Anexo

POLICE PENSION BOARD AGENDA FEBRUARY 26, 2014 - 9:30 A.M. CITY HALL COUNCIL CHAMBERS 15 LOOCKERMAN PLAZA DOVER, DELAWARE This meeting was rescheduled from February 13, 2014 due to inclement weather. Public comments are welcomed on any item and will be permitted at appropriate times. When possible, please notify the City Clerk (736-7008 or e-mail at CityClerk@dover.de.us) should you wish to be recognized. AGENDA ADDITIONS/DELETIONS 1. Approval of Minutes - Police Pension Board Meeting of November 14, 2013 2. Quarterly Performance Review (Quarter Ending December 31, 2013) (Milliman, Inc.) (Staff Recommends Acceptance of the Report) 3. Update - 2013 Form 1099's for Retirees 4. Adjournment by 9:55 a.m. TO ASSURE THAT THERE WILL BE A QUORUM, PLEASE RSVP BY CONTACTING THE CITY CLERK’S OFFICE BY EMAIL AT CITYCLERK@DOVER.DE.US OR BY CALLING 736-7008 AS SOON AS POSSIBLE. /js S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Agendas\PENSION BOARDS\2014\02-26-2014 POLICE PENSION BOARD AGENDA.wpd THE AGENDA ITEMS AS LISTED MAY NOT BE CONSIDERED IN SEQUENCE. THIS AGENDA IS SUBJECT TO CHANGE TO INCLUDE THE ADDITION OR THE DELETION OF ITEMS, INCLUDING EXECUTIVE SESSIONS.

POLICE PENSION BOARD The Police Pension Board meeting was held on November 14, 2013 at 10:00 a.m. with Chairman Mullaney presiding. Members present were Mr. Lynn, Mr. Stallings, Mr. Koenig, and Chief Hosfelt. Mr. Bonar and Mr. Unterkofler were absent. AGENDA ADDITIONS/DELETIONS By unanimous consent, the agenda was adopted as presented. Approval of Minutes - Police Pension Board Meeting of August 8, 2013 Mr. Stallings moved for approval of the minutes of the Police Pension Board meeting of August 8, 2013, seconded by Chief Hosfelt and unanimously carried. Quarterly Performance Review (Quarter Ending September 30, 2013) (Milliman, Inc.) Mr. Jeff Marzinsky, Principal and Employee Benefits Consultant, Milliman, Inc., reviewed the Quarterly Investment Monitor Summary Report for the Quarter Ending September 30, 2013. Referring to Page 3 - Market Indices, he stated that the returns for most asset categories were positive over the past year. Equities had been very good. Mr. Marzinsky indicated that interest rates had risen approximately 1% year to date, which would affect plan liabilities in a positive way. Mr. Marzinsky explained that there were positive economic signs globally; U.S. unemployment was lessening, jobs were being added, gross domestic product (GDP) was expanding, personal spending was up, and there were indications that interest rates would be kept low over the next couple of years. Mr. Marzinsky stated that the overall outlook for the market was positive; however, he advocated “treading cautiously” over the next couple of months, noting that the stock market was very high and there could be a “pullback” related to equities. Referring to the Investment Committee Meeting Notes - 11/14/2013, Mr. Marzinsky indicated that assets totaled approximately $11.4M, an increase from approximately $11M at the prior quarter end. Over the last year, contributions and pay-outs were approximately equal and the asset allocation was in line with the target ranges set in August 2013. Mr. Marzinsky explained that the American Funds New Perspective and Harding Loevner Equity funds were global investments that invest in U.S. and emerging market stocks, as well as investments in Europe and Asia, and this was causing overlap in the portfolio with other investments within the plan. The performance of these funds had been adequate; however, the overlap could cause correlation that was not desired in the portfolio. He stated that Milliman would present recommendations at the next meeting for potential replacements for these investments. Referring to Page 10 of the Report, Investment Policy Review - Active Management, Mr. Marzinsky stated that the Return Rank reflected that investments were performing very well overall compared to their asset category peers. Most investments ranked in the top half or better, and the Ivy High Income I fund was in the top 1% of investments in its category. Some underperformance to the benchmark was seen in the Excess Rank for 3 Years and 5 Years but, in general, the rank within each category was strong and Mr. Marzinsky indicated that there were few better investments available on the Wells Fargo platform to choose from. He did not feel that the underperformance was significant.

POLICE PENSION BOARD MEETING OF NOVEMBER 14, 2013 PAGE 2 Mr. Marzinsky noted that the Investment Option Return Summary on Page 12 reflected that the majority of the investments were outperforming their indexes. There was slight underperformance in some areas, but nothing to be concerned with at this time. The plan had a return of 3.3% over the last three (3) months and 6.7% over the last year. The target established in the asset allocation policy was 6% - 7% and over the last year the plan had fallen within that target, with overall good performance and appreciation in assets, which had helped cover the benefits going out of the plan. The growth in the assets and the regular contributions had kept the plan in a status where the payments could be made in a timely manner. In summary, Mr. Marzinsky informed members that positive returns had been seen for just about all the investments over the past quarter and year to date. Bonds had trailed slightly; however, overall, the plan had positive returns and had appreciated. Individually, the investments were performing well compared to their peers and no changes were recommended at this time; however, a recommendation would be presented regarding the American Funds New Perspective and Harding Loevner for potential changes at the next meeting. He noted that a revised Investment Policy Statement would be presented to the Board before the August meeting, when a discussion would be held regarding asset allocation and the Plan’s investment policy. Responding to Mr. Mullaney, Mrs. Mitchell stated that the last actuarial review for the Police Pension Fund was conducted for the period ending in June 2011 and an interim valuation report was completed for June 2012. She noted that a new review would be conducted soon. Chief Hosfelt moved for adjournment, seconded by Mr. Stallings and unanimously carried. Meeting adjourned at 10:09 a.m. Timothy Mullaney Chair TM/JS/dd/tm S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Minutes\PENSION\2013\11-14-2013 Police Pension.wpd

250 Washington Ave Ext Albany, NY 12203 USA Tel +1 518 514 7157 Fax +1 518 514 7200 MEMO milliman.com To: City of Dover, Delaware Police Pension Plan – Board From: Jeff Marzinsky & Matt Albano/Milliman Re: Board Meeting Notes – 2/12/2014 Enclosures: Milliman Quarterly Investment Monitor Report (QIM) and Competitor Analysis Report 1. Police Pension Plan Investment Review through 12/31/2013: a. As of 12/31/2013 the plan had assets of approximately $11.5 million, up from $11.4 million at 9/30/2013. At 12/31/2012, the plan had $10.8 million. During the quarter, the plan had no contributions, withdrawals of approximately $382 thousand, and fees of $1.5 thousand. b. Total performance of the plan portfolio was 3.97% net (4.05% gross) for the quarter, slightly above the Plan’s benchmark index performance of 3.71%. City of Dover Police Pension Plan Quarterly Return Summary POLICE-NET POLICE GROSS- Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 1/31/2013 $ 10,785,966.38 $ 166,238.86 $ 127,322.77 $ 450.56 $ 208,705.98 $ 11,033,137.89 1.96% 1.98% 2/28/2013 $ 11,033,137.89 $ - $ 127,522.77 $ 457.34 $ 65,068.79 $ 10,970,226.57 0.60% 0.62% 3/31/2013 $ 10,970,226.57 $ 61,525.00 $ 127,422.77 $ 455.69 $ 142,524.89 $ 11,046,398.00 1.31% 1.33% 4/30/2013 $ 11,046,398.00 $ - $ 127,422.77 $ 458.10 $ 238,464.96 $ 11,156,982.09 2.18% 2.21% 5/31/2013 $ 11,156,982.09 $ - $ 127,422.77 $ 460.87 $ (161,918.70) $ 10,867,179.75 -1.47% -1.44% 6/30/2013 $ 10,867,179.75 $ 767,223.14 $ 287,935.39 $ 453.61 $ (310,804.70) $ 11,035,209.19 -2.85% -2.83% 7/31/2013 $ 11,035,209.19 $ 932.00 $ 127,422.77 $ 474.22 $ 251,721.56 $ 11,159,965.76 2.31% 2.33% 8/31/2013 $ 11,159,965.76 $ 89,276.85 $ 127,486.81 $ 452.59 $ (266,321.80) $ 10,854,981.41 -2.41% -2.39% 9/30/2013 $ 10,854,981.41 $ 307,400.00 $ 127,486.81 $ 445.06 $ 380,551.50 $ 11,415,001.04 3.46% 3.49% 10/31/2013 $ 11,415,001.04 $ - $ 127,486.81 $ 459.44 $ 330,591.56 $ 11,617,646.35 2.93% 2.95% 11/30/2013 $ 11,617,646.35 $ - $ 127,486.81 $ 463.52 $ 48,882.24 $ 11,538,578.26 0.43% 0.45% 12/31/2013 $ 11,538,578.26 $ - $ 127,486.81 $ 536.27 $ 67,294.10 $ 11,477,849.28 0.59% 0.61% $ - $ 382,460.43 $ 1,459.23 $ 446,767.90 Quarterly Return 3.97% 4.05% $ 1,392,595.85 $ 1,689,906.06 $ 5,567.27 $ 994,760.38 One Year Return 9.16% 9.46% c. As of 12/31/13, the Plan’s asset allocation was in line with the allocation targets, as the plan was rebalanced on its quarterly schedule prior to quarter end. Fund Target Asset Category Description Category Investment Name Allocation Asset Allocation Range Money Market CA Wells Fargo Advtg Treas Plus MMkt 4.50% 0-10%; target 10% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 5.50% 0-10%; target 10% Cash + STB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 5.00% 0-10%; target of 5% TIPS Intermediate Term Bonds INTB Vanguard Intermediate Bond 8.00% 3-13%; target 8% INTB Long Term Bonds LTB PIMCO Long Duration 4.50% 4-14%; target 9% LTB Long Term Bonds LTB Vanguard Long Duration 4.50% 4-14%; target 9% LTB High Yield Bond HYB Ivy High Income I 8.00% 3-13%; target 8% HYB Large Cap Value LCV Vanguard Equity Income 10.00% 5-15%; target 10% LCV Large Cap Growth LCG Vanguard Morgan Growth 5.00% 5-15%; target 10% LCG Large Cap Growth LCG Vanguard Primecap 5.00% 5-15%; target 10% LCG Mid Cap MCV Vanguard Mid Cap Value Index 5.00% 0-10%; target 5% MC Small Cap SCV Target Small Cap Value 8.00% 3-13%; target 8% SC Real Estatement Investment REIT Vanguard REIT Index 7.00% 2-12%; target 7% REIT Foreign Equity GLB American Funds New Perspective 5.00% 5-15%; target 10% GLB Foreign Equity GLB Harding Loevner Global Equity 5.00% 5-15%; target 10% GLB Emerging Markets EMG Vanguard Emerging Mkts 10.00% 5-15%; target 10% Emg Mkts Offices in Principal Cities Worldwide

Meeting Notes Page 2 2. Comments on specific funds: a. American Funds New Perspective and Harding Loevner Global Equity i. After a due diligence review on performance and asset allocation, we have found that both funds have world allocation mandates that allow for investments outside of the US and also in US companies. The performance of the American Funds New Perspective has ranked in the top ½ or better of its peers over all time periods consistently. While the Harding Loevner Global fund ranked at or below median. Looking at risk adjusted measures, Alpha and Sharpe, the American Funds New Perspective, again does better. ii. With this in mind, the Board should consider retaining the American Funds New Perspective fund, as a global allocation equity option and consider for replacement the Harding Loevner Global Equity fund. iii. Due diligence reports have been prepared that detail optional non-US equity investments for consideration. The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to internal computer software and databases, including among others mpiStylus Pro©,, software designed by Markov Processes International. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. These reports do not constitute investment advice with respect to the sale or disposition of individual securities. Milliman disclaims responsibility, financial or otherwise, for the accuracy or completeness of this report. This Milliman work product was prepared solely for the internal business use of our clients. Milliman's work may not be provided to third parties without Milliman's prior written consent. Milliman does not intend to benefit any third party recipient of its work product, even if Milliman consents to the release of its work product to such third party. Past performance is no guarantee of future results. Unless explicitly stated in your Service Agreement, there should be no reliance on Milliman services to provide analysis or reporting on a daily basis, the changes to manager rankings, ratings or opinions thereon. Unless explicitly stated in your Service Agreement, Milliman services are not intended to monitor investment manager compliance with individual security selection criteria, limits on security selection, and/or prohibitions to the holding of certain securities or security types. Milliman provides a copy of its SEC Form ADV Part II to clients without charge upon request. Offices in Principal Cities Worldwide

Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2013 Prepared for City of Dover, Delaware Police Pension Plan

Quarterly Investment Monitor Contents Section A: Market Commentary Section B: Performance Summary Section C: Core Fund Review Section D: Glossary City of Dover, Delaware Police Pension Plan 2

Quarterly Investment Monitor Market Indices - 4th Quarter 2013 Index 3 1 3 5 Months Year Years Years BofAML US Treasury Bill 3 Mon 0.02 0.07 0.10 0.12 Barclays US Govt 1-3 Yr TR USD 0.07 0.37 0.81 1.25 Barclays US Govt/Credit Interm TR USD -0.02 -0.86 2.91 3.96 Barclays US Government Long TR USD -2.97 -12.48 5.47 2.42 Barclays US Long Credit TR USD 1.54 -6.62 7.23 9.77 Barclays US Corporate High Yield TR USD 3.58 7.44 9.32 18.93 DJ Industrial Average TR USD 10.22 29.65 15.71 16.73 S&P 500 TR 10.51 32.39 16.18 17.94 NASDAQ 100 TR USD 12.03 36.92 18.87 25.56 NASDAQ Composite TR USD 11.10 40.12 17.74 22.86 Russell 1000 Value TR USD 10.01 32.53 16.06 16.67 Russell 1000 TR USD 10.23 33.11 16.30 18.59 Russell 1000 Growth TR USD 10.44 33.48 16.45 20.39 Russell 2000 Value TR USD 9.30 34.52 14.49 17.64 Russell 2000 TR USD 8.72 38.82 15.67 20.08 Russell 2000 Growth TR USD 8.17 43.30 16.82 22.58 FTSE NAREIT All REITs TR 0.31 3.21 9.98 16.68 MSCI EAFE NR USD 5.71 22.78 8.17 12.44 MSCI EAFE Small Cap NR USD 5.91 29.30 9.26 18.50 MSCI EM NR USD 1.83 -2.60 -2.06 14.79 City of Dover, Delaware Police Pension Plan 3

Quarterly Investment Monitor Broad Market Commentary - 4th Quarter 2013 Broad Markets - Quarter Broad Markets - Five Years Oct-13 - Dec-13 Dec-08 - Dec-13 12 280 260 10 240 8 220 Total Return, % Growth of $100 200 6 180 4 160 2 140 120 0 100 -2 80 Oct-13 - Dec-13 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Total Total Barclays US Govt/Credit Interm TR USD S&P 500 TR Barclays US Govt/Credit Interm TR USD S&P 500 TR NASDAQ Composite TR USD MSCI EAFE NR USD NASDAQ Composite TR USD MSCI EAFE NR USD Market Commentary The U.S. stock market rose on improving U.S. economic data, steady growth in corporate earnings, and the Federal Reserve's decision to modestly reduce (“taper”) its securities purchases from $85 billion per month to $75 billion. Developed international equity markets posted solid returns on central bank stimulus and a steady recovery in economic growth, while emerging markets struggled in the second half of the quarter as economic data disappointed. In addition to tapering its securities purchases, the Fed confirmed its commitment to keep short-term interest rates “exceptionally low” until either the unemployment rate falls to about 6.5% or the inflation rate exceeds 2.5% a year. As the quarter ended, mutual fund investors decreased their holdings in bonds and increased their holdings in stocks. For the third consecutive th quarter, bond funds had net outflows ($58.2 billion in the 4 Quarter), while stock funds had net inflows of $52.7 billion. Total money market mutual fund assets increased by $24.8 billion to $2.719 trillion. The unemployment rate fell from 7.2% to 6.7%, as total employment increased by 515,000 jobs. The price of oil decreased from $102 per barrel to $98 during the quarter, a decrease of 3.9%. For the three months ending December 31, 2013, annualized seasonally adjusted CPI – U was 1.1%. Rising prices for rental housing drove the increase. City of Dover, Delaware Police Pension Plan 4

Quarterly Investment Monitor US Fixed Income Market Commentary - 4th Quarter 2013 US Fixed Income - Quarter US Fixed Income - Five Years Oct-13 - Dec-13 Dec-08 - Dec-13 4 240 220 3 200 2 Growth of $100 Total Return, % 180 1 160 0 140 -1 120 100 -2 80 -3 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Oct-13 - Dec-13 Total Total BofAML US Treasury Bill 3 Mon Barclays US Govt 1-3 Yr TR USD BofAML US Treasury Bill 3 Mon Barclays US Govt 1-3 Yr TR USD Barclays US Govt/Credit Interm TR USD Barclays US Government Long TR USD Barclays US Govt/Credit Interm TR USD Barclays US Government Long TR USD Barclays US Long Credit TR USD Barclays US Corporate High Yield TR USD Barclays US Long Credit TR USD Barclays US Corporate High Yield TR USD US Bond Market The broad fixed income market fell 0.14% in the 4th quarter, as the negative impact from a 0.14% rise in interest rates more than offset the coupon return of 0.79%. The short end of the yield curve remained unchanged as the Fed maintained its near-zero interest rate policy. Interest rates moved decidedly higher for 5- to 30-year Treasury bonds. High-yield bonds were the best performing sector this quarter, up 3.58%, as investors favored bonds with higher yields. Long-term corporate bonds were up 1.10%, as tightening spreads slightly offset the negative impact from rising yields on the long end of the curve. Long-term government bonds were the worst performing sector this quarter, down 3.23%, as investors moved out of safe-haven assets. The 3-month T-Bill returned 0.02% in the fourth quarter, the same return as in the third quarter. City of Dover, Delaware Police Pension Plan 5

Quarterly Investment Monitor US Equity Market Commentary - 4th Quarter 2013 US Equity - Quarter US Equity - Five Years Oct-13 - Dec-13 Dec-08 - Dec-13 11 300 10 275 9 250 8 225 Total Return, % Growth of $100 7 200 6 175 5 150 4 3 125 2 100 1 75 0 50 Oct-13 - Dec-13 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Total Total Russell 1000 Value TR USD Russell 1000 TR USD Russell 1000 Value TR USD Russell 1000 TR USD Russell 1000 Growth TR USD Russell 2000 Value TR USD Russell 1000 Growth TR USD Russell 2000 Value TR USD Russell 2000 TR USD Russell 2000 Growth TR USD Russell 2000 TR USD Russell 2000 Growth TR USD US Stock Market Most major domestic equity indices posted a gain for the quarter. The large-cap Russell 1000 Growth Index had the best return, up 10.44%. In terms of capitalization, large-cap stocks outperformed small-cap stocks. In comparing styles, growth outperformed value in the large-cap area of the market, while value beat growth in the small-cap area. REITs fell 1.09%, as higher interest rates reduced demand for dividend-paying stocks. The worst performing sectors were health care and self-storage. Industrials were the best performing sector, up 13.34%, on optimism about U.S. economic growth. Utilities were the worst performing sector, up 2.88%, as investors generally moved out of lower-risk assets. City of Dover, Delaware Police Pension Plan 6

Quarterly Investment Monitor International Market Commentary - 4th Quarter 2013 International - Quarter Oct-13 - Dec-13 6 International - Five Years 5 Dec-08 - Dec-13 Total Return, % 4 240 3 220 2 1 200 0 180 Growth of $100 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD 160 MSCI EM NR USD Regional Performance - Quarter 140 Oct-13 - Dec-13 9 8 120 7 6 100 Total Return, % 5 4 3 80 2 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 1 0 -1 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD -2 MSCI EM NR USD -3 MSCI Australia NR USD MSCI Europe Ex UK NR USD MSCI UK NR USD MSCI Pacific Ex Japan NR USD MSCI Japan NR USD MSCI EM Latin America NR USD International Markets The dollar was down against the euro and pound, but up strongly against the yen. For the quarter, the EAFE Index was up 5.71%, and Emerging Markets were up 1.83%. Local currency returns for the EAFE Index and Emerging Markets were 6.36% and 2.96%, respectively. Among the major international regions, Indian stocks had the highest return, up 12.50%, as the new central bank chief raised investor confidence with measures to control inflation and support growth. Stocks in Brazil had the lowest return, down 5.69%, as a result of weak economic growth, lower commodity prices, and deteriorating fiscal conditions. Small-cap stocks, up 5.9%, outperformed large-cap stocks. City of Dover, Delaware Police Pension Plan 7

Quarterly Investment Monitor Data as of 12/31/2013 Performance Summary City of Dover, Delaware Police Pension Plan 8

Quarterly Investment Monitor Data as of 12/31/2013 Asset Allocation Balances As of Percent As of Balances As of Percent As of Notes 12/31/2013 12/31/2013 09/30/2013 09/30/2013 Wells Fargo Advantage Treas Plus MMkt I $510,940 4.45% $461,096 4.04% PISXX Vanguard Short-Term Bond Index Signal $624,007 5.44% $693,482 6.08% VBSSX Vanguard Inflation-Protected Secs I $564,514 4.92% $579,182 5.07% VIPIX Vanguard Interm-Term Bond Index Signal $904,237 7.88% $934,479 8.19% VIBSX Vanguard Long-Term Bond Index I $510,239 4.45% $530,774 4.65% VBLLX PIMCO Long Duration Total Return Instl $508,512 4.43% $528,166 4.63% PLRIX Ivy High Income I $915,982 7.98% $920,775 8.07% IVHIX Vanguard Equity-Income Adm $1,161,301 10.12% $1,125,296 9.86% VEIRX Vanguard Morgan Growth Adm $583,282 5.08% $566,307 4.96% VMRAX Vanguard PRIMECAP Inv $580,489 5.06% $564,565 4.95% VPMCX Vanguard Mid-Cap Value Index Admiral $582,260 5.07% $566,425 4.96% VMVAX Target Small Capitalization Value T $931,103 8.11% $922,457 8.08% TASVX American Funds New Perspective R6 $584,309 5.09% $566,850 4.97% RNPGX Harding Loevner Global Equity Inst $581,891 5.07% $567,521 4.97% HLMVX Vanguard Emerging Mkts Stock Idx I $1,142,102 9.95% $1,102,882 9.66% VEMIX Vanguard REIT Index I $790,797 6.89% $784,594 6.87% VGSNX Plan Total $11,475,965 $11,414,851 City of Dover, Delaware Police Pension Plan 9

Quarterly Investment Monitor Data as of 12/31/2013 Investment Policy Review - Active Management Return Return Excess Excess Relative Relative Alpha Sharpe Alpha Sharpe Fund Rank Rank Return Return StdDev StdDev Rank Rank Rank Rank Name 3Y 5Y 3Y 5Y 3Y 5Y 3Y 3Y 5Y 5Y Vanguard Inflation-Protected Secs I 13 29 -0.17 -0.17 1.03 1.01 44 33 44 37 PIMCO Long Duration Total Return Instl 55 50 -0.57 0.70 0.93 0.95 91 73 63 75 Ivy High Income I 1 16 1.95 -0.46 0.77 0.72 1 2 1 2 Vanguard Equity-Income Adm 9 36 2.23 0.55 0.78 0.86 3 1 14 11 Vanguard Morgan Growth Adm 50 37 -1.86 0.48 1.25 1.13 62 58 44 39 Vanguard PRIMECAP Inv 25 44 -0.28 -0.11 1.13 1.11 17 17 46 42 Target Small Capitalization Value T 38 64 -2.17 -0.81 0.91 0.85 21 18 39 30 American Funds New Perspective R6 25 20 2.90 2.44 0.95 0.94 26 23 25 21 Harding Loevner Global Equity Inst 70 41 -0.70 1.07 0.99 0.95 68 69 38 33 Definitions Return Rank - Fund's category percentile return rank, a value less than 50 (1 is the best and 100 is the worst) implies the fund is beating more than 50% of its peer group. Excess Return - Fund's excess return over its benchmark, a value greater than 0 implies the fund's return is higher than its benchmark. Relative StdDev - Fund's standard deviation relative to its benchmark, a value less than 1 implies the fund's standard deviation is lower than its benchmark. Alpha Rank - Fund's category percentile Alpha rank, a value less than 50 (1 is the best and 100 is the worst) implies the fund is beating more than 50% of its peer group. Sharpe Rank - Fund's category percentile Sharpe Ratio rank, a value less than 50 (1 is the best and 100 is the worst) implies the fund is beating more than 50% of its peer group. City of Dover, Delaware Police Pension Plan 10

Quarterly Investment Monitor Data as of 12/31/2013 Investment Policy Review - Passive Management Excess Excess Tracking Tracking Fund Beta Beta Expense Return Return Error Error Name 3Y 5Y Ratio 3Y 5Y 3Y 5Y Vanguard Short-Term Bond Index Signal 0.59 0.71 2.07 0.70 1.68 0.76 0.10 Vanguard Interm-Term Bond Index Signal 0.81 2.81 0.84 1.98 0.75 2.62 0.10 Vanguard Long-Term Bond Index I -0.20 -0.07 1.02 0.81 1.02 0.82 0.07 Vanguard Mid-Cap Value Index Admiral -0.51 -0.42 1.03 1.05 0.98 1.74 0.10 Vanguard Emerging Mkts Stock Idx I 0.16 -0.73 1.01 3.44 1.03 3.37 0.12 Vanguard REIT Index I 1.21 1.70 1.00 0.21 0.99 0.38 0.08 Definitions Excess Return - Fund's excess return over its benchmark, a value greater than 0 implies the fund's return is higher than its benchmark. Beta - Fund's Beta or sensitivity to movements compared to its benchmark, a value of 1 implies its moving in sync with its benchmark. Tracking Error - Fund's Tracking Error versus its benchmark, a value of 0 implies the Fund's ups and downs are the same size as its benchmark. City of Dover, Delaware Police Pension Plan 11

Quarterly Investment Monitor Data as of 12/31/2013 Investment Option Return Summary Asset Fund 3 1 3 5 10 Mstar Expense YTD Ticker Class Name Months Year Years Years Years Rating Ratio Taxable Money Market Wells Fargo Advantage Treas Plus MMkt I 0.00 0.01 0.01 0.01 0.02 1.52 PISXX NA 0.20 BofA ML 3-month T-bill total return Index 0.02 0.07 0.07 0.10 0.12 1.68 N/A NA NA Short-term Bond Vanguard Short-Term Bond Index Signal 0.13 0.17 0.17 1.76 2.73 3.34 VBSSX 2.00 0.10 Barclays US Govt/Credit 1-3 Yr TR USD 0.18 0.64 0.64 1.17 2.02 2.91 N/A NA NA Inflation-Protected Bond Vanguard Inflation-Protected Secs I (2.24) (8.83) (8.83) 3.38 5.46 4.71 VIPIX 4.00 0.07 Barclays US Treasury US TIPS TR USD (2.00) (8.61) (8.61) 3.55 5.63 4.85 N/A NA NA Intermediate-term Bond Vanguard Interm-Term Bond Index Signal (0.57) (3.45) (3.45) 4.59 6.01 5.35 VIBSX 3.00 0.10 Barclays US Govt 5-10 Yr TR USD (1.49) (4.61) (4.61) 3.78 3.21 5.06 N/A NA NA Long-term Bond Vanguard Long-Term Bond Index I (0.45) (9.01) (9.01) 6.51 6.34 6.35 VBLLX 3.00 0.07 Long-term Bond PIMCO Long Duration Total Return Instl (0.21) (8.56) (8.56) 6.14 7.11 NA PLRIX 3.00 0.50 BC Long Government/Credit (0.10) (8.83) (8.83) 6.70 6.40 6.36 N/A NA NA High Yield Bond Ivy High Income I 3.37 10.46 10.46 11.26 18.47 8.75 IVHIX 5.00 0.70 BC High Yield Corporate Bond 3.58 7.44 7.44 9.32 18.93 8.62 N/A NA NA Large Value Vanguard Equity-Income Adm 9.00 30.19 30.19 17.85 17.15 8.68 VEIRX 5.00 0.21 S&P 500 Value 9.83 31.99 31.99 15.62 16.61 7.28 N/A NA NA Large Growth Vanguard Morgan Growth Adm 10.58 34.92 34.92 14.91 19.72 8.02 VMRAX 3.00 0.26 Large Growth Vanguard PRIMECAP Inv 10.55 39.73 39.73 16.49 19.13 10.06 VPMCX 4.00 0.45 S&P 500 Growth 11.15 32.75 32.75 16.77 19.24 7.47 N/A NA NA Mid-Cap Value Vanguard Mid-Cap Value Index Admiral 10.55 37.66 37.66 16.77 21.71 NA VMVAX 4.00 0.10 CRSP US Mid Cap Value TR USD 10.57 37.38 37.38 17.29 22.14 10.16 N/A NA NA Small Value Target Small Capitalization Value T 8.80 35.87 35.87 15.56 19.31 10.98 TASVX 4.00 0.68 S&P 600 Value 9.61 39.98 39.98 17.73 20.12 10.08 N/A NA NA World Stock American Funds New Perspective R6 8.64 27.23 27.23 12.63 17.36 9.36 RNPGX 4.00 0.45 World Stock Harding Loevner Global Equity Inst 7.22 20.27 20.27 9.03 15.99 8.35 HLMVX 3.00 0.95 MSCI AC World Index ND USD 7.31 22.80 22.80 9.73 14.92 7.17 N/A NA NA Diversified Emerging Mkts Vanguard Emerging Mkts Stock Idx I 1.61 (4.99) (4.99) (2.77) 14.06 10.64 VEMIX 3.00 0.12 FTSE Emerging NR USD 1.55 (3.79) (3.79) (2.93) 14.78 11.53 N/A NA NA Real Estate Vanguard REIT Index I (0.68) 2.48 2.48 9.43 16.93 8.62 VGSNX 4.00 0.08 MSCI US REIT NR USD (1.01) 1.26 1.26 8.22 15.24 NA N/A NA NA Total Plan POLICE GROSS-RETURN 4.04 9.45 9.45 6.20 10.67 NA N/A NA NA Total Plan POLICE-NET RETURN 3.97 9.16 9.16 5.91 10.35 NA N/A NA NA Police Plan Policy Index 3.71 9.41 9.41 7.62 11.08 5.90 N/A NA NA City of Dover, Delaware Police Pension Plan 12

Quarterly Investment Monitor Data as of 12/31/2013 U.S. Fixed Income Style Map 36 Month moving average, Jan-09 - Dec-13 BC Government BC Credit Bond BC Municipal Bond BC High Yield Corporate Bond BC Mortgage Backed Securities Barcap US Fixed Income Vanguard Short-Term Bond Index Signal Vanguard Inflation-Protected Secs I Vanguard Interm-Term Bond Index Signal Vanguard Long-Term Bond Index I PIMCO Long Duration Total Return Instl Ivy High Income I City of Dover, Delaware Police Pension Plan 13

Quarterly Investment Monitor Data as of 12/31/2013 U.S. Equity Style Map 36 Month moving average, Jan-09 - Dec-13 LgValue LgGrowth Small - Large MidValue MidGrowth SmValue SmGrowth Value - Growth S&P/BARRA Style Indices Vanguard Equity-Income Adm Vanguard Morgan Growth Adm Vanguard PRIMECAP Inv Vanguard Mid-Cap Value Index Admiral Target Small Capitalization Value T Vanguard REIT Index I City of Dover, Delaware Police Pension Plan 14

Quarterly Investment Monitor Data as of 12/31/2013 International Equity Style Map 36 Month moving average, Jan-09 - Dec-13 Europe Large Asia Pacific Large Small - Large Europe Small Asia Pacific Small European Emerging Asia Pacific Emerging Europe - Asia SBI Equity Indices American Funds New Perspective R6 Harding Loevner Global Equity Inst Vanguard Emerging Mkts Stock Idx I City of Dover, Delaware Police Pension Plan 15

Quarterly Investment Monitor Data as of 12/31/2013 Core Fund Review City of Dover, Delaware Police Pension Plan 16

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Short-Term Bond Index Signal 1.76 Portfolio Information Investment Strategy Summary 11.59 % Cash Ticker VBSSX % US Stocks Morningstar Category Short-term Bond % Bonds The investment seeks to track the performance of a market-weighted bond index with a Avg Mkt Cap $MM NA % Non-US Stocks short-term dollar-weighted average maturity. The fund employs an indexing investment Cat Med Mkt Cap $MM 12648.11 approach designed to track the performance of the Barclays U.S. 1-5 Year % Pref Net Assets $MM 34147.67 Government/Credit Float Adjusted Index. This Index includes all medium and larger issues % Conv Turnover Ratio 51.00 of U.S. government, investment-grade corporate, and investment-grade international % Other % Assets in Top 10 Holdings 14.03 dollar-denominated bonds that have maturities between 1 and 5 years and are publicly % Non-US Bonds Total Number of Holdings 1784.00 issued. All of the fund's investments will be selected through the sampling process, and at Manager Name Joshua C. Barrickman least 80% of the fund's assets will be invested in bonds held in the index. 86.60 Manager Tenure 0.85 _______________________________________________________________________ Fund Incept Date 03/01/1994 __ Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 1.76 8 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 86.60 7 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.05 Portfolio Ratings 6 % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating 5 % Africa NA % Non-US Bonds 11.59 % Rank Cat 3 Yr 55 % Middle East NA 5 Year Mstar Rating 4 % Japan NA % Rank Cat 5 Yr 74 % Australasia NA 10 Year Mstar Rating 3 % Asia - Developed NA % Rank Cat 10 Yr 32 % Asia - Emerging NA 2 1 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 250 % Basic Materials NA Avg Eff Duration 2.68 0 % Communication Services NA Effective Maturity 2.80 % Consumer Cyclical NA Avg Credit Quality AA 225 -1 % Consumer Defensive NA AAA 74.86 % Healthcare NA AA 4.58 200 -2 % Industrials NA A 11.63 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 8.93 175 % Technology NA BB 0.00 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio 150 Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 Vanguard Short-Term Bond Index Signal Barclays US Govt/Credit 1-3 Yr TR USD % Utilities NA NR/NA 0.00 1 125 Turnover 100 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years US Treasury Note 0.25% 2.42% 75 Vanguard Short-Term Bond Index Signal 0.13 0.17 0.17 1.76 2.73 US Treasury Note 1.25% 1.57% Barclays US Govt/Credit 1-3 Yr TR USD 0.18 0.64 0.64 1.17 2.02 US Treasury Note 2.125% 1.53% 50 Universe(5%) 1.06 2.44 2.44 3.92 7.07 US Treasury Note 0.625% 1.30% Universe(25%) 0.62 1.07 1.07 2.63 4.92 US Treasury Note 0.625% 1.26% Universe(Median) 0.36 0.50 0.50 1.96 3.93 US Treasury Note 2.25% 1.26% 25 Universe(75%) 0.23 0.05 0.05 1.42 2.71 US Treasury Note 2.5% 1.21% Universe(95%) 0.01 -1.48 -1.48 0.63 1.31 US Treasury Note 1.375% 1.17% 0 0 US Treasury Note 0.375% 1.16% Prospectus Exp Ratio Turnover Ratio US Treasury Note 0.625% 1.15% City of Dover, Delaware Police Pension Plan 17

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Short-Term Bond Index Signal Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 20 0 15 25 Total Return Rank, % 10 50 5 Total Return, % 75 0 -5 100 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -10 Up/Down Market Capture Ratio -15 Jan-11 - Dec-13 450 -20 400 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Up Mkt Capture Ratio, % 350 Vanguard Short-Term Bond Index Signal Barclays US Govt/Credit 1-3 Yr TR USD 300 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 250 Vanguard Short-Term Bond Index Signal 1.70 1.31 4.09 7.28 5.51 4.38 4.03 3.08 2.05 0.17 200 Barclays US Govt/Credit 1-3 Yr TR USD 1.30 1.77 4.25 6.83 4.97 3.82 2.80 1.59 1.26 0.64 150 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 3 3 3 0 -200 0 200 400 600 800 1000 Down Mkt Capture Ratio, % 1 Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Signal Total Annualized StdDev, % Excess Annualized StdDev, % 2 2 2 Barclays US Govt/Credit 1-3 Yr TR USD Alpha, % Sharpe Ratio 0 Return vs. Risk 1 1 1 Jan-11 - Dec-13 -1 6 5 Total Annualized Return, % 4 -2 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 3 Vanguard Short-Term Bond Index Signal Barclays US Govt/Credit 1-3 Yr TR USD 2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 1 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 0 Vanguard Short-Term Bond Index Signal -0.55 2.07 90.61 1.38 1.20 0.70 -1 Barclays US Govt/Credit 1-3 Yr TR USD 0.00 1.00 100.00 1.94 0.55 0.00 Universe(5%) 1.56 3.23 85.13 2.40 2.57 2.37 -2 0 1 2 3 4 Universe(25%) 0.46 2.08 69.03 1.75 1.81 1.47 Total Annualized StdDev, % Universe(Median) 0.02 1.60 58.85 1.44 1.21 0.90 Universe(75%) -0.34 1.32 41.75 1.21 0.95 0.65 Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Signal Universe(95%) -1.27 0.79 17.00 0.57 0.65 0.32 Cash Barclays US Govt/Credit 1-3 Yr TR USD City of Dover, Delaware Police Pension Plan 18

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Inflation-Protected Secs I Portfolio Information Investment Strategy Summary % Cash Ticker VIPIX % US Stocks Morningstar Category Inflation-Protected Bond % Bonds The investment seeks to provide inflation protection and income consistent with Avg Mkt Cap $MM NA % Non-US Stocks investment in inflation-indexed securities. The fund invests at least 80% of its assets in Cat Med Mkt Cap $MM 21183.44 inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, % Pref Net Assets $MM 26501.66 and corporations. It may invest in bonds of any maturity; however, its dollar-weighted % Conv Turnover Ratio 33.00 average maturity is expected to be in the range of 7 to 20 years. At a minimum, all bonds % Other % Assets in Top 10 Holdings 46.01 purchased by the fund will be rated investment-grade or, if unrated, will be considered by % Non-US Bonds Total Number of Holdings 42.00 the advisor to be investment-grade. Manager Name Gemma Wright-Casparius _______________________________________________________________________ Manager Tenure 2.37 99.88 __ Fund Incept Date 06/29/2000 Prospectus Exp Ratio 0.07 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 0.12 8 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 99.88 6 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.00 Portfolio Ratings 4 % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating 2 % Africa NA % Non-US Bonds 0.00 % Rank Cat 3 Yr 10 % Middle East NA 5 Year Mstar Rating 0 % Japan NA % Rank Cat 5 Yr 18 % Australasia NA 10 Year Mstar Rating -2 % Asia - Developed NA % Rank Cat 10 Yr 17 % Asia - Emerging NA -4 -6 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 1.1 400 % Basic Materials NA Avg Eff Duration 7.97 -8 % Communication Services NA Effective Maturity 8.40 1.0 % Consumer Cyclical NA Avg Credit Quality Government 350 -10 % Consumer Defensive NA AAA 100.00 0.9 % Healthcare NA AA 0.00 -12 % Industrials NA A 0.00 300 3 Months YTD 1 Year 3 Years 5 Years 0.8 % Real Estate NA BBB 0.00 % Technology NA BB 0.00 0.7 250 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 0.6 Vanguard Inflation-Protected Secs I Barclays US Treasury US TIPS TR USD % Utilities NA NR/NA 0.00 200 Turnover 0.5 Performance 3 Year to 1 3 5 Top Ten Holdings 0.4 150 Months Date Year Years Years US Treasury Note 5.54% Vanguard Inflation-Protected Secs I -2.24 -8.83 -8.83 3.38 5.46 US Treasury Note 5.14% 0.3 100 Barclays US Treasury US TIPS TR USD -2.00 -8.61 -8.61 3.55 5.63 US Treasury Note 4.83% Universe(5%) -0.27 -2.14 -2.14 3.58 6.79 US Treasury Note 4.81% 0.2 Universe(25%) -1.72 -8.19 -8.19 3.27 5.66 US Treasury Note 4.79% 50 Universe(Median) -2.06 -8.75 -8.75 2.99 4.99 US Treasury Note 0.125% 4.53% 0.1 Universe(75%) -2.17 -9.15 -9.15 2.65 4.69 US Treasury Note 4.42% Universe(95%) -2.32 -10.61 -10.61 1.53 3.79 US Treasury Note 1.125% 4.37% 0.0 0 US Treasury Note 1.25% 3.82% Prospectus Exp Ratio Turnover Ratio US Treasury Bond 2.375% 3.76% City of Dover, Delaware Police Pension Plan 19

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Inflation-Protected Secs I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 20 0 15 25 Total Return Rank, % 10 50 Total Return, % 5 75 0 100 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -5 Up/Down Market Capture Ratio -10 Jan-11 - Dec-13 180 -15 160 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Up Mkt Capture Ratio, % 140 Vanguard Inflation-Protected Secs I Barclays US Treasury US TIPS TR USD 120 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 100 Vanguard Inflation-Protected Secs I 8.25 2.78 0.46 11.82 -2.81 11.03 6.33 13.39 6.87 -8.83 80 Barclays US Treasury US TIPS TR USD 8.46 2.84 0.41 11.64 -2.35 11.41 6.31 13.56 6.98 -8.61 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 1 0.8 6 5 0 0 20 40 60 80 100 120 140 160 180 200 0.7 Down Mkt Capture Ratio, % 5 4 0.6 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Total Annualized StdDev, % Excess Annualized StdDev, % 0 4 Barclays US Treasury US TIPS TR USD 0.5 3 Alpha, % Sharpe Ratio 0.4 3 2 Return vs. Risk 0.3 -1 2 Jan-11 - Dec-13 0.2 6 1 1 0.1 5 Total Annualized Return, % -2 0.0 0 0 4 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Inflation-Protected Secs I Barclays US Treasury US TIPS TR USD 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 2 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Vanguard Inflation-Protected Secs I -0.24 1.02 99.26 0.61 5.58 0.50 1 Barclays US Treasury US TIPS TR USD 0.00 1.00 100.00 0.65 5.43 0.00 Universe(5%) 0.65 1.07 99.66 0.76 5.91 4.53 0 0 1 2 3 4 5 6 7 8 9 10 11 Universe(25%) -0.03 1.00 99.18 0.63 5.49 1.72 Total Annualized StdDev, % Universe(Median) -0.31 0.96 98.28 0.58 5.26 0.74 Universe(75%) -0.52 0.91 92.98 0.54 5.01 0.51 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Universe(95%) -1.08 0.34 56.28 0.34 2.62 0.34 Cash Barclays US Treasury US TIPS TR USD City of Dover, Delaware Police Pension Plan 20

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Interm-Term Bond Index Signal Portfolio Information Investment Strategy Summary % Cash 13.80 Ticker VIBSX % US Stocks Morningstar Category Intermediate-term Bond % Bonds The investment seeks the performance of a market-weighted bond index with an Avg Mkt Cap $MM NA % Non-US Stocks intermediate-term dollar-weighted average maturity. The fund employs an indexing Cat Med Mkt Cap $MM NA investment approach designed to track the performance of the Barclays U.S. 5-10 Year % Pref Net Assets $MM 14467.07 Government/Credit Float Adjusted Index. This Index includes all medium and larger issues % Conv Turnover Ratio 65.00 of U.S. government, investment-grade corporate, and investment-grade international % Other % Assets in Top 10 Holdings 27.51 dollar-denominated bonds that have maturities between 5 and 10 years and are publicly % Non-US Bonds Total Number of Holdings 1516.00 issued. All of the fund's investments will be selected through the sampling process, and at Manager Name Joshua C. Barrickman least 80% of the fund's assets will be invested in bonds held in the index. 85.82 Manager Tenure 5.69 _______________________________________________________________________ Fund Incept Date 03/01/1994 __ Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 0.29 7 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 85.82 6 % United Kingdom NA % Non-US Stocks 0.00 5 % Eurozone NA % Pref 0.00 Portfolio Ratings % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % 4 % Europe - Emerging NA % Other 0.09 3 Year Mstar Rating % Africa NA % Non-US Bonds 13.80 % Rank Cat 3 Yr 19 3 % Middle East NA 5 Year Mstar Rating % Rank Cat 5 Yr 56 2 % Japan NA % Australasia NA 10 Year Mstar Rating 1 % Asia - Developed NA % Rank Cat 10 Yr 15 % Asia - Emerging NA 0 -1 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 0.7 350 -2 % Basic Materials NA Avg Eff Duration 6.54 % Communication Services NA Effective Maturity 7.30 -3 % Consumer Cyclical NA Avg Credit Quality A % Consumer Defensive NA AAA 53.49 0.6 300 -4 % Healthcare NA AA 4.67 -5 % Industrials NA A 18.50 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 23.34 0.5 250 % Technology NA BB 0.00 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 0.4 200 Vanguard Interm-Term Bond Index Signal Barclays US Govt 5-10 Yr TR USD % Utilities NA NR/NA 0.00 0.3 Turnover 150 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years US Treasury Note 2.5% 4.84% Vanguard Interm-Term Bond Index Signal -0.57 -3.45 -3.45 4.59 6.01 US Treasury Note 2% 3.75% 0.2 100 Barclays US Govt 5-10 Yr TR USD -1.49 -4.61 -4.61 3.78 3.21 US Treasury Note 3.625% 3.29% Universe(5%) -0.15 -2.26 -2.26 3.43 4.98 US Treasury Note 3.125% 2.70% Universe(25%) -0.18 -2.32 -2.32 3.05 4.19 US Treasury Note 3.5% 2.70% 0.1 50 Universe(Median) -0.27 -2.37 -2.37 2.98 4.05 US Treasury Note 3.625% 2.55% Universe(75%) -0.34 -2.52 -2.52 2.79 3.99 US Treasury Note 1.75% 2.40% Universe(95%) -0.47 -2.98 -2.98 2.71 3.76 US Treasury Note 3.375% 1.80% 0.0 0 US Treasury Note 3.625% 1.77% Prospectus Exp Ratio Turnover Ratio US Treasury Note 1.625% 1.71% City of Dover, Delaware Police Pension Plan 21

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Interm-Term Bond Index Signal Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 16 0 14 25 Total Return Rank, % 12 10 50 8 Total Return, % 6 75 4 2 100 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 0 -2 Up/Down Market Capture Ratio -4 Jan-11 - Dec-13 100 -6 90 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 80 Up Mkt Capture Ratio, % Vanguard Interm-Term Bond Index Signal Barclays US Govt 5-10 Yr TR USD 70 60 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 50 Vanguard Interm-Term Bond Index Signal 5.22 1.75 3.91 7.66 5.01 6.89 9.48 10.73 7.02 -3.45 40 Barclays US Govt 5-10 Yr TR USD 4.50 2.25 3.33 9.84 15.38 -3.55 8.62 12.98 3.72 -4.61 30 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 10 2 1.1 5 3 0 0 10 20 30 40 50 60 70 80 90 100 1.0 Down Mkt Capture Ratio, % 0.9 4 Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Signal Excess Annualized StdDev, % 0.8 Total Annualized StdDev, % 2 Barclays US Govt 5-10 Yr TR USD 0.7 3 Alpha, % Sharpe Ratio 0.6 1 0.5 2 Return vs. Risk 0.4 1 Jan-11 - Dec-13 0.3 5 1 0.2 Total Annualized Return, % 0.1 4 0 0.0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 3 Vanguard Interm-Term Bond Index Signal Barclays US Govt 5-10 Yr TR USD MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 2 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Vanguard Interm-Term Bond Index Signal 1.37 0.84 82.51 1.03 4.36 1.98 1 Barclays US Govt 5-10 Yr TR USD 0.00 1.00 100.00 0.79 4.72 0.00 Universe(5%) 1.06 0.62 88.13 1.08 3.22 2.46 0 0 1 2 3 4 5 Universe(25%) 0.90 0.55 85.92 1.04 2.80 2.44 Total Annualized StdDev, % Universe(Median) 0.86 0.54 85.02 1.02 2.76 2.43 Universe(75%) 0.71 0.53 84.33 0.99 2.74 2.40 Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Signal Universe(95%) 0.61 0.53 82.35 0.95 2.71 2.23 Cash Barclays US Govt 5-10 Yr TR USD City of Dover, Delaware Police Pension Plan 22

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Long-Term Bond Index I Portfolio Information Investment Strategy Summary % Cash 14.73 Ticker VBLLX % US Stocks Morningstar Category Long-term Bond % Bonds The investment seeks to track the performance of a market-weighted bond index with a Avg Mkt Cap $MM NA % Non-US Stocks long-term dollar-weighted average maturity. The fund employs an indexing investment Cat Med Mkt Cap $MM NA approach designed to track the performance of the Barclays U.S. Long Government/Credit % Pref Net Assets $MM 5735.22 Float Adjusted Index. This Index includes all medium and larger issues of U.S. % Conv Turnover Ratio 41.00 government, investment-grade corporate, and investment-grade international % Other % Assets in Top 10 Holdings 17.39 dollar-denominated bonds that have maturities of greater than 10 years and are publicly % Non-US Bonds Total Number of Holdings 1642.00 issued. All of the fund's investments will be selected through the sampling process, and at Manager Name Joshua C. Barrickman least 80% of the fund's assets will be invested in bonds held in the index. 84.87 Manager Tenure 0.85 _______________________________________________________________________ Fund Incept Date 03/01/1994 __ Prospectus Exp Ratio 0.07 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 0.36 12 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 84.87 10 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.03 Portfolio Ratings 8 % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % 3 Year Mstar Rating 6 % Europe - Emerging NA % Other 0.01 % Africa NA % Non-US Bonds 14.73 % Rank Cat 3 Yr 50 4 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 53 2 % Australasia NA 10 Year Mstar Rating NA % Asia - Developed NA % Rank Cat 10 Yr 1 0 % Asia - Emerging NA -2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group -4 2 160 % Basic Materials NA Avg Eff Duration 14.03 % Communication Services NA Effective Maturity 24.00 -6 % Consumer Cyclical NA Avg Credit Quality A 140 % Consumer Defensive NA AAA 38.00 -8 % Healthcare NA AA 7.30 -10 % Industrials NA A 24.67 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 30.03 % Technology NA BB 0.00 100 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 Vanguard Long-Term Bond Index I BC Long Government/Credit % Utilities NA NR/NA 0.00 1 80 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 60 Months Date Year Years Years US Treasury Bond 2.75% 2.15% Vanguard Long-Term Bond Index I -0.45 -9.01 -9.01 6.51 6.34 US Treasury Bond 3.125% 2.14% 40 BC Long Government/Credit -0.10 -8.83 -8.83 6.70 6.40 US Treasury Bond 3.625% 2.11% Universe(5%) 1.66 -0.48 -0.48 7.92 10.01 US Treasury Bond 4.25% 2.11% Universe(25%) 0.35 -3.51 -3.51 7.33 7.64 US Treasury Bond 2.75% 1.84% 20 Universe(Median) -0.13 -5.36 -5.36 6.25 7.11 US Treasury Bond 4.75% 1.63% Universe(75%) -0.41 -6.77 -6.77 4.85 5.33 US Treasury Bond 4.375% 1.61% Universe(95%) -1.35 -8.82 -8.82 2.86 2.97 US Treasury Bond 4.375% 1.35% 0 0 US Treasury Bond 3.875% 1.23% Prospectus Exp Ratio Turnover Ratio US Treasury Bond 5.375% 1.21% City of Dover, Delaware Police Pension Plan 23

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Long-Term Bond Index I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 25 0 20 25 Total Return Rank, % 15 10 50 5 Total Return, % 0 75 -5 -10 100 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -15 -20 Up/Down Market Capture Ratio -25 Jan-11 - Dec-13 120 -30 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % Vanguard Long-Term Bond Index I BC Long Government/Credit 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 Vanguard Long-Term Bond Index I 8.40 5.32 2.75 6.71 8.77 1.91 10.43 22.23 8.63 -9.01 BC Long Government/Credit 8.56 5.33 2.71 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 2 10 9 0 -20 0 20 40 60 80 100 120 9 8 Down Mkt Capture Ratio, % 4 8 7 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index I Total Annualized StdDev, % Excess Annualized StdDev, % 7 3 6 BC Long Government/Credit 6 Sharpe Ratio 5 Alpha, % 2 1 5 4 4 Return vs. Risk 1 3 3 Jan-11 - Dec-13 2 9 2 0 8 1 1 Total Annualized Return, % 7 -1 0 0 0 6 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Long-Term Bond Index I BC Long Government/Credit 5 4 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 Vanguard Long-Term Bond Index I -0.28 1.02 99.27 0.71 9.30 0.81 BC Long Government/Credit 0.00 1.00 100.00 0.75 9.12 0.00 1 Universe(5%) 4.22 0.99 98.96 1.44 9.03 8.04 0 0 1 2 3 4 5 6 7 8 9 10 Universe(25%) 3.31 0.91 95.19 1.19 8.54 5.60 Total Annualized StdDev, % Universe(Median) 0.93 0.60 80.74 0.86 6.28 4.74 Universe(75%) 0.26 0.43 74.67 0.73 4.49 2.00 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index I Universe(95%) -0.14 0.17 35.32 0.68 3.30 0.95 Cash BC Long Government/Credit City of Dover, Delaware Police Pension Plan 24

Quarterly Investment Monitor Data as of 12/31/2013 PIMCO Long Duration Total Return Instl 7.30 Portfolio Information Investment Strategy Summary % Cash Ticker PLRIX % US Stocks 29.67 Morningstar Category Long-term Bond % Bonds The investment seeks maximum total return, consistent with prudent investment Avg Mkt Cap $MM 71794.94 % Non-US Stocks management. The fund invests at least 65% of its total assets in a diversified portfolio of Cat Med Mkt Cap $MM 71794.94 Fixed Income Instruments of varying maturities, which may be represented by forwards or % Pref Net Assets $MM 4176.33 derivatives such as options, futures contracts or swap agreements. It invests primarily in % Conv Turnover Ratio 81.00 investment grade debt securities, but may invest up to 10% of its total assets in high yield % Other % Assets in Top 10 Holdings 44.93 securities ("junk bonds") that are rated B or higher by Moody's, or equivalently rated by % Non-US Bonds Total Number of Holdings 836.00 S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. Manager Name Stephen A. Rodosky 62.71 _______________________________________________________________________ Manager Tenure 6.42 __ Fund Incept Date 08/31/2006 Prospectus Exp Ratio 0.50 Portfolio Region Portfolio Structure Phone Number 888-877-4626 Performance vs. Peer Group % United States 100.00 % Cash 7.30 12 % Canada 0.00 % US Stocks 0.00 % Latin America 0.00 % Bonds 62.71 10 % United Kingdom 0.00 % Non-US Stocks 0.00 % Eurozone 0.00 % Pref 0.25 Portfolio Ratings 8 % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating Total Annualized Return, % 3 Year Mstar Rating 6 % Europe - Emerging 0.00 % Other 0.07 % Africa 0.00 % Non-US Bonds 29.67 % Rank Cat 3 Yr 58 4 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 41 2 % Australasia 0.00 10 Year Mstar Rating NA % Asia - Developed 0.00 % Rank Cat 10 Yr NA 0 % Asia - Emerging 0.00 -2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group -4 2 160 % Basic Materials 0.00 Avg Eff Duration 13.04 % Communication Services 0.00 Effective Maturity 20.86 -6 % Consumer Cyclical 0.00 Avg Credit Quality NA 140 % Consumer Defensive 0.00 AAA NA -8 % Healthcare 0.00 AA NA -10 % Industrials 0.00 A NA 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 0.00 BB NA 100 5th to 25th Percentile 25th to Median % Energy 0.00 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 100.00 Below B NA PIMCO Long Duration Total Return Instl BC Long Government/Credit % Utilities 0.00 NR/NA NA 1 80 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 60 Months Date Year Years Years Fin Fut Euro$ Cme 06/15/15 22.19% PIMCO Long Duration Total Return Instl -0.21 -8.56 -8.56 6.14 7.11 US Treasury Bond 3.125% 5.13% 40 BC Long Government/Credit -0.10 -8.83 -8.83 6.70 6.40 US Treasury Bond 4.25% 3.18% Universe(5%) 1.66 -0.48 -0.48 7.92 10.01 Fin Fut Us 5yr Cbt 12/31/13 3.08% Universe(25%) 0.35 -3.51 -3.51 7.33 7.64 US Treasury Bond 5.5% 2.88% 20 Universe(Median) -0.13 -5.36 -5.36 6.25 7.11 US Treasury Bond 2.75% 2.74% Universe(75%) -0.41 -6.77 -6.77 4.85 5.33 U S Treas Bd Stripped Prin Pmt 1.56% Universe(95%) -1.35 -8.82 -8.82 2.86 2.97 US Treasury Bond 5.25% 1.43% 0 0 Resolution Fdg Fed Bk Prin Stp 1.41% Prospectus Exp Ratio Turnover Ratio AID 5.5% 1.33% City of Dover, Delaware Police Pension Plan 25

Quarterly Investment Monitor Data as of 12/31/2013 PIMCO Long Duration Total Return Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 25 0 20 25 Total Return Rank, % 15 10 50 5 Total Return, % 0 75 -5 -10 100 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -15 -20 Up/Down Market Capture Ratio -25 Jan-11 - Dec-13 120 -30 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % PIMCO Long Duration Total Return Instl BC Long Government/Credit 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 PIMCO Long Duration Total Return Instl NA NA NA 7.83 12.38 5.62 11.64 18.57 10.28 -8.56 BC Long Government/Credit 8.56 5.33 2.71 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 2 10 9 0 -20 0 20 40 60 80 100 120 9 8 Down Mkt Capture Ratio, % 4 8 7 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Total Annualized StdDev, % Excess Annualized StdDev, % 7 3 6 BC Long Government/Credit 6 Sharpe Ratio 5 Alpha, % 2 1 5 4 4 Return vs. Risk 1 3 3 Jan-11 - Dec-13 2 9 2 0 8 1 1 Total Annualized Return, % 7 -1 0 0 0 6 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile PIMCO Long Duration Total Return Instl BC Long Government/Credit 5 4 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 PIMCO Long Duration Total Return Instl 0.09 0.90 94.34 0.74 8.46 2.21 BC Long Government/Credit 0.00 1.00 100.00 0.75 9.12 0.00 1 Universe(5%) 4.22 0.99 98.96 1.44 9.03 8.04 0 0 1 2 3 4 5 6 7 8 9 10 Universe(25%) 3.31 0.91 95.19 1.19 8.54 5.60 Total Annualized StdDev, % Universe(Median) 0.93 0.60 80.74 0.86 6.28 4.74 Universe(75%) 0.26 0.43 74.67 0.73 4.49 2.00 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Universe(95%) -0.14 0.17 35.32 0.68 3.30 0.95 Cash BC Long Government/Credit City of Dover, Delaware Police Pension Plan 26

Quarterly Investment Monitor Data as of 12/31/2013 Ivy High Income I 7.03 Portfolio Information Investment Strategy Summary % Cash Ticker IVHIX % US Stocks Morningstar Category High Yield Bond % Bonds The investment seeks to provide total return through a combination of high current income 33.99 Avg Mkt Cap $MM NA % Non-US Stocks and capital appreciation. The fund invests primarily in a diversified portfolio of high-yield, Cat Med Mkt Cap $MM 13690.77 high-risk, fixed income securities, including secured and unsecured loan assignments, loan % Pref Net Assets $MM 10103.99 participations and other loan instruments (loans), of U.S. and foreign issuers, the risks of % Conv Turnover Ratio 68.00 which are, in the judgment of the adviser consistent with the fund's objective. It invests % Other % Assets in Top 10 Holdings 19.49 primarily in lower quality debt securities, which include debt securities rated BBB+ or 52.57 % Non-US Bonds Total Number of Holdings 274.00 lower. Manager Name William M. Nelson _______________________________________________________________________ 6.33 Manager Tenure 0.11 __ Fund Incept Date 07/31/1997 Prospectus Exp Ratio 0.70 Portfolio Region Portfolio Structure Phone Number 800-777-6472 Performance vs. Peer Group % United States 100.00 % Cash 7.03 20 % Canada 0.00 % US Stocks 0.02 % Latin America 0.00 % Bonds 52.57 18 % United Kingdom 0.00 % Non-US Stocks 0.00 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings 16 % Europe - ex Euro 0.00 % Conv 0.06 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 6.33 3 Year Mstar Rating 14 % Africa 0.00 % Non-US Bonds 33.99 % Rank Cat 3 Yr 1 % Middle East 0.00 5 Year Mstar Rating 12 % Japan 0.00 % Rank Cat 5 Yr 12 % Australasia 0.00 10 Year Mstar Rating 10 % Asia - Developed 0.00 % Rank Cat 10 Yr 4 % Asia - Emerging 0.00 8 6 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 160 % Basic Materials NA Avg Eff Duration 4.35 4 % Communication Services NA Effective Maturity 5.42 % Consumer Cyclical NA Avg Credit Quality B 140 2 % Consumer Defensive NA AAA 0.00 % Healthcare NA AA 0.04 0 % Industrials NA A 0.40 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 2.57 % Technology NA BB 16.65 100 5th to 25th Percentile 25th to Median % Energy NA B 44.71 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 29.56 Ivy High Income I BC High Yield Corporate Bond % Utilities NA NR/NA 6.07 1 80 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 60 Months Date Year Years Years Laureate Educ 144A 9.25% 2.83% Ivy High Income I 3.37 10.46 10.46 11.26 18.47 Magic 2 Lien (Misys Plc) 2.57% 40 BC High Yield Corporate Bond 3.58 7.44 7.44 9.32 18.93 Us Foods 8.5% 2.51% Universe(5%) 4.12 11.54 11.54 10.25 19.67 Fmg Resources Pty Ltd 1.98% Universe(25%) 3.57 8.12 8.12 8.83 17.71 Formula 1 (Proj Green Ii) 1.86% 20 Universe(Median) 3.26 6.85 6.85 8.25 16.47 Formula1-Delta 2 Sarl B 1.83% Universe(75%) 3.02 5.89 5.89 7.68 15.06 Us Foods Senior Secured 1.59% Universe(95%) 1.80 4.10 4.10 5.65 11.05 Hilton Tl B2 1l 1.51% 0 0 Hd Sply 11.5% 1.47% Prospectus Exp Ratio Turnover Ratio Hlt Property Acq Mz E 1.35% City of Dover, Delaware Police Pension Plan 27

Quarterly Investment Monitor Data as of 12/31/2013 Ivy High Income I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 80 0 25 Total Return Rank, % 60 50 40 Total Return, % 75 20 100 0 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -20 Up/Down Market Capture Ratio Jan-11 - Dec-13 140 -40 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 120 Up Mkt Capture Ratio, % Ivy High Income I BC High Yield Corporate Bond 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 Ivy High Income I 7.58 0.59 9.69 4.05 -19.73 46.56 15.62 6.44 17.16 10.46 60 BC High Yield Corporate Bond 11.13 2.74 11.85 1.87 -26.16 58.21 15.12 4.98 15.81 7.44 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 3 9 5 0 -20 0 20 40 60 80 100 120 140 160 8 3 Down Mkt Capture Ratio, % 4 7 2 Morningstar High Yield Universe Ivy High Income I Total Annualized StdDev, % Excess Annualized StdDev, % 2 6 BC High Yield Corporate Bond 1 3 Sharpe Ratio 5 Alpha, % 0 4 2 Return vs. Risk -1 1 3 Jan-11 - Dec-13 -2 12 2 1 -3 1 10 Total Annualized Return, % -4 0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Ivy High Income I BC High Yield Corporate Bond 6 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 4 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Ivy High Income I 3.88 0.76 95.81 2.13 5.04 1.88 2 BC High Yield Corporate Bond 0.00 1.00 100.00 1.39 6.50 0.00 Universe(5%) 2.18 1.24 99.26 1.85 8.73 4.16 0 0 2 4 6 8 10 12 14 16 Universe(25%) 0.24 1.08 98.71 1.39 7.13 2.25 Total Annualized StdDev, % Universe(Median) -0.75 0.99 97.11 1.25 6.51 1.28 Universe(75%) -1.68 0.88 92.97 1.14 5.89 0.86 Morningstar High Yield Universe Ivy High Income I Universe(95%) -3.45 0.58 78.54 0.83 4.09 0.66 Cash BC High Yield Corporate Bond City of Dover, Delaware Police Pension Plan 28

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Equity-Income Adm 1.92 5.65 Portfolio Information Investment Strategy Summary % Cash Ticker VEIRX % US Stocks 10.67 Morningstar Category Large Value % Bonds The investment seeks to provide an above-average level of current income and reasonable Avg Mkt Cap $MM 74133.09 % Non-US Stocks long-term capital appreciation. The fund invests mainly in common stocks of mid-size and Cat Med Mkt Cap $MM 78800.90 large companies whose stocks pay above-average levels of dividend income and are % Pref Net Assets $MM 15093.93 considered to have the potential for capital appreciation. In addition, the advisors % Conv Turnover Ratio 34.00 generally look for companies that they believe are committed to paying dividends % Other % Assets in Top 10 Holdings 29.09 consistently. Under normal circumstances, it will invest at least 80% of its assets in equity % Non-US Bonds Total Number of Holdings 180.00 securities. The fund uses multiple investment advisors. Manager Name James P. Stetler 81.76 _______________________________________________________________________ Manager Tenure 10.01 __ Fund Incept Date 03/21/1988 Prospectus Exp Ratio 0.21 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 88.45 % Cash 1.92 45 % Canada 1.87 % US Stocks 81.76 % Latin America 0.00 % Bonds 0.00 40 % United Kingdom 3.18 % Non-US Stocks 10.67 % Eurozone 4.17 % Pref 0.00 Portfolio Ratings 35 % Europe - ex Euro 2.33 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 5.65 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 4 30 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 26 25 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 9 20 % Asia - Emerging 0.00 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 180 % Basic Materials 3.92 Avg Eff Duration NA 10 % Communication Services 4.75 Effective Maturity NA % Consumer Cyclical 6.87 Avg Credit Quality NA 160 5 % Consumer Defensive 13.15 AAA NA % Healthcare 12.40 AA NA 140 0 % Industrials 15.01 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 9.67 BB NA 120 5th to 25th Percentile 25th to Median % Energy 12.50 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 15.54 Below B NA 100 Vanguard Equity-Income Adm S&P 500 Value % Utilities 6.20 NR/NA NA 1 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Johnson & Johnson 3.90% 60 Vanguard Equity-Income Adm 9.00 30.19 30.19 17.85 17.15 Chevron Corp 3.53% S&P 500 Value 9.83 31.99 31.99 15.62 16.61 Wells Fargo & Co 3.27% 40 Universe(5%) 12.10 40.39 40.39 18.48 20.98 Exxon Mobil Corporation 3.13% Universe(25%) 10.59 35.42 35.42 16.23 17.72 Microsoft Corporation 3.09% 20 Universe(Median) 9.49 32.09 32.09 14.92 16.46 JPMorgan Chase & Co 2.87% Universe(75%) 8.75 29.72 29.72 13.64 15.10 General Electric Co 2.57% Universe(95%) 6.96 23.45 23.45 10.75 13.11 Merck & Co Inc 2.57% 0 0 Pfizer Inc 2.16% Prospectus Exp Ratio Turnover Ratio United Technologies Corp 2.00% City of Dover, Delaware Police Pension Plan 29

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Equity-Income Adm Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 50 0 40 25 Total Return Rank, % 30 20 50 Total Return, % 10 75 0 -10 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -30 Up/Down Market Capture Ratio -40 Jan-11 - Dec-13 200 -50 180 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 160 Up Mkt Capture Ratio, % Vanguard Equity-Income Adm S&P 500 Value 140 120 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 100 Vanguard Equity-Income Adm 13.69 4.52 20.77 4.99 -30.86 17.26 14.99 10.69 13.58 30.19 80 S&P 500 Value 15.03 8.71 20.80 1.99 -39.22 21.18 15.10 -0.48 17.68 31.99 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 6 2 16 7 0 0 20 40 60 80 100 120 140 160 180 5 14 Down Mkt Capture Ratio, % 6 4 12 Morningstar Large Value Universe Vanguard Equity-Income Adm Excess Annualized StdDev, % 3 5 Total Annualized StdDev, % S&P 500 Value 2 10 Sharpe Ratio 4 Alpha, % 1 1 8 0 3 Return vs. Risk -1 6 2 Jan-11 - Dec-13 -2 4 30 -3 1 2 25 Total Annualized Return, % -4 -5 0 0 0 20 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Equity-Income Adm S&P 500 Value 15 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Vanguard Equity-Income Adm 5.45 0.75 91.66 1.65 10.30 4.44 5 S&P 500 Value 0.00 1.00 100.00 1.17 13.16 0.00 Universe(5%) 4.69 1.19 98.75 1.58 15.89 6.51 0 0 5 10 15 20 25 Universe(25%) 1.35 1.04 97.47 1.25 14.10 4.16 Total Annualized StdDev, % Universe(Median) 0.02 0.97 95.89 1.14 12.98 3.06 Universe(75%) -1.71 0.88 92.60 1.02 11.89 2.29 Morningstar Large Value Universe Vanguard Equity-Income Adm Universe(95%) -4.65 0.69 84.20 0.81 9.46 1.78 Cash S&P 500 Value City of Dover, Delaware Police Pension Plan 30

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Morgan Growth Adm 1.62 5.41 Portfolio Information Investment Strategy Summary % Cash Ticker VMRAX % US Stocks Morningstar Category Large Growth % Bonds The investment seeks long-term growth of capital. The fund invests mainly in the stocks of Avg Mkt Cap $MM 33229.76 % Non-US Stocks mid- and large-capitalization U.S. companies whose revenues and/or earnings are Cat Med Mkt Cap $MM 62663.94 expected to grow faster than those of the average company in the market. It uses multiple % Pref Net Assets $MM 10750.10 investment advisors. % Conv Turnover Ratio 53.00 % Other % Assets in Top 10 Holdings 16.25 _______________________________________________________________________ % Non-US Bonds Total Number of Holdings 348.00 __ Manager Name James P. Stetler 92.33 Manager Tenure 10.01 Fund Incept Date 12/31/1968 Prospectus Exp Ratio 0.26 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 94.46 % Cash 1.62 45 % Canada 0.73 % US Stocks 92.33 % Latin America 0.00 % Bonds 0.00 40 % United Kingdom 0.70 % Non-US Stocks 5.41 % Eurozone 1.88 % Pref 0.00 Portfolio Ratings 35 % Europe - ex Euro 1.44 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.64 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 50 30 % Middle East 0.59 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 34 25 % Australasia 0.13 10 Year Mstar Rating % Asia - Developed 0.08 % Rank Cat 10 Yr 35 20 % Asia - Emerging 0.00 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 300 % Basic Materials 3.24 Avg Eff Duration NA 10 % Communication Services 1.82 Effective Maturity NA % Consumer Cyclical 20.70 Avg Credit Quality NA 5 % Consumer Defensive 6.12 AAA NA 250 % Healthcare 15.03 AA NA 0 % Industrials 15.10 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.39 BBB NA % Technology 26.19 BB NA 200 5th to 25th Percentile 25th to Median % Energy 4.71 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 6.70 Below B NA Vanguard Morgan Growth Adm S&P 500 Growth % Utilities 0.00 NR/NA NA 1 150 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Google, Inc. Class A 2.50% 100 Vanguard Morgan Growth Adm 10.58 34.92 34.92 14.91 19.72 Apple Inc 2.35% S&P 500 Growth 11.15 32.75 32.75 16.77 19.24 Cisco Systems Inc 2.02% Universe(5%) 12.81 42.86 42.86 18.95 24.46 Microsoft Corporation 1.97% 50 Universe(25%) 11.46 36.49 36.49 16.52 20.51 Gilead Sciences Inc 1.35% Universe(Median) 10.51 34.21 34.21 14.91 18.85 Amgen Inc 1.25% Universe(75%) 9.56 31.06 31.06 13.45 17.23 Biogen Idec Inc 1.25% Universe(95%) 7.70 26.70 26.70 10.68 14.38 Boeing Co 1.22% 0 0 TJX Companies 1.20% Prospectus Exp Ratio Turnover Ratio Home Depot, Inc. 1.15% City of Dover, Delaware Police Pension Plan 31

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Morgan Growth Adm Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio Jan-11 - Dec-13 250 -60 225 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 200 Up Mkt Capture Ratio, % Vanguard Morgan Growth Adm S&P 500 Growth 175 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard Morgan Growth Adm 10.61 9.31 11.32 11.36 -41.33 36.31 18.90 -2.42 15.25 34.92 100 S&P 500 Growth 6.97 1.14 11.01 9.13 -34.92 31.57 15.05 4.65 14.61 32.75 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 1 2 18 9 0 0 25 50 75 100 125 150 175 200 225 250 0 16 8 Down Mkt Capture Ratio, % -1 14 7 Morningstar Large Growth Universe Vanguard Morgan Growth Adm Total Annualized StdDev, % Excess Annualized StdDev, % -2 12 6 S&P 500 Growth -3 Sharpe Ratio 10 5 Alpha, % -4 1 8 4 -5 Return vs. Risk 6 3 -6 Jan-11 - Dec-13 4 2 40 -7 2 1 35 -8 Total Annualized Return, % 30 -9 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 25 Vanguard Morgan Growth Adm S&P 500 Growth 20 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 15 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 10 Vanguard Morgan Growth Adm -4.67 1.21 94.03 1.04 14.27 4.24 5 S&P 500 Growth 0.00 1.00 100.00 1.41 11.42 0.00 Universe(5%) 0.61 1.38 96.54 1.36 16.81 8.40 0 0 5 10 15 20 25 30 Universe(25%) -2.19 1.22 94.07 1.19 14.77 5.36 Total Annualized StdDev, % Universe(Median) -3.82 1.17 92.19 1.08 13.92 4.38 Universe(75%) -5.43 1.10 88.72 0.96 12.99 3.65 Morningstar Large Growth Universe Vanguard Morgan Growth Adm Universe(95%) -8.66 0.95 80.55 0.78 11.42 2.50 Cash S&P 500 Growth City of Dover, Delaware Police Pension Plan 32

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard PRIMECAP Inv 4.55 Portfolio Information Investment Strategy Summary 11.94 % Cash Ticker VPMCX % US Stocks Morningstar Category Large Growth % Bonds The investment seeks long-term capital appreciation. The fund invests in stocks Avg Mkt Cap $MM 54667.86 % Non-US Stocks considered to have above-average earnings growth potential that is not reflected in their Cat Med Mkt Cap $MM 62663.94 current market prices. Its portfolio consists predominantly of large- and mid-capitalization % Pref Net Assets $MM 39638.68 stocks. % Conv Turnover Ratio 5.00 % Other % Assets in Top 10 Holdings 41.91 _______________________________________________________________________ % Non-US Bonds Total Number of Holdings 132.00 __ Manager Name Joel P. Fried 83.49 Manager Tenure 25.02 Fund Incept Date 11/01/1984 Prospectus Exp Ratio 0.45 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 87.49 % Cash 4.55 45 % Canada 1.13 % US Stocks 83.49 % Latin America 0.05 % Bonds 0.00 40 % United Kingdom 0.74 % Non-US Stocks 11.94 % Eurozone 1.10 % Pref 0.00 Portfolio Ratings 35 % Europe - ex Euro 8.87 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.02 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 24 30 % Middle East 0.00 5 Year Mstar Rating % Japan 0.62 % Rank Cat 5 Yr 43 25 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 7 20 % Asia - Emerging 0.00 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 300 % Basic Materials 2.70 Avg Eff Duration NA 10 % Communication Services 1.48 Effective Maturity NA % Consumer Cyclical 5.79 Avg Credit Quality NA 5 % Consumer Defensive 0.66 AAA NA 250 % Healthcare 33.22 AA NA 0 % Industrials 14.10 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 31.12 BB NA 200 5th to 25th Percentile 25th to Median % Energy 4.35 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 6.49 Below B NA Vanguard PRIMECAP Inv S&P 500 Growth % Utilities 0.09 NR/NA NA 1 150 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Biogen Idec Inc 6.89% 100 Vanguard PRIMECAP Inv 10.55 39.73 39.73 16.49 19.13 Amgen Inc 5.52% S&P 500 Growth 11.15 32.75 32.75 16.77 19.24 Roche Holding AG 4.36% Universe(5%) 12.81 42.86 42.86 18.95 24.46 Google, Inc. Class A 4.02% 50 Universe(25%) 11.46 36.49 36.49 16.52 20.51 FedEx Corporation 3.76% Universe(Median) 10.51 34.21 34.21 14.91 18.85 Texas Instruments, Inc. 3.76% Universe(75%) 9.56 31.06 31.06 13.45 17.23 Eli Lilly and Company 3.67% Universe(95%) 7.70 26.70 26.70 10.68 14.38 Microsoft Corporation 3.53% 0 0 Adobe Systems Inc 3.34% Prospectus Exp Ratio Turnover Ratio Novartis AG ADR 3.07% City of Dover, Delaware Police Pension Plan 33

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard PRIMECAP Inv Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio Jan-11 - Dec-13 250 -60 225 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 200 Up Mkt Capture Ratio, % Vanguard PRIMECAP Inv S&P 500 Growth 175 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard PRIMECAP Inv 18.31 8.49 12.30 11.49 -32.41 34.45 12.89 -1.84 15.27 39.73 100 S&P 500 Growth 6.97 1.14 11.01 9.13 -34.92 31.57 15.05 4.65 14.61 32.75 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 1 2 18 9 0 0 25 50 75 100 125 150 175 200 225 250 0 16 8 Down Mkt Capture Ratio, % -1 14 7 Morningstar Large Growth Universe Vanguard PRIMECAP Inv Total Annualized StdDev, % Excess Annualized StdDev, % -2 12 6 S&P 500 Growth -3 Sharpe Ratio 10 5 Alpha, % -4 1 8 4 -5 Return vs. Risk 6 3 -6 Jan-11 - Dec-13 4 2 40 -7 2 1 35 -8 Total Annualized Return, % 30 -9 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 25 Vanguard PRIMECAP Inv S&P 500 Growth 20 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 15 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 10 Vanguard PRIMECAP Inv -1.37 1.08 91.41 1.24 12.92 3.90 5 S&P 500 Growth 0.00 1.00 100.00 1.41 11.42 0.00 Universe(5%) 0.61 1.38 96.54 1.36 16.81 8.40 0 0 5 10 15 20 25 30 Universe(25%) -2.19 1.22 94.07 1.19 14.77 5.36 Total Annualized StdDev, % Universe(Median) -3.82 1.17 92.19 1.08 13.92 4.38 Universe(75%) -5.43 1.10 88.72 0.96 12.99 3.65 Morningstar Large Growth Universe Vanguard PRIMECAP Inv Universe(95%) -8.66 0.95 80.55 0.78 11.42 2.50 Cash S&P 500 Growth City of Dover, Delaware Police Pension Plan 34

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Mid-Cap Value Index Admiral 3.15 Portfolio Information Investment Strategy Summary 1.54 % Cash Ticker VMVAX % US Stocks Morningstar Category Mid-Cap Value % Bonds The investment seeks to track the performance of a benchmark index that measures the Avg Mkt Cap $MM 9584.63 % Non-US Stocks investment return of mid-capitalization value stocks. The fund employs an indexing Cat Med Mkt Cap $MM 8958.14 investment approach designed to track the performance of the CRSP US Mid Cap Value % Pref Net Assets $MM 4649.40 Index, a broadly diversified index of value stocks of mid-size U.S. companies. It attempts % Conv Turnover Ratio 33.00 to replicate the target index by investing all, or substantially all, of its assets in the stocks % Other % Assets in Top 10 Holdings 11.47 that make up the index, holding each stock in approximately the same proportion as its % Non-US Bonds Total Number of Holdings 207.00 weighting in the index. Manager Name Donald M. Butler _______________________________________________________________________ 95.28 Manager Tenure 7.38 __ Fund Incept Date 09/27/2011 Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 98.41 % Cash 0.03 45 % Canada 0.00 % US Stocks 95.28 % Latin America 0.00 % Bonds 0.00 40 % United Kingdom 1.22 % Non-US Stocks 1.54 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings 35 % Europe - ex Euro 0.36 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 3.15 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 20 30 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 24 25 % Australasia 0.00 10 Year Mstar Rating NA % Asia - Developed 0.00 % Rank Cat 10 Yr NA 20 % Asia - Emerging 0.00 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 180 % Basic Materials 6.56 Avg Eff Duration NA 10 % Communication Services 1.04 Effective Maturity NA % Consumer Cyclical 16.00 Avg Credit Quality NA 160 5 % Consumer Defensive 9.76 AAA NA % Healthcare 9.22 AA NA 140 0 % Industrials 12.54 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 3.85 BBB NA % Technology 9.62 BB NA 2 120 5th to 25th Percentile 25th to Median % Energy 5.91 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 16.89 Below B NA 100 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD % Utilities 8.60 NR/NA NA Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Delta Air Lines Inc 1.62% 1 60 Vanguard Mid-Cap Value Index Admiral 10.55 37.66 37.66 16.77 21.71 Macy's Inc 1.31% CRSP US Mid Cap Value TR USD 10.57 37.38 37.38 17.29 22.14 Delphi Automotive PLC 1.19% 40 Universe(5%) 11.48 43.91 43.91 18.17 24.40 Mylan Inc 1.10% Universe(25%) 9.91 37.14 37.14 16.38 21.88 Western Digital Corporation 1.10% 20 Universe(Median) 8.76 33.63 33.63 14.80 20.21 AmerisourceBergen Corp 1.06% Universe(75%) 7.87 31.20 31.20 12.97 18.00 Hartford Financial Services Group Inc 1.06% Universe(95%) 5.65 20.72 20.72 9.58 14.69 Mattel, Inc. 1.04% 0 0 Boston Scientific, Inc. 1.02% Prospectus Exp Ratio Turnover Ratio Harley-Davidson Inc 0.98% City of Dover, Delaware Police Pension Plan 35

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Mid-Cap Value Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio Jan-11 - Dec-13 160 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 140 Up Mkt Capture Ratio, % Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 120 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 Vanguard Mid-Cap Value Index Admiral NA NA NA -4.28 -36.54 37.72 21.81 -0.30 16.02 37.66 CRSP US Mid Cap Value TR USD 24.07 11.67 19.91 -6.07 -37.95 35.21 24.58 -0.39 17.90 37.38 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 2 18 8 0 0 20 40 60 80 100 120 140 160 180 200 2 16 7 Down Mkt Capture Ratio, % 1 14 6 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Excess Annualized StdDev, % 0 Total Annualized StdDev, % 12 CRSP US Mid Cap Value TR USD -1 5 Sharpe Ratio 10 Alpha, % -2 1 4 -3 8 Return vs. Risk -4 3 6 Jan-11 - Dec-13 -5 2 20 4 -6 18 2 1 Total Annualized Return, % -7 16 -8 0 0 0 14 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 12 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 8 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 6 Vanguard Mid-Cap Value Index Admiral -0.92 1.03 99.52 1.19 13.85 1.05 4 CRSP US Mid Cap Value TR USD 0.00 1.00 100.00 1.26 13.38 0.00 2 Universe(5%) 2.22 1.22 97.38 1.35 16.89 7.92 0 0 5 10 15 20 25 Universe(25%) -0.62 1.14 96.30 1.18 15.93 5.09 Total Annualized StdDev, % Universe(Median) -3.06 1.06 94.48 1.01 14.59 3.89 Universe(75%) -4.71 0.95 91.17 0.90 12.98 3.04 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Universe(95%) -7.30 0.69 71.95 0.71 9.87 2.47 Cash CRSP US Mid Cap Value TR USD City of Dover, Delaware Police Pension Plan 36

Quarterly Investment Monitor Data as of 12/31/2013 Target Small Capitalization Value T 3.70 2.19 Portfolio Information Investment Strategy Summary % Cash Ticker TASVX % US Stocks Morningstar Category Small Value % Bonds The investment seeks above-average capital appreciation. The Portfolio seeks investments Avg Mkt Cap $MM 2338.14 % Non-US Stocks that will increase in value. It normally invests at least 80% of its investable assets in Cat Med Mkt Cap $MM 2225.29 common stocks of small companies. Small companies are those companies with market % Pref Net Assets $MM 1893.05 capitalizations comparable to those in the Russell 2000 Value Index. As of December 31, % Conv Turnover Ratio 40.00 2012, the Russell 2000 Value Index median market capitalization was approximately $472 % Other % Assets in Top 10 Holdings 9.24 million and the largest company by market capitalization was $4.664 billion. Market % Non-US Bonds Total Number of Holdings 661.00 capitalization is measured at the time of purchase. Manager Name Paul E. Viera, Jr. _______________________________________________________________________ Manager Tenure 12.01 93.73 __ Fund Incept Date 01/05/1993 Prospectus Exp Ratio 0.68 Portfolio Region Portfolio Structure Phone Number 800-225-1852 Performance vs. Peer Group % United States 97.72 % Cash 3.70 45 % Canada 0.86 % US Stocks 93.73 % Latin America 0.22 % Bonds 0.02 40 % United Kingdom 0.02 % Non-US Stocks 2.19 % Eurozone 0.66 % Pref 0.00 Portfolio Ratings 35 % Europe - ex Euro 0.26 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.36 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 29 30 % Middle East 0.23 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 59 25 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 9 20 % Asia - Emerging 0.02 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 200 % Basic Materials 5.79 Avg Eff Duration NA 10 % Communication Services 0.45 Effective Maturity NA % Consumer Cyclical 10.14 Avg Credit Quality NA 180 5 % Consumer Defensive 4.56 AAA NA % Healthcare 6.40 AA NA 160 0 % Industrials 23.55 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.35 BBB NA 140 % Technology 13.43 BB NA 5th to 25th Percentile 25th to Median % Energy 6.31 B NA Prospectus Exp Ratio 120 Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 21.48 Below B NA Target Small Capitalization Value T S&P 600 Value % Utilities 3.53 NR/NA NA 1 100 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Bristow Group, Inc. 1.26% 60 Target Small Capitalization Value T 8.80 35.87 35.87 15.56 19.31 Hexcel Corporation 0.99% S&P 600 Value 9.61 39.98 39.98 17.73 20.12 Protective Life Corp 0.94% 40 Universe(5%) 12.22 44.87 44.87 18.51 27.66 Aaron's, Inc. 0.90% Universe(25%) 10.43 39.70 39.70 16.17 22.20 EnerSys, Inc. 0.90% Universe(Median) 9.13 36.16 36.16 15.29 20.09 Littelfuse Inc. 0.88% 20 Universe(75%) 8.36 32.59 32.59 13.54 18.34 Cabot Corporation 0.87% Universe(95%) 5.21 27.74 27.74 9.86 15.88 GATX Corp 0.86% 0 0 Silgan Holdings, Inc. 0.82% Prospectus Exp Ratio Turnover Ratio American Equity Investment Life Holding Company 0.81% City of Dover, Delaware Police Pension Plan 37

Quarterly Investment Monitor Data as of 12/31/2013 Target Small Capitalization Value T Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio Jan-11 - Dec-13 120 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % Target Small Capitalization Value T S&P 600 Value 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 Target Small Capitalization Value T 24.02 10.10 17.72 0.52 -27.45 26.69 23.63 -0.48 14.14 35.87 S&P 600 Value 23.25 6.45 19.57 -5.54 -29.51 22.85 24.72 -1.38 18.21 39.98 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 2 20 9 0 0 20 40 60 80 100 120 140 160 2 18 8 Down Mkt Capture Ratio, % 16 1 7 Morningstar SmallCap Value Universe Target Small Capitalization Value T Total Annualized StdDev, % Excess Annualized StdDev, % 14 0 6 S&P 600 Value 12 Sharpe Ratio -1 5 Alpha, % 1 10 -2 4 8 Return vs. Risk -3 3 6 Jan-11 - Dec-13 -4 2 25 4 -5 2 1 Total Annualized Return, % 20 -6 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Target Small Capitalization Value T S&P 600 Value MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Target Small Capitalization Value T -0.18 0.89 96.39 1.06 14.68 3.30 5 S&P 600 Value 0.00 1.00 100.00 1.09 16.17 0.00 Universe(5%) 2.19 1.13 98.06 1.20 19.06 8.89 0 0 5 10 15 20 25 Universe(25%) -0.51 1.04 96.69 1.02 17.38 5.03 Total Annualized StdDev, % Universe(Median) -1.82 0.96 95.10 0.95 15.96 4.13 Universe(75%) -2.77 0.92 92.58 0.88 15.08 3.10 Morningstar SmallCap Value Universe Target Small Capitalization Value T Universe(95%) -5.34 0.67 84.68 0.75 12.63 2.28 Cash S&P 600 Value City of Dover, Delaware Police Pension Plan 38

Quarterly Investment Monitor Data as of 12/31/2013 American Funds New Perspective R6 5.86 1.94 Portfolio Information Investment Strategy Summary % Cash Ticker RNPGX % US Stocks Morningstar Category World Stock % Bonds The investment seeks long-term growth of capital; future income is a secondary objective. 44.02 Avg Mkt Cap $MM 49207.51 % Non-US Stocks The fund seeks to take advantage of investment opportunities generated by changes in Cat Med Mkt Cap $MM 41694.29 international trade patterns and economic and political relationships by investing in % Pref Net Assets $MM 55065.83 common stocks of companies located around the world. In pursuing its primary % Conv Turnover Ratio 30.00 investment objective, it invests primarily in common stocks that the investment adviser % Other % Assets in Top 10 Holdings 18.28 believes have the potential for growth. In pursuing its secondary objective, the fund % Non-US Bonds Total Number of Holdings 285.00 invests in common stocks of companies with the potential to pay dividends in the future. 47.96 Manager Name Gregg E. Ireland _______________________________________________________________________ Manager Tenure 21.10 __ Fund Incept Date 03/13/1973 Prospectus Exp Ratio 0.45 Portfolio Region Portfolio Structure Phone Number 800-421-4225 Performance vs. Peer Group % United States 47.86 % Cash 5.86 40 % Canada 1.93 % US Stocks 44.02 % Latin America 0.52 % Bonds 0.22 35 % United Kingdom 9.33 % Non-US Stocks 47.96 % Eurozone 14.90 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 10.49 % Conv 0.00 Mstar Rating Total Annualized Return, % 30 % Europe - Emerging 0.00 % Other 1.94 3 Year Mstar Rating % Africa 2.45 % Non-US Bonds 0.00 % Rank Cat 3 Yr 21 % Middle East 0.00 5 Year Mstar Rating 25 % Japan 7.00 % Rank Cat 5 Yr 26 % Australasia 0.94 10 Year Mstar Rating 20 % Asia - Developed 3.84 % Rank Cat 10 Yr 18 % Asia - Emerging 0.75 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 180 10 % Basic Materials 6.13 Avg Eff Duration NA % Communication Services 3.08 Effective Maturity NA % Consumer Cyclical 18.75 Avg Credit Quality NA 160 5 % Consumer Defensive 11.25 AAA NA % Healthcare 15.08 AA NA 140 0 % Industrials 11.65 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 13.18 BB NA 2 120 5th to 25th Percentile 25th to Median % Energy 5.21 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 15.23 Below B NA 100 American Funds New Perspective R6 MSCI AC World Index ND USD % Utilities 0.44 NR/NA NA Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Novo Nordisk A/S 3.95% 1 60 American Funds New Perspective R6 8.64 27.23 27.23 12.63 17.36 Amazon.com Inc 2.55% MSCI AC World Index ND USD 7.31 22.80 22.80 9.73 14.92 Google, Inc. Class A 1.75% 40 Universe(5%) 9.92 36.52 36.52 14.72 20.90 Naspers Ltd 1.63% Universe(25%) 8.55 29.91 29.91 12.67 17.22 ASML Holding NV 1.61% 20 Universe(Median) 7.70 25.94 25.94 10.94 15.22 Home Depot, Inc. 1.57% Universe(75%) 6.28 19.71 19.71 8.36 13.40 Bayer AG 1.52% Universe(95%) 3.22 4.37 4.37 0.45 9.49 CME Group, Inc. Class A 1.26% 0 0 Burberry Group PLC 1.22% Prospectus Exp Ratio Turnover Ratio Delta Air Lines Inc 1.22% City of Dover, Delaware Police Pension Plan 39

Quarterly Investment Monitor Data as of 12/31/2013 American Funds New Perspective R6 Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio Jan-11 - Dec-13 140 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 120 Up Mkt Capture Ratio, % American Funds New Perspective R6 MSCI AC World Index ND USD 100 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 American Funds New Perspective R6 14.27 11.28 19.87 16.03 -37.83 37.72 13.11 -7.33 21.19 27.23 MSCI AC World Index ND USD 15.23 10.84 20.95 11.66 -42.20 34.63 12.67 -7.35 16.13 22.80 40 20 0 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 6 2 20 12 -20 0 25 50 75 100 125 150 175 200 225 18 4 Down Mkt Capture Ratio, % 10 16 2 Morningstar World Stock Universe American Funds New Perspective R6 Total Annualized StdDev, % Excess Annualized StdDev, % 14 8 MSCI AC World Index ND USD 0 12 Alpha, % Sharpe Ratio -2 1 10 6 8 Return vs. Risk -4 4 6 Jan-11 - Dec-13 -6 20 4 2 15 -8 2 Total Annualized Return, % 10 -10 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 0 American Funds New Perspective R6 MSCI AC World Index ND USD -5 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr -10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -15 American Funds New Perspective R6 3.17 0.94 96.71 0.95 13.49 2.60 -20 MSCI AC World Index ND USD 0.00 1.00 100.00 0.72 14.14 0.00 -25 Universe(5%) 5.95 1.19 96.98 1.21 18.05 11.03 -30 0 5 10 15 20 25 30 Universe(25%) 3.35 1.09 94.92 0.93 16.16 6.50 Total Annualized StdDev, % Universe(Median) 1.30 1.00 92.25 0.77 14.93 4.88 Universe(75%) -1.06 0.88 83.06 0.64 13.35 3.62 Morningstar World Stock Universe American Funds New Perspective R6 Universe(95%) -9.98 0.57 59.31 0.11 9.82 2.50 Cash MSCI AC World Index ND USD City of Dover, Delaware Police Pension Plan 40

Quarterly Investment Monitor Data as of 12/31/2013 Harding Loevner Global Equity Inst 2.19 Portfolio Information Investment Strategy Summary % Cash Ticker HLMVX % US Stocks 49.62 Morningstar Category World Stock % Bonds The investment seeks long-term capital appreciation. The fund invests in companies based Avg Mkt Cap $MM 37090.42 % Non-US Stocks in the U.S. and other developed markets, as well as in emerging and frontier markets. It Cat Med Mkt Cap $MM 41694.29 invests at least 80% of net assets in common stocks, preferred stock, rights and warrants % Pref Net Assets $MM 665.89 issued by companies that are based both inside and outside the United States, securities % Conv Turnover Ratio 13.00 convertible into such securities and investment companies that invest in the types of % Other % Assets in Top 10 Holdings 26.31 securities in which the fund would normally invest. The fund normally holds 35-75 % Non-US Bonds Total Number of Holdings 69.00 investments across at least 15 countries. 48.20 Manager Name Ferrill Roll _______________________________________________________________________ Manager Tenure 12.92 __ Fund Incept Date 11/29/1996 Prospectus Exp Ratio 0.95 Portfolio Region Portfolio Structure Phone Number 877-435-8105 Performance vs. Peer Group % United States 60.85 % Cash 2.19 40 % Canada 0.00 % US Stocks 49.62 % Latin America 1.02 % Bonds 0.00 35 % United Kingdom 8.00 % Non-US Stocks 48.20 % Eurozone 5.93 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 6.09 % Conv 0.00 Mstar Rating Total Annualized Return, % 30 % Europe - Emerging 0.79 % Other 0.00 3 Year Mstar Rating % Africa 1.56 % Non-US Bonds 0.00 % Rank Cat 3 Yr 75 % Middle East 0.00 5 Year Mstar Rating 25 % Japan 10.01 % Rank Cat 5 Yr 44 % Australasia 1.00 10 Year Mstar Rating 20 % Asia - Developed 2.54 % Rank Cat 10 Yr 36 % Asia - Emerging 2.19 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 180 10 % Basic Materials 6.04 Avg Eff Duration NA % Communication Services 0.27 Effective Maturity NA % Consumer Cyclical 17.57 Avg Credit Quality NA 160 5 % Consumer Defensive 13.28 AAA NA % Healthcare 9.42 AA NA 140 0 % Industrials 8.33 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 18.97 BB NA 2 120 5th to 25th Percentile 25th to Median % Energy 7.22 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 18.89 Below B NA 100 Harding Loevner Global Equity Inst MSCI AC World Index ND USD % Utilities 0.00 NR/NA NA Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Wells Fargo & Co 3.78% 1 60 Harding Loevner Global Equity Inst 7.22 20.27 20.27 9.03 15.99 Google, Inc. Class A 2.97% MSCI AC World Index ND USD 7.31 22.80 22.80 9.73 14.92 eBay Inc 2.84% 40 Universe(5%) 9.92 36.52 36.52 14.72 20.90 Schlumberger NV 2.79% Universe(25%) 8.55 29.91 29.91 12.67 17.22 Nestle SA ADR 2.70% 20 Universe(Median) 7.70 25.94 25.94 10.94 15.22 Unicharm Corp 2.34% Universe(75%) 6.28 19.71 19.71 8.36 13.40 Dassault Systemes 2.25% Universe(95%) 3.22 4.37 4.37 0.45 9.49 Nike, Inc. Class B 2.24% 0 0 Coach, Inc. 2.23% Prospectus Exp Ratio Turnover Ratio Fanuc Corp 2.17% City of Dover, Delaware Police Pension Plan 41

Quarterly Investment Monitor Data as of 12/31/2013 Harding Loevner Global Equity Inst Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio Jan-11 - Dec-13 140 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 120 Up Mkt Capture Ratio, % Harding Loevner Global Equity Inst MSCI AC World Index ND USD 100 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 Harding Loevner Global Equity Inst 7.61 16.65 17.84 16.39 -38.29 40.16 15.55 -8.22 17.42 20.27 MSCI AC World Index ND USD 15.23 10.84 20.95 11.66 -42.20 34.63 12.67 -7.35 16.13 22.80 40 20 0 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 6 2 20 12 -20 0 25 50 75 100 125 150 175 200 225 18 4 Down Mkt Capture Ratio, % 10 16 2 Morningstar World Stock Universe Harding Loevner Global Equity Inst Total Annualized StdDev, % Excess Annualized StdDev, % 14 8 MSCI AC World Index ND USD 0 12 Alpha, % Sharpe Ratio -2 1 10 6 8 Return vs. Risk -4 4 6 Jan-11 - Dec-13 -6 20 4 2 15 -8 2 Total Annualized Return, % 10 -10 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 0 Harding Loevner Global Equity Inst MSCI AC World Index ND USD -5 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr -10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -15 Harding Loevner Global Equity Inst -0.22 0.96 93.49 0.68 13.97 3.62 -20 MSCI AC World Index ND USD 0.00 1.00 100.00 0.72 14.14 0.00 -25 Universe(5%) 5.95 1.19 96.98 1.21 18.05 11.03 -30 0 5 10 15 20 25 30 Universe(25%) 3.35 1.09 94.92 0.93 16.16 6.50 Total Annualized StdDev, % Universe(Median) 1.30 1.00 92.25 0.77 14.93 4.88 Universe(75%) -1.06 0.88 83.06 0.64 13.35 3.62 Morningstar World Stock Universe Harding Loevner Global Equity Inst Universe(95%) -9.98 0.57 59.31 0.11 9.82 2.50 Cash MSCI AC World Index ND USD City of Dover, Delaware Police Pension Plan 42

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Emerging Mkts Stock Idx I 1.952.43 Portfolio Information Investment Strategy Summary % Cash Ticker VEMIX % US Stocks Morningstar Category Diversified Emerging Mkts % Bonds The investment seeks to track the performance of a benchmark index that measures the Avg Mkt Cap $MM 18766.32 % Non-US Stocks investment return of stocks issued by companies located in emerging market countries. Cat Med Mkt Cap $MM 19669.80 The fund employs an indexing investment approach by investing substantially all % Pref Net Assets $MM 62378.27 (approximately 95%) of its assets in the common stocks included in the FTSE Emerging % Conv Turnover Ratio 26.00 Index, while employing a form of sampling to reduce risk. The FTSE Emerging Index % Other % Assets in Top 10 Holdings 13.75 includes approximately 851 common stocks of companies located in emerging markets % Non-US Bonds Total Number of Holdings 916.00 around the world. As of May 31, 2013, the largest markets covered in the index were Manager Name Michael Perre China, Brazil, Taiwan, and India. 94.95 Manager Tenure 5.34 _______________________________________________________________________ Fund Incept Date 05/04/1994 __ Prospectus Exp Ratio 0.12 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 0.24 % Cash 0.44 20 % Canada 0.00 % US Stocks 0.23 % Latin America 20.06 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 94.95 15 % Eurozone 0.05 % Pref 2.43 Portfolio Ratings % Europe - ex Euro 0.06 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 10.22 % Other 1.95 3 Year Mstar Rating % Africa 9.69 % Non-US Bonds 0.00 % Rank Cat 3 Yr 63 10 % Middle East 0.62 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 50 % Australasia 0.00 10 Year Mstar Rating 5 % Asia - Developed 13.76 % Rank Cat 10 Yr 39 % Asia - Emerging 45.31 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 180 % Basic Materials 9.28 Avg Eff Duration NA % Communication Services 10.69 Effective Maturity NA -5 % Consumer Cyclical 7.92 Avg Credit Quality NA 160 % Consumer Defensive 9.07 AAA NA % Healthcare 1.63 AA NA 140 -10 % Industrials 5.16 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 2.55 BBB NA % Technology 11.80 BB NA 2 120 5th to 25th Percentile 25th to Median % Energy 11.36 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 26.66 Below B NA 100 Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD % Utilities 3.90 NR/NA NA Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years China Construction Bank Corp H Shares 1.79% 1 60 Vanguard Emerging Mkts Stock Idx I 1.61 -4.99 -4.99 -2.77 14.06 China Mobile Ltd. 1.73% FTSE Emerging NR USD 1.55 -3.79 -3.79 -2.93 14.78 Tencent Holdings Ltd. 1.62% 40 Universe(5%) 5.12 8.21 8.21 2.06 19.67 Industrial And Commercial Bank Of China Ltd. H Shares 1.59% Universe(25%) 3.68 0.33 0.33 -0.57 15.81 Taiwan Semiconductor Manufacturing Co Ltd 1.29% 20 Universe(Median) 2.35 -2.54 -2.54 -2.17 14.38 Taiwan Semiconductor Manufacturing Co Ltd ADR 1.28% Universe(75%) 1.38 -4.76 -4.76 -3.52 13.14 Naspers Ltd 1.14% Universe(95%) 0.11 -7.02 -7.02 -7.01 10.54 America Movil, S.A.B. de C.V. 1.13% 0 0 Bank Of China Ltd. H Shares 1.12% Prospectus Exp Ratio Turnover Ratio Mtn Group Limited 1.07% City of Dover, Delaware Police Pension Plan 43

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard Emerging Mkts Stock Idx I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 120 0 100 25 Total Return Rank, % 80 60 50 Total Return, % 40 75 20 0 100 -20 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -40 Up/Down Market Capture Ratio -60 Jan-11 - Dec-13 225 -80 200 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Up Mkt Capture Ratio, % 175 Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard Emerging Mkts Stock Idx I 26.24 32.35 29.57 39.15 -52.74 76.35 19.06 -18.63 18.90 -4.99 100 FTSE Emerging NR USD 27.58 34.70 32.84 39.41 -53.03 82.15 19.60 -19.15 17.58 -3.79 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 25 9 0 0 20 40 60 80 100 120 140 160 180 200 4 8 Down Mkt Capture Ratio, % 0.1 20 3 7 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx I Total Annualized StdDev, % Excess Annualized StdDev, % 2 6 FTSE Emerging NR USD 0.0 15 Sharpe Ratio 1 5 Alpha, % 0 4 -0.1 10 Return vs. Risk -1 3 Jan-11 - Dec-13 -2 2 6 -0.2 5 4 -3 1 2 Total Annualized Return, % 0 -4 -0.3 0 0 -2 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile -4 Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD -6 -8 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr -10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -12 Vanguard Emerging Mkts Stock Idx I 0.31 1.01 96.96 -0.05 19.65 3.44 -14 FTSE Emerging NR USD 0.00 1.00 100.00 -0.07 19.07 0.00 -16 Universe(5%) 4.96 1.14 96.85 0.20 22.29 8.40 -18 0 5 10 15 20 25 30 35 40 45 Universe(25%) 2.63 1.03 95.68 0.07 20.23 5.76 Total Annualized StdDev, % Universe(Median) 0.69 0.99 94.07 -0.03 19.39 4.83 Universe(75%) -0.36 0.93 92.46 -0.08 18.35 4.20 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx I Universe(95%) -3.91 0.84 86.34 -0.27 16.66 3.48 Cash FTSE Emerging NR USD City of Dover, Delaware Police Pension Plan 44

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard REIT Index I Portfolio Information Investment Strategy Summary % Cash Ticker VGSNX % US Stocks Morningstar Category Real Estate % Bonds The investment seeks to provide a high level of income and moderate long-term capital Avg Mkt Cap $MM 7812.60 % Non-US Stocks appreciation by tracking the performance of a benchmark index that measures the Cat Med Mkt Cap $MM 10375.77 performance of publicly traded equity REITs. The fund employs an indexing investment % Pref Net Assets $MM 33536.77 approach designed to track the performance of the MSCI US REIT Index. The index is % Conv Turnover Ratio 9.00 composed of stocks of publicly traded equity real estate investment trusts (known as % Other % Assets in Top 10 Holdings 40.06 REITs). The fund attempts to replicate the index by investing all, or substantially all, of its % Non-US Bonds Total Number of Holdings 133.00 assets in the stocks that make up the index, holding each stock in approximately the same Manager Name Gerard C. O'Reilly proportion as its weighting in the index. Manager Tenure 17.65 99.04 _______________________________________________________________________ Fund Incept Date 05/13/1996 __ Prospectus Exp Ratio 0.08 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 100.00 % Cash 0.17 20 % Canada 0.00 % US Stocks 99.04 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 0.00 15 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.79 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 16 10 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 21 % Australasia 0.00 10 Year Mstar Rating 5 % Asia - Developed 0.00 % Rank Cat 10 Yr 33 % Asia - Emerging 0.00 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 800 % Basic Materials 0.00 Avg Eff Duration NA % Communication Services 0.00 Effective Maturity NA -5 % Consumer Cyclical 0.00 Avg Credit Quality NA 700 % Consumer Defensive 0.00 AAA NA % Healthcare 0.00 AA NA -10 % Industrials 1.26 A NA 600 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 98.74 BBB NA % Technology 0.00 BB NA 2 500 5th to 25th Percentile 25th to Median % Energy 0.00 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 0.00 Below B NA Vanguard REIT Index I MSCI US REIT NR USD % Utilities 0.00 NR/NA NA 400 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 300 Months Date Year Years Years Simon Property Group Inc 9.34% 1 Vanguard REIT Index I -0.68 2.48 2.48 9.43 16.93 Public Storage 4.49% 200 MSCI US REIT NR USD -1.01 1.26 1.26 8.22 15.24 Prologis Inc 3.80% Universe(5%) 2.60 6.21 6.21 5.64 12.54 Equity Residential 3.54% Universe(25%) 2.06 2.94 2.94 3.92 9.88 HCP Inc 3.37% 100 Universe(Median) 1.21 1.12 1.12 2.71 8.82 Ventas Inc 3.35% Universe(75%) 0.82 -0.91 -0.91 1.76 5.11 Health Care REIT, Inc. 3.22% Universe(95%) -2.50 -5.44 -5.44 0.84 2.12 Boston Properties Inc 3.05% 0 0 Vornado Realty Trust 2.97% Prospectus Exp Ratio Turnover Ratio AvalonBay Communities Inc 2.93% City of Dover, Delaware Police Pension Plan 45

Quarterly Investment Monitor Data as of 12/31/2013 Vanguard REIT Index I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 50 0 40 25 Total Return Rank, % 30 50 20 Total Return, % 10 75 0 100 -10 Jan-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 -20 Up/Down Market Capture Ratio -30 Jan-11 - Dec-13 120 -40 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % Vanguard REIT Index I MSCI US REIT NR USD 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 Vanguard REIT Index I 30.93 12.05 35.15 -16.38 -36.95 29.76 28.56 8.70 17.65 2.48 MSCI US REIT NR USD NA NA 34.18 -17.84 -39.05 26.27 26.97 7.48 16.47 1.26 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 2 18 18 0 -20 0 20 40 60 80 100 16 16 Down Mkt Capture Ratio, % 3 14 14 Morningstar Real Estate Universe Vanguard REIT Index I Total Annualized StdDev, % Excess Annualized StdDev, % 12 12 MSCI US REIT NR USD 2 Sharpe Ratio 10 10 Alpha, % 1 8 8 1 Return vs. Risk 6 6 Jan-11 - Dec-13 4 4 10 0 9 2 2 Total Annualized Return, % 8 -1 0 0 0 7 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard REIT Index I MSCI US REIT NR USD 5 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 4 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 3 Vanguard REIT Index I 1.13 1.00 99.98 0.62 16.70 0.21 2 MSCI US REIT NR USD 0.00 1.00 100.00 0.55 16.73 0.00 1 Universe(5%) 3.84 0.25 62.31 1.81 6.18 17.24 0 0 2 4 6 8 10 12 14 16 18 Universe(25%) 2.68 0.18 46.72 1.17 5.02 16.11 Total Annualized StdDev, % Universe(Median) 1.67 0.10 38.61 0.81 3.74 15.39 Universe(75%) 0.94 0.06 11.73 0.50 2.83 14.03 Morningstar Real Estate Universe Vanguard REIT Index I Universe(95%) -0.46 0.01 2.75 0.22 1.58 12.97 Cash MSCI US REIT NR USD City of Dover, Delaware Police Pension Plan 46

Quarterly Investment Monitor Data as of 12/31/2013 Glossary Alpha (3 Yr) % Assets in Top 10 Holdings Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured The aggregate assets, expressed as a percentage, of the fund's top 10 portfolio holdings. This figure is meant to be a measure of portfolio risk. by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to indicates the portfolio has underperformed, given the expectations established by beta. the market fluctuations in these few holdings. The figure is calculated from the most recent available fund holdings. Average Effective Duration Price/Book Ratio TTM A measure of a fund's interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. The weighted average of the price/book ratios of all the stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while market price of its stock by the company’s per-share book value. Stocks with negative book values are excluded from this calculation. In theory, shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund a high P/B ratio indicates that the price of the stock exceeds the actual worth of the company's assets, while a low P/B ratio indicates that the with a duration of 10 years is twice as volatile as a fund with a five-year duration. Morningstar prints an average effective duration statistic stock is a bargain. that incorporates call, put, and prepayment possibilities. Price/Earnings Ratio TTM Average Effective Maturity The weighted average of the price/earnings ratios of the stocks in a fund’s portfolio. The P/E ratio of a stock is calculated by dividing the current Average effective maturity is a weighted average of all the effective maturities of the bonds in a portfolio. Effective maturity takes into price of the stock by its trailing 12 months’ earnings per share. In computing the average, Morningstar weights each portfolio holding by the consideration mortgage prepayments, puts, calls, adjustable coupons, and other features of individual bonds and is thus a more accurate percentage of equity assets it represents, so that larger positions have proportionately greater influence on the fund’s final P/E. measure of interest-rate sensitivity. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. R-Squared Beta Reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. An R-squared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks will have an A measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by R-squared very close to 100. Conversely, a low R-squared indicates that very few of the fund’s movements can be explained by movements in its comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by movements in fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors the benchmark index. remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets. Sharpe Ratio The Morningstar Rating The Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance. It Commonly called the Star Rating, is a measure of a fund's risk-adjusted return, relative to funds in its category. Funds are rated from one can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk. to five stars, with the best performers receiving five stars and the worst performers receiving a single star. Standard Deviation Risk-adjusted return is calculated by subtracting a risk penalty from each fund total return, after accounting for all loads, sales charges, and redemption fees. The risk penalty is determined by the amount of variation in the fund's monthly return, with emphasis on downward Standard deviation is the statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio’s returns varied variation. The greater the variation, the larger the penalty. Funds are ranked within their categories and stars are assigned as follows: Top over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is most 10% five stars; Next 22.5% four stars; Middle 35% three stars; Next 22.5% two stars; Bottom 10% one star. likely for a given investment. When a stock or portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Audited Expense Ratio Total Number of Holdings The percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s NAV . Sales charges are not The total number of different holdings of a fund. This figure is meant to be a measure of portfolio risk. Specifically, the lower the figure, the more included in the expense ratio. concentrated the fund is in a few companies or issues, and the more the fund is susceptible to the market fluctuations in these few holdings. This figure also provides a context for the importance of % assets in top 10 holdings. The figure is calculated from the most recent available fund Geometric Average Market Capitalization holdings. It does not include a fund’s short positions. Morningstar defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it Total Return owns. It's calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as Expressed in percentage terms, Morningstar’s calculation of total return is determined each month by taking the change in monthly net asset average market capitalization. value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean the actual reinvestment NAV, and daily payoffs are reinvested monthly. better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio. Turnover Ratio Net Assets This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that The month-end net assets of the mutual fund, recorded in millions of dollars. Net-asset figures are useful in gauging a fund’s size, agility, all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio’s and popularity. They help determine whether a small company fund, for example, can remain in its investment-objective category if its holdings that have changed over the past year. asset base reaches an ungainly size. 12-Month Yield Also known as a distribution yield, Morningstar computes this figure by summing the trailing 12-month’s income distributions and dividing the sum by the last month’s ending NAV, plus any capital gains distributed over the same period. Income refers only to interest payments from fixed-income securities and dividend payoffs from common stocks. City of Dover, Delaware Police Pension Plan 47

Quarterly Investment Monitor Data as of 12/31/2013 Disclaimer This Milliman work product was prepared solely for the internal business use of City of Dover, Delaware Police Pension Plan. Milliman's work may not be provided to third parties without Milliman's prior written consent. The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to internal computer software and databases. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. These reports do not constitute investment advice with respect to the sale or disposition of individual securities. Unless explicitly stated in your Service Agreement, there should be no reliance on Milliman services to provide analysis or reporting on a daily basis, the changes to manager rankings, ratings or opinions thereon and are not intended to monitor investment manager compliance with individual security selection criteria, limits on security selection, and/or prohibitions to the holding of certain securities or security types. The One Year, Three Year, Five Year, and Ten Year rates of return are time-weighted annual rates. The One Month, Three Month, and Year to Date rates of return are rates for the period indicated. All returns include fund internal expenses, except sales charges, if any. The rates of return shown are for the mutual funds in which the retirement program participates, not for the plan specifically. Returns credited to individual accounts will vary due to the timing of contributions, transfers, and withdrawals. Past performance is no guarantee of future results. Milliman provides a copy of its SEC Form ADV Part II to clients without charge upon request. Milliman disclaims responsibility, financial or otherwise, for the accuracy or completeness of this report. City of Dover, Delaware Police Pension Plan 48

Competitor Analysis Report Prepared by Milliman, Inc.

Competitor Analysis | Foreign Large Growth Performance Relative to Peer Group As of Date: 12/31/2013 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 Return 4.00 2.00 YTD 1 year 3 years 5 years 10 years Harding Loevner Global Equity Inst MFS® Instl International Equity Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD US OE Foreign Large Growth Trailing Peer Group Performance As of Date: 12/31/2013 YTD % rank 1 year % rank 3 years % rank 5 years % rank 10 years % rank Harding Loevner Global Equity Inst 20.27 39 20.27 39 9.03 27 15.99 23 8.35 29 MFS® Instl International Equity 18.56 51 18.56 51 9.53 19 14.19 38 8.99 13 Oppenheimer International Growth Y 25.46 7 25.46 7 12.39 1 17.79 7 10.05 1 MSCI EAFE Large Growth NR USD 22.28 25 22.28 25 7.98 42 12.57 68 7.03 48 Morningstar Foreign Large Growth AW 17.86 55 17.86 55 5.08 80 12.72 66 6.72 55 Median 18.69 18.69 7.27 13.59 6.90 Page 1 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Calendar Year Performance Relative to Peer Group Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth 60.0 55.0 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 Return -15.0 -20.0 2013 2012 2011 2010 2009 Harding Loevner Global Equity Inst MFS® Instl International Equity Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD US OE Foreign Large Growth Calendar Year Returns Data Point: Return Peer Group: Open End Funds - U.S. - Foreign Large Growth 2013 2012 2011 2010 2009 Harding Loevner Global Equity Inst 20.27 17.42 -8.22 15.55 40.16 MFS® Instl International Equity 18.56 22.55 -9.55 10.97 33.12 Oppenheimer International Growth Y 25.46 22.10 -7.31 15.35 38.44 MSCI EAFE Large Growth NR USD 22.28 17.06 -12.04 11.48 28.81 US OE Foreign Large Growth 17.92 18.09 -12.63 14.20 39.17 Median 18.69 18.60 -12.16 13.81 35.77 Page 2 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth 36 Month Rolling Return Quartiles Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile 0.0 25.0 50.0 Return Rank % 75.0 100.0 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 2012 2013 Harding Loevner Global Equity Inst MFS® Instl International Equity Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD US OE Foreign Large Growth 60 Month Rolling Return Quartiles Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth Rolling Window: 5 Years 1 Month shift 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile 0.0 25.0 50.0 75.0 Return 100.0 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 2012 2013 Page 3 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth 3-Year Risk-Reward 5-Year Risk-Reward Time Period: 1/1/2011 to 12/31/2013 Time Period: 1/1/2009 to 12/31/2013 15.00 Harding Loevner Global Equity Inst 21.00 Harding Loevner Global Equity Inst MFS® Instl International Equity MFS® Instl International Equity Oppenheimer International Growth Y Oppenheimer International Growth Y 18.00 MSCI EAFE Large Growth NR USD MSCI EAFE Large Growth NR USD 12.00 US OE Foreign Large Growth US OE Foreign Large Growth 15.00 9.00 12.00 9.00 6.00 6.00 3.00 3.00 Return Return 0.00 0.00 0.00 3.00 6.00 9.00 12.00 15.00 18.00 21.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 Std Dev Std Dev 5-Year Risk Time Period: 1/1/2009 to 12/31/2013 Peer Group: Open End Funds - U.S. - Foreign Large Growth Loss Tracking Std Dev Std R2 Error Dev Harding Loevner Global Equity Inst 16.70 10.18 5.60 90.72 MFS® Instl International Equity 19.74 13.41 4.01 96.19 Oppenheimer International Growth Y 18.14 12.27 4.23 94.67 MSCI EAFE Large Growth NR USD 18.25 13.25 0.00 100.00 US OE Foreign Large Growth 18.89 12.32 3.59 96.42 Median 18.70 12.20 4.68 94.63 Page 4 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth 3-Year Upside-Downside Capture 5-Year Upside-Downside Capture Time Period: 1/1/2011 to 12/31/2013 Time Period: 1/1/2009 to 12/31/2013 120.00 Harding Loevner Global Equity Inst 120.00 Harding Loevner Global Equity Inst MFS® Instl International Equity MFS® Instl International Equity Oppenheimer International Growth Y Oppenheimer International Growth Y 100.00 MSCI EAFE Large Growth NR USD 100.00 MSCI EAFE Large Growth NR USD US OE Foreign Large Growth US OE Foreign Large Growth 80.00 80.00 60.00 60.00 40.00 40.00 Up Capture Ratio Up Capture Ratio 20.00 20.00 0.00 0.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 Down Capture Ratio Down Capture Ratio 5-Year Market Performance Time Period: 1/1/2009 to 12/31/2013 Up Down Batting Best Worst Capture Capture Average Month Month Ratio Ratio Harding Loevner Global Equity Inst 51.67 94.19 75.29 10.71 -9.29 MFS® Instl International Equity 55.00 107.69 104.60 12.14 -11.25 Oppenheimer International Growth Y 58.33 105.60 85.21 11.35 -11.49 MSCI EAFE Large Growth NR USD 100.00 100.00 100.00 11.84 -11.17 US OE Foreign Large Growth 53.33 102.28 96.58 13.84 -12.28 Median 51.67 101.47 94.93 12.65 -11.90 Page 5 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Sharpe Ratio vs. Peer Group As of Date: 12/31/2013 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth Harding Loevner Global Equity Inst 1.0 MFS® Instl International Equity 0.9 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 0.8 US OE Foreign Large Growth 0.7 0.6 0.5 Sharpe Ratio 0.4 0.3 0.2 3 years 5 years 10 years Alpha vs. Peer Group As of Date: 12/31/2013 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth Harding Loevner Global Equity Inst 5.0 MFS® Instl International Equity 4.0 Oppenheimer International Growth Y 3.0 MSCI EAFE Large Growth NR USD 2.0 US OE Foreign Large Growth 1.0 0.0 -1.0 -2.0 -3.0 Alpha -4.0 -5.0 3 years 5 years 10 years Beta vs. Peer Group As of Date: 12/31/2013 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth Harding Loevner Global Equity Inst 1.2 MFS® Instl International Equity 1.2 Oppenheimer International Growth Y 1.1 MSCI EAFE Large Growth NR USD US OE Foreign Large Growth 1.1 1.0 1.0 0.9 0.9 0.8 Beta 0.8 3 years 5 years 10 years Page 6 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Holdings-Based Style Harding Loevner Global Equity Inst 12/31/2013 MFS® Instl International Equity 11/30/2013 Giant Oppenheimer International Growth Y 12/31/2013 MSCI EAFE Large Growth NR USD 12/31/2013 US OE Foreign Large Growth 12/31/2013 Large Mid Small Micro Deep-Val Core-Val Core Core-Grth High-Grth Returns-Based Style Time Period: 1/1/2009 to 12/31/2013 Harding Loevner Global Equity Inst MFS® Instl International Equity Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD MSCI Brazil NR USD MSCI China NR USD US OE Foreign Large Growth MSCI India NR USD MSCI Russia NR USD Page 7 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Asset Allocation 100.0 97.1 95.9 91.1 92.5 90.0 80.0 70.0 60.0 56.0 50.0 40.4 40.0 30.0 20.0 10.0 3.6 4.7 4.0 3.8 1.4 1.5 1.6 3.0 0.0 0.3 1.2 0.1 0.0 0.0 0.0 0.0 1.3 0.0 0.0 0.0 0.0 0.5 0.0 0.0 0.0 Asset Alloc Cash % (Net) Asset Alloc US Equity % (Net) Asset Alloc Non-US Equity % Asset Alloc US Bond % (Net) Asset Alloc Non-US Bond % Asset Alloc Other % (Net) (Net) (Net) Harding Loevner Global Equity Inst MFS® Instl International Equity Oppenheimer International Growth Y MSCI EM NR USD US OE Diversified Emerging Mkts GICS Sectors Portfolio Date: 9/30/2013 Consumer Consumer Information Telecom Energy % Materials % Industrials % Healthcare % Financials % Utilities % Discretionary % Staples % Technology % Services % Harding Loevner Global Equity Inst 7.22 6.04 10.19 14.08 13.28 9.42 18.89 20.59 0.27 0.00 MFS® Instl International Equity 3.98 9.48 11.73 16.72 15.77 8.85 20.59 10.62 1.36 0.92 Oppenheimer International Growth Y 5.31 5.02 20.40 18.27 12.30 9.77 5.99 17.99 4.96 0.00 MSCI EM NR USD US OE Diversified Emerging Mkts 10.28 7.81 6.63 9.85 12.34 2.30 25.54 14.67 8.28 2.30 Page 8 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Regional Exposure 60.0 58.1 54.4 50.0 47.1 40.0 36.5 34.1 28.3 28.7 30.0 23.0 21.5 16.5 17.6 15.9 20.0 12.5 10.1 11.0 10.0 7.9 7.8 7.7 8.0 7.4 6.1 5.1 4.2 3.1 3.1 2.2 2.7 2.3 2.5 2.0 2.8 1.3 0.6 0.7 0.6 0.1 0.5 1.5 1.5 0.7 1.2 1.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 Equity Region Equity Region Equity Region Asia Equity Region Asia Equity Region Equity Region Equity Region Equity Region Latin Equity Region Equity Region Africa/Middle East Australasia % dev % (Long emrg % (Long Europe dev % Europe emrg % Japan % (Long America % (Long North America % United Kingdom % % (Long Rescaled) (Long Rescaled) Rescaled) Rescaled) (Long Rescaled) (Long Rescaled) Rescaled) Rescaled) (Long Rescaled) (Long Rescaled) Harding Loevner Global Equity Inst MFS® Instl International Equity Oppenheimer International Growth Y MSCI EM NR USD US OE Diversified Emerging Mkts Holdings Statistics Portfolio Date: 9/30/2013 Equity Market Market Market Market Market Equity Equity Region Cap Cap Cap Cap Cap Region Region Not Giant % Large % Mid % Small % Micro % Developed % Emerging % Classified % Harding Loevner Global Equity Inst 48.17 27.60 24.23 0.00 0.00 94.44 5.56 0.00 MFS® Instl International Equity 63.53 33.50 2.96 0.00 0.00 95.15 4.85 0.00 Oppenheimer International Growth Y 28.59 28.64 37.99 4.77 0.02 96.38 3.62 0.00 MSCI EM NR USD 47.13 41.11 11.26 0.50 0.00 28.19 71.81 0.00 US OE Diversified Emerging Mkts 53.19 27.78 15.87 3.02 0.15 30.04 69.96 0.00 Page 9 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Expense Ratio Relative to Peer Group Manager Tenure Relative to Peer Group Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth 2.3 Harding Loevner Global Equity Inst 18.0 Harding Loevner Global Equity Inst 2.2 MFS® Instl International Equity MFS® Instl International Equity 2.1 16.0 Oppenheimer International Growth Y Oppenheimer International Growth Y 2.0 MSCI EAFE Large Growth NR USD 14.0 MSCI EAFE Large Growth NR USD 1.9 US OE Foreign Large Growth US OE Foreign Large Growth 1.8 12.0 1.7 1.6 10.0 1.5 1.4 8.0 1.3 6.0 1.2 1.1 4.0 1.0 0.9 2.0 0.8 0.7 0.0 Expense Ratio Manager Tenure (Longest) Fund Size Relative to Peer Group Turnover Ratio Relative to Peer Group Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth 15,000,000,000.0 Harding Loevner Global Equity Inst 180.0 Harding Loevner Global Equity Inst 14,000,000,000.0 MFS® Instl International Equity MFS® Instl International Equity 13,000,000,000.0 160.0 Oppenheimer International Growth Y Oppenheimer International Growth Y 12,000,000,000.0 MSCI EAFE Large Growth NR USD 140.0 MSCI EAFE Large Growth NR USD 11,000,000,000.0 US OE Foreign Large Growth US OE Foreign Large Growth 10,000,000,000.0 120.0 9,000,000,000.0 8,000,000,000.0 100.0 7,000,000,000.0 80.0 6,000,000,000.0 5,000,000,000.0 60.0 4,000,000,000.0 3,000,000,000.0 40.0 2,000,000,000.0 20.0 1,000,000,000.0 0.0 0.0 Fund Size Turnover Ratio % Page 10 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Snapshot Average Prospectus Morningstar Market Morningstar Net Inception Ticker Rating Cap Category Expense Date Overall (mil) Ratio (Long) Harding Loevner Global Equity Inst HLMVX US OE World Stock ÙÙÙ 0.95 38,180 11/3/2009 MFS® Instl International Equity MIEIX US OE Foreign Large Growth ÙÙÙÙ 0.74 41,496 1/30/1996 Oppenheimer International Growth Y OIGYX US OE Foreign Large Growth ÙÙÙÙÙ 0.93 14,159 9/7/2005 US OE Diversified Emerging Mkts Diversified Emerging Mkts ÙÙÙ 1.61 19,500 9/1/1989 Manager Manager Manager Advisor Subadvisor Ownership Name Level Harding Loevner Global Equity Inst Harding Loevner LP Multiple Multiple MFS® Instl International Equity Massachusetts Financial Services Co Multiple Multiple Oppenheimer International Growth Y OFI Global Asset Management OppenheimerFunds, Inc. Multiple Multiple Firm Firm % Firm % Firm % Firm % Firm % Firm Share Firm % Assets Firm Share Share Assets Manager Classes Assets Manager Average Classes Classes Manager Retention in Manager Investment Morningstar in Low in High Investment Rate 5 Average Investment Over Rating Fee Fee $500,001-$1 Year Fee $100,001-$500,000 $1 Overall Level Level million Level million Harding Loevner Global Equity Inst 94.56 0.00 30.00 40 69.69 0.00 26.37 4.11 MFS® Instl International Equity 94.04 20.80 22.63 13 36.28 7.05 40.96 3.32 Oppenheimer International Growth Y 87.64 28.62 21.85 10 13.03 11.17 61.44 3.25 US OE Diversified Emerging Mkts Page 11 of 12 Source: Morningstar Direct

Competitor Analysis | Foreign Large Growth Disclaimer This Milliman work product was prepared solely for the internal business use of Milliman clients. Milliman's work may not be provided to third parties without Milliman's prior written consent. The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to internal computer software and databases. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. These reports do not constitute investment advice with respect to the sale or disposition of individual securities. Unless explicitly stated in your Service Agreement, there should be no reliance on Milliman services to provide analysis or reporting on a daily basis, the changes to manager rankings, ratings or opinions thereon and are not intended to monitor investment manager compliance with individual security selection criteria, limits on security selection, and/or prohibitions to the holding of certain securities or security types. The One Year, Three Year, Five Year, and Ten Year rates of return are time- weighted annual rates. The One Month, Three Month, and Year to Date rates of return are rates for the period indicated. All returns include fund internal expenses, except sales charges, if any. The rates of return shown are for the mutual funds in which the retirement program participates, not for the plan specifically. Returns credited to individual accounts will vary due to the timing of contributions, transfers, and withdrawals. Past performance is no guarantee of future results. Milliman provides a copy of its SEC Form ADV Part II to clients without charge upon request. Milliman disclaims responsibility, financial or otherwise, for the accuracy or completeness of this report. Page 12 of 12 Source: Morningstar Direct