a-Agenda-Board Meeting 11-9-16 · 11/9/2016 · Wednesday, November 9, 2016 - 3:00 P.M. The following is the Agenda of Business for the “Joint Quarterly Meeting” scheduled for

QPB 161109DS Page 1 of 3

MEETING NOTICE TO: Members, Boards of Trustees: Firefighters’ Retirement System General Employees’ Retirement System Police Officers’ Retirement System FROM: Duston Scott, Pension Administrator SUBJECT: AGENDA - JOINT QUARTERLY MEETING Wednesday, November 9, 2016 - 3:00 P.M. The following is the Agenda of Business for the “Joint Quarterly Meeting” scheduled for Wednesday, November 9, 2016, at 3:00 P.M., in the Council Chamber, 1st Floor, City Hall, 11 North 3rd Street, Jacksonville Beach: Call to Order Roll Call: General Employees’ Board: Christine Hoffman, Bruce Thomason, Nick Currie,

Brandon Maresma, Eddie Vergara Police Officers’ Board: Marvin DuPree, Alan Grant, Steve Corbitt, David

Young, Jackie Thomason Firefighters’ Board: Dennis Povloski, Gaylord Candler, Ed Dawson,

Ronald Rabon, Deborah White Courtesy of the floor to visitors CITY CLERK

1. Administer Oath of Office – a. General Employees’ Pension Board of Trustees - Eddie Vergara, Finance, Re-Elected

Member


Members, Boards of Trustees Joint Quarterly Meeting Agenda – November 9, 2016 OLD BUSINESS Consideration by General Employees’, Police Officers’ and Firefighters’ Board of Trustees

2. Approve Minutes of Joint Quarterly Meeting held August 9, 2016

3. Approve Addendum to Salem Trust Agreement for Tax Reclamation Services with GlobeTax

NEW BUSINESS

Consideration by General Employees’ Board of Trustees

4. Approve Applications for Retirement - (a) Annette B. Hayes – Beneficiary Retirement Effective 9/1/2016 – Survivor beneficiary of

Jonathan C. Hays (P&D Building Inspection) – Beneficiary’s lifetime.

(b) Kelly L. Paul – Chief Storekeeper (Beaches Energy) – Early Retirement Effective 11/1/2016 –Meets service requirement with reduced benefit.

(c) Tammy L. Monteiro – Staff Assistant (Police) – Back-DROP Effective 3/1/2014 – Meets

age/service requirement.

Consideration by General Employees’, Police Officers’ and Firefighters’ Board of Trustees

5. Approve Contract Amendment for Fee Increase for Investment Services with the Bogdahn Group.

6. Accept Quarterly Investment Performance Report, as of September 30, 2016 – Dan Johnson of the Bogdahn Group.


Members, Boards of Trustees Joint Quarterly Meeting Agenda – November 9, 2016

PENSION ADMINISTRATOR

7. Present Quarterly Pension Plan Administrator’s Report, as of September 30, 2016

8. Distribute 2017 Joint Quarterly Meeting Calendar

9. Announce Next Meeting Date – Tuesday, February 7, 2017 – 3:00 P.M.

Consideration by General Employees’, Police Officers’ and Firefighters’ Board of Trustees

10. Adjourn Meeting cc. George Forbes, City Manager Karen Nelson, Finance Officer Rosalyn Jackson, Internal Auditor Ann Meuse, Human Resources Director Robert Sugarman, Sugarman & Susskind, P.A. Pedro Herrera, Sugarman & Susskind, P.A. Jessica De la Torre Vila, Sugarman & Susskind, P.A.

Tom Galfano, Wells Capital Rick O’Hara, M D Sass Associates, Inc. David Furfine, Sawgrass Asset Management Gregory Gosch, Sawgrass Asset Management

Dan Johnson, The Bogdahn Group Mark Rhein, Salem Trust City Clerk’s Office

NOTICE

If a person decides to appeal any decision made by the Board with respect to any matter considered at any meeting or hearing, he may need a record of the proceedings, and, for such purpose, he may need to ensure a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.

In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodation to participate in this meeting should contact the City Clerk’s Office no later than 12:00 P.M., on Tuesday, November 8, 2016.

Updated 161005

CITY OF JACKSONVILLE BEACH GENERAL EMPLOYEES’ PENSION BOARD

MEMBER TERM BEGINS TERM EXPIRES

Council Appointee Appointed by Council Serves at pleasure Christine Hoffman, Chair Pro-Tem 01/22/13 of Council 1026 North 13th Street Jacksonville Beach, FL 32250 904-476-6153 [email protected]

Council Appointee Appointed by Council Serves at pleasure Bruce Thomason, Secretary 02/16/15 of Council c/o Human Resources 11 North 3rd Street Jacksonville Beach, FL 32250 904-247-6263 [email protected] Employees’ Representative Re-elected by Member 10/31/2018 Nick Currie - BES Employees – 1460 Shetter Avenue 11/20/2014 Jacksonville Beach, FL 32250 4 yr. term W – 247-6258 [email protected] Employees’ Representative Re-elected by Member 10/31/2020 Eddie Vergara - Finance Employees - 11 N 3rd Street 10/05/2016 Jacksonville Beach, FL 32250 4 yr. term W – 247-6139 [email protected]

Fifth Member Brandon Maresma, Chairperson Selected by Board - 12/31/2017 324 North 6th Avenue 02/09/2016 Jacksonville Beach, FL 32250 Reappointed by Council - W – 222-0204 x307 03/07/2016 [email protected] 2 yr. term Pension Administrator – Duston Scott, Payroll/Benefits Administrator Plan Treasurer - Karen Nelson, Chief Financial Officer

Updated 160915

CITY OF JACKSONVILLE BEACH POLICE OFFICERS’ PENSION BOARD

MEMBER TERM BEGINS TERM EXPIRES Marvin V. DuPree, Chair Pro-Tem Re-appointed by Council - 03/31/2018 1511-C Penman Road 05/02/2016 Jacksonville Beach, FL 32250 2 yr. term W- 246-2001 [email protected] Alan Grant Re-appointed by Council - 03/31/2018 61 Tallwood Road 05/02/2016 Jacksonville Beach, FL 32250 2 yr. term 655-1534 [email protected]

Employees’ Representative CDR Steve Corbitt Re-elected by Member 09/30/2017 c/o Police Department Employees - 10/01/2015 101 S. Penman Rd. 2 yr. term Jacksonville Beach, FL 32250 W – 247-6344 [email protected] Employees’ Representative SGT C. David Young, Chairperson Re-elected by Member 09/30/2017 c/o Police Department Employees - 10/01/2015 101 S. Penman Rd. 2 yr. term Jacksonville Beach, FL 32250 W – 270-1667 [email protected] Fifth Member Re-selected by Board - 03/31/2018 Jacqueline Thomason, Secretary 05/20/2016 c/o Human Resources Reappointed by Council - 11 North 3rd St. 06/06/2016 - Jacksonville Beach, FL 32250 2 yr. term 247-6263 [email protected] Pension Administrator – Duston Scott, Payroll/Benefits Administrator Plan Treasurer – Karen Nelson, Chief Financial Officer

Updated 160801

CITY OF JACKSONVILLE BEACH FIREFIGHTERS’ PENSION BOARD

MEMBER TERM BEGINS TERM EXPIRES Dennis Povloski, Chairperson Re-appointed by Council - 03/31/2018 DF Pensions Inc. 05/02/2016 830 South 3rd Street 2 yr. term Jacksonville Beach, FL 32250 W – 853-6241 FAX – 853-6243 [email protected]

Gaylord George Candler, Chair Pro-Tem 507 16th Avenue South Re-appointed by Council - 03/31/2018 Jacksonville Beach FL 32250 05/02/2016 W- 620-1388 H- 508-631-6117 2 yr. term [email protected] Employees’ Representative Lt. Edward Dawson, Secretary Re-elected by Member 09/30/2017 c/o Fire Department Employees - 10/01/2015 11 North 3rd Street 2 yr. term Jacksonville Beach, FL 32250 W – 247-6240 [email protected]

Employees’ Representative Captain Ron Rabon Re-elected by Member 09/30/2017 c/o Fire Department Employees - 10/01/2015 11 North 3rd Street 2 yr. term Jacksonville Beach, FL 32250 W – 247-6240 [email protected]

Fifth Member Deborah White Re-selected by Board - 03/31/2018 3053 Sunset Landing Drive 05/20/2016 Jacksonville, FL 32226 Reappointed by Council - W – 247-5855 H – 757-1832 06/06/2016 - [email protected] 2 yr. term Pension Administrator – Jeri Benjamin, Payroll/Benefits Administrator Plan Treasurer – Karen Nelson, Chief Financial Officer

QPB 160809 min Page 1 of 4

Minutes of JOINT QUARTERLY MEETING of the Firefighters’, General Employees’, and Police Officers’ Retirement Systems, held Tuesday, August 9, 2016, at 3:00 P.M., in the Council Chambers, 11 North 3rd Street, Jacksonville Beach, Florida.

1. Call to Order / Roll Call Steve Corbitt of the Police Officers’ Retirement System called the meeting to order at 3:00 P.M.

General Employees’ Board: Nick Currie Christine Hoffman Brandon Maresma Bruce Thomason Eddie Vergara Police Officers’ Board: Steve Corbitt Marvin DuPree Alan Grant Jackie Thomason David Young (absent) Firefighters’ Board: Gaylord “George” Candler

Dennis Povloski Ed Dawson (absent) Ronald Rabon Debbie White

Also in attendance were Laurie Scott, City Clerk, Ann Meuse, Human Resources Director, and Stacy Gibson, City Clerk’s Office.

OLD BUSINESS

None

CITY CLERK 1. Oath of Office

a. City Clerk, Laurie Scott administered the Oath of Office to Jacqueline Thomason

(Police) and Debbie White (Fire).

Minutes, Boards of Trustees Joint Quarterly Meeting Agenda – August 9, 2016

QPB 160809 mins Page 2 of 4

GENERAL EMPLOYEES’ BOARD OF TRUSTEES

2. Approve Minutes of Special Meeting held May 10, 2016

Motion: It was moved by Ms. Hoffman, seconded by Mr. Thomason to approve the minutes of the Special Meeting held May 10, 2016. The motion was approved unanimously.

GENERAL EMPLOYEES’ and FIREFIGHTERS’ BOARD OF TRUSTEES

3. Approve Minutes of Joint Quarterly Meeting held May 10, 2016

Motion: It was moved by Ms. Hoffman, seconded by Mr. Thomason to approve the minutes of the Joint Quarterly Meeting held May 10, 2016. The motion was approved unanimously.

POLICE OFFICERS’ BOARD OF TRUSTEES

4. Approve Minutes of Special Meeting held May 20, 2016

Motion: It was moved by Mr. Grant and seconded by Mr. DuPree, to approve the minutes of the Special Meeting held May 20, 2016. The motion was approved unanimously.

COURTESY OF THE FLOOR TO VISITORS None

NEW BUSINESS

GENERAL EMPLOYEES’ BOARD OF TRUSTEES

5. Set Quarterly DROP Interest Rate (currently set at 3.5%)

Motion: It was moved by Ms. Hoffman and seconded by Mr. Maresma, to set the Quarterly DROP Interest Rate at 3.5%.

Roll call vote: Ayes - Currie, Hoffman, Maresma, Thomason, and Vergara. The motion was approved unanimously.



6. Approve Applications for Retirement a. Motion: It was moved by Mr. Currie and seconded by Mr. Maresma, to approve

Jim A. Watford’s application for retirement.

Roll call vote: Ayes – Currie, Hoffman, Maresma, Thomason, and Vergara. The motion was approved unanimously.

b. Motion: It was moved by Mr. Currie and seconded by Mr. Maresma, to approve Craig A. Black’s application for retirement.


c. Motion: It was moved by Mr. Currie and seconded by Mr. Maresma, to approve Jared I. Smith’s application for retirement.


GENERAL EMPLOYEES’, POLICE OFFICERS’ AND FIREFIGHTERS’ BOARD OF TRUSTEES

7. Salem Trust Investment Review – Mark Rhein, Chief Operating Officer of Salem Trust, presented the Quarterly Investment Review. Mr. Rhein reported that Salem Trust has partnered with GlobeTax, which provides recovery of international taxes paid on investments. According to Mr Rhein, the City is presently owed $2,700 in international taxes and is recommending the pension boards consider hiring GlobeTax to act as collection agency to collect these monies. GlobeTax is paid from the monies collected. This item will be placed on the next Quarterly Pension Board meeting agenda for consideration.

8. Wells Fargo Investment Manager Discussion – Tom Galfano and Anne Tidmore of Wells Fargo discussed the City of Jacksonville Beach investments.

9. Accept Quarterly Investment Performance Report, as of June 30, 2016 – Dan Johnson of the Bogdahn Group presented the Quarterly Investment Performance Report.



Motion: It was moved by Ms. White and seconded by Ms. Hoffman, to accept the Quarterly Investment Performance Report.

Roll call vote (FIRE): Ayes – Candler, Povloski, Rabon, and White. The motion was approved unanimously.

Roll call vote (GENERAL): Ayes – Currie, Hoffman, Maresma, B. Thomason, and Vergara. The motion was approved unanimously.

Roll call vote (POLICE): Ayes – Corbitt, DuPree, Grant, and J. Thomason. The motion was approved unanimously.

PENSION ADMINISTRATOR

10. Quarterly Pension Plan Administrator’s Report, as of June 30, 2016. Ann Meuse presented the Quarterly Pension Plan Administrator’s Report.

ADJOURNMENT

The meeting adjourned at 4:50 P.M.

Submitted by: Stacy Gibson Staff Assistant

Approval: _____________________________

Chair Date: ________________________

City of

Jacksonville Beach

City Hall

11 North Third Street

Jacksonville Beach

FL 32250

Phone: 904.247.6299 #10

904.247.6250 #11

Fax: 904.247.6256

E-Mail: [email protected]

www.jacksonvillebeach.org

HUMAN RESOURCES

November 1, 2016

MEMORANDUM TO: Board of Trustees – City of Jacksonville Beach Firefighters’, General

Employees’ and Police Officers’ Retirement Plans FROM: Duston Scott, Pension Plan Administrator SUBJECT: Authorize Salem Trust to utilize GlobeTax to Recapture Excess Taxes

withheld by Foreign Sources _________________________________________________________________ ACTION REQUESTED: Recommend authorizing Salem Trust to utilize GlobeTax to recover overpayment of taxes on investment purchases. BACKGROUND: Last meeting, Mark Rhein, Chief Operating Officer for Salem Trust made a proposal to the Board of Trustees to authorize Salem Trust to recover overpayments of taxes on investment purchases through a service provided by GlobeTax. According to Salem Trust, the Pension Boards are currently owed approximately $5,700 in excess taxes withheld. GlobeTax typically retains 50% of the monies collected as a fee (see fee summary attached). This request was referred to the Pension Boards’ attorney, Sugarman and Susskind. Following are comments from Pedro Herrera of Sugarman & Susskind regarding the matter:

“I have reviewed several documents with respect to GlobeTax’s services for foreign tax reclamations as well as performed some cursory diligence on the corporation itself. As the Board is not engaging GlobeTax, this is really a business judgment for the Board of Trustees and we do not see any legal issues with their opting to enlist the optional services provided by Salem via GlobeTax. The Board should be made aware of the fees (i.e. annual fee per international trading account, initial set-up fee and contingency fees for Salem and GlobeTax on any recovery) and weigh it against how much they expect to actually recover. They should also be made aware that the first year may be a larger recovery than normal as there are likely outstanding taxes from prior years that would be garnered initially with a drop off going forward. You could advise on whether or not it makes sense based on the size of the respective international portfolios.

It is important for the Board to understand that they are not hiring GlobeTax and will have no contractual relationship with this firm. The Pension Fund has a contract with Salem and Salem’s fiduciary duties remain despite whoever it

chooses to subcontract work to. The duty to vet its subcontractors and ensure GlobeTax is “operating” properly falls on Salem. Should anything go wrong, we would look to Salem as our fiduciary and the company responsible for hiring GlobeTax to provide these services to Salem’s clients.

I trust this helps. Please let me know if you need anything further.

Please include this email for the Board as part of the agenda backup for its discussion on this matter at the next meeting.”

RECOMMENDATION: Based on the pension attorney’s comments above, approve authorizing Salem Trust to utilize GlobeTax to recover overpayment of taxes on investment purchases.

Tax Reclamation Services Fee Summary

1. GlobeTax Recovery Fees (payable upon recovery of funds, lookback period varies

by stock/location)A per client:

For each security when more than $100.00 is recovered: the greater of $50.00

or 20% of amount recovered.

For each security when $100.00 or less is recovered: 50% of the amount

recovered.

2. GlobeTax Annual Account Maintenance Fee:

$200 per client based on of an annual recovery greater than $400.00.

Includes the $85.00 IRS form 8802 application fee.

3. Custodial Processing Fee

5% of amount recovered after GlobeTax Recovery Fees.

A. Other fees may apply in the collection process. These could include, but not limited to, conversion of

a foreign currency to USD, foreign bank depository fees and international wire transfer costs.

Version 10-15-2015

GlobeTax

City of

Jacksonville Beach

City Hall

11 North Third Street

Jacksonville Beach

FL 32250

Phone: 904.247.6299 #10

904.247.6250 #11

Fax: 904.247.6256

E-Mail: [email protected]

www.jacksonvillebeach.org

HUMAN RESOURCES

November 1, 2016

MEMORANDUM TO: Board of Trustees – City of Jacksonville Beach Firefighters’, General

Employees’ and Police Officers’ Retirement Plans FROM: Duston Scott, Pension Plan Administrator SUBJECT: Bogdahn Group Fee Adjustment Request _________________________________________________________________ ACTION REQUESTED: Recommend the approval of amendment to Exhibit A of the current Bogdahn Group, LLC Consulting Services Agreement dated November 12, 2008, allowing for a 3% increase in management fees from $35,000 per year to $36,050, commencing January 1, 2017, and 3% each year thereafter. BACKGROUND: On November 12, 2008, the City of Jacksonville Beach Firefighters’, General Employees’ and Police Officers’ Retirement Plans entered into a consulting services agreement with Bogdahn Group, LLC. In this agreement Bogdahn Group, LLC agreed to provide a full range of investment consulting services as the Consultant to the Trustees, with respect to the funds of the Retirement System. The agreement was to continue for the period of 3 years, or until terminated by either party with at least 30 days of notice prior to the effective date of termination. Without a notice of termination, the contract was automatically renewed on the anniversary date. The City retirement systems collectively pay $35,000 a year to Bogdahn Group to manage the investments for all three plans. This fee has not changed since the original contract was entered into on November 12, 2008. The contract requires that Bogdahn Group provide 90 days’ notice in advance of any proposed fee changes. Attached is a copy of the contract and a letter from Bogdahn Group requesting a fee increase of 3% to take effect January 1, 2017, and each year thereafter. It has been over 8 years since the Pension Boards have considered Investment Advisory services. The Pension Boards have the option of approving the increase requested by the Bogdahn Group or considering exploring other Investment Advisory firms. However, given the quality of services provided by Bogdahn Group, it is recommended that the Pension Boards approve the requested increase at this time. RECOMMENDATION: Approve amendment to Exhibit A of the current Bogdahn Group, LLC Consulting Services Agreement dated November 12, 2008, allowing for a 3% increase in management fees from $35,000 per year to $36,050, commencing January 1, 2017 and 3% each year thereafter.

______________________________________________________________________ 4901 Vineland Road Suite 600 Orlando, Florida 32811

Telephone (866) 240-7932 Facsimile (863) 292-8717 www.bogdahngroup.com

MEMORANDUM

FROM: The Bogdahn Group; Kim Spurlin / Daniel Johnson TO: City of Jacksonville Beach Retirement System RE: Summary of Proposed Fee Revisions Our firm was formed with the mission of providing the highest level of institutional investment consulting at a competitive fee. Today we are a better, stronger and more experienced firm than we were when initially engaged by your Board. The institutional marketplace has changed dramatically over the years, and true independence is now recognized as the prudent approach. We are pleased to have been at the forefront of this movement. We are aware of the challenges in the current environment that are facing Pension Plans across the state and the nation, and we have always strived to provide the highest level of institutional consulting services at a competitive fee. We have been pleased to serve the City of Jacksonville Beach Retirement System under the current contract for the three and a half years. Through our open and on-going communication and reporting we have assisted the Board in prudently reviewing and restructuring the portfolio. We would like to highlight a few of the changes to the investment program below:

Working with the Board to update the asset allocation and revising the

investment policy statement for consistency with the investment portfolio objectives and goals.

Revised Domestic Equity Portfolio to introduce efficiencies and cost savings, through indexing the core component, complementing actively managed separate accounts.

Conducted Investment Manager reviews and allocations across International and Domestic Equity portfolio.

Addressed ordinance changes at City Council level to allow for increased Equity and Real Estate Allocations.

Introduced the Plan’s first non-traditional investment allocation through the core real estate strategy.

As we have worked to improve our client’s investment portfolios, over the past eight years we have also worked to improve our firm, adding talented people and increasing our technological capabilities. Our objective is to be able to provide the highest level of service and industry knowledge to each of our clients.

______________________________________________________________________ 4901 Vineland Road Suite 600 Orlando, Florida 32811

Telephone (866) 240-7932 Facsimile (863) 292-8717 www.bogdahngroup.com

Our firm provides institutional consulting services on a hard dollar, full retainer, flat-fee basis for 100% of our clients. While this request represents an increase to our current hard dollar fee, this new proposal still reflects a significant reduction in the proposed rate for our services as a percent of the market value of assets over time. To best serve the specific needs of the City of Jacksonville Beach Retirement System we have provided a fee proposal for consideration which includes the introduction of an annual adjustment of 3%. Current Fee: Flat Fee Annual Retainer Fee: $35,000 (December 2008) Pension Market Value: $50,555,687

Fee as a Percentage (%): 0.0692% Fee Proposal = Introduce an Annual Incremental Adjustment Annual Cost Adjustment 3%

Annual Retainer Fee 2017 $36,050

(September 2016) Pension Market Value: $80,079,450

Fee as a Percentage (%): 0.0450% We value the relationship with the City of Jacksonville Beach Retirement System and look forward to a continued successful relationship.

Proposed effective date January 1, 2017

Investment Portfolio Review

Working with the Board to update the asset allocation and revising the investment policystatement for consistency with the investment portfolio objectives and goals.

Revised Domestic Equity Portfolio to introduce efficiencies and cost savings, through indexingthe core component, complementing actively managed separate accounts.

Conducted Investment Manager reviews and allocations across International and DomesticEquity portfolio.

Addressed ordinance changes at City Council level to allow for increased Equity and Real EstateAllocations.

Introduced the Plan’s first non-traditional investment allocation through the core real estatestrategy.

ill Lynch Global High Yield Index / 33% JPM EMBI Global

City of Jacksonville Beach Retirement System

Existing Contract Fee Proposed Fee

Flat Fee Annual Cost Adjustment 3%

Annual Retainer Fee: $35,000 Annual Retainer Fee 2017 $36,050

(December 2008) Pension Market Value: $50,555,687

(September 2016) Pension Market Value: $80,079,450

Fee as a Percentage (%): 0.0692% Fee as a Percentage (%): 0.0450%Proposed effective date January 1, 2017

Asset class returns were broadly positive for the 3rd quarter as global marketscontinued to rebound from the late June shock caused by the U.K.’s decision toleave the European Union. Investment returns also benefited from continuedexpansionary global central bank policies as well as general improvement ineconomic data. Domestic and international equity, particularly small cap andemerging markets, easily outperformed bonds as investor sentiment shiftedonce again to a “risk-on” posture. Returns for the trailing twelve monthsillustrated a similar pattern with higher risk assets generally outperformingdefensive investments.

Equity market indices were positive for the 3rd quarter and the 1-year period.Domestic stock market returns represented by the Russell 3000 Index have beensolid, returning 4.4% for the 3rd quarter and 15.0% over the trailing year. Withindomestic stocks, the small cap index doubled the performance of other domesticindices with a return of 9.0% for the quarter. This strong outperformance for thequarter also elevated the small cap benchmark marginally past the return ofdomestic equity indices for the 1-year period. Similar to domestic equity results,international equity indices also yielded robust performance for the 3rd quarter.In U.S. Dollar (USD) terms, the MSCI ACWI ex U.S. Index (net) appreciated 6.9%for the quarter and 9.3% over the last year. The Emerging market index postedits third straight quarter of outperformance relative to developed market MSCI-EAFE Index (net). The MSCI Emerging Market Index (net) posted returns of 9.0%and 16.8%, respective, for the 3rd quarter and 1-year period versus returns of6.4% and 6.5% for the MSCI EAFE Index (net).

Despite a brief drop in yields at the start of the 3rd quarter, the U.S. Treasuryyield curve moved higher as interest rates rose moderately across the maturityspectrum. This upward shift in the yield curve caused U.S. Government bonds topost negative returns for the quarter. In contrast, the investment gradecorporate and mortgage-backed bond components of the Aggregate benchmarkmanaged to post positive performance for the quarter. Investment gradecorporate issues benefited from increased demand for yield, which led totightening credit spreads throughout the quarter, particularly in lower creditquality issues.

Source: Investment Metrics

The Market EnvironmentMajor Market Index Performance

As of September 30, 2016

1

Chart1

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Qtr

Quarter Performance

0.0006991628

0.0140804829

0.0059631713

0.0096407957

-0.0025220598

0.0045817376

0.0904585997

0.0451509001

0.0402958506

0.0439777988

0.0385210075

0.0902663463

0.0643427126

0.0691123834

Paris

Market Environment Spectrum---this table is used for the CHARTS

DATA from PARIS

zaaabacadaeyconfirm with column Cafag

Asset Class Perf.QTDYTD1yr3yr5yr10yrQtrYTD1yr3yr5yr10yr15yr20yr15yr20yr

Needs TBILL383-Month T-Bill0.070.190.200.080.080.840.1%0.2%0.2%0.1%0.1%0.8%Citigroup 3 Month T-Bill Index1.302.251.3%2.2%

37Barclays Corp IG1.419.208.565.635.145.911.4%9.2%8.6%5.6%5.1%5.9%Barclays U.S. Corporate Investment Grade IndexPASTE FROM PARIS5.886.335.9%6.3%

32Barclays MBS0.603.723.613.612.654.650.6%3.7%3.6%3.6%2.6%4.7%Barclays U.S. Mortgage Backed Securities4.6QTRYTD1 YR3 YR5 YR10 YR15 YR80 QuartersEndingDec-2015100 QuartersEndingDec-2015120 QuartersEndingDec-20154.615.474.6%5.5%

42Barclays US TIPS0.967.276.582.401.934.481.0%7.3%6.6%2.4%1.9%4.5%Barclays U.S. Treasury: U.S. TIPS Index7.810MSCI EAFE (Net)6.431.736.520.487.391.825.814.295.055.735.40N/A5.4%0.0%

VERIFY From Barclays31Barclays US Govt(0.25)4.964.003.322.164.34-0.3%5.0%4.0%3.3%2.2%4.3%Barclays U.S. Government11MSCI Emerging Markets (Net)9.0316.0216.78-0.563.033.9411.55N/AN/AN/A4.345.284.3%5.3%

34Barclays US Agg0.465.805.194.033.084.790.5%5.8%5.2%4.0%3.1%4.8%Barclays Aggregate Index124.805.604.8%5.6%

13Russell Top 200 Index3.846.9615.2311.2516.297.056.457.438.919.86

23Russell 20009.0511.4615.476.7115.827.079.0%11.5%15.5%6.7%15.8%7.1%Russell 2000 Index14Russell 2500 Index6.5610.8014.447.7716.307.9410.079.4310.8110.749.268.069.3%8.1%

26Russell MidCap4.5210.2614.259.7016.678.324.5%10.3%14.2%9.7%16.7%8.3%Russell Midcap Index15S&P 500 Index3.857.8415.4311.1616.377.247.157.919.3410.2210.4410.1210.4%10.1%

20Russell 10004.037.9214.9310.7816.417.404.0%7.9%14.9%10.8%16.4%7.4%Russell 1000 Index16Russell 3000 Value Index3.8710.4016.389.4616.095.847.598.5410.0210.307.488.077.5%8.1%

17Russell 30004.408.1814.9610.4416.367.374.4%8.2%15.0%10.4%16.4%7.4%Russell 3000 Index17Russell 3000 Index4.408.1814.9610.4416.367.377.618.039.4710.147.618.037.6%8.0%

15S&P 5003.857.8415.4311.1616.377.243.9%7.8%15.4%11.2%16.4%7.2%S&P 500 Index18Russell 3000 Growth Index4.926.1213.6411.4016.568.807.467.028.519.617.157.917.1%7.9%

19Russell 1000 Value Index3.4810.0016.199.7016.155.857.468.499.9710.31

11MSCI Emerg Mkts9.0316.0216.78(0.56)3.033.949.0%16.0%16.8%-0.6%3.0%3.9%MSCI Emerging Markets (Net)20Russell 1000 Index4.037.9214.9310.7816.417.407.488.079.5110.2411.55N/A11.5%0.0%

10MSCI EAFE6.431.736.520.487.391.826.4%1.7%6.5%0.5%7.4%1.8%MSCI EAFE (Net)21Russell 1000 Growth Index4.586.0013.7611.8316.608.857.357.148.639.805.814.295.8%4.3%

43MSCI ACWxUS6.915.829.260.186.042.166.9%5.8%9.3%0.2%6.0%2.2%MSCI AC World ex USA (Net)22Russell 2000 Value Index8.8715.4918.816.7715.455.789.389.5111.1010.536.56N/A6.6%0.0%

23Russell 2000 Index9.0511.4615.476.7115.827.079.268.069.569.33

Equity StylesQtrYTD1yr3yr5yr10yrQtrYTD1yr3yr5yr10yr24Russell 2000 Growth Index9.227.4812.126.5816.158.298.906.147.557.7315yr20yr0.0%0.0%

242000 Growth9.227.4812.126.5816.158.299.2%7.5%12.1%6.6%16.1%8.3%Russell 2000 Growth Index25Russell Midcap Value Index4.4513.7217.2610.4917.387.8910.7210.7411.9611.748.906.148.9%6.1%

232000 Index9.0511.4615.476.7115.827.079.0%11.5%15.5%6.7%15.8%7.1%Russell 2000 Index26Russell Midcap Index4.5210.2614.259.7016.678.3210.4410.1211.3511.539.268.069.3%8.1%

222000 Value8.8715.4918.816.7715.455.788.9%15.5%18.8%6.8%15.4%5.8%Russell 2000 Value Index27Russell Midcap Growth Index4.596.8411.248.9015.858.519.668.359.6910.489.389.519.4%9.5%

28

27MidCap Growth4.596.8411.248.9015.858.514.6%6.8%11.2%8.9%15.8%8.5%Russell Midcap Growth Index29Barclays Emerging Markets USD Aggregate Index3.1312.8213.936.607.277.419.449.14N/AN/A9.668.359.7%8.4%

26MidCap Index4.5210.2614.259.7016.678.324.5%10.3%14.2%9.7%16.7%8.3%Russell Midcap Index30Barclays US Corp: High Yield5.5515.1112.735.288.347.718.647.118.198.2910.4410.1210.4%10.1%

25MidCap Value4.4513.7217.2610.4917.387.894.4%13.7%17.3%10.5%17.4%7.9%Russell Midcap Value Index31Barclays U.S. Government-0.254.964.003.322.164.344.345.285.696.2110.7210.7410.7%10.7%

32Barclays U.S. Mortgage Backed Securities0.603.723.613.612.654.654.615.475.786.62

211000 Growth4.586.0013.7611.8316.608.854.6%6.0%13.8%11.8%16.6%8.8%Russell 1000 Growth Index33Barclays U.S. Credit Index1.238.868.305.444.835.775.786.276.727.247.357.147.4%7.1%

201000 Index4.037.9214.9310.7816.417.404.0%7.9%14.9%10.8%16.4%7.4%Russell 1000 Index34Barclays Aggregate Index0.465.805.194.033.084.794.805.605.976.567.488.077.5%8.1%

191000 Value3.4810.0016.199.7016.155.853.5%10.0%16.2%9.7%16.2%5.9%Russell 1000 Value Index35Barclays Global Multiverse1.0510.219.232.221.974.385.29N/AN/AN/A7.468.497.5%8.5%

36Barclays Global Aggregate Ex USD1.0313.0911.670.750.703.825.414.205.60N/A

183000 Growth4.926.1213.6411.4016.568.804.9%6.1%13.6%11.4%16.6%8.8%Russell 3000 Growth Index37Barclays U.S. Corporate Investment Grade Index1.419.208.565.635.145.915.886.336.767.287.467.027.5%7.0%

173000 Index4.408.1814.9610.4416.367.374.4%8.2%15.0%10.4%16.4%7.4%Russell 3000 Index38Citigroup 3 Month T-Bill Index0.070.190.200.080.080.841.302.252.673.387.618.037.6%8.0%

163000 Value3.8710.4016.389.4616.095.843.9%10.4%16.4%9.5%16.1%5.8%Russell 3000 Value Index39BofA Merrill Lynch Domestic Master Bond IndexN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A7.598.547.6%8.5%

40CPI - All Urban Consumers (SA)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

41CPI + 3%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

42Barclays U.S. Treasury: U.S. TIPS Index0.967.276.582.401.934.485.40N/AN/AN/A

******43MSCI AC World ex USA (Net)6.915.829.260.186.042.166.56N/AN/AN/A

Yield Curve1 mo3 mo6 mo1 yr2 yr3 yr5 yr7 yr10 yr20 yr30 yr

3/31/064.654.634.814.824.824.834.824.834.865.074.9

6/30/064.545.015.245.215.165.135.15.115.155.315.19

9/29/064.64.895.024.914.714.624.594.64.644.844.77

12/29/064.755.025.0954.824.744.74.74.714.914.81

3/30/075.075.045.064.94.584.544.544.584.654.924.84

6/29/074.284.824.934.914.874.894.924.965.035.215.12

8/31/074.024.014.214.194.154.164.254.364.544.874.83

9/28/073.433.824.094.053.974.034.234.384.594.894.83

12/31/072.763.363.493.343.053.073.453.74.044.54.45

3/31/081.221.381.511.551.621.792.462.883.454.34.3

6/30/081.61.92.172.362.632.913.343.613.994.594.53

9/30/081.020.921.61.7822.282.983.383.854.434.31

12/31/080.110.110.270.370.761.001.551.872.253.052.69

3/31/090.170.210.430.570.811.151.672.282.713.613.56

6/30/090.170.190.350.561.111.642.543.193.534.34.32

9/30/090.060.140.180.40.951.452.312.933.314.024.03

12/31/090.040.060.20.471.141.72.693.393.854.584.63

3/31/100.150.160.240.411.021.62.553.283.844.554.72

6/30/100.170.180.220.320.6111.792.422.973.743.91

9/30/100.140.160.190.270.420.641.271.912.533.383.69

12/31/100.070.120.190.290.611.022.012.713.34.134.34

3/31/110.050.090.170.30.81.292.242.93.474.294.51

6/30/110.010.030.10.190.450.811.762.53.184.094.38

9/30/110.020.020.060.130.250.420.961.431.922.662.9

12/30/110.010.020.060.120.250.360.831.351.892.572.89

3/30/120.050.070.150.190.330.511.041.612.2333.35

6/30/120.040.090.160.210.330.410.721.111.672.382.76

9/30/120.060.10.140.170.230.310.621.041.652.422.82

12/31/120.020.050.110.160.250.360.721.181.782.542.95

3/31/130.040.070.110.140.250.360.771.241.872.713.1

6/30/130.020.040.10.150.360.661.411.962.523.223.52

9/30/130.030.020.040.100.330.631.392.022.643.413.69

12/31/130.010.070.10.130.380.781.752.453.043.723.96

3/31/140.030.050.070.130.440.91.732.32.733.313.56

6/30/140.020.040.070.110.470.881.622.132.533.083.34

9/30/140.020.020.030.130.581.071.782.222.522.983.21

12/31/140.030.040.120.250.671.11.651.972.172.472.75

3/31/150.050.030.140.260.560.891.371.711.942.312.54

6/30/150.020.010.110.280.641.011.632.072.352.833.11

9/30/15000.080.330.640.921.371.752.062.512.87

12/31/150.140.160.490.651.061.311.762.092.272.673.01

3/31/160.180.210.390.590.730.871.211.541.782.22.61

6/30/160.20.260.360.450.580.711.011.291.491.862.3

change in yield in MRQ0.020.05-0.03-0.14-0.15-0.16-0.20-0.25-0.29-0.34-0.31

-0.0250-0.17-0.2428571429

1 mo3 mo6 mo1 yr2 yr3 yr5 yr7 yr10 yr20 yr30 yr

Paris

9/30/2015

12/31/2015

3/31/2016

6/30/2016

Treasury Yield Curve

page 1 MKT CHTs

.

page 1 MKT CHTs

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Qtr

Quarter Performance

0.0006991628

0.0140804829

0.0059631713

0.0096407957

-0.0025220598

0.0045817376

0.0904585997

0.0451509001

0.0402958506

0.0439777988

0.0385210075

0.0902663463

0.0643427126

0.0691123834

page 2 STYLE

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

1yr

1-Year Performance

0.0020148204

0.0856353034

0.0361340182

0.0658121623

0.0399841718

0.0519219631

0.1546787893

0.1424949449

0.1493188267

0.1496416527

0.1543048003

0.1678336123

0.0651670183

0.0925616198

Sector--MstarDirect

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

5yr

5-Year Trailing Performance

0.0007670384

0.0513528018

0.0264782428

0.0192587984

0.0216330111

0.0308138

0.1582342503

0.1667181245

0.1640882895

0.1635629274

0.1637373992

0.0303176352

0.0738804666

0.0604034426

Top 10

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

10yr


0.0084052959

0.0591318397

0.0465051909

0.0448250253

0.04338435

0.047892552

0.0707303383

0.0831757269

0.0740052718

0.073704545

0.0723809414

0.0394462762

0.0181992795

0.0216491951

New INTL

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

15yr


0.0130084242

0.058752613

0.0460915447

0.0539745337

0.0433924233

0.0479744659

0.0926198588

0.1043934555

0.0748104691

0.0760636227

0.0714958593

0.1154900083

0.0580963254

0.0656489765

INTL Sector

3-Month T-Bill

Barclays Corp IG

Barclays MBS

Barclays US TIPS

Barclays US Govt

Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

20yr


N.A

N/A

N/A

0.0224909253

0.0632820428

0.0546821572

0

0.0527830013

0.0560255941

0.0806196546

0.1011661652

0.0807255815

0.080333874

0.0791040978

0

0.0428931165

0

BarcapLive

.

BarcapLive

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value

Quarter Performance - Russell Style Series

0.0922155893

0.0904585997

0.0886595495

0.0459193238

0.0451509001

0.0444923915

0.0458111346

0.0402958506

0.0348088224

0.0492345248

0.0439777988

0.0387369541

Yield Curve

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value

1-Year Performance - Russell Style Series

0.1212360656

0.1546787893

0.1880898436

0.1124155667

0.1424949449

0.17262834

0.1376063343

0.1493188267

0.161948543

0.1364113574

0.1496416527

0.1637973885

Annual History

use 1-qtr and 1-year attribution from "highlights" tab and ending weight from "weight" tab

pasted from worked Mstar Direct Data Dump

Russell 1000quarter1-yearweight

sort to reverse alpha after posting.

Utilities7.0731.503.38

Telecommunication Services7.2623.352.56

Real Estate5.005.005.00

Materials3.94-1.293.24

Information Technology-2.253.6219.75

Industrials1.405.7310.71

Health Care6.14-3.6713.94

Financials2.54-2.7316.90

Energy11.13-6.886.74

Consumer Staples4.6417.199.48

Consumer Discretionary-1.431.7313.30

Russell 1000

WeightSECTORQTR1-YearWeight

Utilities (3.4%)3.4%Utilities7.1%31.5%3.4%

Telecom Services (2.6%)2.6%Telecom Services7.3%23.4%2.6%

Real Estate (5.0%)5.0%Real Estate5.0%5.0%5.0%

Materials (3.2%)3.2%Materials3.9%-1.3%3.2%

Info Technology (19.7%)19.7%Info Technology-2.2%3.6%19.7%

Industrials (10.7%)10.7%Industrials1.4%5.7%10.7%

Health Care (13.9%)13.9%Health Care6.1%-3.7%13.9%

Financials (16.9%)16.9%Financials2.5%-2.7%16.9%

Energy (6.7%)6.7%Energy11.1%-6.9%6.7%

Consumer Staples (9.5%)9.5%Consumer Staples4.6%17.2%9.5%

Consumer Disc (13.3%)13.3%Consumer Disc-1.4%1.7%13.3%

105.0%

pasted from worked Mstar Direct Data Dump

Russell 2000quarter1-yearweight

sort to reverse alpha after posting.

Utilities10.1130.134.03



Materials13.09-4.584.09

Information Technology2.64-3.4117.71

Industrials3.09-6.4213.06

Health Care4.81-21.3214.00

Financials4.392.3126.34

Energy8.88-38.282.76


Consumer Discretionary-1.77-14.2313.55

Russell 2000

WeightSECTORQTR1-YearWeight

Utilities (4.0%)4.0%Utilities10.1%30.1%4.0%

Telecom Services (0.9%)0.9%Telecom Services11.5%19.0%0.9%

Real Estate (5.0%)5.0%Real Estate5.0%5.0%5.0%

Materials (4.1%)4.1%Materials13.1%-4.6%4.1%

Info Technology (17.7%)17.7%Info Technology2.6%-3.4%17.7%

Industrials (13.1%)13.1%Industrials3.1%-6.4%13.1%

Health Care (14.0%)14.0%Health Care4.8%-21.3%14.0%

Financials (26.3%)26.3%Financials4.4%2.3%26.3%

Energy (2.8%)2.8%Energy8.9%-38.3%2.8%

Consumer Staples (3.6%)3.6%Consumer Staples9.7%11.5%3.6%

Consumer Disc (13.6%)13.6%Consumer Disc-1.8%-14.2%13.6%

105.0%

paste indivually from highlights of 1 qtr rescaled wt + qtr return and 1-year sheet

qtr1yrrescaled wt

r1000Consumer Discretionary-1.431.7313.30


Energy11.13-6.886.74

Financials2.54-2.7316.90

Health Care6.14-3.6713.94

Industrials1.405.7310.71

Information Technology-2.253.6219.75

Materials3.94-1.293.24



Utilities7.0731.503.38

r2000Consumer Discretionary-1.77-14.2313.55


Energy8.88-38.282.76

Financials4.392.3126.34

Health Care4.81-21.3214.00

Industrials3.09-6.4213.06

Information Technology2.64-3.4117.71

Materials13.09-4.584.09



Utilities10.1130.134.03

Annual History

1-Year

Quarter

Russell 1000

market history

1-Year

Quarter

Russell 2000

Market Charts Long-Term

Russell 1000--PASTE From MSTAR DIRECT Excel ExportRussell 2000--PASTE From MSTAR DIRECT Excel Export

Top 10 Weighted StocksTop 10 Weighted StocksPortfolio Weighting %1-quarter1-yearGICS SectorPortfolio Weighting %1-quarter1-yearGICS Sector

Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorColumn Width of C, D, E and J, K, L, changed from 7.86 due to MAGH huge quarterly return - SWITCH BACK NEXT QUARTER!Top 10Top 10

Apple Inc2.58%-11.7%-22.2%Information TechnologyOlin Corp0.25%44.3%-3.8%MaterialsApple Inc2.58-11.75-22.22Information TechnologyOlin Corp0.2544.31-3.78Materials

Exxon Mobil Corp1.91%13.1%16.8%EnergyIdacorp Inc0.25%9.8%49.2%UtilitiesExxon Mobil Corp1.9113.0916.77EnergyIdacorp Inc0.259.8349.24Utilities

Microsoft Corp1.91%-6.7%19.1%Information TechnologyPortland General Electric Co0.24%12.6%37.4%UtilitiesMicrosoft Corp1.91-6.6919.12Information TechnologyPortland General Electric Co0.2412.5737.35Utilities

Johnson & Johnson1.64%12.9%28.2%Health CareGramercy Property Trust0.24%9.1%21.7%FinancialsJohnson & Johnson1.6412.9028.17Health CareGramercy Property Trust0.249.1121.72Financials

General Electric Co1.43%-0.2%22.3%IndustrialsCurtiss-Wright Corp0.23%11.5%17.1%IndustrialsGeneral Electric Co1.43-0.2322.31IndustrialsCurtiss-Wright Corp0.2311.5117.14Industrials

Amazon.com Inc1.37%20.5%64.9%Consumer DiscretionarySouthwest Gas Corp0.23%20.3%52.1%UtilitiesAmazon.com Inc1.3720.5564.86Consumer DiscretionarySouthwest Gas Corp0.2320.3152.11Utilities

Berkshire Hathaway Inc B1.35%2.1%6.4%FinancialsMicrosemi Corp0.23%-14.7%-6.5%Information TechnologyBerkshire Hathaway Inc B1.352.056.38FinancialsMicrosemi Corp0.23-14.70-6.49Information Technology

AT&T Inc1.31%11.7%28.4%Telecommunication ServicesHealthcare Realty Trust Inc0.22%14.4%57.2%FinancialsAT&T Inc1.3111.6828.38Telecommunication ServicesHealthcare Realty Trust Inc0.2214.3757.23Financials

Facebook Inc A1.26%0.2%33.2%Information TechnologyMedical Properties Trust Inc0.22%19.0%24.8%FinancialsFacebook Inc A1.260.1633.25Information TechnologyMedical Properties Trust Inc0.2219.0124.77Financials

Verizon Communications Inc1.12%4.3%25.6%Telecommunication ServicesWGL Holdings Inc0.22%-1.5%34.5%UtilitiesVerizon Communications Inc1.124.3425.62Telecommunication ServicesWGL Holdings Inc0.22-1.4934.45Utilities

Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)

Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorTop 10 performingTop 10 performing

LinkedIn Corp Class A0.11%65.5%-8.4%Information TechnologyMagnum Hunter Resources Corporation0.00%309559.2%628.6%EnergyLinkedIn Corp Class A0.1165.50-8.41Information TechnologyMagnum Hunter Resources Corporation0.00309,559.25628.61Energy

Denbury Resources Inc0.00%61.7%-42.6%EnergyUltra Petroleum Corp0.00%253.4%-85.9%EnergyDenbury Resources Inc0.0061.71-42.56EnergyUltra Petroleum Corp0.00253.41-85.94Energy

ONEOK Inc0.05%61.7%29.8%EnergyRyerson Holding Corp0.01%214.7%92.3%MaterialsONEOK Inc0.0561.6629.77EnergyRyerson Holding Corp0.01214.7592.31Materials

Rice Energy Inc0.01%59.8%11.4%EnergyClayton Williams Energy Inc0.01%207.8%-58.2%EnergyRice Energy Inc0.0159.8011.44EnergyClayton Williams Energy Inc0.01207.85-58.24Energy

Memorial Resource Development Corp0.01%56.0%-16.3%EnergyFairmount Santrol Holdings Inc0.03%207.2%-5.9%EnergyMemorial Resource Development Corp0.0155.99-16.29EnergyFairmount Santrol Holdings Inc0.03207.17-5.86Energy

Southwestern Energy Co0.02%55.9%-44.7%EnergyCelator Pharmaceuticals Inc0.06%173.6%1247.3%Health CareSouthwestern Energy Co0.0255.89-44.65EnergyCelator Pharmaceuticals Inc0.06173.621,247.32Health Care

formulaZillow Group Inc C0.02%52.9%N/AInformation TechnologyEZCORP Inc0.02%154.5%1.7%FinancialsZillow Group Inc C0.0252.89Information TechnologyEZCORP Inc0.02154.551.75Financials

Yelp Inc Class A0.01%52.7%-29.4%Information TechnologyNorth Atlantic Drilling Ltd0.00%146.0%-43.4%EnergyYelp Inc Class A0.0152.72-29.44Information TechnologyNorth Atlantic Drilling Ltd0.00145.99-43.36Energy

Continental Resources Inc0.02%49.1%6.8%EnergyEclipse Resources Corp0.01%131.9%-36.5%EnergyContinental Resources Inc0.0249.116.79EnergyEclipse Resources Corp0.01131.94-36.50Energy

Tahoe Resources Inc0.02%48.7%26.1%MaterialsRadio One Inc Class D0.00%124.6%0.6%Consumer DiscretionaryTahoe Resources Inc0.0248.6926.06MaterialsRadio One Inc Class D0.00124.650.63Consumer Discretionary

Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)

Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorBottom 10 PerformingBottom 10 Performing

SunEdison Inc0.00%-73.8%-99.5%Information TechnologyCode Rebel Corp0.00%-98.9%-99.8%Information TechnologySunEdison Inc0.00-73.81-99.53Information TechnologyCode Rebel Corp0.00-98.93-99.85Information Technology

Cobalt International Energy Inc0.00%-54.9%-86.2%EnergyEnergy XXI Ltd0.00%-92.8%-98.3%EnergyCobalt International Energy Inc0.00-54.88-86.20EnergyEnergy XXI Ltd0.00-92.78-98.29Energy

Office Depot Inc0.00%-53.4%-61.8%Consumer DiscretionarySeventy Seven Energy Inc0.00%-84.1%-97.9%EnergyOffice Depot Inc0.00-53.38-61.78Consumer DiscretionarySeventy Seven Energy Inc0.00-84.12-97.85Energy

LendingClub Corp0.00%-48.2%-70.8%FinancialsFairway Group Holdings Corp A0.00%-81.5%-98.2%Consumer StaplesLendingClub Corp0.00-48.19-70.85FinancialsFairway Group Holdings Corp A0.00-81.46-98.18Consumer Staples

Endo International PLC0.02%-44.6%-80.4%Health CareThe JG Wentworth Co Class A0.00%-79.1%-97.2%FinancialsEndo International PLC0.02-44.62-80.43Health CareThe JG Wentworth Co Class A0.00-79.10-97.23Financials

Ionis Pharmaceuticals Inc0.01%-42.5%-59.5%Health CareInfinity Pharmaceuticals Inc0.00%-74.8%-87.9%Health CareIonis Pharmaceuticals Inc0.01-42.49-59.53Health CareInfinity Pharmaceuticals Inc0.00-74.76-87.85Health Care

formulaSquare Inc A0.00%-40.8%N/AInformation TechnologyMirati Therapeutics Inc0.00%-74.5%-82.7%Health CareSquare Inc A0.00-40.77Information TechnologyMirati Therapeutics Inc0.00-74.49-82.65Health Care

CVR Energy Inc0.00%-39.1%-55.9%EnergyTransEnterix Inc0.01%-71.3%-59.3%Health CareCVR Energy Inc0.00-39.14-55.87EnergyTransEnterix Inc0.01-71.29-59.33Health Care

Fossil Group Inc0.00%-35.8%-58.9%Consumer DiscretionaryLipocine Inc0.00%-70.0%-64.6%Health CareFossil Group Inc0.00-35.77-58.87Consumer DiscretionaryLipocine Inc0.00-70.05-64.57Health Care

VeriFone Systems Inc0.01%-34.3%-45.4%Information TechnologyChiasma Inc0.00%-68.4%N/AHealth CareformulaVeriFone Systems Inc0.01-34.35-45.41Information TechnologyChiasma Inc0.00-68.45Health Care

Top 10 Weighted StocksTop 10 Weighted Stocks

Russell 1000SymbolQtr-End Wtg.ReturnSectorRussell 2000SymbolQtr-End Wtg.ReturnSector

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

Top 10 Performing StocksTop 10 Performing Stocks


0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

Bottom 10 Performing StocksBottom 10 Performing Stocks


0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

0.00%0.0%0.0%0.00%0.0%0.0%

xQuality

FRONT + EMacaoaeaqYColumn REFERENCE----verify

EAFE + ACWxUSeqgsa

Dropped Frontier Markets from graph due to Size

USDLOCALUSDLOCAL

SECTORQTRQTR1-Year1-Year

not used anymore231Frontier (25)0.0%

162EM Latin Amer (5)5.3%2.1%-7.6%-0.2%EM LATIN AMERICA

153EM Asia (8)0.3%1.0%-12.2%-9.8%EM ASIA

156EM EMEA (10)-1.3%-1.7%-14.2%-3.7%EM EMEA

150Emerging Mkt (23)0.7%0.7%-12.1%-7.7%EM (EMERGING MARKETS)

154Pacific (5)0.9%-4.3%-8.2%-17.9%PACIFIC

144Europe & ME (16)-2.7%1.2%-11.2%-5.9%EUROPE & MIDDLE EAST

134EAFE (21)-1.5%-0.7%-10.2%-10.2%EAFE

167WORLD x US (22)-1.1%-0.4%-9.8%-9.6%WORLD ex USA

301AC World x US (45)-0.6%-0.1%-10.2%-9.2%ACWI ex USA

confirm with column D

DEVELOPED MARKETS - USD - NET - REGION + COUNTRYDEVELOPED MARKETS - LOCAL - NET - REGION + COUNTRYEMERGING MARKETS - USD - NET - REGION & COUNTRYEMERGING MARKETS - LOCAL - NET - REGION & COUNTRY

Month End :Jun 30, 2016Month End :Jun 30, 2016Month End :Jun 30, 2016Month End :Jun 30, 2016

Market :Developed Markets (DM)Market :Developed Markets (DM)Market :Emerging Markets (EM)Market :Emerging Markets (EM)

Size :Standard (Large+Mid Cap)Size :Standard (Large+Mid Cap)Size :Standard (Large+Mid Cap)Size :Standard (Large+Mid Cap)

Currency :USDCurrency :LocalCurrency :USDCurrency :Local

Style :NoneStyle :NoneStyle :NoneStyle :None

Index Level :NetIndex Level :NetIndex Level :NetIndex Level :Net

Family :NoneFamily :NoneFamily :NoneFamily :None

Regional PerformancesRegional PerformancesRegional PerformancesRegional Performances

MSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrMSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrMSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrMSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 Yr

EAFE990300930.00-3.36%-1.46%-4.42%-10.16%2.06%1.68%1.58%EAFE990300930.00-3.77%-0.74%-7.21%-10.19%5.78%6.21%2.10%ANDEAN13989932.007.91%5.07%23.35%-2.81%-9.97%-9.03%6.08%ANDEAN13989932.003.98%3.70%16.23%1.97%-1.78%-2.83%8.17%

EAFE + CANADA9911001,023.00-3.04%-1.05%-2.98%-9.84%1.88%1.23%1.63%EAFE + CANADA9911001,023.00-3.48%-0.35%-6.11%-9.60%5.87%5.86%2.22%ASIA APEX 5013661350.003.06%1.58%2.44%-12.10%4.30%2.42%6.12%ASIA APEX 5013661350.002.09%1.86%1.61%-10.85%4.82%3.17%6.39%

EAFE ex ISRAEL144097919.00-3.37%-1.45%-4.35%-10.15%2.03%1.70%EAFE ex ISRAEL144097919.00-3.79%-0.73%-7.16%-10.20%5.76%6.24%BRIC127300306.003.77%3.09%4.47%-16.50%-1.02%-5.56%2.86%BRIC127300306.001.71%1.59%0.59%-14.32%4.21%0.74%4.89%

EAFE ex UK991600816.00-3.30%-1.64%-4.76%-9.67%2.40%1.63%1.60%EAFE ex UK991600816.00-5.80%-2.50%-10.36%-13.19%6.11%6.48%1.43%BRIC WITH BRAZIL + INDIA + RUSSIA DR701536195.002.93%2.14%2.48%-19.80%-1.55%-5.90%BRIC WITH BRAZIL + INDIA + RUSSIA DR701536195.002.85%2.15%2.57%-19.74%-1.54%-5.92%

EASEA INDEX (EAFE ex JAPAN)991300612.00-3.63%-2.19%-4.08%-10.54%1.86%0.98%1.99%EASEA INDEX (EAFE ex JAPAN)991300612.00-1.91%1.42%-3.20%-5.69%6.48%5.63%3.24%BRIC WITH BRAZIL ADR701425268.002.81%2.36%2.15%-17.39%-0.38%-5.11%2.97%BRIC WITH BRAZIL ADR701425268.002.57%2.44%1.58%-15.62%2.41%-2.19%4.27%

EMU106400241.00-6.21%-5.28%-7.26%-12.00%2.15%-0.86%0.13%EMU106400241.00-6.02%-2.85%-9.31%-11.72%7.65%4.56%1.55%EFM (EMERGING + FRONTIER MARKETS)136619953.003.81%0.65%6.24%-12.06%-1.42%-3.59%3.33%EFM (EMERGING + FRONTIER MARKETS)136619953.001.56%0.79%3.43%-7.72%3.83%2.15%5.48%

EMU ex GERMANY106507184.00-6.42%-5.16%-6.96%-12.14%2.60%-1.22%-0.89%EMU ex GERMANY106507184.00-6.23%-2.73%-9.02%-11.86%8.13%4.19%0.52%EFM AFRICA13662590.005.46%1.05%12.91%-16.40%-0.49%-2.04%4.26%EFM AFRICA13662590.000.15%1.87%8.72%0.25%12.78%13.23%11.32%

EU990600439.00-5.14%-3.65%-5.50%-11.81%1.63%0.29%0.95%EU990600439.00-2.00%0.66%-3.40%-6.24%6.77%5.10%3.01%EFM AFRICA ex ZA13662636.00-11.34%-3.53%-7.17%-20.73%-6.49%-1.63%1.75%EFM AFRICA ex ZA13662636.00-0.81%8.44%6.12%-7.77%3.35%6.47%6.44%

EURO106569123.00-6.25%-5.01%-7.39%-12.80%1.68%-0.98%0.15%EURO106569123.00-6.06%-2.58%-9.44%-12.53%7.15%4.44%1.57%EFM ASIA136627585.002.84%0.36%2.28%-12.18%1.86%-0.60%5.27%EFM ASIA136627585.001.67%1.08%1.34%-9.79%3.80%1.85%6.46%

EUROPE990500449.00-4.45%-2.69%-5.13%-11.22%1.96%1.02%1.52%EUROPE990500449.00-2.03%1.23%-3.75%-5.85%6.58%5.63%3.04%EFM CEEC ex RU13662148.00-2.53%-13.01%-2.31%-19.37%-7.41%-10.42%-2.79%EFM CEEC ex RU13662148.00-2.05%-8.53%-2.88%-16.51%-1.84%-3.90%-0.75%

EUROPE & MIDDLE EAST144115460.00-4.41%-2.70%-5.22%-11.22%2.01%1.00%EUROPE & MIDDLE EAST144115460.00-2.03%1.20%-3.87%-5.88%6.61%5.59%EFM CENTRAL & EAST EUROPE + CIS (CEEC)13662069.000.73%-2.13%12.04%-8.11%-8.28%-10.74%-4.74%EFM CENTRAL & EAST EUROPE + CIS (CEEC)13662069.00-0.92%-2.87%4.02%-0.78%4.90%-0.35%-0.45%

EUROPE ex EMU106331208.00-2.87%-0.33%-3.21%-10.52%1.86%2.64%2.77%EUROPE ex EMU106331208.001.56%4.92%1.38%-0.44%5.73%6.55%4.51%EFM EMEA136624240.002.38%-1.52%9.75%-14.42%-5.37%-6.26%-0.39%EFM EMEA136624240.00-0.71%-1.30%5.00%-4.57%5.80%4.75%4.19%

EUROPE ex SWITZERLAND995200411.00-5.07%-3.45%-5.38%-11.66%1.73%0.43%1.01%EUROPE ex SWITZERLAND995200411.00-1.94%0.82%-3.33%-6.05%6.94%5.27%3.08%EFM EUROPE + CIS (E+C)136622102.00-0.66%-3.87%9.54%-11.78%-10.71%-11.12%-4.41%EFM EUROPE + CIS (E+C)136622102.00-2.38%-3.92%3.03%-5.27%1.45%-1.05%-0.04%

EUROPE ex UK991700335.00-4.83%-3.53%-6.02%-10.80%2.58%0.66%1.56%EUROPE ex UK991700335.00-4.99%-1.13%-8.08%-9.63%7.43%5.78%2.30%EFM EUROPE + CIS (E+C) ex RU13662381.00-3.74%-11.15%-0.18%-20.76%-12.79%-10.96%-2.21%EFM EUROPE + CIS (E+C) ex RU13662381.00-4.42%-7.86%-1.40%-17.38%-5.07%-2.84%1.21%

FAR EAST990900390.00-1.76%0.95%-4.41%-9.28%2.79%4.00%0.98%FAR EAST990900390.00-8.05%-6.40%-16.50%-21.73%3.71%8.09%-0.22%EFM FAR EAST136628487.003.04%-0.14%2.39%-12.91%1.20%-0.61%5.15%EFM FAR EAST136628487.001.66%0.42%1.04%-10.93%2.85%1.10%5.99%

G7 INDEX1136471,302.00-0.95%1.34%1.17%-1.79%7.61%7.47%4.59%G7 INDEX1136471,302.00-1.02%1.30%-0.08%-2.00%8.91%9.17%4.83%EFM LATIN AMERICA & CARIBBEAN INDEX138432128.0011.19%5.34%25.17%-7.35%-7.96%-10.03%EFM LATIN AMERICA & CARIBBEAN INDEX138432128.004.26%2.25%14.25%-0.05%3.26%1.32%

KOKUSAI INDEX (WORLD ex JP)9912001,327.00-0.99%1.01%1.27%-2.17%7.37%6.86%4.91%KOKUSAI INDEX (WORLD ex JP)9912001,327.00-0.50%2.15%1.28%-0.38%9.21%8.79%5.30%EM (EMERGING MARKETS)891800836.004.00%0.66%6.41%-12.05%-1.56%-3.78%3.54%EM (EMERGING MARKETS)891800836.001.59%0.70%3.45%-7.70%3.70%2.02%5.72%

MSCI WORLD ex CANADA7011741,552.00-1.17%0.92%0.20%-2.65%7.23%7.08%4.54%MSCI WORLD ex CANADA7011741,552.00-1.35%1.19%-0.97%-2.66%8.76%9.08%4.64%EM (EMERGING MARKETS)+CHINA A1460111,649.002.98%-0.70%-2.73%-20.35%0.82%-2.76%4.40%EM (EMERGING MARKETS)+CHINA A1460111,649.001.57%0.11%-4.01%-15.97%5.64%2.00%5.89%

NORDIC COUNTRIES99070068.00-3.63%-2.70%-3.81%-7.44%4.65%2.48%3.89%NORDIC COUNTRIES99070068.00-2.92%0.47%-5.16%-5.96%12.19%8.76%5.45%EM 5070151950.003.85%1.93%6.85%-12.77%0.67%-2.57%EM 5070151950.002.38%2.16%5.69%-9.83%2.42%-0.54%

NORTH AMERICA990200715.000.22%2.49%3.82%1.99%10.14%10.14%6.49%NORTH AMERICA990200715.000.18%2.51%3.45%2.21%10.62%10.60%6.57%EM ASIA899700553.002.84%0.30%2.25%-12.21%1.84%-0.61%5.26%EM ASIA899700553.001.66%1.02%1.31%-9.82%3.78%1.83%6.42%

PACIFIC990800470.00-1.37%0.87%-2.94%-8.19%2.16%2.98%1.72%PACIFIC990800470.00-6.92%-4.29%-13.22%-17.85%4.25%7.59%0.59%EM EASTERN EUROPE30300050.000.80%-2.10%12.56%-8.05%-8.41%-10.90%-4.67%EM EASTERN EUROPE30300050.00-0.95%-2.98%4.29%-0.31%5.24%-0.18%-0.31%

PACIFIC ex JAPAN991400152.000.81%0.65%2.47%-6.75%1.08%0.86%5.43%PACIFIC ex JAPAN991400152.00-1.20%2.64%0.47%-5.02%5.64%5.69%5.01%EM EASTERN EUROPE ex RUSSIA70009829.00-2.80%-14.32%-2.80%-20.66%-7.75%-10.96%-2.43%EM EASTERN EUROPE ex RUSSIA70009829.00-2.29%-9.61%-3.16%-17.49%-1.98%-4.03%-0.66%

PAN-EURO106570205.00-3.82%-1.86%-4.75%-11.58%1.38%0.69%1.33%PAN-EURO106570205.00-1.44%2.08%-3.42%-6.27%5.90%5.26%2.82%EM EMEA123163164.003.35%-1.27%11.48%-14.19%-6.10%-7.40%-0.17%EM EMEA123163164.00-0.68%-1.67%5.69%-3.69%5.78%4.53%4.88%

WORLD9901001,645.00-1.12%1.01%0.66%-2.78%6.95%6.63%4.43%WORLD9901001,645.00-1.32%1.28%-0.70%-2.67%8.69%8.79%4.58%EM EUROPE30290083.00-0.66%-3.90%9.84%-11.87%-10.89%-11.26%-4.29%EM EUROPE30290083.00-2.44%-4.03%3.18%-5.09%1.57%-0.96%0.12%

WORLD WITH USA GROSS7016091,645.00-1.09%1.10%0.85%-2.41%7.32%7.00%4.77%WORLD WITH USA GROSS7016091,645.00-1.29%1.38%-0.51%-2.29%9.08%9.18%4.92%EM EUROPE & MIDDLE EAST999902107.000.17%-3.61%8.50%-12.56%-10.90%-11.26%-3.29%EM EUROPE & MIDDLE EAST999902107.00-1.30%-3.74%3.17%-7.23%-0.31%-2.06%0.45%

WORLD ex AUSTRALIA9962001,572.00-1.15%1.02%0.60%-2.73%7.17%6.87%4.43%WORLD ex AUSTRALIA9962001,572.00-1.28%1.21%-0.73%-2.71%8.76%8.85%4.59%EM FAR EAST891900479.003.04%-0.15%2.39%-12.92%1.20%-0.61%5.15%EM FAR EAST891900479.001.66%0.40%1.04%-10.94%2.85%1.11%5.97%

WORLD ex AUSTRALIA WITH USA GROSS7016101,572.00-1.12%1.12%0.80%-2.35%7.56%7.26%4.78%WORLD ex AUSTRALIA WITH USA GROSS7016101,572.00-1.25%1.31%-0.54%-2.33%9.15%9.25%4.94%EM GCC COUNTRIES14630524.003.59%-2.48%3.43%-15.87%EM GCC COUNTRIES14630524.003.60%-2.48%3.42%-15.87%

WORLD ex CANADA9965001,552.00-1.17%0.92%0.20%-2.65%7.23%7.08%4.52%WORLD ex CANADA9965001,552.00-1.35%1.19%-0.97%-2.66%8.76%9.08%4.62%EM GCC COUNTRIES DOMESTIC14631125.002.78%-3.00%0.33%-17.43%EM GCC COUNTRIES DOMESTIC14631125.002.79%-3.00%0.31%-17.43%

WORLD ex EMU1063301,404.00-0.46%1.83%1.70%-1.54%7.59%7.73%5.07%WORLD ex EMU1063301,404.00-0.70%1.82%0.46%-1.46%8.82%9.44%5.09%EM LATIN AMERICA892000119.0011.45%5.31%25.47%-7.57%-8.28%-10.13%2.31%EM LATIN AMERICA892000119.004.29%2.11%14.20%-0.23%3.04%1.32%6.37%

WORLD ex EUROPE1063321,196.00-0.06%2.19%2.56%0.10%8.65%8.71%5.50%WORLD ex EUROPE1063321,196.00-1.06%1.33%0.31%-1.62%9.44%10.05%5.22%EM LATIN AMERICA WITH BRAZIL ADR70141181.009.31%2.85%19.72%-9.71%-9.62%-10.81%2.09%EM LATIN AMERICA WITH BRAZIL ADR70141181.008.69%5.91%21.97%-1.89%-3.28%-6.31%4.75%

WORLD ex ISRAEL1440791,634.00-1.12%1.02%0.70%-2.76%6.95%6.65%WORLD ex ISRAEL1440791,634.00-1.32%1.29%-0.66%-2.65%8.69%8.81%EM LATIN AMERICA ex BRAZIL14599359.003.34%-3.18%7.66%-9.28%-7.53%-5.14%4.43%EM LATIN AMERICA ex BRAZIL14599359.002.24%1.26%10.44%2.89%2.97%3.02%8.58%

WORLD ex SWITZERLAND9979001,607.00-1.14%0.97%0.81%-2.56%7.08%6.69%4.41%WORLD ex SWITZERLAND9979001,607.00-1.27%1.20%-0.50%-2.61%8.85%8.82%4.65%EM WITH BRAZIL + INDIA + RUSSIA DR701535725.003.69%0.05%5.82%-12.91%-1.85%-3.72%EM WITH BRAZIL + INDIA + RUSSIA DR701535725.002.03%0.86%4.52%-9.15%1.59%-0.34%

WORLD ex UK9915001,531.00-0.93%1.15%0.95%-1.98%7.49%7.07%4.71%WORLD ex UK9915001,531.00-1.79%0.88%-1.27%-3.11%9.09%9.14%4.55%EM WITH BRAZIL ADR701403798.003.58%0.28%5.44%-12.34%-1.38%-3.54%3.65%EM WITH BRAZIL ADR701403798.001.96%1.05%3.95%-8.08%2.94%0.84%5.61%

WORLD ex USA9910001,023.00-3.04%-1.05%-2.98%-9.84%1.88%1.23%1.63%WORLD ex USA9910001,023.00-3.48%-0.35%-6.11%-9.60%5.87%5.86%2.22%EM ex ASIA121659283.006.87%1.61%17.42%-11.40%-7.34%-8.93%0.72%EM ex ASIA121659283.001.48%-0.03%9.30%-2.22%4.24%2.76%5.26%

EMERGING + FRONTIER MARKETS WORKFORCE705708459.006.87%1.77%12.96%-11.55%-4.16%-4.34%4.69%EMERGING + FRONTIER MARKETS WORKFORCE705708459.002.47%1.06%7.02%-5.68%4.05%4.42%7.87%

AC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapAC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapEMERGING MARKETS HORIZON704723279.002.89%-3.00%8.15%-9.04%-7.47%-4.27%5.09%EMERGING MARKETS HORIZON704723279.001.51%-0.45%6.95%-3.27%0.16%2.30%7.40%

Sec = Number of securitiesSec = Number of securitiesJORDAN + EGYPT + MOROCCO13371114.00-3.91%1.90%2.70%-10.67%5.39%-1.61%1.59%JORDAN + EGYPT + MOROCCO13371114.00-3.85%2.68%8.35%-3.63%11.72%4.77%4.73%

SOUTH EAST ASIA127200159.004.92%0.46%10.59%-5.24%-3.55%-0.08%8.56%SOUTH EAST ASIA127200159.002.79%1.40%5.94%-2.97%1.50%4.11%8.53%

Country PerformancesCountry Performances

MSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrMSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrAC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapAC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro Cap

AUSTRIA9040005.00-7.89%-9.99%-10.45%-12.92%-7.22%-11.29%-9.50%AUSTRIA9040005.00-7.70%-7.67%-12.44%-12.66%-2.24%-6.44%-8.22%Sec = Number of securitiesSec = Number of securities

BELGIUM90560011.00-1.01%2.29%-0.19%4.51%12.64%11.39%1.52%BELGIUM90560011.00-0.81%4.92%-2.41%4.82%18.69%17.49%2.96%

DENMARK92080016.00-4.21%-0.58%-1.53%2.52%17.39%11.74%10.21%DENMARK92080016.00-4.00%1.84%-4.01%2.54%23.59%17.79%11.74%Country PerformancesCountry Performances

FINLAND92460012.00-1.20%-2.12%-7.20%-3.89%9.99%2.66%-0.23%FINLAND92460012.00-0.99%0.40%-9.26%-3.61%15.90%8.27%1.19%MSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrMSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 Yr

FRANCE92500074.00-5.85%-4.31%-4.19%-8.87%1.80%-1.01%0.33%FRANCE92500074.00-5.66%-1.85%-6.32%-8.61%7.27%4.40%1.75%CHINA302400151.001.07%0.11%-4.69%-23.37%3.37%-0.50%7.28%CHINA302400151.000.97%0.14%-4.60%-23.32%3.37%-0.56%7.27%

GERMANY92800057.00-5.69%-5.57%-7.94%-11.64%1.11%-0.03%3.11%GERMANY92800057.00-5.49%-3.14%-9.98%-11.39%6.55%5.44%4.57%CHINA 5070219250.001.26%1.28%-2.98%-22.47%3.71%0.39%CHINA 5070219250.001.15%1.31%-2.88%-22.41%3.72%0.33%

IRELAND9372005.00-11.61%-9.87%-13.61%-10.48%10.22%8.31%-7.47%IRELAND9372005.00-11.43%-7.55%-15.52%-10.22%16.14%14.23%-6.16%CHINA A 5070266850.00-1.00%-2.26%-12.10%-26.63%11.47%4.00%11.39%CHINA A 5070266850.00-0.12%0.40%-10.07%-21.39%14.46%4.58%9.35%

ITALY93800024.00-9.19%-10.45%-20.89%-26.09%-1.03%-7.22%-6.54%ITALY93800024.00-9.00%-8.14%-22.65%-25.88%4.28%-2.15%-5.22%INDIA93560074.001.33%3.72%1.13%-6.54%7.13%-0.44%6.32%INDIA93560074.001.64%5.72%3.18%-0.94%11.77%8.11%10.47%

NETHERLANDS95280025.00-6.24%-5.06%-1.88%-7.81%6.17%4.83%3.66%NETHERLANDS95280025.00-6.06%-2.72%-3.98%-7.36%11.96%10.60%5.15%INDONESIA10576731.009.47%4.10%15.79%6.03%-5.09%-2.33%11.16%INDONESIA10576731.005.89%3.72%10.98%5.08%4.41%6.49%15.17%

NORWAY95780010.00-1.99%2.35%4.11%-16.24%-7.26%-5.13%-0.72%NORWAY95780010.00-1.94%3.55%-1.57%-10.91%3.01%3.69%2.26%KOREA941000107.004.09%-1.23%3.83%-3.48%0.98%-2.48%3.05%KOREA941000107.000.60%-0.52%1.99%-0.33%1.26%-0.99%5.07%

PORTUGAL9620003.00-2.23%-2.76%0.39%-7.45%-11.16%-12.69%-6.81%PORTUGAL9620003.00-2.03%-0.25%-1.84%-7.17%-6.38%-7.92%-5.49%MALAYSIA10576843.004.21%-5.93%6.53%-6.04%-8.03%-2.79%7.93%MALAYSIA10576843.001.75%-2.79%0.03%0.40%-0.24%3.00%8.94%

SPAIN97240025.00-9.91%-7.67%-11.45%-23.30%-0.10%-6.06%-1.12%SPAIN97240025.00-9.73%-5.29%-13.41%-23.08%5.26%-0.92%0.28%PHILIPPINES86080023.004.62%5.79%13.15%0.96%6.01%13.40%15.48%PHILIPPINES86080023.005.25%8.09%13.13%5.34%9.07%15.28%14.08%

SWEDEN97520030.00-4.42%-5.38%-5.59%-12.15%0.15%0.10%4.15%SWEDEN97520030.00-3.05%-1.11%-5.12%-10.30%8.03%6.17%5.85%TAIWAN91580090.004.53%0.71%8.48%-8.80%4.06%1.63%4.48%TAIWAN91580090.003.39%0.94%6.54%-4.65%6.64%4.01%4.44%

SWITZERLAND97560038.00-0.61%2.03%-3.59%-8.47%3.36%4.84%5.02%SWITZERLAND97560038.00-2.61%3.80%-6.17%-4.59%4.38%7.94%2.65%THAILAND10576934.001.93%2.80%20.20%-7.07%-3.15%3.24%10.39%THAILAND10576934.000.26%2.68%17.38%-3.32%0.97%6.05%9.49%

UNITED KINGDOM982600114.00-3.59%-0.73%-3.05%-12.14%0.67%1.71%1.43%UNITED KINGDOM982600114.004.97%6.73%6.89%3.36%5.00%5.50%4.78%EM ASIA899700553.002.84%0.30%2.25%-12.21%1.84%-0.61%5.26%EM ASIA899700553.001.66%1.02%1.31%-9.82%3.78%1.83%6.42%

EUROPE990500449.00-4.45%-2.69%-5.13%-11.22%1.96%1.02%1.52%EUROPE990500449.00-2.03%1.23%-3.75%-5.85%6.58%5.63%3.04%EM FAR EAST891900479.003.04%-0.15%2.39%-12.92%1.20%-0.61%5.15%EM FAR EAST891900479.001.66%0.40%1.04%-10.94%2.85%1.11%5.97%

EMU106400241.00-6.21%-5.28%-7.26%-12.00%2.15%-0.86%0.13%EMU106400241.00-6.02%-2.85%-9.31%-11.72%7.65%4.56%1.55%BRAZIL ADR70040322.0019.43%13.21%43.33%-11.13%-13.41%-16.88%-0.65%BRAZIL ADR70040322.0019.43%13.21%43.33%-11.13%-13.41%-16.88%-0.65%

EUROPE ex EMU106331208.00-2.87%-0.33%-3.21%-10.52%1.86%2.64%2.77%EUROPE ex EMU106331208.001.56%4.92%1.38%-0.44%5.73%6.55%4.51%BRAZIL90760060.0019.48%13.90%46.34%-6.02%-8.94%-13.22%1.28%BRAZIL90760060.006.27%2.96%18.51%-3.07%3.07%0.19%5.33%

EUROPE ex UK991700335.00-4.83%-3.53%-6.02%-10.80%2.58%0.66%1.56%EUROPE ex UK991700335.00-4.99%-1.13%-8.08%-9.63%7.43%5.78%2.30%CHILE91520020.006.32%1.85%15.01%-1.72%-10.24%-11.21%4.10%CHILE91520020.002.11%0.81%7.45%1.74%-1.82%-4.85%6.25%

NORDIC COUNTRIES99070068.00-3.63%-2.70%-3.81%-7.44%4.65%2.48%3.89%NORDIC COUNTRIES99070068.00-2.92%0.47%-5.16%-5.96%12.19%8.76%5.45%COLOMBIA9170009.009.46%2.85%25.98%-12.38%-16.99%-10.83%6.74%COLOMBIA9170009.003.04%-0.38%15.44%-1.95%-4.84%-1.54%8.02%

AUSTRALIA90360073.000.06%0.46%2.57%-4.50%-0.34%-0.55%4.41%AUSTRALIA90360073.00-2.64%3.79%0.22%-1.43%6.76%6.94%4.39%MEXICO84840027.001.14%-7.01%0.88%-12.24%-5.92%-2.32%4.57%MEXICO84840027.001.40%0.11%7.76%3.19%5.65%6.95%9.83%

HONG KONG93440044.000.89%0.94%0.38%-10.78%5.69%4.94%7.59%HONG KONG93440044.000.76%0.96%0.49%-10.71%5.70%4.88%7.58%PERU9604003.0011.02%18.19%50.13%8.30%4.01%0.50%11.28%PERU9604003.0011.02%18.19%50.13%8.30%4.01%0.41%10.94%

NIHONKABU128680311.00-2.51%0.96%-5.74%-9.00%2.85%4.25%0.15%NIHONKABU128680311.00-9.82%-7.85%-19.62%-23.70%3.96%9.36%-0.93%ANDEAN13989932.007.91%5.07%23.35%-2.81%-9.97%-9.03%6.08%ANDEAN13989932.003.98%3.70%16.23%1.97%-1.78%-2.83%8.17%

JAPAN939200318.00-2.46%1.01%-5.58%-8.94%2.71%4.21%0.14%JAPAN939200318.00-9.78%-7.80%-19.47%-23.66%3.82%9.31%-0.93%EM LATIN AMERICA892000119.0011.45%5.31%25.47%-7.57%-8.28%-10.13%2.31%EM LATIN AMERICA892000119.004.29%2.11%14.20%-0.23%3.04%1.32%6.37%

NEW ZEALAND9554007.003.50%5.85%18.12%29.71%10.14%9.25%6.91%NEW ZEALAND9554007.00-1.68%3.19%13.54%23.17%13.16%12.54%5.27%CZECH REPUBLIC9200003.00-3.48%-6.12%-1.31%-18.27%-4.34%-11.59%-1.13%CZECH REPUBLIC9200003.00-3.07%-3.58%-3.29%-18.57%2.21%-4.73%-0.25%

SINGAPORE99810028.004.37%0.35%5.41%-11.53%-1.98%-0.74%6.33%SINGAPORE99810028.002.06%0.29%0.09%-11.57%-0.06%1.06%4.62%GREECE9300009.00-25.19%-14.03%-24.54%-60.75%-36.36%-36.04%-27.74%GREECE9300009.00-25.03%-11.82%-26.22%-60.64%-32.94%-32.54%-26.72%

PACIFIC990800470.00-1.37%0.87%-2.94%-8.19%2.16%2.98%1.72%PACIFIC990800470.00-6.92%-4.29%-13.22%-17.85%4.25%7.59%0.59%HUNGARY9348003.00-3.05%-4.67%11.82%20.46%-0.48%-7.05%-1.86%HUNGARY9348003.00-2.20%-1.76%9.22%20.97%7.32%1.49%0.62%

PACIFIC ex JAPAN991400152.000.81%0.65%2.47%-6.75%1.08%0.86%5.43%PACIFIC ex JAPAN991400152.00-1.20%2.64%0.47%-5.02%5.64%5.69%5.01%POLAND96160023.00-2.64%-17.49%-6.04%-27.01%-9.89%-11.57%-3.26%POLAND96160023.00-2.21%-12.19%-5.74%-23.12%-4.53%-4.84%-1.13%

CANADA91240093.000.37%3.40%15.06%-6.26%0.08%-2.78%2.50%CANADA91240093.00-0.35%3.82%7.57%-2.49%7.26%3.17%4.11%RUSSIA ADR/GDR70004415.002.03%5.18%20.65%-2.19%-9.03%-11.35%RUSSIA ADR/GDR70004415.002.03%5.18%20.65%-2.19%-9.03%-11.35%

USA984000622.000.21%2.44%3.24%2.50%10.85%11.25%6.80%USA984000622.000.21%2.44%3.24%2.50%10.85%11.25%6.80%RUSSIA10565321.002.36%4.05%20.43%-1.63%-8.40%-10.76%-5.33%RUSSIA10565321.00-0.36%0.32%8.19%9.66%9.50%2.11%0.01%

NORTH AMERICA990200715.000.22%2.49%3.82%1.99%10.14%10.14%6.49%NORTH AMERICA990200715.000.18%2.51%3.45%2.21%10.62%10.60%6.57%TURKEY97920024.001.94%-7.92%11.98%-10.08%-10.15%-4.97%3.13%TURKEY97920024.00-0.68%-5.96%10.32%-3.48%2.64%6.54%9.44%

EAFE990300930.00-3.36%-1.46%-4.42%-10.16%2.06%1.68%1.58%EAFE990300930.00-3.77%-0.74%-7.21%-10.19%5.78%6.21%2.10%EM EUROPE & MIDDLE EAST999902107.000.17%-3.61%8.50%-12.56%-10.90%-11.26%-3.29%EM EUROPE & MIDDLE EAST999902107.00-1.30%-3.74%3.17%-7.23%-0.31%-2.06%0.45%

FAR EAST990900390.00-1.76%0.95%-4.41%-9.28%2.79%4.00%0.98%FAR EAST990900390.00-8.05%-6.40%-16.50%-21.73%3.71%8.09%-0.22%EM EUROPE30290083.00-0.66%-3.90%9.84%-11.87%-10.89%-11.26%-4.29%EM EUROPE30290083.00-2.44%-4.03%3.18%-5.09%1.57%-0.96%0.12%

ISRAEL30040011.00-1.49%-3.80%-13.57%-11.09%8.32%-0.70%4.59%ISRAEL30040011.00-1.47%-1.72%-14.34%-9.18%10.40%1.80%3.31%EM EASTERN EUROPE30300050.000.80%-2.10%12.56%-8.05%-8.41%-10.90%-4.67%EM EASTERN EUROPE30300050.00-0.95%-2.98%4.29%-0.31%5.24%-0.18%-0.31%

WORLD9901001,645.00-1.12%1.01%0.66%-2.78%6.95%6.63%4.43%WORLD9901001,645.00-1.32%1.28%-0.70%-2.67%8.69%8.79%4.58%EGYPT1057663.00-5.67%0.92%-5.06%-23.82%8.01%0.88%3.29%EGYPT1057663.00-5.67%0.92%7.67%-11.34%16.81%8.98%7.71%

EASEA INDEX (EAFE ex JAPAN)991300612.00-3.63%-2.19%-4.08%-10.54%1.86%0.98%1.99%EASEA INDEX (EAFE ex JAPAN)991300612.00-1.91%1.42%-3.20%-5.69%6.48%5.63%3.24%SOUTH AFRICA97100054.007.68%1.61%15.64%-15.87%0.32%-2.11%4.90%SOUTH AFRICA97100054.000.26%1.17%9.29%1.51%14.20%14.19%12.73%

KOKUSAI INDEX (WORLD ex JP)9912001,327.00-0.99%1.01%1.27%-2.17%7.37%6.86%4.91%KOKUSAI INDEX (WORLD ex JP)9912001,327.00-0.50%2.15%1.28%-0.38%9.21%8.79%5.30%EM EMEA123163164.003.35%-1.27%11.48%-14.19%-6.10%-7.40%-0.17%EM EMEA123163164.00-0.68%-1.67%5.69%-3.69%5.78%4.53%4.88%

QATAR13371513.003.61%-4.86%-1.27%-17.19%0.91%4.33%6.23%QATAR13371513.003.63%-4.87%-1.29%-17.19%0.92%4.33%6.23%

AC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapAC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapUNITED ARAB EMIRATES13371711.003.57%0.06%8.65%-14.94%10.69%15.83%-0.33%UNITED ARAB EMIRATES13371711.003.57%0.06%8.65%-14.93%10.69%15.83%-0.33%

Sec = Number of securitiesSec = Number of securitiesEM GCC COUNTRIES14630524.003.59%-2.48%3.43%-15.87%EM GCC COUNTRIES14630524.003.60%-2.48%3.42%-15.87%

EM (EMERGING MARKETS)891800836.004.00%0.66%6.41%-12.05%-1.56%-3.78%3.54%EM (EMERGING MARKETS)891800836.001.59%0.70%3.45%-7.70%3.70%2.02%5.72%

INDIA DOMESTIC70636778.001.82%5.98%3.37%-4.33%10.65%1.70%INDIA DOMESTIC70636778.002.14%8.02%5.46%1.41%15.45%10.44%

QATAR DOMESTIC13372113.003.54%-4.63%-3.80%-18.83%2.71%5.79%6.51%QATAR DOMESTIC13372113.003.55%-4.63%-3.83%-18.83%2.71%5.79%6.51%

UNITED ARAB EMIRATES DOMESTIC13372312.001.90%-1.02%5.61%-15.69%11.72%16.95%1.31%UNITED ARAB EMIRATES DOMESTIC13372312.001.91%-1.02%5.61%-15.68%11.72%16.95%1.31%

EM GCC COUNTRIES DOMESTIC14631125.002.78%-3.00%0.33%-17.43%EM GCC COUNTRIES DOMESTIC14631125.002.79%-3.00%0.31%-17.43%

ACWI8924002,481.00-0.61%0.99%1.23%-3.73%6.03%5.38%4.26%ACWI8924002,481.00-1.02%1.23%-0.30%-3.19%8.16%7.99%4.62%

ACWI ex USA8999011,859.00-1.53%-0.64%-1.02%-10.24%1.16%0.10%1.87%ACWI ex USA8999011,859.00-2.40%-0.10%-4.14%-9.20%5.40%4.98%2.76%

ALL COUNTRY - USD - NET - REGIONALL COUNTRY - LOCAL - NET - REGION

Month End :Jun 30, 2016Month End :Jun 30, 2016AC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapAC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro Cap

Market :All Country (DM+EM)Market :All Country (DM+EM)Sec = Number of securitiesSec = Number of securities

Size :Standard (Large+Mid Cap)Size :Standard (Large+Mid Cap)

Currency :USDCurrency :Local

Style :NoneStyle :None

Index Level :NetIndex Level :Net

Family :NoneFamily :None

MSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 YrMSCI IndexMSCI Index CodeSecMonth3MTDYTD1 Yr3 Yr5 Yr10 Yr

AC AMERICAS899902834.000.46%2.56%4.26%1.73%9.48%9.22%6.30%AC AMERICAS899902834.000.27%2.50%3.66%2.12%10.33%10.19%6.50%

AC ASIA301700943.000.24%0.71%-1.57%-10.44%2.40%1.98%2.20%AC ASIA301700943.00-3.86%-3.10%-9.15%-16.77%3.69%5.22%1.70%

AC ASIA PACIFIC3020001,023.000.23%0.70%-1.00%-9.63%2.05%1.65%2.56%AC ASIA PACIFIC3020001,023.00-3.69%-2.20%-7.94%-14.88%4.08%5.41%2.06%

AC ASIA PACIFIC ex JAPAN899903705.002.12%0.46%2.36%-10.26%1.54%-0.02%5.29%AC ASIA PACIFIC ex JAPAN899903705.000.65%1.66%1.07%-8.07%4.49%3.34%5.78%

AC ASIA ex JAPAN899800625.002.67%0.40%2.18%-11.99%2.07%0.05%5.62%AC ASIA ex JAPAN899800625.001.57%0.98%1.15%-10.04%3.78%2.16%6.42%

AC ASIA ex JAPAN+CHINA A1460171,438.001.98%-1.04%-6.08%-21.20%4.15%0.39%6.27%AC ASIA ex JAPAN+CHINA A1460171,438.001.55%0.23%-5.99%-18.12%6.30%2.18%6.58%

AC EUROPE990400532.00-4.32%-2.73%-4.69%-11.23%1.42%0.45%1.26%AC EUROPE990400532.00-2.05%1.05%-3.55%-5.85%6.37%5.32%2.90%

AC EUROPE Growth105992304.00-2.89%-2.00%-3.42%-5.96%3.42%2.58%3.43%AC EUROPE Growth105992304.00-1.16%1.46%-2.86%-0.92%8.05%7.22%4.75%

AC EUROPE Value105993287.00-5.77%-3.46%-5.96%-16.49%-0.75%-1.81%-1.05%AC EUROPE Value105993287.00-2.94%0.66%-4.23%-10.82%4.51%3.28%0.91%

AC FAR EAST892100869.000.18%0.55%-1.71%-10.65%2.17%2.12%2.07%AC FAR EAST892100869.00-4.16%-3.57%-9.79%-17.55%3.30%5.09%1.33%

AC FAR EAST ex JAPAN892200551.002.82%0.04%2.29%-12.53%1.59%0.12%5.58%AC FAR EAST ex JAPAN892200551.001.56%0.48%0.93%-10.95%3.03%1.61%6.06%

AC FAR EAST ex JAPAN ex HK301000507.003.13%-0.12%2.59%-12.83%0.94%-0.61%5.27%AC FAR EAST ex JAPAN ex HK301000507.001.69%0.40%0.99%-10.98%2.62%1.12%5.86%

AC PACIFIC300600949.000.18%0.56%-1.10%-9.77%1.84%1.75%2.46%AC PACIFIC300600949.00-3.95%-2.57%-8.44%-15.48%3.76%5.31%1.76%

AC PACIFIC ex JAPAN898300631.002.19%0.20%2.46%-10.54%1.15%0.02%5.25%AC PACIFIC ex JAPAN898300631.000.56%1.33%0.89%-8.62%3.99%3.02%5.47%

AC PACIFIC ex JAPAN ex HK300900587.002.34%0.10%2.71%-10.52%0.64%-0.51%4.99%AC PACIFIC ex JAPAN ex HK300900587.000.54%1.38%0.93%-8.35%3.82%2.84%5.26%

ACFM AMERICA INDEX138387843.000.46%2.56%4.26%1.73%9.48%9.21%ACFM AMERICA INDEX138387843.000.27%2.51%3.66%2.12%10.33%10.19%

ACFM ASIA136633975.000.25%0.74%-1.55%-10.43%2.41%1.98%2.22%ACFM ASIA136633975.00-3.84%-3.07%-9.12%-16.74%3.70%5.22%1.74%

ACFM EUROPE + CIS (E+C)136632551.00-4.32%-2.73%-4.68%-11.23%1.41%0.44%1.24%ACFM EUROPE + CIS (E+C)136632551.00-2.05%1.05%-3.55%-5.85%6.36%5.31%2.88%

ACWI8924002,481.00-0.61%0.99%1.23%-3.73%6.03%5.38%4.26%ACWI8924002,481.00-1.02%1.23%-0.30%-3.19%8.16%7.99%4.62%

ACWI + FRONTIER MARKETS (ACWI FM)1366292,598.00-0.61%0.99%1.22%-3.75%6.02%5.37%4.25%ACWI + FRONTIER MARKETS (ACWI FM)1366292,598.00-1.02%1.24%-0.29%-3.21%8.16%7.99%4.62%

ACWI FM ex JAPAN1366312,280.00-0.46%0.99%1.82%-3.30%6.31%5.47%4.66%ACWI FM ex JAPAN1366312,280.00-0.26%2.00%1.52%-1.23%8.57%7.93%5.26%

ACWI FM ex USA1366301,976.00-1.54%-0.64%-1.02%-10.25%1.18%0.12%1.86%ACWI FM ex USA1366301,976.00-2.38%-0.08%-4.11%-9.19%5.42%4.99%2.75%

ACWI WITH BRAZIL + INDIA + RUSSIA DR7015342,370.00-0.68%0.93%1.13%-3.72%6.09%5.50%ACWI WITH BRAZIL + INDIA + RUSSIA DR7015342,370.00-1.01%1.25%-0.24%-3.28%8.00%7.79%

ACWI WITH BRAZIL ADR7014222,443.00-0.66%0.95%1.12%-3.73%6.08%5.46%4.29%ACWI WITH BRAZIL ADR7014222,443.00-0.99%1.27%-0.26%-3.21%8.10%7.88%4.61%

ACWI WITH USA GROSS7016072,481.00-0.58%1.07%1.40%-3.39%6.37%5.71%4.56%ACWI WITH USA GROSS7016072,481.00-1.00%1.32%-0.12%-2.86%8.50%8.33%4.91%

ACWI ex ANDEAN1464992,449.00-0.62%0.98%1.19%-3.73%6.09%5.43%4.26%ACWI ex ANDEAN1464992,449.00-1.03%1.23%-0.33%-3.20%8.19%8.04%4.62%

ACWI ex AUSTRALIA1136482,408.00-0.62%1.00%1.20%-3.71%6.21%5.55%4.25%ACWI ex AUSTRALIA1136482,408.00-0.98%1.17%-0.31%-3.25%8.20%8.02%4.62%

ACWI ex AUSTRIA1464632,476.00-0.60%1.00%1.24%-3.72%6.04%5.39%4.28%ACWI ex AUSTRIA1464632,476.00-1.02%1.24%-0.29%-3.19%8.17%8.01%4.64%

ACWI ex BELGIUM1464642,470.00-0.60%0.98%1.24%-3.76%6.00%5.35%4.27%ACWI ex BELGIUM1464642,470.00-1.02%1.21%-0.28%-3.23%8.11%7.95%4.63%

ACWI ex BRAZIL1464652,421.00-0.73%0.90%0.99%-3.70%6.20%5.66%4.32%ACWI ex BRAZIL1464652,421.00-1.07%1.22%-0.39%-3.18%8.22%8.10%4.64%

ACWI ex CANADA1065052,388.00-0.64%0.91%0.84%-3.64%6.25%5.72%4.33%ACWI ex CANADA1065052,388.00-1.04%1.15%-0.52%-3.21%8.19%8.21%4.65%

ACWI ex CHILE1464662,461.00-0.61%0.99%1.21%-3.73%6.06%5.41%4.26%ACWI ex CHILE1464662,461.00-1.03%1.23%-0.30%-3.20%8.18%8.02%4.62%

ACWI ex CHINA1464672,330.00-0.65%1.01%1.38%-3.18%6.10%5.52%4.27%ACWI ex CHINA1464672,330.00-1.08%1.25%-0.19%-2.64%8.28%8.20%4.64%

ACWI ex COLOMBIA1464682,472.00-0.61%0.99%1.22%-3.72%6.06%5.40%4.26%ACWI ex COLOMBIA1464682,472.00-1.02%1.23%-0.30%-3.19%8.17%8.00%4.62%

ACWI ex CZECH REPUBLIC1464692,478.00-0.61%0.99%1.23%-3.72%6.03%5.38%4.26%ACWI ex CZECH REPUBLIC1464692,478.00-1.02%1.23%-0.29%-3.19%8.16%8.00%4.62%

ACWI ex DENMARK1464702,465.00-0.58%1.00%1.25%-3.76%5.98%5.35%4.24%ACWI ex DENMARK1464702,465.00-1.00%1.23%-0.27%-3.23%8.08%7.95%4.59%

ACWI ex EGYPT1464712,478.00-0.60%0.99%1.23%-3.72%6.03%5.38%4.26%ACWI ex EGYPT1464712,478.00-1.02%1.23%-0.30%-3.19%8.15%7.99%4.62%

ACWI ex EM LATIN AMERICA1464832,362.00-0.76%0.93%0.95%-3.66%6.33%5.76%4.32%ACWI ex EM LATIN AMERICA1464832,362.00-1.09%1.22%-0.46%-3.21%8.28%8.16%4.62%

ACWI ex EMU1064922,240.000.04%1.71%2.23%-2.75%6.49%6.17%4.81%ACWI ex EMU1064922,240.00-0.44%1.70%0.78%-2.19%8.20%8.45%5.08%

ACWI ex EUROPE1064912,032.000.46%2.01%3.05%-1.53%7.21%6.73%5.14%ACWI ex EUROPE1064912,032.00-0.72%1.26%0.71%-2.44%8.63%8.79%5.19%

ACWI ex FINLAND1464722,469.00-0.60%1.00%1.26%-3.72%6.02%5.39%4.28%ACWI ex FINLAND1464722,469.00-1.02%1.24%-0.26%-3.19%8.13%7.99%4.64%

ACWI ex FRANCE1464732,407.00-0.43%1.17%1.42%-3.55%6.18%5.62%4.42%ACWI ex FRANCE1464732,407.00-0.86%1.34%-0.08%-3.01%8.19%8.14%4.74%

ACWI ex GERMANY1464742,424.00-0.45%1.19%1.52%-3.47%6.19%5.56%4.30%ACWI ex GERMANY1464742,424.00-0.88%1.37%0.02%-2.94%8.20%8.08%4.62%

ACWI ex GREECE1464752,472.00-0.59%0.99%1.24%-3.70%6.06%5.40%4.30%ACWI ex GREECE1464752,472.00-1.01%1.24%-0.28%-3.17%8.18%8.02%4.65%

ACWI ex HONG KONG1464762,437.00-0.62%0.99%1.24%-3.65%6.03%5.38%4.23%ACWI ex HONG KONG1464762,437.00-1.04%1.24%-0.31%-3.11%8.18%8.03%4.60%

ACWI ex HUNGARY1464772,478.00-0.61%0.99%1.23%-3.73%6.03%5.38%4.26%ACWI ex HUNGARY1464772,478.00-1.02%1.23%-0.30%-3.20%8.16%8.00%4.62%

ACWI ex INDIA1464782,407.00-0.62%0.97%1.23%-3.71%6.02%5.43%4.26%ACWI ex INDIA1464782,407.00-1.04%1.19%-0.33%-3.22%8.13%8.00%4.58%

ACWI ex INDONESIA1464792,450.00-0.63%0.98%1.19%-3.75%6.07%5.40%4.25%ACWI ex INDONESIA1464792,450.00-1.04%1.23%-0.32%-3.21%8.17%8.00%4.60%

ACWI ex IRELAND1464802,476.00-0.59%1.01%1.26%-3.71%6.03%5.38%4.29%ACWI ex IRELAND1464802,476.00-1.00%1.25%-0.27%-3.18%8.15%7.99%4.64%

ACWI ex ISRAEL1464812,470.00-0.60%1.00%1.27%-3.71%6.03%5.39%4.26%ACWI ex ISRAEL1464812,470.00-1.02%1.24%-0.26%-3.18%8.15%8.01%4.62%

ACWI ex ITALY1464822,457.00-0.55%1.07%1.41%-3.54%6.09%5.49%4.39%ACWI ex ITALY1464822,457.00-0.96%1.30%-0.11%-3.00%8.19%8.09%4.74%

ACWI ex JAPAN8999042,163.00-0.45%0.99%1.83%-3.27%6.32%5.48%4.68%ACWI ex JAPAN8999042,163.00-0.27%2.00%1.51%-1.22%8.57%7.93%5.27%

ACWI ex MALAYSIA1464842,438.00-0.62%1.01%1.21%-3.72%6.09%5.41%4.25%ACWI ex MALAYSIA1464842,438.00-1.03%1.25%-0.29%-3.20%8.19%8.01%4.61%

ACWI ex MEXICO1464852,454.00-0.61%1.03%1.23%-3.69%6.10%5.42%4.26%ACWI ex MEXICO1464852,454.00-1.03%1.24%-0.33%-3.22%8.18%8.00%4.59%

ACWI ex NETHERLANDS1464862,456.00-0.54%1.06%1.27%-3.68%6.03%5.39%4.26%ACWI ex NETHERLANDS1464862,456.00-0.97%1.28%-0.25%-3.15%8.12%7.97%4.61%

ACWI ex NEW ZEALAND1464872,474.00-0.61%0.99%1.22%-3.74%6.03%5.38%4.26%ACWI ex NEW ZEALAND1464872,474.00-1.02%1.23%-0.30%-3.21%8.15%7.99%4.62%

ACWI ex NORWAY1464882,471.00-0.60%0.99%1.22%-3.70%6.07%5.41%4.27%ACWI ex NORWAY1464882,471.00-1.02%1.23%-0.29%-3.18%8.17%8.00%4.63%

ACWI ex PERU7038442,478.00-0.61%0.98%1.21%-3.73%6.03%5.38%4.26%ACWI ex PERU7038442,478.00-1.03%1.23%-0.31%-3.20%8.16%8.00%4.61%

ACWI ex PHILIPPINES1464892,458.00-0.61%0.98%1.21%-3.73%6.03%5.37%4.25%ACWI ex PHILIPPINES1464892,458.00-1.03%1.22%-0.31%-3.21%8.15%7.98%4.61%

ACWI ex POLAND1464902,458.00-0.60%1.02%1.24%-3.69%6.06%5.41%4.27%ACWI ex POLAND1464902,458.00-1.02%1.25%-0.29%-3.16%8.18%8.02%4.63%

ACWI ex PORTUGAL1464912,478.00-0.60%0.99%1.23%-3.73%6.04%5.39%4.27%ACWI ex PORTUGAL1464912,478.00-1.02%1.23%-0.29%-3.19%8.17%8.01%4.63%

ACWI ex RUSSIA7050612,460.00-0.62%0.98%1.17%-3.73%6.11%5.49%4.33%ACWI ex RUSSIA7050612,460.00-1.02%1.24%-0.32%-3.23%8.17%8.05%4.66%

ACWI ex SINGAPORE1464932,453.00-0.63%0.99%1.21%-3.69%6.08%5.41%4.25%ACWI ex SINGAPORE1464932,453.00-1.04%1.24%-0.30%-3.15%8.20%8.03%4.62%

ACWI ex SOUTH AFRICA1464942,427.00-0.66%0.98%1.13%-3.63%6.08%5.44%4.26%ACWI ex SOUTH AFRICA1464942,427.00-1.03%1.23%-0.35%-3.22%8.12%7.94%4.56%

ACWI ex SPAIN1464952,456.00-0.51%1.08%1.37%-3.49%6.10%5.52%4.32%ACWI ex SPAIN1464952,456.00-0.93%1.30%-0.15%-2.95%8.19%8.10%4.67%

ACWI ex SWEDEN1464962,451.00-0.57%1.05%1.30%-3.64%6.09%5.44%4.26%ACWI ex SWEDEN1464962,451.00-1.00%1.25%-0.25%-3.12%8.16%8.01%4.61%

ACWI ex TAIWAN3048002,391.00-0.67%0.99%1.14%-3.66%6.06%5.43%4.26%ACWI ex TAIWAN3048002,391.00-1.08%1.24%-0.38%-3.17%8.18%8.05%4.63%

ACWI ex THAILAND1464972,447.00-0.61%0.98%1.19%-3.72%6.06%5.38%4.25%ACWI ex THAILAND1464972,447.00-1.02%1.23%-0.33%-3.19%8.18%8.00%4.61%

ACWI ex TURKEY1464982,457.00-0.61%1.00%1.22%-3.72%6.06%5.40%4.26%ACWI ex TURKEY1464982,457.00-1.02%1.24%-0.31%-3.19%8.17%8.00%4.61%

ACWI ex USA8999011,859.00-1.53%-0.64%-1.02%-10.24%1.16%0.10%1.87%ACWI ex USA8999011,859.00-2.40%-0.10%-4.14%-9.20%5.40%4.98%2.76%

EAFE + EM8996001,766.00-1.67%-0.93%-2.02%-10.52%1.25%0.35%1.84%EAFE + EM8996001,766.00-2.54%-0.38%-4.88%-9.63%5.29%5.16%2.69%

GOLDEN DRAGON122489285.001.87%0.42%-0.40%-17.13%3.87%1.22%5.80%GOLDEN DRAGON122489285.001.52%0.51%-0.82%-16.16%4.56%1.84%5.76%

KUKJE INDEX (ACWI ex Korea)7020602,374.00-0.68%1.03%1.19%-3.73%6.11%5.52%4.28%KUKJE INDEX (ACWI ex Korea)7020602,374.00-1.05%1.26%-0.33%-3.23%8.28%8.17%4.63%

MSCI ACWI ex CANADA7011812,388.00-0.64%0.91%0.84%-3.64%6.25%5.72%4.34%MSCI ACWI ex CANADA7011812,388.00-1.04%1.15%-0.52%-3.21%8.19%8.21%4.67%

SELECT OECD COUNTRIES1456731,793.00-1.08%0.88%0.70%-2.77%6.69%6.31%4.27%SELECT OECD COUNTRIES1456731,793.00-1.32%1.21%-0.63%-2.52%8.52%8.57%4.48%

ZHONG HUA122488195.001.02%0.38%-3.20%-19.76%3.98%1.17%6.86%ZHONG HUA122488195.000.91%0.40%-3.10%-19.70%3.99%1.11%6.85%

AC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro CapAC = All Cap, LC = Large Cap, MC = Mid Cap, SC = Small Cap, mC = Micro Cap

Sec = Number of securitiesSec = Number of securities

xQuality

Local Currency

USD

Quarter Performance

Sheet1

Local Currency

USD

1-Year Performance

Major Indices GTAA

EAFE vs. ACWIxUSNow all MSCI DATA

I

Documents

a-Agenda-Board Meeting 11-9-16 · 11/9/2016 · Wednesday, November 9, 2016 - 3:00 P.M. The following is the Agenda of Business for the “Joint Quarterly Meeting” scheduled for