Portfolio Analytics eporting PARis Reporting Overview ... · December 31, 2015 Target Allocation Actual Allocation Allocation Differences-100.0 % -50.0 % 0.0% 50.0% 100.0% Private

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PARis Reporting Overview

Asset Allocation Reports

1

Initial

Investment

Amount

Net

Contributions/

Withdrawals

Net

Invested

Capital

Market

Value

Allocation

%

1

Year

3

Years

Since

Inception

Inception

Date

Total Plan - 472,747 472,747 499,497 100.0 -4,483 92,984 26,749 07/01/2006

Domestic Equity Composite - 212,539 212,539 243,987 48.8 -6,354 76,941 31,448 03/01/1999

TD Bank 10,731 52,165 62,895 52,518 10.5 -1,726 12,051 -10,378 03/01/1999

BlackRock Equity Index Fund 30,000 27,017 57,017 53,639 10.7 733 19,381 -3,378 09/01/2008

Eaton Vance AC SMID-Cap Fund 15,485 23,280 38,766 64,027 12.8 -1,669 21,930 -13,875 03/01/2011

T. Rowe Price Large Cap Growth 6,414 49,833 56,247 44,250 8.9 1,459 16,203 -11,997 05/01/2010

T. Rowe Price Large Cap Value 20,987 7,461 28,448 29,555 5.9 -5,151 7,376 -9,648 05/01/2010

Fixed Income Composite 20,000 276,700 296,700 213,285 42.7 1,379 9,316 -83,415 03/01/1999

Dodge and Cox Income Fund 12,000 28,283 40,283 40,294 8.1 1,358 4,650 -23,191 09/01/2008

PIMCO Total Return 20,000 187,867 207,867 135,489 27.1 985 4,847 -72,378 03/01/1999

PIMCO:Short-Term;Inst (PTSHX) 2,500 68,977 71,477 37,503 7.5 -964 -181 -33,974 02/01/2011

International Composite 5,000 44,447 49,447 42,224 8.5 492 6,727 -7,223 03/01/1999

Dodge and Cox International Stock Fund 10,000 57,383 67,383 42,224 8.5 492 6,727 -25,575 04/01/2006

Allocation and $ Performance

($000)

As of December 31, 2015

1.1

US Equity Intl Equity Domestic Fixed Income Real Estate Private Equity Cash Equivalent Total Fund

$ % $ % $ % $ % $ % $ % $ %

Total Fund Composite 236,318 45.07 42,224 8.05 213,285 40.68 13,561 2.59 11,289 2.15 7,670 1.46 524,347 100.00

Domestic Equity Composite 236,318 96.86 - - - - - - - - 7,670 3.14 243,987 46.53

TD Bank 49,849 94.92 - - - - - - - - 2,668 5.08 52,518 10.02

BlackRock Equity Index Fund 53,639 100.00 - - - - - - - - - - 53,639 10.23

Eaton Vance AC SMID-Cap Fund 59,557 93.02 - - - - - - - - 4,470 6.98 64,027 12.21

T. Rowe Price Large Cap Growth 43,718 98.80 - - - - - - - - 532 1.20 44,250 8.44

T. Rowe Price Large Cap Value 29,555 100.00 - - - - - - - - - - 29,555 5.64

Fixed Income Composite - - - - 213,285 100.00 - - - - - - 213,285 40.68

Dodge and Cox Income Fund - - - - 40,294 100.00 - - - - - - 40,294 7.68

PIMCO Total Return - - - - 135,489 100.00 - - - - - - 135,489 25.84

PIMCO:Short-Term;Inst (PTSHX) - - - - 37,503 100.00 - - - - - - 37,503 7.15

International Composite - - 42,224 100.00 - - - - - - - - 42,224 8.05

Dodge and Cox International Stock Fund - - 42,224 100.00 - - - - - - - - 42,224 8.05

Private Equity Composite - - - - - - 13,561 54.57 11,289 45.43 - - 24,850 4.74

BlackRock Vesey Street III, LP - - - - - - 1,893 100.00 - - - - 1,893 0.36

BlackRock Vesey Street IV, LP - - - - - - 11,668 100.00 - - - - 11,668 2.23

Columbia Partners - - - - - - - - 11,289 100.00 - - 11,289 2.15

DCM VI, LP - - - - - - - - - - - - - 0.00

Asset Allocation

($000)


1.2

Dec-2015 : 524,346,828 Sep-2015 : 523,315,978

SegmentsMarket Value

$

Allocation

(%)

US Equity 236,317,736 45.1¢

Intl Equity 42,223,893 8.1¢

Domestic Fixed Income 213,285,164 40.7¢

Real Estate 13,560,892 2.6¢

Private Equity 11,289,387 2.2¢

Cash Equivalent 7,669,756 1.5¢

SegmentsMarket Value

$

Allocation

(%)

US Equity 240,588,232 46.0¢

Intl Equity 39,891,169 7.6¢

Domestic Fixed Income 214,078,973 40.9¢

Real Estate 12,240,908 2.3¢

Private Equity 11,289,387 2.2¢

Cash Equivalent 5,227,309 1.0¢

Asset Allocation by Segment

Total Fund Composite


1.3

Style

Value

29,554,654.0

Growth

44,249,624.8

Core

170,183,212.5

Size-Style

Large/Core106,156,635.0

SMID/Core64,026,577.6

Large/Value29,554,654.0

Large/Growth44,249,624.8

Size

SMID

64,026,577.6

Large179,960,913.8

Asset Allocation by Style

Domestic Equity Composite


1.4

Dec-2015 : 524,346,828

Market Value

$

Allocation

(%)

PIMCO Total Return 135,488,973 25.8¢

TD Bank 52,517,814 10.0¢

Dodge and Cox International Stock Fund 42,223,893 8.1¢

BlackRock Equity Index Fund 53,638,821 10.2¢

Dodge and Cox Income Fund 40,293,690 7.7¢

T. Rowe Price Large Cap Growth 44,249,625 8.4¢

T. Rowe Price Large Cap Value 29,554,654 5.6¢

PIMCO:Short-Term;Inst (PTSHX) 37,502,501 7.2¢

Eaton Vance AC SMID-Cap Fund 64,026,578 12.2¢

BlackRock Vesey Street III, LP 1,892,762 0.4¢

BlackRock Vesey Street IV, LP 11,668,130 2.2¢

Columbia Partners 11,289,387 2.2¢

Asset Allocation Chart By Manager As of December 31, 2015

1.5

Dec-2015 : 524,346,828

46.5%

4.7%

8.1%

40.7%

Sep-2015 : 523,315,978

47.0%

4.5%

7.6%

40.9%

Market Value

$

Allocation

(%)

US Equity 243,987,491 46.5¢

US Fixed Income 213,285,164 40.7¢

International Equity 42,223,893 8.1¢

US Private Equity 24,850,279 4.7¢

Market Value

$

Allocation

(%)

US Equity 245,815,541 47.0¢

US Fixed Income 214,078,973 40.9¢

International Equity 39,891,169 7.6¢

US Private Equity 23,530,295 4.5¢

Asset Allocation Chart By Asset Class As of December 31, 2015

1.6

December 31, 2015

Target Allocation

Actual Allocation

Allocation Differences

0.0% 50.0% 100.0%-50.0 %-100.0 %

Private Equity Composite

24,850,279

Fixed Income Composite

213,285,164

International Composite

42,223,893


243,987,491

40.0%

25.0%

10.0%

25.0%

4.7%

40.7%

8.1%

46.5%

-35.3 %

15.7%

-1.9 %

21.5%

September 30, 2015

Target Allocation

Actual Allocation


0.0% 50.0% 100.0%-50.0 %-100.0 %


23,530,295


214,078,973


39,891,169


245,815,541

40.0%

25.0%

10.0%

25.0%

4.5%

40.9%

7.6%

47.0%

-35.5 %

15.9%

-2.4 %

22.0%

Asset Allocation vs. Target Allocation

Total Fund Composite vs. Total Fund Benchmark


1.7

December 31, 2015


0.0% 50.0%-50.0 %





-35.3 %

15.7%

-1.9 %

21.5%

September 30, 2015


0.0% 50.0%-50.0 %





-35.5 %

15.9%

-2.4 %

22.0%

December 31, 2015

Market Value

$

Allocation

(%)

Target

(%)

Domestic Equity Composite 243,987,491 46.5 25.0

International Composite 42,223,893 8.1 10.0

Fixed Income Composite 213,285,164 40.7 25.0

Private Equity Composite 24,850,279 4.7 40.0

Total Fund 524,346,828 100.0 100.0

September 30, 2015

Market Value

$

Allocation

(%)

Target

(%)

Domestic Equity Composite 245,815,541 47.0 25.0

International Composite 39,891,169 7.6 10.0

Fixed Income Composite 214,078,973 40.9 25.0

Private Equity Composite 23,530,295 4.5 40.0

Total Fund 523,315,978 100.0 100.0

Asset Allocation vs. Target Allocation



1.8

Ending Market Value

-20,000.0

0.0

20,000.0

40,000.0

60,000.0

80,000.0

100,000.0

120,000.0

140,000.0

160,000.0

180,000.0

12/05 9/06 6/07 3/08 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 12/15

135,489.0

Asset Growth

PIMCO Total Return

10 Years Ending December 31, 2015

1.9

Fee Schedule

Market Value

As of

12/31/2015

% of PortfolioEstimated

Annual Fee

Estimated

Annual Fee

(%)

Domestic Equity Composite 243,987,491 100.0 1,002,265 0.4

TD Bank 0.7 % of Assets 52,517,814 21.5 341,366 0.7

BlackRock Equity Index Fund 0.4 % of First $10 M

0.2 % of Next $40 M

0.1 % Thereafter

Minimum Fee: $1,000

53,638,821 22.0 119,367 0.2

Eaton Vance AC SMID-Cap Fund 0.7 % of First $10 M

0.6 % of Next $3 M

0.4 % of Next $3 M

0.4 % Thereafter

64,026,578 26.2 261,093 0.4

T. Rowe Price Large Cap Growth 0.4 % of Assets 44,249,625 18.1 176,999 0.4

T. Rowe Price Large Cap Value 0.4 % of Assets 29,554,654 12.1 103,441 0.4

Fee Schedule As of December 31, 2015

1.10

Market Value

As of

01/01/2015

Net

TransfersContributions Distributions Fees Expenses Income

Capital

Apprec./

Deprec.

Market Value

As of

12/31/2015

Total Fund Composite 551,372 -12,029 3,746 -15,546 -1,782 -4 2,505 -3,916 524,347

Domestic Equity Composite 264,011 -12,500 - - -1,170 - 2,505 -8,859 243,987

TD Bank 57,109 -2,500 - - -365 - 977 -2,702 52,518

BlackRock Equity Index Fund 55,424 -2,500 - - -18 - - 733 53,639

Eaton Vance AC SMID-Cap Fund 68,666 -2,500 - - -470 - 598 -2,267 64,027

T. Rowe Price Large Cap Growth 45,570 -2,500 - - -279 - 446 1,013 44,250

T. Rowe Price Large Cap Value 37,242 -2,500 - - -37 - 484 -5,634 29,555

Fixed Income Composite 212,175 - - - -269 - - 1,379 213,285

Dodge and Cox Income Fund 39,205 - - - -269 - - 1,358 40,294

PIMCO Total Return 134,504 - - - - - - 985 135,489

PIMCO:Short-Term;Inst (PTSHX) 38,467 - - - - - - -964 37,503

International Composite 41,964 - - - -233 - - 492 42,224

Dodge and Cox International Stock Fund 41,964 - - - -233 - - 492 42,224

Private Equity Composite 33,221 471 3,746 -15,546 -111 -4 - 3,072 24,850

BlackRock Vesey Street III, LP 13,167 - 160 -10,883 - - - -551 1,893

BlackRock Vesey Street IV, LP 9,096 471 1,970 -3,127 -104 -4 - 3,365 11,668

Columbia Partners 10,958 - 1,616 -1,535 -7 - - 258 11,289

DCM VI, LP - - - - - - - - -

Financial Reconciliation

($000)

1 Year Ending December 31, 2015

1.11

1

Year

3

Years

5

Years

7

Years

10

Years

Since

Inception

Inception

Date

Total Fund Composite 04/01/1998

Beginning Market Value 551,372 277,206 250,124 169,945 105,916 78,694

Net Contributions -23,828 191,307 253,455 404,567 536,024 619,509

Fees/Expenses -1,786 -5,473 -9,179 -13,930 -18,217 -19,811

Income 2,505 7,436 14,855 20,719 26,667 45,098

Gain/Loss -3,916 53,871 15,092 -56,953 -126,044 -199,143

Ending Market Value 524,347 524,347 524,347 524,347 524,347 524,347

Domestic Equity Composite 03/01/1999

Beginning Market Value 264,011 72,997 67,180 46,019 60,904 -

Net Contributions -12,500 97,435 106,238 140,270 165,612 219,211

Fees/Expenses -1,170 -3,385 -4,528 -4,937 -5,480 -6,671

Income 2,505 6,903 9,722 10,746 11,403 14,533

Gain/Loss -8,859 70,037 65,376 51,889 11,548 16,915


International Composite 03/01/1999


Net Contributions - 13,848 15,848 19,074 39,676 46,416

Fees/Expenses -233 -691 -1,146 -1,473 -1,946 -1,969

Income - - 467 1,118 1,118 1,932

Gain/Loss 492 6,727 5,089 5,874 -14,081 -9,154


Fixed Income Composite 03/01/1999


Net Contributions - 136,422 176,286 275,285 280,985 278,600

Fees/Expenses -269 -779 -1,258 -1,786 -1,900 -1,900

Income - - 3,791 7,979 13,191 24,830

Gain/Loss 1,379 9,316 -21,038 -107,057 -106,546 -108,244


Gain/Loss Summary

($000)


1.12

10 Years

$0.0

$120,000.0

$240,000.0

$360,000.0

$480,000.0

$600,000.0

$720,000.0

$840,000.0

($120,000.0)

($240,000.0)

($360,000.0)

Beginning Market Value Net Contributions Fees/Expenses Income Gain/Loss Ending Market Value

$105,916.2

$536,023.8

($18,216.8)

$26,667.4

($126,043.7)

$524,346.8

Gain/Loss Summary Chart 10 Years Ending December 31, 2015

1.13

US Equity International Equity US Fixed Income US Private Equity Private Equity

0.0

15.0

30.0

45.0

60.0

75.0

90.0

All

oc

ati

on

(%)

12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

Historical Asset Allocation By Asset Class 5 Years Ending December 31, 2015

1.14

BlackRock Equity Index Fund BlackRock Vesey Street III, LP BlackRock Vesey Street IV, LP Columbia Partners

DCM VI, LP Dodge and Cox Income Fund Dodge and Cox International Stock Fund Eaton Vance AC SMID-Cap Fund

PIMCO Total Return PIMCO:Short-Term;Inst (PTSHX) T. Rowe Price Large Cap Growth T. Rowe Price Large Cap Value

TD Bank

0.0

15.0

30.0

45.0

60.0

75.0

90.0

All

oc

ati

on

(%)

12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15

Historical Asset Allocation by Manager

Total Fund


1.15

US Equity Intl Equity Domestic Fixed Income Real Estate Private Equity Cash

0.0

15.0

30.0

45.0

60.0

75.0

90.0

All

oc

ati

on

(%)

12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15

Historical Asset Allocation by Segment



1.16

Market

Value%

1

Year

3

Years

5

Years

7

Years

10

Years

Total Fund Composite 524,347 100.0 2,505 7,436 14,855 20,719 26,667

Total Plan without PE 499,497 95.3 2,505 6,903 13,980 19,844 24,993

Domestic Equity Composite 243,987 46.5 2,505 6,903 9,722 10,746 11,403

TD Bank 52,518 10.0 977 2,930 3,952 4,382 5,039

BlackRock Equity Index Fund 53,639 10.2 - - - - -

Eaton Vance AC SMID-Cap Fund 64,027 12.2 598 1,383 2,018 2,666 4,244

T. Rowe Price Large Cap Growth 44,250 8.4 446 1,049 1,132 1,132 1,132

T. Rowe Price Large Cap Value 29,555 5.6 484 1,541 2,635 3,645 5,689

Fixed Income Composite 213,285 40.7 - - 3,791 7,979 13,191

Dodge and Cox Income Fund 40,294 7.7 - - 1,822 3,663 3,931

PIMCO Total Return 135,489 25.8 - - 1,852 4,200 8,661

PIMCO:Short-Term;Inst (PTSHX) 37,503 7.2 - - 117 117 117

International Composite 42,224 8.1 - - 467 1,118 1,118

Dodge and Cox International Stock Fund 42,224 8.1 - - 467 1,118 1,118

Private Equity Composite 24,850 4.7 - 533 875 875 955

BlackRock Vesey Street III, LP 1,893 0.4 - 187 307 307 387

BlackRock Vesey Street IV, LP 11,668 2.2 - - - - -

Columbia Partners 11,289 2.2 - 347 568 568 568

DCM VI, LP - 0.0 - - - - -

Historical Transactions - Income

($000)


1.17

Liquidity Schedule

Investments Inception Subscriptions Redemptions Market Value Daily Semi-Monthly Monthly Quarterly

BlackRock Equity Index Fund 09/01/2008 Daily Daily 53,639 53,639 - - -

BlackRock Vesey Street III, LP 07/01/2006 Monthly Quarterly 1,893 - - - 1,893

BlackRock Vesey Street IV, LP 11/01/2008 11,668 - - - -

Columbia Partners 10/01/2006 11,289 - - - -

Correlation Ventures, LP 10/01/2011 - - - - -

DCM VI, LP 01/01/2011 - - - - -

Dodge and Cox Income Fund 09/01/2008 Daily Daily 40,294 40,294 - - -

Dodge and Cox International Stock Fund 04/01/2006 Semi-Monthly Quarterly 42,224 - - - 42,224

Dodge and Cox Intl Fund 01/01/2012 - - - - -

Eaton Vance AC SMID-Cap Fund 03/01/2011 Daily Daily 64,027 64,027 - - -

Grosvenor GELS 01/01/2000 Daily Daily - - - - -

PIMCO Total Return 03/01/1999 Daily Daily 135,489 135,489 - - -

PIMCO:Short-Term;Inst (PTSHX) 02/01/2011 Daily Monthly 37,503 - - 37,503 -

T. Rowe Price Large Cap Growth 05/01/2010 Daily Daily 44,250 44,250 - - -

T. Rowe Price Large Cap Value 05/01/2010 29,555 - - - -

TD Bank 03/01/1999 Daily Semi-Monthly 52,518 - 52,518 - -

Total ($) 524,347 337,698 52,518 37,503 44,117

Total (%) 100.0 64.4 10.0 7.2 8.4

Redemption Terms

Redemptions Market Value %

Daily 337,698 64.4

Semi-Monthly 52,518 10.0

Monthly 37,503 7.2

Quarterly 44,117 8.4

Total 524,347 100.0

Unfunded Commitments

Market Value %

BlackRock Vesey Street III, LP -1,940 -0.4

BlackRock Vesey Street IV, LP -4,930 -0.9

Columbia Partners -12,105 -2.3

Correlation Ventures, LP 22,000 4.2

DCM VI, LP 5,000 1.0

Total 8,025 1.5

Liquidity Schedule As of December 31, 2015

1.18

Asset Class Investment Manager

Plan A Domestic Equity Composite

Market Value

$

Allocation

(%)

Plan B Domestic Equity Composite

Market Value

$

Allocation

(%)

US Equity TD Bank 52,517,814 21.5 -

US Equity BlackRock Equity Index Fund 53,638,821 22.0 -

US Equity T. Rowe Price Large Cap Growth 44,249,625 18.1 52,947,205 32.6

US Equity Eaton Vance AC SMID-Cap Fund 64,026,578 26.2 -

US Equity T. Rowe Price Large Cap Value 29,554,654 12.1 26,404,522 16.3

US Equity SPDR S&P Dividend - 33257 - 25,054,554 15.4

US Equity Wedge Large Cap Value - CP43 - 45,854,545 28.2

US Equity Renaissance Institutional Equity Fd A - I0143I - 12,145,422 7.5

Total 243,987,491 100.0 162,406,248 100.0

Plan Comparison As of December 31, 2015

1.19

Periods Ending

Beginning

Market Value

$000

Net

Cash Flow

$000

Gain/Loss

$000

Ending

Market Value

$000

%Return Unit ValueIncome

$000

Income % of

Beginning

Market Value

Dec-2010 - - - 250,124 N/A 100.0 - 0.0

Mar-2011 250,124 5,386 7,187 262,697 3.9 103.9 683 0.3

Jun-2011 262,697 24,556 -16,858 270,396 2.2 106.2 730 0.3

Sep-2011 270,396 1,899 -23,896 248,399 -8.0 97.7 715 0.3

Dec-2011 248,399 652 10,828 259,880 4.3 101.9 1,623 0.7

Mar-2012 259,880 2,474 14,464 276,818 6.5 108.5 933 0.4

Jun-2012 276,818 -2,627 -2,436 271,755 -1.0 107.5 1,133 0.4

Sep-2012 271,755 32,470 -18,102 286,122 5.2 113.1 829 0.3

Dec-2012 286,122 -6,368 -2,548 277,206 1.2 114.4 769 0.3

Mar-2013 277,206 198,699 -16,051 459,855 -3.8 110.1 586 0.2

Jun-2013 459,855 3,013 -932 461,936 -0.2 109.9 798 0.2

Sep-2013 461,936 -1,467 22,593 483,062 4.9 115.3 576 0.1

Dec-2013 483,062 1,144 34,374 518,580 7.1 123.5 585 0.1

Mar-2014 518,580 4,220 -6,108 516,692 1.5 125.4 306 0.1

Jun-2014 516,692 5,009 16,904 538,605 3.2 129.5 818 0.2

Sep-2014 538,605 510 -5,399 533,717 -1.0 128.2 735 0.1

Dec-2014 533,717 319 17,336 551,372 3.3 132.4 395 0.1

Mar-2015 551,372 -5,327 12,354 558,399 2.3 135.4 702 0.1

Jun-2015 558,399 -5,629 -1,537 551,233 -0.3 135.1 627 0.1

Sep-2015 551,233 -420 -27,497 523,316 -5.0 128.4 650 0.1

Dec-2015 523,316 -14,239 15,270 524,347 2.9 132.2 587 0.1

250,124 244,276 29,947 524,347 5.7 132.2 14,779 5.9

Schedule of Investable Assets



1.20

Domestic Equity Composite Domestic Equity Benchmark Net Cash Flow

-45,000.0

0.0

45,000.0

90,000.0

135,000.0

180,000.0

225,000.0

270,000.0

315,000.0

360,000.0

Ma

rke

t

Va

lue

In T

ho

us

an

ds

12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

168,889.4

262,170.2

243,987.5

Periods Ending

Beginning

Market Value

$000

Net

Cash Flow

$000

Gain/Loss

$000

Ending

Market Value

$000

%Return Unit ValueIncome

$000

Income % of

Beginning

Market Value

5 Years 67,180 101,710 75,098 243,987 12.8 182.5 9,645 14.4

Schedule of Investable Assets

Domestic Equity Composite vs. Domestic Equity Benchmark


1.21

Purchases SalesAverage

Market Value

Turnover

(%)

Total Plan 506,579 461,746 353,793 26.1

Domestic Equity Composite 471,253 420,104 172,265 48.8

TD Bank 140,652 142,579 35,592 79.0

BlackRock Equity Index Fund 21,621 19,823 38,390 10.3

Eaton Vance AC SMID-Cap Fund 137,907 109,453 43,683 50.1

T. Rowe Price Large Cap Growth 88,148 54,036 29,773 36.3

T. Rowe Price Large Cap Value 82,916 80,584 24,402 66.0

Fixed Income Composite 18,731 40,218 147,692 2.5

Dodge and Cox Income Fund 1,822 3,694 33,817 1.1

PIMCO Total Return 6,297 36,500 88,588 1.4

PIMCO:Short-Term;Inst (PTSHX) 10,612 23 25,287 0.0

International Composite 16,594 1,425 33,836 0.8

Dodge and Cox International Stock Fund 16,594 1,425 33,836 0.8

Turnover

($000)


1.22

Compliance Reports

2

Target Allocation Actual Allocation Allocation Differences

0.0% 20.0% 40.0% 60.0%-20.0 %-40.0 %-60.0 %


24,850.3


213,285.2


42,223.9

US Mid Cap Composite

93,581.2

US Large Cap Composite

150,406.3

40.0%

25.0%

10.0%

7.0%

18.0%

4.7%

40.7%

8.1%

17.8%

28.7%

-35.3 %

15.7%

-1.9 %

10.8%

10.7%

Asset

Allocation

$000

Asset

Allocation

(%)

Minimum

Allocation

(%)

Maximum

Allocation

(%)

Target

Allocation

(%)

Minimum

Rebalance

$000

Maximum

Rebalance

$000

Total Fund Composite 524,347 100.0 100.0

US Large Cap Composite 150,406 28.7 15.0 25.0 18.0 -71,754 -19,320

US Mid Cap Composite 93,581 17.8 5.0 10.0 7.0 -67,364 -41,147

International Composite 42,224 8.1 5.0 15.0 10.0 -16,007 36,428

Fixed Income Composite 213,285 40.7 20.0 30.0 25.0 -108,416 -55,981

Private Equity Composite 24,850 4.7 35.0 45.0 40.0 158,671 211,106

Asset Allocation Compliance As of December 31, 2015

2.1

Passive Portfolios Weight (%) Target Portfolio Style Description

Mar-1999

Russell 3000 Index 60.00 Domestic Equity Composite Domestic Equity Composite

MSCI EAFE Index 30.00 Int'l Equity Composite Int'l Equity Composite

Blmbg. Barc. U.S. Aggregate 10.00 Fixed Income Composite Fixed Income Composite

Jun-1999



Russell 2000 Index 20.00 Small/Mid Cap Composite Small/Mid Cap Composite

S&P 500 30.00 Large Cap Composite Large Cap Composite

Jul-1999

Russell 3000 Index 50.00 Domestic Equity Composite Domestic Equity Composite



S&P 500 14.00 Test

Janus Capital Management LLC-Janus Classic Growth 1.00

Historical Hybrid Composition

Total Fund Hybrid Benchmark


2.2

Fund Reports

3

Fund Information

Fund Name : Dodge & Cox Funds: Dodge & Cox Global Stock Fund Portfolio Assets : $6,398 Million

Fund Family : Dodge & Cox Portfolio Manager : Team Managed

Ticker : DODWX PM Tenure :

Inception Date : 05/01/2008 Fund Style : IM Global Large Cap Core Equity (MF)

Fund Assets : $6,398 Million Style Benchmark : MSCI World Index

Portfolio Turnover : 20%

Fund Investment Policy

The Fund seeks long-term growth of principal and income. The Fund seeks to invest at least 80% of its total assets in common stocks, preferred stocks, securities convertible

into common stocks and securities that carry the right to buy common stocks, including American, European and Global Depositary Receipts.

Asset Allocation As of 12/31/2015

0.0% 100.0% 200.0%-100.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-0.5 %

0.0%

0.3%

2.4%

97.8%

Top Ten Securities As of 12/31/2015

Alphabet Inc ORD 3.4 %

Time Warner Cable Inc ORD 3.1 %

Bank of America Corp ORD 2.6 %

Naspers Ltd ORD 2.5 %

Roche Holding AG Par 2.4 %

Sanofi SA ORD 2.3 %

Time Warner Inc ORD 2.2 %

Standard Chartered PLC ORD 2.1 %

Charles Schwab Corp ORD 2.1 %

Microsoft Corp ORD 2.1 %

Top 5 Countries As of 12/31/2015

United States 50.6 %

Switzerland 8.2 %

United Kingdom 6.2 %

France 3.9 %

Japan 3.4 %

Fund Characteristics As of 12/31/2015

Total Securities 92

Avg. Market Cap $79,532 Million

P/E 21.9

P/B 3.1

Div. Yield 2.4%

Annual EPS 5.3

5Yr EPS 12.6

3Yr EPS Growth 12.7

Sector/Quality Allocation As of 12/31/2015

0.0% 8.0% 16.0% 24.0% 32.0%

Non Classified EquityTelecommunication Services

MaterialsIndustrials

EnergyConsumer Staples

Health CareInformation TechnologyConsumer Discretionary

Financials

1.8%2.6%

3.3%6.3%6.4%

8.4%14.0%14.6%

16.8%23.6%

Regiona Allocation As of 12/31/2015

0.0% 20.0% 40.0% 60.0% 80.0%

Emerging Latin America

Other

Emg. MidEast, Africa, Europe

Pacific Basin

Emerging Asia

Europe

North America

2.5%

3.2%

4.4%

4.8%

6.3%

25.0%

54.5%

Mutual Fund Attributes

Dodge & Cox Global Stock (DODWX)


3.1

Fund Information

Product Name : Dodge & Cox Stock (DODGX)

Fund Family : Dodge & Cox

Ticker : DODGX

Peer Group : IM U.S. Large Cap Value Equity (MF)

Benchmark : Russell 1000 Value Index

Fund Inception : 01/04/1965

Portfolio Manager : Team Managed

Total Assets : 56,553 Million

Total Assets Date : 08/31/2016

Gross Expense : 0.5%

Net Expense : 0.5%

Turnover : 15%

Mutual Fund Detail

Dodge & Cox Stock (DODGX)


3.2

Sector Weights As of 12/31/2015

Dodge & Cox Intl Stock (DODFX)

MSCI EAFE Index

0.0 10.0 20.0 30.0 40.0

Utilities

Telecommunication Services

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Other

Portfolio Characteristics As of 12/31/2015

Portfolio Benchmark

Total Securities 89 926

Avg. Market Cap $K 62,679,605 9,004,460

Price/Earnings (P/E) 23.7 16.4

Price/Book (P/B) 2.9 2.3

Dividend Yield 2.9 3.2

Annual EPS 11.2 N/A

5 Yr EPS 12.4 6.8

3 Yr EPS Growth 9.7 N/A

Beta (5 Years, Monthly) 1.0 1.0

Region Weights As of 12/31/2015

Dodge & Cox Intl Stock (DODFX) MSCI EAFE Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 48.0 54.0 60.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia

Mutual Fund Portfolio Combo As of December 31, 2015

3.3

Peer Group Reports

4

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

Re

turn

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years2014 2013 2012

Capital Guardian Non-US Equity 4.7 (42) -3.5 (60) 4.3 (55) 3.7 (56) 8.2 (75) 3.3 (82) -4.8 (72) 23.6 (38) 21.0 (41)¢

MSCI EAFE Index 4.7 (42) -0.4 (46) 5.5 (47) 4.1 (51) 8.3 (72) 3.5 (78) -4.5 (69) 23.3 (39) 17.9 (66)�

5th Percentile 9.3 15.0 14.9 10.1 16.6 9.4 9.3 37.0 30.0

1st Quartile 5.9 3.6 8.6 6.5 12.2 6.6 1.0 26.6 22.9

Median 4.2 -1.3 5.1 4.1 9.9 4.8 -2.7 20.1 19.8

3rd Quartile 2.0 -9.1 -0.5 0.8 8.1 3.6 -5.1 5.6 16.7

95th Percentile -1.5 -16.9 -7.3 -4.9 5.9 1.9 -9.8 -3.9 8.3

Population 1,118 1,099 1,014 883 798 606 1,131 1,143 1,140

Peer Group Analysis

IM International Equity (SA+CF)


Parentheses contain percentile rankings.

Calculation based on quarterly periodicity.

4.1

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Standard

Deviation

-1.0

2.0

5.0

8.0

11.0

14.0

Tracking

Error

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Information

Ratio

0.0

0.4

0.8

1.2

1.6

2.0

2.4

Sharpe

Ratio

3

Years

5

Years

3

Years

5

Years

3

Years

5

Years

3

Years

5

Years

Fidelity Magellan Fund 9.5 (26) 15.2 (51) 1.8 (97) 3.8 (72) 0.3 (22) -0.5 (83) 1.7 (23) 0.8 (66)¢

Alpha Tilts Fund A 9.0 (14) 13.0 (17) 2.1 (93) 2.1 (97) -0.5 (75) 0.3 (14) 1.7 (27) 1.1 (13)�

5th Percentile 8.3 11.7 11.0 10.6 1.0 0.6 2.0 1.2

1st Quartile 9.4 13.4 7.3 7.6 0.2 0.1 1.7 1.0

Median 10.8 15.0 4.8 5.3 -0.2 -0.1 1.4 0.8

3rd Quartile 13.3 17.5 3.2 3.5 -0.5 -0.4 1.1 0.7

95th Percentile 15.9 20.3 1.9 2.2 -1.1 -0.8 0.8 0.5

Population 720 689 720 689 720 689 720 689

Peer Group Analysis - Multi Statistics

IM U.S. Growth Equity (SA+CF) vs. Russell 3000 Growth Index




4.2

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

Re

turn

IM U

.S.

L

arg

e C

ap

Co

re E

qu

ity

(SA

+C

F)

IM U

.S.

M

id C

ap

Co

re E

qu

ity

(SA

+C

F)

IM U

.S.

S

ma

ll

Ca

p C

ore

Eq

uit

y (S

A+

CF

)

IM U

.S.

L

arg

e C

ap

Gro

wth

Eq

uit

y (S

A+

CF

)

IM U

.S.

M

id C

ap

Gro

wth

Eq

uit

y (S

A+

CF

)

IM U

.S.

S

ma

ll

Ca

p G

row

th E

qu

ity

(SA

+C

F)

IM U

.S.

L

arg

e C

ap

Va

lue

Eq

uit

y (S

A+

CF

)

IM U

.S.

M

id C

ap

Va

lue

Eq

uit

y (S

A+

CF

)

IM U

.S.

S

ma

ll

Ca

p V

alu

e E

qu

ity

(SA

+C

F)

-5.6

-1.0

1.3

3.2

6.6

-5.7

-2.2-0.8

2.4

4.9

-7.4

-3.3

-1.4

0.6

5.4

-2.6

2.1

5.1

8.1

13.0

-6.4

-1.7

0.8

2.9

7.5

-8.6

-3.6

-0.7

2.3

7.0

-9.9

-4.8

-2.3

0.1

4.4

-11.0

-5.9

-3.6

-1.7

1.8

-15.2

-7.1

-4.3

-1.9

1.4

Peer Group Comparison 1 Year Ending December 31, 2015

4.3

-50.0

0.0

50.0

100.0

150.0

200.0

IM U

.S.

S

ma

ll

Ca

p G

row

th E

qu

ity

(SA

+C

F)

IM U

.S.

S

ma

ll

Ca

p V

alu

e E

qu

ity

(SA

+C

F)

IM U

.S.

S

ma

ll

Ca

p C

ore

Eq

uit

y (S

A+

CF

)

IM U

.S.

M

id C

ap

Gro

wth

Eq

uit

y (S

A+

CF

)

IM U

.S.

M

id C

ap

Va

lue

Eq

uit

y (S

A+

CF

)

IM U

.S.

M

id C

ap

Co

re E

qu

ity

(SA

+C

F)

IM U

.S.

L

arg

e C

ap

Gro

wth

Eq

uit

y (S

A+

CF

)

IM U

.S.

L

arg

e C

ap

Va

lue

Eq

uit

y (S

A+

CF

)

IM U

.S.

L

arg

e C

ap

Co

re E

qu

ity

(SA

+C

F)

Peer Group Fee Distribution For Assets Less than Five Million Dollars As of December 31, 2015

4.4

1

Quarter

Year

To

Date

1

Year

3

Years

5

Years

7

Years

10

Years2014 2013 2012 2011 2010

1st Percentile 9.1 8.9 8.9 21.1 14.8 21.6 11.9 16.2 50.2 24.5 12.2 38.8

5th Percentile 7.6 7.5 7.5 18.8 14.2 20.4 11.1 15.2 47.5 21.9 6.3 33.8

1st Decile 6.0 6.2 6.2 17.5 13.7 19.5 10.6 14.1 44.5 20.9 5.6 32.9

2nd Decile 5.1 3.4 3.4 16.3 13.0 18.7 10.0 12.2 40.6 18.6 3.2 30.7

1st Quartile 5.0 2.9 2.9 16.0 12.6 18.4 9.8 11.1 39.3 17.8 1.9 29.8

3rd Decile 4.7 2.5 2.5 15.4 12.3 18.1 9.6 9.9 39.0 17.4 1.2 29.2

4th Decile 3.9 1.9 1.9 14.8 11.7 17.5 9.2 9.1 37.8 16.5 0.1 27.8

Median 3.3 0.8 0.8 14.0 11.4 17.0 8.9 8.5 36.4 15.1 -1.0 26.7

6th Decile 2.9 -0.3 -0.3 13.6 11.1 16.7 8.6 7.6 35.1 13.9 -3.2 25.2

7th Decile 2.2 -1.4 -1.4 12.8 10.5 16.4 8.3 6.4 33.3 12.6 -5.4 23.0

3rd Quartile 1.9 -1.7 -1.7 12.2 10.2 16.0 8.1 5.8 32.7 11.9 -5.8 22.5

8th Decile 1.5 -3.1 -3.1 11.9 9.8 15.7 7.7 5.2 31.9 10.8 -6.2 21.7

9th Decile 0.5 -5.1 -5.1 11.1 7.8 14.7 6.9 3.7 30.2 7.7 -9.2 19.3

95th Percentile -0.3 -6.4 -6.4 9.9 7.2 13.2 6.6 1.8 27.6 5.9 -11.4 15.9

10th Decile -2.7 -11.7 -11.7 5.3 2.4 11.4 3.4 -3.3 18.1 -10.2 -19.5 2.2

Population 119 118 118 113 107 99 87 122 131 134 141 147

Peer Group Percentile Breakdown

IM U.S. Mid Cap Growth Equity (SA+CF)



4.5

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Re

turn

(%)

1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0

Risk (Standard Deviation %)

ReturnStandard

Deviation

PIMCO:Tot Rtn;Inst 3.5 3.6��

Barclays Capital Aggregate 3.2 2.7pr

Median 3.1 2.8¾

Peer Group Scattergram

IM U.S. Broad Market Core Fixed Income (MF)


Calculation based on monthly periodicity.

4.6

-22.0

-20.0

-18.0

-16.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

Ma

xim

um

Dra

wd

ow

n

9.0 9.9 10.8 11.7 12.6 13.5 14.4 15.3 16.2 17.1 18.0 18.9

Standard Deviation

Maximum

Drawdown

Standard

Deviation

Dodge & Cox Stock (DODGX) -11.1 14.8�

Median -10.5 13.5¾

Population 512 512

Peer Group Scattergram - XY Statistics Selection

Peer Group Scattergram - XY Statistics Selection


4.7

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years2014 2013 2012 2011

Total Fund Composite 2.9 (28) -0.2 (28) 4.9 (78) 5.7 (80) 9.0 (65) 5.2 (73) 7.2 (48) 7.9 (82) 12.4 (61) 1.9 (42)¢

Total Fund Benchmark 5.2 (1) 3.0 (1) 12.8 (1) 11.6 (1) 13.9 (1) 8.1 (2) 11.8 (12) 24.8 (2) 15.7 (8) 4.1 (27)�

5th Percentile 3.8 1.3 9.7 9.3 11.9 7.5 13.5 21.4 15.9 10.3

1st Quartile 3.0 0.0 7.6 7.9 10.5 6.4 9.5 17.4 14.3 4.6

Median 2.2 -1.0 6.6 6.9 9.6 5.7 6.9 13.8 13.0 0.9

3rd Quartile 1.3 -2.2 5.1 5.9 8.6 5.1 5.1 9.6 11.4 -0.8

95th Percentile -0.1 -3.7 3.1 3.9 6.8 4.1 2.9 2.7 8.0 -3.0

Population 487 464 406 370 318 267 420 391 361 361

Plan Sponsor Peer Group Analysis

All Corporate Plans-Total Fund




4.8

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0 Return

2.0

4.0

6.0

8.0

10.0

12.0

Standard

Deviation

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

Sharpe

Ratio

1

Year

2

Years

3

Years

1

Year

2

Years

3

Years

1

Year

2

Years

3

Years

Total Fund Composite -0.2 (28) 3.4 (45) 4.9 (78) 7.5 (64) 6.6 (55) 7.6 (86) 0.0 (28) 0.5 (52) 0.7 (89)¢

Total Fund Benchmark 3.0 (1) 7.3 (2) 12.8 (1) 9.6 (97) 8.2 (94) 7.9 (93) 0.3 (4) 0.9 (15) 1.6 (3)�

5th Percentile 1.3 6.2 9.7 4.0 3.8 4.2 0.3 1.1 1.4

1st Quartile 0.0 4.4 7.6 5.9 5.6 5.8 0.0 0.8 1.2

Median -1.0 3.2 6.6 7.0 6.5 6.5 -0.1 0.5 1.0

3rd Quartile -2.2 2.1 5.1 8.0 7.2 7.2 -0.3 0.4 0.8

95th Percentile -3.7 0.4 3.1 9.2 8.2 8.1 -0.5 0.1 0.6

Population 464 442 406 464 442 406 464 442 406

Plan Sponsor Peer Group Analysis-Multi Statistics

All Corporate Plans-Total Fund vs. 90 Day U.S. Treasury Bill




4.9

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)

1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 10.8 11.7


ReturnStandard

Deviation

Total Fund Composite 5.7 7.2��

Total Fund without PE 7.8 8.1pr

Total Fund Benchmark 11.6 8.9¿̄

Median 6.8 7.0¾

Plan Sponsor Scattergram

All Corporate Plans ($250M to $1B)-Total Fund



4.10

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

95.0

All

oc

ati

on

(%)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Total Fund Composite 46.5 (14) 8.1 (88) 40.7 (42) 0.0 4.7 (81) 0.0 0.0¢

5th Percentile 55.0 29.2 68.4 18.2 41.0 13.4 5.3

1st Quartile 39.0 22.1 48.9 9.0 21.3 7.8 3.2

Median 24.4 16.1 35.5 3.9 10.9 5.3 1.7

3rd Quartile 16.7 10.4 25.7 2.4 6.1 3.2 0.8

95th Percentile 9.9 5.0 10.0 0.1 0.4 1.3 0.2

Population 98 97 101 24 66 30 67

Plan Sponsor TF Asset Allocation

All Corporate Plans ($250M to $1B)-Total Fund



4.11

Number of

Observations>=Median Top Quartile Bottom Quartile >Intl Alpha Tilts >Non-US Equity >Intl Equity Select >MSCI EAFE Index

Intl Alpha Tilts 12 11 4 0 N/A 11 6 12

Non-US Equity 12 10 0 0 1 N/A 1 9

Intl Equity Select 12 12 4 0 6 11 N/A 12

MSCI EAFE Index 12 9 0 0 0 3 0 N/A

Relative Ranking vs. Peer


12 Quarters Rolling Periods From January 1, 2013 To December 31, 2015


4.12

-25.0

-10.0

5.0

20.0

35.0

Re

turn

3

Years

3

Years

3

Years

3

Years

3

Years

3

Years

International Alpha Tilts -6.4 (76) 8.1 (75) 4.6 (66) 10.1 (29) 14.3 (26) 9.1 (23)¢£

Non-US Equity Composite -5.5 (69) 8.1 (76) 5.8 (53) 9.3 (38) 12.5 (40) 4.3 (55)��

International Equity Select -5.3 (67) 6.7 (85) 7.5 (32) 12.5 (13) 12.1 (43) 6.9 (34)pr

MSCI EAFE Index -6.5 (77) 8.2 (75) 4.0 (73) 8.7 (44) 11.6 (51) 5.5 (47)¿̄

5th Percentile 6.8 26.9 12.6 14.5 20.0 14.9

1st Quartile 0.2 18.8 8.2 10.5 14.3 8.6

Median -3.1 12.2 6.0 8.0 11.6 5.1

3rd Quartile -6.3 8.1 3.9 3.0 8.6 -0.5

95th Percentile -10.4 3.6 0.3 -2.8 3.1 -7.3

Population 1,006 1,023 996 995 1,012 1,014

Rolling Peer Group Analysis




4.13

Average Excess Return For Total Period:1.88% Manager Excess Returns

0.0

2.0

4.0

6.0

8.0

10.0

12.0

-2.0

-4.0

-6.0

Ex

ce

ss

Re

turn

(%)

3/96 3/97 3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 12/15

Rolling Peer Group Excess Return

IM U.S. Growth Equity (SA+CF) vs. S&P 500 Index



4.14

5th Percentile 1st Quartile Median 3rd Quartile 95th Percentile

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

Re

turn

(%)

3/06 9/06 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Rolling Peer Group Percentile Breakdown

IM U.S. Growth Equity (SA+CF)



4.15

Median

First Period 2nd Last Period Last Period

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn

(%)

3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0


ReturnStandard

Deviation

Jun-2011 (First Period) 6.7 25.5��

Sep-2015 (2nd Last Period) 13.5 10.9pr

Dec-2015 (Last Period) 15.4 10.8¿̄

Rolling Peer Group Scattergram

IM U.S. Growth Equity (SA+CF)



4.16

0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15

Total Period5-25

Count

25-Median

Count

Median-75

Count

75-95

Count

Dodge & Cox Stock 20 11 (55%) 3 (15%) 6 (30%) 0 (0%)¾

Russell 3000 Value Index 20 1 (5%) 15 (75%) 4 (20%) 0 (0%)¾

Rolling Percentile Ranking

IM U.S. Multi-Cap Value Equity(MF)


4.17

Portfolio Holdings Based Reports

5

Buy-and-Hold Portfolio 3.4

Portfolio Trading 0.0

Actual Return 3.5

Benchmark Return 5.6

Actual Active Return -2.1

Stock Selection -2.0

Region Selection -0.5

Interaction 0.2

Total Selection -2.2


Benchmark Trading 0.0

Active Trading Impact 0.0

Buy & Hold Active Return -2.2

Allocation-10/01/2015

Portfolio Benchmark

Performance-1 Quarter Ending

December 31, 2015

Portfolio Benchmark

Attribution

Stock Region Interaction Total

EM Asia 8.4 0.0 10.1 0.0 0.0 0.4 0.0 0.4

EM Europe 1.1 0.0 -4.8 0.0 0.0 -0.1 0.0 -0.1

EM Latin America 3.1 0.0 -2.4 0.0 0.0 -0.3 0.0 -0.3

EM Mid East+Africa 3.4 0.0 -2.8 0.0 0.0 -0.3 0.0 -0.3

Europe ex UK 17.0 17.3 -0.8 3.3 -0.7 0.0 0.0 -0.7

Japan 3.5 8.7 13.2 9.3 0.3 -0.2 -0.2 -0.1

Middle East 0.0 0.2 0.0 9.8 0.0 0.0 0.0 0.0

North America 56.3 61.9 5.0 6.1 -0.7 0.0 0.1 -0.7

Other 0.8 0.0 -2.6 -2.6 0.0 -0.1 0.0 -0.1

Pacific ex Japan 1.5 4.1 0.6 8.5 -0.3 -0.1 0.2 -0.2

United Kingdom 4.8 7.7 -6.3 0.8 -0.6 0.2 0.2 -0.2

Total 100.0 100.0 3.4 5.6 -2.0 -0.5 0.2 -2.2

Buy and Hold Region Attribution

Dodge & Cox Global Stock (DODWX) vs. MSCI World Index

1 Quarter Ending December 31, 2015

5.1

Allocation


MSCI World Index

0.0 20.0 40.0 60.0 80.0

United Kingdom

Pacific ex Japan

Other

North America

Middle East

Japan

Europe ex UK

EM Mid East+Africa

EM Latin America

EM Europe

EM Asia

Performance


MSCI World Index

0.0 8.0 16.0 24.0-8.0-16.0

United Kingdom

Pacific ex Japan

Other

North America

Middle East

Japan

Europe ex UK

EM Mid East+Africa

EM Latin America

EM Europe

EM Asia

Total Attribution

0.0 0.2 0.4 0.6 0.8-0.2-0.4-0.6-0.8-1.0-1.2

United Kingdom

Pacific ex Japan

Other

North America

Middle East

Japan

Europe ex UK

EM Mid East+Africa

EM Latin America

EM Europe

EM Asia

Buy and Hold Region Attribution Graph



5.2

Buy-and-Hold Portfolio 5.9


Actual Return 6.1

Benchmark Return 7.3

Actual Active Return -1.2

Stock Selection -1.2

Sector Selection -0.1

Interaction -0.2

Total Selection -1.5



Active Trading Impact 0.3

Buy & Hold Active Return -1.2


Portfolio Benchmark

Performance-1 Quarter Ending

December 31, 2015

Portfolio Benchmark

Attribution

Stock Sector Interaction Total

Consumer Discretionary 24.9 21.5 2.9 5.9 -0.6 0.0 -0.1 -0.8

Consumer Staples 5.3 11.2 11.2 8.1 0.4 0.0 -0.2 0.1

Energy 1.4 0.7 -4.2 -17.3 0.1 -0.2 0.1 0.0

Financials 3.5 5.4 8.4 7.6 0.0 0.0 0.0 0.0

Health Care 20.6 16.8 8.8 9.3 -0.1 0.1 0.0 0.0

Industrials 9.4 11.1 -1.8 4.3 -0.7 0.0 0.1 -0.5

Information Technology 32.6 27.7 7.5 8.4 -0.3 0.1 0.0 -0.2

Materials 2.2 3.5 10.0 9.3 0.0 0.0 0.0 0.0

Telecommunication Services 0.0 2.1 0.0 7.4 0.0 0.0 0.0 0.0

Utilities 0.0 0.0 0.0 6.0 0.0 0.0 0.0 0.0

Total 100.0 100.0 5.9 7.3 -1.2 -0.1 -0.2 -1.5

Buy and Hold Sector Attribution

T. Rowe Price Large Cap Growth vs. Russell 1000 Growth Index


5.3

Allocation

Eaton Vance AC SMID-Cap Fund

Russell 2500 Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


Performance


Russell 2500 Index

0.0 10.0 20.0 30.0-10.0-20.0

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


Total Attribution

0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6-0.4-0.8-1.2-1.6

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


Buy and Hold Sector Attribution Graph

Eaton Vance AC SMID-Cap Fund vs. Russell 2500 Index


5.4

Buy-and-Hold Portfolio -0.9

Portfolio Trading -0.1

Actual Return -1.0

Benchmark Return -3.0

Actual Active Return 2.0

Stock Selection 1.4

Style Selection 0.4

Interaction 0.3

Total Selection 2.1

Portfolio Trading -0.1


Active Trading Impact -0.1

Buy & Hold Active Return 2.0


Portfolio Benchmark

Performance-1 Quarter Ending June 30,

2012

Portfolio Benchmark

Attribution

Stock Style Interaction Total

Mid Growth 11.9 0.5 -5.5 -15.7 0.1 -1.4 1.2 -0.2

Mid Neutral 25.0 4.2 11.3 -4.5 0.7 -0.3 3.3 3.6

Mid Value 18.9 7.8 -1.5 -2.7 0.1 0.0 0.1 0.3

Small Growth 15.3 2.5 -13.3 11.8 -0.6 1.9 -3.2 -1.9

Small Neutral 6.9 13.4 -11.9 -3.4 -1.1 0.0 0.6 -0.6

Small Value 22.0 69.1 0.3 -3.1 2.3 0.0 -1.6 0.8

Unclassified 0.0 2.5 0.0 -9.9 0.0 0.2 0.0 0.2

Total 100.0 100.0 -0.9 -3.1 1.4 0.4 0.3 2.1

Buy and Hold Style Attribution

Burgundy Smaller Companies vs. Russell 2000 Value Index

1 Quarter Ending June 30, 2012

5.5

Allocation

Burgundy Smaller Co Russell 2000 Value Index

0.0 15.0 30.0 45.0 60.0 75.0 90.0

Unclassified

Small Value

Small Neutral

Small Growth

Mid Value

Mid Neutral

Mid Growth

0.0

22.0

6.9

15.3

18.9

25.0

11.9

2.5

69.1

13.4

2.5

7.8

4.2

0.5

Performance

Burgundy Smaller Co Russell 2000 Value Index

0.0 8.0 16.0 24.0-8.0-16.0-24.0

Unclassified

Small Value

Small Neutral

Small Growth

Mid Value

Mid Neutral

Mid Growth

0.0

0.3

-11.9

-13.3

-1.5

11.3

-5.5

-9.9

-3.1

-3.4

11.8

-2.7

-4.5

-15.7

Total Attribution

0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4-0.6-1.2-1.8-2.4-3.0-3.6

Unclassified

Small Value

Small Neutral

Small Growth

Mid Value

Mid Neutral

Mid Growth

0.2

0.8

-0.6

-1.9

0.3

3.6

-0.2

Buy and Hold Style Attribution Graph

Burgundy Smaller Co vs. Russell 2000 Value Index

1 Quarter Ending June 30, 2012

5.6

Dodge & Cox

Intl Stock (DODFX)MSCI EAFE Index

Canada 0.0 0.0

United States 0.0 0.1

Australia 0.0 6.8

Hong Kong 0.0 3.1

New Zealand 0.0 0.2

Singapore 0.0 1.2

Pacific ex Japan 0.0 11.3

Japan 0.0 23.4

Austria 0.0 0.2

Belgium 0.0 1.4

Bermuda 0.0 0.0

Denmark 0.0 1.9

Finland 0.0 0.9

France 0.0 9.7

Germany 0.0 9.0

Ireland 0.0 0.5

Italy 0.0 2.4

Netherlands 0.0 2.9

Norway 0.0 0.6

Portugal 0.0 0.1

Spain 0.0 3.2

Sweden 0.0 2.9

Switzerland 0.0 9.4

Europe ex UK 0.0 45.0

United Kingdom 0.0 19.3

Israel 0.0 0.8

Middle East 0.0 0.8

Developed Markets 0.0 100.0

Dodge & Cox

Intl Stock (DODFX)MSCI EAFE Index

China 0.0 0.0

India 0.0 0.0

Indonesia 0.0 0.0

Korea 0.0 0.0

Malaysia 0.0 0.0

Philippines 0.0 0.0

Taiwan 0.0 0.0

Thailand 0.0 0.0

EM Asia 0.0 0.0

Czech Republic 0.0 0.0

Greece 0.0 0.0

Hungary 0.0 0.0

Poland 0.0 0.0

Russia 0.0 0.0

Turkey 0.0 0.0

EM Europe 0.0 0.0

Brazil 0.0 0.0

Cayman Islands 0.0 0.0

Chile 0.0 0.0

Colombia 0.0 0.0

Mexico 0.0 0.0

Peru 0.0 0.0

Virgin Islands 0.0 0.0

EM Latin America 0.0 0.0

Egypt 0.0 0.0

Qatar 0.0 0.0

South Africa 0.0 0.0

United Arab Emirates 0.0 0.0

EM Mid East+Africa 0.0 0.0

Emerging Markets 0.0 0.0

Frontier Markets 0.0 0.0

Cash 0.0 0.0

Other 0.0 0.0

Total 0.0 100.0

Country/Region Allocation As of December 31, 2015

5.7

Allocation


Russell 1000 Value Index

0.0 25.0 50.0 75.0 100.0

Other

Cash

Less than 200M

200M To 500M

500M To 1000M

1000M To 3000M

3000M To 5000M

5000M To 8000M

8000M To 12000M

12000M To 16000M

16000M To 25000M

Greater than 25000M

0.0

0.0

0.0

0.0

0.0

0.1

0.0

3.5

4.2

6.5

7.4

78.3

0.0

0.0

0.0

0.0

0.0

2.0

3.7

6.1

5.9

5.5

8.8

68.0

Performance



-150.0 -100.0 -50.0 0.0

Other

Cash

Less than 200M

200M To 500M

500M To 1000M

1000M To 3000M

3000M To 5000M

5000M To 8000M

8000M To 12000M

12000M To 16000M

16000M To 25000M

Greater than 25000M

0.0

0.0

0.0

0.0

0.0

-0.8

0.0

-39.4

-19.5

-9.6

-53.6

-121.4

0.0

0.0

0.0

0.0

-0.9

-15.7

-15.0

-19.3

-20.0

-17.6

-13.6

-73.6

Distribution of Assets & Performance

Dodge & Cox Stock (DODGX) vs. Russell 1000 Value Index


5.8

Return Summary

Cumulative Return Annualized Return

Portfolio 8.3 8.3

Benchmark 7.0 7.0

Active 1.3 1.3

Stock Specific 3.0 3.0

Factor Model -1.7 -1.7

Beta 0.5 0.5

The Fundamentals -2.0 -2.0

The Industries -0.2 -0.2

Risk Summary

Risk % of Active Var % of Factor Var

Portfolio 4.4

Benchmark 4.3

Active 0.5


Factor Model 1.2 73.2

Beta 0.4 8.7

The Fundamentals 1.4 89.8

The Industries 0.2 1.5

Active Risk Contribution

Stock Specific

26.8%

Factor Model

73.2%

Factor Model Risk Contribution

Beta

8.7%

The Industries

1.5%

The Fundamentals

89.8%

Factor Performance Attribution

BGI Alpha Tilts vs. S&P 500

Periods: 10/01/2015 - 12/31/2015

Risk Model: Northfield US Equity Model

5.9

Style Exposures

Portfolio Benchmark ActiveRaw

Portfolio

Raw

Benchmark

Beta 1.1 1.0 0.1 1.1 1.0

Price/Earnings -0.2 -0.4 0.1 22.8 20.4

Price/Book 0.2 0.4 -0.1 2.2 2.6

Dividend Yield 0.0 0.2 -0.2 1.6 2.1

Trading Activity 0.2 -0.2 0.4 0.2 0.1

Relative Strength 0.2 0.1 0.1 1.1 1.1

Log Of Market Cap ($M) 0.5 2.3 -1.8 5,005 127,315

Earnings Variability -0.5 -0.4 -0.1 0.4 0.5

Eps Growth Rate 0.0 0.0 0.0 12.7 11.7

Price/Revenue 0.1 0.3 -0.2 1.2 1.6

Debt/Equity 0.1 0.2 -0.2 0.7 0.8

Price Volatility -0.5 -0.6 0.1 0.2 0.2

Style Contribution

Portfolio Benchmark ActiveFactor

Return

Beta 4.3 3.9 0.5 3.8

Price/Earnings 0.1 0.1 0.0 -0.3

Price/Book 0.5 0.9 -0.3 2.3

Dividend Yield 0.0 0.0 0.0 -0.1

Trading Activity 0.2 -0.1 0.2 0.5

Relative Strength 0.1 0.2 -0.1 0.9

Log Of Market Cap 0.4 2.0 -1.6 0.9

Earnings Variability -0.3 -0.2 -0.1 0.6

Eps Growth Rate 0.0 0.0 0.0 0.6

Price/Revenue 0.1 0.3 -0.2 0.9

Debt/Equity 0.0 -0.2 0.1 -0.8

Price Volatility 0.8 0.9 -0.1 -1.5

Style Exposures

Portfolio Benchmark Active

0.0 2.0 4.0-2.0-4.0

Price Volatility

Debt/Equity

Price/Revenue

Eps Growth Rate

Earnings Variability

Log Of Market Cap

Relative Strength

Trading Activity

Dividend Yield

Price/Book

Price/Earnings

Beta

Style Contribution


0.0 2.0 4.0 6.0-2.0-4.0

Price Volatility

Debt/Equity

Price/Revenue

Eps Growth Rate


Log Of Market Cap

Relative Strength

Trading Activity

Dividend Yield

Price/Book

Price/Earnings

Beta



Periods: 10/01/2015 - 12/31/2015


5.10

Sector Weights

SectorPortfolio

Weight

Benchmark

Weight

Active

Weight

Materials 6.4 2.4 4.0

Industrials 8.8 7.8 1.0

Telecom 0.8 3.2 -2.4

Consumer Discretionary 16.4 12.0 4.4

Consumer Staples 6.0 11.9 -5.9

Energy 5.4 8.9 -3.5

Financials 27.0 17.5 9.5

Health Care 7.7 13.8 -6.2

Information Tech 15.8 19.2 -3.4

Utilities 5.7 3.3 2.4

Unclassified 0.0 0.0 0.0

Total 100.0 100.0 0.0

Sector Contribution

Sector Portfolio Benchmark ActiveFactor

Return

Materials 0.1 0.0 0.1 4.8

Industrials 0.1 0.2 -0.1 10.6

Telecom 0.0 0.0 0.0 1.2

Consumer Discretionary -0.5 -0.6 0.1 -36.8

Consumer Staples -0.1 0.1 -0.2 8.0

Energy -0.1 -0.3 0.1 -22.9

Financials 0.5 0.2 0.3 7.4

Health Care 0.3 0.7 -0.4 9.7

Information Tech 0.3 0.2 0.1 4.2

Utilities -0.1 0.1 -0.1 -0.9

Unclassified 0.0 0.0 0.0 0.0

Total 0.4 0.6 -0.2 -14.6

Sector Weights


0.0 15.0 30.0 45.0-15.0

Unclassified

Utilities

Information Tech

Health Care

Financials

Energy

Consumer Staples


Telecom

Industrials

Materials

Sector Contribution


0.0 0.5 1.0-0.5-1.0-1.5

Unclassified

Utilities

Information Tech

Health Care

Financials

Energy

Consumer Staples


Telecom

Industrials

Materials



Periods: 10/01/2015 - 12/31/2015


5.11

Return Contribution Over Time

Stock Specific Beta The Fundamentals The Industries

0.0

0.7

1.4

2.1

2.8

-0.7

-1.4

-2.1

-2.8

-3.5

10/15 11/15 12/15

1.1

0.7

-1.6

0.1

0.00.0

1.3

-0.3

1.8

-0.3

-1.7

0.0



Periods: 10/01/2015 - 12/31/2015


5.12

Return Summary

Cumulative Return Annualized Return

Portfolio 3.9 3.9

Benchmark 5.0 5.0

Active -1.1 -1.1

Stock Specific -1.1 -1.1


Market 0.3 0.3

Region 0.0 0.0

Sector -0.1 -0.1

Economic -0.1 -0.1

Style -0.1 -0.1

Statistical -0.5 -0.5

Currency 0.5 0.5

Risk Summary

Risk % of Active Var % of Factor Var

Portfolio 3.9

Benchmark 4.1

Active 0.5



Market 0.1 9.0

Region 0.1 4.9

Sector 0.0 0.2

Economic 0.0 1.7

Style 0.0 0.3

Statistical 0.2 27.7

Currency 0.3 56.2

Active Risk Contribution

Factor Model

7.5%

Stock Specific

92.5%

Factor Model Risk Contribution

Market

9.0%

Region

4.9%

Sector

0.2%

Economic

1.7%

Style

0.3%

Statistical

27.7%

Currency

56.2%


Vanguard Dev Mkt;Inst (VTMNX) vs. MSCI EAFE IMI

Periods: 10/01/2015 - 12/31/2015

Risk Model: Northfield Global Equity Model

5.13

Factor Exposures

Factor Portfolio Benchmark ActiveRaw

Portfolio

Raw

Benchmark

Global Market 0.9 0.9 0.0 0.9 0.9

Usa/Canada 7.3 0.0 7.2 7.3 0.0

Latin America/Caribbean 0.0 0.0 0.0 0.0 0.0

Developed Europe 45.3 60.9 -15.5 45.3 60.9

Emerging Europe 0.0 0.0 0.0 0.0 0.0

Middle East/Africa 0.0 0.1 0.0 0.0 0.1

Japan 23.5 22.8 0.8 23.5 22.8

Developed Asia/Asia Pacific 4.5 4.3 0.2 4.5 4.3

Emerging Asia/Asia Pacific 1.1 0.0 1.1 1.1 0.0

Industrial Sector 8.5 10.7 -2.2 8.5 10.7

Consumer Sector 25.7 26.1 -0.3 25.7 26.1

Technology Sector 3.5 3.4 0.1 3.5 3.4

Interest Rate Sensitive Sector 26.7 24.8 2.0 26.7 24.8

Non-Energy Minerals Sector 2.0 1.7 0.3 2.0 1.7

Energy Minerals Sector 4.1 4.1 0.0 4.1 4.1

Health Sector 7.7 7.6 0.2 7.7 7.6

World Govt Bond Index 0.0 0.0 0.0 0.0 0.0

Oil 0.0 0.0 0.0 0.0 0.0

Market Development 0.0 0.0 0.0 0.0 0.0

Size 0.0 0.0 0.0 0.0 0.0

Value/Growth 0.0 0.0 0.0 0.0 0.0

Blind Factor 1 0.4 0.5 -0.1 0.4 0.5

Blind Factor 2 -0.2 -0.2 0.0 -0.2 -0.2

Blind Factor 3 -0.2 -0.1 -0.1 -0.2 -0.1

Blind Factor 4 0.3 0.1 0.2 0.3 0.1

Blind Factor 5 0.2 0.1 0.1 0.2 0.1

Currency 100.0 100.0 0.0 100.0 100.0

Factor Contribution

Factor Portfolio Benchmark ActiveFactor

Return

Global Market 7.1 6.9 0.3 7.8

Usa/Canada -0.3 0.0 -0.3 -3.4

Latin America/Caribbean 0.0 0.0 0.0 -1.1

Developed Europe -0.6 -0.8 0.2 -1.4

Emerging Europe 0.0 0.0 0.0 -3.2

Middle East/Africa 0.0 0.0 0.0 -7.3

Japan -0.2 -0.2 0.0 -0.7

Developed Asia/Asia Pacific -0.1 -0.1 0.0 -2.0

Emerging Asia/Asia Pacific 0.1 0.0 0.1 6.0

Industrial Sector 0.2 0.3 -0.1 2.6

Consumer Sector -0.3 -0.3 0.0 -1.1

Technology Sector 0.1 0.1 0.0 2.1

Interest Rate Sensitive Sector -0.6 -0.6 0.0 -2.4

Non-Energy Minerals Sector 0.0 0.0 0.0 -0.4

Energy Minerals Sector -0.2 -0.2 0.0 -5.2

Health Sector 0.1 0.1 0.0 1.3

World Govt Bond Index 0.0 0.0 0.0 -1.0

Oil 0.3 0.3 0.0 -18.0

Market Development -0.1 -0.1 0.0 -5.7

Size 0.1 0.1 -0.1 5.8

Value/Growth 0.0 0.0 0.0 -2.6

Blind Factor 1 0.0 0.1 -0.1 0.4

Blind Factor 2 0.4 0.5 -0.1 -1.6

Blind Factor 3 0.0 0.0 0.0 -0.1

Blind Factor 4 -0.4 -0.1 -0.3 -0.9

Blind Factor 5 -0.2 -0.1 -0.1 -0.4

Currency -1.1 -1.5 0.5 -1.7



Periods: 10/01/2015 - 12/31/2015


5.14

Factor Contribution


0.0

3.0

6.0

9.0

12.0

15.0

18.0

-3.0

-6.0

Glo

bal

Mark

et

Usa/Canada

Latin Am

erica /C

aribbean

Developed

Eu rope

Emerg

ing

Eu rope

Mid

d le East/

Af ric

a

Japan

Developed

Asia/A

sia Pacifi

c

Emerg

ing

Asia/A

sia Pacifi

c

Industr i

al

Sector

Consumer

Sector

Techno logy

Sector

Inte

rest

R

ate Sensiti

ve

Sector

Non -E

nergy

Min

erals

Sector

Energy

Min

erals

Sector

Health

Sector

World

Govt Bond

In

dexO

il

Mark

et D

evelopm

entSiz

e

Value/G

row

th

Blind Facto

r 1

Blind Facto

r 2

Blind Facto

r 3

Blind Facto

r 4

Blind Facto

r 5

Currency



Periods: 10/01/2015 - 12/31/2015


5.15

Return Contribution Over Time

Stock Specific Market Region Sector Economic Style Statistical Currency

0.0

0.4

0.8

1.2

1.6

-0.4

-0.8

-1.2

-1.6

-2.0

10/15 11/15 12/15

-0.9

0.20.1

0.00.00.0

-0.1

0.1 0.50.1

-0.1-0.1-0.1

0.0

-0.4

0.5

-0.60.0

0.0

0.0

0.0

0.0

0.1

-0.2



Periods: 10/01/2015 - 12/31/2015


5.16

Risk Analysis

Total

Portfolio Risk 15.1

Benchmark Risk 14.7

Tracking Error 5.3

RSquared 0.9

Portfolio Beta 1.1

Benchmark Beta 1.0

Portfolio Beta to Benchmark 1.0

Risk Decomposition

Variance

Contribution

% of

Active Var

% of

Factor Var

Factor Tracking Variance 24.0 84.8

Stock Specific Variance 4.3 15.2

Total Tracking Variance 28.4

Tracking Error 5.3

Beta 1.7 7.1

The Fundamentals 21.1 87.5

The Industries 1.3 5.3

Active Variance Contribution

Stock Specific

15.2%

Factor Model

84.8%

Factor Variance Contribution

Beta

7.1%

The Industries

5.3%

The Fundamentals

87.5%

Factor Risk Forecast


As of: 12/31/2015


5.17

Style Exposures

Factor Portfolio Benchmark Active

Beta 1.1 1.0 0.1

Price/Earnings -0.2 -0.3 0.1

Price/Book 0.3 0.4 -0.1

Dividend Yield 0.0 0.2 -0.2

Trading Activity 0.2 -0.2 0.4

Relative Strength 0.2 0.3 -0.1

Log Of Market Cap 0.5 2.3 -1.8

Earnings Variability -0.5 -0.4 -0.1

Eps Growth Rate 0.1 0.0 0.1

Price/Revenue 0.1 0.3 -0.2

Debt/Equity 0.1 0.3 -0.2

Price Volatility -0.5 -0.6 0.1

Style Contribution to Active Var


Beta 1.7

Price/Earnings -0.2

Price/Book -0.2

Dividend Yield 1.0

Trading Activity 1.4

Relative Strength -0.2

Log Of Market Cap 19.6

Earnings Variability 0.2

Eps Growth Rate -0.2

Price/Revenue -0.1

Debt/Equity 0.3

Price Volatility -0.4

Style Exposures


0.0 2.0 4.0-2.0-4.0

Price Volatility

Debt/Equity

Price/Revenue

Eps Growth Rate


Log Of Market Cap

Relative Strength

Trading Activity

Dividend Yield

Price/Book

Price/Earnings

Beta

Style Contribution to Active Var

0.0 8.0 16.0 24.0 32.0-8.0

Price Volatility

Debt/Equity

Price/Revenue

Eps Growth Rate


Log Of Market Cap

Relative Strength

Trading Activity

Dividend Yield

Price/Book

Price/Earnings

Beta



As of: 12/31/2015


5.18

Sector Weights

SectorPortfolio

Weight

Benchmark

Weight

Active

Weight

Materials 6.0 2.3 3.7

Industrials 8.9 7.8 1.1

Telecom 0.8 3.2 -2.5


Consumer Staples 5.3 12.1 -6.9

Energy 4.9 8.4 -3.5

Financials 27.4 17.6 9.8

Health Care 8.1 14.3 -6.2

Information Tech 16.7 19.1 -2.4

Utilities 5.8 3.2 2.5

Total 100.0 100.0 0.0

Sector Contribution to Active Var

SectorVariance

Contribution

Materials 2.0

Industrials 2.6

Telecom 0.7

Consumer Discretionary 5.4

Consumer Staples 5.1

Energy 4.1

Financials 24.2

Health Care 43.4

Information Tech 8.7

Utilities 3.8

Total 100.0

Sector Weights

Portfolio Weight Benchmark Weight Active Weight

0.0 15.0 30.0 45.0-15.0

Utilities

Information Tech

Health Care

Financials

Energy

Consumer Staples


Telecom

Industrials

Materials

Sector Contribution to Active Var

0.0 15.0 30.0 45.0 60.0

Utilities

Information Tech

Health Care

Financials

Energy

Consumer Staples


Telecom

Industrials

Materials



As of: 12/31/2015


5.19

Risk Analysis

Total

Portfolio Risk 13.8

Benchmark Risk 11.2

Tracking Error 4.3

RSquared 0.9

Portfolio Beta 1.1

Benchmark Beta 0.9

Portfolio Beta to Benchmark 1.2

Risk Decomposition

Variance

Contribution

% of

Active Var

% of

Factor Var

Factor Tracking Variance 11.1 59.4

Stock Specific Variance 7.6 40.6

Total Tracking Variance 18.7

Tracking Error 4.3

Market 5.1 46.0

Region 0.7 6.4

Sector 1.1 9.6

Economic 0.6 5.3

Style 0.2 1.9

Statistical 3.1 27.8

Currency 0.3 2.9

Active Variance Contribution

Stock Specific

40.6%

Factor Model

59.4%


Market

46.0%

Currency

2.9%

Statistical

27.8%

Style

1.9%

Economic

5.3%

Sector

9.6% Region

6.4%

Factor Risk Forecast Global


As of: 12/31/2015


5.20

Factor Exposures

Factor Portfolio Benchmark Active

Global Market 1.1 0.9 0.2

Usa/Canada 0.5 0.4 0.1

Latin America/Caribbean 0.0 0.0 0.0

Developed Europe 0.2 0.2 -0.1

Emerging Europe 0.0 0.0 0.0

Middle East/Africa 0.0 0.0 0.0

Japan 0.0 0.1 -0.1

Developed Asia/Asia Pacific 0.0 0.0 0.0

Emerging Asia/Asia Pacific 0.0 0.0 0.0

Industrial Sector 0.1 0.1 0.0

Consumer Sector 0.2 0.3 -0.1

Technology Sector 0.1 0.1 0.0

Interest Rate Sensitive Sector 0.3 0.2 0.0

Non-Energy Minerals Sector 0.0 0.0 0.0

Energy Minerals Sector 0.1 0.1 0.1

Health Sector 0.1 0.1 0.0

World Govt Bond Index 0.0 0.0 -0.1

Oil 0.0 0.0 0.0

Market Development 0.0 0.0 0.0

Size 0.0 0.0 0.0

Value/Growth 0.1 0.0 0.1

Blind Factor 1 0.1 0.5 -0.4

Blind Factor 2 -0.5 -0.6 0.1

Blind Factor 3 0.4 -0.1 0.5

Blind Factor 4 0.2 -0.1 0.2

Blind Factor 5 0.8 0.4 0.5

Currency 1.0 1.0 0.0

Factor Exposures


0.0 0.6 1.2 1.8-0.6-1.2

Currency

Blind Factor 5

Blind Factor 4

Blind Factor 3

Blind Factor 2

Blind Factor 1

Value/Growth

Size

Market Development

Oil

World Govt Bond Index

Health Sector

Energy Minerals Sector

Non-Energy Minerals Sector

Interest Rate Sensitive Sector

Technology Sector

Consumer Sector

Industrial Sector

Emerging Asia/Asia Pacific

Developed Asia/Asia Pacific

Japan

Middle East/Africa

Emerging Europe

Developed Europe

Latin America/Caribbean

Usa/Canada

Global Market



As of: 12/31/2015


5.21

Factor Contribution to Active Var


Global Market 5.1

Usa/Canada 0.2

Latin America/Caribbean 0.1

Developed Europe 0.0

Emerging Europe 0.0

Middle East/Africa 0.0

Japan 0.3

Developed Asia/Asia Pacific 0.0

Emerging Asia/Asia Pacific 0.0

Industrial Sector 0.0

Consumer Sector 0.3

Technology Sector 0.0

Interest Rate Sensitive Sector 0.0

Non-Energy Minerals Sector 0.0

Energy Minerals Sector 0.5

Health Sector 0.3

World Govt Bond Index 0.0

Oil 0.5

Market Development 0.0

Size 0.0

Value/Growth 0.2

Blind Factor 1 0.8

Blind Factor 2 0.1

Blind Factor 3 1.1

Blind Factor 4 0.2

Blind Factor 5 0.9

Currency 0.3

Factor Contribution to Active Var

0.0 2.0 4.0 6.0 8.0-2.0

Currency

Blind Factor 5

Blind Factor 4

Blind Factor 3

Blind Factor 2

Blind Factor 1

Value/Growth

Size

Market Development

Oil

World Govt Bond Index

Health Sector

Energy Minerals Sector

Non-Energy Minerals Sector

Interest Rate Sensitive Sector

Technology Sector

Consumer Sector

Industrial Sector

Emerging Asia/Asia Pacific

Developed Asia/Asia Pacific

Japan

Middle East/Africa

Emerging Europe

Developed Europe

Latin America/Caribbean

Usa/Canada

Global Market



As of: 12/31/2015


5.22

Sector Allocation History

Energy Materials Industrials Consumer Discretionary Consumer Staples

Health Care Financials Information Technology Telecommunication Services

0.0

25.0

50.0

75.0

100.0

All

oc

ati

on

(%)

1/15 2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 10/15 11/15 12/15

Style Allocation History

Large Value Large Neutral Large Growth Mid Value Mid Neutral Mid Growth Small Value Unclassified

0.0

25.0

50.0

75.0

100.0

All

oc

ati

on

(%)

1/15 2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 10/15 11/15 12/15

Historical Portfolio Allocation (Holdings)



5.23

BGI Alpha Tilts S&P 500 Value S&P 500 Growth

Count Percentage Count Percentage Count Percentage

BGI Alpha Tilts

S&P 500 Value 172 35.8

S&P 500 Growth 172 33.5


3M Co - 0.4 0.6

Abbott Laboratories - 0.4 0.3

AbbVie Inc - 0.5 0.6

ADT Corp (The) - 0.0 0.0

Affiliated Managers Group Inc. - 0.0 0.1

Agilent Technologies Inc - 0.1 0.1

Air Products and Chemicals Inc. - 0.2 0.1

Airgas Inc. - 0.0 0.1

Ameriprise Financial Inc - 0.1 0.1

Amgen Inc - 0.4 0.9

Anadarko Petroleum Corp - 0.2 0.1

Aon PLC - 0.1 0.2

Apache Corp - 0.1 0.1

Apartment Investment and Management Co - 0.0 0.0

Assurant Inc. - 0.0 0.0

Autodesk Inc. - 0.1 0.1

Automatic Data Processing Inc. - 0.2 0.3

Ball Corp - 0.1 0.1

Baxalta Inc - 0.1 0.1

Blackrock Inc - 0.2 0.3

Block (H&R) Inc - 0.0 0.1

Boston Properties Inc - 0.1 0.1

Bristol-Myers Squibb Co - 0.5 0.8

C.H. Robinson Worldwide Inc. - 0.1 0.0

Cabot Oil & Gas Corp - 0.0 0.0

CarMax Inc - 0.1 0.1

Holdings Correlation As of December 31, 2015

5.24



CBS Corp - 0.1 0.1

Chubb Corp - 0.1 0.2

Cimarex Energy Co. - 0.0 0.1

Cincinnati Financial Corp - 0.0 0.1

Cisco Systems Inc - 0.9 0.6

CME Group Inc - 0.2 0.2

Coca-Cola Co (The) - 0.9 1.0

Coca-Cola European Partners Plc - 0.0 0.1

Colgate-Palmolive Co - 0.3 0.4

Comcast Corp - 0.6 0.9

ConAgra Foods Inc. - 0.1 0.1

Costco Wholesale Corp - 0.5 0.3

CSRA Inc - 0.0 0.0

CVS Health Corp - 0.7 0.5

Danaher Corp - 0.2 0.4

DaVita Inc - 0.0 0.1

DENTSPLY SIRONA Inc - 0.0 0.1

Devon Energy Corp - 0.1 0.1

Dollar General Corp - 0.1 0.1

Dominion Resources Inc. - 0.3 0.2

Dun & Bradstreet Corp (The) - 0.0 0.0

E. I. du Pont de Nemours and Co - 0.4 0.3

Eli Lilly and Co - 0.4 0.6

Endo International plc - 0.1 0.0

EOG Resources Inc. - 0.2 0.2

Expeditors International of Washington Inc. - 0.0 0.1

F5 Networks Inc - 0.0 0.0

Fastenal Co - 0.1 0.1

Fidelity National Information Services Inc - 0.1 0.1

FLIR Systems Inc - 0.0 0.0

General Dynamics Corp - 0.3 0.2

General Electric Co - 1.5 1.8

5.25



General Growth Properties Inc - 0.1 0.1

General Mills Inc. - 0.1 0.2

Goodyear Tire & Rubber Co - 0.1 0.0

Grainger (W W) Inc. - 0.1 0.1

Harman International Industries Inc. - 0.0 0.0

Harris Corp - 0.1 0.1

HCA Holdings Inc - 0.1 0.1

Henry Schein Inc - 0.0 0.1

Hershey Co (The) - 0.1 0.1

Hewlett Packard Enterprise Co - 0.1 0.2

Honeywell International Inc - 0.4 0.5

Host Hotels & Resorts Inc - 0.1 0.1

Humana Inc. - 0.2 0.1

Huntington Bancshares Inc - 0.1 0.0

Illinois Tool Works Inc. - 0.2 0.2

Intel Corp - 1.1 0.7

International Business Machines Corp - 0.9 0.5

Interpublic Group of Companies Inc. (The) - 0.0 0.1

Intuitive Surgical Inc - 0.1 0.1

Iron Mountain Inc - 0.0 0.0

J.B. Hunt Transport Services Inc. - 0.0 0.0

J.M. Smucker Co (The) - 0.1 0.1

Johnson & Johnson - 1.7 1.5

Kellogg Co - 0.1 0.1

Kimberly-Clark Corp - 0.2 0.3

KLA-Tencor Corp - 0.1 0.1

Kroger Co. (The) - 0.3 0.2

Leggett & Platt Inc - 0.0 0.0

Level 3 Communications Inc - 0.1 0.1

Linear Technology Corp - 0.0 0.1

Lockheed Martin Corp - 0.3 0.4

LyondellBasell Industries NV - 0.2 0.2

5.26



Macerich Co (The) - 0.1 0.1

Marriott International Inc. - 0.1 0.1

Marsh & McLennan Companies Inc. - 0.2 0.2

McCormick & Co Inc - 0.0 0.1

McDonald's Corp - 0.4 0.8

Mead Johnson Nutrition Co - 0.1 0.1

Medtronic PLC - 0.5 0.7

Michael Kors Holdings Ltd - 0.0 0.1

Micron Technology Inc. - 0.1 0.1

Molson Coors Brewing Co - 0.1 0.1

Monsanto Co - 0.2 0.2

Morgan Stanley - 0.3 0.2

Motorola Solutions Inc - 0.1 0.1

Mylan NV - 0.1 0.1

Nasdaq Inc - 0.0 0.0

Newfield Exploration Co - 0.0 0.0

Nielsen Holdings NV - 0.1 0.1

Northern Trust Corp - 0.1 0.1

Occidental Petroleum Corp - 0.3 0.2

Omnicom Group Inc. - 0.1 0.1

Oracle Corp - 0.7 0.6

Patterson Companies Inc - 0.0 0.0

Pentair plc - 0.0 0.1

PepsiCo Inc - 0.7 0.9

Perrigo Co Plc - 0.1 0.1

Pfizer Inc - 1.1 1.1

Philip Morris International Inc - 0.7 0.8

PPG Industries Inc. - 0.1 0.2

Praxair Inc. - 0.2 0.2

Precision Castparts Corp. - 0.1 0.2

Progressive Corp (The) - 0.1 0.1

Raytheon Co. - 0.2 0.2

5.27



Realty Income Corp. - 0.0 0.1

Republic Services Inc. - 0.1 0.1

Robert Half International Inc. - 0.0 0.0

Rockwell Automation Inc. - 0.1 0.1

Royal Caribbean Cruises Ltd - 0.1 0.1

SanDisk Corp - 0.1 0.1

Scripps Networks Interactive Inc - 0.0 0.0

Sealed Air Corp - 0.0 0.1

Simon Property Group Inc. - 0.3 0.4

SL Green Realty Corp. - 0.1 0.1

Southern Gas Co - 0.0 0.0

St. Jude Medical Inc. - 0.1 0.1

Starwood Hotels & Resorts Worldwide Inc. - 0.1 0.1

Stryker Corp - 0.1 0.2

Synchrony Financial - 0.2 0.1

T. Rowe Price Group Inc - 0.1 0.1

TE Connectivity Ltd - 0.2 0.1

TECO Energy Inc. - 0.0 0.0

TEGNA Inc - 0.0 0.0

Teradata Corp - 0.0 0.0

Tesoro Corp - 0.1 0.1

Texas Instruments Inc - 0.2 0.4

Thermo Fisher Scientific Inc - 0.2 0.4

Torchmark Corp - 0.0 0.0

Twenty-First Century Fox Inc - 0.1 0.1

Twenty-First Century Fox Inc - 0.2 0.2

Tyco International Plc - 0.1 0.1

Union Pacific Corp - 0.5 0.3

United Parcel Service Inc - 0.4 0.4

United Rentals Inc. - 0.0 0.0

Unitedhealth Group Inc - 0.6 0.7

Universal Health Services Inc. - 0.0 0.1

5.28



V.F. Corp - 0.1 0.1

Varian Medical Systems Inc - 0.0 0.0

Ventas Inc. - 0.1 0.1

Verizon Communications Inc - 1.3 0.8

Vertex Pharmaceuticals Inc - 0.2 0.2

Vornado Realty Trust - 0.1 0.1

Walgreens Boots Alliance Inc - 0.4 0.5

Waste Management Inc. - 0.1 0.1

Welltower Inc - 0.1 0.2

Western Union Co - 0.0 0.1

Weyerhaeuser Co - 0.1 0.1

Williams Cos Inc. (The) - 0.1 0.1

Wynn Resorts Ltd - 0.0 0.0

Xilinx Inc. - 0.1 0.1

Xylem Inc - 0.0 0.0

YUM! Brands Inc. - 0.2 0.2

Zimmer Biomet Holdings Inc - 0.1 0.1

Zoetis Inc - 0.1 0.2

5.29

Portfolio Characteristics

Portfolio Benchmark

Wtd. Avg. Mkt. Cap $000 90,104,214 98,313,567

Median Mkt. Cap $000 31,892,932 10,833,618

Price/Earnings ratio 16.3 18.1

Price/Book ratio 2.5 2.7

5 Yr. EPS Growth Rate (%) 4.6 7.6

Current Yield (%) 1.9 2.6


Number of Stocks 86 1,653

Sector Weights (%)


MSCI World Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


0.0

2.7

3.1

20.9

3.8

15.2

24.1

6.6

1.9

21.8

3.2

3.4

4.4

14.3

10.7

13.5

20.8

6.1

10.4

13.3

Distribution of Market Capitalization (%)


MSCI World Index

0.0

15.0

30.0

45.0

60.0

>100 Bil 75 Bil -

100 Bil

25 Bil -

75 Bil

15 Bil -

25 Bil

2 Bil -

15 Bil

0 -

2 Bil

30.3

8.2

30.1

11.5

19.8

0.0

27.2

2.7

45.3

7.8

16.3

0.6

Top Ten Equity Holdings

Portfolio

Weight

(%)

Benchmark

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

Alphabet Inc 3.4 0.7 2.7 24.7

Time Warner Cable Inc 3.2 0.2 3.0 3.9

Bank of America Corp 2.7 0.5 2.2 8.3

Naspers Ltd 2.6 0.0 2.6 9.3

Roche Holding AG 2.5 0.6 1.9 5.0

Sanofi 2.4 0.3 2.1 -9.9

Time Warner Inc 2.3 0.2 2.1 -5.5

Schwab (Charles) Corp 2.2 0.1 2.1 15.5

Standard Chartered PLC 2.2 0.1 2.1 -14.7

Microsoft Corp 2.1 1.3 0.8 26.2

% of Portfolio 25.6 4.0




5.30

Ten Best Performers

Portfolio

Weight

(%)

Benchma

rk

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

New Oriental Education & Technology Group Inc 0.5 0.0 0.5 55.2

Baidu Inc 1.5 0.0 1.5 37.6

Microsoft Corp 2.1 1.3 0.8 26.2

Liberty Global Plc LiLAC Group 0.0 0.0 0.0 25.6

Alphabet Inc 3.4 0.7 2.7 24.7

Television Broadcasts Ltd 0.2 0.0 0.2 23.8

JD.com Inc 1.0 0.0 1.0 23.8

Samsung Electronics Co Ltd 1.5 0.0 1.5 22.2

Alphabet Inc 0.3 0.7 -0.4 21.9

Bayerische Motoren Werke AG 1.2 0.1 1.1 19.9


Region


MSCI World Index

0.0 15.0 30.0 45.0 60.0 75.0

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia

0.0

5.1

16.7

3.5

1.4

3.5

56.0

3.4

1.0

9.3

0.3

7.5

17.3

9.0

4.3

0.0

61.7

0.0

0.0

0.0

Ten Worst Performers

Portfolio

Weight

(%)

Benchmark

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

MTN Group Ltd 0.9 0.0 0.9 -33.4

Teck Resources Ltd 0.6 0.0 0.6 -18.3

Standard Chartered PLC 2.2 0.1 2.1 -14.7

America Movil SA De CV, Mexico 0.2 0.0 0.2 -12.7

Barclays PLC 1.9 0.2 1.7 -12.4

Baker Hughes Inc 1.2 0.1 1.1 -11.0

Linde AG 0.9 0.1 0.8 -10.1

National Oilwell Varco Inc 0.6 0.0 0.6 -9.9

Sanofi 2.4 0.3 2.1 -9.9

NetApp Inc 0.4 0.0 0.4 -9.9





5.31

Top Ten Contributors

Portfolio

Weight

(%)

Benchmark

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

Contribution

to

Return

(%)

Alphabet Inc 2.8 0.6 2.2 24.7 0.7

Baidu Inc 1.6 0.0 1.6 37.6 0.6

Microsoft Corp 2.1 1.1 1.0 26.2 0.6

Schwab (Charles) Corp 1.9 0.1 1.8 15.5 0.3

Samsung Electronics Co Ltd 1.3 0.0 1.3 22.2 0.3

New Oriental Education & Technology Group Inc 0.4 0.0 0.4 55.2 0.2

Naspers Ltd 2.4 0.0 2.4 9.3 0.2

Bank of America Corp 2.6 0.5 2.1 8.3 0.2

Honda Motor Co Ltd 1.7 0.2 1.5 10.6 0.2

Express Scripts Holding Co 2.3 0.2 2.1 8.0 0.2

% of Portfolio 19.1 2.7Top Ten Detractors

Portfolio

Weight

(%)

Benchmark

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

Contribution

to

Return

(%)

MTN Group Ltd 1.0 0.0 1.0 -33.4 -0.3

Sanofi 2.6 0.4 2.2 -9.9 -0.3

Standard Chartered PLC 1.5 0.1 1.4 -14.7 -0.2

Barclays PLC 1.8 0.2 1.6 -12.4 -0.2

Baker Hughes Inc 1.4 0.1 1.3 -11.0 -0.2

Time Warner Inc 2.2 0.2 2.0 -5.5 -0.1

Credit Suisse Group 1.6 0.1 1.5 -7.0 -0.1

Linde AG 0.9 0.1 0.8 -10.1 -0.1

HP Inc 3.1 0.2 2.9 -2.7 -0.1

Teck Resources Ltd 0.5 0.0 0.5 -18.3 -0.1




5.32

Cumulative Performance Attribution By Sector

Stock Selection Return Sector Selection Return Interaction Return Active Contribution Return

Cum. Stock Selection Return Cum. Sector Selection Return Cum. Interaction Return Cum. Active Contribution Return

0.0

0.5

1.0

1.5

2.0

2.5

-0.5

-1.0

-1.5

-2.0

-2.5

-3.0

-3.5

Ret

urn

(%)

2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 10/15 11/15 12/15

Performance Attribution by Sector

Vanguard PRIMECAP;Adm (VPMAX) vs. S&P 500


5.33

Sector Active Exposure

1 Year 2 Years 3 Years

0.0

15.0

30.0

45.0

-15.0

-30.0

-45.0

-60.0

Ac

tiv

e E

xp

os

ure

(%)

Te

lec

om

mu

nic

ati

on

Se

rvic

es

Ma

teri

als

Info

rma

tio

n T

ec

hn

olo

gy

Ind

us

tria

ls

He

alt

h C

are

Fin

an

cia

ls

En

erg

y

Co

ns

um

er

S

tap

les

Co

ns

um

er

D

isc

reti

on

ary

-4.2-5.2

12.9

-14.4

-3.0

-32.1

-18.4

-12.2

7.6

-5.7-6.8

17.6

-18.5

-3.1

-39.5

-21.7

-15.6

11.8

-1.6 -2.0

13.1

-4.3

5.2

-5.0-4.0 -4.6

9.4

Portfolio Active Exposure



5.34

T. Rowe Price Large Cap Growth T. Rowe Price Large Cap Value Eaton Vance AC SMID-Cap Fund

Composition

# of Holdings 83 60 41

% Top 15 Holdings 39.52 48.63 51.65

% Top 25 Holdings 54.65 65.25 76.63

Characteristics

Wtd. Avg. Mkt. Cap 101,507,333 118,287,875 1,531,425

Median Mkt. Cap 29,168,230 25,107,537 924,123

Price/Earnings ratio 29.86 18.40 20.86

Price/Book ratio 5.69 3.22 1.78

5 Yr. EPS Growth Rate 9.31 7.21 11.83

Current Yield 0.89 1.79 0.95

Beta 1.10 1.06 1.12

Number of Stocks 83 60 41

Debt to Equity 3.90 1.11 0.76

GICS Sectors (%)

Energy 1.20 5.85 0.00

Materials 2.40 1.74 10.25

Industrials 8.73 10.82 10.23


Consumer Staples 5.01 10.14 12.87

Health Care 19.78 16.12 3.31

Financials 3.18 17.59 26.03

Information Technology 36.27 24.67 20.67

Utilities 0.00 0.00 2.57

Market Capitalization (%)

Large ($15.0B-Above) 80.77 76.49 0.00

Mid/Large ($7.0-15.0B) 15.20 12.15 0.00

Mid ($1.0-7.0B) 4.03 11.36 47.78

Small/Mid ($0.5-1.0B) 0.00 0.00 28.80

Small ($0.0-0.5B) 0.00 0.00 23.42

Portfolio Comparison As of December 31, 2015

5.35



Industry (%)

Oil & Gas Equipment & Services 0.00 1.85 0.00

Integrated Oil & Gas 0.00 1.62 0.00

Oil & Gas Exploration & Production 1.20 2.37 0.00

Fertilizers & Agricultural Chemicals 0.00 0.57 0.00

Industrial Gases 1.11 0.00 0.00

Specialty Chemicals 1.29 0.00 0.00

Diversified Metals & Mining 0.00 0.00 2.37

Forest Products 0.00 0.00 3.48

Paper Products 0.00 1.17 4.39

Aerospace & Defense 0.81 4.43 1.69

Electrical Components & Equipment 0.00 1.18 2.86

Industrial Conglomerates 0.77 0.00 0.00

Industrial Machinery 0.00 1.06 1.74

Diversified Support Services 0.00 0.61 0.00

Security & Alarm Services 0.00 1.23 0.00

Human Resource & Employment Services 0.00 0.00 1.51

Air Freight & Logistics 1.40 0.00 0.00

Airlines 1.53 1.33 0.00

Railroads 4.21 0.97 0.00

Trucking 0.00 0.00 2.43

Auto Parts & Equipment 0.97 1.10 3.57

Home Furnishings 0.00 0.00 3.11

Homebuilding 0.00 0.00 5.31

Apparel, Accessories & Luxury Goods 1.38 0.00 0.00

Footwear 1.23 0.61 0.00

Hotels, Resorts & Cruise Lines 1.07 2.13 0.00

Restaurants 2.26 0.00 0.00

Education Services 0.00 1.18 0.00

Cable & Satellite 0.49 0.71 0.00

Movies & Entertainment 1.21 3.19 0.00

Distributors 1.35 0.00 0.00

Internet & Direct Marketing Retail 3.56 0.00 0.00

Department Stores 0.00 0.83 0.00

General Merchandise Stores 4.49 0.00 2.09

5.36



Apparel Retail 0.99 0.00 0.00

Home Improvement Retail 1.19 0.00 0.00

Specialty Stores 1.72 0.00 0.00

Automotive Retail 1.52 3.32 0.00

Drug Retail 1.00 1.69 0.00

Food Retail 0.79 0.00 0.00

Hypermarkets & Super Centers 0.98 0.00 0.00

Brewers 0.00 1.25 0.00

Soft Drinks 0.97 0.00 0.00

Packaged Foods & Meats 0.00 3.56 9.16

Household Products 0.42 3.65 0.00

Personal Products 0.86 0.00 3.71

Health Care Equipment 2.00 0.00 3.31

Health Care Distributors 2.08 0.00 0.00

Managed Health Care 0.00 1.41 0.00

Health Care Technology 0.51 0.00 0.00

Biotechnology 11.99 1.49 0.00

Pharmaceuticals 2.11 13.22 0.00

Life Sciences Tools & Services 1.10 0.00 0.00

Diversified Banks 0.00 6.59 0.00

Regional Banks 0.00 0.00 16.14

Thrifts & Mortgage Finance 0.00 0.00 1.60

Other Diversified Financial Services 0.00 0.72 0.00

Specialized Finance 0.00 2.89 0.00

Consumer Finance 0.81 1.41 0.00

Investment Banking & Brokerage 1.51 0.00 0.00

Insurance Brokers 0.00 1.81 0.00

Multi-line Insurance 0.00 1.66 0.00

Hotel & Resort REITs 0.00 0.72 0.00

Office REITs 0.00 0.00 2.91

Retail REITs 0.00 0.00 2.79

Specialized REITs 0.86 1.79 0.00

Real Estate Development 0.00 0.00 2.58

Internet Software & Services 8.75 6.89 0.00

IT Consulting & Other Services 2.32 0.00 0.00

5.37



Data Processing & Outsourced Services 6.97 3.39 0.91

Application Software 3.08 0.00 0.00

Systems Software 5.76 1.37 0.00

Communications Equipment 0.43 3.44 3.61

Technology Hardware, Storage & Peripherals 2.84 5.83 0.00

Electronic Equipment & Instruments 0.00 0.00 7.74

Electronic Manufacturing Services 0.00 0.00 0.53

Semiconductor Equipment 0.00 2.46 2.48

Semiconductors 6.13 1.29 5.40

Gas Utilities 0.00 0.00 2.57

5.38

Security NameShares

Jan-2015

Shares

Dec-2015Difference Position Status

Apache Corp N/A 13,606 13,606 New

Bank of America Corp N/A 82,750 82,750 New

Broadcom Ltd N/A 7,366 7,366 New

Chevron Corp N/A 12,005 12,005 New

Chipotle Mexican Grill Inc N/A 737 737 New

Cigna Corp N/A 5,770 5,770 New

Citigroup Inc N/A 24,302 24,302 New

Cognizant Technology Solutions Corp N/A 23,770 23,770 New

Delta Air Lines Inc N/A 21,565 21,565 New

Extended Stay America Inc N/A 28,255 28,255 New

Exxon Mobil Corp N/A 13,331 13,331 New

Gilead Sciences Inc N/A 9,965 9,965 New

Glaxosmithkline PLC N/A 26,467 26,467 New

JPMorgan Chase & Co N/A 29,590 29,590 New

Lennar Corp N/A 23,190 23,190 New

Morgan Stanley N/A 36,465 36,465 New

Oracle Corp N/A 31,595 31,595 New

Oshkosh Corp N/A 19,250 19,250 New

Perrigo Co Plc N/A 7,068 7,068 New

QUALCOMM Inc. N/A 16,423 16,423 New

Republic Services Inc. N/A 30,664 30,664 New

Ross Stores Inc N/A 27,275 27,275 New

Synchrony Financial N/A 33,313 33,313 New

Thermo Fisher Scientific Inc N/A 8,545 8,545 New

Walt Disney Co (The) N/A 13,850 13,850 New

Alphabet Inc 2,950 3,198 248 Increased

Anadarko Petroleum Corp 7,350 9,341 1,991 Increased

Apple Inc 16,355 17,330 975 Increased

Big Lots Inc 14,000 18,900 4,900 Increased

Portfolio Position Change

TD Bank


5.39


TD Bank


Security NameShares

Jan-2015

Shares


Masco Corp 34,950 36,894 1,944 Increased

Metlife Inc. 19,550 24,010 4,460 Increased

AOL Inc 27,800 N/A -27,800 Closed

AbbVie Inc 24,700 N/A -24,700 Closed

American Express Co 17,050 N/A -17,050 Closed

Aramark 19,850 N/A -19,850 Closed

Arrow Electronics Inc 14,400 N/A -14,400 Closed

Celgene Corp 6,250 N/A -6,250 Closed

Comcast Corp 9,950 N/A -9,950 Closed

Consolidated Edison Inc. 14,500 N/A -14,500 Closed

Covanta Holding Corp 64,750 N/A -64,750 Closed

D.R. Horton Inc. 45,850 N/A -45,850 Closed

EMC Corp 44,950 N/A -44,950 Closed

General Electric Co 50,200 N/A -50,200 Closed

International Paper Co 19,700 N/A -19,700 Closed

Interpublic Group of Companies Inc. (The) 41,150 N/A -41,150 Closed

Kohl's Corp 13,700 N/A -13,700 Closed

Lincoln National Corp 20,800 N/A -20,800 Closed

Macy's Inc 26,550 N/A -26,550 Closed

Merck & Co Inc. 13,450 N/A -13,450 Closed

NCI Building Systems Inc. 31,400 N/A -31,400 Closed

NorthStar Asset Management Group Inc 58,900 N/A -58,900 Closed

Pfizer Inc 47,468 N/A -47,468 Closed

Pinnacle West Capital Corp 9,100 N/A -9,100 Closed

Primoris Services Corp 8,850 N/A -8,850 Closed

Prudential Financial Inc 13,250 N/A -13,250 Closed

Quanta Services Inc. 26,800 N/A -26,800 Closed

Robert Half International Inc. 12,300 N/A -12,300 Closed

Tesoro Corp 28,200 N/A -28,200 Closed

5.40


TD Bank


Security NameShares

Jan-2015

Shares


Verizon Communications Inc 20,900 N/A -20,900 Closed

Viacom Inc 13,450 N/A -13,450 Closed

American International Group Inc 19,400 18,520 -880 Decreased

Boston Scientific Corp 82,000 58,092 -23,908 Decreased

CIT Group Inc 17,150 16,370 -780 Decreased

CSX Corp 23,450 22,385 -1,065 Decreased

CVS Health Corp 15,500 12,760 -2,740 Decreased

Casey's General Stores Inc. 7,750 7,400 -350 Decreased

Costco Wholesale Corp 12,350 7,910 -4,440 Decreased

E. I. du Pont de Nemours and Co 16,300 15,560 -740 Decreased

Graphic Packaging Holding Co 54,300 51,835 -2,465 Decreased

HCA Holdings Inc 22,800 16,072 -6,728 Decreased

Microsoft Corp 26,750 17,890 -8,860 Decreased

PepsiCo Inc 17,150 16,370 -780 Decreased

Schlumberger Ltd 15,150 9,070 -6,080 Decreased

Southwest Airlines Co. 27,650 26,395 -1,255 Decreased

Time Warner Inc 18,150 14,230 -3,920 Decreased

5.41

Sector Weights

Consumer Discretionary Consumer Staples

Energy Financials

Health Care Industrials

Information Technology Materials


8.8%

0.6%

1.7%

6.4%

29.4%

0.9%

1.9%

34.3%

16.1%

Sector Returns

0.0 4.0 8.0 12.0 16.0 20.0-4.0


Consumer Staples

Energy

Financials

Health Care

Industrials


Materials


5.3

4.9

-0.5

8.8

6.9

6.3

13.9

9.6

7.1

Sector Weight & Returns Graph

Vanguard PRIMECAP;Adm (VPMAX)


5.42

Sector Weight Returns

BlackRock Equity Index Fund

Consumer Discretionary 13.1 5.8

Consumer Staples 9.9 7.6

Energy 6.9 0.2

Financials 16.5 6.0

Health Care 14.7 9.2

Industrials 10.1 8.1

Information Technology 20.4 9.0

Materials 2.8 9.9

Telecommunication Services 2.4 7.6

Utilities 3.1 1.1

T. Rowe Price Large Cap Growth

Consumer Discretionary 24.9 2.9

Consumer Staples 5.3 11.2

Energy 1.4 -4.2

Financials 3.5 8.4

Health Care 20.6 8.8

Industrials 9.4 -1.8

Information Technology 32.6 7.5

Materials 2.2 10.0

Style Weight Returns


Large Growth 27.4 7.8

Large Neutral 29.1 9.7

Large Value 22.4 5.5

Mid Growth 5.8 4.6

Mid Neutral 6.5 4.2

Mid Value 7.2 2.7

Small Neutral 0.0 -34.6

Small Value 0.0 -11.9

Unclassified 1.5 7.2


Large Growth 38.1 8.4

Large Neutral 16.5 10.3

Large Value 5.1 10.0

Mid Growth 19.5 2.0

Mid Neutral 18.5 0.6

Mid Value 1.0 -5.5

Small Growth 0.2 -18.4

Unclassified 1.2 1.1

Portfolio Weight & Return Table 1 Quarter Ending December 31, 2015

5.43

No. Of

Assets/

Identifier

No. Of

SharesPrice

Market

Value

Pct of

Total

Outstd

Cap.

P/E

Ratio

Current

Yield

Price

To

Book

EPS

5 Year

Growth

Annual

EPSDividends

Quarter

Return

Consumer Discretionary 11 5,545,914 - 541,552 22.0 101,493,642 24.5 1.0 6.3 23.2 9.7 0.5 6.2

Apparel Retail 1 174,740 - 16,744 0.7 27,733,566 24.1 2.1 N/A 13.2 3.5 0.5 N/A

L Brands Inc 501797104 174,740 96 16,744 0.7 27,733,566 24.1 2.1 N/A 13.2 3.5 0.5 6.9

Automotive Retail 1 80,450 - 20,388 0.8 24,997,349 29.0 0.0 12.5 26.0 7.3 N/A 1.4

O'Reilly Automotive Inc 67103H107 80,450 253 20,388 0.8 24,997,349 29.0 0.0 12.5 26.0 7.3 N/A 1.4

Cable & Satellite 2 1,747,694 - 107,272 4.4 93,994,988 16.9 1.2 2.7 20.4 3.3 0.3 -0.4

AMC Networks Inc 00164V103 473,964 75 35,396 1.4 4,548,311 15.4 0.0 N/A N/A 3.6 N/A 2.1

Comcast Corp 20030N101 1,273,730 56 71,877 2.9 138,043,014 17.7 1.8 2.7 20.4 3.2 0.3 -0.4

Footwear 1 568,077 - 35,505 1.4 84,750,000 30.4 1.0 8.0 14.6 3.7 0.2 1.9

Nike Inc 654106103 568,077 63 35,505 1.4 84,750,000 30.4 1.0 8.0 14.6 3.7 0.2 1.9

General Merchandise Stores 1 360,140 - 27,810 1.1 18,130,947 62.3 0.0 4.4 -2.6 2.9 N/A 15.8

Dollar Tree Inc 256746108 360,140 77 27,810 1.1 18,130,947 62.3 0.0 4.4 -2.6 2.9 N/A 15.8

Home Improvement Retail 1 815,724 - 107,879 4.4 167,677,262 24.8 1.8 22.0 23.9 4.7 0.6 15.0

Home Depot Inc. (The) 437076102 815,724 132 107,879 4.4 167,677,262 24.8 1.8 22.0 23.9 4.7 0.6 15.0

Internet & Direct Marketing Retail 1 58,500 - 74,585 3.0 63,472,111 26.6 0.0 7.5 39.0 45.7 N/A 6.7

Priceline Group Inc (The) 741503403 58,500 1,275 74,585 3.0 63,472,111 26.6 0.0 7.5 39.0 45.7 N/A 3.1

Movies & Entertainment 1 672,557 - 70,672 2.9 173,715,944 21.4 1.4 4.0 19.3 4.9 0.7 3.5

Walt Disney Co (The) 254687106 672,557 105 70,672 2.9 173,715,944 21.4 1.4 4.0 19.3 4.9 0.7 3.5

Restaurants 1 935,332 - 56,148 2.3 89,132,544 33.0 1.3 15.3 24.0 1.8 0.2 6.0

Starbucks Corp 855244109 935,332 60 56,148 2.3 89,132,544 33.0 1.3 15.3 24.0 1.8 0.2 6.0

Statistical Summary-Fundamental

AllianceBernstein Lg Cap Gr;C (APGCX) vs. Russell 1000 Growth Index


5.44

BlackRock Equity Index Fund T. Rowe Price Large Cap Growth T. Rowe Price Large Cap Value Eaton Vance AC SMID-Cap Fund

Consumer Discretionary 12.9 23.4 13.1 14.1

Consumer Staples 10.1 5.0 10.1 12.9

Energy 6.5 1.2 5.8 N/A

Financials 16.5 3.2 17.6 26.0

Health Care 15.2 19.8 16.1 3.3

Industrials 10.0 8.7 10.8 10.2

Information Technology 20.7 36.3 24.7 20.7

Materials 2.8 2.4 1.7 10.2

Telecommunication Services 2.4 N/A N/A N/A

Utilities 3.0 N/A N/A 2.6

Total 100.0 100.0 100.0 100.0

Equity Assets Exposures by Sector As of December 31, 2015

5.45

T. Rowe Price Large Cap Growth T. Rowe Price Large Cap Value

Weighted Averages

Wtd. Avg. Mkt. Cap $K 101,507,333 118,287,875

Median Mkt. Cap $K 29,168,230 25,107,537



5 Yr. EPS Growth Rate 9.3 7.2

Current Yield 0.9 1.8

Number of Stocks 83 60

Debt to Equity 3.9 1.1

Equity Characteristics As of December 31, 2015

5.46


Weight % Qtr Return

T. Rowe Price Large Cap Value

Weight % Qtr Return

Ten Largest Holdings Alexion Pharmaceuticals Inc 4.1 22.0 Zoetis Inc 5.2 16.6

(as a % of Equities Alphabet Inc 3.7 21.9 Apple Inc 4.6 -4.2

Profiled & Short Facebook Inc 3.5 16.4 Alphabet Inc 4.1 21.9

Term Investments) Amazon.com Inc 3.2 32.0 Pfizer Inc 3.8 3.6

Apple Inc 2.8 -4.2 Procter & Gamble Co (The) 3.7 11.4

Dollar Tree Inc 2.7 15.8 Kellogg Co 3.6 9.4

Microchip Technology Inc 2.6 8.8 Bank of America Corp 3.4 8.3

Alliance Data Systems Corp 2.5 6.8 Advance Auto Parts Inc. 3.3 -20.6

Mastercard Inc 2.3 8.2 Honeywell International Inc 3.2 10.0

Starbucks Corp 2.2 6.0 Cisco Systems Inc 2.7 4.3

Total Weight % 29.6 Total Weight % 37.6

Total Assets Profiled $K 43,717 31,898

No. Equity Issues $K 83 60

Top 10 Holdings As of December 31, 2015

5.47

Portfolio NonHoldings Based Reports

6

Dodge and Cox International Stock Fund MSCI EAFE Index

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0

Australia

Austria

Belgium

Brazil

Canada

China

Denmark

Finland

France

Germany

Hong Kong

India

Ireland

Israel

Italy

Japan

Korea

Mexico

Netherlands

New Zealand

Norway

Portugal

South Africa

Singapore

Spain

Sweden

Switzerland

Thailand

Turkey

United Kingdom

United States

Cash

Other

0.0

0.0

0.0

3.1

0.6

2.8

0.0

0.0

9.3

6.7

1.4

2.9

1.5

0.0

1.8

13.4

4.4

2.4

3.6

0.0

0.0

0.0

5.4

0.0

0.6

1.9

14.7

1.5

1.2

12.1

6.7

0.7

1.3

6.8

0.2

1.4

0.0

0.0

0.0

1.9

0.9

9.7

9.2

3.1

0.0

0.4

0.8

2.4

23.4

0.0

0.0

3.0

0.2

0.6

0.2

0.0

1.3

3.2

2.8

9.4

0.0

0.0

19.2

0.0

0.0

0.1

Country/Region Allocation

Dodge and Cox International Stock Fund vs. MSCI EAFE Index


6.1

Credit Quality Distribution (%)

AAA AA A BBB BB B CCC NR

0.0

25.0

50.0

75.0

100.0

All

oc

ati

on

(%)

3/15 6/15 9/15 12/15

Sector Distribution (%)

US Gov't/Agency ILB Intl Sovereigns/Credit Mortgages

CMBS Investment Grade Corp Yankees ABS

US High Yield Intl High Yield Bank Loans Convertibles

Distressed Debt EMD Munis Cash

0.0

25.0

50.0

75.0

100.0

All

oc

ati

on

(%)

3/15 6/15 9/15 12/15

Historical Portfolio Allocation Graph (Non Holdings)

Dodge and Cox Income Fund


6.2

Dec-2015 Sep-2015 Jun-2015 Mar-2015

US Gov't/Agency

Dodge and Cox Income Fund 7.59 10.07 10.63 12.67

PIMCO Total Return 5.20 -6.00 -4.00 -13.00

ILB

Dodge and Cox Income Fund 0.00 - - -

PIMCO Total Return 8.00 10.00 10.00 12.00

Intl Sovereigns/Credit

Dodge and Cox Income Fund - - - -

PIMCO Total Return - 4.00 4.00 3.00

Mortgages



CMBS

Dodge and Cox Income Fund 0.00 38.97 - -

PIMCO Total Return - 1.00 1.00 -

Investment Grade Corp

Dodge and Cox Income Fund 33.76 - 32.24 34.37


Yankees

Dodge and Cox Income Fund 0.00 - - -

PIMCO Total Return - 1.00 1.00 -

ABS


PIMCO Total Return 10.10 - - 2.00

US High Yield



Intl High Yield


PIMCO Total Return - - - -

Bank Loans



Historical Portfolio Allocation Table (Non Holdings)

Sectors


6.3

Historical Portfolio Allocation Table (Non Holdings)

Sectors


Dec-2015 Sep-2015 Jun-2015 Mar-2015

Convertibles



Distressed Debt



EMD


PIMCO Total Return - 10.00 11.00 15.00

Munis



Cash



6.4

Effective Duration Yield To Maturity Avg. Maturity

0.0

0.8

1.6

2.4

3.2

4.0

4.8

5.6

6.4

7.2

8.0

3/15 6/15 9/15 12/15

6.9 7.0

6.5 6.6

2.7

3.1

3.5 3.4

4.64.5

4.4

4.6

Historical Portfolio Characteristics 2 Years Ending December 31, 2015

6.5

Dodge and Cox Income Fund PIMCO Total Return PIMCO:Short-Term;Inst (PTSHX)

0.0

0.6

1.2

1.8

2.4

3.0

3.6

4.2

4.8

5.4

3/15 6/15 9/15 12/15

1.0 1.0

1.11.2

4.64.5

4.4

4.6

4.2

4.6

4.24.3

Historical Portfolio Characteristics Comparison

Effective Duration


6.6

Maturity Distribution (%)

0.0

15.0

30.0

45.0

60.0

0 to 3 Yrs 3 to 5 Yrs 5 to 10 Yrs 10 to 20 Yrs Greater than 20 Yrs

22.120.6

42.2

3.9

11.2


0.0

25.0

50.0

75.0

100.0

AAA AA A BBB

71.8

4.4

10.613.2

Index Portfolio Characteristics (Non Holdings)

Barclays Capital Aggregate


6.7


Portfolio Benchmark

Effective Duration 4.6 5.7

Modified Duration 4.9 5.6

Avg. Maturity 6.6 7.9

Current Yield 3.4 1.9

Yield To Maturity (%) 3.4 2.6

Avg. Quality Aa3 Aa1/Aa2

Coupon Rate (%) 3.3 3.2

Holdings Count 4,433 9,720


PIMCO Total Return Blmbg. Barc. U.S. Aggregate

0.0

25.0

50.0

75.0

100.0

AAA AA ABBB BB B

CCC

71.8

4.4

10.613.2

0.0 0.0 0.0

68.0

7.0 6.09.0

4.0 3.0 3.0

Maturity Distribution (%)


0.0

15.0

30.0

45.0

60.0

0 to

3 Yrs

3 to

5 Yrs

5 to

10 Yrs

10 to

20 Yrs

Greate

r th

an 20

Yrs

22.1 20.6

42.2

3.9

11.2

6.0

44.0

39.0

11.0

0.0

Sector Distribution (%)


0.0

10.0

20.0

30.0

40.0

US Gov't/

AgencyIL

B

Mort

gages

Inve

stment

Gra

de Corp

ABS

US Hig

h Yie

ld

Munis

Cash

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

5.28.0

31.2

24.0

10.18.5

4.2

8.8


PIMCO Total Return vs. Blmbg. Barc. U.S. Aggregate


6.8

Dodge and Cox Income Fund PIMCO Total Return PIMCO:Short-Term;Inst (PTSHX)

Market Value $40,294 $135,489 $37,503

% of Total Managed Portfolio($213,285) 18.9 63.5 17.6


Avg. Maturity 7.7 6.6 5.0

Effective Duration 4.3 4.6 1.2

Yield To Maturity (%) 3.3 3.4 3.0

Quality Breakdown

AAA 49.5 68.0 60.0

AA 1.6 7.0 12.0

A 4.8 6.0 5.0

BBB 31.9 9.0 5.0

BB 10.2 4.0 4.0

B 2.0 3.0 4.0

CCC - 3.0 4.0

NR - - 6.0

Sectors Allocation Breakdown

US Gov't/Agency 7.6 5.2 8.0

ILB 0.0 8.0 -

Mortgages 34.7 31.2 27.0

CMBS 0.0 - 12.0

Investment Grade Corp 33.8 24.0 33.0

Yankees 0.0 - -

ABS 7.8 10.1 -

US High Yield 9.2 8.5 -

Munis 3.5 4.2 13.0

Cash 3.6 8.8 7.0


6.9

Private Equity Reports

7

Market Value

$000%

1

Quarter

1

Year

2

Years

3

Years

4

Years

5

Years

Since

Inception

Inception

Date

Private Equity Composite 24,850 4.7 11.3 11.6 1.5 -22.1 -14.1 -10.8 -4.4 07/17/2006

BlackRock Vesey Street III, LP 1,893 0.4 0.0 -11.2 0.8 12.1 5.7 2.1 0.5 07/17/2006

BlackRock Vesey Street IV, LP 11,668 2.2 24.1 35.1 -2.8 -2.6 2.0 2.8 2.1 11/17/2008

Columbia Partners 11,289 2.2 1.6 2.3 7.1 -38.4 -33.5 -29.5 -18.7 10/23/2006

Comparative Performance - IRR As of December 31, 2015

7.1

Private Equity Composite BlackRock Vesey Street III, LP BlackRock Vesey Street IV, LP Columbia Partners

-90.0

-75.0

-60.0

-45.0

-30.0

-15.0

0.0

15.0

30.0

IRR

(%)

12/04 9/05 6/06 3/07 12/07 9/08 6/09 3/10 12/10 9/11 6/12 3/13 12/13 9/14 6/15 3/16

Years

J-Curve



7.2

Geographic Allocation By Market Value

Europe

11,289.4

United States

1,892.8

International

11,668.1

Strategy Allocation By Market Value

Structured Finance

11,289.4 Hybrid

13,560.9

Industry Allocation By Market Value

Diversified

1,892.8

Telecom. Services

11,289.4

Info. Tech.

11,668.1

Vintage Year Allocation By Count

2005

1

2006

1

2011

1

2008

1

Private Equity Composite Allocations As of December 31, 2015

7.3

Vintage Year Allocation By Market Value

2005

1,892.8

2008

11,668.1

2006

11,289.4

Strategy Allocation by Remaining Capital Commitment

Venture Capital

5,000.0

Vintage Year Commitments and Cashflows

Market Value Capital Commitment

Remaining Capital Commitment Contributions

Distributions

0

25,000

50,000

75,000

100,000

2005 2006 2008 2011

Commitments and Cashflows By Strategy

Market Value Capital Commitment

Remaining Capital Commitment Contributions

Distributions

0

30,000

60,000

90,000

120,000

Hybrid Structured Finance Venture Capital


7.4

Commitments and Cashflows By Geographic Focus

Market Value Capital Commitment Remaining Capital Commitment

Contributions Distributions

0

25,000

50,000

75,000

100,000

Europe International United States Other

Commitments and Cashflows By Industry Focus

Market Value Capital Commitment Remaining Capital Commitment

Contributions Distributions

0

25,000

50,000

75,000

100,000

Diversified Info. Tech. Telecom. Services Other


7.5

Allocation By Vintage Year

Market Value

%Market Value

Remaining

Capital

Commitment

%

Remaining

Capital

Commitment

Number

of Funds

2005 0.4 1,893 -0.4 -1,940 1

2006 2.2 11,289 -2.3 -12,105 1

2008 2.2 11,668 -0.9 -4,930 1

2011 0.0 - 1.0 5,000 1

Total 4.7 24,850 -2.7 -13,975 4

Allocation By Strategy

Market Value

%Market Value

Remaining

Capital

Commitment

%

Remaining

Capital

Commitment

Number

of Funds

Hybrid 2.6 13,561 -1.3 -6,870 2

Structured Finance 2.2 11,289 -2.3 -12,105 1

Venture Capital 0.0 - 1.0 5,000 1

Total 4.7 24,850 -2.7 -13,975 4

Allocation By Geographic Focus

Market Value

%Market Value

Remaining

Capital

Commitment

%

Remaining

Capital

Commitment

Number

of Funds

Europe 2.2 11,289 -2.3 -12,105 1

International 2.2 11,668 -0.9 -4,930 1

United States 0.4 1,893 -0.4 -1,940 1

Other 0.0 - 1.0 5,000 1

Total 4.7 24,850 -2.7 -13,975 4

Allocation By Industry Focus

Market Value

%Market Value

Remaining

Capital

Commitment

Remaining

Capital

Commitment

%

Number

of Funds

Diversified 0.4 1,893 -0.4 -1,940 1

Info. Tech. 2.2 11,668 -0.9 -4,930 1

Telecom. Services 2.2 11,289 -2.3 -12,105 1

Other 0.0 - 1.0 5,000 1

Total 4.7 24,850 -2.7 -13,975 4


7.6

Cash Flow Summary

Capital Committed: 125,000

Capital Invested: 145,399

Management Fees: 6,732

Expenses: 2,159

Interest: 74

Total Contributions: 154,364

Remaining Capital Commitment: -13,975

Total Distributions: 104,613

Market Value: 24,850

Inception Date: 07/17/2006

Inception IRR: -4.4

TVPI: 0.8

DPI: 0.7

RVPI: 0.2

PIC: 1.2

Cash Flow Analysis

Net Asset Value Distribution Contributions

0.0

45,000.0

90,000.0

135,000.0

180,000.0

225,000.0

-45,000.0

In T

hou

sa

nd

s7/06 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 1/16

Private Equity Portfolio

PartnershipsInvestment

Type

Vintage

Year

Investment

Strategy

Size of

Fund

$000

Capital

Committed

$000

Total

Contribution

$000

Total

Distribution

$000

Market

Value

$000

IRR

(%)

TVPI

Multiple

(%)

BlackRock Vesey Street III, LP Fund Of Funds 2005 Hybrid 1,600,000 65,000 67,171 66,975 1,893 0.5 1.0

BlackRock Vesey Street IV, LP Fund Of Funds 2008 Hybrid 790,100 20,000 25,198 14,975 11,668 2.1 1.1

Columbia Partners Direct 2006 Structured Finance 30,000 30,000 56,996 17,663 11,289 -18.7 0.5

DCM VI, LP Partnership 2011 Venture Capital 475,000 10,000 5,000 5,000 - 0.3 1.0

Private Equity Composite Total Fund Hybrid - 125,000 154,364 104,613 24,850 -4.4 0.8

Private Equity Composite Overview



7.7

Date Market Value

Contribution

Investment FeesFees

No AffectExpenses

Expenses

No Affect

Catch-Up

InterestTotal

Distribution

Gain Cash Gain Stock Interest

Catch-Up

Interest

Received

Recallable

Capital

Return of

Capital

Cash

Return of

Capital

Stock

Total

Jun-2014 Market Value : $11,840 TVPI : 0.0

24 - - - - - - - - 187 - - - - - - 187

Sub Total - - - - - - - - 187 - - - - - - 187

Jul-2014 Market Value : $12,960 TVPI : 49.6

22 - 261 - - - - - 261 - - - - - - - -

Sub Total - 261 - - - - - 261 - - - - - - - -

Oct-2014 Market Value : $13,094 TVPI : 57.1

10 - - 30 - 200 - - 229 - - - - - - - -

24 - - - - - - - - 171 - - - - - - 171

Sub Total - - 30 - 200 - - 229 171 - - - - - - 171

Jan-2015 Market Value : $13,249 TVPI : 161.1

22 - 82 - - - - - 82 - - - - - - - -

Sub Total - 82 - - - - - 82 - - - - - - - -

Feb-2015 Market Value : $13,249 TVPI : 0.0

2 - - - - - - - - 1,590 - - - - - - 1,590

Sub Total - - - - - - - - 1,590 - - - - - -1,590

Mar-2015 Market Value : $7,035 TVPI : 90.1

13 - 78 - - - - - 78 1,402 - - - - 2,846 - 4,248

Sub Total - 78 - - - - - 78 1,402 - - - - 2,846 -4,248

Apr-2015 Market Value : $1,990 TVPI : 0.0

28 - - - - - - - - 1,362 - - - - 3,683 - 5,045

Sub Total - - - - - - - - 1,362 - - - - 3,683 -5,045

Total - 422 30 - 200 - - 651 4,712 - - - - 6,529 -11,241

Private Equity Financial Reconciliation

($000)


7.8

Fund Information

Type of Fund: Fund Of Funds Vintage Year: 2005

Strategy Type: Hybrid Management Fee: 1% on commitments less than $30M; 0.85% on

commitments between $30M & $75M

Size of Fund: 1,600,000 Preferred Return:

Inception: 04/30/2006 General Partner: BlackRock Private Equity Partners

Final Close: 06/30/06 Number of Funds: 0

Investment Strategy: BlackRock Fund III has a target allocation of approximately 75% to partnership funds, up to around 30% in direct investments and 15% in

secondaries. Geographically, depending on market conditions, the Fund will commit 60-70% of capital to US portfolio investments and

approximately 30-40% internationally. Venture capital will focus mostly on early stage investments and represent approximately 20-30%

of the Fund (anticipate no more than 5% in non-US venture), with buyouts/corporate finance funds at around 50-60%. The overweighting

toward buyouts reflects the BlackRock view that this sector will produce strong IRR’s over the next few years given the wave of business

recapitalizations and capital market growth anticipated. Venture is included as a hedge in the event that climbing interest rates and

valuations will make buyouts more risky.

Cash Flow Summary

Capital Committed: 65,000

Capital Invested: 62,553

Management Fees: 3,025

Expenses: 1,579

Interest: 14

Total Contributions: 67,171

Remaining Capital Commitment: -1,940

Total Distributions: 66,975

Market Value: 1,893

Inception Date: 07/17/2006

Inception IRR: 0.5

TVPI: 1.0

Cash Flow Analysis

Net Asset Value Distribution Contributions

0.0

25,000.0

50,000.0

75,000.0

100,000.0

-25,000.0

In T

ho

us

an

ds

12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15

Private Equity Fund Overview

BlackRock Vesey Street III, LP


7.9

Region Allocation By Market Value

Market Value : 1,892.8

North America Europe Asia

3.0%

32.0%

65.0%

Strategy Allocation By Market Value

Market Value : 1,892.8

Venture Capital Buyouts Other

11.0%15.0%

74.0%

Private Equity Portfolio Characteristics



7.10

Portfolio Summary

As of Sep-2011

Vintage

Year

Investment

Type

Investment

Strategy

Capital

Committed

$000

Drawn

Down

$000

Addici 2007 Direct Buyouts 22,700 22,700

Alliance Data System 2008 Direct Buyouts 4,100 4,100

Bausch & Lomb 2007 Direct Buyouts 48,900 48,900

Biomet 2007 Direct Buyouts 29,700 29,700

CDW 2007 Direct Buyouts 33,600 33,600

Cengage Learning 2007 Direct Buyouts 48,400 48,400

Coating Excellence International 2008 Direct Buyouts 9,400 9,400

Evenflo Company 2007 Direct Buyouts 18,000 18,000

Fabory 2008 Direct Buyouts 17,000 17,000

Caesars Entertainment (formerly Harrah's) 2008 Direct Buyouts 42,500 42,500

Independent Insurance Investments 2006 Direct Buyouts 14,100 14,100

Realogy Corporation 2007 Direct Buyouts 51,500 51,500

The Brock Group 2007 Direct Buyouts 11,100 11,100

The ServiceMaster Company 2007 Direct Buyouts 4,100 4,100

U.S. Foodservice 2007 Direct Buyouts 11,800 11,800

Univision Communications 2007 Direct Buyouts 22,100 22,100

Ziggo (formerly Dutch Cable) 2007 Direct Buyouts 26,100 26,100

Accel London II, L.P. 2006 Partnership Venture Capital 5,000 3,950

Apax France VII, L.P. 2006 Partnership Buyouts 27,800 25,298

Apax US VII, L.P. 2006 Partnership Buyouts 40,000 33,600

Apollo Investment Fund VI, L.P. 2006 Partnership Buyouts 30,000 25,800

Argan Capital, L.P. 2006 Partnership Secondaries 27,700 49,099

Asia Opportunity Fund II, L.P. 2005 Partnership Buyouts 10,000 87,000

Bay Partners XI, L.P. 2006 Partnership Venture Capital 10,000 7,100

BDCM Opportunity Fund II, L.P. 2006 Partnership Buyouts 27,000 22,410

Blackstone V-A, L.P. 2006 Partnership Buyouts 10,000 7,900

Candover 2005 Fund, L.P. 2005 Partnership Buyouts 28,900 27,455

CCMP Capital Investors II, L.P. 2006 Partnership Buyouts 50,000 31,000

Charterhouse Capital Partners VIII, L.P. 2006 Partnership Buyouts 41,600 33,280

Private Equity Portfolio Detail


7.11



Portfolio Summary

As of Sep-2011

Vintage

Year

Investment

Type

Investment

Strategy

Capital

Committed

$000

Drawn

Down

$000

Clayton Dublier & Rice Fund VII, L.P. 2005 Partnership Buyouts 25,000 22,750

Diamond Castle Partners IV, L.P. 2005 Partnership Buyouts 40,000 34,800

Edison Venture Fund VI, L.P. 2006 Partnership Buyouts 15,000 14,550

Goode Partners Consumer Fund I, L.P. 2007 Partnership Buyouts 15,000 12,450

Graphite VII, L.P. 2006 Partnership Buyouts 10,800 5,184

Hg Capital 5, L.P. 2006 Partnership Buyouts 26,300 22,092

KarpReilly Pledge Fund, L.P. 2007 Partnership Buyouts 9,700 9,700

Lindsay, Goldberg & Bessemer II, L.P. 2006 Partnership Buyouts 60,000 51,000

M/C Venture Partners VI, L.P. 2006 Partnership Venture Capital 20,000 16,200

Madison Dearborn Capital Partners V, L.P. 2006 Partnership Buyouts 50,000 41,500

Mason Wells Buyout Fund II, L.P. 2005 Partnership Buyouts 20,000 17,400

New Enterprise Associates 12 L.P. 2006 Partnership Venture Capital 40,000 32,400

NV Partners IV, L.P. 2006 Partnership Venture Capital 15,000 84,000

Oak Investment Partners XII, L.P. 2006 Partnership Venture Capital 35,000 30,100

OCM European Principal Opportunities Fund, L.P. 2006 Partnership Buyouts 25,000 25,000

PAI Europe IV, L.P. 2005 Partnership Buyouts 25,400 23,876

Parallel 2005 Equity Fund, L.P. 2006 Partnership Buyouts 25,000 23,250

Partech International Ventures V 2006 Partnership Venture Capital 9,600 8,640

Quadrangle Capital Partners II, L.P. (Secondary) 2005 Partnership Buyouts 4,000 3,360

Quandrangle Capital Parnters II, L.P. 2005 Partnership Buyouts 25,000 21,000

SKM Equity Fund III, L.P. 2000 Partnership Buyouts 13,600 13,056

Sterling Capital Partners II, L.P. 2005 Partnership Buyouts 20,000 16,600

TA Associates X, L.P. 2006 Partnership Buyouts 12,500 12,125

Tailwind Capital Partners, L.P. 2006 Partnership Buyouts 35,000 24,850

The Alchemy Investment Plan 2005 Partnership Buyouts 26,200 26,200

The Fourth Cinven Fund, L.P. 2006 Partnership Buyouts 55,700 38,433

Thoma Cressey Fund VIII, L.P. 2006 Partnership Buyouts 30,000 29,700

Thomas H. Lee Equity Fund VI, L.P. 2006 Partnership Buyouts 50,000 32,000

Warburg Pincus Private Equity IX, L.P. 2005 Partnership Other 25,000 25,000

7.12



Portfolio Summary

As of Sep-2011

Vintage

Year

Investment

Type

Investment

Strategy

Capital

Committed

$000

Drawn

Down

$000

Welsh, Carson, Anderson & Stowe X, L.P. 2005 Partnership Buyouts 50,000 47,000

Zon Capital Partners 2002 Partnership Secondaries 9,300 9,207

Vesey Street Fund III (ERISA), L.P. 2005 Fund Of Funds Hybrid 1,546,200 1,542,415

7.13

PartnershipsValuation

Date

Vintage

Year

Investment

Strategy

Capital

Commitment

$000

Drawn

Down

$000

Market

Value

$000

Distributed

$000

IRR

(%)

TVPI

Multiple

BlackRock Vesey Street III, LP 12/31/2015 2005 Hybrid 65,000 67,171 1,893 66,975 0.5 1.0

BlackRock Vesey Street IV, LP 12/31/2015 2008 Hybrid 20,000 25,198 11,668 14,975 2.1 1.1

Columbia Partners 12/31/2015 2006 Structured

Finance

30,000 56,996 11,289 17,663 -18.7 0.5

Correlation Ventures, LP 06/30/2012 2011 Venture

Capital

25,000 3,000 - - -20.7 -

DCM VI, LP 12/31/2012 2011 Venture

Capital

10,000 5,000 - 5,000 0.3 1.0

Private Equity Summary of Partnership

($000)


7.14

Returns Reports

8

Barclays Capital Aggregate Pimco Total Return

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-0.5

-1.0

-1.5

-2.0

1/15 2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 10/15 11/15 12/15

2.2%

-0.4%

0.4%

-0.3%

-0.1%

-0.9%

1.0%

-0.7%

-0.4%

0.6%

-0.1%

-0.3%

2.1%

-0.9%

0.5%

-0.4%

-0.2%

-1.1%

0.7%

-0.1%

0.7%

0.0%

-0.3%-0.3%

Absolute Performance 1 Year Ending December 31, 2015


8.1

0.0 2.0 4.0 6.0-2.0-4.0-6.0


TD Bank





-2.2

-3.0

0.7

-2.4

3.3

-4.1

Do

me

sti

c E

qu

ity

B

en

ch

ma

rk

Absolute Return 1 Year Ending December 31, 2015

8.2

Manager Returns Benchmark Returns Active Return

0.0

2.0

4.0

6.0

8.0

10.0

12.0

-2.0

-4.0

-6.0

-8.0

-10.0

Re

turn

(%)

Fidelity Adv Div Gro;A Fidelity Adv Mid Cp;A Fidelity Adv MdCp II;A Fidelity Adv Lev Co;A Fidelity Adv Eq Gro;A

-2.4

-1.0

-1.6

-0.5

6.0

1.4

-2.4

-0.2

-4.8

0.5

-1.0

-3.5

-1.8

-5.8

6.7

Active Return 1 Year Ending December 31, 2015

8.3

Quarterly Added Value (up market) Quarterly Added Value (down market) Annualized Added Value

Objective Rolling 5 Years Added Value

0.0

4.0

8.0

12.0

-4.0

-8.0

-12.0

Ad

de

d V

alu

e (%

)

3/06 9/06 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Performance Statistics

Quarters %

Market Capture

Up Markets 27 109.4

Down Markets 13 106.7

Batting Average

Up Markets 27 59.3

Down Markets 13 46.2

Overall 40 55.0

Added Value History

Dodge & Cox Intl Stock (DODFX)


8.4

<= 25

26 - 50

51-75

76-100

Allocation

Market Value

$000% Policy(%)

Performance (%)

1

Quarter

1

Year

3

Years

5

Years2014 2013 2012

Total Plan 499,497 100.0 100.0 2.5 -0.8 7.6 7.8 6.7 17.7 17.1

Total Fund Benchmark wo PE 3.3 0.6 8.0 7.6 7.3 16.8 11.8

Difference -0.8 -1.4 -0.4 0.2 -0.6 0.9 5.3

Domestic Equity Composite 243,987 48.8 45.0 4.5 (53) -2.2 (63) 13.4 (62) 12.8 (30) 12.1 (36) 33.1 (70) 23.7 (5)

Domestic Equity Benchmark 6.3 (27) 0.5 (42) 14.7 (44) 12.2 (42) 12.6 (32) 33.6 (66) 16.4 (46)

Difference -1.8 -2.7 -1.3 0.6 -0.5 -0.5 7.3

IM U.S. Equity (SA+CF) Median 4.6 -0.5 14.3 11.6 10.0 35.8 16.0

Population 2,616 2,592 2,475 2,305 2,724 2,803 2,903

TD Bank 52,518 10.5 - 4.3 (85) -3.0 (87) 9.6 (94) 8.1 (96) 13.7 (45) 19.4 (97) 12.4 (83)

S&P 500 7.0 (26) 1.4 (49) 15.1 (53) 12.6 (52) 13.7 (44) 32.4 (59) 16.0 (47)

Difference -2.7 -4.4 -5.5 -4.5 0.0 -13.0 -3.6

IM U.S. Large Cap Core Equity (SA+CF) Median 6.0 1.3 15.3 12.6 13.4 33.0 15.7

Population 308 307 293 263 332 353 360

BlackRock Equity Index Fund 53,639 10.7 - 6.4 (58) 0.7 (67) 15.2 (66) 12.3 (85) 11.8 (90) 35.7 (21) 15.0 (86)

S&P 500 7.0 (25) 1.4 (46) 15.1 (70) 12.6 (83) 13.7 (57) 32.4 (74) 16.0 (68)

Difference -0.6 -0.7 0.1 -0.3 -1.9 3.3 -1.0

IM U.S. Large Cap Enhd Index Equity (SA+CF) 6.6 1.3 15.6 13.2 14.0 33.6 16.7

Population 67 67 65 63 73 77 80

Eaton Vance AC SMID-Cap Fund 64,027 12.8 - 7.7 (1) -2.4 (71) 15.6 (36) 19.9 (1) 8.3 (41) 46.1 (4) 53.5 (1)

Russell 2500 Index 3.3 (57) -2.9 (85) 12.5 (88) 10.3 (78) 7.1 (73) 36.8 (59) 17.9 (51)

Difference 4.4 0.5 3.1 9.6 1.2 9.3 35.6

IM U.S. SMID Cap Core Equity (SA+CF) Median 3.4 0.1 14.5 11.8 7.8 37.6 17.9

Population 44 44 42 40 47 49 51

T. Rowe Price Large Cap Growth 44,250 8.9 - 6.1 (71) 3.3 (67) 15.6 (68) 12.3 (62) 9.8 (73) 36.2 (38) 17.6 (27)

Russell 1000 Growth Index 7.3 (46) 5.7 (46) 16.8 (48) 13.5 (42) 13.1 (39) 33.5 (60) 15.3 (50)

Difference -1.2 -2.4 -1.2 -1.2 -3.3 2.7 2.3

IM U.S. Large Cap Growth Equity (SA+CF) Median 7.0 5.1 16.8 13.0 12.0 34.6 15.2

Population 326 325 315 301 340 348 362

Asset Allocation & Performance As of December 31, 2015

8.5

Asset Allocation & Performance As of December 31, 2015Allocation

Market Value

$000% Policy(%)

Performance (%)

1

Quarter

1

Year

3

Years

5

Years2014 2013 2012

T. Rowe Price Large Cap Value 29,555 5.9 - 3.6 (85) -4.1 (70) 13.0 (68) 11.1 (62) 16.0 (10) 29.7 (83) 18.0 (26)

Russell 1000 Value Index 5.6 (44) -3.8 (68) 13.1 (67) 11.3 (57) 13.5 (35) 32.5 (63) 17.5 (29)

Difference -2.0 -0.3 -0.1 -0.2 2.5 -2.8 0.5

IM U.S. Large Cap Value Equity (SA+CF) Median 5.4 -2.3 13.9 11.7 12.2 34.3 15.7

Population 366 363 351 329 390 394 415

Fixed Income Composite 213,285 42.7 40.0 -0.3 (26) 0.6 (50) 2.3 (14) 3.9 (54) 3.3 (98) 3.0 (4) 8.6 (23)

Fixed Income Benchmark -0.5 (59) 0.5 (60) 1.3 (91) 2.9 (98) 5.4 (84) -1.8 (75) 3.8 (98)

Difference 0.2 0.1 1.0 1.0 -2.1 4.8 4.8

IM U.S. Broad Market Fixed Income (SA+CF) Median -0.5 0.6 1.8 3.9 6.1 -1.2 6.6

Population 341 338 333 324 371 391 411

Dodge and Cox Income Fund 40,294 8.1 - 0.7 (1) 3.5 (1) 4.4 (1) 5.2 (1) 5.3 (61) 4.6 (1) 7.9 (13)

Blmbg. Barc. U.S. Aggregate -0.6 (36) 0.5 (18) 1.4 (24) 3.2 (42) 6.0 (26) -2.0 (52) 4.2 (79)

Difference 1.3 3.0 3.0 2.0 -0.7 6.6 3.7

IM U.S. Broad Market Core Fixed Income (MF) Median -0.6 0.0 1.1 3.1 5.5 -2.0 6.0

Population 525 489 446 394 480 478 473

PIMCO Total Return 135,489 27.1 - 0.5 (1) 0.7 (12) 2.5 (2) 4.4 (4) 4.7 (78) 2.2 (1) 10.4 (1)

Blmbg. Barc. U.S. Aggregate -0.6 (36) 0.5 (18) 1.4 (24) 3.2 (42) 6.0 (26) -2.0 (52) 4.2 (79)

Difference 1.1 0.2 1.1 1.2 -1.3 4.2 6.2

IM U.S. Broad Market Core Fixed Income (MF) Median -0.6 0.0 1.1 3.1 5.5 -2.0 6.0

Population 525 489 446 394 480 478 473

PIMCO:Short-Term;Inst (PTSHX) 37,503 7.5 - -4.2 (100) -2.5 (100) N/A N/A -2.8 (100) N/A 3.4 (44)

Citigroup 3 Month T-Bill 0.0 (22) 0.0 (71) 0.0 (82) 0.1 (96) 0.0 (89) 0.1 (77) 0.1 (100)

Difference -4.2 -2.5 N/A N/A -2.8 N/A 3.3

IM U.S. Short Term Investment Grade (MF) Median -0.2 0.3 0.5 1.2 0.7 0.5 3.1

Population 462 425 359 280 414 396 354

International Composite 42,224 8.5 15.0 6.0 (36) 1.2 (63) 5.8 (58) 3.8 (76) -5.8 (79) 24.4 (33) 21.0 (31)

MSCI EAFE Index 4.7 (64) -0.4 (76) 5.5 (65) 4.1 (71) -4.5 (65) 23.3 (35) 17.9 (67)

Difference 1.3 1.6 0.3 -0.3 -1.3 1.1 3.1

IM Intl Large Cap Growth Equity (SA+CF) 5.6 2.1 6.1 4.8 -3.4 21.0 19.7

Population 139 138 131 121 143 142 151

8.6

Asset Allocation & Performance As of December 31, 2015Allocation

Market Value

$000% Policy(%)

Performance (%)

1

Quarter

1

Year

3

Years

5

Years2014 2013 2012

Dodge and Cox International Stock Fund 42,224 8.5 - 6.0 (11) 1.2 (26) 5.8 (23) 3.8 (28) -5.8 (64) 24.4 (18) 21.0 (28)

MSCI EAFE Index 4.7 (26) -0.4 (35) 5.5 (25) 4.1 (24) -4.5 (50) 23.3 (21) 17.9 (58)

Difference 1.3 1.6 0.3 -0.3 -1.3 1.1 3.1

IM International Equity (MF) Median 3.3 -2.8 3.1 2.4 -4.5 17.3 18.6

Population 3,182 2,892 2,324 1,874 2,717 2,590 2,450

8.7

1 Year

0.00% 0.80%-0.80 %-1.60 %-2.40 %-3.20 %-4.00 %





TD Bank

Benchmark Effect

Cash Flow Effect

Total Excess Return

-0.04 %

0.13%

-0.40 %

0.01%

-0.96 %

-0.20 %

-1.23 %

-2.69 %

5 Years

0.00% 0.75% 1.50% 2.25% 3.00%-0.75 %-1.50 %-2.25 %




AXA Rosenberg SMID Institutional

AllianceBernstein Style Blend


TD Bank

Benchmark Effect

Cash Flow Effect

Total Excess Return

2.22%

-0.06 %

-0.21 %

0.03%

-0.02 %

0.17%

-0.92 %

0.00%

-0.60 %

0.61%

Asset Class Attribution



8.8

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years2014 2013 2012

Dodge & Cox Balanced (DODBX) 3.2 -2.9 10.7 9.6 12.5 5.8 8.9 28.4 18.3

Dow Jones U.S. Aggressive Index 4.8 -1.2 13.9 11.5 16.1 7.7 11.4 34.2 17.0

Difference -1.6 -1.7 -3.2 -1.9 -3.6 -1.9 -2.5 -5.8 1.3

IM Mixed-Asset Target Alloc Growth (MF) Median 3.3 -1.2 7.9 6.9 10.4 5.2 6.3 19.8 13.0

Dodge & Cox Balanced (DODBX) Rank 56 78 5 4 5 33 21 1 1

Dodge & Cox Income (DODIX) 0.1 -0.6 1.8 3.6 5.8 5.0 5.5 0.6 7.9

Blmbg. Barc. U.S. Aggregate -0.6 0.5 1.4 3.2 4.1 4.5 6.0 -2.0 4.2

Difference 0.7 -1.1 0.4 0.4 1.7 0.5 -0.5 2.6 3.7

IM U.S. Broad Market Core Fixed Income (MF) Median -0.6 0.0 1.1 3.1 5.1 4.2 5.5 -2.0 6.0

Dodge & Cox Income (DODIX) Rank 2 72 9 21 25 8 55 2 13

Dodge & Cox Intl Stock (DODFX) 0.8 -11.4 3.9 2.6 9.7 3.8 0.1 26.3 21.0

S&P EPAC LargeMidCap 4.8 -0.5 5.1 3.9 8.5 3.6 -4.5 22.2 18.1

Difference -4.0 -10.9 -1.2 -1.3 1.2 0.2 4.6 4.1 2.9

IM International Large Cap Core Equity (MF) Median 2.9 -2.3 3.0 2.4 6.7 2.8 -6.1 19.5 17.1

Dodge & Cox Intl Stock (DODFX) Rank 94 92 35 44 7 16 6 3 11

Dodge & Cox Stock (DODGX) 4.5 -4.5 14.0 11.6 14.5 5.7 10.4 40.5 22.0

Russell 1000 Value Index 5.6 -3.8 13.1 11.3 13.0 6.2 13.5 32.5 17.5

Difference -1.1 -0.7 0.9 0.3 1.5 -0.5 -3.1 8.0 4.5

IM U.S. Large Cap Value Equity (MF) Median 5.2 -3.7 12.3 9.8 12.3 5.5 10.9 32.5 15.4

Dodge & Cox Stock (DODGX) Rank 73 63 13 12 7 44 64 3 2

Zevenbergen Growth Equity 7.0 6.8 21.3 11.8 19.1 10.0 3.5 61.2 8.2

S&P 500 7.0 1.4 15.1 12.6 14.8 7.3 13.7 32.4 16.0

Difference 0.0 5.4 6.2 -0.8 4.3 2.7 -10.2 28.8 -7.8

IM U.S. All Cap Growth Equity (SA+CF) Median 6.2 3.5 15.3 12.2 16.8 9.2 8.9 36.0 15.0

Zevenbergen Growth Equity Rank 35 16 1 59 25 20 94 1 88

> Benchmark

< Benchmark

A Rank higher than 50% Percentile

Comparative Performance As of December 31, 2015

Returns for periods greater than one year are annualized.

Returns are expressed as percentages.

8.9

1

Quarter

1

Year

3

Years

5

Years

7

Years2014 2013 2012 2011 2010

Since

Inception

Inception

Date

PIMCO:Div Income;Admn (PDAAX) 0.8 1.0 0.8 4.1 9.0 2.7 -1.2 14.7 4.2 14.0 6.0 11/01/2004

Blmbg. Barc. U.S. Aggregate -0.6 0.5 1.4 3.2 4.1 6.0 -2.0 4.2 7.8 6.5 4.3

Difference 1.4 0.5 -0.6 0.9 4.9 -3.3 0.8 10.5 -3.6 7.5 1.7

Tracking Error 1.6 5.1 4.3 4.7 5.6 3.8 3.6 2.5 6.5 5.3 5.8

During the quarter, a tactical exposure to the banking sector hurt the fund's performance given the sell-off in the markets and dramatic underperformance of the sector. From a

sector selection standpoint, an overweight to the energy and natural gas also proved detrimental to the fund's performance. In the third quarter, investors' risk aversion caused a

flight to quality with higher quality issues outperforming lower quality and the fund's underweight to global investment grade credit hindered performance. From a country

selection perspective, an overweight to Russia and Ukraine coupled with an underweight to Brazil and Turkey detracted value. In contrast, asset allocation proved beneficial to

performance as the fund's overweight exposure to the emerging markets and underweight exposure to the high yield sector helped performance. In addition, a tactical exposure

to mortgages proved beneficial as did an underweight exposure to Ecuador. The fund's tactical exposure to emerging markets currencies and bank loans continued to add value

during the quarter.

Rolling Active Return Rolling Tracking Error Active Return

0.0

6.0

12.0

18.0

-6.0

-12.0

-18.0

Ac

tiv

e

Re

turn

(%)

3/05 9/05 3/06 9/06 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Comparative Performance & Rolling Return

PIMCO:Div Income;Admn (PDAAX) vs. Blmbg. Barc. U.S. Aggregate


Net Of Fees.

8.10

Russell 1000 Index Russell 2000 Index Russell 3000 Index Russell 2500 Index

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Sta

nd

ard

De

via

tio

n

1

Quarter

1

Year

3

Years

5

Years

4.9

13.012.6

14.7

5.2

13.3

10.7

12.1

5.6

14.514.2

15.9

5.2

13.4

10.6

11.9

Comparative Performance Statistics As of December 31, 2015

8.11

Actual Correlation Matrix

Fixed Income

Composite

Dodge and

Cox Income

Fund

PIMCO Total

Return

PIMCO:Div

Income

(PDAAX)

Dodge & Cox

Balanced

(DODBX)

Dodge & Cox

Global Stock

(DODWX)

Dodge & Cox

Income

(DODIX)

Dodge & Cox

Intl Stock

(DODFX)

Dodge & Cox

Stock

(DODGX)

PIMCO:Tot

Rtn;Inst

(PTTRX)

Fixed Income Composite 1.00

Dodge and Cox Income Fund 0.33 1.00

PIMCO Total Return 0.97 0.26 1.00

PIMCO:Div Income (PDAAX) 0.78 0.26 0.71 1.00

Dodge & Cox Balanced (DODBX) 0.31 0.23 0.18 0.52 1.00

Dodge & Cox Global Stock (DODWX) 0.40 0.20 0.27 0.64 0.95 1.00

Dodge & Cox Income (DODIX) 0.84 0.31 0.81 0.85 0.34 0.45 1.00

Dodge & Cox Intl Stock (DODFX) 0.48 0.21 0.35 0.72 0.88 0.97 0.52 1.00

Dodge & Cox Stock (DODGX) 0.25 0.19 0.12 0.48 1.00 0.94 0.26 0.86 1.00

PIMCO:Tot Rtn;Inst (PTTRX) 0.81 0.33 0.83 0.75 0.14 0.25 0.90 0.34 0.07 1.00

<= 0.75

0.75 - 0.95

0.96-0.99

A = 1

Correlation Matrix 3 Years Ending December 31, 2015

8.12


0.0

0.9

1.8

-0.9

-1.8

-2.7

-3.6

-4.5

-5.4

-6.3

-7.2

1/11 4/11 7/11 10/11 1/12 4/12 7/12 10/12 1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14 1/15 4/15 7/15 12/15

Max Drawdown Recovery Periods # of Drawdowns in Period

PIMCO Total Return -5.3 8 Months 8

Blmbg. Barc. U.S. Aggregate -3.7 13 Months 8

Drawdown January 1, 2011 To December 31, 2015

8.13

Dual Statistics 1 Year Rolling Ellipses - 3 Years :

Domestic Equity Composite TD Bank BlackRock Equity Index Fund

T. Rowe Price Large Cap Growth Eaton Vance AC SMID-Cap Fund T. Rowe Price Large Cap Value

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Tra

ck

ing

Err

or

-40.0 -32.0 -24.0 -16.0 -8.0 0.0 8.0 16.0 24.0 32.0 40.0 48.0 56.0

Active Return

Dual Statistics Rolling Ellipses 4 Quarters Rolling Periods From January 1, 2013 To December 31, 2015

8.14

Dodge & Cox Stock Russell 3000 Value Index

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

220.0

12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

168.3

173.5

Growth of $100 5 Years Ending December 31, 2015


8.15

1

Quarter

Year

To

Date

1

Year

2

Years

3

Years

4

Years

5

Years

6

Years

7

Years

8

Years

9

Years

10

Years

Since

Inception

12/31/2015 6.3 0.5 0.5 6.3 14.7 15.2 12.2 13.0 15.0 6.6 6.5 7.4 11.7

09/30/2015 -7.2 -5.4 -0.5 8.2 12.5 16.7 13.3 12.9 9.9 5.4 6.6 6.9 11.6

06/30/2015 0.1 1.9 7.3 15.9 17.7 14.1 17.5 17.2 9.7 6.6 8.0 8.2 11.9

03/31/2015 1.8 1.8 12.4 17.4 16.4 14.0 14.7 20.3 9.4 7.3 7.7 8.4 12.0

12/31/2014 5.2 12.6 12.6 22.6 20.5 15.3 15.6 17.7 7.5 7.2 8.1 7.9 12.0

09/30/2014 0.0 7.0 17.8 19.7 23.1 17.0 15.8 11.7 6.2 7.5 7.8 8.4 12.0

06/30/2014 4.9 6.9 25.2 23.3 16.5 20.2 19.3 10.1 6.5 8.1 8.2 8.2 12.0

03/31/2014 2.0 2.0 22.6 18.5 14.6 15.3 21.9 8.9 6.6 7.2 7.9 7.9 12.0

12/31/2013 10.1 33.6 33.6 24.7 16.2 16.4 18.7 6.7 6.5 7.6 7.4 7.9 12.0

09/30/2013 6.3 21.3 21.6 25.8 16.8 15.3 10.6 4.4 6.1 6.6 7.4 8.1 11.8

06/30/2013 2.7 14.1 21.5 12.3 18.6 17.9 7.2 3.6 5.8 6.3 6.5 7.8 11.7

03/31/2013 11.1 11.1 14.6 10.8 13.0 21.8 6.3 4.1 5.1 6.2 6.3 9.2 11.7

12/31/2012 0.2 16.4 16.4 8.4 11.2 15.3 2.0 2.6 4.3 4.6 5.4 7.7 11.4

09/30/2012 6.2 16.1 30.2 14.4 13.3 8.0 1.3 3.7 4.6 5.8 6.7 8.5 11.5

06/30/2012 -3.1 9.3 3.8 17.2 16.7 4.0 0.4 3.4 4.3 4.8 6.4 5.8 11.4

03/31/2012 12.9 12.9 7.2 12.2 24.3 4.3 2.2 3.6 5.1 5.3 8.6 4.7 11.6

12/31/2011 12.1 1.0 1.0 8.7 14.9 -1.3 0.0 2.5 3.0 4.0 6.8 3.5 11.3

09/30/2011 -15.3 -9.9 0.5 5.6 1.5 -4.9 -0.9 0.9 2.7 4.1 6.3 3.5 11.0

06/30/2011 0.0 6.4 32.4 23.8 4.0 -0.4 3.4 4.4 4.9 6.7 6.0 3.4 11.6

03/31/2011 6.4 6.4 17.4 33.8 3.4 1.0 2.9 4.8 5.1 8.7 4.4 4.1 11.7

12/31/2010 11.6 16.9 16.9 22.5 -2.0 -0.3 2.7 3.3 4.5 7.5 3.8 2.2 11.6

09/30/2010 11.5 4.8 11.0 1.9 -6.6 -1.3 0.9 3.1 4.6 7.1 3.8 0.1 11.3

06/30/2010 -11.3 -6.0 15.7 -7.8 -9.5 -2.8 -0.5 0.9 3.5 3.1 0.6 -0.9 11.0

03/31/2010 5.9 5.9 52.4 -2.9 -4.0 -0.4 2.4 3.2 7.6 2.9 2.8 -0.1 11.6

Historical Rolling Performance

Russell 3000 Index


Returns for periods greater than one year are annualized.

Returns are expressed as percentages.

8.16

Alpha BetaStandard

Deviation

Downside

Risk

Sharpe

RatioR-Squared

Tracking

Error

Information

Ratio

Treynor

Ratio

Up

Market

Capture

Down

Market

Capture

Dodge & Cox Equity -0.82 1.07 13.18 8.02 0.93 0.94 3.21 0.01 0.11 105.89 112.07

Sands Large Cap Growth 2.20 1.12 15.45 8.55 1.03 0.76 7.76 0.47 0.14 111.01 90.03

GSAM US Small/Mid Cap Growth 0.09 1.07 14.42 8.46 0.91 0.78 6.77 0.13 0.12 103.47 99.25

AB US Large Cap Growth 2.51 1.05 13.43 7.23 1.14 0.88 4.73 0.66 0.15 106.34 85.35

IM U.S. Growth Equity Median -0.64 1.07 13.93 8.10 0.88 0.85 5.66 0.04 0.12 101.76 99.74

Russell 3000 Index 0.00 1.00 11.97 6.87 1.02 1.00 0.00 N/A 0.12 100.00 100.00

90 Day U.S. Treasury Bill 0.06 0.00 0.03 0.01 N/A 0.09 11.98 -1.02 0.00 0.12 -0.25

Historical Statistics 5 Years Ending December 31, 2015


8.17

0.0

2.0

4.0

6.0

8.0

-2.0

-4.0

-6.0

1.0 0.9

1.5 1.5

-2.3 -2.3

3.6

1.3

-1.1

-0.5

0.7 0.6

2.0

5.0

5.4

2.4

Fidelity Adv Mid Cp;A Fidelity Adv Lev Co;A Fidelity Adv Eq Gro;A Russell 3000 Growth Index

Tracking Error 2.0 5.0 5.4 2.4¢

Information Ratio -1.1 -0.5 0.7 0.6¢

Active Return -2.3 -2.3 3.6 1.3¢

Sharpe Ratio 1.0 0.9 1.5 1.5¢

Historical Statistics 3 Years Ending December 31, 2015


8.18

Percentile

3

Years

Return

5

Years

Return

3

Years

Standard

Deviation

5

Years

Standard

Deviation

3

Years

Sharpe

Ratio

5

Years

Sharpe

Ratio

10th Eaton Vance AC

SMID-Cap Fund (1)

20th

30th Domestic Equity

Composite (30)

TD Bank (21) Eaton Vance AC

SMID-Cap Fund (26)

40th Index Fund (34)

Eaton Vance AC

SMID-Cap Fund (36)

BlackRock Equity

Index Fund (36)

Domestic Equity

Composite (38)

Domestic Equity

Composite (38)

BlackRock Equity

Index Fund (36)

Composite (31)

BlackRock Equity

Index Fund (40)

50th T. Rowe Price Large

Cap Value (43)

BlackRock Equity

Index Fund (48)

60th BlackRock Equity

Index Fund (51)

T. Rowe Price Large

Cap Value (58)

Domestic Equity

Composite (53)

70th Composite (62)

Cap Growth (68)

T. Rowe Price Large

Cap Value (68)

Cap Growth (62)

T. Rowe Price Large

Cap Value (62)

TD Bank (62)

T. Rowe Price Large

Cap Growth (63)

T. Rowe Price Large

Cap Value (66)

T. Rowe Price Large

Cap Value (66)

80th T. Rowe Price Large

Cap Growth (79)

Cap Growth (71)

Eaton Vance AC

SMID-Cap Fund (76)

T. Rowe Price Large

Cap Growth (74)

90th

100th TD Bank (94) TD Bank (96) Eaton Vance AC

SMID-Cap Fund (100)

Eaton Vance AC

SMID-Cap Fund (100)

TD Bank (97) TD Bank (96)

Manager Rankings vs. Peers As of December 31, 2015

8.19

1

Year

3

Years

5

Years

7

Years

10

Years

Return -4.5 14.0 11.6 14.5 5.7

Standard Deviation 14.8 11.7 13.4 17.1 17.6

Downside Risk 10.4 6.6 8.2 10.6 12.6

vs. Russell 1000 Value Index

Tracking Error 3.4 3.3 3.1 3.5 4.1

Information Ratio -0.1 0.3 0.2 0.4 0.0

Alpha 0.2 0.3 -0.4 0.6 -0.7

Beta 1.2 1.1 1.1 1.1 1.1

R-Squared 1.0 0.9 1.0 1.0 1.0

Consistency 50.0 58.3 51.7 54.8 50.0

Active Return -0.4 0.9 0.5 1.5 -0.1

vs. Russell 3000 Index

Tracking Error 3.9 3.5 3.3 3.9 4.1

Information Ratio -1.2 -0.1 -0.1 0.0 -0.3

Alpha -4.8 -1.3 -1.3 -2.0 -2.1

Beta 1.1 1.1 1.1 1.1 1.1

R-Squared 0.9 0.9 0.9 1.0 1.0

Consistency 33.3 52.8 53.3 52.4 49.2

Active Return -4.8 -0.5 -0.3 -0.1 -1.2

vs. 90 Day U.S. Treasury Bill

Sharpe Ratio -0.2 1.2 0.9 0.9 0.3

MPT Stats




8.20

3

Years

Return

5

Years

Return

3

Years

Sharpe

Ratio

5

Years

Sharpe

Ratio

3

Years

Tracking

Error

5

Years

Tracking

Error

Since

Inception

Return

Since

Inception

Tracking

Error

Inception

Date

Dodge & Cox Equity 14.3 12.0 1.3 0.9 3.2 3.1 11.9 4.6 03/01/1993

Russell 1000 Value Index 13.1 11.3 1.3 0.9 0.0 0.0 9.6 0.0

IM US Large Cap Growth Equity Median 16.8 13.0 1.7 1.0 5.5 5.7 10.0 10.0

Dodge & Cox Equity Rank 81 69 91 76 96 100 11 100

Russell 1000 Value Index Rank 90 81 91 75 - - 71 -

Sands Large Cap Growth 17.5 15.8 1.3 1.0 7.7 7.6 12.7 7.5 04/01/1992

Russell 1000 Growth Index 16.8 13.5 1.9 1.1 0.0 0.0 8.5 0.0


Sands Large Cap Growth Rank 38 7 90 53 3 5 7 48

Russell 1000 Growth Index Rank 48 42 23 26 - - 96 -

GSAM US Small/Mid Cap Growth 15.5 12.8 1.3 0.8 3.6 3.7 11.6 4.7 07/01/2005


IM U.S. SMID Cap Growth Equity (SA+CF) Median 13.8 11.4 1.1 0.7 4.1 4.3 9.4 5.6

GSAM US Small/Mid Cap Growth Rank 22 17 11 26 64 69 15 67


AB US Large Cap Growth 21.3 15.5 2.1 1.0 2.6 3.7 12.5 5.0 01/01/1985



AB US Large Cap Growth Rank 5 12 5 35 68 46 8 87


Multi Timeperiod Statistics As of December 31, 2015

8.21

January February March April May June July August September October November December Year

2013 6.2 0.7 4.5 1.9 3.1 0.1 5.4 -2.8 4.4 4.3 4.3 2.8 40.5

2014 -3.3 4.5 1.3 -0.5 2.0 2.9 -0.9 3.1 -1.2 -0.1 2.5 -0.1 10.4

2015 -5.5 6.3 -1.7 2.7 1.3 -1.4 1.1 -7.0 -4.2 7.9 -0.5 -2.6 -4.5

Distribution of Returns

0

1

2

3

4

5

6

Fre

qu

en

cy

< -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5

Returns (%)

2

1 1

2

3

5

2

4

5

2

5

4

Performance Distribution



8.22

Dodge & Cox Income (DODIX) PIMCO:Tot Rtn;Inst (PTTRX) GMO:Core Plus Bond;III (GUGAX) UBS Core Plus Bond;A (BNBDX)

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

12/05 9/06 6/07 3/08 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 12/15

0.8

1.0

1.1

1.0

Ratio of Cumulative Wealth 10 Years Ending December 31, 2015


8.23

Cumulative Annualized Over/Under Relative Performance Cumulative Excess Relative Performance Over/Under Performance

0.0

2.0

4.0

6.0

8.0

10.0

-2.0

-4.0

-6.0

Re

lati

ve

Pe

rfo

rma

nc

e in

Pe

rce

nt

1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14 1/15 4/15 7/15 10/15 12/15

Quarterly Return Periods

2.5

0.8

Relative Performance




8.24

Cumulative Return Contributions

0.0% 2.0%-2.0 %-4.0 %

Cash Flow

TD Bank






Risk Contributions

0.0% 50.0% 100.0% 150.0%

Cash Flow

TD Bank






Cumulative Return and Risk Contributions

Cumulative Return Contributions Risk Contributions

0.0% 100.0% 200.0%-100.0 %-200.0 %

Risk Contributions

0.0% 2.0% 4.0%-2.0 %-4.0 %

Cumulative Return Contributions

Cash Flow

TD Bank






Cumulative Return Contributions History

Domestic Equity Composite BlackRock Equity Index Fund

Eaton Vance AC SMID-Cap Fund T. Rowe Price Large Cap Growth

T. Rowe Price Large Cap Value TD Bank

Cash Flow

-12.0 %

-8.0 %

-4.0 %

0.0%

4.0%

8.0%

1/15 4/15 7/15 10/15 12/15

Return and Risk Contribution



8.25

JP Morgan:Intl Eq;Sel Templeton Foreign;A T Rowe Price Int:St;Sh

UBS Intl Equity;Y MSCI EAFE Index 90 Day U.S. Treasury Bill

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

3.6

4.0

4.4

Ret

urn

(%)

-6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0


UBS Intl Equity;Y

T Rowe Price Int:St;Sh

Templeton Foreign;A

JP Morgan:Intl Eq;Sel

Risk and Return


Sample Client


8.26

International Composite MSCI EAFE Index Fixed Income Composite Fixed Income Benchmark

Domestic Equity Composite Domestic Equity Benchmark Private Equity Composite S&P 500 + 5%

Total Fund Composite Total Fund Benchmark

-9.0

-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Re

turn

(%)

-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0


Total Fund Benchmark


S&P 500 + 5%


Domestic Equity Benchmark


Fixed Income Benchmark

Fixed Income Composite MSCI EAFE Index


Risk and Return Scattergram 1 Year Ending December 31, 2015


8.27

Client Inception 3 Years Rolling Average of Active Return

-0.4

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

3.2

3.6

4.0

8/96 8/97 8/98 8/99 8/00 8/01 8/02 8/03 8/04 8/05 8/06 8/07 8/08 8/09 8/10 8/11 8/12 8/13 8/14 12/15

E(alpha)

E(alpha) + Standard Deviation

E(alpha) - Standard Deviation

1

Quarter2015

1

Year

2

Years

3

Years

4

Years

5

Years

6

Years

7

Years

Since

Inception

Inception

Date

PIMCO Total Return 0.5 0.7 0.7 2.7 2.5 4.4 4.4 5.1 6.3 6.6 09/01/1993

Blmbg. Barc. U.S. Aggregate -0.6 0.5 0.5 3.2 1.4 2.1 3.2 3.8 4.1 5.4

Rolling Active Return & Comparative Performance As of December 31, 2015

8.28

Rolling 3 Years Performance

Rolling 3 Years Active Return Quarterly Active Return

0.0

4.0

8.0

-4.0

-8.0

Act

ive

R

etu

rn (%

)

3/09 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Rolling 3 Years Tracking Error

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Tra

ckin

g E

rro

r

(%)

12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

Rolling 3 Years Information Ratio

-0.4

0.0

0.4

0.8

1.2

1.6

Info

rmat

ion

Rat

io (%

)

12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

Rolling Active Return, Tracking Error & Information Ratio

PIMCO Total Return vs. Blmbg. Barc. U.S. Aggregate


8.29

Rolling 3 Years Cumulative Anualized Geometric Average Rolling 3 Years Over/Under Relative Performance

0.0

3.0

6.0

9.0

12.0

-3.0

-6.0

-9.0

-12.0

Re

turn

(%)

12/08 6/09 12/09 6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

Rolling Cumulative Over/Under Performance

Alpha Tilts Fund A vs. S&P 500


8.30

Russell 1000 Growth Index Outperformed Russell 1000 Value Index Outperformed

0.0%

8.0%

16.0%

24.0%

32.0%

-8.0 %

-16.0 %

-24.0 %

-32.0 %

3/96 3/97 3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 12/15

Rolling Excess Performance

Russell 1000 Growth Index vs. Russell 1000 Value Index


8.31

Dec-2004 Dec-2005 Dec-2006 Dec-2007 Dec-2008 Dec-2009 Dec-2010 Dec-2011 Dec-2012 Dec-2013 Dec-2014 Dec-2015

Return 4.2 16.1 12.0 8.5 -9.3 -7.1 -4.0 13.4 11.7 18.7 22.1 15.5

Standard Deviation 15.0 9.0 7.2 8.1 15.3 19.6 22.1 19.1 16.0 12.5 9.8 10.8

Downside Risk 10.6 3.6 3.8 4.9 14.1 16.1 17.2 12.0 9.8 6.9 5.1 5.6

Kurtosis 3.5 2.9 2.5 2.3 6.2 3.4 2.6 2.4 2.7 4.0 3.4 2.6

Maximum Drawdown -28.0 -4.7 -4.7 -6.4 -41.4 -51.4 -48.1 -18.4 -15.2 -15.2 -6.6 -9.0

Best Quarter 15.6 15.6 10.2 8.5 8.5 25.0 25.0 25.0 16.2 16.2 16.2 11.7

Worst Quarter -17.1 -2.5 -2.5 -5.5 -30.8 -30.8 -30.8 -13.7 -13.7 -13.2 -3.3 -6.9

Upside Semi Deviation 13.8 11.2 8.2 8.5 8.4 15.1 18.7 19.3 16.5 13.7 12.1 12.8

Downside Semi Deviation 16.9 1.9 2.1 8.4 21.9 24.2 25.8 20.0 16.3 3.8 2.8 9.2

vs. S&P 500

Alpha 0.5 1.7 1.1 -0.4 -1.0 -1.5 -1.1 -0.8 0.3 1.6 0.0 0.0

Beta 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.1 1.0

R-Squared 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

Tracking Error 1.6 1.3 1.5 1.6 1.8 1.6 1.8 1.7 2.2 1.8 1.8 1.5

Information Ratio 0.4 1.1 1.0 0.0 -0.6 -1.0 -0.6 -0.3 0.4 1.2 0.8 0.2

Up Market Capture 101.6 104.5 108.4 103.0 100.1 98.3 99.5 99.9 105.0 107.1 106.7 101.9

Down Market Capture 98.8 92.3 98.4 107.1 104.7 103.9 103.1 102.5 102.7 96.2 103.2 101.4

Jensen Alpha 0.6 1.7 1.2 -0.3 -0.9 -1.5 -1.1 -0.8 0.3 1.6 0.0 0.0

Jensens Beta 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.1 1.0

vs. Russell 1000 Index

Alpha -0.1 1.0 0.9 -0.7 -0.9 -2.0 -1.7 -1.2 0.3 1.9 0.2 0.1

Beta 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0

R-Squared 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

Tracking Error 1.6 1.2 1.4 1.6 1.7 1.4 1.7 1.8 2.2 1.8 1.8 1.4

Information Ratio 0.0 0.4 0.7 -0.3 -0.5 -1.4 -1.0 -0.7 0.3 1.2 0.7 0.3

Up Market Capture 99.7 100.1 104.6 100.3 97.2 94.6 95.7 97.2 102.5 105.5 105.8 102.3

Down Market Capture 100.1 92.4 97.0 107.1 101.6 101.8 101.0 100.8 100.3 93.8 102.5 101.3

Jensen Alpha -0.1 0.9 0.9 -0.6 -1.0 -2.0 -1.7 -1.2 0.3 1.9 0.2 0.1

Jensens Beta 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0

Rolling MPT Stats

Alpha Tilts Fund A

36 Months Rolling Periods As of December 31, 2015


8.32

Return

Alpha Tilts Fund A Russell 3000 Alpha Tilts Fd A Probationary Band

-15.0

0.0

15.0

30.0

45.0

3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15

Information Ratio

Alpha Tilts Fund A Russell 3000 Alpha Tilts Fd A

-1.6

-0.8

0.0

0.8

1.6

2.4

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Jensen Alpha

Alpha Tilts Fund A Russell 3000 Alpha Tilts Fd A

-4.0

-2.0

0.0

2.0

4.0

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Rolling MPT Stats Chart

Versus. S&P 500

12 Quarters Rolling Periods As of December 31, 2015

8.33

Rolling 1 Year Cumulative Over/Under Relative Performance Over/Under Relative Performance

0.0

2.0

4.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0

Re

turn

(%)

3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15

-1.7

-0.1

0.5

-1.4

-0.6-0.9

-1.5

-0.3

-2.7

-7.2

-0.7

0.1 0.1

-1.0

0.7

0.20.7

-1.7

-0.8

-2.8

Rolling Relative Performance

TD Bank vs. S&P 500


8.34

Mar-2006 Dec-2015

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn

(%)

2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0


Rolling Risk Return

Alpha Tilts Fund A


8.35

Mar-2006 Dec-2015

-3.6

-3.0

-2.4

-1.8

-1.2

-0.6

0.0

0.6

1.2

1.8

2.4

3.0

3.6

Ac

tiv

e

Re

turn

(%)

0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0

Tracking Error (%)

Rolling Risk Return

Alpha Tilts Fund A vs. S&P 500


8.36

Fund Name

Return

behind

index

(3 of 5

most

recent Qts)

Return

Rank

in the

bottom half

(3 of 5

most

recent Qts)

3 Yr Return

behind

index

5 Yr Return

behind

index

3 Yr Rolling

Return

in the

bottom

quartile

SR GT

Index

Negative 3

Yr

Sharpe

Ratio

Firm

Criteria

Strategy

Criteria

Characteris

tics

Criteria

Above

Average

Expense

Ratio

Recommen

dations

Dodge & Cox Stock (DODGX) ✔ ✔ ✖ ✖ ✖ ✖ ✖ ¢ ¢ ¢ ✖ ✖

Dodge & Cox Intl Stock (DODFX) ✔ ✔ ✔ ✔ ✖ ✖ ✖ ¢ ¢ ¢ ✖ ✖

Dodge & Cox Global Stock (DODWX) ✔ ✖ ✖ ✖ ✖ ✔ ✖ ¢ ¢ ¢ ✖ ✖

Score Card As of December 31, 2015

8.37

Total Fund Performance

0.0% 10.0% 20.0%-10.0 %-20.0 %

Total Fund

Total Fund Benchmark

Total Value Added

4.9%

12.8%

-7.9 %

Total Value Added:-7.9 %

0.0% 10.0% 20.0%-10.0 %-20.0 %

Other

Manager Value Added

Asset Allocation

6.8%

-10.9 %

-3.8 %

Total Asset Allocation:-3.8 %

Average Active Weight

0.0% 50.0%-50.0 %





-34.1 %

15.1%

-1.7 %

20.6%

Asset Allocation Value Added

0.0% 1.5%-1.5 %-3.0 %-4.5 %

-2.5 %

-1.7 %

0.1%

0.2%

Total Manager Value Added:-10.9 %

Manager Value Added

0.0% 6.0%-6.0 %-12.0 %-18.0 %

-10.7 %

0.3%

0.0%

-0.5 %

Total Fund Attribution



8.38

Performance Attribution

0.00% 0.44% 0.88% 1.32%-0.44 %-0.88 %-1.32 %-1.76 %

Manager's Skill

Style Selection

Tactical Asset Allocation

Strategic Asset Allocation

Investment Pool Performance

-1.24 %

0.00%

-0.15 %

0.63%

-0.77 %

SAA: 0.63%

0.00% 0.30% 0.60%-0.30 %




-0.03 %

0.36%

0.29%

TAA: -0.15 %

-0.14 % -0.07 % 0.00%

-0.04 %

0.00%

-0.11 %

SS: 0.00%

0.00% 0.04%-0.04 %-0.08 %

0.01%

0.01%

-0.03 %

Mgr Skill: -1.24 %

0.00% 1.50%-1.50 %-3.00 %

0.12%

-0.03 %

-1.33 %

Total Fund Attribution - IDP

Total Plan without PE vs. Total Fund Benchmark wo PE


8.39

Over Performance Under Performance Mar-2006 Dec-2015

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

T R

ow

e P

ric

e E

q In

c (P

RF

DX

)

(%)

-20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0

S&P 500 (%)

Over

Performance

Under

Performance

Under/Over Performance

T Rowe Price Eq Inc (PRFDX) vs. S&P 500


8.40

Up Market Capture

Eaton Vance SmCp Val;A Eaton Vance TM SCV;A

0.0

50.0

100.0

150.0

Up

Mar

ket

C

aptu

re R

atio

(%)

1

Year

3

Years

5

Years

7

Years

10

Years

2014 2013 2012 2011 2010

83.7

94.586.9 84.6 85.4 86.6

104.9

53.2

100.9

80.771.9

85.2 83.0 82.3 83.779.6

94.9

62.6

99.4

78.0

Down Market Capture

Eaton Vance SmCp Val;A Eaton Vance TM SCV;A

0.0

50.0

100.0

150.0

Do

wn

Mar

ket

C

aptu

re R

atio

(%)

1

Year

3

Years

5

Years

7

Years

10

Years

2014 2013 2012 2011 2010

87.3 85.179.1 77.6 78.4 81.8

88.1

64.674.1

85.283.3 85.0 84.2 80.5 81.8 80.3

112.1

76.085.7 82.1

Market Capture Ratio

Versus Russell 2000 Value Index


8.41

Portfolio Behind

Months Benchmark Down(7)

Portfolio AheadFull Period Return

Months Benchmark Up(5)

Portfolio BehindPortfolio Ahead

Portfolio BenchmarkNo.

Months

Average

Ahead

No.

Months

Average

Behind

No.

Months

Average

Ahead

No.

Months

Average

Behind

Fidelity Intl Discvry 4.8 3.4 2 0.8 3 -1.3 6 0.6 1 0.0

Fidelity Aggr Intl Fd 3.1 3.4 2 0.4 3 -1.6 5 0.9 2 -0.5

Fidelity Dvsd Intl 3.1 3.4 2 0.7 3 -1.2 4 0.9 3 -0.6

Fidelity Intl Discvry Fidelity Aggr Intl Fd Fidelity Dvsd Intl

72.0

80.0

88.0

96.0

104.0

112.0

Up

Mar

ket

C

aptu

re R

atio

(%)

72.0 75.0 78.0 81.0 84.0 87.0 90.0 93.0 96.0 99.0 102.0 105.0

Down Market Capture Ratio (%)

Up Down Market Bar Chart

Fidelity Intl Discvry Fidelity Aggr Intl Fd Fidelity Dvsd Intl S&P/Citigroup EPAC BMI Growth

0.0

3.0

6.0

-3.0

-6.0

Ave

rag

e

Ret

urn

(%)

5 Up Months 7 Down Months

4.0

-2.3

3.6

-2.0

3.2

-1.8

3.6

-1.8

Up/Down Markets

Versus S&P/Citigroup EPAC BMI Growth



8.42

Standard Deviation vs Tracking Error

TD Bank BlackRock Equity Index Fund T. Rowe Price Large Cap Growth

Eaton Vance AC SMID-Cap Fund T. Rowe Price Large Cap Value

0.0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

Tra

ck

ing

Err

or

(%

)

9.8 10.5 11.2 11.9 12.6 13.3 14.0 14.7 15.4 16.1 16.8

Standard Deviation (%)





TD Bank

XY Scattergraph 3 Years Ending December 31, 2015

8.43

Investment Style Exposure

Dodge & Cox Stock (DODGX) Vanguard PRIMECAP;Inv (VPMCX) Fidelity Gro & Inc (FGRIX)

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0%

Russell 1000 Growth Index




4.7%

83.0%

1.2%

11.1%

54.4%

16.0%

21.3%

8.3%

33.3%

59.7%

0.0%

7.0%

Style Analysis As of December 31, 2015

8.44

Cumulative Selection Return(36 Months)


-40.0 %

-20.0 %

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2/89 8/90 2/92 8/93 2/95 8/96 2/98 8/99 2/01 8/02 2/04 8/05 2/07 8/08 2/10 8/11 2/13 8/14 12/15

-27.8 %

74.5%

24.8%


8.45

Style Map(36 Months)


Ca

pit

ali

za

tio

n

Manager Style

Large Cap Value

Small Cap Value Small Cap Growth

Large Cap Growth

Fidelity Gro & Inc (FGRIX)

Vanguard PRIMECAP;Inv (VPMCX)



8.46

Style Map(36 Months)


Ca

pit

ali

za

tio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value


8.47

Historical Performance-Average Returns(36 Months)


0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0-2.0-4.0-6.0

Style

Selection

Total

11.3

0.9

12.2

11.0

2.8

13.7

10.8

-1.0

9.8


8.48

Historical Performance-Risk(Std. Dev.)(36 Months)


0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

Style

Selection

Total

14.2

4.5

15.3

16.3

5.6

16.6

14.5

4.2

14.4


8.49

Historical Performance-Information Ratio(36 Months)


0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4-0.2-0.4-0.6

Style

Selection

Total

0.8

0.2

0.8

0.7

0.5

0.8

0.7

-0.2

0.7


8.50

Investment Style Exposure

Dodge & Cox Stock

0.0% 50.0% 100.0%





Style Map(ppp)

Style History Dec-2015 Average Style Exposure

Ca

pit

aliz

ati

on

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Style History(ppp)

Russell 1000 Growth Index Russell 1000 Value Index

Russell 2000 Growth Index Russell 2000 Value Index

0.0

25.0

50.0

75.0

100.0

2/09 11/09 8/10 5/11 2/12 11/12 8/13 5/14 2/15 12/15

Return Variance

Selection

4.3%

Style

95.7%

Style Analysis

Dodge & Cox Stock

December 31, 2015

8.51

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Best14.0 10.3 56.3 26.0 34.5 32.6 39.8 5.2 79.0 29.1 14.3 18.6 43.3 13.5 13.3

58.4 6.7 48.5 22.2 20.1 26.9 15.8 1.3 57.5 26.9 7.8 18.1 38.8 13.2 5.7

7.3 1.7 47.3 20.7 14.0 23.5 11.8 -6.5 37.2 24.5 4.4 17.9 34.5 13.1 0.9

4.5 1.0 46.0 18.3 7.5 22.2 11.6 -21.4 34.5 19.2 2.6 17.5 33.5 11.8 0.5

3.7 -1.9 39.2 16.5 7.1 18.4 10.3 -26.4 32.5 16.7 1.5 16.4 33.1 6.0 0.0

2.8 -6.0 30.0 14.5 6.3 16.6 7.0 -28.9 28.4 16.1 0.4 16.3 32.5 5.6 -0.3

2.5 -11.4 29.9 14.3 5.3 15.5 7.0 -33.8 27.2 15.5 0.0 15.6 23.3 4.9 -0.4

-2.4 -15.5 29.7 11.4 4.7 13.3 5.8 -36.8 20.6 15.2 -2.9 15.3 11.0 4.2 -1.4

-5.6 -15.7 28.1 10.9 4.6 11.8 4.6 -37.6 19.7 13.1 -4.2 14.6 9.0 3.4 -3.8

-9.2 -20.5 11.6 6.9 4.2 10.4 2.2 -38.4 11.5 8.2 -5.5 10.5 7.4 2.5 -4.4

-12.5 -21.7 9.0 6.3 3.0 9.1 -0.2 -38.5 5.9 6.5 -5.7 4.8 0.0 0.0 -4.6

6-20.4 -27.9 4.1 4.3 2.7 4.8 -1.6 -43.1 0.1 5.7 -11.7 4.2 -2.0 -1.8 -7.5

Worst-21.2 -30.3 1.0 1.2 2.4 4.3 -9.8 -53.2 -16.8 0.1 -18.2 0.0 -2.3 -4.5 -14.6

Small Cap

Value

R2000V

Small Cap

Growth

R2000G

Small Cap

Core

R2000

Large Cap

Value

R1000V

Large Cap

Growth

R1000G

Large Cap

Core

R1000

MSCI

Emerging

Markets

Index

MSCI

EAFE

Index

Real

Estate

NCREIF

HFRI Fund

of Funds

Composite

Index

Barclays

Capital

Aggregate

Citigroup

1 Month T-

Bill

High Yield

ML High

Yield

Master

Annual Asset Class Performance As of December 31, 2015

8.52

Quarter

· AllianceBernstein US Style Blend (+3.1%) outperformed the S&P 500 Index (+2.0%) by 110 basis points during the quarter.

· Growth component boosts results - The growth sleeve delivered strong results during the quarter; a sizeable position in the computer giant Apple proved

highly beneficial, as did positions in Broadcom and Nvidia. Mobile phone manufacturer Nokia also advanced following strong second-quarter earnings and

gains in market share. Furthermore, an overweight allocation to the technology space had a positive impact on relative performance.

· Materials and health care - Positions in Monsanto and Air Products & Chemicals added value in the materials sector while health care bets, Gilead Sciences

and Alcon, also proved rewarding.

· Sector weights added value - Additional support came from underweight positions in consumer cyclicals and commercial services.

· Value component detracted - The value segment finished the quarter with less success. Financial positions were particularly damaging as ongoing turmoil

in the global credit markets stifled gains within the sector. The manager notes that one might expect a deep value portfolio to show such

underperformance when stocks with low valuations lag to an unusual degree.

Recent Events & Observations

· There have been no recent material events.

Strategy

· Value component - The 60-75 value stocks that make up the portfolio, are selected through Bernstein's investment process. Using discounted cash flow

analysis, Bernstein's analysts forecast normalized earnings five years out and link forecasts with stock prices to gauge expected returns. The seventeen-

member U.S. Value Equity Investment Policy Group, led by Marilyn Fedak and John Mahedy, determines the optimal portfolio construction given the

analysts' valuation work.

· Growth component - The remaining 45-60 growth names come from the team managed Large Cap Growth portfolio. The Large Cap Growth discipline is

founded on the premise that the best growth opportunities are those where consensus earnings estimates fail to fully appreciate the magnitude or duration

of a company's future growth. The fundamental research efforts of the Large Cap Growth team and Alliance's research analysts are focused on identifying

stocks with underestimated earnings growth potential.

· Assets under management - At the end of the quarter, AllianceBernstein had approximately $813 billion in assets under management, with the Style Blend

representing $13 billion in assets.

Style Considerations

· Portfolios will hold between 95 and 115 stocks. The product seeks a 3.0% annualized premium to the S&P 500 with a targeted tracking error of 4% to 6%.

The US Style Blend is a large cap core strategy that offers style purity, which is appropriate for a broad base of clients. The blended portfolio will include all

names found in the Bernstein Strategic Value and the Alliance Large Cap Growth portfolios, both representing 50% of the assets; however, the Strategic

Value process will allow for significant concentrations at the industry/sector level. Overlap between the two strategies has recently been higher than usual,

averaging 15%.

Account Writeups As of December 31, 2015

8.53

Performance :

Intl Equity Fund MSCI EAFE Index

0.0

15.0

30.0

45.0

-15.0

-30.0

Re

turn

(%)

1

Quarter

1

Year

3

Years

5

Years

10

Years

2014 2013 2012

4.7

-0.4

5.5 4.1 3.5

-4.5

23.3

17.9

0.8

-11.4

3.9 2.6 3.80.1

26.3

21.0

Rolling 2 Years Performance - 5 Years :

Rolling 2 Years Active Return Monthly Active Return

Sigma Band Top Line Sigma Band Bottom Line

0.0

3.0

6.0

9.0

-3.0

-6.0

Act

ive

Ret

urn

(%)

1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 12/15

Historical Statistics - 5 Years :

Alpha BetaStandard

Deviation

Downside

Risk

Intl Equity Fund -1.38 1.04 15.93 11.15

MSCI EAFE Index 0.00 1.00 14.85 10.07

Drawdown - 5 Years :


0.0

8.0

-8.0

-16.0

-24.0

-32.0

1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 12/15

Max Drawdown Recovery Periods # of Drawdowns in Period

Intl Equity Fund -25.7 24 Months 7

MSCI EAFE Index -22.3 24 Months 6

Dual Statistics 3 Year Rolling Ellipses - 5 Years :


-15.0

0.0

15.0

30.0

45.0

60.0

Sta

nd

ard

De

via

tio

n

-12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0

Return


Sample Client

Manager Performance Summary

8.54

Peer Group Analysis - Multi Statistics :

Standard Deviation Sharpe Ratio Excess Return Excess Risk

5.0

10.0

15.0

20.0

25.0

StandardDeviation

-0.4

0.2

0.8

1.4

2.0

2.6SharpeRatio

0.0

5.0

10.0

15.0

20.0ExcessReturn

5.0

10.0

15.0

20.0

25.0

ExcessRisk

Large Cap Value Fund 10.8 (72) 14.6 (70) 19.1 (84) 1.3 (59) 0.9 (57) 0.4 (84) 14.2 (42) 12.6 (36) 6.8 (69) 10.8 (72) 14.6 (70) 19.2 (84)¢

Russell 1000 Value Index 10.2 (53) 13.5 (47) 17.5 (63) 1.3 (65) 0.9 (56) 0.4 (81) 13.0 (67) 11.7 (58) 6.4 (80) 10.2 (53) 13.5 (47) 17.6 (63)�

Median 10.2 13.7 16.9 1.4 0.9 0.4 13.7 12.1 7.3 10.2 13.7 17.0

Peer Group Scattergram - 10 Years :

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)

10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0


ReturnStandard

Deviation

Large Cap Value Fund 6.3 19.1¢

Russell 1000 Value Index 6.2 17.5�

Median 7.2 16.9¾

3 Year Rolling Relative Ranking - 10 Years :

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 12/15

Total Period5-25

Count

25-Median

Count

Median-75

Count

75-95

Count

Large Cap Value Fund 40 13 (33%) 7 (18%) 9 (23%) 11 (28%)¾


Sample Client

Peer Group Summary - IM U.S. Large Cap Value Equity (SA+CF) As of December 31, 2015

8.55


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $000 90,104,214 98,313,567

Median Mkt. Cap $000 31,892,932 10,833,618






Number of Stocks 86 1,653

Debt to Equity 1.2 2.2

Forecast P/E 13.5 15.9

Forecast EPS Growth - Long-Term 10.2 10.6

Return on Equity 0.0 0.0

Top Ten Equity Holdings :

Portfolio

Weight

(%)

Benchmark

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

Contribution

to

Return

(%)

Alphabet Inc 3.4 0.7 2.7 24.7 0.9

Time Warner Cable Inc 3.2 0.2 3.0 3.9 0.1

Bank of America Corp 2.7 0.5 2.2 8.3 0.2

Naspers Ltd 2.6 0.0 2.6 9.3 0.2

Roche Holding AG 2.5 0.6 1.9 5.0 0.1

Sanofi 2.4 0.3 2.1 -9.9 -0.2

Time Warner Inc 2.3 0.2 2.1 -5.5 -0.1

Schwab (Charles) Corp 2.2 0.1 2.1 15.5 0.3

Standard Chartered PLC 2.2 0.1 2.1 -14.7 -0.3

Microsoft Corp 2.1 1.3 0.8 26.2 0.6


Distribution of Market Capitalization (%) :

Intl Equity Fund MSCI World Index

0.0

10.0

20.0

30.0

40.0

50.0

>100 Bil 75 Bil -

100 Bil

25 Bil -

75 Bil

15 Bil -

25 Bil

2 Bil -

15 Bil

0 -

2 Bil

30.3

8.2

30.1

11.5

19.8

0.0

27.2

2.7

45.3

7.8

16.3

0.6

Total Region Attribution :

0.0 0.5 1.0-0.5-1.0-1.5

United Kingdom

Pacific ex Japan

Other

North America

Middle East

Japan

Europe ex UK

EM Mid East+Africa

EM Latin America

EM Europe

EM Asia

Total Sector Attribution :

0.0 0.8 1.6-0.8-1.6

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Sample Client

Manager Holdings Summary

8.56

Historical Asset Allocation by Segment

US Equity Intl Equity Emerging Equity

Domestic Fixed Income Real Estate Private Equity

Cash

0.0

25.0

50.0

75.0

100.0

All

oc

ati

on

(%)

3/98 12/99 9/01 6/03 3/05 12/06 9/08 6/10 3/12 12/13 12/15

Comparative Performance

Total Fund Composite Total Fund Benchmark

0.0

8.0

16.0

24.0

32.0

-8.0

Re

turn

(%)

1

Quarter

1

Year

3

Years

5

Years

2014 2013 2012 2011 2010 Since Inc.3/1/99

5.2

3.0

12.811.6 11.8

24.8

15.7

4.1

15.4

6.5

2.9

-0.2

4.9 5.77.2 7.9

12.4

1.9

14.0

4.5

Risk and Return - 5 Years

0.0

3.0

6.0

9.0

12.0

15.0

Re

turn

(%)

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0


ReturnStandard

Deviation

Total Fund Composite 5.7 7.2�

Total Fund Benchmark 11.6 8.9p

Median 6.9 7.3¾

3 Year Rolling Percentile Ranking - 5 Years

0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Total Period5-25

Count

25-Median

Count

Median-75

Count

75-95

Count

Total Fund Composite 20 0 (0%) 6 (30%) 2 (10%) 12 (60%)¾

Total Fund Benchmark 20 17 (85%) 3 (15%) 0 (0%) 0 (0%)¾

Demo Client

Total Fund Composite Summary


8.57

Comparative Performance


0.0

3.0

6.0

9.0

-3.0

Re

turn

(%)

1

Quarter

2015 1

Year

3

Years

5

Years

Inception

9/1/93

-0.6

0.5 0.5

1.4

3.2

5.4

0.5 0.7 0.7

2.5

4.4

6.6

1 Year Rolling Percentile Ranking


0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

3 Years Rolling Percentile Ranking


0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Relative Performance vs. Blmbg. Barc. U.S. Aggregate

Cumulative Annualized Over/Under Relative Performance

Over/Under Performance

0.0

3.0

6.0

-3.0

-6.0

-9.0

Re

turn

(%)

1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 12/15

5 Years Rolling Percentile Ranking


0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

PIMCO Total Return vs IM U.S. Broad Market Core Fixed Income (MF) - December 31, 2015

8.58

Rolling 3 Years Active Return

Peer GroupTrailing Year

Calendar Year Performance

Dodge and Cox International Stock Fund

MSCI EAFE Index

0.0

4.0

8.0

12.0

16.0

-4.0

Re

turn

(%)

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years

4.7

-0.4

5.5

4.1

8.3

3.5

6.0

1.2

5.8

3.8

10.6

-40.0

-20.0

0.0

20.0

40.0

60.0

Re

turn

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years2014 2013 2012

Dodge and Cox International Stock Fund 6.0 (11) 1.2 (26) 5.8 (23) 3.8 (28) 10.6 (19) N/A -5.8 (64) 24.4 (18) 21.0 (28)¢

MSCI EAFE Index 4.7 (26) -0.4 (35) 5.5 (25) 4.1 (24) 8.3 (42) 3.5 (45) -4.5 (50) 23.3 (21) 17.9 (58)�

5th Percentile 7.3 8.2 10.3 7.4 14.2 7.6 5.2 30.6 27.8

1st Quartile 4.8 1.2 5.5 4.0 9.8 4.7 -1.5 22.4 21.3

Median 3.3 -2.8 3.1 2.4 7.9 3.2 -4.5 17.3 18.6

3rd Quartile 1.3 -10.8 -2.6 -0.9 6.5 2.2 -6.8 3.3 15.8

95th Percentile -2.3 -20.2 -9.6 -7.3 4.2 0.0 -11.6 -6.9 9.2


MSCI EAFE Index

0.0

20.0

40.0

60.0

80.0

-20.0

-40.0

Re

turn

(%)

2014 2013 2012 2011 2010 2009

-4.5

23.3

17.9

-11.7

8.2

32.5

-5.8

24.421.0

-16.0

13.7

47.4

Rolling 3 Years Active Return Monthly Active Return

0.0

3.0

6.0

9.0

-3.0

-6.0

-9.0

Ac

tiv

e R

etu

rn (%

)

4/06 1/07 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 12/15

Dodge and Cox International Stock Fund - December 31, 2015

8.59

Market Cap Distribution

Sector PerformanceSector AllocationSector Attribution

Top 10 Holdings Portfolio Characteristics

Portfolio

Weight

(%)

Benchmark

Weight

(%)

Active

Weight

(%)

Quarterly

Return

(%)

Naspers Ltd 5.4 0.0 5.4 9.3

Roche Holding AG 4.2 1.6 2.6 5.0

Sanofi 3.2 0.8 2.4 -9.9

Novartis AG 2.9 1.6 1.3 -6.4

Lafarge SA 2.6 0.0 2.6 -2.6

Credit Suisse Group 2.4 0.3 2.1 -7.0

Nokia Corp 2.4 0.2 2.2 5.1

Bayer AG 2.4 0.8 1.6 -1.6

Imperial Brands PLC 2.2 0.4 1.8 3.7

Koninklijke Philips NV 2.1 0.2 1.9 8.9


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $000 65,585,123 55,670,387

Median Mkt. Cap $000 24,393,172 9,004,460






Number of Stocks 85 926


MSCI EAFE Index

0.0

10.0

20.0

30.0

40.0

>100 Bil 75 Bil -

100 Bil

25 Bil -

75 Bil

15 Bil -

25 Bil

2 Bil -

15 Bil

0 -

2 Bil

15.1

10.3

34.7

13.7

26.2

0.0

22.6

5.2

36.4

21.4

13.8

0.7


MSCI EAFE Index

0.0 10.0 20.0 30.0 40.0

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


0.0

7.1

4.5

17.3

8.0

16.6

23.2

4.6

4.1

14.5

3.8

4.9

6.6

4.8

12.5

11.8

25.8

4.7

12.0

13.1


MSCI EAFE Index

0.0 10.0 20.0-10.0-20.0

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


0.0

-10.4

-3.2

6.9

7.1

-1.5

-2.3

0.0

3.6

9.2

2.3

6.5

1.1

10.5

6.5

5.4

3.5

0.8

5.2

5.7

0.0 0.8 1.6-0.8-1.6-2.4

Utilities


Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


0.1

-1.2

-0.1

0.1

0.0

-1.1

-1.3

0.0

-0.1

0.5

Dodge and Cox International Stock Fund - December 31, 2015

8.60

Relative Performance

3 Yr Rolling Under/Over Perf *

Comparative Performance Graph

Growth of $1 (Since Inception - 01/01/79)

Fund Investment Policy

The Fund seeks long-term growth of principal and income. A secondary objective is to achieve a reasonable current income.

Over Performance Under Performance

Mar-2011 Dec-2015

-10.0

0.0

10.0

20.0

30.0

Do

dg

e &

Co

x S

toc

k (D

OD

GX

)

(%)

-10.0 0.0 10.0 20.0 30.0

Russell 1000 Value Index (%)

Over

Performance

Under

Performance

Dodge & Cox Stock (DODGX) Russell 1000 Value Index

-4,000.0

0.0

4,000.0

8,000.0

12,000.0

16,000.0

12/78 6/82 12/85 6/89 12/92 6/96 12/99 6/03 12/06 6/10 12/15

Cumulative Annualized Over/Under Relative Performance

Over/Under Performance

0.0

3.0

6.0

-3.0

-6.0

-9.0

Re

turn

(%)

1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 12/15

Dodge & Cox Stock (DODGX) Russell 1000 Value Index

0.0

20.0

40.0

60.0

-20.0

Re

turn

(%)

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years

2014 2013 2012

5.6

-3.8

13.111.3

13.0

6.2

13.5

32.5

17.5

4.5

-4.5

14.011.6

14.5

5.7

10.4

40.5

22.0

Dodge & Cox Stock (DODGX) December 31, 2015

* Based on a 5 Year time period, if 5 years is not available, a since inception time period is used.

8.61

Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)

Peer Group Scattergram *

Mutual Fund Info

Historical Statistics *

3 Years Rolling Relative Ranking

ReturnStandard

Deviation

Sharpe

RatioAlpha Beta R-Squared

Tracking

Error

Information

Ratio

Active

Return

Excess

Risk

Inception

Date

Dodge & Cox Stock (DODGX) 11.64 13.37 0.89 -0.45 1.08 0.95 3.14 0.16 0.51 13.38 02/01/1965

Russell 1000 Value Index 11.27 12.02 0.95 0.00 1.00 1.00 0.00 N/A 0.00 12.03 02/01/1965

90 Day U.S. Treasury Bill 0.06 0.03 N/A 0.06 0.00 0.07 12.03 -0.95 -11.39 0.00 02/01/1965

-20.0

-10.0

0.0

10.0

20.0

Re

turn

1

Quarter

1

Year

3

Years

5

Years

7

Years

10

Years

Dodge & Cox Stock (DODGX) 4.5 (73) -4.5 (63) 14.0 (13) 11.6 (12) 14.5 (7) 5.7 (44)¢

Russell 1000 Value Index 5.6 (27) -3.8 (53) 13.1 (24) 11.3 (18) 13.0 (26) 6.2 (30)�

Median 5.2 -3.7 12.3 9.8 12.3 5.5

Product Name : Dodge & Cox Stock (DODGX)

Fund Family : Dodge & Cox

Ticker : DODGX

Peer Group : IM U.S. Large Cap Value

Equity (MF)

Benchmark : Russell 1000 Value Index

Fund Inception : 01/04/1965

Portfolio Manager : Team Managed

Total Assets : 56,553 Million

Total Assets Date : 08/31/2016

Gross Expense : 0.5%

Net Expense : 0.5%

Turnover : 15%

0.0

4.0

8.0

12.0

16.0

Re

turn

(%)

8.0 10.0 12.0 14.0 16.0 18.0


ReturnStandard

Deviation

Dodge & Cox Stock (DODGX) 11.6 13.4¢£

Russell 1000 Value Index 11.3 12.0��

Median 9.8 12.6¾

0.0

25.0

50.0

75.0

100.0

Re

turn

Pe

rce

nti

le R

an

k

3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 12/15

Total Period5-25

Count

25-Median

Count

Median-75

Count

75-95

Count

Dodge & Cox Stock (DODGX) 20 13 (65%) 6 (30%) 1 (5%) 0 (0%)¾


Dodge & Cox Stock (DODGX) December 31, 2015

* Based on a 5 Year time period, if 5 years is not available, a since inception time period is used.

8.62

Documents

Portfolio Analytics eporting PARis Reporting Overview ... · December 31, 2015 Target Allocation Actual Allocation Allocation Differences-100.0 % -50.0 % 0.0% 50.0% 100.0% Private