'.i�' j-.� li . i"'l�` Ru�se11 300�J Value Index 7.24 (321 1�.38 �25; -4.Z2 {.�i7} 17.F�6 {24) 22 67 i,71} 31�J5 l,15;� -2.22 {F�1 i G.AS (73J -10 7� i,GAi t�tedian i.91 13_49 -2.63 15.28 26.39 27.74 •1.26 10.99 -3.3� I.r,�_-Mrm rnnp-sitc pr.rxrnarr,a Ar.hiai ci.�nl msu::rnay�nry. C�1c8et e�707+eyra5enis Pie�Esjin�iiiiy Cf Ifi�_��rer7 i"i6•k2[_yiie. F�e6ri;mup'If.7U.J.AlI48C''•'AIL9EGJIPiISA�::F; . Peau 2�5 � GabellilGAMCO Value Lang-Term Composite Performance As oF December 31,2016 5 Year Rolling Percentile Ranking � 2s.0 pp�0��o�'����OO ����p'��. OOOCb� O O p OO�m � ss��� 00 �� � Sa-� �O �� O � �� 00����0p� O O�• ����0 a � 0 E ?so �Q� �DO O ��s��J p 0�0O �OQ���O�pO � � � D O�A���! � ioro p�� OO��p�Q��S�g� OOpO00pO00p��� 00 �;97 3;98 3?9�3 3iQQ 3rG1 3�0� 3?43 3?!'a 3i05 3,'O6 3;p7 3i08 3i49 3t1U 3�'�1 3;12 3?13 3i1%. 3+15 3�16 t2;1a Risk vs ReSum:Qctober 2007 to P�eserrt UplOown Markgt,s:O�tnber 2007 to Present 12.D 11D.C1 �J.lry. �1!'O.V � P � �f��.� � 8.G � � � � 3 3 � 1{?4.0 � U f�.G a � � � 142:U a � ».0 14C�.Q 2.D Ga.a 9 J 12_Q 15.0 if3A 21.0 24A 27.Q 9+�.L� �32_G �4.0 96_4 �38.0 100.0 1�72.0 Risk(5tandard Devistio�°�) DoWn Market Capture Ratlo(%) � Ciabelli?C,P,MCQ Valua Q Russeil 3U�}17 V�tue Ind�x �' t;atiellirG;q�.1f.��p U'�lue � a�usseii 3�00 uaiue intiex Historical Statlstics:Oatober 1,2001 To Oecember 31,2076 Maximwn Actiwe Shar InFormatlon Tre nor Consistency Drawdown Alpha Rotum Ratioe Ratio R tio �eta Tracktng Ercor . �-1� '�.i _ _._ ':-ii�f -._- __- _,'_ '.i`- - . .. --.-- - �.i . I:- � . '�� .�.:�i �� .'.'� " _ ,:-, �, ,. _ li�.� i ..[� ,.:_ F���Ss�li SOCJ�:1�:'�IItH IrltJ#tx f.i_p�l Sf'r.21 Cl."�C? 17.�147 f1.:i7 N�.w f}.i77 1.CrC� .t.C�l) I.cn:-tc.rm rnn�r...-,it�^pr.rxrn�rr,a ,4-1nai ar.nl m.0:;rnay s�ry. Ct'lcOet 2�70T•eyi�_enis t'�r Dt+.]it�•iiiiy ct If�e_u•rer^iqt•kat ty[ie. Perr i;mup'�f.i U y.ail f•a�'•'di69 FqJll'f ISR«::F} �O�L•24 � Brown Large Cap Growth Long-Term Composite Perforrnance As of Decem6er 31,2016 Growth of a Dollar �2.£i0 �2 aa $2.D0 t 5'.91 $1.54 ..,__..,�.., , �. _, ,�_ . - ''�'� `-' $1.2CF _ � __ ,, _ -. $0,84 . $0.4a $O.�JO ��U�U7 4;p8 1U;Uf} 4�U8 1U+U9 411U tU;1U d�11 1U�11 4112 1U�1� 4�13 1{t+13 4.�14 1U.�14 d115 1U?75 d,�16 12�1�i — �r�•.vn L-arr�e Cap Growth Russell 1Ud0 Growlh Intlex Trailing Retums QTR YTd 1 YR 2 YR 3 YR 5 YR 7 YR 1U YR 15 YR ,-'i ::rr L i�a . .;_i( i� ,;vl� -�1 r I i.'r': _.. '.r.-�� ;�.' r _ = � i - " `: '.f ;I J�; i 1 I:I I I ,::� l�:' l � i 1; - ' RussEll ?OOQ Grox�lh Index t01 i;36j 7.��g ;;281 7_08 i28; 6.37 {231 B 5� i;27:t '�3.5�� (341 13.G3 f28i 8_33 (42} a 42 {71;i M�dian L�.24 a.67 4.67 �.BA T.19 13.93 12'.35 8.09 7.{}g Fiscal Year Returns FYTD FY 2016 FY 2015 FY 2014 FY 2013 FY 2412 FY 2011 FY 2010 FY 2009 _, -.- -- - - -- _f:::;r L l i� ,:1� �_:.,,v(•' -�l i i i:;t ':+ ;1-d,-;i ,I.r.� I::I �' .` ' �i[ii I I:t `�:;1', .'1 . .,.'0 ,7;ii ��.�� _ _ " . , f 1� t��ssel11004Gro�n4hlndex 1.q1 (3ES} 13.7fi {22) 3_�7 (�fsj '9.15 �40} 19.27 f65) 29.19� (36} 3.78 1.3�Jj 12.fi5 {3Ei} 18� {3�j tvlediar 0_20 11.7� 3_61 18.15 24.29 27.6d 1.37 11_29 3.U�3 I-.r,n--tc.rm rnn�r..si�r,pr_ra-rnarr,a ,4clual�irN m.0;s rnay':ary. G�1��ei 2007,epra�ent5!ne UE�ifc7iii3�_t�I-rt��•rar7 r�in•kat_piie. . Feer[;mup'If.t U 5.Large i,a��ircrMh E�uny�;3�+i;F I P0�0 3U _� Brown Large Cap Growth Long-Term Composite Performance As of December 31,2016 5 Year Rolling Percentile Ranking � q.o •����'fi�i����������� _� ��.o oo°O°°0000 � �� • o o� o0 a so.o o°o� ° � ��.�m���� s��A• o •� •� 0000°pO000 000ao o���000 o° • o � ?s.o 0 0� c��0a o °a000 oo° s��.�• 00000 0000 0 0 000°�0 0 � 1�o n O 0 0 O OO QO 0 3r9? 3.+98 3i4�3 3i�4 s�U1 3�02 3�03 3iC� 3;05 3r06 3�d7 :i;C�S 3109 3r1U 3��1 3.rt� 3,+13 3r1a 3;15 3�a6 v2i16 Risk vs Retum:Qctober 2007 to Present UpfDown Markets:Octobe►200T bo Present 14.Q 102.0 ��� 141.6 � 8.0 • • '� 1�}1.2 O � � � � 3 7.G � 1W.8 � y a Y �',U � 14[1.4 a � �-a �a�.� a.o 99.6 12.4 14.4 15.4 18.0 2Q.0 22.0 92.Q �4.fl 9fi•.0 �B.D 10{?.D 1�2.0 Risk(5tanda�d Deviation°k) Down Market Capture Ratio(%} � Brr��vn L,�rrge K,`�p Cirowlh Q R�issell 1Q00 Growth Inrlex � Brovin Larye Cap{3rov:lh � Russell 1 UO[);;rr,�vrth unde� Historical Stat�stlos:October 1,20d7 To December 31,2016 Maxlmum Ac11�e 5har e Information Tre nor eeta Consistency Drawdown ��pha Rotum Ratio Ratio R tio Trackkng Error • : _- � �:! "ii '?, ii : , . ;. - ,-_ F.i:,sel' .u01 U'qn:•t Ir.i�ex q.f1�7 ti1.13 �1.fiQ O.fl,^, 0.5!R N;A Q t��i 1.��Q ^.[?l) I.r.n;-tcrm rnn�^::itr,prr:,miarrr., Ar.luai cir.nl m,u:z may•.�r, C�1ct�er e�70T�ep2�efd3!'id UE�if�•tifry•_t�hE c�•irv7 i�i5•k.:t_y�ie. P�3r[;mup'I�A U.S.L�rt�o Cap iirCrqth Eqtihy;Surt,'F I P�r��31 � American Funds EuPc;R-5(RERFX) Long-Term Composite Performance As of December 31,2016 Growth of a Dollar �1.at� $1.20 7 $,.na . _..: __ f�..�_ , .., `r: .,,y Su�;t --. ,:_._ - _�' ; � , ;� �a.aa -� � . , J �. $o.s�, �o.a� $0.24 1UrU7 4�U8 10�[1F! 4tU3 1prU9 4r1U 10+10 A��1 1U.r11 d+12 1U��2 4r�3 1D.r'3 4;t4 1D.+14 ar't5 10r15 a114i �2116 — American Funcis EuP�;R-5{RERFX) ��iSC�AC Worid ex USA Truiling Retums QTR YTD 1 YR 2 YR 3 YR 5 YR 7'Y'R 1D YR 15 YR i ir ii:��n 4�rr:L; -t P!;Fi- iF,GN:.-:;. � ; .,:; i�.,, 1 (:' -�', ;_ , iii =.:1 - - _ - , �. , _ II" . I� i. , . t41SGIAC:ti'orldexUSA -1_20 i;39:; 5.�1 i;15j 5.G1 ?1�;� -�J25 {33j -1.32 f19i 5.48 143i 3.39 (22} 1_42 f1s� 6.33 (11} Median =1.71 �_41 1='.1 �0.87 -Z.86 �.08 2_59 0.32 �.14 F6scal Year Returns FYTO FY 2a16 FY 2015 FY 2014 FY 2013 FY 2012 FY 2Q11 FY 2010 FY 20D9 r i_ i�`;��ri r�.ri';:;-�f-'�:_ I-:.-` irCi=.. r::; - ' - , - `_ _- _ - = i - - `� -{ i �, - -.� ,. _ _. � , ,.. i�.'� '.=i ,.a _ . , � , -, ; , , -,... _.. ,. � ,, i 1�' !� �c tu15C�AG'.^lo�ld ex U5A -L20 i,39) 9.84 f12;� -'1.'r8 (89} 5.Z2 ;.19;i 16.98 (79j 15.04 f46� -1�.42 f341 8_Ot� (81 6.43 1,5:1 i�tediar '_?1 5;= 8.21� 3.�4 21.06 14.85 -11 A6 3_fi7 1.49 I.ar.,-tr.rm rnnry-::itr.pr_ra-rnarr^ A�-liiai r.���nl m.0::rn�y s�r��. Ci9C+7er eL7C1?•ryr2<_�eGlS C�`te UE3i�91fry Ct Ihe CU•TEf'.Rlfi•kdt CyCde. Pee�Gmup'if.i Ill9frdUn�dl 1_�r�E 1]e;�:�7f6 EQU;y{R1F� Pauu 32 � American Funds EuPc;R-5{RERFK) Long-Term Composite Performance As of Decem6er 31,2016 5 Year Roliing Percentile Ranking x q.Q � 00000�ooQgW.�s�•s.� e�.e� ��••.. ..•�•�•. c 2s_o 000�ooac�000 00 �J S�00000 ���ao� a 5C 0 O� �� ��O O OO �O E �5.�] � � QO p0� O � O �C?��p 00 �t�o a 3197 3±�t3 3.�'•3� 37'Q�� ;i��1 3�02 3lD3 �!G4 3�a5 310fi 31017 3.+06 3(Q�3 31'iC} 3�11 Z�11 3i13 3!1�: 3t15 3116 12l1fi Risk vs Retum:Qctober 2007 to P�esent UpfOown Markets:Ootober 2007 to Present �.� 14Q.8 2.Q 14[?,2 a � o c �B_6 � o �:1.Q O 3 � � 99.0 = U ut y � "2.4 a 58.4 � � • �J7.B -4.0 91.2 Bd.Q 67..[7 <JCl.D 93.C1 9fi.Q 99.(] 102.0 -6 o Down Market Capture Rallo i%) �8A 18.6 19.2 19_Fi 2p.A 21.Q 21.6 22.2 22.B Risk(Standard Deviatio�°h) � American�unds Euf'c;R-�{RERFX) � Americ;an Funds�uPc�R-5{RERFX} Q MSCI AG Worid ex USA � M5�1 aC;Worlcl ex USA Historical Statistics:Oatober 1,2007 To December 31,2016 Maximum Active Sharpe Infonnation Treynor Trackin Consistenoy prawdawn a'�pha Rckurn Ratia Ratia Rakia ��ta frrory �r�� i:,, � , � -. - - E_:= �a_ _- ,,- � _- , : _ �- - :_ �r: ..?-t ii=1_ =� i,'.:. ;:;: ��1Sc;:�AG�.^1nrl�l ex US�+ �.4It� -57_36 r�,^�C? t�_pU �.07 Nrk C�.D2 1.CiC� 0 r.lr� I.rn_-[,-rm rnn�r.:zitc pr.rs-rnarr^ A-1uai cianf m.i:-,may•.ary. CCltk�e�:�)0?��epr26�ei'ds!•ie bE31n'dny ct�Ite�u•rei�7 rte•Ic:wt iy[ie. �nc:r Gmup'11.1 Inl�rrrlinral I_r-ge f;��!;�rc:Equ-y�,IdF� P85)u 33 �� Garcia Hamilton Aggregate Long-Term Compasite Performance A�of December 31,2016 Growth of a Dollar g2_p{} $1.a+J 3 $1.64 $1.4t7 ,– ---_._. __ _ st-an ,..� --- -- `�----- --•ti:.._�-'"��.. _ $12Q $1 AC� $D.84 �U;U7 4;U8 1(I;UB 4�U9 1p;U9 4�1U tO;�U dt11 1U•11 4r32 1U�i2 4rs3 1U1t3 4,rt4 1UJ14 d115 14?15 n116 �2r1G — (iarcia HarniUon Ac�greyate 8loomberg Barclays�U,S.Ar�yreyate Index Trailing Returns QTR YTQ 1 YR 2 YR 3 YR 5 YR 7 YR 1d Y� i8 YR ;in:�.. I;rrdl:;r 4�..�`. -`-' _. . �I� , ,: , r; (' 1.'�'.I II`'I _ ... ;(li �JI _. rl; �.�i.=� I'll 81oan-�berg Barclays U.�.Aggrec�ate Index -2.98 176� 2_65 t,75.; 2-65 (791 1.59 f89i 3.�C�3 (83 i 2.23 (92;� 3.63 �;88;� 4 34 f85} 4.58 f,88;t Median -2.84 3.14 3_10 1.94 3,30 2.&3 4.18 4_81 5.04 Fiscal Year Returns FYTD FY 201 B FY 2015 FY 2014 FY 2013 FY 2D12 FY 2011 FY 2014 FY 2003 .�.in_�, i`riiL`;Y i r ___.._ _. � , �I = = i�- -;,i.=? i :; _ =� - ' c� �� - - - ' _� ��� �.�.i�.: i� ., .� �r�� ;. :....�. lil .: �6 ,�.ii -i_I .I 1���� - ��.ifi��, -Ilili, I��F,, �.: �SI j�i 8lvomberg Barclays U.S.Ar�grec�at�Index -2.98 {7Fi1 �.1g (7g} 2.94 f,39? 3.96 f8a) -1 68 �;79a 5 16 {91) �.�F (4g} 8 1�i (87} 1�C�.56 �82J W1Edian -2.80 5.65 3.C12 4.50 •1.Z4 6.60 5.28 9_27 12.28 I r,n;-tr.rm rnnry-sitc pr.ra-marrr.. Ar-luai u��nl m:u:s rnay�.�ry. Cv1c•�et e00"epra�rniS C'�e bb,�ifi9hiy cf�hE CU're�:i`78•M.2t tyCde. Paer i;mup'16�U 5 Bro3d�dan�ar C;�,•g F�Mgn Incc�mo ISA+C_�; P�au 3a - ' .�l� Garcia Hamilton Aggregate Long-Term Composite Performance As of Decem6er 31,2016 5 Year Rolling Percentile Ranking c �-� � ������������������l����i •�f��•A� �, 2s.o � • ����� � �o.� � 000000�o m o00 � • ooao ooa 000go ao 00 0 � 750 000eoa�eo�Qo° Qa000°' �� e�000�g000000000000 �O000000�0000 � ,�oo �o 00 �0000000000000000 �197 3.��Et 3i9!3 ;3iU�:,� �it�j1 3+D2 3i43 si��w 3;a5 3106 3.�q7 3lOB 314� 3fiQ 3��1 3.r11 3�13 3+14 3�15 3;�6 -�2119 Risk vs Retum;October 2U07 to P�eserrt UplOown Markets:Ootober 20Q7 bo Presend 7.�5 1a0.Q 6.3 � � 13C�.Q � 0 w � � �'�' � 129�.0 E ' � c � U � d.4 a 11fl.� i� a � h.2 a � � 1�G.0 3.5 Ao.o 2.r �.0 3..s ,3.�; �.� a.2 a.� a.a 5., �.a �s.o i�.0 �sa.o se.n s2.a n�.a ian.ca �na.a Risk(5tanaard Devianoo°k� Down Market Capture Ratio(%j � Garci�Hamilton Aggrey�ake a � Garcia Hamiltan Aggregat., Q BBoornbvr�Bar�l�ys U,S.Agc�regate IndPx Q Bla�rmt�erc�Ban:lays U,S.Aygregaie Inciex Historical Statistics:October 1,2007 To December 31,2016 Maxlmum Active Shar e Informatlon Tre nor Beta Consistency Drawdawn Alpha Retum Rato Ratio R tio Trackiny [ rr- �;t-rllt:=r , — _� .. r � _,_ - _ __ _ - �_i 1 - rror -� - T _'': 1.-- _n= i i r;,_ _'_ I :;i Filric>rr'�hery 8arr.lal:�U.�.Ayy�i:y�il�Irtr�Fx �.D[7 -2.4aE3 n.na p UQ 1.13 N?i+ (1.17�1 1 ^�Q n.QC1 Lcn;-tcrm rnn�r.:.ik:Gir.ra-rnarrr.. A,r.luai air.nl msu�s may�:ary. C:1CJifi N707��8Nf250fd5 tne bN3lmtb'ra Ct IhE.��rer^.i`t&'kd[tyCir. P�c.r i;mop•ibt U S.&rryd t.larkar i;n�a�iHed Incnma;Sq+C�; Pauu 35 ��i:�` fi �\I� ��V Templeton Glo6al Multisector Plus Lang-Term Composite Performance As oF Decem6er 31,2016 Growth of a Dollar $2.�M1U $2.1�N $2.Q4 $1.£�(} 5'v3 '�1.J(} �-..__��_'- - .. ,_-�,`r�_-�-''�-....�' _, -� -•V,.��-'' __. $'1.2U _ . �0.9� $O.6C aU+tJr 4fU8 1U;(J8 4�U9 i41�y 411U 1U�1U 4�'11 1U;11 4112 1U�12 4�13 1U.+73 4?14 10i14 4l75 10?15 4i1Ej 12l1�f - +`�rnpleio�Giflbal h�ultise�tor Plus Global Fixed Incarne Index Trailing Retums QtR YTD 1 YR 2 YR 3 YR 5 YR T YR 10 YR 15 YR ii(>b:�i i �_�u:;:.i 1.i li:;�.� L�r P i.�; ii=� !'I; ;, ..: �_ � � _ .. -�_ �� ' � . I t'_I �.�. tJ�Y. Glet�al Frtxe�i Income I�n�ex -4 89 id7j 9�45 ,;A} g.4E {:li ' 3.20 (151 2.78 i,25j 3.51 {32j 4.9�3 f25} �.b7 (1�} 7.68 ('i�i� Mediar� =5.$2 3.�8 3.5E •Q.07 0.4A 1.70 2.5$ 4.15 5.93 Fiscal Year Returns FYTO FY 2016 FY 2015 FY 2014 FY 2613 FY 2012 FY 2011 FY 201D FY 2009 ....'ilt���:,t t .ti_;,.J 1J II:;._ .l.,�F'1..: 'i..:.�i-�� .I i _ _ _ �l- __ _ _ ' ' __ � '' _ ! ' �!��_. .'_� ....�1 �.-_._�..� I���; i�.�4[ ('', �,, ,�.. �,�� �y ,� �i��.. �I.I_'� :' ��ii '•.i Global Fixed Incvme index -4.89 i,47j 1�.�ir (2} -3.75 {�3;i 4.66 (,43j -1.58 (£3} 14.19 ;10j 2.52 (G1} 12.95 {22} 1g b0 {11 j tvlzdian: .�.82 5.�1�J �3.19 4.48 -O.d�6 8.33 3_�7 8.95 1a.22 I.Cn�-[pfm rnnry:sitr.pr:rr.rrnqcr.[; 1v.:hiai ar.nl msu:s rnay•n,ry. CG1il�er 2�707•_N�-..�r�dS C9r UEs)In•iiii"y et�hE�o�rer•".�•t5•ke[ctiie. F'eer t;muP'�67 CSot,ai U�hsd�ed Gixen Incr;ma iSkaCF; �85�u 35 _�r.r'4�" Ternpleton Global Multisector Plus Long-Term Compvsite Performance As of December 31,2016 5 Year Ralling Percentile�ta�kFng x c�_n a� 25-� o��°o����a°000 °°ao� o0 ooQooa000��000000000����0000000�����•• o • 0 oa o 000 00 0 � �o � ��.o 00 � o� oo � � o a E ?S.0 � � ��r o ��00 3�y7 3i��t 3in!� 3id4 3r01 3;02 3;63 3144 3�QS 3��fi 3;07 3ifl6 3�49 3.1Q 3�'11 3112 3?13 3,'14 3�15 31i6 12116 Risk vs Retum:October 2007 to P�eseM UplOown Merkets:October 20a7 to Presen! 14.0 .��d 8.6 � 1�3.2 � � '� 142.4 ; fi.0 � � Q �" E ' � � 141.6 °� U � 4.0 *' m � � � 1(}0.Ei a � 2.0 ��aa.a 4.D gg.2 4.9 6.6 6.3 7_0 7.7 B.4 9.1 �J.B 14.5 15.0 3D.t� 45A Bd_U 75!:1 gU.4 �US.� 12Q.D Risk(Standard De�iation°k) Down Market Capture Rakio(°!o) � Ternpletc�n C�lobal MuNisect�r Plus � Global Fixed Income Index � Templei�n[�iohHl Muliise�lor Plus Q [;I�hal F�xed In�ome Index Historical Statisties:October 1,2007 To December 31,2016 Maxtmum Actl�e Shar e lnformatton Tre nor Consistenay Drawdown Alpha Return Ratio Ratio R tio �e� T E o`r g '.., ii __r_r.r �i.= 3.i�_ = �_ir_ _ . _ -_ ii- - - - C�lirl��l F:xe�7 Itu�m7e Inslex O.f1,7 -11.G5 �.`}.DQ Q.40 G.67 N�A [}.[l:i 1.GD 0.�"�D I.cn_-tr.rm rnn�-�ilr,pr.r:,rrnarr^ ,4-hiai,r,i,�nl msu;,rnay�nn,�. CG1i�er�007��Ni2%fd5 C�ie b£tJiti9iiry�_t�ht Cu'r8�'7 P16'k.=[cyiie. Pr�or i,mup�Ra Gobai u�hsd�ed Fixeh Incnme 9S.'�.rCr; P�S?G 3� - _`��/_. ASB Allegiance Fund Long-Term Composite Performance As of December 31,2016 Growth of a Dollar :62.1 C} $1.8t} $1.71 $1.;iC} 51.�2 $1.24 - �- _ _ _ _. $0.94 �.-----�J - $O.Fit} $0.34 g�07 3;08 �3�OB 3109 9;U9 3�1Q 9�ytJ 3111 �;11 3.�12 9.�12 3i13 9i13 3i14 9�14 3115 9�15 371Fi 9�1612�1Fi — AS�Alle�ianr.R Fund N�R�IF Fund Index-ppen End�iversified Gore(E'.:�j Trailing Returns QTR YTD 1 YR 2 MR 3 Ytt 5 YR 7 YR 10 YR 15 YR �t».:.Ii. � .rn.;�:fi.rn.l (I.'i� r, .- _ �i� - - ..- ,Fa ,. Ii.� '�;. , _ .:'i ,. _. I 1_:. iil . 1. . � . i�l.::.i NCF�EIF Fund Index-QpEn Er,d di�:e-sinsc Core{E'vi+:l 2.19 �;N?Ai 5.30 i;;NrA; 9.3� �;N;�aj 1z.19 fN;r1:l 12.22 i,M?Cti;� 12.20 (NtF�:I 13_29 l,NiCtij 5.fi2 {NfAj 7.89 fNrA} Me�dian N!A N;A �liA NiA N+i� NIA NIA NrA N,A Fiscal Year Returns FYTD FY 20116 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2Did FY 2009 -- - - „- - - -- - -�- .7�.:%,�J .�:..Iu:ii:ILYP:� i_I.�� C,�,4i '�:..1.-�� �-:� .-�_,^ il-�� ��� :-�1'I ,r.;i ..._� i''dii 1G:a:i ,. ', I�i'' �' _- - i - � � � '�` . ' ,tii ' 7'� . ...-�_ �I:i;'I �...,,�.�•� � ,�. NCREIF Fund index-CJpen End Diversifiet!Core?E'vi�:t 2.1g �N?Aj it�.fi2 fG9j ':�.71 �64) 12.39 (70j 72.47 r69} 11.77 {66j 18_03 r41:} 6.14 {52j 3�i 09 i;54'r hlsdian NlA 11.Q2 tg.g3 12:90 13.22 12.90 16.62 6.39 -34.80 I.cn:-tc.rm mn�r.:sita pr.r.^,rrn�rc.c: fa-lual.r,i�nl m.0;rnny�.ary. Cv1�h6!2q0?•ep�258fdY t�Er liE�lfS•"ih"rd C111iE cu�re��7 i°i6•k_t_yiie. F�r�er��rnup�if.7 U S-,7pen Erd Prraaca Raal Eslalo fSA�i;F i ¢���3` _� ASB Allegiance Fund Long-Term Composite Performance As of Decem6er 31,2016 5 Year Ralling Percentile Ranking Y 4.G � ••i i� � 25.0 � •���� � �l���.�o��i�� ��Q.• O � 50_0 �oo •. ��008 0°°00 ooa000000 0 0 ooa•.� a �p��0000pQ�O���p���00p0 � � � O C700O 0 • � ?s_� 80000 •�Qooa00000000 0 0 0000000000 � �o� o0 � ,��o v�����o�ese�ooe�000v �1�i7 3.�9f3 :i,�:t9 3/C1�+ Sii11 3�Q2 3�03 ;ilC�4 :i;���. :3�'Q� 3.;G7 3i08 3?4�3 311Q 31�1 3112 3.�13 3i14 3r15 3t�6 t2;1� Risk vs Retum:October 2007 to Present UplDown Markets:OCtoher 200T bo Present 7.7 111.(1 �,�� �; 148.0 � s.s ° • � _ � 145.0 3 5.t Q d � � U o� 142.U d•�' a � � c a.� 3 �s.a 3.5 56.0 4.(J 6.C� A.b 7[?.� 1z.0 14_0 1�.C) A�t.t) t3h.0 �A.D �32.ri �.0 iC)0_0 1tia.t3 Risk(Standard Daviation%) Down Market Capture Ratio(%) � ASB Allegiance Fund � ASB Allegiance Fund � N{�R�IF Fund index-ppen E�d Diversitieci Care(���'V} � NGREIF F;ina Inr�ex-Open End Diversi(ied Gare(E'�h';i Historical Statistics:October 1,2001 To December 31,2016 Maxlm�um Actl�e Sharpe Informatfon Tre nar Consistency Drawdohnrn Q�pha Ratum Ratia Ratio R tio �eta Tracking _ Error ..,� �. . �:-� �._.-, �u �,t= ;;;:.?- -_.�:._ -_. ,-i'�_ !i.t- ;;;�;- ,�.,,��. . :,. N{:REIF Funii IriiJ�:x-C���Hn Eitit!Ui�rer5irietf Cr,re�E'o'Ji ta.(�O -;�E7.71 ��7C) l7!:1�7 0..51 ftit,4 0_C1.5 1.OQ C?_0�:1 Lc,n�-tcrm rnn(r.:;itr.pr.rp-rnacrr fu:l�ni r.innf m:u•s rn�y•.ary. Ct9_4ei 2�J0?�ayr_gtlf�d3 C'ir DE��i�9iiY3�=t p1E CU'r6P1�'tfi•1�?t_Vifr. F+86r Gmup if.�U 9_:�p;n�rd�'rn�ata aaal Estata iSA�i;F i p��j�34 �� Tequesta PublTc Safety OfFicers'Pension Fund Cornplian�e Checklist As of Decembcr 31,2016 Total Fund Compliance: Yes No NfA 1.The T�tal Plan return equal�d ar exceeded the Net 7_259�actuarial eamings assumptfon over the trailing three year peri4d. � 2. Th�To1al Plar�return�yuai�d c�r�xr,�:�dFd the NFI 7.25"fo�ctuarla��arnings assumpaon over th�[ralling flve year p�;rl.r�il. �, 3.The'iotal PI2n return equaled or�xceeded the total plan benchrnark aver khe trailing three year period. �, t.The Total Plan return c�qualed ar exceoded the tatal plan benchrnark over Mhe trailin�g five y�ar period. � �.TYic�Tntal Plan r�turn rar�k��wittifn ihe�Up A�t►i E»reendie af its p�er yroi�{��i�er the trading uiree}�ear pPr�nd. � 6, The T�lai Plan retum rankeo within the tap 40th per�entiie ot its peer group over the trailinr�five year period, � EquiiyCompliance: Yes No NfA 1. Dorn�stic Equity retum equ�sled or�xceede�the benchrnark over the trailing three Y�ear period. � 2.Dornestic Equity return aqu�led or axceedec�the b6nchrnark over the trailing five year period � .3. Ir7t�rr�atir,aial Erauity rFture7�yiaai�ci ar exr.��d�cl the benchmark�ver th,e Ir�iling three year��rir�0. � 4,Intemational Equity retum eqtiaied or�xcee�isd the benchmark over the trailing fiue year penvd � 5.Tatal Equiry investrncnts do not exce�d 79'�a of the market value of Plan assets. f h.T��tal market vali,e ni f��r�iya�securflies do i�ot exceen 25°10 of uie rr7arket valu�of Plan assets. � Fixed Inoome Complia�ce: Yss No NIA 1.�r�rn�stir,Fixuct 6ncame r�turn pcaualed pr exe��dao the benchmark ouer th�Irailiny Ihree y�ar p�riocl. ,; Z Dornesiir Fixeo Incorn�retum equaled or exceeded the benchmark over th�trailing five y�.ar period. ,� 3.Global Fixcd Incamo�otUm equaled ae axceed�d thc�hanchmark ovar thc trailing throo yt�ar pEriao_ �, ..Calratial Fix+�d Inc•u�r�e relurri�qualeti car�xr;�d�d the b�i7chmark i)Mer ih�trailing flvc�y�ar p�riat�. � �,95%�of the fix�d inceme onvestments have a minimum rating of inuestment grade or higher � fi. ��0'��af the fixed inc�me investme�ts maintair,ed an overall rating of B or better at the tim6 of purchase. � Ma�ager Compliance: Brown(BAFGJO GAMCO Europacific(RERGX) Garcla Hamtlton rempleton(FTTRX) Yes No NfA Yes No M/A Yes No NIA Yes Mo N�A Yes No NIA 1.A9anagor outparf4rmpd the indox ovar t¢�e trailing thre.�year pariod. s ,� ,� � � 2.P.9anayer uut�erfcirmr�tl thp{nccax o�rPr tr74 tra�llln.y fiu�yYar Eaerlrad. ✓ ,i f � � 3.PAanager has had less than 4 cons�eutive quarters o�underperformanGe. ✓ r ,; ,, �, 4.A9ana�ar ranked within tha cop 40lh p�rcentile ovar tha trailing three year�eriod. � ✓ ,i � � 5.P.4anaypr ranket7�n�Nhin lhP to{�40t�i�ercenUle over th�trailmg f;ve year�nod. ✓ � r � J 5.R�anager three year do�nm markel capture ratio is less than the index, ✓ ✓ f � �,, 7.h�anagcr fiv�ycar do�.vn market captur�ratia is iess than the indox. ✓ f ,� � � tl.h.9�r�a�er rµprrrls c;cunpli�rtir..�:tiv�tf��PFIA ,� ,� ,, � J Manager CompNance: A�B Real Estate Yes No NlA 1,hAanas;er r�ut�eric�r�r�ed ihe in�ex vveF the trailincJ three year{�erioti. ,r Z.hAanager out�erformed the in�ex over the trailing five year period. .� 3.h4ena��r hes had less[han 4 consecutiue yuarters ot undarperformanc�. ,� �, h.4ana�er ranked within tt:e t��4UIh��ercentile over the ira�ling lhree year p�erioci. ✓ �i.h9anager ranked within tt�e!op 40U�percentil�over the trailing five year pEriod. ✓ 6.hAanager thr�a year duwn market capture rati4 is��ss tl7an the index. ✓ 7.P.4ana�er five y�ar down markel ca�ture ratio is�ess than the intfex. ✓ 8.A4anas}er reports compliance tivith PFIA � �PaAu 4U � Tequesta Public Safety Officers' Pension Fund Benchmark History As of Decemher 31,2016 Total Fund Policy Total Equity Policy Allocation Marydate Allocation Mandate Weight(°!o) �1�r-�G�:i, f�pr-20�5 5&P 500 I�dcx S&P 500 Inde+x 100 Bloomberr�Bar�lays Interrne�iate U5 Govl/Gre Ju1-217�a J u I-'"tD 1�.1 Russel I 3�401ndex g� Russ.eU 300a Index MSCI EAFE Irvdex �p dlooit��ery 8arclays Int6rrned Ayyr€,yatN mn�le; �v1SC!1�AFE Iridex Nlar-2i���� Russell 30ffa ind�ex g� nn��,zo7` hsSGl Ac�bl+ori�i ex USA y l Rvssell 30�a Indez E11���rr�ber3 6�r�;lays Interrned Aggreg�le�ndec Sep=2013 fv1SC1 AC:^torld ex USA Russell 3UGU index �y MSCI AC lA�orld ex USA 2� SPp-2013 Russeil 340Ct Index Bloornherg Barclays U.S.Ar�r�regate Index hiSCu A�G�,^;c,sld ex USA Total Fixed income Policy Global Fixed Inr�me Index Allocation Mandato Weight{°,G) �ui-ZU�6 Apr=2005 Total Domesiic Equiiy Policy s16r�rtiUerc�Bar�l�ys Irttermetliale l��C3r�vUrredil Itlx ipp Allocation Ma�date Weight(°/4) Jul-2+�1 u A::�r-ru��5 L�loomber�Barcl�ys Intermsd Agc�r�ate Index 1{7(j S&�'S00 Index ��}p Sep-1U 1:� ,��� -2r��n Bl�vmberg 6ar�lays U.S.Aggregate Ind�x g� Russ�d:30��4 Index 1(}p Gtobal Fixed Ineome tndex �q ��au 41 _�,J�.f Tequesta Public Safety Officers'Pension Fund Benchmark History As of December 31,2016 Total Oomestic Fixed Income Palioy Total Diversifed Fixed Income Policy Altocatlon Mandate Welght{°ti) Allocatfon Mandate Weight{°k) kp r-2 u C�5 J�n-1�+5-: Bloo�nber�Barclays Intermed�ate U5 Gvvt�C�edit�dx 19�;: JPM1 EA9S1+ 3� Jul-ZU�O �3loambory Bar�clays U.S.C:oraorate Fllgh Yield 3g Citigroup Mon-U.S.VJorld Governrnent Bo�� 33 Bloaanbery BarClak'S If1tB�fiIBCI A�C�feL�at81f1ClBk: li�'� _e p-LL1'I 3 Blooanber�Barclays U.S_/��grega�a In.dex 7��� Total Intematlona0 Equity Policy AI[ocation Mandato Weight{%} h,l c;y�•ZQ'10 rJiS�l�AFk iniiex 1Ut� C;i��.-209� P:1SCI AC�'�i4orlci Fx IJ�A 1�jf) �a�au=e ' �'� I Report Statistics Definitions and Descriptions Actiwo Return -G�rltl-�rn�tic ciifer•�na�bcbn�een the rnanaper'�p��,^o.�rnance anc the acsignatec benchrnar�€retum o�4cr a spe�:fie�time periad. Alpha -A measure r�f ihe ciifference bet�meen�s F�c��t�n§i<�'s aatuau�erforrna����ad ils expected return t3�a5e�on its level c�f rask�s deCe�monecl Gy k�eta. uC tielermirt�s ihe portfoli�'s nt�ri rystamic returr7,nr its Izistorir.al pNrFori�nanr.�?r�c�t�xp9ained hy rttovtintPi�t:�c5f the n�arket. Beta -r1 mFa:;ure of the seNsitivity�of a Gr,rtfolio t�the rnavem�nts in the n�arket.It is a rneasure oF the portffrlio's systematic risk. Co�sisteney -ltir,;erc:ent��e cat t�uarters that a;irc�dur,t��hi�:�eU�i ral�caf r�iurri hiyt�rr lh3n ihat of�ls tipn[.hrri�rk.High�r c�nsistenry intii�ates th�man�c�er has c;r�nirit)ut�d m�re tr�the praducCs p€,rforrnance. Distributed ta Paid In(DPI) -The r.�tio af rroney distributed ta Li�nited Partners by the fund,relative ta contributions It is�alc:ulatRd hV dividine�curnulat�ve distribvtions hy paid in ca�itat This rn�ultiple sn�av.•s tn�inveskor hr�w mu�h mr�ne�they�301 hack. Il is a c3cx��i measur�fc�r e+,•alu�tiny�a f�,�nd lair:r in ets life becHus�thePe�re m�r�clisGeih�ukians 1�measure a,yain�l. Down Markot Capturo -Th��raiio of a�,�rage�+ortfolio pertorma�ae�ti��r the deslgr�atc.d ben�chmark during periads of negative r�tums.A lower value indir-ates b�ttcr producr pQrf�rrna�cf; Oownside Risk -A measure sirnilar tcr standard deviation that utilizes only ihe ne�ativP-n�vement=.nt'�he reti:rr s�re5.It.i;r��ri�L3lFd hy t�king lhP st�n�iard�:�e�,�iatior�n`ihe negativF iauarterly se[i�f returns.A riiytter f�ctnr is intilaaUti�p uf a rlsk�pr prnriut.t Exeess Return -Anthrnetic difference beM�een the rnanaqer's pe�forrnance and the risk•free returr�uvera s�ccfie��lirne period. Excess Risk -r'k measure of 1he slandard de�naHc�n of a pc�rituliti s f.erf;�rmance r�l�iive tn qhe nsk free return, lnformation Ratla •This��alau!ates the���lue-acde�j cc,ntribution of ihc rnanaaer ar7d is deriv�d by di�:ici.�g tl-�e aeti�v��r�;���,f returr ut rl��a �cr.`��liu c f::7t tracr;i.�g crn�r.Th�•I��igher tl-.c In`r�Trnation Ratio.th�more tha manager has added va�ue to th�e pertfolio Publfc Market Equivalent(PME) -UFsiyns a spt nf analyses use�l�n the PrivatA Equlty tr7cluslry ta evaluat��r7e E,�rfnrr��ar�c:e c;i a PrlvatN Eiauity Funa aya.nst a Eiue,ii�:�,e�ii:h���ark c�r Irir:Hx. R•Squared -The per�entage of a portfolio's per�orrnanca that can be explained by the behavior cf thE appropriaRe benchmark.A hign R-Squared means the portfolio's perf�rmanee has historically moved in the same directivn as the approRnate 5en�hmark, Return -�an�p«u:�de4 rate of return for thi�per�od. Sharpe Retio -ReF�resents che excess rar,P�+f returr,over the risk fr�e return dividetl by the St�nrJard d�viation of the exce�s retum.The result is�n at�solute rate of reti_im per unit of risk.A hi�her value demonstr�kes beCCer nisloncal risk-�dj�asteri p�rfc�rmancµ. Standard Dav[ation -A.statistical moasurc of the ran�c,of a portfuli�'s portorn7ancc,.It rcprase�ts tne vadability of rc+tums around thc averago retum ovar a sUecifi�d timc pereod. Total Value to Paid In(NPI� -The r.3tir�of the current�.�altie of remairing investments�n�ithin a fund,plus the iotal vaiue of all di;tributir��s to date,relatie�e lo the total ama�:nk of capit�l pai�d ie�ia the fund l��d:�lY. .':s a�,nod mea4ure r�f p:�rftirrnir•.r�I.?�fGr�Sh�en(1 4�f a fUei(1'S(ol� Tracking Error •This is a mcasuro of thc star�dard�Jc�;i.ation of�por¢faliQ's rc,aums in rt;lauoi7¢o the p���o�rnanc��+af it�dnsigrvated n�arkat bcnclumarli. Treynor Ratia -�irnilar ts��harpe r�tio but utilizes be:a raih�r than ex�ess risk as neterrnined by st�ndard deviation It is�a'cuiated b;.�takAng�he excess ra9e of rctura abo�+e khe risk fr=e fcJ�E?I�IVIS�k?t�tJy t1E!�'rJ W[�L-�'tIVF!IY14't c3FItiLlI:IIY f'r1IE?L7{fF.191fri{:�+r urul cif risk.A IiiytiNr v�31u�i,iAic;�ct��:�F�rc�i�u�;:t tias ac:hiY�1�d t>et9Nr tiist:�ric:al risk-�il�usl�il�7�rtUrrtiai•�i-�. Up MarkQt Capturo -The ratio of average portf�lio p�rforrnarc�over tne designated bEnchmark during period�of�ositive returnc,�,higher value indicatPs beeter�rod�ct perfarmance_ Pas�u a3 � Disclosures AndCo co.mpiled th�s repart f�r thc sole use•of the client for vrhicl7 it v;as prepared_ AndCo is r�sponsible for evaYuaUng the pertormance results of the Total Fund along tiv�th ihe invectmEnt advisors by comparing their perfarrnance wiCh indi[.es and other related peer universe data that is dezmed aF�propriate. AndCo uses the results from this evalua5on to make obserrations and recornmendations to the client. Ai7dC�us�,s+imu-waiqhtbd calculations�vhich are foundr�d�n standards r9cornmandad by the CFA Institutd. The calculatians and vaiu�,s sh�wn are based on informa[ian thai is receivgd from custc�dians_ AndCo analyzes transactians as indicated on the custadian statements and reviews the cust�dial market values of the portfolio. As a resuis,this provides AndCA with a r�asonablE basis that the investrnent information presented is tree trom matenal misstatement, This methodology of evaluating and rneasuring pertorman�e provides AndCa with a pra�tical faundation for our abservations and recommendations. Nothing came to r�ur att�ntion 1Yiat n�Uul���yuse An�JC,U to t�elieve IhHt Ihe infarm8tion F)r�s�entecl os siyri(i�antly mis5t8ted. This performance report is based on data ohtained by the c�ient's custodian{sj,investmenl fund administrator,or other sources helieved ta be reliable. While lhese saurc�s are believeci to be reliable,the data pro�:iders are responsible fer ihe ac��.iracy and completeness of Iheir statemenis.Clients are encouraged fo comp�re the rec�rds flf lheir custodian(sl to ensure this report fairly and accurately refle�ls thelr 4arious asset�i�sdiuns. 7he stratec�ies listed rnay nat be suitable far all investors, We beli�ve ihe infarmativn pro�ided here is reliable,but da not warrank its acctiracy�r�vcnpletenes:s. 1'ast performance is n�l an indicatipn ai tuture perfnr�r�arrc.e_ Aitiy,r7(r,rrnal;r,n s:�r71alr7�c1 ir7 Ihls repor[is(ar inf�rmal�r�r7a�F�ur�ic7s�s t�r��l�y ancl shnuld nni k�F r.c�nstrueclla br�an s�ffHr to huy nd�II ariy s�c;urlllFs.fiiti�pstrn�irt c�arisultlirg:qr i,��lestrne»t manageme�it S8d1�ICL'S. Addatiunal inforrnation in�;lud�d in khis do.;umenk rnay c;ontain data�arvwded t�y lrc�m incl�x databasps,F�ubiic ecr�nomic sources anr�the managers lhems�lves, Tt�is cacument may contain d�ta provided by Bloomberg Barciays. 6loamberg Barcla},:mde�c data provided by vray of Barclays LiuE. T�i��ocument map�cuntain data prouided by Stand�artl and Poo�s. Notl7ing c�ntained witllin aisy document,advertisem�m or presantation from S&P Indices aansatutas an affer of services in jurisdictions wlhere S&P Ind�ces�Joes not have the rvecessary licenses.All informat.�on provide�bv 5&P Indic�s is impersonal and is not talore�to khe needs of any person,entity or group of persons.Any retums or performance prcvi[�ed tvithin any document is pr�vided tvr iUustrative purposes only and does not demvnstrate actual perlarrnance,Past perforrnance is not a guarankee of future investment resulis This tlocumont may�ontain data provided by hASCI,Inc. Copyright ta1SGl,2017. Unpubfished. All Rights Reserved_ This infortnation mav anly be used for your intemal use,may n4t bE reproduced or r�edisseminated in any forr�and may not be used tn rreate any financial instruments or products ar any indices. 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Neither Morningstar nor its�ontent providers are r�sF�c.�nsiGlH fe�r any clarnage5 ur iu5s€�s�rislny frorn arty use of lnis iniorrnali�n,�xce�t wh�re sucrt tlamages or iosses cannal t�e lirnitei9�r excluc�Ad by law in your jurisdi�tion. �ast finant;�al perk�rrriance is nul yuaranteF r�f future results. aaAO.t4 �-fi� �/i� -. ��!� Pu#ting cli�ents firs#. � t �, � i � a � ,� . � � ,__. _ . _. .. ... tr.__ ._ . _ . ,J� �"�.�.--� r -. . ., . - .. . ..._ ' . . . __ i _. . . _. , , . . ... .- �- . Torrrtc>��k�>Th��E�qtil.ahn�roup