SPECIAL GENERAL EMPLOYEE PENSION PLAN BOARD PACKET

SPECIAL GENERAL EMPLOYEE PENSION PLAN BOARD AGENDA AUGUST 28, 2017 - 9:00 A.M. CITY HALL CONFERENCE ROOM 15 LOOCKERMAN PLAZA DOVER, DELAWARE 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. ADOPTION OF MINUTES A. JOINT GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OPEB BOARD MEETING OF FEBRUARY 9, 2017 B. JOINT GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OPEB BOARD MEETING OF APRIL 27, 2017 2. ORGANIZATIONAL ISSUE - ELECTION OF CHAIR 3. QUARTERLY PERFORMANCE REVIEW (STAFF RECOMMENDS ACCEPTANCE OF THE BELOW REPORTS) A. QUARTER ENDING MARCH 31, 2017 B. QUARTER ENDING JUNE 30, 2017 4. ANNUAL REVIEW OF INVESTMENT POLICY 5. EVALUATION OF REQUEST FOR PROPOSALS - CONSULTING AND ADVISORY SERVICES FOR THE CITY OF DOVER GENERAL EMPLOYEE PENSION TRUST, POLICE PENSION TRUST AND THE OTHER POST-EMPLOYMENT BENEFITS TRUST ASSETS (RFP #17-0036FN) 6. FUTURE MEETING DATES (STAFF RECOMMENDS SETTING DATES FOR NOVEMBER 9, 2017; FEBRUARY 8, 2018; APRIL 26, 2018; AND AUGUST 9, 2018) 7. ADJOURNMENT 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 AND OPEB\2017\08-28-2017 SPECIAL GENERAL EMPLOYEE PENSION PLAN BOARD AGENDA.WPD THE AGENDA ITEMS AS LISTED MAY NOT BE CONSIDERED IN SEQUENCE. PURSUANT TO 29 DEL. C. §10004(E)(2), THIS AGENDA IS SUBJECT TO CHANGE TO INCLUDE THE ADDITION OR THE DELETION OF ITEMS, INCLUDING EXECUTIVE SESSIONS, WHICH ARISE AT THE TIME OF THE MEETING.

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD A Joint Meeting of the General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board was held on February 9, 2017, at 9:05 a.m. with Mr. Koenig, Chair of the OPEB Board, presiding. Members present were Mr. Anderson, Mr. Gedney, Mrs. Mullaney, Mr. Gray, Mrs. Mitchell, and Mrs. Hawkins. Mr. Cole, Mr. Hosfelt, Mr. Lewis, Mr. Mullaney, Deputy Police Chief Mailey, Mr. Sigler, and Mrs. Tieman were absent. AGENDA ADDITIONS/DELETIONS Mrs. Mitchell advised that item #3, Update - Wells Fargo Business Relationship would be deferred, due to inclement weather. Mr. Anderson moved for approval of the agenda, seconded by Mrs. Mitchell and unanimously carried. ADOPTION OF MINUTES - JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OPEB BOARD MEETING - NOVEMBER 10, 2016 Mrs. Mitchell moved for adoption of the minutes of the Joint General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and OPEB Board Meeting of November 10, 2016 by the General Employee Pension Plan Board of Trustees. The motion was seconded by Mrs. Mullaney and unanimously carried. Mrs. Hawkins moved for adoption of the minutes of the Joint General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and OPEB Board Meeting of November 10, 2016 by the OPEB Board. The motion was seconded by Mrs. Mitchell and unanimously carried. Due to the lack of a quorum of members of the Police Pension Plan Retirement Committee, adoption of the minutes of the November 10, 2016 meeting will be considered during the Joint General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board Meeting of April 27, 2017. Quarterly Performance Reviews (Quarter Ending December 31, 2016) (Milliman, Inc.) Mr. Jeff Marzinsky, Principal and Employee Benefits Consultant, Milliman, Inc., reviewed the market conditions related to the investments held in the General Employee Pension Plan, Police Pension Plan, and Other Post-Employment Benefits (OPEB) Plan. Mr. Anderson noted that it was likely that the Federal Reserve would probably increase interest rates by1% or 100 basis points over the next year-and-a-half and asked if this would affect how heavily the City is invested in bonds. Responding, Mr. Marzinsky reminded members that a special situations bond fund had been added to the portfolios, noting that this fund tries to look for areas that will not be impacted by such increases and also tries to maintain a low level of duration. He advised members that government long bond funds have a duration of 10 to 13 years and decline steeply in

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF FEBRUARY 9, 2017 PAGE 2 value with a small increase in interest rates. Mr. Marzinsky stated that the longer the duration, the more effect there would be. He indicated that previously each of the portfolios had a long bond allocation of 8% to 10%, and this was cut in half approximately a year or year-and-a-half ago in anticipation of the Federal Reserve adjusting interest rates. Mr. Marzinsky stated that this was very important in the value of the portfolios, and Milliman would continue to watch this. Mr. Koenig questioned where the funds were moved to when the long bond allocation was cut in half. Responding, Mr. Marzinsky explained that these funds were allocated to the special situations bond fund. Referring to the Board Meeting notes for the General Employee Pension Plan, Police Pension Plan, and Other Post-Employment Benefits (OPEB) Plan, Mr. Marzinsky advised members that the Columbia Strategic Income Fund was added to the portfolios with a 5% target. Mr. Koenig asked if there are mandated terms on bonds or if any term can be selected for a bond. In response, Mr. Marzinsky explained that the policies for each of the funds have investment targets; however, the Columbia Strategic Income Fund has a fair amount of leeway and can go into a number of different areas. He indicated that there are specific guidelines that are followed, noting that the money market category has funds in cash; the short-term bond category includes investments in only in shorter-term bonds, whether government or corporate; and long-term bonds are invested only in longer duration bonds. Mr. Koenig questioned if there is a government definition for short-term bonds. Responding, Mr. Marzinsky advised that generally short-term bonds are from two (2) to three (3) years or shorter. He noted that ultra short bonds are approximately 90 days to six (6) months. Mr. Koenig asked if investments of 90 days to six (6) months would actually be bonds, and Mr. Marzinsky stated that investments that are this short would probably be more of a note, rather than a specific bond. Mr. Koenig asked if the word “bond” as a standard term usually means a year or longer, and Mr. Marzinsky stated yes. General Employee Pension Plan Mr. Marzinsky reviewed the Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2016. Referring to Page 11 - Investment Policy Review - Passive Management, Mr. Anderson asked what the Tracking Error is. Responding, Mr. Marzinsky explained that this statistic reflects differences from what the index is doing. He stated, for example, that if the index is going up and the tracking error is very low, this means there is no diversion in the returns; however, if the tracking error is a little high, this reflects a little difference in what the market or index is doing. Mr. Marzinsky noted that a beta of 1.0 and a low tracking error is desired, but occasionally some differences are seen. He pointed out some differences with the Vanguard Fund caused by a change in Vanguard’s underlying benchmark for the fund. Mr. Marzinsky advised that a couple years ago Vanguard changed their index for emerging market stock from the Morgan Stanley Capital International (MSCI) index to the Financial Times Stock Exchange (FTSE) index. He stated that there would be tracking error when the fund is compared only to the new index; however, he assured members that this would go away over time.

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF FEBRUARY 9, 2017 PAGE 3 Mr. Marzinsky reviewed the Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2016. Referring to Page 12 - Investment Option Return Summary for the General Employee Pension Plan;, Mr. Marzinsky stated that the five-year return was almost 7.25%, which was a pretty good return. Mr. Anderson moved to accept the Quarterly Investment Monitor Summary Report for the General Employee Pension Plan, seconded by Mrs. Mitchell and unanimously carried. Police Pension Plan Mr. Marzinsky reviewed the Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2016. Referring to Page 12 - Investment Option Return Summary for the Police Pension Plan; Mr. Marzinsky explained that the Police Pension Plan has the same investments as the General Employee Pension Plan, but because the plans have two (2) different demographic bases or groups of employees, they are viewed a little differently. He advised that they two (2) plans have slightly different asset allocations based on the allocation of retirees, and the projected benefit payments from the actuarial evaluations drive the asset allocations. Mr. Marzinsky noted that the return for the quarter was almost 0.06%, for the year approximately 10%, over a three-year time period approximately 5.7%, and over five (5) years more than 7%, which were pretty good returns. Mr. Koenig asked if there were any active employees in the Police Pension Plan, and Mrs. Mitchell responded that all members of that plan had retired. Mr. Koenig stated his understanding that the General Employee Pension Plan was closed but there were active employees still participating. Due to the lack of a quorum of members of the Police Pension Plan Retirement Committee, acceptance of the Quarterly Performance Review (Quarter Ending December 31, 2016) - Police Pension Plan will be considered during the Joint General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board Meeting of April 27, 2017. OPEB Plan Mr. Marzinsky reviewed the Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2016. Mr. Marzinsky stated that the OPEB plan was slightly different from the two (2) pension plans and was not paying out benefits at this point in time, noting that this plan was in the accumulation phase. Mrs. Mitchell clarified that the OPEB plan was paying benefits; however, they were coming out of the cash account rather than the investment account. Referring to the Board Meeting Notes for the City of Dover OPEB Plan, Mr. Marzinsky stated that there were a few different underlying investments in the OPEB plan, such as the Dodge & Cox Income Fund, because the prior investment advisor had developed a slightly different portfolio for this plan. Since Milliman liked these investments, they did not make any changes to them. Referring to Page 12 - Investment Option Return Summary of the Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2016 for the OPEB Plan, Mr. Marzinsky stated that the return was slightly over 1% for the quarter, almost 11% for the year, almost 6% for the three-year period, and approximately 8% over the five-year period. He indicated that this was

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF FEBRUARY 9, 2017 PAGE 4 a little more aggressive than the pension plans because there were no regular cash flows coming out of this investment account. Mr. Marzinsky stated that having positive years in the market would help to improve the funding status of the plan. Referring to the Board Meeting Notes, Mrs. Hawkins observed that contributions were made in July, September, and November, which appeared to be every other month, and asked if this was the normal routine. Responding, Mrs. Mitchell indicated that staff has a schedule and tries to make contributions quarterly; however, this depends on the cash flow in the funds and whether there are funds available to transfer. She noted that there may also be a difference in timing if there is a lump sum coming out of the budget. Mrs. Hawkins asked if the funds going into OPEB are being charged against payroll. Responding, Mrs. Mitchell explained that the transfers going into OPEB are being charged against each of the City’s funds. Mrs. Hawkins stated her understanding that when all employees are paid, there is a expense, which is the City’s contribution from its payroll. Mrs. Mitchell explained that the contribution from payroll goes to the cash account at the bank that is paying the premium. Mrs. Hawkins stated her understanding that she, as an individual, pays a certain amount of money from her paycheck for health insurance, the City pays the additional premium for health insurance, and these funds are used to pay the current expense of her health care. She noted that there is also an expense on her check stub that reflects that the City is contributing a certain percentage to the OPEB fund expense and asked what happens to these funds. Responding, Mrs. Mitchell explained that the amount of the OPEB expense listed on the employee’s pay stub goes into the OPEB fund and is used to pay the premiums. She stated that these contributions, plus any lump sum funds, go into the OPEB fund cash account. Mrs. Mitchell advised that premiums are taken out of the cash account to pay the bills, the leftover amount accumulates, and that is what is transferred to the fund’s investment account. Mr. Koenig stated his understanding that there is no premium for active employees. Mrs. Mitchell stated that there is a contribution that is a percentage of payroll. Mrs. Hawkins questioned if the percentage depended on the fund, and Mrs. Mitchell stated that it did. Mrs. Hawkins expressed her understanding that the July, September, and November contributions were the accumulation of all active employee contributions. Mr. Koenig advised that these contributions were the accumulation of additional cash that can be invested. Mrs. Mitchell indicated that the cash balance plus the investment balance is reflected in the City of Dover Comprehensive Annual Financial Report (CAFR), and all of the premiums paid out of that account are reflected as an expense.

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF FEBRUARY 9, 2017 PAGE 5 Mr. Koenig stated his understanding that employees hired since 2009 were not adding to the OPEB liability because the City is on a “pay as you go” basis. Mrs. Mitchell stated that this was not correct because the liability is amortized over the whole group and results in a net liability. Mrs. Hawkins questioned why Mr. Koenig had referenced the year 2009. Responding, Mr. Koenig advised that the OPEB fund was created in 2009. Mr. Koenig expressed his understanding that the City adjusts the calculation annually to make sure that the liability for the employees hired since 2009 is not increasing. Mrs. Mitchell confirmed this and stated that there are net gains and losses over the actuary assumption that are not all recognized within one (1) year but amortized over a five-year period. She stated that some of the gains being seen now will be grouped in with prior losses and amortized over five (5) years. Mrs. Mitchell advised that a couple of years ago there was close to a 17% increase from the State in premiums, and the next year there was a 6% increase. She noted that this was not included in the last actuarial valuation and would be included in the current valuation. Mrs. Mitchell explained that there had been some changes in Government Accounting Standards Board (GASB) standards that must be incorporated, noting that the mortality table had changed under actuary standards. In addition, she noted that the higher cost for retirees had formerly been socialized in the whole group; however, this implicit subsidy would now go away, and these changes would drive up the liability. Mrs. Hawkins questioned if it was the older retirees or the pre-65 retirees that were driving up the costs. Responding, Mrs. Mitchell stated her belief that it was the post-65 retirees. Mrs. Hawkins noted that Medicare is the primary provider for post-65 retirees, and Mrs. Mitchell explained that the medical experience is higher for these individuals. Mrs. Mitchell indicated that the pre-65 retirees are also part of what is driving up the costs, and police officers have the biggest impact because they can retire at age 55 or younger and may have a family premium. Mrs. Hawkins asked how it was known that the claims for 65 group are the highest and if this was based upon published statistical information, noting that the City’s own claims were not being collected. Mrs. Lori Peddicord, Assistant Controller/Treasurer, stated that the rates are received from the actuary from the State. Mrs. Hawkins stated that, during the last State Employees Benefit Committee meeting that she attended, it was stated that pre-65 retirees were the most expensive group, and retirees aged 65 and were less expensive because Medicare was picking up so much of their claims. Responding, Mrs. Mitchell stated that the premiums for post-65 retirees are less, but their claims are usually higher since they need more care than younger retirees. She reiterated that pre-65 retirees are also part of the problem of cost. Mr. Koenig questioned if there is a requirement that the funding plan be adjusted when there is a change in some of the assumptions, or if the figure for the liability just becomes more accurate. For example, he asked if the funding plan would have to be redone to match the higher liability if new standards were used that increased the City’s liability from$30M liability to $40M. Responding,

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF FEBRUARY 9, 2017 PAGE 6 Mrs. Mitchell advised that the City’s contribution would increase if this occurred. She noted that she would be talking with the auditor and actuary to see about mitigating some of this increase. Mrs. Hawkins stated that the change had been captured in the Retiree Eligibility for Healthcare meeting. She noted that, due to contract negotiations with the Dover Organization of Employees (DOE), new hires receive this benefit only for themselves. Mrs. Mitchell stated that the contractual increases that were in effect at the time the actuary did the study were included in the new analysis. She indicated that DOE contract was finalized on July 1, 2016. Mr. Koenig stated his understanding that DOE and FOP were also part of this, and Mrs. Mitchell confirmed this. Mr. Koenig asked if this would be footnoted somewhere, and Mrs. Mitchell stated that it would. Mrs. Hawkins expressed her hope that some of the contract negotiations would offset the new GASB rules. Mrs. Mitchell indicated that the implicit subsidy, mortality table, and rate increases had substantially increased the liability. Mrs. Hawkins stated that there should be a savings seen somewhere from having no contributions from the City for retiree dependents. Responding, Mrs. Mitchell indicated that this had been included; however, the cost still went up considerably. Mr. Anderson asked if any changes in investments were recommended. Responding, Mr. Marzinsky stated that no changes were recommended at this time. He reiterated that continued improvement and positive returns were being seen in equity markets. Mr. Marzinsky advised that interest rates had come down, so there were positive returns in bond investments. Mr. Anderson stated that the Dow and NASDAQ had set records. Mr. Marzinsky advised that the Dow reached 20,000, which was an informal milestone and a good thing. He also noted that the S & P was currently at 2,299; was inching close to 3,000; and may reach that number later in the day. [City Clerk’s Office Note: Subsequent to the meeting, Mr. Marzinsky clarified with the Clerk’s Office that his intent was to state that the S & P was inching close to 2,300.] By unanimous consent, the Quarterly Investment Monitor Summary Report for the OPEB Plan was accepted as presented. Mrs. Mullaney moved for adjournment, seconded by Mrs. Hawkins and unanimously carried. Meeting adjourned at 9:38 a.m. Scott D. Koenig Chair, OPEB Board SDK/JS S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Minutes\PENSION AND OPEB\2017\02-09-2017 Joint Civilian-Police Pension and OPEB Boards (revised to correct Page 6 S & P index total).wpd

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD A Joint Meeting of the General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board was held on April 27, 2017, at 9:03 a.m. with Mr. Mullaney, Chair of the Police Pension Plan Retirement Committee, presiding. Members present were Mr. Anderson, Mr. Cole, Mr. Gray, Mr. Rogers, Mr. Gedney, Mrs. Hawkins, Deputy Chief Mailey (departed at 9:22 a.m. and returned at 9:23 a.m.; departed at 9:25 a.m. and returned at 9:26 a.m.), and Mrs. Mitchell. Mr. Lewis, Mrs. Mullaney, and Mrs. Tieman were absent. AGENDA ADDITIONS/DELETIONS Mrs. Mitchell moved to amend the agenda to add a new agenda item #6, Update - Investment Advisory Services. The motion was seconded by Mr. Anderson and unanimously carried. Mrs. Mitchell moved for approval of the agenda as amended, seconded by Mr. Anderson and unanimously carried. ADOPTION OF MINUTES - JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OPEB BOARD MEETING - NOVEMBER 10, 2016 (POLICE PENSION RETIREMENT COMMITTEE) Due to the lack of a quorum of members of the Police Pension Plan Retirement Committee during the meeting of February 9, 2017, the minutes of the Joint General Employee Pension Plan Board, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board Meeting of November 10, 2016 were not adopted by the Committee. Mr. Gray moved for adoption of the minutes of the Joint General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and OPEB Board Meeting of November 10, 2016 by the Police Pension Plan Retirement Committee. The motion was seconded by Deputy Chief Mailey and unanimously carried. ADOPTION OF MINUTES - JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OPEB BOARD MEETING - FEBRUARY 9, 2017 Mr. Anderson moved for adoption of the minutes of the Joint General Employee Pension Plan Board of Trustees, Police Pension Plan Retirement Committee, and OPEB Board Meeting of February 9, 2017 by the Police Pension Plan Retirement Committee and the OPEB Board. The motion was seconded by Mr. Gray and unanimously carried. Due to the lack of a quorum of members of the General Employee Pension Plan Board of Trustees, adoption of the minutes of the February 9, 2017 meeting will be considered during the Joint General Employee Pension Plan Board, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board Meeting of August 10, 2017.

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF APRIL 27, 2017 PAGE 2 Quarterly Performance Review (Quarter Ending December 31, 2016) (Police Pension Retirement Committee) Due to the lack of a quorum of members of the Police Pension Plan Retirement Committee during their meeting of February 9, 2017, the Quarterly Performance Review for the Quarter Ending December 31, 2016 was not accepted by the Committee. Mr. Gray moved to accept the Quarterly Performance Review (Quarter Ending December 31, 2016) for the Police Pension Plan Retirement Committee. The motion was seconded by Mr. Rogers and unanimously carried. Election of Chair - OPEB Board Mr. Mullaney opened the floor for nominations for Chair of the OPEB Board. Mr. Cole moved to nominate Mrs. Mitchell to serve as Chair of the OPEB Board, seconded by Mrs. Hawkins. There being no further nominations, Mr. Mullaney closed the floor for nominations. By unanimous consent, Mrs. Mitchell was elected to serve as Chair of the OPEB Board. Quarterly Performance Reviews (Quarter Ending March 31, 2017) (Milliman, Inc.) Mr. Jeff Marzinsky, Principal and Employee Benefits Consultant, Milliman, Inc., reviewed the Market Commentary related to the investments held in the General Employee Pension Plan, Police Pension Plan, and Other Post-Employment Benefits (OPEB) Plan. General Employee Pension Plan Mr. Marzinsky advised that the returns for the General Employee Pension Plan were approximately 4.6 % net and 4.7% gross for the quarter, exceeding the benchmark by approximately 0.5%, and the return over the last year was almost 12.5%. He stated that no changes in the plan were recommended at this time. Due to the lack of a quorum of members of the General Employee Plan Board of Trustees, acceptance of the Quarterly Performance Review (Quarter Ending March 31, 2017) - General Employee Pension Plan will be considered during the Joint General Employee Pension Plan Board, Police Pension Plan Retirement Committee, and Other Post-Employment Benefits (OPEB) Board Meeting of August 10, 2017. Police Pension Plan Mr. Marzinsky advised that the return for the Police Pension Plan for the quarter was approximately 4.7%, which exceeded the benchmark of approximately 4.25%. He stated that the one-year return was 12.3%, exceeding the benchmark of 11.77%, and over a three-year period the return was almost 6.5%, exceeding the benchmark of 5.96%. Mr. Marzinsky indicated that no changes were recommended to the portfolio or any of the managers at this time.

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF APRIL 27, 2017 PAGE 3 Mr. Anderson moved for acceptance of the Quarterly Investment Monitor Summary Report for the Police Pension Plan, seconded by Mr. Gray and unanimously carried. OPEB Plan Mr. Marzinsky explained that the return for the OPEB plan for the quarter was approximately 4.5%, exceeding its benchmark of 4.1%. He stated that the return over the last year was almost 13%, exceeding the benchmark of 12.2%, and the return over the last three-year period was approximately 6.6%, compared to the benchmark of 6.3%. Mr. Marzinsky advised that no changes to the allocation or the managers were recommended at this time. Mr. Anderson stated that he was fascinated that both fixed income investments and equities were moving up simultaneously and asked if Mr. Marzinsky had any insight in this regard. Responding, Mr. Marzinsky noted that the Federal Reserve had raised interest rates, which caused an uptick in interest rates for shorter-term investments. He stated, however, that, collectively over the last couple of months, rates actually decreased slightly on intermediate and long-term bonds. Mr. Marzinsky advised that people were trying to generate yield returns on portfolios and were looking at some of the lower-rated funds, and he reminded members that the City’s portfolios include a high-yield fund. He noted that people were still actively investing in fixed income investments. Mr. Marzinsky indicated that there was a perception that at some point interest rates will start to pick up; however, this had not been seen across the board at this point. Mr. Marzinsky explained that the positive economic factors that he had mentioned earlier during his review of the Market Commentary, such as low unemployment, a good Consumer Price Index (CPI), and a good Gross Domestic Product (GDP), were driving the US markets. He noted that there had been a significant spike the day after the Presidential election. Mr. Marzinsky informed members that, since the election, there had been a perception in the markets that an adjustment in tax rates would help from a business perspective. He noted that a tax plan had come out on April 26, 2017; however, it was a one-page plan, and the markets, which had been up about four (4) or five (5) points on the S & P 500, dropped by the end of the day. Mr. Marzinsky advised that uncertainty, such as the recent launch of a test missile by Korea and the Brexit announcement last June, causes volatility and potential negative returns, noting that markets declined 400 to 500 points when Brexit was announced. Mr. Marzinsky indicated that a lot of good news was currently driving the markets. Mrs. Mitchell moved for acceptance of the Quarterly Investment Monitor Summary Report for the OPEB Plan, seconded by Mr. Cole and unanimously carried. Update - Wells Fargo Business Relationship Ms. Lauryn Hays, Regional Director, Philadelphia area, Wells Fargo, advised members that approximately seven (7) months ago there was a settlement announcement regarding Wells Fargo community retail banks, which are their banks with large red and yellow Wells Fargo labels. She explained that Wells Fargo’s compensation structure had enhanced compensation for their

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF APRIL 27, 2017 PAGE 4 employees who did cross-selling. Ms. Hays stated that if a branch customer signed up for a checking account but did not want a debit card, a Wells Fargo employee may have opened a debit card for the customer without their consent and closed it out the next day in order to receive credit and compensation for selling a debit card. Ms. Hays advised that this had been going on for a few years, and Wells Fargo launched an internal investigation to get to the root cause. Ms. Hays informed members that there had been significant changes at Wells Fargo since that time, noting that Mr. John Stumpf, their former CEO, had retired early, and the head of community banking also left the organization. She stated that much of Wells Fargo’s stock had been clawed back in order to re-compensate shareholders and customers. Ms. Hays indicated that their focus had been on making whole those customers who were impacted, and Wells Fargo paid a settlement of approximately $2.6M in September affecting more than 1,300 customers. Ms. Hays noted that the organization’s structure had been changed, so that the CEO and Chairman of the Board are now two (2) separate individuals. She noted that previously each business area was treated as a separate entity, and there was no reporting structure that went to the top. Ms. Hays noted that there was now oversight, and the risk of a recurrence at Wells Fargo had been minimized. She indicated that, from an employee standpoint, they had introduced an easier way to report issues and ensure that they are attended to. Ms. Hays advised that the area of the organization that was involved is separate from the business areas. Ms. Hays apologized for Wells Fargo finding itself in its position, noting that they had lost the trust of their customers. She indicated that some team members were working hard to try to restore trust by changing things fundamentally and being more transparent. Ms. Hays indicated that, since February, an independent investigation report with details of the findings had been released and was available on the Wells Fargo website. Ms. Hays explained that her verbal statement was a summary of this report. She assured members that retirement assets were held separately from commercial banking assets and bankers at no time had access to City employees’ information. Ms. Hays noted that although this was a Wells Fargo issue, it was concentrated in commercial banking. Update - Investment Advisory Services Mrs. Donna Mitchell, Acting City Manager, explained that the City’s agreement with Milliman, Inc. for investment advisory services would expire in August 2017, noting that there had been two (2) one-year extensions of the agreement. She stated that she wanted members to be aware that staff would be reviewing proposals and would make a recommendation during the next meeting. Mrs. Mitchell asked members to contact staff if they would like to review the proposals or provide input in the next couple of weeks. She indicated that proposals for banking services would be reviewed simultaneously, noting that the August meeting is typically members’ longest meeting. Mr. Mullaney asked if staff would let members know their recommendation beforehand, noting that this may make the August meeting go more smoothly. Responding, Mrs. Mitchell indicated that staff usually does an analysis and this could be sent out to members beforehand.

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD OF TRUSTEES, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD MEETING OF APRIL 27, 2017 PAGE 5 Mr. Gray moved for adjournment, seconded by Mr. Rogers and unanimously carried. Meeting adjourned at 9:40 a.m. Timothy P. Mullaney, Sr. Chair, Police Pension Plan Retirement Committee TPM/JS/dd S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Minutes\PENSION AND OPEB\2017\04-27-2017 Joint Civilian-Police Pension and OPEB Boards.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 Employees’ Pension Plan – Board From: Jeff Marzinsky – Milliman Re: Board Meeting Notes Enclosures: Milliman Quarterly Investment Monitor Report (QIM) 1. General Employees’ Pension Plan Investment Review through quarter end: a. As of quarter end, the plan had approximately $38.1 million in assets, up from $36.6 million at the prior quarter end. During the quarter, the plan had contributions of $775 thousand, withdrawals/payments of approximately $948 thousand, and fees of approximately $4.2 thousand. b. Total performance of the plan portfolio was 4.64% net (4.71% gross) for the quarter, outperforming the Plan’s benchmark index performance of 4.27%. City of Dover General Employees Pension Plan Quarterly Return Summary CIVILIAN- CIVILIAN-NET GROSS Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 4/30/2016 $ 33,570,860.03 $ 765,000.00 $ 308,211.06 $ 1,302.73 $ 238,784.41 $ 34,265,130.65 0.71% 0.74% 5/31/2016 $ 34,265,130.65 $ - $ 308,211.06 $ 1,315.95 $ 204,857.29 $ 34,160,460.93 0.60% 0.63% 6/30/2016 $ 34,160,460.93 $ 1,275,000.00 $ 308,211.06 $ 1,320.77 $ 425,395.16 $ 35,551,324.26 1.22% 1.25% 7/31/2016 $ 35,549,521.91 $ 340,000.00 $ 308,154.32 $ 1,346.60 $ 1,221,321.08 $ 36,801,342.07 3.46% 3.48% 8/31/2016 $ 36,801,342.07 $ - $ 312,368.20 $ 1,377.13 $ 54,667.61 $ 36,542,264.35 0.15% 0.17% 9/30/2016 $ 36,542,264.35 $ 360,000.00 $ 309,988.73 $ 1,383.29 $ 107,520.48 $ 36,698,412.81 0.29% 0.32% 10/31/2016 $ 36,698,412.81 $ - $ 309,049.81 $ 1,383.53 $ (680,750.95) $ 35,707,228.52 -1.87% -1.85% 11/30/2016 $ 35,707,228.52 $ 650,000.00 $ 309,131.51 $ 1,373.56 $ 265,068.87 $ 36,311,792.32 0.74% 0.76% 12/31/2016 $ 36,311,792.32 $ - $ 308,694.24 $ 1,367.62 $ 620,059.73 $ 36,621,790.19 1.72% 1.74% 1/31/2017 $ 36,621,790.19 $ - $ 307,954.76 $ 1,372.41 $ 630,126.80 $ 36,942,589.82 1.73% 1.76% 2/28/2017 $ 36,942,589.82 $ 775,000.00 $ 327,204.26 $ - $ 903,123.55 $ 38,293,509.11 2.45% 2.47% 3/31/2017 $ 38,293,509.11 $ - $ 313,319.15 $ 2,826.17 $ 152,186.03 $ 38,129,549.82 0.40% 0.42% $ 775,000.00 $ 948,478.17 $ 4,198.58 $ 1,685,436.38 Quarterly Return 4.64% 4.71% $ 4,165,000.00 $ 3,730,498.16 $ 16,369.76 $ 4,142,360.06 One Year Return 12.15% 12.46% c. The chart below describes the current target allocation for the plan. Fund Target Allocation with Category Description Category Investment Name Additional Asset Classes Asset Allocation Range Money Market CA Wells Fargo Advtg Treas Plus MMkt 4.50% 0-12%; target 7% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 2.50% 0-12%; target 7% Cash + STB Non-traditional bond NTB Columbia Strategic Income 5.00% 0-10%; target of 5% NTB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 5.00% 0-10%; target of 5% TIPS Intermediate Term Bonds INTB Vanguard Intermediate Bond 5.00% 0-10%; target 5% INTB Long Term Bonds LTB PIMCO Long Duration 2.50% 0-10%; target 5% LTB Long Term Bonds LTB Vanguard Long Duration 2.50% 0-10%; target 5% LTB High Yield Bond HYB Prudential High Yield 6.00% 1-11%; target 6% HYB Large Cap Value LCV Vanguard Equity Income 11.00% 6-16%; target 11% LCV Large Cap Growth LCG Vanguard Primecap 6.57% CLOSED - no longer accepting contributions Large Cap Growth LCG Vanguard Growth Index 7.43% 9-19%; target 14% LCG Mid Cap MCB Vanguard Mid Cap Index 3.00% 1-11%; target 6% MC Mid Cap MCV Vanguard Mid Cap Value Index 3.00% 1-11%; target 6% MC Small Cap SCV Prudential Small Cap Val 7.00% 0-10%; target 7% SC Real Estate Investment REIT Vanguard REIT Index 8.00% 3-13%; target 8% REIT Foreign Equity GLB American Funds New Perspective 6.00% 6-18%; target 12% FOR Foreign Equity FLG Oppenheimber International Growth Y 6.00% 6-18%; target 12% FOR Emerging Markets EMG Vanguard Emerging Mkts 9.00% 4-14%; target 9% Emg Mkts Offices in Principal Cities Worldwide DOCUMENT PAGE 1

Meeting Notes Page 2 d. The majority of plan investments have performance and rankings generally in line with their peer groups and benchmarks, as well as risk analytics that rank well to their peer groups. There are no recommended changes or adjustments to the plan investments or portfolio at this time. 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, Morningstar. 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. This report does 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. 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 DOCUMENT PAGE 2

Quarterly Investment Monitor Summary Report for the Quarter Ending March 31, 2017 Prepared for City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 3

Quarterly Investment Monitor Contents Section A: Market Commentary Section B: Performance Summary Section C: Core Fund Review Section D: Glossary City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 4 2

Quarterly Investment Monitor Market Indices - 1st Quarter 2017 3 6 1 3 5 10 Index YTD Months Months Year Years Years Years BofAML US Treasury Bill 3 Mon 0.10 0.10 0.19 0.36 0.17 0.14 0.68 Barclays US Govt 1-3 Yr TR USD 0.28 0.28 -0.17 0.25 0.74 0.65 2.07 Barclays US Treasury US TIPS TR USD 1.26 1.26 -1.18 1.48 2.03 0.97 4.24 Barclays US Agg Float Adj TR USD 0.85 0.85 -2.23 0.49 2.65 2.35 NA Barclays US Govt/Credit Interm TR USD 0.78 0.78 -1.30 0.42 2.01 1.88 3.76 Barclays US Government Long TR USD 1.45 1.45 -10.22 -4.78 5.81 4.05 6.65 Barclays US Long Credit TR USD 1.66 1.66 -3.83 4.89 5.40 5.38 6.94 Barclays US Corporate High Yield TR USD 2.70 2.70 4.50 16.39 4.56 6.82 7.46 DJ Industrial Average TR USD 5.19 5.19 14.30 19.91 10.61 12.15 8.10 S&P 500 TR 6.07 6.07 10.12 17.17 10.37 13.30 7.51 NASDAQ Composite TR USD 10.13 10.13 11.95 22.88 13.43 15.28 10.52 Russell 1000 Value TR USD 3.27 3.27 10.16 19.22 8.67 13.13 5.93 Russell 1000 TR USD 6.03 6.03 10.09 17.43 9.98 13.26 7.58 Russell 1000 Growth TR USD 8.91 8.91 10.01 15.76 11.27 13.32 9.13 Russell 2000 Value TR USD -0.13 -0.13 13.93 29.37 7.62 12.54 6.09 Russell 2000 TR USD 2.47 2.47 11.52 26.22 7.22 12.35 7.12 Russell 2000 Growth TR USD 5.35 5.35 9.11 23.03 6.72 12.10 8.05 MSCI EAFE NR USD 7.25 7.25 6.48 11.67 0.50 5.83 1.05 MSCI EAFE Small Cap NR USD 7.97 7.97 4.89 10.99 3.60 9.20 3.03 MSCI EM NR USD 11.45 11.45 6.80 17.21 1.18 0.81 2.72 FTSE NAREIT All REITs TR 2.97 2.97 -0.04 6.30 10.46 10.45 4.79 City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 5 3

Quarterly Investment Monitor Broad Market Commentary - 1st Quarter 2017 Broad Markets - Quarter Broad Markets - Five Years Jan-17 - Mar-17 Mar-12 - Mar-17 11 220 10 200 9 8 180 Total Return, % Growth of $100 7 160 6 5 140 4 3 120 2 100 1 0 80 Jan-17 - Mar-17 Mar-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Mar-17 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 · Markets continued their upward movements and optimism into the first quarter of 2017. · U.S. stocks were up 6.07% on the continued prospects of lower taxes and regulatory rollback stemming from the Republican agenda. · Global markets followed the U.S. lead with international developed and emerging markets rising as well. · The Federal Reserve increased the benchmark short term interest rate by another 25 basis points indicating a strengthening labor market and moderately expanding economic activity. · Total employment increased by 437,159 jobs this quarter and the unemployment rate declined from 4.7% to 4.5% as workers re-entered the labor market. · The price of oil declined slightly from $52 to $50 a barrel during the quarter. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 6 4

Quarterly Investment Monitor US Fixed Income Market Commentary - 1st Quarter 2017 US Fixed Income - Quarter US Fixed Income - Five Years Jan-17 - Mar-17 Mar-12 - Mar-17 3 140 135 130 Growth of $100 125 Total Return, % 2 120 115 1 110 105 100 95 0 Mar-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Mar-17 Jan-17 - Mar-17 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 Federal Reserve increased the Federal Funds Rate, which serves as the benchmark for short-term rates, by 25 basis points · Yields on shorter-term Treasuries rose in response to the Fed interest rate adjustment. · Intermediate and Long-term bonds posted positive returns for the quarter, with the BBgBarc US Govt/Credit Intermediate Term up 0.78% and the Govt/Credit Long Term up 1.58%. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 7 5

Quarterly Investment Monitor US Equity Market Commentary - 1st Quarter 2017 US Equity - Quarter US Equity - Five Years Jan-17 - Mar-17 Mar-12 - Mar-17 9 190 8 180 7 170 6 160 Total Return, % Growth of $100 5 150 4 140 3 130 2 120 1 110 0 100 -1 90 Jan-17 - Mar-17 Mar-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Mar-17 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 domestic equities indices posted a gain for the quarter. The Russell 2000 Value, however, posted a slight decline. · REITs posted a slight gain for the quarter, rising 0.68%. · Energy and telecom services were the worst performing sectors during the quarter, down 7.30% and 5.10%, while information technology and consumer discretionary posted a positive gain, up 12.2% and 8.1% respectively. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 8 6

Quarterly Investment Monitor International Market Commentary - 1st Quarter 2017 International - Quarter Jan-17 - Mar-17 12 International - Five Years Total Return, % 10 8 Mar-12 - Mar-17 6 160 4 2 150 0 140 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD 130 Growth of $100 MSCI EM NR USD 120 Regional Performance - Quarter Jan-17 - Mar-17 110 14 100 12 Total Return, % 10 90 8 80 6 4 70 Mar-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Mar-17 2 0 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD MSCI EM NR USD 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 · During the quarter, the Brexit issue came into light, as the UK discussed next steps in its departure from the EU. However, global markets followed the U.S. markets in their upward movement. · For the quarter, the EAFE Index was up 7.25% and the Emerging Markets Index was up 11.45%. · Small-cap international stocks performed well, outpacing larger cap international stocks, with a return of 13.02%. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 9 7

Quarterly Investment Monitor Data as of 03/31/2017 Performance Summary City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 10 8

Quarterly Investment Monitor Data as of 03/31/2017 Asset Allocation Balances As of Percent As of Balances As of Percent As of Notes 03/31/2017 03/31/2017 12/31/2016 12/31/2016 Wells Fargo Treasury Plus MMkt Inst $1,704,598 4.47% $1,642,035 4.48% PISXX Vanguard Short-Term Bond Index Adm $953,028 2.50% $913,833 2.50% VBIRX Vanguard Inflation-Protected Secs I $1,913,103 5.02% $1,839,498 5.02% VIPIX Vanguard Interm-Term Bond Index Adm $1,917,516 5.03% $1,837,583 5.02% VBILX Columbia Strategic Income Y $1,917,531 5.03% $1,826,737 4.99% CPHUX Vanguard Long-Term Bond Index Instl $967,229 2.54% $930,059 2.54% VBLLX PIMCO Long Duration Total Return Instl $965,419 2.53% $971,074 2.65% PLRIX Prudential High-Yield Z $2,313,585 6.07% $2,198,289 6.00% PHYZX Vanguard Equity-Income Adm $4,141,225 10.86% $4,004,705 10.93% VEIRX Vanguard PRIMECAP Core Inv $2,471,814 6.48% $2,300,664 6.28% VPCCX Vanguard Growth Index Admiral $2,819,978 7.39% $2,758,801 7.53% VIGAX Vanguard Mid-Cap Value Index Admiral $1,133,843 2.97% $1,079,541 2.95% VMVAX Vanguard Mid Cap Index Admiral $1,134,331 2.97% $1,080,592 2.95% VIMAX Prudential QMA Small-Cap Value Z $2,655,261 6.96% $2,565,564 7.01% TASVX Oppenheimer International Growth Y $2,316,537 6.07% $2,243,267 6.13% OIGYX American Funds New Perspective R6 $2,288,393 6.00% $2,165,094 5.91% RNPGX Vanguard Emerging Mkts Stock Idx Instl $3,444,866 9.03% $3,273,929 8.94% VEMIX Vanguard REIT Index Institutional $3,075,499 8.07% $2,992,130 8.17% VGSNX Plan Total $38,133,756 $36,623,395 City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 11 9

Quarterly Investment Monitor Data as of 03/31/2017 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 6 7 0.04 0.00 1.03 1.04 7 4 12 10 Columbia Strategic Income Y 13 5 4.31 4.11 0.77 0.87 12 24 6 30 PIMCO Long Duration Total Return Instl 11 56 0.54 0.47 1.01 1.00 44 44 78 78 Prudential High-Yield Z 7 12 0.32 -0.06 0.94 0.95 18 16 25 16 Vanguard Equity-Income Adm 5 16 0.96 -0.16 0.92 0.91 6 3 6 2 Vanguard PRIMECAP Core Inv 9 3 0.11 2.39 1.04 1.01 9 9 1 1 Prudential QMA Small-Cap Value Z 9 27 1.25 0.40 1.05 1.02 23 22 50 45 Oppenheimer International Growth Y 54 16 -1.04 0.78 0.99 0.99 53 53 17 14 American Funds New Perspective R6 13 14 1.81 2.29 0.98 0.98 13 12 18 10 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 General Employee Pension Plan DOCUMENT PAGE 12 10

Quarterly Investment Monitor Data as of 03/31/2017 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 Adm -0.12 -0.12 1.03 0.16 1.01 0.15 0.09 Vanguard Interm-Term Bond Index Adm -0.11 -0.07 1.04 0.36 1.03 0.39 0.09 Vanguard Long-Term Bond Index Instl 0.03 0.05 1.04 0.81 1.03 0.81 0.06 Vanguard Growth Index Admiral -0.06 0.27 1.00 0.03 1.00 0.29 0.08 Vanguard Mid-Cap Value Index Admiral -0.04 -0.15 1.00 0.04 1.00 0.40 0.08 Vanguard Mid Cap Index Admiral -0.05 -0.16 1.00 0.03 1.00 0.25 0.08 Vanguard Emerging Mkts Stock Idx Instl -0.57 -0.62 0.98 2.36 1.00 2.33 0.11 Vanguard REIT Index Institutional 1.29 1.26 1.00 0.26 1.00 0.24 0.10 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 General Employee Pension Plan DOCUMENT PAGE 13 11

Quarterly Investment Monitor Data as of 03/31/2017 Investment Option Return Summary Asset Fund 3 1 3 5 10 Mstar Expense YTD Ticker Class Name Months Year Years Years Years Rating Ratio Money Market-Taxable Wells Fargo Treasury Plus MMkt Inst 0.10 0.10 0.25 0.10 0.06 0.54 PISXX NA 0.20 BofA ML 91-day Tbill Auction Avg 0.10 0.10 0.36 0.17 0.14 0.68 N/A NA NA Short-term Bond Vanguard Short-Term Bond Index Adm 0.49 0.49 0.38 1.25 1.18 2.89 VBIRX 4.00 0.09 BBgBarc US 1-5Y GovCredit FlAdj TR USD 0.57 0.57 0.52 1.38 1.30 NA N/A NA NA Inflation-Protected Bond Vanguard Inflation-Protected Secs I 1.38 1.38 1.43 2.07 0.98 4.14 VIPIX 5.00 0.07 BBgBarc US Treasury US TIPS TR USD 1.26 1.26 1.48 2.03 0.97 4.24 N/A NA NA Intermediate-term Bond Vanguard Interm-Term Bond Index Adm 1.28 1.28 0.08 3.24 2.98 5.34 VBILX 5.00 0.09 BBgBarc US 5-10Y GovCredit FlAdj TR USD 1.18 1.18 0.24 3.35 3.05 NA N/A NA NA Nontraditional Bond Columbia Strategic Income Y 1.82 1.82 7.84 3.92 4.50 5.66 CPHUX 4.00 0.62 BBgBarc Global Aggregate TR USD 1.76 1.76 (1.90) (0.39) 0.38 3.34 N/A NA NA Long-term Bond Vanguard Long-Term Bond Index Instl 1.80 1.80 0.93 5.50 4.90 6.99 VBLLX 3.00 0.06 Long-term Bond PIMCO Long Duration Total Return Instl 3.06 3.06 3.52 6.00 5.31 7.92 PLRIX 4.00 0.50 BB Long Government/Credit 1.58 1.58 0.98 5.47 4.84 6.92 N/A NA NA High Yield Bond Prudential High-Yield Z 2.93 2.93 14.84 4.89 6.76 7.31 PHYZX 5.00 0.57 BB High Yield Corporate Bond 2.70 2.70 16.39 4.56 6.82 7.46 N/A NA NA Large Value Vanguard Equity-Income Adm 4.56 4.56 15.94 9.63 12.97 7.85 VEIRX 5.00 0.17 Russell 1000 Value Index 3.27 3.27 19.22 8.67 13.13 5.93 N/A NA NA Large Growth Vanguard PRIMECAP Core Inv 7.44 7.44 21.23 11.38 15.71 9.92 VPCCX 5.00 0.46 Russell 1000 Growth Index 8.91 8.91 15.76 11.27 13.32 9.13 N/A NA NA Large Growth Vanguard Growth Index Admiral 9.59 9.59 15.91 10.65 12.91 9.00 VIGAX 4.00 0.08 CRSP US Large Cap Growth TR USD 9.62 9.62 15.95 10.71 12.64 NA N/A NA NA Mid-Cap Value Vanguard Mid-Cap Value Index Admiral 5.40 5.40 19.49 9.39 14.32 7.80 VMVAX 5.00 0.08 CRSP US Mid Cap Value TR USD 5.42 5.42 19.57 9.44 14.47 NA N/A NA NA Mid-Cap Blend Vanguard Mid Cap Index Admiral 6.19 6.19 16.74 8.68 12.88 7.82 VIMAX 4.00 0.08 CRSP US Mid Cap TR USD 6.20 6.20 16.79 8.73 13.04 NA N/A NA NA Small Value Prudential QMA Small-Cap Value Z (0.83) (0.83) 29.89 8.87 12.94 8.46 TASVX 5.00 0.73 Russell 2000 Value Index (0.13) (0.13) 29.37 7.62 12.54 6.09 N/A NA NA Foreign Large Growth Oppenheimer International Growth Y 7.70 7.70 4.38 0.15 6.48 3.90 OIGYX 4.00 0.89 MSCI EAFE Large Growth NR USD 8.50 8.50 7.44 1.19 5.71 2.18 N/A NA NA World Stock American Funds New Perspective R6 9.60 9.60 14.74 6.89 10.66 6.82 RNPGX 5.00 0.45 MSCI AC World Index ND USD 6.91 6.91 15.04 5.08 8.37 4.00 N/A NA NA Diversified Emerging Mkts Vanguard Emerging Mkts Stock Idx Instl 10.89 10.89 17.60 1.94 0.91 2.75 VEMIX 3.00 0.11 FTSE EMs AC China A Incl (US RIC) NR USD 10.10 10.10 16.71 2.51 1.53 3.24 N/A NA NA Real Estate Vanguard REIT Index Institutional 0.96 0.96 3.09 9.96 9.75 5.00 VGSNX 4.00 0.10 MSCI US REIT NR USD 0.68 0.68 1.89 8.67 8.49 3.33 N/A NA NA Total Plan CIVILIAN-GROSS RETURN 4.71 4.71 12.46 6.62 6.95 5.27 N/A NA NA Total Plan CIVILIAN-NET RETURN 4.64 4.64 12.15 6.32 6.65 4.89 N/A NA NA Employee Plan Policy Index 4.27 4.27 11.78 6.00 6.91 4.99 N/A NA NA City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 14 12

Quarterly Investment Monitor Data as of 03/31/2017 U.S. Fixed Income Style Map 36 Month moving average, Apr-12 - Mar-17 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 Adm Vanguard Inflation-Protected Secs I Vanguard Interm-Term Bond Index Adm Columbia Strategic Income Y Vanguard Long-Term Bond Index Instl PIMCO Long Duration Total Return Instl Prudential High-Yield Z City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 15 13

Quarterly Investment Monitor Data as of 03/31/2017 U.S. Equity Style Map 36 Month moving average, Apr-12 - Mar-17 LgValue LgGrowth Small - Large MidValue MidGrowth SmValue SmGrowth Value - Growth S&P/BARRA Style Indices Vanguard Equity-Income Adm Vanguard PRIMECAP Core Inv Vanguard Growth Index Admiral Vanguard Mid-Cap Value Index Admiral Vanguard Mid Cap Index Admiral Prudential QMA Small-Cap Value Z Vanguard REIT Index Institutional City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 16 14

Quarterly Investment Monitor Data as of 03/31/2017 International Equity Style Map 36 Month moving average, Apr-12 - Mar-17 Europe Large Asia Pacific Large Small - Large Europe Small Asia Pacific Small European Emerging Asia Pacific Emerging Europe - Asia SBI Equity Indices Oppenheimer International Growth Y American Funds New Perspective R6 Vanguard Emerging Mkts Stock Idx Instl City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 17 15

Quarterly Investment Monitor Data as of 03/31/2017 Core Fund Review City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 18 16

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Short-Term Bond Index Adm 1.31 Portfolio Information Investment Strategy Summary 13.59 % Cash Ticker VBIRX % US Stocks The investment seeks to track the performance of a market-weighted bond index with a Morningstar Category Short-term Bond % Bonds short-term dollar-weighted average maturity. The fund employs an indexing investment Avg Mkt Cap $MM NA % Non-US Stocks approach designed to track the performance of the Bloomberg Barclays U.S. 1-5 Year Cat Med Mkt Cap $MM 40950.69 % Pref Government/Credit Float Adjusted Index. This index includes all medium and larger issues of Net Assets $MM 48421.00 U.S. government, investment-grade corporate, and investment-grade international % Conv Turnover Ratio 51.00 dollar-denominated bonds that have maturities between 1 and 5 years and are publicly % Other % Assets in Top 10 Holdings 13.94 issued. All of its investments will be selected through the sampling process, and at least % Non-US Bonds Total Number of Holdings 2489.00 80% of its assets will be invested in bonds held in the index. Manager Name Joshua C. Barrickman 85.09 Manager Tenure 4.10 _________________________________________________________________________ Fund Incept Date 03/01/1994 Prospectus Exp Ratio 0.09 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 1.31 6 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 85.09 % United Kingdom NA % Non-US Stocks 0.00 5 % Eurozone NA % Pref 0.01 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro NA % Conv 0.00 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 13.59 % Rank Cat 3 Yr 38 4 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 56 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA 3 % Rank Cat 10 Yr 26 % Asia - Emerging NA 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials NA Avg Eff Duration 2.68 2 225 % Communication Services NA Effective Maturity 2.80 1 % Consumer Cyclical NA Avg Credit Quality AA 200 % Consumer Defensive NA AAA 70.13 % Healthcare NA AA 5.56 % Industrials NA A 11.60 175 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 12.70 % Technology NA BB 0.00 150 % Energy NA B 0.00 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.01 Median to 75th Percentile 75th to 95th Percentile % Utilities NA NR/NA 0.00 Ratio 125 Vanguard Short-Term Bond Index Adm BBgBarc US 1-5Y GovCredit FlAdj TR USD 1 Turnover 100 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Note 1.375% 1.52% 75 Vanguard Short-Term Bond Index Adm 0.49 0.49 0.38 1.25 1.18 US Treasury Note 1.25% 1.49% BBgBarc US 1-5Y GovCredit FlAdj TR USD 0.57 0.57 0.52 1.38 1.30 US Treasury Note 1.25% 1.43% Universe(5%) 1.00 1.00 5.46 2.13 2.87 50 US Treasury Note 1.5% 1.42% Universe(25%) 0.73 0.73 2.16 1.48 1.80 US Treasury Note 1.875% 1.41% Universe(Median) 0.59 0.59 1.62 1.14 1.43 US Treasury Note 1.125% 1.41% 25 Universe(75%) 0.46 0.46 0.80 0.88 1.04 US Treasury Note 1.375% 1.36% Universe(95%) 0.29 0.29 0.16 0.49 0.51 US Treasury Note 1.625% 1.35% US Treasury Note 1.125% 1.30% 0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Note 1.25% 1.25% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 19 17

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Short-Term Bond Index Adm 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 -5 100 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -10 Up/Down Market Capture Ratio -15 Apr-14 - Mar-17 350 -20 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 300 Up Mkt Capture Ratio, % Vanguard Short-Term Bond Index Adm BBgBarc US 1-5Y GovCredit FlAdj TR USD 250 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 200 Vanguard Short-Term Bond Index Adm 7.31 5.51 4.38 4.03 3.08 2.05 0.17 1.26 0.92 1.49 150 BBgBarc US 1-5Y GovCredit FlAdj TR USD NA NA NA 4.08 3.13 2.24 0.29 1.43 0.97 1.57 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 2 3 3 0 -250 -200 -150 -100 -50 0 50 100 150 200 Down Mkt Capture Ratio, % Excess Annualized StdDev, % Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Adm Total Annualized StdDev, % 1 2 2 BBgBarc US 1-5Y GovCredit FlAdj TR USD Sharpe Ratio Alpha, % 1 Return vs. Risk 0 1 1 Apr-14 - Mar-17 12 10 Total Annualized Return, % -1 0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard Short-Term Bond Index Adm BBgBarc US 1-5Y GovCredit FlAdj TR USD 4 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 Vanguard Short-Term Bond Index Adm -0.15 1.03 98.79 0.79 1.38 0.16 0 BBgBarc US 1-5Y GovCredit FlAdj TR USD 0.00 1.00 100.00 0.90 1.34 0.00 Universe(5%) 1.38 1.06 93.98 1.68 2.66 2.95 -2 0 2 4 6 8 10 12 14 Universe(25%) 0.65 0.62 80.72 1.30 1.31 1.14 Universe(Median) 0.38 0.52 63.84 0.98 0.92 0.86 Total Annualized StdDev, % Universe(75%) 0.03 0.41 36.06 0.72 0.76 0.69 Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Adm Universe(95%) -0.61 0.18 3.92 0.31 0.51 0.58 Cash BBgBarc US 1-5Y GovCredit FlAdj TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 20 18

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Inflation-Protected Secs I Portfolio Information Investment Strategy Summary % Cash Ticker VIPIX % US Stocks The investment seeks to provide inflation protection and income consistent with investment Morningstar Category Inflation-Protected Bond % Bonds in inflation-indexed securities. The fund invests at least 80% of its assets in Avg Mkt Cap $MM NA % Non-US Stocks inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, Cat Med Mkt Cap $MM 11005.49 % Pref and corporations. It may invest in bonds of any maturity; however, its dollar-weighted Net Assets $MM 26832.00 average maturity is expected to be in the range of 7 to 20 years. At a minimum, all bonds % Conv Turnover Ratio 27.00 purchased by the fund will be rated investment-grade or, if unrated, will be considered by % Other % Assets in Top 10 Holdings 43.44 the advisor to be investment-grade. % Non-US Bonds Total Number of Holdings 37.00 Manager Name Gemma Wright-Casparius _________________________________________________________________________ Manager Tenure 5.62 99.68 Fund Incept Date 06/29/2000 Prospectus Exp Ratio 0.07 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 0.32 5 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 99.68 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.00 Portfolio Ratings 4 Total Annualized Return, % % Europe - ex Euro NA % Conv 0.00 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 0.00 % Rank Cat 3 Yr 8 % Middle East NA 5 Year Mstar Rating 3 % Japan NA % Rank Cat 5 Yr 11 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 13 % Asia - Emerging NA 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials NA Avg Eff Duration 7.88 1.1 350 1 % Communication Services NA Effective Maturity 8.50 % Consumer Cyclical NA Avg Credit Quality Government 1.0 % Consumer Defensive NA AAA 100.00 300 % Healthcare NA AA 0.00 0.9 % Industrials NA A 0.00 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 0.00 0.8 250 % Technology NA BB 0.00 % Energy NA B 0.00 0.7 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.00 Median to 75th Percentile 75th to 95th Percentile Ratio % Utilities NA NR/NA 0.00 200 0.6 Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD Turnover 0.5 150 3 Year to 1 3 5 Top Ten Holdings Performance 0.4 Months Date Year Years Years US Treasury Note 5.24% Vanguard Inflation-Protected Secs I 1.38 1.38 1.43 2.07 0.98 US Treasury Note 4.83% 100 BBgBarc US Treasury US TIPS TR USD 1.26 1.26 1.48 2.03 0.97 0.3 US Treasury Note 4.65% Universe(5%) 1.70 1.70 4.08 2.12 1.04 US Treasury Note 4.47% Universe(25%) 1.37 1.37 2.22 1.52 0.67 0.2 US Treasury Note 4.30% 50 Universe(Median) 1.21 1.21 1.46 1.24 0.55 US Treasury Note 4.17% 0.1 Universe(75%) 1.07 1.07 1.16 1.09 0.28 US Treasury Note 4.10% Universe(95%) 0.79 0.79 0.68 0.34 0.05 US Treasury Note 3.96% US Treasury Note 3.88% 0.0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Note 3.84% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 21 19

Quarterly Investment Monitor Data as of 03/31/2017 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 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -5 Up/Down Market Capture Ratio -10 Apr-14 - Mar-17 225 -15 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 200 175 Up Mkt Capture Ratio, % Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD 150 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 125 Vanguard Inflation-Protected Secs I 11.82 -2.81 11.03 6.33 13.39 6.87 -8.83 4.07 -1.67 4.63 100 BBgBarc US Treasury US TIPS TR USD 11.64 -2.35 11.41 6.31 13.56 6.98 -8.61 3.64 -1.44 4.68 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 1 5 4 0 0 25 50 75 100 125 150 175 200 225 Down Mkt Capture Ratio, % 0.4 4 Excess Annualized StdDev, % 3 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Total Annualized StdDev, % 0 BBgBarc US Treasury US TIPS TR USD 0.3 3 Sharpe Ratio Alpha, % 2 0.2 2 Return vs. Risk -1 Apr-14 - Mar-17 1 4 0.1 1 Total Annualized Return, % 3 -2 0.0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 2 Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD 1 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 0 Vanguard Inflation-Protected Secs I 0.00 1.02 98.49 0.47 4.13 0.51 BBgBarc US Treasury US TIPS TR USD 0.00 1.00 100.00 0.48 4.01 0.00 Universe(5%) 0.15 1.13 99.52 0.45 4.73 3.15 -1 0 1 2 3 4 5 6 7 8 9 Universe(25%) -0.43 1.02 98.77 0.37 4.14 1.55 Universe(Median) -0.53 0.97 96.25 0.31 3.96 0.87 Total Annualized StdDev, % Universe(75%) -0.75 0.79 89.91 0.27 3.53 0.45 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Universe(95%) -1.13 0.41 55.18 0.10 2.02 0.30 Cash BBgBarc US Treasury US TIPS TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 22 20

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Interm-Term Bond Index Adm Portfolio Information Investment Strategy Summary 12.07 % Cash Ticker VBILX % US Stocks The investment seeks the performance of a market-weighted bond index with an Morningstar Category Intermediate-term Bond % Bonds intermediate-term dollar-weighted average maturity. The fund employs an indexing Avg Mkt Cap $MM NA % Non-US Stocks investment approach designed to track the performance of the Bloomberg Barclays U.S. 5-10 Cat Med Mkt Cap $MM NA % Pref Year Government/Credit Float Adjusted Index. The index includes all medium and larger Net Assets $MM 30701.00 issues of U.S. government, investment-grade corporate and investment-grade international % Conv Turnover Ratio 57.00 dollar-denominated bonds that have maturities between 5 and 10 years and are publicly % Other % Assets in Top 10 Holdings 20.93 issued. All of its investments will be selected through the sampling process, and at least % Non-US Bonds Total Number of Holdings 1977.00 80% of its assets will be invested in bonds held in the index. Manager Name Joshua C. Barrickman 87.02 Manager Tenure 8.94 _________________________________________________________________________ Fund Incept Date 03/01/1994 Prospectus Exp Ratio 0.09 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 0.79 4 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 87.02 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.00 Portfolio Ratings 3 Total Annualized Return, % % Europe - ex Euro NA % Conv 0.12 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 12.07 % Rank Cat 3 Yr 11 % Middle East NA 5 Year Mstar Rating 2 % Japan NA % Rank Cat 5 Yr 27 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 7 % Asia - Emerging NA 1 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials NA Avg Eff Duration 6.42 0.7 300 0 % Communication Services NA Effective Maturity 7.10 % Consumer Cyclical NA Avg Credit Quality A % Consumer Defensive NA AAA 54.17 0.6 % Healthcare NA AA 4.27 250 % Industrials NA A 16.18 -1 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 25.35 0.5 % Technology NA BB 0.00 200 % Energy NA B 0.00 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.03 Median to 75th Percentile 75th to 95th Percentile Ratio % Utilities NA NR/NA 0.00 0.4 Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 150 0.3 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Note 1.75% 2.64% 100 Vanguard Interm-Term Bond Index Adm 1.28 1.28 0.08 3.24 2.98 US Treasury Note 2.5% 2.49% 0.2 BBgBarc US 5-10Y GovCredit FlAdj TR USD 1.18 1.18 0.24 3.35 3.05 US Treasury Note 2.75% 2.37% Universe(5%) 0.98 0.98 0.34 2.75 2.40 US Treasury Note 1.625% 2.08% Universe(25%) 0.83 0.83 0.21 2.54 2.17 US Treasury Note 2.5% 2.02% 50 0.1 Universe(Median) 0.78 0.78 0.15 2.50 2.14 US Treasury Note 1.625% 1.98% Universe(75%) 0.74 0.74 -0.01 2.39 2.01 US Treasury Note 2.125% 1.92% Universe(95%) 0.71 0.71 -0.37 2.21 1.89 US Treasury Note 2% 1.87% US Treasury Note 2% 1.83% 0.0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Note 1.5% 1.72% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 23 21

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Interm-Term Bond Index Adm Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 12 0 10 25 Total Return Rank, % 8 50 6 Total Return, % 4 75 2 100 0 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -2 Up/Down Market Capture Ratio -4 Apr-14 - Mar-17 120 -6 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Vanguard Interm-Term Bond Index Adm 7.70 5.01 6.89 9.49 10.73 7.02 -3.45 6.96 1.27 2.83 BBgBarc US 5-10Y GovCredit FlAdj TR USD NA NA NA 9.44 10.79 7.22 -3.37 6.91 1.28 3.10 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 2 0 0 20 40 60 80 100 120 0.8 Down Mkt Capture Ratio, % 0.0 4 0.7 Excess Annualized StdDev, % Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Adm Total Annualized StdDev, % 0.6 BBgBarc US 5-10Y GovCredit FlAdj TR USD -0.1 3 Sharpe Ratio Alpha, % 0.5 1 0.4 -0.2 2 Return vs. Risk 0.3 Apr-14 - Mar-17 0.2 4 -0.3 1 0.1 Total Annualized Return, % -0.4 0.0 0 0 3 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 1 Vanguard Interm-Term Bond Index Adm -0.22 1.04 99.36 0.75 4.16 0.36 BBgBarc US 5-10Y GovCredit FlAdj TR USD 0.00 1.00 100.00 0.80 4.00 0.00 Universe(5%) 0.07 0.85 98.87 0.82 3.42 1.29 0 0 1 2 3 4 5 Universe(25%) -0.04 0.77 98.36 0.78 3.12 1.11 Universe(Median) -0.14 0.74 98.11 0.75 3.00 1.09 Total Annualized StdDev, % Universe(75%) -0.19 0.74 97.74 0.73 2.98 1.02 Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Adm Universe(95%) -0.34 0.71 95.95 0.69 2.91 0.83 Cash BBgBarc US 5-10Y GovCredit FlAdj TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 24 22

Quarterly Investment Monitor Data as of 03/31/2017 Columbia Strategic Income Y 5.05 Portfolio Information Investment Strategy Summary % Cash 18.06 Ticker CPHUX % US Stocks The investment seeks total return, consisting of current income and capital appreciation. Morningstar Category Nontraditional Bond % Bonds Under normal circumstances, the fund has substantial exposure to fixed-income/debt Avg Mkt Cap $MM NA % Non-US Stocks markets. It may invest in U.S. government bonds and notes, U.S. and international bonds Cat Med Mkt Cap $MM 4578.75 % Pref and notes, investment grade corporate (or similar) bonds and notes, mortgage- and other Net Assets $MM 3199.00 asset-backed securities, high yield (i.e., junk) instruments, floating rate loans and other 6.90 % Conv Turnover Ratio 168.00 floating rate debt securities, inflation-protected/linked securities, convertible securities, % Other % Assets in Top 10 Holdings 14.12 cash/cash equivalents, as well as foreign government, sovereign and quasi-sovereign debt % Non-US Bonds Total Number of Holdings 974.00 investments. Manager Name Colin J. Lundgren 69.64 Manager Tenure 6.85 _________________________________________________________________________ Fund Incept Date 04/21/1977 Prospectus Exp Ratio 0.62 Phone Number 800-345-6611 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 100.00 % Cash 5.05 14 % Canada 0.00 % US Stocks 0.35 % Latin America 0.00 % Bonds 69.64 % United Kingdom 0.00 % Non-US Stocks 0.00 12 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating 10 % Europe - Emerging 0.00 % Other 6.90 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 18.06 % Rank Cat 3 Yr 11 % Middle East 0.00 5 Year Mstar Rating 8 % Japan 0.00 % Rank Cat 5 Yr 4 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 6 % Rank Cat 10 Yr 3 % Asia - Emerging 0.00 4 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 % Basic Materials NA Avg Eff Duration 4.71 3 1200 % Communication Services NA Effective Maturity 7.69 % Consumer Cyclical NA Avg Credit Quality BB 0 % Consumer Defensive NA AAA 43.24 % Healthcare NA AA 0.00 1000 % Industrials NA A 1.30 -2 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 19.56 % Technology NA BB 10.32 2 800 % Energy NA B 16.42 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 9.00 Median to 75th Percentile 75th to 95th Percentile % Utilities NA NR/NA 0.17 Ratio Columbia Strategic Income Y BBgBarc Global Aggregate TR USD 600 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years FNMA 4.64% 1 400 Columbia Strategic Income Y 1.82 1.82 7.84 3.92 4.50 FNMA 2.08% BBgBarc Global Aggregate TR USD 1.76 1.76 -1.90 -0.39 0.38 US Treasury Bond 1.46% Universe(5%) 3.37 3.37 12.18 4.59 4.57 Ginnie Mae Jumbos TBA 3% 2046-01-01 0.93% Universe(25%) 2.44 2.44 7.90 2.82 3.47 US Treasury Note 0.625% 0.92% 200 Universe(Median) 1.52 1.52 5.98 2.03 2.65 Cam Mtg Llc 2016-2 FRN 0.86% Universe(75%) 1.09 1.09 4.80 0.87 1.86 US Treasury Note 0.86% Universe(95%) 0.00 0.00 1.84 -0.99 1.04 Hilton Usa Tr 2016-Hhv CMO 0.83% Byvw Opp Mst Fd Iiia 2016-Rn3 FRN 0.78% 0 0 Prospectus Exp Ratio Turnover Ratio Deephaven Residential Mtg Tr 2016-1 0.77% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 25 23

Quarterly Investment Monitor Data as of 03/31/2017 Columbia Strategic Income Y Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 50 0 40 25 Total Return Rank, % 30 50 Total Return, % 20 75 10 0 100 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -10 Up/Down Market Capture Ratio -20 Apr-14 - Mar-17 100 -30 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 80 60 Up Mkt Capture Ratio, % Columbia Strategic Income Y BBgBarc Global Aggregate TR USD 40 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20 Columbia Strategic Income Y 5.67 -6.46 18.67 9.96 6.11 11.60 0.32 3.99 0.66 8.34 0 BBgBarc Global Aggregate TR USD 9.48 4.79 6.93 5.54 5.64 4.32 -2.60 0.59 -3.15 2.09 -20 -40 -60 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 3 6 7 -80 -60 -40 -20 0 20 40 60 80 100 4 6 Down Mkt Capture Ratio, % 5 Excess Annualized StdDev, % 2 Morningstar Nontraditional Bond Universe Columbia Strategic Income Y Total Annualized StdDev, % 3 5 4 BBgBarc Global Aggregate TR USD Sharpe Ratio 2 4 Alpha, % 1 3 1 3 Return vs. Risk 2 0 2 Apr-14 - Mar-17 0 7 1 6 -1 1 5 Total Annualized Return, % -2 -1 0 0 4 3 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 2 Columbia Strategic Income Y BBgBarc Global Aggregate TR USD 1 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 0 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -1 Columbia Strategic Income Y 3.90 0.34 19.87 0.98 3.82 4.73 -2 BBgBarc Global Aggregate TR USD 0.00 1.00 100.00 -0.09 4.99 0.00 -3 Universe(5%) 4.64 0.42 32.10 2.12 5.36 6.82 -4 0 1 2 3 4 5 6 Universe(25%) 2.77 0.22 15.43 0.95 3.91 5.85 Universe(Median) 1.96 0.12 4.20 0.67 3.17 5.35 Total Annualized StdDev, % Universe(75%) 0.74 0.00 1.65 0.27 2.36 4.90 Morningstar Nontraditional Bond Universe Columbia Strategic Income Y Universe(95%) -1.12 -0.11 0.06 -0.24 1.27 4.26 Cash BBgBarc Global Aggregate TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 26 24

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Long-Term Bond Index Instl Portfolio Information Investment Strategy Summary 10.91 % Cash Ticker VBLLX % US Stocks The investment seeks to track the performance of a market-weighted bond index with a Morningstar Category Long-term Bond % Bonds long-term dollar-weighted average maturity. The fund employs an indexing investment Avg Mkt Cap $MM NA % Non-US Stocks approach designed to track the performance of the Bloomberg Barclays U.S. Long Cat Med Mkt Cap $MM NA % Pref Government/Credit Float Adjusted Index. This index includes all medium and larger issues of Net Assets $MM 9840.00 U.S. government, investment-grade corporate, and investment-grade international % Conv Turnover Ratio 45.00 dollar-denominated bonds that have maturities of greater than 10 years and are publicly % Other % Assets in Top 10 Holdings 14.29 issued. All of its investments will be selected through the sampling process, and at least % Non-US Bonds Total Number of Holdings 2174.00 80% of the fund's assets will be invested in bonds held in the index. Manager Name Joshua C. Barrickman 88.12 Manager Tenure 4.10 _________________________________________________________________________ Fund Incept Date 03/01/1994 Prospectus Exp Ratio 0.06 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 0.95 7 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 88.12 % United Kingdom NA % Non-US Stocks 0.00 6 % Eurozone NA % Pref 0.02 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro NA % Conv 0.00 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating 5 % Africa NA % Non-US Bonds 10.91 % Rank Cat 3 Yr 73 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 75 4 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 50 % Asia - Emerging NA 3 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials NA Avg Eff Duration 14.93 2 300 % Communication Services NA Effective Maturity 23.90 1 % Consumer Cyclical NA Avg Credit Quality A % Consumer Defensive NA AAA 41.39 % Healthcare NA AA 7.70 250 % Industrials NA A 22.31 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 28.60 % Technology NA BB 0.00 200 % Energy NA B 0.00 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.00 Median to 75th Percentile 75th to 95th Percentile % Utilities NA NR/NA 0.00 Ratio Vanguard Long-Term Bond Index Instl BB Long Government/Credit 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Bond 3.625% 1.63% 100 Vanguard Long-Term Bond Index Instl 1.80 1.80 0.93 5.50 4.90 US Treasury Bond 2.875% 1.58% BB Long Government/Credit 1.58 1.58 0.98 5.47 4.84 US Treasury Bond 3% 1.53% Universe(5%) 3.23 3.23 6.08 6.55 6.74 US Treasury Bond 2.5% 1.49% Universe(25%) 2.84 2.84 3.48 5.74 5.42 US Treasury Bond 3.75% 1.47% 50 Universe(Median) 1.89 1.89 3.24 5.46 5.33 US Treasury Bond 3% 1.41% Universe(75%) 1.35 1.35 1.76 4.83 4.81 US Treasury Bond 2.875% 1.33% Universe(95%) 1.16 1.16 1.06 2.55 2.35 US Treasury Bond 2.875% 1.31% US Treasury Bond 3.375% 1.28% 0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Bond 2.5% 1.27% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 27 25

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Long-Term Bond Index Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 40 0 30 25 Total Return Rank, % 20 50 Total Return, % 10 75 0 100 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -10 Up/Down Market Capture Ratio -20 Apr-14 - Mar-17 120 -30 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Vanguard Long-Term Bond Index Instl BB Long Government/Credit 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Vanguard Long-Term Bond Index Instl 6.71 8.77 1.91 10.43 22.23 8.63 -9.01 19.87 -3.37 6.51 BB Long Government/Credit 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 19.31 -3.30 6.67 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 2 9 7 0 0 20 40 60 80 100 120 8 Down Mkt Capture Ratio, % 6 3 7 Excess Annualized StdDev, % Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index Instl Total Annualized StdDev, % 5 6 BB Long Government/Credit 2 Sharpe Ratio 4 Alpha, % 5 1 4 1 3 Return vs. Risk 3 2 Apr-14 - Mar-17 2 7 0 1 1 6 Total Annualized Return, % -1 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 Vanguard Long-Term Bond Index Instl BB Long Government/Credit 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 Vanguard Long-Term Bond Index Instl -0.16 1.04 99.30 0.63 8.86 0.81 1 BB Long Government/Credit 0.00 1.00 100.00 0.65 8.50 0.00 Universe(5%) 3.14 1.02 99.16 1.35 8.76 6.35 0 0 1 2 3 4 5 6 7 8 9 Universe(25%) 1.58 0.99 97.48 0.82 8.51 4.85 Universe(Median) 0.51 0.90 92.31 0.71 7.99 2.67 Total Annualized StdDev, % Universe(75%) 0.02 0.45 86.63 0.64 4.05 1.33 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index Instl Universe(95%) -0.32 0.29 61.93 0.60 3.14 0.84 Cash BB Long Government/Credit City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 28 26

Quarterly Investment Monitor Data as of 03/31/2017 PIMCO Long Duration Total Return Instl 14.03 Portfolio Information Investment Strategy Summary 12.40 % Cash Ticker PLRIX % US Stocks The investment seeks maximum total return, consistent with prudent investment Morningstar Category Long-term Bond % Bonds management. The fund invests at least 65% of its total assets in a diversified portfolio of Avg Mkt Cap $MM NA % Non-US Stocks Fixed Income Instruments of varying maturities, which may be represented by forwards or Cat Med Mkt Cap $MM NA % Pref derivatives such as options, futures contracts or swap agreements. "Fixed Income Net Assets $MM 2804.00 Instruments" include bonds, debt securities and other similar instruments issued by various % Conv Turnover Ratio 59.00 U.S. and non-U.S. public- or private-sector entities. It may invest up to 30% of its total % Other % Assets in Top 10 Holdings 75.83 assets in securities denominated in foreign currencies, and may invest beyond this limit in % Non-US Bonds Total Number of Holdings 802.00 U.S. dollar-denominated securities of foreign issuers. Manager Name Stephen A. Rodosky Manager Tenure 9.67 _________________________________________________________________________ Fund Incept Date 08/31/2006 72.87 Prospectus Exp Ratio 0.50 Phone Number 888-877-4626 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 100.00 % Cash 14.03 7 % Canada 0.00 % US Stocks 0.08 % Latin America 0.00 % Bonds 72.87 % United Kingdom 0.00 % Non-US Stocks 0.00 6 % Eurozone 0.00 % Pref 0.56 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.07 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 5 % Africa 0.00 % Non-US Bonds 12.40 % Rank Cat 3 Yr 31 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 38 4 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 1 % Asia - Emerging 0.00 3 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 0.00 Avg Eff Duration 14.38 2 300 % Communication Services 0.00 Effective Maturity 23.26 1 % Consumer Cyclical 0.00 Avg Credit Quality NA % Consumer Defensive 0.00 AAA NA % Healthcare 0.00 AA NA 250 % Industrials 0.00 A NA 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 0.00 BB NA 200 % Energy 0.00 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 5.82 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 94.18 NR/NA NA Ratio PIMCO Long Duration Total Return Instl BB Long Government/Credit 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Iro Usd 5y P 2.50000 M 11/07/19 Myc 12.61% 100 PIMCO Long Duration Total Return Instl 3.06 3.06 3.52 6.00 5.31 Cdx Ig27 5y Ice 12.00% BB Long Government/Credit 1.58 1.58 0.98 5.47 4.84 IRS USD 1.75000 12/21/16-10Y LCH_Pay 10.12% Universe(5%) 3.23 3.23 6.08 6.55 6.74 Iro Usd 5y P 2.25000 M 09/27/19 Myc 8.28% Universe(25%) 2.84 2.84 3.48 5.74 5.42 Iro Usd 1y P 2.25000 M 11/28/17 Dub 7.52% 50 Universe(Median) 1.89 1.89 3.24 5.46 5.33 2 Year US Treasury Note Future Mar17 6.83% Universe(75%) 1.35 1.35 1.76 4.83 4.81 US 10 Year Note (CBT) Mar17 5.00% Universe(95%) 1.16 1.16 1.06 2.55 2.35 US Treasury Bond 2.875% 4.75% US Ultra Bond (CBT) Mar17 4.47% 0 0 Prospectus Exp Ratio Turnover Ratio Resolution Fdg Fed Bk Prin Stp 4.24% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 29 27

Quarterly Investment Monitor Data as of 03/31/2017 PIMCO Long Duration Total Return Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 40 0 30 25 Total Return Rank, % 20 50 Total Return, % 10 75 0 100 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -10 Up/Down Market Capture Ratio -20 Apr-14 - Mar-17 120 -30 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % PIMCO Long Duration Total Return Instl BB Long Government/Credit 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 PIMCO Long Duration Total Return Instl 7.83 12.38 5.62 11.64 18.57 10.28 -8.56 19.02 -3.44 7.18 BB Long Government/Credit 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 19.31 -3.30 6.67 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 2 9 7 0 0 20 40 60 80 100 120 8 Down Mkt Capture Ratio, % 6 3 7 Excess Annualized StdDev, % Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Total Annualized StdDev, % 5 6 BB Long Government/Credit 2 Sharpe Ratio 4 Alpha, % 5 1 4 1 3 Return vs. Risk 3 2 Apr-14 - Mar-17 2 7 0 1 1 6 Total Annualized Return, % -1 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 PIMCO Long Duration Total Return Instl BB Long Government/Credit 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 PIMCO Long Duration Total Return Instl 0.54 1.00 98.12 0.71 8.54 1.17 1 BB Long Government/Credit 0.00 1.00 100.00 0.65 8.50 0.00 Universe(5%) 3.14 1.02 99.16 1.35 8.76 6.35 0 0 1 2 3 4 5 6 7 8 9 Universe(25%) 1.58 0.99 97.48 0.82 8.51 4.85 Universe(Median) 0.51 0.90 92.31 0.71 7.99 2.67 Total Annualized StdDev, % Universe(75%) 0.02 0.45 86.63 0.64 4.05 1.33 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Universe(95%) -0.32 0.29 61.93 0.60 3.14 0.84 Cash BB Long Government/Credit City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 30 28

Quarterly Investment Monitor Data as of 03/31/2017 Prudential High-Yield Z 5.30 Portfolio Information Investment Strategy Summary 14.58 % Cash Ticker PHYZX % US Stocks The investment seeks to maximize current income; and capital appreciation is a secondary Morningstar Category High Yield Bond % Bonds objective. The fund normally invests at least 80% of its investable assets in a diversified Avg Mkt Cap $MM NA % Non-US Stocks portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Cat Med Mkt Cap $MM 7749.20 % Pref Service (Moody's) or BB or lower by Standard & Poor's Ratings Group (Standard & Poor's), Net Assets $MM 5652.00 and instruments either rated by another nationally recognized statistical rating organization % Conv Turnover Ratio 28.00 (NRSRO), or considered to be of comparable quality, that is, junk bonds. % Other % Assets in Top 10 Holdings 12.39 % Non-US Bonds Total Number of Holdings 645.00 _________________________________________________________________________ Manager Name Michael J. Collins Manager Tenure 15.26 78.83 Fund Incept Date 03/29/1979 Prospectus Exp Ratio 0.57 Phone Number 800-225-1852 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 74.37 % Cash 5.30 20 % Canada 25.63 % US Stocks 0.05 % Latin America 0.00 % Bonds 78.83 18 % United Kingdom 0.00 % Non-US Stocks 0.02 % Eurozone 0.00 % Pref 0.16 Portfolio Ratings 16 Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.07 Mstar Rating % Europe - Emerging 0.00 % Other 0.99 3 Year Mstar Rating 14 % Africa 0.00 % Non-US Bonds 14.58 % Rank Cat 3 Yr 7 % Middle East 0.00 5 Year Mstar Rating 12 % Japan 0.00 % Rank Cat 5 Yr 13 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 10 % Rank Cat 10 Yr 6 % Asia - Emerging 0.00 8 6 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 0.00 Avg Eff Duration 4.17 2 160 4 % Communication Services 0.00 Effective Maturity NA % Consumer Cyclical 0.00 Avg Credit Quality B 140 2 % Consumer Defensive 0.00 AAA 4.38 % Healthcare 0.00 AA 0.00 % Industrials 0.00 A 0.00 0 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB 5.02 % Technology 0.00 BB 35.90 % Energy 39.96 B 43.24 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 60.04 Below B 11.19 Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA 0.27 Ratio Prudential High-Yield Z BB High Yield Corporate Bond 1 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years 2 Year US Treasury Note Future June17 2.68% Prudential High-Yield Z 2.93 2.93 14.84 4.89 6.76 US 10 Year Note (CBT) June17 2.01% BB High Yield Corporate Bond 2.70 2.70 16.39 4.56 6.82 First Data 144A 7% 1.18% 40 Universe(5%) 3.37 3.37 19.62 5.01 7.51 Laureate Educ 144A 9.25% 1.17% Universe(25%) 2.76 2.76 15.99 4.02 6.16 Bmc Software Fin 144A 8.125% 1.09% Universe(Median) 2.34 2.34 13.57 3.53 5.74 Numericable Grp Sa 144A 7.375% 1.01% 20 Universe(75%) 2.03 2.03 12.08 2.81 5.32 U.S. Treasury Bond June17 0.91% Universe(95%) 1.43 1.43 8.40 1.73 4.09 Altice Financing S.A. 144A 7.75% 0.79% Western Digital 10.5% 0.78% 0 0 Prospectus Exp Ratio Turnover Ratio Dish Dbs 7.75% 0.77% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 31 29

Quarterly Investment Monitor Data as of 03/31/2017 Prudential High-Yield Z Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 70 0 60 25 Total Return Rank, % 50 40 50 Total Return, % 30 20 75 10 0 100 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -10 -20 Up/Down Market Capture Ratio -30 Apr-14 - Mar-17 160 -40 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 140 Up Mkt Capture Ratio, % 120 Prudential High-Yield Z BB High Yield Corporate Bond 100 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 Prudential High-Yield Z 2.70 -22.14 48.35 14.72 5.07 14.16 7.23 2.84 -2.59 15.30 BB High Yield Corporate Bond 1.87 -26.16 58.21 15.12 4.98 15.81 7.44 2.45 -4.47 17.13 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 8 5 0 -50 0 50 100 150 200 250 300 1.0 7 Down Mkt Capture Ratio, % 1 0.9 4 Excess Annualized StdDev, % 6 Morningstar High Yield Universe Prudential High-Yield Z Total Annualized StdDev, % 0.8 BB High Yield Corporate Bond 0.7 5 0 3 Sharpe Ratio Alpha, % 0.6 4 0.5 -1 2 Return vs. Risk 0.4 3 Apr-14 - Mar-17 0.3 2 6 -2 0.2 1 4 1 0.1 Total Annualized Return, % 2 -3 0.0 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile -2 Prudential High-Yield Z BB High Yield Corporate Bond -4 -6 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 -10 Prudential High-Yield Z 0.60 0.93 97.92 0.83 5.72 0.93 BB High Yield Corporate Bond 0.00 1.00 100.00 0.74 6.08 0.00 -12 Universe(5%) 1.47 1.12 98.11 1.00 7.65 4.53 -14 0 2 4 6 8 10 12 14 16 Universe(25%) 0.27 0.97 96.74 0.74 6.03 2.18 Universe(Median) -0.58 0.91 93.77 0.62 5.66 1.58 Total Annualized StdDev, % Universe(75%) -1.42 0.82 89.37 0.47 5.16 1.20 Morningstar High Yield Universe Prudential High-Yield Z Universe(95%) -2.88 0.53 55.97 0.27 3.74 0.91 Cash BB High Yield Corporate Bond City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 32 30

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Equity-Income Adm 2.46 Portfolio Information Investment Strategy Summary 9.33 % Cash Ticker VEIRX % US Stocks The investment seeks to provide an above-average level of current income and reasonable Morningstar Category Large Value % Bonds long-term capital appreciation. The fund invests mainly in common stocks of mid-size and Avg Mkt Cap $MM 80413.40 % Non-US Stocks large companies whose stocks typically pay above-average levels of dividend income and Cat Med Mkt Cap $MM 91252.24 % Pref are, in the opinion of the purchasing advisor, undervalued relative to other such stocks. In Net Assets $MM 27520.00 addition, the advisors generally look for companies that they believe are committed to % Conv Turnover Ratio 26.00 paying dividends consistently. Under normal circumstances, it will invest at least 80% of its % Other % Assets in Top 10 Holdings 28.90 assets in equity securities. The fund uses multiple investment advisors. % Non-US Bonds Total Number of Holdings 217.00 Manager Name James P. Stetler _________________________________________________________________________ Manager Tenure 13.26 87.54 Fund Incept Date 03/21/1988 Prospectus Exp Ratio 0.17 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 90.37 % Cash 2.46 25 % Canada 4.59 % US Stocks 87.54 % Latin America 0.07 % Bonds 0.00 % United Kingdom 1.38 % Non-US Stocks 9.33 % Eurozone 0.90 % Pref 0.00 Portfolio Ratings 20 Total Annualized Return, % % Europe - ex Euro 2.40 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.67 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 7 % Middle East 0.00 5 Year Mstar Rating 15 % Japan 0.00 % Rank Cat 5 Yr 14 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.19 % Rank Cat 10 Yr 4 % Asia - Emerging 0.09 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 2.45 Avg Eff Duration NA 2 180 5 % Communication Services 4.34 Effective Maturity NA % Consumer Cyclical 5.14 Avg Credit Quality NA 160 % Consumer Defensive 12.04 AAA NA % Healthcare 12.23 AA NA % Industrials 12.88 A NA 140 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.02 BBB NA % Technology 14.17 BB NA 120 % Energy 11.26 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 18.17 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 7.32 NR/NA NA Ratio 100 Vanguard Equity-Income Adm Russell 1000 Value Index 1 Turnover 80 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Microsoft Corp 4.70% 60 Vanguard Equity-Income Adm 4.56 4.56 15.94 9.63 12.97 JPMorgan Chase & Co 3.77% Russell 1000 Value Index 3.27 3.27 19.22 8.67 13.13 Wells Fargo & Co 3.33% Universe(5%) 6.77 6.77 24.71 9.62 14.56 40 Johnson & Johnson 2.86% Universe(25%) 4.55 4.55 19.89 8.53 12.65 General Electric Co 2.56% Universe(Median) 3.69 3.69 17.79 7.51 11.69 Philip Morris International Inc 2.54% 20 Universe(75%) 3.06 3.06 15.52 6.56 10.63 Exxon Mobil Corp 2.33% Universe(95%) 1.96 1.96 10.06 3.59 8.42 Verizon Communications Inc 2.31% Cisco Systems Inc 2.25% 0 0 Prospectus Exp Ratio Turnover Ratio Chevron Corp 2.24% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 33 31

Quarterly Investment Monitor Data as of 03/31/2017 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 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -30 Up/Down Market Capture Ratio -40 Apr-14 - Mar-17 225 -50 200 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 175 Up Mkt Capture Ratio, % Vanguard Equity-Income Adm Russell 1000 Value Index 150 125 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100 Vanguard Equity-Income Adm 4.99 -30.86 17.26 14.99 10.69 13.58 30.19 11.38 0.86 14.82 75 Russell 1000 Value Index -0.17 -36.85 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34 50 25 0 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 14 8 -25 0 20 40 60 80 100 120 140 160 180 1.0 1 12 7 Down Mkt Capture Ratio, % 0.9 Excess Annualized StdDev, % 6 Morningstar Large Value Universe Vanguard Equity-Income Adm Total Annualized StdDev, % 0 0.8 10 Russell 1000 Value Index 0.7 5 Sharpe Ratio -1 8 Alpha, % 0.6 4 0.5 -2 6 Return vs. Risk 0.4 3 -3 4 Apr-14 - Mar-17 0.3 2 18 0.2 -4 2 16 1 0.1 14 Total Annualized Return, % -5 0.0 0 0 12 10 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 8 Vanguard Equity-Income Adm Russell 1000 Value Index 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 2 Vanguard Equity-Income Adm 1.82 0.88 92.94 0.98 9.68 2.85 0 Russell 1000 Value Index 0.00 1.00 100.00 0.83 10.56 0.00 -2 Universe(5%) 1.99 1.19 97.83 0.94 13.52 7.28 -4 0 5 10 15 20 25 Universe(25%) 0.05 1.09 95.50 0.79 11.92 4.25 Universe(Median) -0.92 1.01 92.95 0.71 11.08 3.15 Total Annualized StdDev, % Universe(75%) -2.40 0.92 87.69 0.59 10.12 2.36 Morningstar Large Value Universe Vanguard Equity-Income Adm Universe(95%) -4.86 0.75 71.14 0.32 9.07 1.67 Cash Russell 1000 Value Index City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 34 32

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard PRIMECAP Core Inv 5.24 Portfolio Information Investment Strategy Summary 12.30 % Cash Ticker VPCCX % US Stocks The investment seeks to provide long-term capital appreciation. The fund invests in stocks Morningstar Category Large Growth % Bonds that its advisor believes offer a good balance between reasonable valuations and attractive Avg Mkt Cap $MM 55799.59 % Non-US Stocks growth prospects relative to their peers. Stocks selected for the fund typically have earnings Cat Med Mkt Cap $MM 101391.78 % Pref growth potential that, in the advisor's view, is not reflected in their current market prices. It Net Assets $MM 9290.00 can invest in stocks across all industry sectors and market capitalizations. % Conv Turnover Ratio 11.00 % Other % Assets in Top 10 Holdings 30.82 _________________________________________________________________________ % Non-US Bonds Total Number of Holdings 158.00 Manager Name Alfred W. Mordecai Manager Tenure 12.32 82.46 Fund Incept Date 12/09/2004 Prospectus Exp Ratio 0.46 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 87.02 % Cash 5.24 25 % Canada 0.46 % US Stocks 82.46 % Latin America 0.01 % Bonds 0.00 % United Kingdom 0.85 % Non-US Stocks 12.30 % Eurozone 2.91 % Pref 0.00 Portfolio Ratings 20 Total Annualized Return, % % Europe - ex Euro 5.28 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 8 % Middle East 0.00 5 Year Mstar Rating 15 % Japan 1.29 % Rank Cat 5 Yr 2 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 7 % Asia - Emerging 2.17 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 2.19 Avg Eff Duration NA 2 300 5 % Communication Services 1.52 Effective Maturity NA % Consumer Cyclical 12.58 Avg Credit Quality NA % Consumer Defensive 0.61 AAA NA % Healthcare 22.24 AA NA 250 % Industrials 19.64 A NA 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 29.49 BB NA 200 % Energy 1.29 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 10.42 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio Vanguard PRIMECAP Core Inv Russell 1000 Growth Index 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Southwest Airlines Co 5.18% 100 Vanguard PRIMECAP Core Inv 7.44 7.44 21.23 11.38 15.71 Amgen Inc 3.74% Russell 1000 Growth Index 8.91 8.91 15.76 11.27 13.32 Eli Lilly and Co 3.71% Universe(5%) 12.45 12.45 22.24 12.10 14.88 JPMorgan Chase & Co 3.35% Universe(25%) 10.21 10.21 17.21 10.24 12.88 Texas Instruments Inc 2.94% 50 Universe(Median) 8.59 8.59 15.04 9.01 11.75 Biogen Inc 2.82% Universe(75%) 6.65 6.65 12.85 7.33 10.45 Roche Holding AG Dividend Right Cert. 2.79% Universe(95%) 4.52 4.52 8.80 4.25 8.25 Microsoft Corp 2.12% CarMax Inc 2.12% 0 0 Prospectus Exp Ratio Turnover Ratio FedEx Corp 2.05% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 35 33

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard PRIMECAP Core Inv Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio Apr-14 - Mar-17 300 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard PRIMECAP Core Inv Russell 1000 Growth Index 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard PRIMECAP Core Inv 7.04 -31.32 36.96 14.88 -0.86 14.57 36.14 19.29 0.94 12.35 Russell 1000 Growth Index 11.81 -38.44 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 1 1.1 16 8 0 0 25 50 75 100 125 150 175 200 225 250 1.0 0 14 7 Down Mkt Capture Ratio, % 0.9 Excess Annualized StdDev, % -1 12 6 Morningstar Large Growth Universe Vanguard PRIMECAP Core Inv Total Annualized StdDev, % 0.8 Russell 1000 Growth Index -2 0.7 10 5 Sharpe Ratio Alpha, % 0.6 -3 8 4 0.5 Return vs. Risk -4 0.4 6 3 Apr-14 - Mar-17 0.3 -5 4 2 30 0.2 -6 2 1 25 0.1 Total Annualized Return, % -7 0.0 0 0 20 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Vanguard PRIMECAP Core Inv Russell 1000 Growth Index 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 5 Vanguard PRIMECAP Core Inv 0.27 0.99 91.18 0.99 11.42 3.39 0 Russell 1000 Growth Index 0.00 1.00 100.00 1.01 11.03 0.00 Universe(5%) 0.78 1.18 97.03 1.03 14.41 7.55 -5 0 5 10 15 20 25 30 Universe(25%) -0.96 1.06 93.60 0.88 12.53 4.62 Universe(Median) -1.93 1.00 90.64 0.79 11.65 3.73 Total Annualized StdDev, % Universe(75%) -3.49 0.96 85.71 0.64 11.04 2.94 Morningstar Large Growth Universe Vanguard PRIMECAP Core Inv Universe(95%) -6.90 0.86 74.32 0.40 10.10 1.95 Cash Russell 1000 Growth Index City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 36 34

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Growth Index Admiral Portfolio Information Investment Strategy Summary % Cash Ticker VIGAX % US Stocks The investment seeks to track the performance of a benchmark index that measures the Morningstar Category Large Growth % Bonds investment return of large-capitalization growth stocks. The fund employs an indexing Avg Mkt Cap $MM 74934.88 % Non-US Stocks investment approach designed to track the performance of the CRSP US Large Cap Growth Cat Med Mkt Cap $MM 101391.78 % Pref Index, a broadly diversified index predominantly made up of growth stocks of large U.S. Net Assets $MM 60219.00 companies. The advisor attempts to replicate the target index by investing all, or % Conv Turnover Ratio 11.00 substantially all, of its assets in the stocks that make up the index, holding each stock in % Other % Assets in Top 10 Holdings 27.15 approximately the same proportion as its weighting in the index. % Non-US Bonds Total Number of Holdings 325.00 Manager Name Gerard C. O'Reilly _________________________________________________________________________ Manager Tenure 22.26 98.63 Fund Incept Date 11/02/1992 Prospectus Exp Ratio 0.08 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 99.19 % Cash 0.57 25 % Canada 0.00 % US Stocks 98.63 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 0.80 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings 20 Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 17 % Middle East 0.00 5 Year Mstar Rating 15 % Japan 0.00 % Rank Cat 5 Yr 23 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 17 % Asia - Emerging 0.81 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 2.42 Avg Eff Duration NA 2 300 5 % Communication Services 4.01 Effective Maturity NA % Consumer Cyclical 18.25 Avg Credit Quality NA % Consumer Defensive 9.67 AAA NA % Healthcare 14.74 AA NA 250 % Industrials 8.90 A NA 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.38 BBB NA % Technology 27.17 BB NA 200 % Energy 3.48 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 6.98 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio Vanguard Growth Index Admiral CRSP US Large Cap Growth TR USD 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Apple Inc 6.99% 100 Vanguard Growth Index Admiral 9.59 9.59 15.91 10.65 12.91 Amazon.com Inc 3.44% CRSP US Large Cap Growth TR USD 9.62 9.62 15.95 10.71 12.64 Facebook Inc A 3.20% Universe(5%) 12.45 12.45 22.24 12.10 14.88 Alphabet Inc A 2.52% Universe(25%) 10.21 10.21 17.21 10.24 12.88 Alphabet Inc C 2.43% 50 Universe(Median) 8.59 8.59 15.04 9.01 11.75 Comcast Corp Class A 1.80% Universe(75%) 6.65 6.65 12.85 7.33 10.45 The Home Depot Inc 1.78% Universe(95%) 4.52 4.52 8.80 4.25 8.25 Philip Morris International Inc 1.71% Visa Inc Class A 1.65% 0 0 Prospectus Exp Ratio Turnover Ratio Coca-Cola Co 1.64% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 37 35

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Growth Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio Apr-14 - Mar-17 300 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard Growth Index Admiral CRSP US Large Cap Growth TR USD 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard Growth Index Admiral 12.70 -38.22 36.42 17.12 1.87 17.01 32.40 13.63 3.30 6.12 CRSP US Large Cap Growth TR USD NA NA NA NA NA 15.20 31.75 13.69 3.38 6.16 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 16 8 0 0 25 50 75 100 125 150 175 200 225 1.0 1 14 7 Down Mkt Capture Ratio, % 0.9 Excess Annualized StdDev, % 0 12 6 Morningstar Large Growth Universe Vanguard Growth Index Admiral Total Annualized StdDev, % 0.8 CRSP US Large Cap Growth TR USD -1 0.7 10 5 Sharpe Ratio Alpha, % 0.6 -2 8 4 0.5 Return vs. Risk -3 0.4 6 3 Apr-14 - Mar-17 0.3 -4 4 2 30 0.2 -5 2 1 25 0.1 Total Annualized Return, % -6 0.0 0 0 20 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Vanguard Growth Index Admiral CRSP US Large Cap Growth TR USD 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 5 Vanguard Growth Index Admiral -0.05 1.00 100.00 0.92 11.54 0.03 0 CRSP US Large Cap Growth TR USD 0.00 1.00 100.00 0.93 11.54 0.00 Universe(5%) 1.74 1.13 97.14 1.03 14.41 7.43 -5 0 5 10 15 20 25 30 Universe(25%) 0.02 1.02 93.50 0.88 12.53 4.67 Universe(Median) -1.03 0.96 90.77 0.79 11.65 3.69 Total Annualized StdDev, % Universe(75%) -2.55 0.92 86.00 0.64 11.04 3.01 Morningstar Large Growth Universe Vanguard Growth Index Admiral Universe(95%) -5.96 0.81 74.51 0.40 10.10 2.05 Cash CRSP US Large Cap Growth TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 38 36

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Mid-Cap Value Index Admiral 1.08 Portfolio Information Investment Strategy Summary % Cash Ticker VMVAX % US Stocks The investment seeks to track the performance of the CRSP US Mid Cap Value Index that Morningstar Category Mid-Cap Value % Bonds measures the investment return of mid-capitalization value stocks. The fund employs an Avg Mkt Cap $MM 11972.01 % Non-US Stocks indexing investment approach designed to track the performance of the CRSP US Mid Cap Cat Med Mkt Cap $MM 10045.59 % Pref Value Index, a broadly diversified index of value stocks of mid-size U.S. companies. The Net Assets $MM 14737.00 advisor attempts to replicate the target index by investing all, or substantially all, of its % Conv Turnover Ratio 20.00 assets in the stocks that make up the index, holding each stock in approximately the same % Other % Assets in Top 10 Holdings 10.73 proportion as its weighting in the index. % Non-US Bonds Total Number of Holdings 208.00 Manager Name Donald M. Butler _________________________________________________________________________ Manager Tenure 10.63 98.62 Fund Incept Date 09/27/2011 Prospectus Exp Ratio 0.08 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 98.92 % Cash 0.29 25 % Canada 0.00 % US Stocks 98.62 % Latin America 0.00 % Bonds 0.01 % United Kingdom 0.00 % Non-US Stocks 1.08 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings 20 Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 12 % Middle East 0.00 5 Year Mstar Rating 15 % Japan 0.00 % Rank Cat 5 Yr 7 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.76 % Rank Cat 10 Yr 19 % Asia - Emerging 0.32 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 7.24 Avg Eff Duration NA 3 160 5 % Communication Services 0.48 Effective Maturity NA % Consumer Cyclical 18.15 Avg Credit Quality NA % Consumer Defensive 9.23 AAA NA 140 % Healthcare 4.80 AA NA % Industrials 8.64 A NA 0 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.97 BBB NA % Technology 11.13 BB NA 2 % Energy 4.75 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 21.25 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 9.35 NR/NA NA Ratio Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Newell Brands Inc 1.26% 1 Vanguard Mid-Cap Value Index Admiral 5.40 5.40 19.49 9.39 14.32 M&T Bank Corp 1.24% CRSP US Mid Cap Value TR USD 5.42 5.42 19.57 9.44 14.47 Western Digital Corp 1.17% 40 Universe(5%) 6.04 6.04 22.01 9.84 14.86 KeyCorp 1.08% Universe(25%) 4.17 4.17 20.47 7.84 13.07 Citizens Financial Group Inc 1.02% Universe(Median) 3.43 3.43 18.92 7.00 11.99 WEC Energy Group Inc 1.01% 20 Universe(75%) 2.48 2.48 16.08 5.25 10.45 Regions Financial Corp 1.00% Universe(95%) 1.01 1.01 9.72 0.46 6.37 Eversource Energy 0.99% The Hartford Financial Services Group Inc 0.98% 0 0 Prospectus Exp Ratio Turnover Ratio DTE Energy Co 0.97% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 39 37

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Mid-Cap Value Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio Apr-14 - Mar-17 140 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 120 Up Mkt Capture Ratio, % Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 100 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 Vanguard Mid-Cap Value Index Admiral -4.27 -36.53 37.75 21.83 -0.29 16.02 37.66 13.98 -1.80 15.26 60 CRSP US Mid Cap Value TR USD NA NA NA NA NA 17.90 37.38 14.05 -1.75 15.28 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 16 10 0 0 20 40 60 80 100 120 140 160 180 200 1 1.0 9 14 Down Mkt Capture Ratio, % 0 0.9 8 Excess Annualized StdDev, % 12 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Total Annualized StdDev, % -1 0.8 7 CRSP US Mid Cap Value TR USD -2 0.7 10 6 Sharpe Ratio Alpha, % -3 0.6 8 5 -4 0.5 4 Return vs. Risk -5 0.4 6 3 Apr-14 - Mar-17 -6 0.3 4 14 -7 0.2 2 2 12 -8 0.1 1 Total Annualized Return, % 10 -9 0.0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 4 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 0 Vanguard Mid-Cap Value Index Admiral -0.03 1.00 100.00 0.86 11.02 0.04 -2 CRSP US Mid Cap Value TR USD 0.00 1.00 100.00 0.86 11.04 0.00 Universe(5%) 1.40 1.29 95.92 0.93 15.99 9.09 -4 0 5 10 15 20 25 Universe(25%) -1.23 1.13 93.80 0.69 13.28 5.36 Universe(Median) -2.78 1.04 89.78 0.60 12.16 4.04 Total Annualized StdDev, % Universe(75%) -4.37 0.94 83.38 0.46 11.10 3.00 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Universe(95%) -8.80 0.62 61.70 0.07 8.73 2.37 Cash CRSP US Mid Cap Value TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 40 38

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Mid Cap Index Admiral Portfolio Information Investment Strategy Summary % Cash Ticker VIMAX % US Stocks The investment seeks to track the performance of a benchmark index that measures the Morningstar Category Mid-Cap Blend % Bonds investment return of mid-capitalization stocks. The fund employs an indexing investment Avg Mkt Cap $MM 12490.75 % Non-US Stocks approach designed to track the performance of the CRSP US Mid Cap Index, a broadly Cat Med Mkt Cap $MM 7300.39 % Pref diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the Net Assets $MM 83595.00 target index by investing all, or substantially all, of its assets in the stocks that make up the % Conv Turnover Ratio 15.00 index, holding each stock in approximately the same proportion as its weighting in the % Other % Assets in Top 10 Holdings 6.63 index. % Non-US Bonds Total Number of Holdings 352.00 Manager Name Donald M. Butler _________________________________________________________________________ Manager Tenure 18.87 98.89 Fund Incept Date 05/21/1998 Prospectus Exp Ratio 0.08 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 99.41 % Cash 0.53 30 % Canada 0.00 % US Stocks 98.89 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 0.58 25 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 21 20 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 25 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.41 15 % Rank Cat 10 Yr 32 % Asia - Emerging 0.17 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 5.29 Avg Eff Duration NA 3 300 % Communication Services 1.37 Effective Maturity NA 5 % Consumer Cyclical 16.46 Avg Credit Quality NA % Consumer Defensive 6.84 AAA NA % Healthcare 8.82 AA NA 250 % Industrials 13.67 A NA 0 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 7.18 BBB NA % Technology 16.36 BB NA 2 200 % Energy 4.68 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 14.26 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 5.07 NR/NA NA Ratio Vanguard Mid Cap Index Admiral CRSP US Mid Cap TR USD 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Equinix Inc 0.77% 1 100 Vanguard Mid Cap Index Admiral 6.19 6.19 16.74 8.68 12.88 Fiserv Inc 0.72% CRSP US Mid Cap TR USD 6.20 6.20 16.79 8.73 13.04 Electronic Arts Inc 0.72% Universe(5%) 7.30 7.30 28.82 9.78 14.65 Newell Brands Inc 0.68% Universe(25%) 4.94 4.94 20.71 8.69 12.88 M&T Bank Corp 0.67% 50 Universe(Median) 4.08 4.08 18.15 6.77 11.82 Western Digital Corp 0.63% Universe(75%) 3.55 3.55 13.92 4.91 10.30 Amphenol Corp Class A 0.62% Universe(95%) 1.27 1.27 8.27 2.30 7.00 Incyte Corp 0.61% Roper Technologies Inc 0.61% 0 0 Prospectus Exp Ratio Turnover Ratio KeyCorp 0.58% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 41 39

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Mid Cap Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 80 0 60 25 Total Return Rank, % 40 50 Total Return, % 20 75 0 100 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -20 Up/Down Market Capture Ratio -40 Apr-14 - Mar-17 225 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 200 175 Up Mkt Capture Ratio, % Vanguard Mid Cap Index Admiral CRSP US Mid Cap TR USD 150 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 125 Vanguard Mid Cap Index Admiral 6.17 -41.78 40.48 25.59 -1.97 15.99 35.15 13.76 -1.34 11.22 100 CRSP US Mid Cap TR USD NA NA NA NA -1.79 16.69 35.27 13.83 -1.28 11.24 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 16 9 0 0 25 50 75 100 125 150 175 200 225 1.0 8 1 14 Down Mkt Capture Ratio, % 0.9 7 Excess Annualized StdDev, % 0 12 Morningstar Midcap Blend Universe Vanguard Mid Cap Index Admiral Total Annualized StdDev, % 0.8 6 CRSP US Mid Cap TR USD -1 0.7 10 Sharpe Ratio Alpha, % 0.6 5 -2 8 0.5 4 Return vs. Risk -3 0.4 6 3 Apr-14 - Mar-17 0.3 -4 4 16 2 0.2 14 -5 2 1 0.1 12 Total Annualized Return, % -6 0.0 0 0 10 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard Mid Cap Index Admiral CRSP US Mid Cap TR USD 4 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 0 Vanguard Mid Cap Index Admiral -0.04 1.00 100.00 0.77 11.40 0.03 -2 CRSP US Mid Cap TR USD 0.00 1.00 100.00 0.78 11.40 0.00 -4 Universe(5%) 1.55 1.21 94.03 0.92 15.83 8.64 -6 0 5 10 15 20 25 Universe(25%) 0.01 1.08 90.81 0.73 13.23 5.72 Universe(Median) -1.81 1.01 87.15 0.58 12.12 4.44 Total Annualized StdDev, % Universe(75%) -2.86 0.92 82.01 0.45 11.19 3.70 Morningstar Midcap Blend Universe Vanguard Mid Cap Index Admiral Universe(95%) -5.84 0.62 68.88 0.25 8.24 2.86 Cash CRSP US Mid Cap TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 42 40

Quarterly Investment Monitor Data as of 03/31/2017 Prudential QMA Small-Cap Value Z Portfolio Information Investment Strategy Summary % Cash Ticker TASVX % US Stocks The investment seeks above-average capital appreciation. The fund normally invests at least Morningstar Category Small Value % Bonds 80% of its investable assets in equity and equity-related securities of small-cap companies. Avg Mkt Cap $MM 1652.75 % Non-US Stocks The subadviser considers small-cap companies to be companies with market capitalizations Cat Med Mkt Cap $MM 2866.39 % Pref within the market cap range of companies included in the Russell 2000 Index or the Net Assets $MM 1616.00 Standard & Poor's SmallCap 600 Index. While most assets will typically be invested in U.S. % Conv Turnover Ratio 72.00 equity and equity-related securities, including real estate investment trusts (REITs), the % Other % Assets in Top 10 Holdings 10.59 fund may also invest in foreign equity and equity-related securities. % Non-US Bonds Total Number of Holdings 351.00 Manager Name Stephen Courtney _________________________________________________________________________ Manager Tenure 2.21 98.77 Fund Incept Date 01/05/1993 Prospectus Exp Ratio 0.73 Phone Number 800-225-1852 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 99.12 % Cash 0.36 35 % Canada 0.00 % US Stocks 98.77 % Latin America 0.06 % Bonds 0.00 % United Kingdom 0.50 % Non-US Stocks 0.87 30 % Eurozone 0.04 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating 25 % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 14 % Middle East 0.00 5 Year Mstar Rating 20 % Japan 0.00 % Rank Cat 5 Yr 24 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 15 % Rank Cat 10 Yr 7 % Asia - Emerging 0.28 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 % Basic Materials 4.35 Avg Eff Duration NA 2 160 % Communication Services 1.02 Effective Maturity NA % Consumer Cyclical 14.44 Avg Credit Quality NA 0 % Consumer Defensive 6.14 AAA NA 140 % Healthcare 2.51 AA NA % Industrials 15.61 A NA -5 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 12.07 BBB NA % Technology 4.93 BB NA % Energy 2.95 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 34.78 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 1.19 NR/NA NA Ratio Prudential QMA Small-Cap Value Z Russell 2000 Value Index 1 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Prosperity Bancshares Inc 1.27% Prudential QMA Small-Cap Value Z -0.83 -0.83 29.89 8.87 12.94 Umpqua Holdings Corp 1.15% Russell 2000 Value Index -0.13 -0.13 29.37 7.62 12.54 Washington Federal Inc 1.11% 40 Universe(5%) 4.38 4.38 30.40 9.20 14.07 Hope Bancorp Inc 1.08% Universe(25%) 1.71 1.71 24.41 7.73 13.03 Sanmina Corp 1.08% Universe(Median) 0.24 0.24 23.21 6.52 12.03 Atlas Air Worldwide Holdings Inc 1.02% 20 Universe(75%) -0.84 -0.84 19.61 4.94 10.48 RLJ Lodging Trust 1.00% Universe(95%) -2.81 -2.81 13.82 -0.05 7.58 Radian Group Inc 0.99% Old National Bancorp 0.95% 0 0 Prospectus Exp Ratio Turnover Ratio SkyWest Inc 0.95% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 43 41

Quarterly Investment Monitor Data as of 03/31/2017 Prudential QMA Small-Cap Value Z Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio Apr-14 - Mar-17 140 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 120 Up Mkt Capture Ratio, % Prudential QMA Small-Cap Value Z Russell 2000 Value Index 100 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 Prudential QMA Small-Cap Value Z 0.52 -27.45 26.69 23.63 -0.48 14.14 35.87 5.89 -7.04 33.94 60 Russell 2000 Value Index -9.78 -28.92 20.58 24.50 -5.50 18.05 34.52 4.22 -7.47 31.74 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 0.7 20 11 0 0 20 40 60 80 100 120 140 2 18 10 0.6 Down Mkt Capture Ratio, % 1 16 9 Excess Annualized StdDev, % Morningstar SmallCap Value Universe Prudential QMA Small-Cap Value Z Total Annualized StdDev, % 0.5 8 0 14 Russell 2000 Value Index 7 -1 12 Sharpe Ratio 0.4 Alpha, % 6 -2 10 5 -3 0.3 8 Return vs. Risk 4 -4 0.2 6 Apr-14 - Mar-17 3 12 -5 4 2 0.1 -6 2 1 10 Total Annualized Return, % -7 0.0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Prudential QMA Small-Cap Value Z Russell 2000 Value Index 4 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 Prudential QMA Small-Cap Value Z 1.04 1.03 95.72 0.59 16.15 3.37 0 Russell 2000 Value Index 0.00 1.00 100.00 0.54 15.37 0.00 Universe(5%) 2.14 1.08 97.69 0.68 18.29 10.80 -2 0 5 10 15 20 25 30 Universe(25%) 0.90 0.97 96.07 0.58 15.40 6.15 Universe(Median) -0.07 0.91 93.03 0.50 14.58 4.16 Total Annualized StdDev, % Universe(75%) -1.53 0.85 86.78 0.40 13.90 3.18 Morningstar SmallCap Value Universe Prudential QMA Small-Cap Value Z Universe(95%) -6.44 0.60 57.28 0.07 10.32 2.37 Cash Russell 2000 Value Index City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 44 42

Quarterly Investment Monitor Data as of 03/31/2017 Oppenheimer International Growth Y 3.62 3.48 1.64 Portfolio Information Investment Strategy Summary % Cash Ticker OIGYX % US Stocks The investment seeks capital appreciation. The fund mainly invests in the common stock of Morningstar Category Foreign Large Growth % Bonds growth companies that are domiciled or have their primary operations outside of the United Avg Mkt Cap $MM 16972.69 % Non-US Stocks States. It may invest 100% of its assets in securities of foreign companies. The fund may Cat Med Mkt Cap $MM 30248.51 % Pref invest in emerging markets as well as in developed markets throughout the world. It Net Assets $MM 23675.00 normally will invest at least 65% of its total assets in common and preferred stocks of % Conv Turnover Ratio 9.00 issuers in at least three different countries outside of the United States, and emphasize % Other % Assets in Top 10 Holdings 17.12 investments in common stocks of issuers that the portfolio managers consider to be "growth" % Non-US Bonds Total Number of Holdings 103.00 companies. Manager Name George R. Evans Manager Tenure 21.03 _________________________________________________________________________ Fund Incept Date 03/25/1996 91.25 Prospectus Exp Ratio 0.89 Phone Number 800-225-5677 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 3.82 % Cash 3.48 20 % Canada 5.60 % US Stocks 3.62 % Latin America 0.00 % Bonds 0.00 % United Kingdom 17.82 % Non-US Stocks 91.25 % Eurozone 38.58 % Pref 0.01 Portfolio Ratings 15 Total Annualized Return, % % Europe - ex Euro 18.28 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 1.64 3 Year Mstar Rating % Africa 0.90 % Non-US Bonds 0.00 % Rank Cat 3 Yr 69 % Middle East 0.00 5 Year Mstar Rating 10 % Japan 7.78 % Rank Cat 5 Yr 27 % Australasia 3.31 10 Year Mstar Rating % Asia - Developed 0.82 % Rank Cat 10 Yr 2 % Asia - Emerging 3.08 5 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 5.64 Avg Eff Duration NA 2 180 0 % Communication Services 6.88 Effective Maturity NA % Consumer Cyclical 21.96 Avg Credit Quality NA 160 % Consumer Defensive 17.02 AAA NA % Healthcare 11.19 AA NA % Industrials 17.40 A NA 140 -5 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 15.63 BB NA 120 % Energy 0.00 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 4.28 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio 100 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 1 Turnover 80 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Infineon Technologies AG 2.12% 60 Oppenheimer International Growth Y 7.70 7.70 4.38 0.15 6.48 SAP SE 1.91% MSCI EAFE Large Growth NR USD 8.50 8.50 7.44 1.19 5.71 Nippon Telegraph & Telephone Corp 1.82% Universe(5%) 10.85 10.85 19.30 3.49 7.93 40 Dollarama Inc 1.81% Universe(25%) 8.55 8.55 13.12 1.22 6.07 Valeo SA 1.78% Universe(Median) 7.77 7.77 10.80 0.36 5.24 Temenos Group AG 1.63% 20 Universe(75%) 7.08 7.08 8.29 -0.84 4.42 Carnival Corp 1.54% Universe(95%) 5.64 5.64 4.92 -2.56 2.52 Nidec Corp 1.52% Continental AG 1.51% 0 0 Prospectus Exp Ratio Turnover Ratio Keyence Corp 1.48% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 45 43

Quarterly Investment Monitor Data as of 03/31/2017 Oppenheimer International Growth Y Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio Apr-14 - Mar-17 180 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 160 140 Up Mkt Capture Ratio, % Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 120 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100 Oppenheimer International Growth Y 12.93 -41.22 38.44 15.35 -7.31 22.10 25.46 -6.99 3.44 -2.06 80 MSCI EAFE Large Growth NR USD 19.51 -41.74 28.81 11.48 -12.04 17.06 22.28 -4.70 3.28 -3.47 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 0.4 14 8 0 0 20 40 60 80 100 120 140 160 180 200 2 12 7 Down Mkt Capture Ratio, % 0.3 Excess Annualized StdDev, % 6 Morningstar Foreign Stock Universe Oppenheimer International Growth Y Total Annualized StdDev, % 1 10 0.2 MSCI EAFE Large Growth NR USD 5 Sharpe Ratio 0 8 Alpha, % 0.1 4 -1 6 Return vs. Risk 3 0.0 -2 4 Apr-14 - Mar-17 2 8 -0.1 -3 2 1 6 Total Annualized Return, % -4 -0.2 0 0 4 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 2 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 0 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 -4 Oppenheimer International Growth Y -0.94 0.94 89.44 0.06 11.90 3.94 -6 MSCI EAFE Large Growth NR USD 0.00 1.00 100.00 0.14 12.00 0.00 Universe(5%) 2.37 1.03 93.20 0.34 14.00 7.58 -8 0 5 10 15 20 25 Universe(25%) 0.18 0.94 90.26 0.15 12.39 5.22 Universe(Median) -0.71 0.91 87.07 0.07 11.60 4.38 Total Annualized StdDev, % Universe(75%) -1.90 0.87 82.24 -0.03 11.16 3.83 Morningstar Foreign Stock Universe Oppenheimer International Growth Y Universe(95%) -3.60 0.80 70.73 -0.18 10.62 3.13 Cash MSCI EAFE Large Growth NR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 46 44

Quarterly Investment Monitor Data as of 03/31/2017 American Funds New Perspective R6 3.60 4.37 Portfolio Information Investment Strategy Summary % Cash Ticker RNPGX % US Stocks The investment seeks long-term growth of capital; future income is a secondary objective. 46.66 Morningstar Category World Stock % Bonds The fund seeks to take advantage of investment opportunities generated by changes in Avg Mkt Cap $MM 55365.21 % Non-US Stocks international trade patterns and economic and political relationships by investing in common Cat Med Mkt Cap $MM 51398.64 % Pref stocks of companies located around the world. In pursuing its primary investment objective, Net Assets $MM 65090.00 it invests primarily in common stocks that the investment adviser believes have the % Conv Turnover Ratio 22.00 potential for growth. In pursuing its secondary objective, the fund invests in common stocks % Other % Assets in Top 10 Holdings 19.15 of companies with the potential to pay dividends in the future. % Non-US Bonds Total Number of Holdings 322.00 Manager Name Robert W. Lovelace _________________________________________________________________________ 44.35 Manager Tenure 16.34 Fund Incept Date 03/13/1973 Prospectus Exp Ratio 0.45 Phone Number 800-421-4225 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 51.27 % Cash 3.60 25 % Canada 2.11 % US Stocks 46.66 % Latin America 0.82 % Bonds 0.24 % United Kingdom 7.00 % Non-US Stocks 44.35 % Eurozone 12.60 % Pref 0.63 Portfolio Ratings 20 Total Annualized Return, % % Europe - ex Euro 7.91 % Conv 0.03 Mstar Rating % Europe - Emerging 0.00 % Other 4.37 3 Year Mstar Rating % Africa 2.31 % Non-US Bonds 0.11 % Rank Cat 3 Yr 10 % Middle East 0.11 5 Year Mstar Rating 15 % Japan 7.20 % Rank Cat 5 Yr 9 % Australasia 0.35 10 Year Mstar Rating % Asia - Developed 4.55 % Rank Cat 10 Yr 5 % Asia - Emerging 3.78 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 4.80 Avg Eff Duration NA 3 160 5 % Communication Services 2.23 Effective Maturity NA % Consumer Cyclical 17.03 Avg Credit Quality NA % Consumer Defensive 12.31 AAA NA 140 % Healthcare 10.79 AA NA % Industrials 9.59 A NA 0 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 23.82 BB NA 2 % Energy 6.14 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 12.61 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.68 NR/NA NA Ratio American Funds New Perspective R6 MSCI AC World Index ND USD 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Amazon.com Inc 3.84% 1 American Funds New Perspective R6 9.60 9.60 14.74 6.89 10.66 Novo Nordisk A/S B 2.06% MSCI AC World Index ND USD 6.91 6.91 15.04 5.08 8.37 Microsoft Corp 2.00% 40 Universe(5%) 11.02 11.02 21.11 8.76 11.92 Taiwan Semiconductor Manufacturing Co Ltd 1.84% Universe(25%) 8.49 8.49 16.74 5.61 9.65 Naspers Ltd Class N 1.71% Universe(Median) 7.40 7.40 13.80 4.09 8.40 The Priceline Group Inc 1.69% 20 Universe(75%) 5.64 5.64 10.98 2.34 7.34 JPMorgan Chase & Co 1.60% Universe(95%) 4.06 4.06 7.34 0.27 3.95 Facebook Inc A 1.58% Broadcom Ltd 1.45% 0 0 Prospectus Exp Ratio Turnover Ratio CME Group Inc Class A 1.39% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 47 45

Quarterly Investment Monitor Data as of 03/31/2017 American Funds New Perspective R6 Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio Apr-14 - Mar-17 160 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 140 Up Mkt Capture Ratio, % 120 American Funds New Perspective R6 MSCI AC World Index ND USD 100 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 American Funds New Perspective R6 16.03 -37.83 37.72 13.11 -7.33 21.19 27.23 3.56 5.63 2.19 MSCI AC World Index ND USD 11.66 -42.20 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36 7.86 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 0.8 16 9 0 0 20 40 60 80 100 120 140 3 0.7 14 8 Down Mkt Capture Ratio, % 2 7 Excess Annualized StdDev, % 0.6 12 Morningstar World Stock Universe American Funds New Perspective R6 Total Annualized StdDev, % 1 6 MSCI AC World Index ND USD 0.5 10 Sharpe Ratio Alpha, % 0 5 0.4 8 -1 4 Return vs. Risk 0.3 6 -2 3 Apr-14 - Mar-17 0.2 4 14 -3 2 0.1 2 12 -4 1 Total Annualized Return, % 10 -5 0.0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 American Funds New Perspective R6 MSCI AC World Index ND USD 4 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 0 American Funds New Perspective R6 1.99 0.95 92.48 0.67 10.61 2.97 -2 MSCI AC World Index ND USD 0.00 1.00 100.00 0.50 10.79 0.00 Universe(5%) 3.89 1.14 94.85 0.78 14.08 8.33 -4 0 2 4 6 8 10 12 14 16 18 Universe(25%) 0.95 1.04 91.47 0.54 12.45 5.91 Universe(Median) -0.55 0.94 85.24 0.41 11.07 4.40 Total Annualized StdDev, % Universe(75%) -2.21 0.88 78.97 0.26 10.41 3.44 Morningstar World Stock Universe American Funds New Perspective R6 Universe(95%) -4.46 0.69 59.43 0.07 8.70 2.48 Cash MSCI AC World Index ND USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 48 46

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Emerging Mkts Stock Idx Instl 1.91 Portfolio Information Investment Strategy Summary % Cash Ticker VEMIX % US Stocks The investment seeks to track the performance of a benchmark index that measures the Morningstar Category Diversified Emerging Mkts % Bonds investment return of stocks issued by companies located in emerging market countries. The Avg Mkt Cap $MM 13789.04 % Non-US Stocks fund employs an indexing investment approach designed to track the performance of the Cat Med Mkt Cap $MM 22549.49 % Pref FTSE Emerging Markets All Cap China A Inclusion Index, a market-capitalization-weighted Net Assets $MM 70376.00 index that is made up of approximately 3,658 common stocks of large-, mid-, and small-cap % Conv Turnover Ratio 13.00 companies located in emerging markets around the world. % Other % Assets in Top 10 Holdings 15.09 % Non-US Bonds Total Number of Holdings 4205.00 _________________________________________________________________________ Manager Name Michael Perre Manager Tenure 8.59 96.14 Fund Incept Date 05/04/1994 Prospectus Exp Ratio 0.11 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 0.39 % Cash 1.91 30 % Canada 0.00 % US Stocks 0.38 % Latin America 14.79 % Bonds 0.01 % United Kingdom 0.00 % Non-US Stocks 96.14 25 % Eurozone 0.69 % Pref 0.92 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.02 % Conv 0.00 Mstar Rating % Europe - Emerging 6.51 % Other 0.64 3 Year Mstar Rating 20 % Africa 7.95 % Non-US Bonds 0.00 % Rank Cat 3 Yr 30 % Middle East 1.45 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 54 15 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 17.13 % Rank Cat 10 Yr 39 % Asia - Emerging 51.07 10 5 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 9.74 Avg Eff Duration NA 3 180 % Communication Services 5.93 Effective Maturity NA 0 % Consumer Cyclical 8.81 Avg Credit Quality NA 160 % Consumer Defensive 7.12 AAA NA % Healthcare 3.21 AA NA % Industrials 6.34 A NA 140 -5 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.05 BBB NA % Technology 18.47 BB NA 2 120 % Energy 7.74 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 24.86 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 3.72 NR/NA NA Ratio 100 Vanguard Emerging Mkts Stock Idx Instl FTSE EMs AC China A Incl (US RIC) NR USD Turnover 80 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Tencent Holdings Ltd 3.29% 1 60 Vanguard Emerging Mkts Stock Idx Instl 10.89 10.89 17.60 1.94 0.91 Taiwan Semiconductor Manufacturing Co Ltd 2.12% FTSE EMs AC China A Incl (US RIC) NR USD 10.10 10.10 16.71 2.51 1.53 China Construction Bank Corp H 1.71% Universe(5%) 14.77 14.77 27.01 4.26 3.87 40 Naspers Ltd Class N 1.58% Universe(25%) 13.42 13.42 20.36 2.35 2.08 China Mobile Ltd 1.34% Universe(Median) 12.36 12.36 18.51 1.68 1.22 Taiwan Semiconductor Manufacturing Co Ltd ADR 1.30% 20 Universe(75%) 11.45 11.45 14.66 0.03 0.08 Industrial And Commercial Bank Of China Ltd H 1.11% Universe(95%) 10.01 10.01 13.00 -2.45 -3.01 Hon Hai Precision Industry Co Ltd 1.00% Bank Of China Ltd H 0.90% 0 0 Prospectus Exp Ratio Turnover Ratio Housing Development Finance Corp Ltd 0.74% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 49 47

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard Emerging Mkts Stock Idx Instl 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 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -40 Up/Down Market Capture Ratio -60 Apr-14 - Mar-17 300 -80 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard Emerging Mkts Stock Idx Instl FTSE EMs AC China A Incl (US RIC) NR USD 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard Emerging Mkts Stock Idx Instl 39.15 -52.74 76.35 19.06 -18.63 18.90 -4.99 0.67 -15.34 11.76 FTSE EMs AC China A Incl (US RIC) NR USD 41.69 -54.22 85.17 19.81 -19.99 18.14 -3.17 2.64 -13.55 10.30 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 0.4 22 10 0 0 25 50 75 100 125 150 175 200 225 20 9 1 Down Mkt Capture Ratio, % 0.3 18 8 Excess Annualized StdDev, % Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx Instl Total Annualized StdDev, % 0 16 7 FTSE EMs AC China A Incl (US RIC) NR USD 14 0.2 6 Sharpe Ratio -1 Alpha, % 12 5 10 -2 0.1 4 Return vs. Risk 8 -3 3 Apr-14 - Mar-17 6 6 0.0 4 2 -4 2 1 4 Total Annualized Return, % -5 -0.1 0 0 2 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 0 Vanguard Emerging Mkts Stock Idx Instl FTSE EMs AC China A Incl (US RIC) NR USD -2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -4 Vanguard Emerging Mkts Stock Idx Instl -0.51 0.98 97.84 0.19 15.90 2.36 -6 FTSE EMs AC China A Incl (US RIC) NR USD 0.00 1.00 100.00 0.22 16.08 0.00 Universe(5%) 1.91 1.14 95.80 0.34 20.16 9.23 -8 0 5 10 15 20 25 30 35 40 Universe(25%) -0.01 0.95 93.50 0.21 15.92 5.93 Universe(Median) -0.61 0.91 91.17 0.17 15.56 4.96 Total Annualized StdDev, % Universe(75%) -2.22 0.86 87.85 0.07 14.56 4.30 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx Instl Universe(95%) -4.75 0.76 77.83 -0.04 13.21 3.36 Cash FTSE EMs AC China A Incl (US RIC) NR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 50 48

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard REIT Index Institutional Portfolio Information Investment Strategy Summary % Cash Ticker VGSNX % US Stocks The investment seeks to provide a high level of income and moderate long-term capital Morningstar Category Real Estate % Bonds appreciation by tracking the performance of a benchmark index that measures the Avg Mkt Cap $MM 9995.19 % Non-US Stocks performance of publicly traded equity REITs. The fund employs an indexing investment Cat Med Mkt Cap $MM 13419.51 % Pref approach designed to track the performance of the MSCI US REIT Index. The index is Net Assets $MM 63063.00 composed of stocks of publicly traded equity real estate investment trusts (known as REITs). % Conv Turnover Ratio 7.00 The adviser attempts to replicate the index by investing all, or substantially all, of its assets % Other % Assets in Top 10 Holdings 33.33 in the stocks that make up the index, holding each stock in approximately the same % Non-US Bonds Total Number of Holdings 160.00 proportion as its weighting in the index. Manager Name Gerard C. O'Reilly Manager Tenure 20.90 _________________________________________________________________________ 99.80 Fund Incept Date 05/13/1996 Prospectus Exp Ratio 0.10 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 100.00 % Cash 0.20 12 % Canada 0.00 % US Stocks 99.80 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 0.00 10 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 8 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 18 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 14 6 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 19 % Asia - Emerging 0.00 4 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 0.00 Avg Eff Duration NA 2 160 % Communication Services 0.00 Effective Maturity NA 0 % Consumer Cyclical 0.36 Avg Credit Quality NA % Consumer Defensive 0.00 AAA NA 140 % Healthcare 0.00 AA NA % Industrials 1.08 A NA -2 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 98.56 BBB NA % Technology 0.00 BB NA % Energy 0.00 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 0.00 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio Vanguard REIT Index Institutional MSCI US REIT NR USD 1 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Simon Property Group Inc 6.84% Vanguard REIT Index Institutional 0.96 0.96 3.09 9.96 9.75 Public Storage 3.96% MSCI US REIT NR USD 0.68 0.68 1.89 8.67 8.49 Prologis Inc 3.19% 40 Universe(5%) 3.34 3.34 9.86 10.72 10.29 Equinix Inc 3.17% Universe(25%) 1.46 1.46 3.67 9.77 9.55 Welltower Inc 3.01% Universe(Median) 0.56 0.56 1.95 9.19 8.86 AvalonBay Communities Inc 2.98% 20 Universe(75%) -0.07 -0.07 0.44 8.40 8.43 Equity Residential 2.72% Universe(95%) -1.26 -1.26 -0.21 6.04 6.93 Ventas Inc 2.72% Boston Properties Inc 2.53% 0 0 Prospectus Exp Ratio Turnover Ratio Vornado Realty Trust 2.21% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 51 49

Quarterly Investment Monitor Data as of 03/31/2017 Vanguard REIT Index Institutional 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 Apr-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-17 -30 Up/Down Market Capture Ratio -40 Apr-14 - Mar-17 120 -50 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Vanguard REIT Index Institutional MSCI US REIT NR USD 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Vanguard REIT Index Institutional -16.38 -36.95 29.76 28.56 8.70 17.65 2.48 30.28 2.45 8.51 MSCI US REIT NR USD -17.84 -39.05 26.27 26.97 7.48 16.47 1.26 28.82 1.28 7.14 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 16 9 0 0 20 40 60 80 100 120 0.8 14 8 Down Mkt Capture Ratio, % 3 0.7 7 Excess Annualized StdDev, % 12 Morningstar Real Estate Universe Vanguard REIT Index Institutional Total Annualized StdDev, % 0.6 6 MSCI US REIT NR USD 10 2 Sharpe Ratio Alpha, % 0.5 5 8 0.4 4 1 Return vs. Risk 6 0.3 3 Apr-14 - Mar-17 4 14 0.2 2 0 0.1 2 1 12 Total Annualized Return, % -1 0.0 0 0 10 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 8 Vanguard REIT Index Institutional MSCI US REIT NR USD 6 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 4 Vanguard REIT Index Institutional 1.16 1.00 99.97 0.69 15.09 0.26 2 MSCI US REIT NR USD 0.00 1.00 100.00 0.62 15.03 0.00 Universe(5%) 3.13 1.01 99.73 0.83 15.30 8.67 0 0 2 4 6 8 10 12 14 16 18 Universe(25%) 1.47 0.99 99.12 0.71 15.03 2.82 Universe(Median) 1.00 0.97 98.66 0.67 14.68 1.82 Total Annualized StdDev, % Universe(75%) 0.24 0.92 96.78 0.62 14.08 1.41 Morningstar Real Estate Universe Vanguard REIT Index Institutional Universe(95%) -0.54 0.59 69.92 0.51 11.73 0.82 Cash MSCI US REIT NR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 52 50

Quarterly Investment Monitor Data as of 03/31/2017 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 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 measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative risk. Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is alpha indicates the portfolio has underperformed, given the expectations established by beta. susceptible to 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 shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A theory, 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 fund with a duration of 10 years is twice as volatile as a fund with a five-year duration. Morningstar prints an average effective duration that the stock is a bargain. statistic 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 Average effective maturity is a weighted average of all the effective maturities of the bonds in a portfolio. Effective maturity takes into current price of the stock by its trailing 12 months’ earnings per share. In computing the average, Morningstar weights each portfolio holding consideration mortgage prepayments, puts, calls, adjustable coupons, and other features of individual bonds and is thus a more by the percentage of equity assets it represents, so that larger positions have proportionately greater influence on the fund’s final P/E. accurate 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 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 its benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors movements in 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. 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 It can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk. one 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 variation. The greater the variation, the larger the penalty. Funds are ranked within their categories and stars are assigned as follows: varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is Top 10% five stars; Next 22.5% four stars; Middle 35% three stars; Next 22.5% two stars; Bottom 10% one star. most 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 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 are not included in the expense ratio. more 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 Geometric Average Market Capitalization available fund 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 Expressed in percentage terms, Morningstar’s calculation of total return is determined each month by taking the change in monthly net asset reported as average market capitalization. value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean using 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 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, that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the agility, and popularity. They help determine whether a small company fund, for example, can remain in its investment-objective category portfolio’s holdings that have changed over the past year. if its 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 General Employee Pension Plan DOCUMENT PAGE 53 51

Quarterly Investment Monitor Data as of 03/31/2017 Disclaimer This Milliman work product was prepared solely for the internal business use of City of Dover, Delaware General Employee 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 General Employee Pension Plan DOCUMENT PAGE 54 52

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 Employees’ Pension Plan – Board From: Jeff Marzinsky – Milliman Re: Board Meeting Notes Enclosures: Milliman Quarterly Investment Monitor Report (QIM) 1. General Employees’ Pension Plan Investment Review through quarter end: a. As of quarter end, the plan had approximately $39.8 million in assets, up from $38.1 million at the prior quarter end. During the quarter, the plan had contributions of $1.07 million, withdrawals/payments of approximately $940 thousand, and fees of approximately $4.2 thousand. b. Total performance of the plan portfolio was 2.87% net (2.95% gross) for the quarter, in line with the Plan’s benchmark index performance of 3.00%. City of Dover General Employees Pension Plan Quarterly Return Summary CIVILIAN- CIVILIAN-NET GROSS Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 7/31/2016 $ 35,549,521.91 $ 340,000.00 $ 308,154.32 $ 1,346.60 $ 1,221,321.08 $ 36,801,342.07 3.46% 3.48% 8/31/2016 $ 36,801,342.07 $ - $ 312,368.20 $ 1,377.13 $ 54,667.61 $ 36,542,264.35 0.15% 0.17% 9/30/2016 $ 36,542,264.35 $ 360,000.00 $ 309,988.73 $ 1,383.29 $ 107,520.48 $ 36,698,412.81 0.29% 0.32% 10/31/2016 $ 36,698,412.81 $ - $ 309,049.81 $ 1,383.53 $ (680,750.95) $ 35,707,228.52 -1.87% -1.85% 11/30/2016 $ 35,707,228.52 $ 650,000.00 $ 309,131.51 $ 1,373.56 $ 265,068.87 $ 36,311,792.32 0.74% 0.76% 12/31/2016 $ 36,311,792.32 $ - $ 308,694.24 $ 1,367.62 $ 620,059.73 $ 36,621,790.19 1.72% 1.74% 1/31/2017 $ 36,621,790.19 $ - $ 307,954.76 $ 1,372.41 $ 630,126.80 $ 36,942,589.82 1.73% 1.76% 2/28/2017 $ 36,942,589.82 $ 775,000.00 $ 327,204.26 $ - $ 903,123.55 $ 38,293,509.11 2.45% 2.47% 3/31/2017 $ 38,293,509.11 $ - $ 313,319.15 $ 2,826.17 $ 152,186.03 $ 38,129,549.82 0.40% 0.42% 4/30/2017 $ 38,129,549.82 $ - $ 311,232.17 $ 1,403.68 $ 491,511.23 $ 38,308,425.20 1.30% 1.32% 5/31/2017 $ 38,308,425.20 $ 630,000.00 $ 314,709.18 $ 1,411.29 $ 363,917.71 $ 38,986,222.44 0.94% 0.97% 6/30/2017 $ 38,986,222.44 $ 440,000.00 $ 314,238.96 $ 1,431.98 $ 235,121.29 $ 39,345,672.79 0.61% 0.63% $ 1,070,000.00 $ 940,180.31 $ 4,246.95 $ 1,090,550.23 Quarterly Return 2.87% 2.95% $ 3,195,000.00 $ 3,746,045.29 $ 16,677.26 $ 4,363,873.43 One Year Return 12.50% 12.81% c. The chart below describes the current target allocation for the plan. Fund Target Allocation with Category Description Category Investment Name Additional Asset Classes Asset Allocation Range Money Market CA Wells Fargo Advtg Treas Plus MMkt 4.50% 0-12%; target 7% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 2.50% 0-12%; target 7% Cash + STB Non-traditional bond NTB Columbia Strategic Income 5.00% 0-10%; target of 5% NTB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 5.00% 0-10%; target of 5% TIPS Intermediate Term Bonds INTB Vanguard Intermediate Bond 5.00% 0-10%; target 5% INTB Long Term Bonds LTB PIMCO Long Duration 2.50% 0-10%; target 5% LTB Long Term Bonds LTB Vanguard Long Duration 2.50% 0-10%; target 5% LTB High Yield Bond HYB Ivy High Income I 0.00% 1-11%; target 6% HYB High Yield Bond HYB Prudential High Yield 6.00% 1-11%; target 6% HYB Large Cap Value LCV Vanguard Equity Income 11.00% 6-16%; target 11% LCV Large Cap Growth LCG Vanguard Primecap 6.61% CLOSED - no longer accepting contributions Large Cap Growth LCG Vanguard Growth Index 7.39% 9-19%; target 14% LCG Mid Cap MCB Vanguard Mid Cap Index 3.00% 1-11%; target 6% MC Mid Cap MCV Vanguard Mid Cap Value Index 3.00% 1-11%; target 6% MC Small Cap SCV Prudential Small Cap Val 7.00% 0-10%; target 7% SC Real Estate Investment REIT Vanguard REIT Index 8.00% 3-13%; target 8% REIT Foreign Equity GLB American Funds New Perspective 6.00% 6-18%; target 12% FOR Foreign Equity FLG Oppenheimber International Growth Y 6.00% 6-18%; target 12% FOR Emerging Markets EMG Vanguard Emerging Mkts 9.00% 4-14%; target 9% Emg Mkts Offices in Principal Cities Worldwide DOCUMENT PAGE 1

Meeting Notes Page 2 d. The majority of plan investments have performance and rankings generally in line with their peer groups and benchmarks, as well as risk analytics that rank well to their peer groups. There are no recommended changes or adjustments to the plan investments or portfolio at this time. e. Investment Policy Statement and Asset Allocation – At this time, there are no recommended changes to the plan asset allocation. An updated Investment Policy Statement, dated 2017, is provided for review and signature. Optional scenarios would produce lower return, with lower risk (or higher returns with higher levels of risk) than the current target allocation with an expected return close to the actuarial assumption rate of 6.5%. 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, Morningstar. 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. This report does 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. 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 DOCUMENT PAGE 2

Quarterly Investment Monitor Summary Report for the Quarter Ending June 30, 2017 Prepared for City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 3

Quarterly Investment Monitor Contents Section A: Market Commentary Section B: Performance Summary Section C: Core Fund Review Section D: Glossary City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 4 2

Quarterly Investment Monitor Market Indices - 2nd Quarter 2017 3 6 1 3 5 10 Index YTD Months Months Year Years Years Years BofAML US Treasury Bill 3 Mon 0.30 0.20 0.30 0.49 0.23 0.17 0.58 BBgBarc US Govt 1-3 Yr TR USD 0.48 0.20 0.48 -0.07 0.71 0.65 2.01 BBgBarc US Treasury US TIPS TR USD 0.85 -0.40 0.85 -0.63 0.63 0.27 4.27 BBgBarc US Agg Float Adj TR USD 2.35 1.49 2.35 -0.33 2.49 2.23 NA BBgBarc US Govt/Credit Interm TR USD 1.73 0.94 1.73 -0.21 1.92 1.77 3.87 BBgBarc US Government Long TR USD 5.44 3.93 5.44 -6.96 5.54 2.82 7.27 BBgBarc US Long Credit TR USD 6.44 4.70 6.44 2.97 5.28 5.33 7.62 BBgBarc US Govt/Credit Long TR USD 6.03 4.39 6.03 -1.07 5.28 4.26 7.58 BBgBarc US Corporate High Yield TR USD 4.93 2.17 4.93 12.70 4.48 6.89 7.67 DJ Industrial Average TR USD 9.35 3.95 9.35 22.12 11.01 13.45 7.57 S&P 500 TR 9.34 3.09 9.34 17.90 9.61 14.63 7.18 NASDAQ Composite TR USD 14.71 4.16 14.71 28.29 13.02 17.36 10.15 Russell 1000 Value TR USD 4.66 1.34 4.66 15.53 7.36 13.94 5.57 Russell 1000 TR USD 9.27 3.06 9.27 18.03 9.26 14.67 7.29 Russell 1000 Growth TR USD 13.99 4.67 13.99 20.42 11.11 15.30 8.91 Russell 2000 Value TR USD 0.54 0.67 0.54 24.86 7.02 13.39 5.92 Russell 2000 TR USD 4.99 2.46 4.99 24.60 7.36 13.70 6.92 Russell 2000 Growth TR USD 9.97 4.39 9.97 24.40 7.64 13.98 7.82 MSCI EAFE NR USD 13.81 6.12 13.81 20.27 1.15 8.69 1.03 MSCI EAFE Small Cap NR USD 16.72 8.10 16.72 23.18 5.60 12.94 3.41 MSCI EM NR USD 18.43 6.27 18.43 23.75 1.07 3.96 1.91 FTSE NAREIT All REITs TR 5.43 2.40 5.43 1.38 8.87 9.99 6.02 City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 5 3

Quarterly Investment Monitor Broad Market Commentary - 2nd Quarter 2017 Broad Markets - Quarter Broad Markets - Five Years Apr-17 - Jun-17 Jun-12 - Jun-17 7 240 6 220 5 200 Total Return, % Growth of $100 4 180 3 160 2 140 1 120 0 100 Apr-17 - Jun-17 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Total Total BBgBarc US Govt/Credit Interm TR USD S&P 500 TR BBgBarc 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 · Markets continued their upward movements and optimism through the second quarter of 2017. · U.S. stocks were up 3.09% on positive employment news and strong corporate earnings. · Global markets followed the U.S. lead with international developed and emerging markets rising as well. · The Federal Reserve raised the benchmark rate by 25 basis points to a target rate of 1-1.25%. The Fed also indicated that it will reduce its balance sheet holdings. · Total employment increased by 460,000 jobs this quarter and the unemployment rate declined from 4.5% to 4.4% as workers re-entered the labor market. · The price of oil declined from $51 to $46 a barrel during the quarter. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 6 4

Quarterly Investment Monitor US Fixed Income Market Commentary - 2nd Quarter 2017 US Fixed Income - Quarter US Fixed Income - Five Years Apr-17 - Jun-17 Jun-12 - Jun-17 5 140 130 4 120 Total Return, % Growth of $100 3 110 2 100 1 90 80 0 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Apr-17 - Jun-17 Total Total BofAML US Treasury Bill 3 Mon BBgBarc US Govt 1-3 Yr TR USD BofAML US Treasury Bill 3 Mon BBgBarc US Govt 1-3 Yr TR USD BBgBarc US Govt/Credit Interm TR USD BBgBarc US Government Long TR USD BBgBarc US Govt/Credit Interm TR USD BBgBarc US Government Long TR USD BBgBarc US Long Credit TR USD BBgBarc US Corporate High Yield TR USD BBgBarc US Long Credit TR USD BBgBarc US Corporate High Yield TR USD US Bond Market · The broad fixed income market was up on diminished inflation expectations. · The yield curve flattened over the quarter, as short-term rates rose after the Fed raised the benchmark rate and long-term rates dropped on muted inflation expectations. · Yields on 10-Year Treasuries dropped by 9-basis points while yields on 30-Year Treasuries dropped by 18-basis points. · TIPS were the worst performing section, down 40-basis points, as inflation expectations decreased during the quarter. · High Yield bonds were up 12.7% over the last year as spreads tightened. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 7 5

Quarterly Investment Monitor US Equity Market Commentary - 2nd Quarter 2017 US Equity - Quarter US Equity - Five Years Apr-17 - Jun-17 Jun-12 - Jun-17 5 220 200 4 180 Total Return, % Growth of $100 3 160 140 2 120 1 100 0 80 Apr-17 - Jun-17 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 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 domestic equities indices posted a gain for the three month period. The Russell 1000 Growth Index was up 4.67% and 2000 Growth was up 4.39%, value-side indices posted positive yet more muted gains. · Large cap stocks outperformed smaller cap stocks, while growth outperformed value. · REITs were only up 1.64% due to decreasing inflation expectations and lower longer-term rates. · Energy continued to be the worst performing sector, down 6.97%, as oil prices maintained their downward trajectory through the quarter. · Healthcare stocks were the best performing sector, up 7.13%, benefitting from the possibility of major healthcare reform legislation. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 8 6

Quarterly Investment Monitor International Market Commentary - 2nd Quarter 2017 International - Quarter Apr-17 - Jun-17 9 8 International - Five Years Total Return, % 7 6 Jun-12 - Jun-17 5 4 190 3 2 180 1 0 170 160 Growth of $100 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD 150 MSCI EM NR USD Regional Performance - Quarter 140 130 Apr-17 - Jun-17 9 120 8 7 110 Total Return, % 6 5 100 4 3 90 2 1 80 0 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 -1 -2 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD MSCI EM NR USD 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 most major currencies as global economic data improved. · For the quarter, the EAFE and Emerging Market Indices were up 6.12% and 6.27%, respectively. Local currency returns for developed markets were up 2.94%, while local currency returns for emerging markets were up 6.68%. · Among the major international regions, Chinese stocks performed the best, as GDP figures from the first quarter suggested the country was on track to exceed its growth target. · Small-cap international stocks performed well, outpacing larger cap international stocks. City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 9 7

Quarterly Investment Monitor Data as of 06/30/2017 Performance Summary City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 10 8

Quarterly Investment Monitor Data as of 06/30/2017 Asset Allocation Balances As of Percent As of Balances As of Percent As of Notes 06/30/2017 06/30/2017 03/31/2017 03/31/2017 Wells Fargo Treasury Plus MMkt Inst $2,195,378 5.52% $1,704,598 4.47% PISXX Vanguard Short-Term Bond Index Adm $983,060 2.47% $953,028 2.50% VBIRX Vanguard Inflation-Protected Secs I $1,961,659 4.93% $1,913,103 5.02% VIPIX Vanguard Interm-Term Bond Index Adm $1,966,136 4.94% $1,917,516 5.03% VBILX Columbia Strategic Income Y $1,965,374 4.94% $1,917,531 5.03% CPHUX Vanguard Long-Term Bond Index Instl $983,680 2.47% $967,229 2.54% VBLLX PIMCO Long Duration Total Return Instl $980,908 2.47% $965,419 2.53% PLRIX Prudential High-Yield Z $2,375,746 5.97% $2,313,585 6.07% PHYZX Vanguard Equity-Income Adm $4,329,755 10.89% $4,141,225 10.86% VEIRX Vanguard PRIMECAP Core Inv $2,601,472 6.54% $2,471,814 6.48% VPCCX Vanguard Growth Index Admiral $2,907,131 7.31% $2,819,978 7.39% VIGAX Vanguard Mid-Cap Value Index Admiral $1,182,055 2.97% $1,133,843 2.97% VMVAX Vanguard Mid Cap Index Admiral $1,181,720 2.97% $1,134,331 2.97% VIMAX Prudential QMA Small-Cap Value Z $2,746,444 6.91% $2,655,261 6.96% TASVX Oppenheimer International Growth Y $2,361,914 5.94% $2,316,537 6.07% OIGYX American Funds New Perspective R6 $2,355,060 5.92% $2,288,393 6.00% RNPGX Vanguard Emerging Mkts Stock Idx Instl $3,551,350 8.93% $3,444,866 9.03% VEMIX Vanguard REIT Index Institutional $3,142,897 7.90% $3,075,499 8.07% VGSNX Plan Total $39,771,739 $38,133,756 City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 11 9

Quarterly Investment Monitor Data as of 06/30/2017 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 5 11 0.04 -0.02 1.04 1.04 5 5 14 12 Columbia Strategic Income Y 13 5 4.14 3.94 0.76 0.83 11 26 7 26 PIMCO Long Duration Total Return Instl 11 56 0.61 0.47 1.01 1.00 33 33 78 89 Prudential High-Yield Z 4 8 0.37 0.06 0.94 0.95 18 16 23 17 Vanguard Equity-Income Adm 7 29 1.15 -0.34 0.91 0.91 7 4 7 4 Vanguard PRIMECAP Core Inv 15 3 0.50 2.54 1.02 1.00 9 6 1 1 Prudential QMA Small-Cap Value Z 24 35 0.31 0.53 1.07 1.03 31 33 58 47 Oppenheimer International Growth Y 27 17 -0.28 0.74 1.00 1.01 29 29 20 17 American Funds New Perspective R6 9 17 3.30 2.53 1.00 1.01 11 10 16 11 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 General Employee Pension Plan DOCUMENT PAGE 12 10

Quarterly Investment Monitor Data as of 06/30/2017 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 Adm -0.09 -0.11 1.03 0.16 1.01 0.16 0.07 Vanguard Interm-Term Bond Index Adm -0.09 -0.09 1.04 0.36 1.03 0.39 0.07 Vanguard Long-Term Bond Index Instl 0.08 0.00 1.04 0.82 1.03 0.80 0.05 Vanguard Growth Index Admiral -0.06 0.15 1.00 0.03 1.00 0.25 0.06 Vanguard Mid-Cap Value Index Admiral -0.04 -0.11 1.00 0.04 1.00 0.34 0.07 Vanguard Mid Cap Index Admiral -0.05 -0.01 1.00 0.03 1.00 0.13 0.06 Vanguard Emerging Mkts Stock Idx Instl -0.68 -0.80 0.98 2.35 0.99 2.27 0.11 Vanguard REIT Index Institutional -0.10 -0.07 1.00 0.08 1.00 0.08 0.10 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 General Employee Pension Plan DOCUMENT PAGE 13 11

Quarterly Investment Monitor Data as of 06/30/2017 Investment Option Return Summary Asset Fund 3 1 3 5 10 Mstar Expense YTD Ticker Class Name Months Year Years Years Years Rating Ratio Money Market-Taxable Wells Fargo Treasury Plus MMkt Inst 0.17 0.27 0.37 0.15 0.10 0.43 PISXX NA 0.20 BofA ML 91-day Tbill Auction Avg 0.20 0.31 0.49 0.23 0.17 0.58 N/A NA NA Short-term Bond Vanguard Short-Term Bond Index Adm 0.60 1.09 0.05 1.26 1.18 2.91 VBIRX 4.00 0.07 BBgBarc US 1-5Y GovCredit FlAdj TR USD 0.56 1.14 0.11 1.35 1.30 NA N/A NA NA Inflation-Protected Bond Vanguard Inflation-Protected Secs I (0.44) 0.93 (0.78) 0.68 0.25 4.17 VIPIX 4.00 0.07 BBgBarc US Treasury US TIPS TR USD (0.40) 0.85 (0.63) 0.63 0.27 4.27 N/A NA NA Intermediate-term Bond Vanguard Interm-Term Bond Index Adm 1.63 2.93 (0.97) 2.98 2.64 5.62 VBILX 4.00 0.07 BBgBarc US 5-10Y GovCredit FlAdj TR USD 1.67 2.87 (0.80) 3.07 2.74 NA N/A NA NA Nontraditional Bond Columbia Strategic Income Y 2.29 4.16 7.26 3.79 4.71 5.90 CPHUX 4.00 0.62 BBgBarc Global Aggregate TR USD 2.60 4.41 (2.18) (0.35) 0.78 3.69 N/A NA NA Long-term Bond Vanguard Long-Term Bond Index Instl 4.44 6.32 (1.14) 5.36 4.26 7.64 VBLLX 3.00 0.05 Long-term Bond PIMCO Long Duration Total Return Instl 4.68 7.89 1.45 5.89 4.74 8.80 PLRIX 4.00 0.50 BB Long Government/Credit 4.39 6.03 (1.07) 5.28 4.26 7.58 N/A NA NA High Yield Bond Prudential High-Yield Z 2.34 5.33 12.53 4.85 6.95 7.54 PHYZX 5.00 0.57 BB High Yield Corporate Bond 2.17 4.93 12.70 4.48 6.89 7.67 N/A NA NA Large Value Vanguard Equity-Income Adm 1.98 6.63 13.67 8.51 13.60 7.52 VEIRX 5.00 0.17 Russell 1000 Value Index 1.34 4.66 15.53 7.36 13.94 5.57 N/A NA NA Large Growth Vanguard PRIMECAP Core Inv 5.25 13.07 27.40 11.61 17.85 9.63 VPCCX 5.00 0.46 Russell 1000 Growth Index 4.67 13.99 20.42 11.11 15.30 8.91 N/A NA NA Large Growth Vanguard Growth Index Admiral 4.70 14.75 20.14 10.14 14.86 8.80 VIGAX 4.00 0.06 CRSP US Large Cap Growth TR USD 4.71 14.79 20.19 10.19 14.71 NA N/A NA NA Mid-Cap Value Vanguard Mid-Cap Value Index Admiral 1.44 6.92 17.96 8.16 15.67 7.58 VMVAX 5.00 0.07 CRSP US Mid Cap Value TR USD 1.45 6.95 18.06 8.20 15.78 NA N/A NA NA Mid-Cap Blend Vanguard Mid Cap Index Admiral 2.77 9.13 17.25 8.07 14.78 7.48 VIMAX 4.00 0.06 CRSP US Mid Cap TR USD 2.79 9.17 17.31 8.12 14.79 NA N/A NA NA Small Value Prudential QMA Small-Cap Value Z (0.89) (1.71) 25.45 7.33 13.92 7.77 TASVX 5.00 0.73 Russell 2000 Value Index 0.67 0.54 24.86 7.02 13.39 5.92 N/A NA NA Foreign Large Growth Oppenheimer International Growth Y 7.47 15.74 16.25 2.13 9.54 3.93 OIGYX 4.00 0.89 MSCI EAFE Large Growth NR USD 7.41 16.54 14.90 2.41 8.80 2.22 N/A NA NA World Large Stock American Funds New Perspective R6 6.84 17.10 21.55 8.12 13.07 6.65 RNPGX 5.00 0.45 MSCI AC World Index ND USD 4.27 11.48 18.78 4.82 10.54 3.71 N/A NA NA Diversified Emerging Mkts Vanguard Emerging Mkts Stock Idx Instl 3.49 14.76 18.93 0.68 3.40 1.63 VEMIX 3.00 0.11 FTSE EMs AC China A Incl (US RIC) NR USD 3.73 14.20 19.33 1.35 4.20 2.04 N/A NA NA Real Estate Vanguard REIT Index Institutional 1.63 2.60 (1.88) 8.09 9.30 6.21 VGSNX 4.00 0.10 MSCI US REIT GR USD 1.65 2.66 (1.82) 8.19 9.38 5.94 N/A NA NA Total Plan CIVILIAN-GROSS RETURN 2.95 7.80 12.81 6.20 8.09 5.09 N/A NA NA Total Plan CIVILIAN-NET RETURN 2.87 7.65 12.50 5.91 7.80 4.72 N/A NA NA Employee Plan Policy Index 3.00 7.39 12.18 5.63 7.98 4.91 N/A NA NA City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 14 12

Quarterly Investment Monitor Data as of 06/30/2017 U.S. Fixed Income Style Map 36 Month moving average, Jul-12 - Jun-17 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 Adm Vanguard Inflation-Protected Secs I Vanguard Interm-Term Bond Index Adm Columbia Strategic Income Y Vanguard Long-Term Bond Index Instl PIMCO Long Duration Total Return Instl Prudential High-Yield Z City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 15 13

Quarterly Investment Monitor Data as of 06/30/2017 U.S. Equity Style Map 36 Month moving average, Jul-12 - Jun-17 LgValue LgGrowth Small - Large MidValue MidGrowth SmValue SmGrowth Value - Growth S&P/BARRA Style Indices Vanguard Equity-Income Adm Vanguard PRIMECAP Core Inv Vanguard Growth Index Admiral Vanguard Mid-Cap Value Index Admiral Vanguard Mid Cap Index Admiral Prudential QMA Small-Cap Value Z Vanguard REIT Index Institutional City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 16 14

Quarterly Investment Monitor Data as of 06/30/2017 International Equity Style Map 36 Month moving average, Jul-12 - Jun-17 Europe Large Asia Pacific Large Small - Large Europe Small Asia Pacific Small European Emerging Asia Pacific Emerging Europe - Asia SBI Equity Indices Oppenheimer International Growth Y American Funds New Perspective R6 Vanguard Emerging Mkts Stock Idx Instl City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 17 15

Quarterly Investment Monitor Data as of 06/30/2017 Core Fund Review City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 18 16

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Short-Term Bond Index Adm 1.22 % Cash Portfolio Information Investment Strategy Summary 13.85 % US Stocks Ticker VBIRX Morningstar Category Short-term Bond The investment seeks to track the performance of Bloomberg Barclays U.S. 1-5 Year % Bonds Avg Mkt Cap $MM NA Government/Credit Float Adjusted Index. Bloomberg Barclays U.S. 1-5 Year % Non-US Stocks Government/Credit Float Adjusted Index includes all medium and larger issues of U.S. % Pref Cat Med Mkt Cap $MM 41644.12 government, investment-grade corporate, and investment-grade international % Conv Net Assets $MM 49886.00 dollar-denominated bonds that have maturities between 1 and 5 years and are publicly % Other Turnover Ratio 51.00 issued. All of its investments will be selected through the sampling process, and at least 80% % Non-US Bonds % Assets in Top 10 Holdings 13.88 of its assets will be invested in bonds held in the index. Total Number of Holdings 2443.00 Manager Name Joshua C. Barrickman _________________________________________________________________________ 84.92 Manager Tenure 4.35 Fund Incept Date 03/01/1994 Prospectus Exp Ratio 0.07 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 1.22 4 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 84.92 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.01 Portfolio Ratings 3 Total Annualized Return, % % Europe - ex Euro NA % Conv 0.00 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 13.85 % Rank Cat 3 Yr 37 % Middle East NA 5 Year Mstar Rating 2 % Japan NA % Rank Cat 5 Yr 55 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 28 % Asia - Emerging NA 1 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials NA Avg Eff Duration 2.78 2 300 % Communication Services NA Effective Maturity 2.90 0 % Consumer Cyclical NA Avg Credit Quality AA % Consumer Defensive NA AAA 70.76 250 % Healthcare NA AA 5.44 % Industrials NA A 11.45 -1 % Real Estate NA BBB 12.35 3 Months YTD 1 Year 3 Years 5 Years % Technology NA BB 0.00 200 % Energy NA B 0.00 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.00 Median to 75th Percentile 75th to 95th Percentile % Utilities NA NR/NA 0.00 Ratio Vanguard Short-Term Bond Index Adm BBgBarc US 1-5Y GovCredit FlAdj TR USD 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Note 1.25% 1.50% 100 Vanguard Short-Term Bond Index Adm 0.60 1.09 0.05 1.26 1.18 US Treasury Note 1.25% 1.47% BBgBarc US 1-5Y GovCredit FlAdj TR USD 0.56 1.14 0.11 1.35 1.30 US Treasury Note 1.375% 1.46% Universe(5%) 0.91 1.87 3.72 1.88 2.97 US Treasury Note 1.5% 1.42% Universe(25%) 0.66 1.39 1.68 1.43 1.87 US Treasury Note 1.375% 1.39% 50 Universe(Median) 0.49 1.07 1.19 1.12 1.44 US Treasury Note 1.125% 1.38% Universe(75%) 0.38 0.92 0.62 0.85 1.06 US Treasury Note 1.875% 1.36% Universe(95%) 0.22 0.52 -0.17 0.43 0.51 US Treasury Note 1.625% 1.34% US Treasury Note 1.125% 1.29% 0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Note 1.25% 1.26% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 19 17

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Short-Term Bond Index Adm 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 -5 100 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -10 Up/Down Market Capture Ratio -15 Jul-14 - Jun-17 300 -20 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard Short-Term Bond Index Adm BBgBarc US 1-5Y GovCredit FlAdj TR USD 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard Short-Term Bond Index Adm 7.31 5.51 4.38 4.03 3.08 2.05 0.17 1.26 0.92 1.49 BBgBarc US 1-5Y GovCredit FlAdj TR USD NA NA NA 4.08 3.13 2.24 0.29 1.43 0.97 1.57 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 2 3 3 0 -200 -150 -100 -50 0 50 100 150 200 Down Mkt Capture Ratio, % Total Annualized StdDev, % Excess Annualized StdDev, % Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Adm 1 2 2 BBgBarc US 1-5Y GovCredit FlAdj TR USD Sharpe Ratio Alpha, % 1 Return vs. Risk 0 1 1 Jul-14 - Jun-17 9 8 7 Total Annualized Return, % -1 0 0 0 6 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 Vanguard Short-Term Bond Index Adm BBgBarc US 1-5Y GovCredit FlAdj 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 1 Vanguard Short-Term Bond Index Adm -0.12 1.03 98.64 0.74 1.38 0.16 0 BBgBarc US 1-5Y GovCredit FlAdj TR USD 0.00 1.00 100.00 0.83 1.34 0.00 -1 Universe(5%) 1.22 1.03 94.09 1.58 2.71 2.97 -2 Universe(25%) 0.60 0.62 79.59 1.23 1.29 1.14 0 2 4 6 8 10 12 14 Universe(Median) 0.35 0.51 63.01 0.89 0.93 0.86 Total Annualized StdDev, % Universe(75%) 0.07 0.41 35.40 0.67 0.76 0.69 Universe(95%) -0.60 0.18 3.61 0.17 0.48 0.58 Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Adm Cash BBgBarc US 1-5Y GovCredit FlAdj TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 20 18

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Inflation-Protected Secs I % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker VIPIX Morningstar Category Inflation-Protected Bond The investment seeks to provide inflation protection and income consistent with investment in % Bonds Avg Mkt Cap $MM NA inflation-indexed securities. The fund invests at least 80% of its assets in inflation-indexed % Non-US Stocks bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. It % Pref Cat Med Mkt Cap $MM 11226.76 may invest in bonds of any maturity; however, its dollar-weighted average maturity is % Conv Net Assets $MM 27004.00 expected to be in the range of 7 to 20 years. At a minimum, all bonds purchased by the fund % Other Turnover Ratio 27.00 will be rated investment-grade or, if unrated, will be considered by the advisor to be % Non-US Bonds % Assets in Top 10 Holdings 42.38 investment-grade. Total Number of Holdings 39.00 Manager Name Gemma Wright-Casparius _________________________________________________________________________ Manager Tenure 5.87 99.92 Fund Incept Date 06/29/2000 Prospectus Exp Ratio 0.07 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 0.08 2 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 99.92 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro NA % Conv 0.00 Mstar Rating 1 % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 0.00 % Rank Cat 3 Yr 13 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 16 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 16 0 % Asia - Emerging NA Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 1.1 350 -1 % Basic Materials NA Avg Eff Duration 7.88 % Communication Services NA Effective Maturity 8.30 % Consumer Cyclical NA Avg Credit Quality Government 1.0 % Consumer Defensive NA AAA 100.00 300 % Healthcare NA AA 0.00 0.9 % Industrials NA A 0.00 -2 % Real Estate NA BBB 0.00 3 Months YTD 1 Year 3 Years 5 Years 0.8 250 % Technology NA BB 0.00 % Energy NA B 0.00 0.7 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.00 Median to 75th Percentile 75th to 95th Percentile Ratio % Utilities NA NR/NA 0.00 200 0.6 Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD Turnover 0.5 150 3 Year to 1 3 5 Top Ten Holdings Performance 0.4 Months Date Year Years Years US Treasury Note 5.38% Vanguard Inflation-Protected Secs I -0.44 0.93 -0.78 0.68 0.25 US Treasury Note 5.18% 100 BBgBarc US Treasury US TIPS TR USD -0.40 0.85 -0.63 0.63 0.27 0.3 US Treasury Note 4.60% Universe(5%) -0.01 1.59 1.82 0.69 0.66 US Treasury Note 4.12% Universe(25%) -0.37 1.06 0.31 0.32 0.05 0.2 US Treasury Note 3.95% Universe(Median) -0.47 0.74 -0.61 0.02 -0.13 50 US Treasury Note 3.93% Universe(75%) -0.62 0.56 -0.89 -0.20 -0.26 US Treasury Note 3.82% 0.1 Universe(95%) -0.79 0.08 -1.41 -0.46 -0.43 US Treasury TIP 3.82% US Treasury Note 3.79% 0.0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Note 3.79% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 21 19

Quarterly Investment Monitor Data as of 06/30/2017 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 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -5 Up/Down Market Capture Ratio -10 Jul-14 - Jun-17 225 -15 200 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Up Mkt Capture Ratio, % 175 Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD 150 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 125 Vanguard Inflation-Protected Secs I 11.82 -2.81 11.03 6.33 13.39 6.87 -8.83 4.07 -1.67 4.63 100 BBgBarc US Treasury US TIPS TR USD 11.64 -2.35 11.41 6.31 13.56 6.98 -8.61 3.64 -1.44 4.68 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 0.1 5 4 0 0 25 50 75 100 125 150 175 200 225 0.0 Down Mkt Capture Ratio, % -0.1 0.1 4 Excess Annualized StdDev, % 3 Total Annualized StdDev, % -0.2 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD -0.3 0.0 3 Sharpe Ratio Alpha, % -0.4 2 -0.5 Return vs. Risk -0.1 2 -0.6 Jul-14 - Jun-17 -0.7 1 2 -0.8 -0.2 1 Total Annualized Return, % -0.9 1 -1.0 -0.3 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Inflation-Protected Secs I BBgBarc US Treasury US TIPS TR USD 0 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -1 Vanguard Inflation-Protected Secs I 0.04 1.03 98.35 0.13 3.96 0.52 BBgBarc US Treasury US TIPS TR USD 0.00 1.00 100.00 0.12 3.83 0.00 Universe(5%) 0.04 1.14 99.52 0.13 4.55 3.14 -2 Universe(25%) -0.27 1.03 98.65 0.04 3.97 1.61 0 1 2 3 4 5 6 7 8 Universe(Median) -0.50 0.97 94.81 -0.03 3.81 0.95 Total Annualized StdDev, % Universe(75%) -0.79 0.79 88.33 -0.09 3.33 0.46 Universe(95%) -1.00 0.42 51.68 -0.27 1.95 0.28 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Cash BBgBarc US Treasury US TIPS TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 22 20

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Interm-Term Bond Index Adm 1.08 % Cash Portfolio Information Investment Strategy Summary 11.78 % US Stocks Ticker VBILX Morningstar Category Intermediate-term Bond The investment seeks the performance of the Bloomberg Barclays U.S. 5-10 Year % Bonds Avg Mkt Cap $MM NA Government/Credit Float Adjusted Index. Bloomberg Barclays U.S. 5-10 Year % Non-US Stocks Government/Credit Float Adjusted Index includes all medium and larger issues of U.S. % Pref Cat Med Mkt Cap $MM 46724.66 government, investment-grade corporate and investment-grade international % Conv Net Assets $MM 32359.00 dollar-denominated bonds that have maturities between 5 and 10 years and are publicly % Other Turnover Ratio 57.00 issued. All of its investments will be selected through the sampling process, and at least 80% % Non-US Bonds % Assets in Top 10 Holdings 20.78 of its assets will be invested in bonds held in the index. Total Number of Holdings 1900.00 Manager Name Joshua C. Barrickman _________________________________________________________________________ 87.07 Manager Tenure 9.19 Fund Incept Date 03/01/1994 Prospectus Exp Ratio 0.07 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 1.08 4 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 87.07 % United Kingdom NA % Non-US Stocks 0.00 3 % Eurozone NA % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro NA % Conv 0.07 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 11.78 % Rank Cat 3 Yr 12 2 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 37 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 7 1 % Asia - Emerging NA 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials NA Avg Eff Duration 6.52 0.7 300 % Communication Services NA Effective Maturity 7.30 -1 % Consumer Cyclical NA Avg Credit Quality A % Consumer Defensive NA AAA 55.04 0.6 250 % Healthcare NA AA 4.37 % Industrials NA A 15.72 -2 % Real Estate NA BBB 24.87 3 Months YTD 1 Year 3 Years 5 Years 0.5 % Technology NA BB 0.00 200 % Energy NA B 0.00 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.00 Median to 75th Percentile 75th to 95th Percentile Ratio % Utilities NA NR/NA 0.00 0.4 Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 150 0.3 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Note 1.75% 2.68% 100 Vanguard Interm-Term Bond Index Adm 1.63 2.93 -0.97 2.98 2.64 US Treasury Note 2.5% 2.38% 0.2 BBgBarc US 5-10Y GovCredit FlAdj TR USD 1.67 2.87 -0.80 3.07 2.74 US Treasury Note 2.75% 2.27% Universe(5%) 1.56 2.50 -0.45 2.52 2.18 US Treasury Note 2.5% 2.18% Universe(25%) 1.45 2.33 -0.52 2.35 2.05 US Treasury Note 1.625% 2.02% 50 Universe(Median) 1.41 2.22 -0.61 2.33 2.02 0.1 US Treasury Note 1.625% 1.93% Universe(75%) 1.37 2.12 -0.87 2.15 1.87 US Treasury Note 2.125% 1.84% Universe(95%) 1.28 2.00 -1.11 2.00 1.76 US Treasury Note 2% 1.84% US Treasury Note 2% 1.83% 0.0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Note 2.25% 1.83% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 23 21

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Interm-Term Bond Index Adm Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 12 0 10 25 Total Return Rank, % 8 50 6 Total Return, % 4 75 2 100 0 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -2 Up/Down Market Capture Ratio -4 Jul-14 - Jun-17 120 -6 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Vanguard Interm-Term Bond Index Adm 7.70 5.01 6.89 9.49 10.73 7.02 -3.45 6.96 1.27 2.83 BBgBarc US 5-10Y GovCredit FlAdj TR USD NA NA NA 9.44 10.79 7.22 -3.37 6.91 1.28 3.10 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 0.8 5 2 0 0 20 40 60 80 100 120 0.7 Down Mkt Capture Ratio, % 0.0 4 Excess Annualized StdDev, % 0.6 Total Annualized StdDev, % Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 0.5 -0.1 3 Sharpe Ratio Alpha, % 0.4 1 -0.2 Return vs. Risk 2 0.3 Jul-14 - Jun-17 0.2 4 -0.3 1 0.1 Total Annualized Return, % 3 -0.4 0.0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Interm-Term Bond Index Adm BBgBarc US 5-10Y GovCredit FlAdj TR USD 2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 1 Vanguard Interm-Term Bond Index Adm -0.19 1.04 99.39 0.68 4.13 0.36 BBgBarc US 5-10Y GovCredit FlAdj TR USD 0.00 1.00 100.00 0.72 3.96 0.00 Universe(5%) 0.05 0.85 98.74 0.73 3.38 1.29 0 Universe(25%) -0.01 0.77 98.31 0.71 3.08 1.11 0 1 2 3 4 5 Universe(Median) -0.09 0.74 98.02 0.68 2.97 1.08 Total Annualized StdDev, % Universe(75%) -0.23 0.74 97.69 0.65 2.95 1.03 Universe(95%) -0.33 0.71 95.80 0.61 2.88 0.83 Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Adm Cash BBgBarc US 5-10Y GovCredit FlAdj TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 24 22

Quarterly Investment Monitor Data as of 06/30/2017 Columbia Strategic Income Y 6.30 % Cash Portfolio Information Investment Strategy Summary 19.67 % US Stocks Ticker CPHUX Morningstar Category Nontraditional Bond The investment seeks total return, consisting of current income and capital appreciation. % Bonds Avg Mkt Cap $MM NA Under normal circumstances, the fund has substantial exposure to fixed-income/debt % Non-US Stocks markets. It may invest in U.S. government bonds and notes, U.S. and international bonds % Pref Cat Med Mkt Cap $MM 7187.75 and notes, investment grade corporate (or similar) bonds and notes, mortgage- and other % Conv Net Assets $MM 3458.00 asset-backed securities, high yield (i.e., junk) instruments, floating rate loans and other % Other Turnover Ratio 168.00 8.24 floating rate debt securities, inflation-protected/linked securities, convertible securities, % Non-US Bonds % Assets in Top 10 Holdings 9.22 cash/cash equivalents, as well as foreign government, sovereign and quasi-sovereign debt Total Number of Holdings 961.00 investments. Manager Name Colin J. Lundgren 65.37 Manager Tenure 7.10 _________________________________________________________________________ Fund Incept Date 04/21/1977 Prospectus Exp Ratio 0.62 Phone Number 800-345-6611 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 100.00 % Cash 6.30 12 % Canada 0.00 % US Stocks 0.38 % Latin America 0.00 % Bonds 65.37 % Non-US Stocks 0.00 10 % United Kingdom 0.00 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.04 Mstar Rating 8 % Europe - Emerging 0.00 % Other 8.24 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 19.67 % Rank Cat 3 Yr 14 % Middle East 0.00 5 Year Mstar Rating 6 % Japan 0.00 % Rank Cat 5 Yr 4 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 3 4 % Asia - Emerging 0.00 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 1200 0 % Basic Materials NA Avg Eff Duration 4.50 % Communication Services NA Effective Maturity 7.24 % Consumer Cyclical NA Avg Credit Quality BB -2 % Consumer Defensive NA AAA 14.89 1000 % Healthcare NA AA 0.77 % Industrials NA A 3.61 -4 % Real Estate NA BBB 19.26 3 Months YTD 1 Year 3 Years 5 Years % Technology NA BB 19.23 2 800 % Energy NA B 18.48 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 4.91 Median to 75th Percentile 75th to 95th Percentile % Utilities NA NR/NA 18.84 Ratio Columbia Strategic Income Y BBgBarc Global Aggregate TR USD 600 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Bond 1.61% 1 400 Columbia Strategic Income Y 2.29 4.16 7.26 3.79 4.71 Pnmac Gmsr Issuer Tr 144A FRN 1.01% BBgBarc Global Aggregate TR USD 2.60 4.41 -2.18 -0.35 0.78 Ginnie Mae Jumbos TBA 3% 2047-04-01 1.00% Universe(5%) 2.55 5.50 11.42 4.61 4.77 US Treasury Note 0.94% Universe(25%) 1.65 4.00 7.82 2.85 3.65 Hilton Usa Tr 2016-Hhv CMO 0.90% 200 Universe(Median) 1.28 2.82 5.45 1.88 2.80 Conns Recv Fdg Llc 2016-B 7.34% 0.79% Universe(75%) 0.74 1.69 4.13 1.01 1.94 Cam Mtg Llc 2016-2 FRN 0.79% Universe(95%) -0.49 0.34 1.87 -1.00 1.22 Five Corners Fdg Tr 144A 4.419% 0.75% Anheuser Busch Inbev Fin 3.65% 0.72% 0 0 Prospectus Exp Ratio Turnover Ratio Byvw Opp Mst Fd Iiia 2016-Rn3 FRN 0.70% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 25 23

Quarterly Investment Monitor Data as of 06/30/2017 Columbia Strategic Income Y Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 50 0 40 25 Total Return Rank, % 30 50 Total Return, % 20 75 10 0 100 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -10 Up/Down Market Capture Ratio -20 Jul-14 - Jun-17 100 -30 80 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Up Mkt Capture Ratio, % 60 Columbia Strategic Income Y BBgBarc Global Aggregate TR USD 40 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20 Columbia Strategic Income Y 5.67 -6.46 18.67 9.96 6.11 11.60 0.32 3.99 0.66 8.34 0 BBgBarc Global Aggregate TR USD 9.48 4.79 6.93 5.54 5.64 4.32 -2.60 0.59 -3.15 2.09 -20 -40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error -60 5 3 6 7 -80 -80 -60 -40 -20 0 20 40 60 80 100 4 6 Down Mkt Capture Ratio, % 5 Excess Annualized StdDev, % 2 Total Annualized StdDev, % 3 5 Morningstar Nontraditional Bond Universe Columbia Strategic Income Y 4 BBgBarc Global Aggregate TR USD Sharpe Ratio 2 4 Alpha, % 1 3 1 3 Return vs. Risk 2 Jul-14 - Jun-17 0 2 0 6 1 5 -1 1 4 Total Annualized Return, % -2 -1 0 0 3 2 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 1 Columbia Strategic Income Y BBgBarc Global Aggregate TR USD 0 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 -2 Columbia Strategic Income Y 3.72 0.33 19.34 0.94 3.81 4.77 -3 BBgBarc Global Aggregate TR USD 0.00 1.00 100.00 -0.09 5.04 0.00 -4 Universe(5%) 4.44 0.43 32.80 2.04 5.40 6.95 -5 Universe(25%) 2.79 0.22 15.03 0.96 3.88 6.05 0 1 2 3 4 5 6 7 Universe(Median) 1.75 0.10 4.58 0.60 3.28 5.43 Total Annualized StdDev, % Universe(75%) 0.80 0.00 1.48 0.28 2.41 4.91 Universe(95%) -1.19 -0.11 0.08 -0.25 1.23 4.25 Morningstar Nontraditional Bond Universe Columbia Strategic Income Y Cash BBgBarc Global Aggregate TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 26 24

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Long-Term Bond Index Instl % Cash Portfolio Information Investment Strategy Summary 10.95 % US Stocks Ticker VBLLX Morningstar Category Long-term Bond The investment seeks to track the performance of the Bloomberg Barclays U.S. Long % Bonds Avg Mkt Cap $MM NA Government/Credit Float Adjusted Index. Bloomberg Barclays U.S. Long Government/Credit % Non-US Stocks Float Adjusted Index includes all medium and larger issues of U.S. government, % Pref Cat Med Mkt Cap $MM NA investment-grade corporate, and investment-grade international dollar-denominated bonds % Conv Net Assets $MM 10194.00 that have maturities of greater than 10 years and are publicly issued. All of its investments % Other Turnover Ratio 45.00 will be selected through the sampling process, and at least 80% of the fund's assets will be % Non-US Bonds % Assets in Top 10 Holdings 14.68 invested in bonds held in the index. Total Number of Holdings 1983.00 Manager Name Joshua C. Barrickman _________________________________________________________________________ 88.08 Manager Tenure 4.35 Fund Incept Date 03/01/1994 Prospectus Exp Ratio 0.05 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States NA % Cash 0.95 8 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 88.08 7 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.02 Portfolio Ratings 6 Total Annualized Return, % % Europe - ex Euro NA % Conv 0.00 Mstar Rating % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating 5 % Africa NA % Non-US Bonds 10.95 % Rank Cat 3 Yr 47 % Middle East NA 5 Year Mstar Rating 4 % Japan NA % Rank Cat 5 Yr 76 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 50 3 % Asia - Emerging NA 2 Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 1 Sector Allocation Credit Quality % Basic Materials NA Avg Eff Duration 15.35 2 300 % Communication Services NA Effective Maturity 24.20 0 % Consumer Cyclical NA Avg Credit Quality A % Consumer Defensive NA AAA 42.83 -1 250 % Healthcare NA AA 7.02 % Industrials NA A 21.53 -2 % Real Estate NA BBB 28.60 3 Months YTD 1 Year 3 Years 5 Years % Technology NA BB 0.00 200 % Energy NA B 0.00 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services NA Below B 0.02 Median to 75th Percentile 75th to 95th Percentile % Utilities NA NR/NA 0.00 Ratio Vanguard Long-Term Bond Index Instl BB Long Government/Credit 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years US Treasury Bond 3% 1.66% 100 Vanguard Long-Term Bond Index Instl 4.44 6.32 -1.14 5.36 4.26 US Treasury Bond 3.625% 1.61% BB Long Government/Credit 4.39 6.03 -1.07 5.28 4.26 US Treasury Bond 2.5% 1.57% Universe(5%) 4.76 7.98 3.84 6.31 6.48 US Treasury Bond 2.875% 1.55% Universe(25%) 4.53 6.36 1.45 5.62 5.49 US Treasury Bond 3% 1.51% 50 Universe(Median) 4.29 6.20 1.10 4.97 4.81 US Treasury Bond 3.75% 1.47% Universe(75%) 2.15 4.53 -0.09 4.40 4.27 US Treasury Bond 3% 1.38% Universe(95%) 1.38 2.61 -0.93 2.15 2.31 US Treasury Bond 2.5% 1.35% US Treasury Bond 2.875% 1.31% 0 0 Prospectus Exp Ratio Turnover Ratio US Treasury Bond 3.375% 1.26% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 27 25

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Long-Term Bond Index Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 40 0 30 25 Total Return Rank, % 20 50 Total Return, % 10 75 0 100 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -10 Up/Down Market Capture Ratio -20 Jul-14 - Jun-17 120 -30 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Vanguard Long-Term Bond Index Instl BB Long Government/Credit 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Vanguard Long-Term Bond Index Instl 6.71 8.77 1.91 10.43 22.23 8.63 -9.01 19.87 -3.37 6.51 BB Long Government/Credit 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 19.31 -3.30 6.67 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 2 9 7 0 0 20 40 60 80 100 120 8 6 Down Mkt Capture Ratio, % 7 Excess Annualized StdDev, % 2 Total Annualized StdDev, % 5 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index Instl 6 BB Long Government/Credit Sharpe Ratio 4 Alpha, % 5 1 1 4 3 Return vs. Risk 3 Jul-14 - Jun-17 2 0 7 2 1 6 1 Total Annualized Return, % -1 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 Vanguard Long-Term Bond Index Instl BB Long Government/Credit 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 Vanguard Long-Term Bond Index Instl -0.11 1.04 99.28 0.61 8.79 0.82 1 BB Long Government/Credit 0.00 1.00 100.00 0.63 8.42 0.00 Universe(5%) 2.73 1.02 99.14 1.25 8.67 6.35 0 Universe(25%) 1.43 0.98 97.47 0.76 8.43 4.88 0 1 2 3 4 5 6 7 8 9 Universe(Median) 0.39 0.90 92.20 0.66 7.90 2.65 Total Annualized StdDev, % Universe(75%) -0.13 0.44 87.38 0.60 3.93 1.32 Universe(95%) -0.40 0.28 61.20 0.56 3.04 0.84 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index Instl Cash BB Long Government/Credit City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 28 26

Quarterly Investment Monitor Data as of 06/30/2017 PIMCO Long Duration Total Return Instl 17.12 % Cash Portfolio Information Investment Strategy Summary 11.97 % US Stocks Ticker PLRIX Morningstar Category Long-term Bond The investment seeks maximum total return, consistent with prudent investment % Bonds Avg Mkt Cap $MM NA management. The fund invests at least 65% of its total assets in a diversified portfolio of % Non-US Stocks Fixed Income Instruments of varying maturities, which may be represented by forwards or % Pref Cat Med Mkt Cap $MM NA derivatives such as options, futures contracts or swap agreements. "Fixed Income % Conv Net Assets $MM 2980.00 Instruments" include bonds, debt securities and other similar instruments issued by various % Other Turnover Ratio 116.00 U.S. and non-U.S. public- or private-sector entities. It may invest up to 30% of its total % Non-US Bonds % Assets in Top 10 Holdings 61.23 assets in securities denominated in foreign currencies, and may invest beyond this limit in Total Number of Holdings 784.00 U.S. dollar-denominated securities of foreign issuers. Manager Name Stephen A. Rodosky Manager Tenure 9.92 _________________________________________________________________________ Fund Incept Date 08/31/2006 70.20 Prospectus Exp Ratio 0.50 Phone Number 888-877-4626 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 100.00 % Cash 17.12 8 % Canada 0.00 % US Stocks 0.08 % Latin America 0.00 % Bonds 70.20 7 % United Kingdom 0.00 % Non-US Stocks 0.00 % Eurozone 0.00 % Pref 0.57 Portfolio Ratings 6 Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.07 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 5 % Africa 0.00 % Non-US Bonds 11.97 % Rank Cat 3 Yr 12 % Middle East 0.00 5 Year Mstar Rating 4 % Japan 0.00 % Rank Cat 5 Yr 47 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 1 3 % Asia - Emerging 0.00 2 Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 1 Sector Allocation Credit Quality % Basic Materials 0.00 Avg Eff Duration 14.11 2 300 % Communication Services 0.00 Effective Maturity 22.93 0 % Consumer Cyclical 0.00 Avg Credit Quality NA % Consumer Defensive 0.00 AAA NA -1 250 % Healthcare 0.00 AA NA % Industrials 0.00 A NA -2 % Real Estate 0.00 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 0.00 BB NA 200 % Energy 0.00 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 5.39 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 94.61 NR/NA NA Ratio PIMCO Long Duration Total Return Instl BB Long Government/Credit 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years IRS USD 1.75000 12/21/16-10Y LCH_Pay 9.62% 100 PIMCO Long Duration Total Return Instl 4.68 7.89 1.45 5.89 4.74 Iro Usd 5y P 2.25000 M 09/27/19 Myc 8.13% BB Long Government/Credit 4.39 6.03 -1.07 5.28 4.26 US Treasury Bond 3.125% 6.58% Universe(5%) 4.76 7.98 3.84 6.31 6.48 2 Year US Treasury Note Future June17 6.50% Universe(25%) 4.53 6.36 1.45 5.62 5.49 Cdx Ig28 5y Ice 6.17% 50 Universe(Median) 4.29 6.20 1.10 4.97 4.81 Iro Usd 5y P 2.50000 M 11/07/19 Myc 6.11% Universe(75%) 2.15 4.53 -0.09 4.40 4.27 US 10 Year Note (CBT) June17 4.77% Universe(95%) 1.38 2.61 -0.93 2.15 2.31 Cdx Ig27 5y Ice 4.72% US Treasury Bond 2.875% 4.33% 0 0 Prospectus Exp Ratio Turnover Ratio US Ultra Bond (CBT) June17 4.27% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 29 27

Quarterly Investment Monitor Data as of 06/30/2017 PIMCO Long Duration Total Return Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 40 0 30 25 Total Return Rank, % 20 50 Total Return, % 10 75 0 100 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -10 Up/Down Market Capture Ratio -20 Jul-14 - Jun-17 120 -30 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % PIMCO Long Duration Total Return Instl BB Long Government/Credit 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 PIMCO Long Duration Total Return Instl 7.83 12.38 5.62 11.64 18.57 10.28 -8.56 19.02 -3.44 7.18 BB Long Government/Credit 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 19.31 -3.30 6.67 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 2 9 7 0 0 20 40 60 80 100 120 8 6 Down Mkt Capture Ratio, % 7 Excess Annualized StdDev, % 2 Total Annualized StdDev, % 5 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl 6 BB Long Government/Credit Sharpe Ratio 4 Alpha, % 5 1 1 4 3 Return vs. Risk 3 Jul-14 - Jun-17 2 0 7 2 1 6 1 Total Annualized Return, % -1 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 PIMCO Long Duration Total Return Instl BB Long Government/Credit 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 PIMCO Long Duration Total Return Instl 0.60 1.00 98.11 0.69 8.47 1.16 1 BB Long Government/Credit 0.00 1.00 100.00 0.63 8.42 0.00 Universe(5%) 2.73 1.02 99.14 1.25 8.67 6.35 0 Universe(25%) 1.43 0.98 97.47 0.76 8.43 4.88 0 1 2 3 4 5 6 7 8 9 Universe(Median) 0.39 0.90 92.20 0.66 7.90 2.65 Total Annualized StdDev, % Universe(75%) -0.13 0.44 87.38 0.60 3.93 1.32 Universe(95%) -0.40 0.28 61.20 0.56 3.04 0.84 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Cash BB Long Government/Credit City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 30 28

Quarterly Investment Monitor Data as of 06/30/2017 Prudential High-Yield Z 7.76 % Cash Portfolio Information Investment Strategy Summary 15.41 Ticker PHYZX % US Stocks Morningstar Category High Yield Bond The investment seeks to maximize current income; and capital appreciation is a secondary % Bonds Avg Mkt Cap $MM NA objective. The fund normally invests at least 80% of its investable assets in a diversified % Non-US Stocks portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors % Pref Cat Med Mkt Cap $MM 6894.19 Service (Moody's) or BB or lower by Standard & Poor's Ratings Group (Standard & Poor's), % Conv Net Assets $MM 6085.00 and instruments either rated by another nationally recognized statistical rating organization % Other Turnover Ratio 28.00 (NRSRO), or considered to be of comparable quality, that is, junk bonds. % Non-US Bonds % Assets in Top 10 Holdings 12.18 Total Number of Holdings 611.00 _________________________________________________________________________ Manager Name Terence Wheat Manager Tenure 11.50 75.76 Fund Incept Date 03/29/1979 Prospectus Exp Ratio 0.57 Phone Number 800-225-1852 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 80.16 % Cash 7.76 16 % Canada 19.84 % US Stocks 0.05 % Latin America 0.00 % Bonds 75.76 % Non-US Stocks 0.01 14 % United Kingdom 0.00 % Eurozone 0.00 % Pref 0.14 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating 12 % Europe - Emerging 0.00 % Other 0.87 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 15.41 % Rank Cat 3 Yr 5 % Middle East 0.00 5 Year Mstar Rating 10 % Japan 0.00 % Rank Cat 5 Yr 11 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 6 8 % Asia - Emerging 0.00 6 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 160 4 % Basic Materials 0.00 Avg Eff Duration 4.16 % Communication Services 0.00 Effective Maturity NA % Consumer Cyclical 0.00 Avg Credit Quality B 2 % Consumer Defensive 0.00 AAA 1.85 140 % Healthcare 0.00 AA 0.00 % Industrials 0.00 A 0.00 0 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB 3.41 % Technology 0.00 BB 34.96 % Energy 31.33 B 45.31 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 68.67 Below B 14.24 Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA 0.23 Ratio Prudential High-Yield Z BB High Yield Corporate Bond 1 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years 2 Year US Treasury Note Future Sept17 2.54% Prudential High-Yield Z 2.34 5.33 12.53 4.85 6.95 US 10 Year Note (CBT) Sept17 2.23% BB High Yield Corporate Bond 2.17 4.93 12.70 4.48 6.89 First Data 144A 7% 1.16% 40 Universe(5%) 2.40 5.39 14.22 4.84 7.71 Bmc Software Fin 144A 8.125% 1.13% Universe(25%) 2.12 4.82 12.35 3.97 6.37 U.S. Treasury Bond Sept17 1.11% Universe(Median) 1.90 4.28 11.19 3.32 5.84 Numericable Grp Sa 144A 7.375% 0.96% 20 Universe(75%) 1.63 3.88 10.02 2.58 5.45 Altice Financing S.A. 144A 7.75% 0.78% Universe(95%) 0.80 2.80 7.31 1.42 4.40 Laureate Educ 144A 8.25% 0.77% Western Digital 10.5% 0.77% 0 0 Prospectus Exp Ratio Turnover Ratio Dish Dbs 7.75% 0.75% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 31 29

Quarterly Investment Monitor Data as of 06/30/2017 Prudential High-Yield Z Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 70 0 60 25 Total Return Rank, % 50 40 50 Total Return, % 30 20 75 10 0 100 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -10 -20 Up/Down Market Capture Ratio -30 Jul-14 - Jun-17 160 -40 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 140 Up Mkt Capture Ratio, % 120 Prudential High-Yield Z BB High Yield Corporate Bond 100 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 Prudential High-Yield Z 2.70 -22.14 48.35 14.72 5.07 14.16 7.23 2.84 -2.59 15.30 BB High Yield Corporate Bond 1.87 -26.16 58.21 15.12 4.98 15.81 7.44 2.45 -4.47 17.13 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 2 1.0 8 5 0 -50 0 50 100 150 200 250 300 0.9 7 Down Mkt Capture Ratio, % 1 0.8 4 Excess Annualized StdDev, % 6 Total Annualized StdDev, % Morningstar High Yield Universe Prudential High-Yield Z 0.7 BB High Yield Corporate Bond 5 0 0.6 3 Sharpe Ratio Alpha, % 0.5 4 -1 2 Return vs. Risk 0.4 3 0.3 Jul-14 - Jun-17 2 6 -2 0.2 1 4 1 0.1 2 Total Annualized Return, % -3 0.0 0 0 0 -2 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile -4 Prudential High-Yield Z BB High Yield Corporate Bond -6 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 -10 Prudential High-Yield Z 0.64 0.93 97.79 0.82 5.74 0.95 -12 BB High Yield Corporate Bond 0.00 1.00 100.00 0.71 6.09 0.00 -14 Universe(5%) 1.40 1.12 97.96 0.95 7.62 4.56 -16 Universe(25%) 0.22 0.96 96.61 0.73 6.06 2.17 0 2 4 6 8 10 12 14 16 Universe(Median) -0.60 0.91 93.92 0.58 5.68 1.58 Total Annualized StdDev, % Universe(75%) -1.56 0.82 89.68 0.41 5.17 1.21 Universe(95%) -2.92 0.53 54.72 0.22 3.72 0.93 Morningstar High Yield Universe Prudential High-Yield Z Cash BB High Yield Corporate Bond City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 32 30

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Equity-Income Adm 2.422.19 % Cash Portfolio Information Investment Strategy Summary 9.30 Ticker VEIRX % US Stocks Morningstar Category Large Value The investment seeks to provide an above-average level of current income and reasonable % Bonds Avg Mkt Cap $MM 85897.46 long-term capital appreciation. The fund invests mainly in common stocks of mid-size and % Non-US Stocks large companies whose stocks typically pay above-average levels of dividend income and are, % Pref Cat Med Mkt Cap $MM 84117.33 in the opinion of the purchasing advisor, undervalued relative to other such stocks. In % Conv Net Assets $MM 28239.00 addition, the advisors generally look for companies that they believe are committed to paying % Other Turnover Ratio 26.00 dividends consistently. Under normal circumstances, it will invest at least 80% of its assets in % Non-US Bonds % Assets in Top 10 Holdings 28.37 equity securities. The fund uses multiple investment advisors. Total Number of Holdings 224.00 Manager Name James P. Stetler _________________________________________________________________________ Manager Tenure 13.51 86.04 Fund Incept Date 03/21/1988 Prospectus Exp Ratio 0.17 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 90.24 % Cash 2.42 25 % Canada 4.27 % US Stocks 86.04 % Latin America 0.08 % Bonds 0.05 % United Kingdom 1.57 % Non-US Stocks 9.30 % Eurozone 1.15 % Pref 0.00 Portfolio Ratings 20 Total Annualized Return, % % Europe - ex Euro 2.46 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 2.19 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 9 % Middle East 0.00 5 Year Mstar Rating 15 % Japan 0.00 % Rank Cat 5 Yr 24 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.23 % Rank Cat 10 Yr 4 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 2.54 Avg Eff Duration NA 2 180 % Communication Services 3.62 Effective Maturity NA 5 % Consumer Cyclical 5.99 Avg Credit Quality NA 160 % Consumer Defensive 12.89 AAA NA % Healthcare 13.77 AA NA % Industrials 11.87 A NA 140 0 % Real Estate 0.00 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 14.21 BB NA 120 % Energy 10.02 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 17.85 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 7.24 NR/NA NA Ratio 100 Vanguard Equity-Income Adm Russell 1000 Value Index 1 Turnover 80 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Microsoft Corp 4.55% 60 Vanguard Equity-Income Adm 1.98 6.63 13.67 8.51 13.60 JPMorgan Chase & Co 3.61% Russell 1000 Value Index 1.34 4.66 15.53 7.36 13.94 Wells Fargo & Co 3.17% Universe(5%) 4.07 9.68 24.45 9.05 16.06 40 Johnson & Johnson 3.05% Universe(25%) 2.50 6.86 19.51 7.57 13.79 Philip Morris International Inc 3.04% Universe(Median) 1.91 5.69 16.77 6.60 12.94 Cisco Systems Inc 2.44% 20 Universe(75%) 1.14 4.30 13.72 5.69 11.63 General Electric Co 2.41% Universe(95%) 0.11 2.72 8.48 2.44 9.61 Merck & Co Inc 2.20% Pfizer Inc 1.96% 0 0 Prospectus Exp Ratio Turnover Ratio Exxon Mobil Corp 1.93% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 33 31

Quarterly Investment Monitor Data as of 06/30/2017 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 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -30 Up/Down Market Capture Ratio -40 Jul-14 - Jun-17 225 -50 200 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 175 Up Mkt Capture Ratio, % Vanguard Equity-Income Adm Russell 1000 Value Index 150 125 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100 Vanguard Equity-Income Adm 4.99 -30.86 17.26 14.99 10.69 13.58 30.19 11.38 0.86 14.82 Russell 1000 Value Index -0.17 -36.85 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 0 3 0.9 14 8 -25 0 20 40 60 80 100 120 140 160 180 2 0.8 7 12 Down Mkt Capture Ratio, % 0.7 Excess Annualized StdDev, % 1 6 Total Annualized StdDev, % 10 Morningstar Large Value Universe Vanguard Equity-Income Adm 0.6 Russell 1000 Value Index 0 5 Sharpe Ratio 8 Alpha, % 0.5 -1 4 0.4 6 Return vs. Risk -2 3 0.3 Jul-14 - Jun-17 4 -3 2 18 0.2 16 -4 2 1 0.1 14 Total Annualized Return, % -5 0.0 0 0 12 10 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 8 Vanguard Equity-Income Adm Russell 1000 Value Index 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 2 Vanguard Equity-Income Adm 1.87 0.88 92.60 0.87 9.63 2.90 0 Russell 1000 Value Index 0.00 1.00 100.00 0.71 10.53 0.00 -2 Universe(5%) 2.52 1.20 97.85 0.86 13.70 7.33 -4 Universe(25%) 0.46 1.09 95.48 0.71 11.86 4.41 0 5 10 15 20 25 Universe(Median) -0.54 1.00 93.08 0.62 11.01 3.10 Total Annualized StdDev, % Universe(75%) -1.77 0.91 86.90 0.53 10.03 2.37 Universe(95%) -4.47 0.74 68.59 0.26 8.93 1.68 Morningstar Large Value Universe Vanguard Equity-Income Adm Cash Russell 1000 Value Index City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 34 32

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard PRIMECAP Core Inv 5.09 % Cash Portfolio Information Investment Strategy Summary 13.49 % US Stocks Ticker VPCCX Morningstar Category Large Growth The investment seeks to provide long-term capital appreciation. The fund invests in stocks % Bonds Avg Mkt Cap $MM 58145.38 that its advisor believes offer a good balance between reasonable valuations and attractive % Non-US Stocks growth prospects relative to their peers. Stocks selected for the fund typically have earnings % Pref Cat Med Mkt Cap $MM 108111.51 growth potential that, in the advisor's view, is not reflected in their current market prices. It % Conv Net Assets $MM 9775.00 can invest in stocks across all industry sectors and market capitalizations. % Other Turnover Ratio 11.00 % Non-US Bonds % Assets in Top 10 Holdings 30.47 _________________________________________________________________________ Total Number of Holdings 153.00 Manager Name Alfred W. Mordecai Manager Tenure 12.56 81.42 Fund Incept Date 12/09/2004 Prospectus Exp Ratio 0.46 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 85.78 % Cash 5.09 35 % Canada 0.44 % US Stocks 81.42 % Latin America 0.00 % Bonds 0.00 % United Kingdom 1.70 % Non-US Stocks 13.49 30 % Eurozone 3.10 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 5.13 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 25 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 12 % Middle East 0.00 5 Year Mstar Rating % Japan 1.44 % Rank Cat 5 Yr 2 20 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 8 % Asia - Emerging 2.41 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 10 % Basic Materials 2.31 Avg Eff Duration NA 2 300 % Communication Services 1.42 Effective Maturity NA % Consumer Cyclical 11.99 Avg Credit Quality NA 5 % Consumer Defensive 0.64 AAA NA 250 % Healthcare 23.08 AA NA % Industrials 19.06 A NA 0 % Real Estate 0.00 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 30.23 BB NA 200 % Energy 0.97 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 10.29 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio Vanguard PRIMECAP Core Inv Russell 1000 Growth Index 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Southwest Airlines Co 5.18% 100 Vanguard PRIMECAP Core Inv 5.25 13.07 27.40 11.61 17.85 Eli Lilly and Co 3.93% Russell 1000 Growth Index 4.67 13.99 20.42 11.11 15.30 Amgen Inc 3.87% Universe(5%) 8.09 21.27 30.44 13.00 17.50 JPMorgan Chase & Co 3.16% Universe(25%) 6.23 16.78 23.48 10.61 15.28 Texas Instruments Inc 2.99% 50 Universe(Median) 4.83 13.91 20.31 9.24 14.02 Roche Holding AG Dividend Right Cert. 2.90% Universe(75%) 3.69 10.83 17.45 7.44 12.78 Biogen Inc 2.52% Universe(95%) 1.94 6.84 13.25 4.10 10.35 Microsoft Corp 2.08% FedEx Corp 2.01% 0 0 Prospectus Exp Ratio Turnover Ratio Hewlett Packard Enterprise Co 1.82% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 35 33

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard PRIMECAP Core Inv Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio Jul-14 - Jun-17 300 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard PRIMECAP Core Inv Russell 1000 Growth Index 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard PRIMECAP Core Inv 7.04 -31.32 36.96 14.88 -0.86 14.57 36.14 19.29 0.94 12.35 Russell 1000 Growth Index 11.81 -38.44 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 16 8 0 -50 0 50 100 150 200 250 300 1 1.0 14 7 Down Mkt Capture Ratio, % 0.9 0 Excess Annualized StdDev, % 12 6 Total Annualized StdDev, % 0.8 Morningstar Large Growth Universe Vanguard PRIMECAP Core Inv -1 Russell 1000 Growth Index 0.7 10 5 Sharpe Ratio Alpha, % -2 0.6 8 4 -3 0.5 Return vs. Risk 0.4 6 3 -4 Jul-14 - Jun-17 0.3 4 2 30 -5 0.2 -6 2 1 25 Total Annualized Return, % 0.1 -7 0.0 0 0 20 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Vanguard PRIMECAP Core Inv Russell 1000 Growth Index 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 5 Vanguard PRIMECAP Core Inv 0.77 0.97 91.10 1.01 11.24 3.36 0 Russell 1000 Growth Index 0.00 1.00 100.00 0.99 11.02 0.00 Universe(5%) 1.25 1.18 96.96 1.03 14.20 7.41 -5 Universe(25%) -0.51 1.05 93.72 0.91 12.43 4.70 0 5 10 15 20 25 30 Universe(Median) -1.50 1.00 90.54 0.81 11.56 3.76 Total Annualized StdDev, % Universe(75%) -3.03 0.95 86.06 0.66 10.99 2.87 Universe(95%) -6.37 0.85 74.15 0.39 10.07 1.94 Morningstar Large Growth Universe Vanguard PRIMECAP Core Inv Cash Russell 1000 Growth Index City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 36 34

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Growth Index Admiral % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker VIGAX Morningstar Category Large Growth The investment seeks to track the performance of a benchmark index that measures the % Bonds Avg Mkt Cap $MM 83458.83 investment return of large-capitalization growth stocks. The fund employs an indexing % Non-US Stocks investment approach designed to track the performance of the CRSP US Large Cap Growth % Pref Cat Med Mkt Cap $MM 108111.51 Index, a broadly diversified index predominantly made up of growth stocks of large U.S. % Conv Net Assets $MM 64163.00 companies. The advisor attempts to replicate the target index by investing all, or % Other Turnover Ratio 11.00 substantially all, of its assets in the stocks that make up the index, holding each stock in % Non-US Bonds % Assets in Top 10 Holdings 28.99 approximately the same proportion as its weighting in the index. Total Number of Holdings 330.00 Manager Name Gerard C. O'Reilly _________________________________________________________________________ Manager Tenure 22.51 98.51 Fund Incept Date 11/02/1992 Prospectus Exp Ratio 0.06 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 99.07 % Cash 0.56 35 % Canada 0.00 % US Stocks 98.51 % Latin America 0.00 % Bonds 0.01 % United Kingdom 0.00 % Non-US Stocks 0.92 30 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 25 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 30 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 32 20 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 19 % Asia - Emerging 0.93 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 10 % Basic Materials 2.34 Avg Eff Duration NA 2 300 % Communication Services 4.19 Effective Maturity NA % Consumer Cyclical 18.35 Avg Credit Quality NA 5 % Consumer Defensive 9.62 AAA NA 250 % Healthcare 14.05 AA NA % Industrials 8.52 A NA 0 % Real Estate 4.11 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 28.74 BB NA 200 % Energy 2.83 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 7.25 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio Vanguard Growth Index Admiral CRSP US Large Cap Growth TR USD 1 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Apple Inc 7.30% 100 Vanguard Growth Index Admiral 4.70 14.75 20.14 10.14 14.86 Amazon.com Inc 3.87% CRSP US Large Cap Growth TR USD 4.71 14.79 20.19 10.19 14.71 Facebook Inc A 3.42% Universe(5%) 8.09 21.27 30.44 13.00 17.50 Alphabet Inc A 2.81% Universe(25%) 6.23 16.78 23.48 10.61 15.28 Alphabet Inc C 2.73% 50 Universe(Median) 4.83 13.91 20.31 9.24 14.02 Comcast Corp Class A 1.89% Universe(75%) 3.69 10.83 17.45 7.44 12.78 The Home Depot Inc 1.79% Universe(95%) 1.94 6.84 13.25 4.10 10.35 Philip Morris International Inc 1.78% Visa Inc Class A 1.70% 0 0 Prospectus Exp Ratio Turnover Ratio Coca-Cola Co 1.69% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 37 35

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Growth Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio Jul-14 - Jun-17 300 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard Growth Index Admiral CRSP US Large Cap Growth TR USD 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard Growth Index Admiral 12.70 -38.22 36.42 17.12 1.87 17.01 32.40 13.63 3.30 6.12 CRSP US Large Cap Growth TR USD NA NA NA NA NA 15.20 31.75 13.69 3.38 6.16 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 1.1 16 8 0 -50 0 50 100 150 200 250 2 1.0 14 7 Down Mkt Capture Ratio, % 0.9 1 Excess Annualized StdDev, % 12 6 Total Annualized StdDev, % 0.8 Morningstar Large Growth Universe Vanguard Growth Index Admiral 0 CRSP US Large Cap Growth TR USD 0.7 10 5 Sharpe Ratio Alpha, % -1 0.6 8 4 -2 0.5 Return vs. Risk 0.4 6 3 -3 Jul-14 - Jun-17 0.3 4 2 30 -4 0.2 -5 2 1 25 Total Annualized Return, % 0.1 -6 0.0 0 0 20 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Vanguard Growth Index Admiral CRSP US Large Cap Growth TR USD 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 5 Vanguard Growth Index Admiral -0.05 1.00 100.00 0.88 11.50 0.03 0 CRSP US Large Cap Growth TR USD 0.00 1.00 100.00 0.88 11.51 0.00 Universe(5%) 2.63 1.13 97.29 1.03 14.20 7.01 -5 Universe(25%) 0.68 1.01 93.61 0.91 12.43 4.60 0 5 10 15 20 25 30 Universe(Median) -0.35 0.96 90.88 0.81 11.56 3.67 Total Annualized StdDev, % Universe(75%) -1.86 0.91 86.05 0.66 10.99 2.95 Universe(95%) -5.19 0.80 73.69 0.39 10.07 1.94 Morningstar Large Growth Universe Vanguard Growth Index Admiral Cash CRSP US Large Cap Growth TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 38 36

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Mid-Cap Value Index Admiral 1.03 % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker VMVAX Morningstar Category Mid-Cap Value The investment seeks to track the performance of the CRSP US Mid Cap Value Index that % Bonds Avg Mkt Cap $MM 12093.18 measures the investment return of mid-capitalization value stocks. The fund employs an % Non-US Stocks indexing investment approach designed to track the performance of the CRSP US Mid Cap % Pref Cat Med Mkt Cap $MM 9894.25 Value Index, a broadly diversified index of value stocks of mid-size U.S. companies. The % Conv Net Assets $MM 15081.00 advisor attempts to replicate the target index by investing all, or substantially all, of its assets % Other Turnover Ratio 20.00 in the stocks that make up the index, holding each stock in approximately the same % Non-US Bonds % Assets in Top 10 Holdings 11.04 proportion as its weighting in the index. Total Number of Holdings 208.00 Manager Name Donald M. Butler _________________________________________________________________________ Manager Tenure 10.88 98.39 Fund Incept Date 09/27/2011 Prospectus Exp Ratio 0.07 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 98.96 % Cash 0.58 25 % Canada 0.00 % US Stocks 98.39 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 1.03 20 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 16 15 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 7 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.69 % Rank Cat 10 Yr 15 10 % Asia - Emerging 0.35 5 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 6.80 Avg Eff Duration NA 3 160 % Communication Services 0.76 Effective Maturity NA 0 % Consumer Cyclical 19.09 Avg Credit Quality NA % Consumer Defensive 9.06 AAA NA 140 % Healthcare 4.70 AA NA % Industrials 8.62 A NA -5 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.61 BBB NA % Technology 12.27 BB NA 2 % Energy 4.14 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 20.35 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 9.61 NR/NA NA Ratio Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Western Digital Corp 1.38% 1 Vanguard Mid-Cap Value Index Admiral 1.44 6.92 17.96 8.16 15.67 Newell Brands Inc 1.35% CRSP US Mid Cap Value TR USD 1.45 6.95 18.06 8.20 15.78 M&T Bank Corp 1.15% 40 Universe(5%) 2.62 8.44 23.82 9.19 15.73 WEC Energy Group Inc 1.05% Universe(25%) 1.84 5.74 18.95 6.76 14.53 DTE Energy Co 1.05% Universe(Median) 1.03 4.21 16.19 5.49 13.20 Eversource Energy 1.04% 20 Universe(75%) -0.03 2.82 14.73 4.19 11.47 Willis Towers Watson PLC 1.01% Universe(95%) -1.32 0.89 7.44 0.24 7.21 Royal Caribbean Cruises Ltd 1.00% KeyCorp 1.00% 0 0 Prospectus Exp Ratio Turnover Ratio Symantec Corp 1.00% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 39 37

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Mid-Cap Value Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio Jul-14 - Jun-17 180 -60 160 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Up Mkt Capture Ratio, % 140 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 120 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100 Vanguard Mid-Cap Value Index Admiral -4.27 -36.54 37.74 21.82 -0.29 16.02 37.66 13.98 -1.80 15.26 80 CRSP US Mid Cap Value TR USD NA NA NA NA NA 17.90 37.38 14.05 -1.75 15.28 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 2 0.9 16 9 0 0 20 40 60 80 100 120 140 160 180 200 1 0.8 8 14 Down Mkt Capture Ratio, % 0 0.7 7 Excess Annualized StdDev, % 12 Total Annualized StdDev, % Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral -1 0.6 6 CRSP US Mid Cap Value TR USD 10 -2 Sharpe Ratio Alpha, % 0.5 5 -3 8 4 -4 0.4 Return vs. Risk 6 0.3 3 -5 Jul-14 - Jun-17 4 12 0.2 2 -6 10 0.1 2 1 -7 Total Annualized Return, % 8 -8 0.0 0 0 6 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 0 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -2 Vanguard Mid-Cap Value Index Admiral -0.03 1.00 100.00 0.75 10.95 0.04 CRSP US Mid Cap Value TR USD 0.00 1.00 100.00 0.75 10.97 0.00 -4 Universe(5%) 1.15 1.29 95.74 0.81 15.95 8.99 -6 Universe(25%) -0.92 1.13 93.31 0.60 13.21 5.54 0 5 10 15 20 25 Universe(Median) -2.94 1.03 89.13 0.47 12.00 4.16 Total Annualized StdDev, % Universe(75%) -4.24 0.94 82.88 0.36 10.98 3.01 Universe(95%) -7.09 0.63 61.03 0.04 8.64 2.37 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Cash CRSP US Mid Cap Value TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 40 38

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Mid Cap Index Admiral % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker VIMAX Morningstar Category Mid-Cap Blend The investment seeks to track the performance of a benchmark index that measures the % Bonds Avg Mkt Cap $MM 13022.81 investment return of mid-capitalization stocks. The fund employs an indexing investment % Non-US Stocks approach designed to track the performance of the CRSP US Mid Cap Index, a broadly % Pref Cat Med Mkt Cap $MM 7104.57 diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the % Conv Net Assets $MM 86740.00 target index by investing all, or substantially all, of its assets in the stocks that make up the % Other Turnover Ratio 15.00 index, holding each stock in approximately the same proportion as its weighting in the index. % Non-US Bonds % Assets in Top 10 Holdings 7.55 Total Number of Holdings 358.00 Manager Name Donald M. Butler _________________________________________________________________________ Manager Tenure 19.12 98.79 Fund Incept Date 05/21/1998 Prospectus Exp Ratio 0.06 Phone Number 800-662-7447 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 99.45 % Cash 0.65 30 % Canada 0.00 % US Stocks 98.79 % Latin America 0.00 % Bonds 0.01 % United Kingdom 0.00 % Non-US Stocks 0.55 25 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 20 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 14 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 12 15 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.37 % Rank Cat 10 Yr 29 % Asia - Emerging 0.19 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 % Basic Materials 5.05 Avg Eff Duration NA 3 300 % Communication Services 1.59 Effective Maturity NA % Consumer Cyclical 16.45 Avg Credit Quality NA 0 % Consumer Defensive 6.31 AAA NA 250 % Healthcare 9.07 AA NA % Industrials 13.30 A NA -5 % Real Estate 7.50 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 17.24 BB NA 2 200 % Energy 4.29 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 14.05 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 5.15 NR/NA NA Ratio Vanguard Mid Cap Index Admiral CRSP US Mid Cap TR USD 150 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Electronic Arts Inc 0.99% 1 100 Vanguard Mid Cap Index Admiral 2.77 9.13 17.25 8.07 14.78 Equinix Inc 0.96% CRSP US Mid Cap TR USD 2.79 9.17 17.31 8.12 14.79 Fiserv Inc 0.76% Universe(5%) 4.33 9.95 29.04 9.01 15.93 Western Digital Corp 0.73% Universe(25%) 2.72 7.40 19.74 7.76 14.51 Newell Brands Inc 0.72% 50 Universe(Median) 1.91 5.98 17.94 5.97 13.40 Lam Research Corp 0.72% Universe(75%) 0.93 5.23 13.90 3.83 11.73 Edwards Lifesciences Corp 0.69% Universe(95%) -0.96 1.04 9.02 0.73 7.59 Autodesk Inc 0.67% Roper Technologies Inc 0.65% 0 0 Prospectus Exp Ratio Turnover Ratio Amphenol Corp Class A 0.65% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 41 39

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Mid Cap Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 80 0 60 25 Total Return Rank, % 40 50 Total Return, % 20 75 0 100 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -20 Up/Down Market Capture Ratio -40 Jul-14 - Jun-17 225 -60 200 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Up Mkt Capture Ratio, % 175 Vanguard Mid Cap Index Admiral CRSP US Mid Cap TR USD 150 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 125 Vanguard Mid Cap Index Admiral 6.17 -41.78 40.48 25.59 -1.97 15.99 35.15 13.76 -1.34 11.22 100 CRSP US Mid Cap TR USD NA NA NA NA -1.79 16.69 35.27 13.83 -1.28 11.24 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 2 0.9 16 9 0 0 25 50 75 100 125 150 175 200 225 1 0.8 14 8 Down Mkt Capture Ratio, % 0 0.7 7 Excess Annualized StdDev, % 12 Total Annualized StdDev, % Morningstar Midcap Blend Universe Vanguard Mid Cap Index Admiral -1 0.6 6 CRSP US Mid Cap TR USD 10 Sharpe Ratio Alpha, % -2 0.5 5 8 -3 4 0.4 Return vs. Risk 6 -4 0.3 3 Jul-14 - Jun-17 4 14 -5 0.2 2 12 -6 0.1 2 1 Total Annualized Return, % 10 -7 0.0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard Mid Cap Index Admiral CRSP US Mid Cap TR USD 4 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 0 Vanguard Mid Cap Index Admiral -0.04 1.00 100.00 0.73 11.25 0.03 CRSP US Mid Cap TR USD 0.00 1.00 100.00 0.73 11.25 0.00 -2 Universe(5%) 1.63 1.21 93.74 0.86 15.61 8.65 -4 Universe(25%) -0.05 1.07 90.22 0.68 13.07 5.91 0 5 10 15 20 25 Universe(Median) -1.82 1.00 85.96 0.53 11.91 4.57 Total Annualized StdDev, % Universe(75%) -3.44 0.91 80.55 0.37 11.04 3.80 Universe(95%) -6.20 0.63 67.29 0.10 8.21 2.89 Morningstar Midcap Blend Universe Vanguard Mid Cap Index Admiral Cash CRSP US Mid Cap TR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 42 40

Quarterly Investment Monitor Data as of 06/30/2017 Prudential QMA Small-Cap Value Z 1.27 % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker TASVX Morningstar Category Small Value The investment seeks above-average capital appreciation. The fund normally invests at least % Bonds Avg Mkt Cap $MM 1524.07 80% of its investable assets in equity and equity-related securities of small-cap companies. % Non-US Stocks The subadviser considers small-cap companies to be companies with market capitalizations % Pref Cat Med Mkt Cap $MM 2905.51 within the market cap range of companies included in the Russell 2000 Index or the Standard % Conv Net Assets $MM 1576.00 & Poor's SmallCap 600 Index. While most assets will typically be invested in U.S. equity and % Other Turnover Ratio 72.00 equity-related securities, including real estate investment trusts (REITs), the fund may also % Non-US Bonds % Assets in Top 10 Holdings 10.36 invest in foreign equity and equity-related securities. Total Number of Holdings 322.00 Manager Name Stephen Courtney _________________________________________________________________________ Manager Tenure 2.46 98.73 Fund Incept Date 01/05/1993 Prospectus Exp Ratio 0.73 Phone Number 800-225-1852 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 98.73 % Cash 0.00 30 % Canada 0.39 % US Stocks 98.73 % Latin America 0.05 % Bonds 0.00 % United Kingdom 0.49 % Non-US Stocks 1.27 25 % Eurozone 0.04 % Pref 0.00 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating 20 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 26 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 26 15 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 11 % Asia - Emerging 0.29 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 % Basic Materials 4.84 Avg Eff Duration NA 2 160 % Communication Services 0.85 Effective Maturity NA % Consumer Cyclical 14.44 Avg Credit Quality NA 0 % Consumer Defensive 5.38 AAA NA 140 % Healthcare 2.20 AA NA % Industrials 16.03 A NA -5 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 14.09 BBB NA % Technology 4.19 BB NA % Energy 3.32 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 33.69 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.97 NR/NA NA Ratio Prudential QMA Small-Cap Value Z Russell 2000 Value Index 1 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Umpqua Holdings Corp 1.15% Prudential QMA Small-Cap Value Z -0.89 -1.71 25.45 7.33 13.92 Washington Federal Inc 1.14% Russell 2000 Value Index 0.67 0.54 24.86 7.02 13.39 Sanmina Corp 1.08% 40 Universe(5%) 3.12 6.39 29.14 9.45 15.08 Cathay General Bancorp 1.03% Universe(25%) 1.20 2.35 22.72 7.03 14.21 RLJ Lodging Trust 1.02% Universe(Median) 0.42 0.91 20.81 6.04 13.35 MGIC Investment Corp 1.02% 20 Universe(75%) -0.47 -0.74 18.29 3.98 11.45 SkyWest Inc 1.01% Universe(95%) -2.07 -3.02 10.89 -0.94 7.55 Prosperity Bancshares Inc 0.99% Hope Bancorp Inc 0.96% 0 0 Prospectus Exp Ratio Turnover Ratio IBERIABANK Corp 0.96% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 43 41

Quarterly Investment Monitor Data as of 06/30/2017 Prudential QMA Small-Cap Value Z Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio Jul-14 - Jun-17 120 -60 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Prudential QMA Small-Cap Value Z Russell 2000 Value Index 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Prudential QMA Small-Cap Value Z 0.52 -27.45 26.69 23.63 -0.48 14.14 35.87 5.89 -7.04 33.94 Russell 2000 Value Index -9.78 -28.92 20.58 24.50 -5.50 18.05 34.52 4.22 -7.47 31.74 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 0.8 20 11 0 0 20 40 60 80 100 120 140 3 18 10 0.7 Down Mkt Capture Ratio, % 2 9 16 0.6 Total Annualized StdDev, % Excess Annualized StdDev, % 1 8 Morningstar SmallCap Value Universe Prudential QMA Small-Cap Value Z 14 0.5 Russell 2000 Value Index 0 7 12 Sharpe Ratio Alpha, % -1 0.4 6 10 -2 5 0.3 Return vs. Risk 8 -3 4 0.2 6 Jul-14 - Jun-17 -4 3 12 0.1 -5 4 2 10 0.0 2 Total Annualized Return, % -6 1 8 -7 -0.1 0 0 6 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Prudential QMA Small-Cap Value Z Russell 2000 Value Index 4 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 0 Prudential QMA Small-Cap Value Z 0.08 1.05 95.45 0.49 16.48 3.59 Russell 2000 Value Index 0.00 1.00 100.00 0.50 15.35 0.00 -2 Universe(5%) 3.29 1.08 97.53 0.74 18.42 10.96 -4 Universe(25%) 0.27 0.97 96.04 0.51 15.41 6.10 0 5 10 15 20 25 30 Universe(Median) -0.37 0.91 93.10 0.45 14.54 4.19 Total Annualized StdDev, % Universe(75%) -1.87 0.85 87.31 0.32 13.88 3.17 Universe(95%) -6.84 0.62 57.27 -0.01 10.14 2.44 Morningstar SmallCap Value Universe Prudential QMA Small-Cap Value Z Cash Russell 2000 Value Index City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 44 42

Quarterly Investment Monitor Data as of 06/30/2017 Oppenheimer International Growth Y 2.671.55 2.73 % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker OIGYX Morningstar Category Foreign Large Growth The investment seeks capital appreciation. The fund mainly invests in the common stock of % Bonds Avg Mkt Cap $MM 19682.33 growth companies that are domiciled or have their primary operations outside of the United % Non-US Stocks States. It may invest 100% of its assets in securities of foreign companies. The fund may % Pref Cat Med Mkt Cap $MM 33212.54 invest in emerging markets as well as in developed markets throughout the world. It % Conv Net Assets $MM 25794.00 normally will invest at least 65% of its total assets in common and preferred stocks of issuers % Other Turnover Ratio 9.00 in at least three different countries outside of the United States, and emphasize investments % Non-US Bonds % Assets in Top 10 Holdings 17.65 in common stocks of issuers that the portfolio managers consider to be "growth" companies. Total Number of Holdings 101.00 Manager Name George R. Evans Manager Tenure 21.28 _________________________________________________________________________ 93.04 Fund Incept Date 03/25/1996 Prospectus Exp Ratio 0.89 Phone Number 800-225-5677 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 2.79 % Cash 1.55 30 % Canada 4.74 % US Stocks 2.67 % Latin America 0.00 % Bonds 0.00 % United Kingdom 16.78 % Non-US Stocks 93.04 25 % Eurozone 42.36 % Pref 0.01 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 17.66 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 2.73 3 Year Mstar Rating 20 % Africa 0.77 % Non-US Bonds 0.00 % Rank Cat 3 Yr 57 % Middle East 0.00 5 Year Mstar Rating % Japan 8.77 % Rank Cat 5 Yr 27 15 % Australasia 1.90 10 Year Mstar Rating % Asia - Developed 1.00 % Rank Cat 10 Yr 3 % Asia - Emerging 3.24 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 % Basic Materials 5.79 Avg Eff Duration NA 2 180 % Communication Services 6.59 Effective Maturity NA % Consumer Cyclical 23.29 Avg Credit Quality NA 0 160 % Consumer Defensive 16.23 AAA NA % Healthcare 10.87 AA NA % Industrials 15.80 A NA 140 -5 % Real Estate 0.00 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 17.12 BB NA 120 % Energy 0.00 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 4.31 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio 100 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 1 Turnover 80 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Infineon Technologies AG 2.37% 60 Oppenheimer International Growth Y 7.47 15.74 16.25 2.13 9.54 SAP SE 1.98% MSCI EAFE Large Growth NR USD 7.41 16.54 14.90 2.41 8.80 Nippon Telegraph & Telephone Corp 1.86% Universe(5%) 9.25 20.49 26.39 4.72 10.96 40 Valeo SA 1.82% Universe(25%) 7.47 16.46 21.76 2.19 8.97 Lonza Group Ltd 1.71% Universe(Median) 6.41 14.65 19.17 1.18 8.26 Carnival Corp 1.59% 20 Universe(75%) 5.70 13.18 16.45 -0.12 7.27 SEB SA 1.59% Universe(95%) 3.62 10.32 12.79 -2.19 4.60 Continental AG 1.58% Hero MotoCorp Ltd 1.58% 0 0 Prospectus Exp Ratio Turnover Ratio Keyence Corp 1.56% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 45 43

Quarterly Investment Monitor Data as of 06/30/2017 Oppenheimer International Growth Y Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio Jul-14 - Jun-17 180 -60 160 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Up Mkt Capture Ratio, % 140 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 120 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100 Oppenheimer International Growth Y 12.93 -41.22 38.44 15.35 -7.31 22.10 25.46 -6.99 3.44 -2.06 80 MSCI EAFE Large Growth NR USD 19.51 -41.74 28.81 11.48 -12.04 17.06 22.28 -4.70 3.28 -3.47 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 3 0.5 16 8 0 0 20 40 60 80 100 120 140 160 180 200 2 14 7 0.4 Down Mkt Capture Ratio, % Excess Annualized StdDev, % 12 6 Total Annualized StdDev, % 1 0.3 Morningstar Foreign Stock Universe Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 10 5 Sharpe Ratio 0 0.2 Alpha, % 8 4 -1 0.1 Return vs. Risk 6 3 Jul-14 - Jun-17 -2 0.0 4 2 8 -3 -0.1 2 1 6 Total Annualized Return, % 4 -4 -0.2 0 0 2 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 0 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 -4 Oppenheimer International Growth Y -0.12 0.95 89.76 0.21 12.40 4.02 MSCI EAFE Large Growth NR USD 0.00 1.00 100.00 0.23 12.41 0.00 -6 Universe(5%) 2.42 1.01 93.30 0.43 14.21 7.80 -8 Universe(25%) 0.10 0.93 90.33 0.22 12.52 5.32 0 5 10 15 20 25 Universe(Median) -1.03 0.90 87.78 0.14 11.86 4.39 Total Annualized StdDev, % Universe(75%) -2.26 0.86 82.85 0.03 11.38 3.92 Universe(95%) -3.99 0.78 70.12 -0.14 10.77 3.26 Morningstar Foreign Stock Universe Oppenheimer International Growth Y Cash MSCI EAFE Large Growth NR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 46 44

Quarterly Investment Monitor Data as of 06/30/2017 American Funds New Perspective R6 2.36 5.26 % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker RNPGX 47.01 The investment seeks long-term growth of capital; future income is a secondary objective. % Bonds Morningstar Category World Large Stock Avg Mkt Cap $MM 63010.04 The fund seeks to take advantage of investment opportunities generated by changes in % Non-US Stocks international trade patterns and economic and political relationships by investing in common % Pref Cat Med Mkt Cap $MM 65551.56 stocks of companies located around the world. In pursuing its primary investment objective, % Conv Net Assets $MM 69013.00 it invests primarily in common stocks that the investment adviser believes have the potential % Other Turnover Ratio 22.00 for growth. In pursuing its secondary objective, the fund invests in common stocks of % Non-US Bonds % Assets in Top 10 Holdings 20.17 companies with the potential to pay dividends in the future. Total Number of Holdings 319.00 Manager Name Robert W. Lovelace _________________________________________________________________________ 44.06 Manager Tenure 16.59 Fund Incept Date 03/13/1973 Prospectus Exp Ratio 0.45 Phone Number 800-421-4225 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 51.62 % Cash 2.36 35 % Canada 1.75 % US Stocks 47.01 % Latin America 0.97 % Bonds 0.43 % United Kingdom 7.07 % Non-US Stocks 44.06 30 % Eurozone 12.35 % Pref 0.74 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 6.11 % Conv 0.02 Mstar Rating % Europe - Emerging 0.00 % Other 5.26 3 Year Mstar Rating 25 % Africa 2.32 % Non-US Bonds 0.12 % Rank Cat 3 Yr 7 % Middle East 0.16 5 Year Mstar Rating % Japan 6.81 % Rank Cat 5 Yr 9 20 % Australasia 0.36 10 Year Mstar Rating % Asia - Developed 6.31 % Rank Cat 10 Yr 4 % Asia - Emerging 4.19 15 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 10 % Basic Materials 5.41 Avg Eff Duration NA 3 160 % Communication Services 2.45 Effective Maturity NA % Consumer Cyclical 17.97 Avg Credit Quality NA 5 % Consumer Defensive 12.05 AAA NA 140 % Healthcare 9.75 AA NA % Industrials 8.10 A NA 0 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 25.76 BB NA 2 % Energy 5.12 B NA 5th to 25th Percentile 25th to Median 100 Prospectus Exp Ratio % Financial Services 12.76 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.64 NR/NA NA Ratio American Funds New Perspective R6 MSCI AC World Index ND USD 80 Turnover 3 Year to 1 3 5 Top Ten Holdings Performance 60 Months Date Year Years Years Amazon.com Inc 4.01% 1 American Funds New Perspective R6 6.84 17.10 21.55 8.12 13.07 Facebook Inc A 2.20% MSCI AC World Index ND USD 4.27 11.48 18.78 4.82 10.54 Taiwan Semiconductor Manufacturing Co Ltd 2.18% 40 Universe(5%) 8.04 19.92 30.38 9.31 15.08 Microsoft Corp 1.95% Universe(25%) 6.32 15.58 22.08 6.33 12.37 The Priceline Group Inc 1.94% Universe(Median) 5.38 12.91 18.93 4.14 10.81 Broadcom Ltd 1.81% 20 Universe(75%) 4.02 9.90 15.30 2.50 9.56 Naspers Ltd Class N 1.72% Universe(95%) 2.24 7.08 8.36 0.39 5.68 British American Tobacco PLC 1.51% JPMorgan Chase & Co 1.47% 0 0 Prospectus Exp Ratio Turnover Ratio Regeneron Pharmaceuticals Inc 1.39% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 47 45

Quarterly Investment Monitor Data as of 06/30/2017 American Funds New Perspective R6 Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 40 25 Total Return Rank, % 50 20 Total Return, % 75 0 100 -20 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio Jul-14 - Jun-17 180 -60 160 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Up Mkt Capture Ratio, % 140 American Funds New Perspective R6 MSCI AC World Index ND USD 120 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100 American Funds New Perspective R6 16.03 -37.83 37.72 13.11 -7.33 21.19 27.23 3.56 5.63 2.19 80 MSCI AC World Index ND USD 11.66 -42.20 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36 7.86 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 5 0.9 16 9 0 0 20 40 60 80 100 120 140 4 0.8 14 8 Down Mkt Capture Ratio, % 3 0.7 7 Excess Annualized StdDev, % 12 Total Annualized StdDev, % Morningstar World Stock Universe American Funds New Perspective R6 2 0.6 6 MSCI AC World Index ND USD 10 Sharpe Ratio Alpha, % 1 0.5 5 8 0 4 0.4 Return vs. Risk 6 -1 0.3 3 Jul-14 - Jun-17 4 16 -2 0.2 2 14 -3 0.1 2 1 Total Annualized Return, % 12 -4 0.0 0 0 10 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 8 American Funds New Perspective R6 MSCI AC World Index ND USD 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 2 American Funds New Perspective R6 3.31 0.96 92.53 0.76 10.77 2.97 0 MSCI AC World Index ND USD 0.00 1.00 100.00 0.47 10.78 0.00 -2 Universe(5%) 4.88 1.15 94.45 0.84 14.03 8.48 -4 Universe(25%) 1.60 1.04 91.35 0.57 12.33 5.70 0 2 4 6 8 10 12 14 16 18 Universe(Median) -0.16 0.96 85.72 0.40 11.18 4.32 Total Annualized StdDev, % Universe(75%) -1.92 0.88 77.55 0.26 10.48 3.46 Universe(95%) -3.72 0.68 59.22 0.07 8.59 2.55 Morningstar World Stock Universe American Funds New Perspective R6 Cash MSCI AC World Index ND USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 48 46

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Emerging Mkts Stock Idx Instl 2.28 % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker VEMIX Morningstar Category Diversified Emerging Mkts The investment seeks to track the performance of a benchmark index that measures the % Bonds Avg Mkt Cap $MM 14755.43 investment return of stocks issued by companies located in emerging market countries. The % Non-US Stocks fund employs an indexing investment approach designed to track the performance of the % Pref Cat Med Mkt Cap $MM 25800.01 FTSE Emerging Markets All Cap China A Inclusion Index, a market-capitalization-weighted % Conv Net Assets $MM 76767.00 index that is made up of approximately 3,658 common stocks of large-, mid-, and small-cap % Other Turnover Ratio 13.00 companies located in emerging markets around the world. % Non-US Bonds % Assets in Top 10 Holdings 16.18 Total Number of Holdings 4021.00 _________________________________________________________________________ Manager Name Michael Perre Manager Tenure 8.84 97.18 Fund Incept Date 05/04/1994 Prospectus Exp Ratio 0.11 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 0.01 % Cash 2.28 35 % Canada 0.01 % US Stocks 0.01 % Latin America 13.86 % Bonds 0.03 % Non-US Stocks 97.18 30 % United Kingdom 0.00 % Eurozone 0.85 % Pref 0.29 Portfolio Ratings Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating 25 % Europe - Emerging 6.99 % Other 0.21 3 Year Mstar Rating % Africa 7.69 % Non-US Bonds 0.00 % Rank Cat 3 Yr 51 % Middle East 1.85 5 Year Mstar Rating 20 % Japan 0.00 % Rank Cat 5 Yr 61 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 15.98 % Rank Cat 10 Yr 45 15 % Asia - Emerging 52.76 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 200 5 % Basic Materials 8.80 Avg Eff Duration NA % Communication Services 5.69 Effective Maturity NA % Consumer Cyclical 8.74 Avg Credit Quality NA 180 0 % Consumer Defensive 6.92 AAA NA % Healthcare 3.23 AA NA 160 % Industrials 6.93 A NA -5 % Real Estate 4.34 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 18.99 BB NA 140 2 % Energy 7.45 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 25.35 Below B NA 120 Median to 75th Percentile 75th to 95th Percentile % Utilities 3.56 NR/NA NA Ratio Vanguard Emerging Mkts Stock Idx Instl FTSE EMs AC China A Incl (US RIC) NR USD 100 Turnover 3 Year to 1 3 5 Top Ten Holdings 80 Performance Months Date Year Years Years Tencent Holdings Ltd 3.96% 1 Vanguard Emerging Mkts Stock Idx Instl 3.49 14.76 18.93 0.68 3.40 Taiwan Semiconductor Manufacturing Co Ltd 2.08% 60 FTSE EMs AC China A Incl (US RIC) NR USD 3.73 14.20 19.33 1.35 4.20 Naspers Ltd Class N 1.90% Universe(5%) 9.87 25.28 31.64 4.01 6.78 China Construction Bank Corp H 1.59% 40 Universe(25%) 7.87 21.82 24.23 2.42 5.06 Taiwan Semiconductor Manufacturing Co Ltd ADR 1.45% Universe(Median) 6.44 19.68 22.74 1.28 4.11 China Mobile Ltd 1.25% Universe(75%) 5.10 18.13 20.20 -0.02 3.15 20 Hon Hai Precision Industry Co Ltd 1.09% Universe(95%) 2.92 13.79 16.36 -2.73 0.78 Industrial And Commercial Bank Of China Ltd H 1.04% Msci Emerging Markets Futures Nyse-Liffe (6/16/2017) 1.02% 0 0 Prospectus Exp Ratio Turnover Ratio Housing Development Finance Corp Ltd 0.82% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 49 47

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard Emerging Mkts Stock Idx Instl 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 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -40 Up/Down Market Capture Ratio -60 Jul-14 - Jun-17 300 -80 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 250 Up Mkt Capture Ratio, % Vanguard Emerging Mkts Stock Idx Instl FTSE EMs AC China A Incl (US RIC) NR USD 200 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 150 Vanguard Emerging Mkts Stock Idx Instl 39.15 -52.74 76.35 19.06 -18.63 18.90 -4.99 0.67 -15.34 11.76 FTSE EMs AC China A Incl (US RIC) NR USD 41.69 -54.22 85.17 19.81 -19.99 18.14 -3.17 2.64 -13.55 10.30 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 0.4 20 10 0 0 25 50 75 100 125 150 175 200 225 18 9 2 Down Mkt Capture Ratio, % 0.3 16 8 Total Annualized StdDev, % Excess Annualized StdDev, % 1 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx Instl 14 7 FTSE EMs AC China A Incl (US RIC) NR USD 0.2 12 6 Sharpe Ratio 0 Alpha, % 10 5 -1 4 Return vs. Risk 0.1 8 6 3 Jul-14 - Jun-17 -2 6 0.0 4 2 -3 4 2 1 Total Annualized Return, % -4 -0.1 0 0 2 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 0 Vanguard Emerging Mkts Stock Idx Instl FTSE EMs AC China A Incl (US RIC) NR USD -2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -4 Vanguard Emerging Mkts Stock Idx Instl -0.65 0.98 97.80 0.10 15.71 2.35 -6 FTSE EMs AC China A Incl (US RIC) NR USD 0.00 1.00 100.00 0.15 15.89 0.00 Universe(5%) 2.70 1.14 95.69 0.33 18.97 9.75 -8 Universe(25%) 1.12 0.96 93.43 0.22 15.83 6.05 0 5 10 15 20 25 30 35 40 Universe(Median) 0.05 0.92 90.66 0.14 15.53 5.04 Total Annualized StdDev, % Universe(75%) -1.25 0.86 87.04 0.08 14.46 4.43 Universe(95%) -3.57 0.77 77.01 -0.07 13.23 3.30 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx Instl Cash FTSE EMs AC China A Incl (US RIC) NR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 50 48

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard REIT Index Institutional % Cash Portfolio Information Investment Strategy Summary % US Stocks Ticker VGSNX Morningstar Category Real Estate The investment seeks to provide a high level of income and moderate long-term capital % Bonds Avg Mkt Cap $MM 10024.96 appreciation by tracking the performance of a benchmark index that measures the % Non-US Stocks performance of publicly traded equity REITs. The fund employs an indexing investment % Pref Cat Med Mkt Cap $MM 13835.23 approach designed to track the performance of the MSCI US REIT Index. The index is % Conv Net Assets $MM 63320.00 composed of stocks of publicly traded equity real estate investment trusts (known as REITs). % Other Turnover Ratio 7.00 The adviser attempts to replicate the index by investing all, or substantially all, of its assets in % Non-US Bonds % Assets in Top 10 Holdings 34.14 the stocks that make up the index, holding each stock in approximately the same proportion Total Number of Holdings 158.00 as its weighting in the index. Manager Name Gerard C. O'Reilly Manager Tenure 21.15 _________________________________________________________________________ 99.77 Fund Incept Date 05/13/1996 Prospectus Exp Ratio 0.10 Phone Number 888-809-8102 Performance vs. Peer Group Portfolio Region Portfolio Structure % United States 100.00 % Cash 0.23 12 % Canada 0.00 % US Stocks 99.77 % Latin America 0.00 % Bonds 0.00 10 % United Kingdom 0.00 % Non-US Stocks 0.00 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings 8 Total Annualized Return, % % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 20 6 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 15 4 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 19 % Asia - Emerging 0.00 2 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group % Basic Materials 0.00 Avg Eff Duration NA 2 180 -2 % Communication Services 0.00 Effective Maturity NA % Consumer Cyclical 0.40 Avg Credit Quality NA 160 -4 % Consumer Defensive 0.00 AAA NA % Healthcare 0.00 AA NA % Industrials 1.06 A NA 140 -6 % Real Estate 98.55 BBB NA 3 Months YTD 1 Year 3 Years 5 Years % Technology 0.00 BB NA 120 % Energy 0.00 B NA 5th to 25th Percentile 25th to Median Prospectus Exp Ratio % Financial Services 0.00 Below B NA Median to 75th Percentile 75th to 95th Percentile % Utilities 0.00 NR/NA NA Ratio 100 Vanguard REIT Index Institutional MSCI US REIT GR USD 1 Turnover 80 3 Year to 1 3 5 Top Ten Holdings Performance Months Date Year Years Years Simon Property Group Inc 5.94% 60 Vanguard REIT Index Institutional 1.63 2.60 -1.88 8.09 9.30 Equinix Inc 4.08% MSCI US REIT GR USD 1.65 2.66 -1.82 8.19 9.38 Public Storage 4.04% Universe(5%) 3.84 6.87 7.99 8.97 10.13 40 Prologis Inc 3.54% Universe(25%) 2.59 3.89 0.99 8.07 9.18 Welltower Inc 3.16% Universe(Median) 1.75 2.31 -1.87 7.27 8.53 AvalonBay Communities Inc 3.16% 20 Universe(75%) 1.18 1.24 -2.96 6.57 8.07 Equity Residential 2.88% Universe(95%) -0.16 -0.87 -4.19 4.99 7.40 Ventas Inc 2.84% Digital Realty Trust Inc 2.26% 0 0 Prospectus Exp Ratio Turnover Ratio Boston Properties Inc 2.25% City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 51 49

Quarterly Investment Monitor Data as of 06/30/2017 Vanguard REIT Index Institutional 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 Jul-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jun-17 -30 Up/Down Market Capture Ratio -40 Jul-14 - Jun-17 120 -50 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 100 Up Mkt Capture Ratio, % Vanguard REIT Index Institutional MSCI US REIT GR USD 80 Annual Return % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 60 Vanguard REIT Index Institutional -16.38 -36.95 29.76 28.56 8.70 17.65 2.48 30.28 2.45 8.51 MSCI US REIT GR USD -16.82 -37.97 28.61 28.48 8.69 17.77 2.47 30.38 2.52 8.60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 0.8 16 9 0 0 20 40 60 80 100 120 0.7 14 8 Down Mkt Capture Ratio, % 2 7 Excess Annualized StdDev, % 0.6 12 Total Annualized StdDev, % Morningstar Real Estate Universe Vanguard REIT Index Institutional 6 MSCI US REIT GR USD 0.5 10 1 Sharpe Ratio Alpha, % 5 0.4 8 4 0 Return vs. Risk 0.3 6 3 Jul-14 - Jun-17 0.2 4 11 2 -1 10 0.1 2 1 9 Total Annualized Return, % -2 0.0 0 0 8 7 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard REIT Index Institutional MSCI US REIT GR 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 Institutional -0.09 1.00 100.00 0.58 15.04 0.08 2 MSCI US REIT GR USD 0.00 1.00 100.00 0.58 15.03 0.00 1 Universe(5%) 2.36 1.00 99.76 0.70 15.19 8.84 0 Universe(25%) 0.26 0.99 99.04 0.59 14.98 2.88 0 2 4 6 8 10 12 14 16 18 Universe(Median) -0.25 0.96 98.53 0.54 14.64 1.89 Total Annualized StdDev, % Universe(75%) -1.08 0.91 96.84 0.49 14.00 1.49 Universe(95%) -1.81 0.59 70.09 0.40 11.51 0.79 Morningstar Real Estate Universe Vanguard REIT Index Institutional Cash MSCI US REIT GR USD City of Dover, Delaware General Employee Pension Plan DOCUMENT PAGE 52 50

Quarterly Investment Monitor Data as of 06/30/2017 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 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 measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative risk. Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is alpha indicates the portfolio has underperformed, given the expectations established by beta. susceptible to 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 shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A theory, 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 fund with a duration of 10 years is twice as volatile as a fund with a five-year duration. Morningstar prints an average effective duration that the stock is a bargain. statistic 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 Average effective maturity is a weighted average of all the effective maturities of the bonds in a portfolio. Effective maturity takes into current price of the stock by its trailing 12 months’ earnings per share. In computing the average, Morningstar weights each portfolio holding consideration mortgage prepayments, puts, calls, adjustable coupons, and other features of individual bonds and is thus a more by the percentage of equity assets it represents, so that larger positions have proportionately greater influence on the fund’s final P/E. accurate 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 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 its benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors movements in 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. 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 It can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk. one 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 Standard deviation is the statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio’s returns downward variation. The greater the variation, the larger the penalty. Funds are ranked within their categories and stars are assigned as varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is follows: Top 10% five stars; Next 22.5% four stars; Middle 35% three stars; Next 22.5% two stars; Bottom 10% one star. most 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 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 are not included in the expense ratio. more 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 Geometric Average Market Capitalization available fund 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 Expressed in percentage terms, Morningstar’s calculation of total return is determined each month by taking the change in monthly net asset reported as average market capitalization. value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean using 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 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, that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the agility, and popularity. They help determine whether a small company fund, for example, can remain in its investment-objective category portfolio’s holdings that have changed over the past year. if its 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 General Employee Pension Plan DOCUMENT PAGE 53 51

Quarterly Investment Monitor Data as of 06/30/2017 Disclaimer This Milliman work product was prepared solely for the internal business use of City of Dover, Delaware General Employee 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. Stock returns are inclusive of dividends paid. 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 General Employee Pension Plan DOCUMENT PAGE 54 52

INVESTMENT POLICY STATEMENT CITY OF DOVER EMPLOYEES PENSION PLAN August 2017

INVESTMENT POLICY STATEMENT CITY OF DOVER EMPLOYEES’ PENSION PLAN Table of Contents Section Page I. Purpose and Background 2 II. Statement of Objectives 3 III. Control Procedures & Responsibilities 4 IV. Investment & Allocation Policy 7 V. Investment Manager Guidelines 9 VI. Selection of Investment Managers 11 VII. Investment Evaluation 12 Appendix

Investment Policy Statement City of Dover Employees’ Pension Plan I. PURPOSE & BACKGROUND The Plan is a public employee retirement plan governed by The City of Dover Code of Ordinances. The purpose of this Investment Policy Statement (“IPS”) is to assist the participants of the plan who serve as members of the Employees’ Pension Board of the City of Dover (“Board”) under Section 2‐202 of the City of Dover Code of Ordinances, this Investment Policy Statement (“Statement”) presents investment objectives, policies, guidelines, and monitoring and review procedures relating to financial assets (the “Fund”) of the City of Dover Employees’ Pension Plan (“Plan”). The IPS will function to: 1. State in a written document the Board’s expectations, objectives, and guidelines for the investment of Plan assets which the Board judges to be appropriate and prudent, in consideration of the needs of the Plan. 2. Define and assign the responsibilities for the oversight of the Plan’s assets. 3. Set forth an investment structure for managing Plan assets. This structure will help to define asset class, Investment Manager styles, asset allocation and acceptable ranges that, combined, will help to generate the risk/return profile needed to meet the objectives of this policy. 4. Encourage effective communication between the Board and the Investment Consultant, as well as any other interested parties. 5. Establish formalized performance criteria that the Investment Managers selected are expected to meet and against which they are to be measured on a regular basis. 6. Serve as a review document to guide Board and Investment Consultant oversight of the investment options of the Plan’s assets. 7. Establish the relevant investment time horizon, risk tolerances and performance expectations of the Plan assets and the Board. Page 2 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan II. STATEMENT OF OBJECTIVES The assets of the Plan are invested under the supervision of the Board. After reviewing expected short‐term and long‐term cash flow requirements of the plan, as well as considering the investment time horizon and risk tolerance level believed to be appropriate for the invested assets, the following set of objectives has been established: 1. Preservation of capital. 2. Pay all benefit and expense obligations when due. 3. Achieve a funding cushion to reduce the impact of possible future downturns in the plan’s funded status. 4. Achieve or exceed actuarial earnings assumptions. 5. If applicable, effectively manage the funded status volatility and mitigate undue risk exposure under a Liability Driven Investment (LDI) strategy. The approach can assist in managing interest rate and inflationary risks. 6. Control risk exposure through reasonable and rational diversification of the assets into various asset classes. 7. Establish policies based on total return and expected projected payouts rather than current income. 8. Contain costs of administering and managing the portfolio. 9. Attain a funded status such that the employer has the option to discontinue contributions to the plan if deemed appropriate and fully funded. Page 3 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan III. CONTROL PROCEDURES & RESPONSIBILITIES Disclosure Any member of the Board, Custodian/Directed Trustee or Investment Consultant must make full disclosure of any potential conflicts of interest, including any financial gain that may be received as a result of investment decisions made by those entities, which may be required by applicable law. This disclosure should be made before the investment of the plan assets governed by this Investment Policy Statement. Disclosure should be in written form and presented to the members of the Board. Delegation of Authority and Responsibilities The Board is charged under Section 18‐51 of the City of Dover Code of Ordinances with overall responsibility for investment of the Fund. To assist the Board in this function, it is authorized and permitted by said Ordinances to appoint an Investment Advisor, Investment Manager or IM(s), including for this purpose banks, insurance companies, and firms registered under the Investment Advisers Act of 1940 and/or Delaware State law, to manage (including the power to acquire and dispose of) Plan assets. Any appointed Investment Advisor must agree to conduct itself in accordance with all applicable City of Dover Ordinances. The Board shall be responsible for approving any changes to this Investment Policy Statement, and shall be responsible for reviewing the implementation of the Investment Policy Statement not less frequently than annually. These responsibilities include, but are not limited to: Board The Board will be responsible for establishing investment objectives, investment policy and monitoring and review procedures. The establishment of standards for measuring, monitoring, evaluating and comparing absolute and relative investment performance to assure that investment returns are reviewed on a regular basis and investment return objectives are met during acceptable periods of time. The establishment of authorization, reporting, control, review and general governance procedures to assure that investment policies and guidelines are reviewed on a regular basis and conformed to at all times. All modifications of policies and/or guidelines shall be in writing, signed by all Board members, and delivered on a timely basis to any IM and/or Custodian affected by such changes. The establishment of, through contractual relationships with recognized and carefully selected professional organizations, or by alternative means satisfactory to the Board, a retirement plan management structure which will assure appropriate investment management, custody, and surveillance or compliance procedures to meet investment objectives in conformity with the Board's stated investment policies and guidelines. The Board will have discretion to select, add, replace or remove Investment Managers that will be used to meet the Plan’s investment objectives, consistent with the recommendations and advice of the Investment Consultant. Page 4 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan Investment Consultant The Investment Consultant will be responsible for: providing recommendations to the Board for the selection of Investment Managers and appropriate asset allocation, consistent with the Investment Policy Statement objectives and guidelines; reviewing the performance of such Investment Managers over time; periodically reviewing and providing recommendations to the Board for revisions to the Investment Policy Statement; and other tasks as deemed appropriate by the Board. The Investment Consultant will act in a non‐discretionary capacity. Custodian/Directed Trustee The Custodian/Directed Trustee appointed by the Board will be responsible for the safekeeping of the fund assets, including all transaction settlements and deliveries and will perform regular accounting of all assets owned, purchased or sold, as well as transactions and movement of assets into and out of the Plan account. Fund safekeeping and securities settlement procedures shall include direct Custodian participation in one or more appropriate securities depositories (e.g., Depository Trust Company, New York) and, as necessary, correspondent participation in other major depositories (e.g., the Federal Reserve System). The Plan's beneficial ownership of all assets shall be inviolate and in all circumstances perfected. Board or designated IM authority to direct all investment transactions shall similarly be protected. The Directed Trustee will maintain possession of securities owned by the Plan, collect dividend and interest payments, redeem maturing securities, and effect receipt and delivery following purchases and sales. The Directed Trustee will also be responsible for the payments to such persons and for such purposes in order to provide benefits to plan participants and the remittance of any tax related payments to the applicable State and Federal bodies. Fiduciary insurance, and officer liability and omissions and errors insurance coverages, of any Custodian, must meet standards set by the Board from time to time. Investment Manager(s) The specific responsibilities of the Investment Manager(s) relating to the investment management of the fund include: 1. Managing the Plan assets under its care, custody, and/or control in accordance with their Investment Policy Statement (‘IPS’) or Prospectus objectives and guidelines set forth herein. 2. Exercising investment discretion (including holding cash equivalents as an alternative) within their IPS or Prospectus objectives and guidelines set forth herein. 3. Promptly communicating all significant and/or material matters and changes pertaining to the investment of Plan assets, including, but not limited to: i. Investment strategy. ii. Portfolio structure. iii. Tactical approaches. iv. Ownership. v. Organizational structure. Page 5 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan vi. Financial condition. vii. Professional staff. viii. All legal material and SEC and other regulatory agency proceedings affecting the firm. 4. Promptly voting all proxies and related actions in a manner consistent with the long‐term interests and objectives of the Plan set forth herein. Each manager shall keep detailed records of said voting and proxies and related actions and will comply with all regulatory obligations related thereto. 5. Utilize the same care, skill, prudence, and due diligence under the circumstances then prevailing that experienced, investment professionals acting in a like capacity and fully familiar with such matters would use in like activities for like benefit plans with like aims in accordance and compliance with all applicable laws, rules, and regulations from local, state, and federal political entities as the pertain to fiduciary duties and responsibilities. The investments should be relatively liquid, or with a reasonable amount of notice, should be capable of liquidating to cash. There should be no fees or penalties for regular trading or liquidation. Page 6 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan IV. INVESTMENT AND ALLOCATION POLICY Investment Horizon: The investment guidelines are based on the expectation that the investment horizon will be several years in length. Short‐term variability in returns should be expected. Because of this, the Plan’s strategic asset allocation is established with moderate to long‐term perspective in mind. The Plan is required to pay retirement benefits to participants as they come due. Therefore, sufficient liquid reserves must be available to satisfy this obligation. 1. The actuary will provide future benefit payment amounts, funding and contribution requirements. 2. The plan should hold a portion of assets in short‐term and cash holdings to provide for the schedule of future benefit payments. Risk Tolerances: It is understood by the Board that achieving the Plan’s investment objectives is not guaranteed and there will be time periods for which these objectives will not be met. The Board also recognizes that some risk must be assumed to achieve the Plan’s investment objectives and accepts the inevitable fluctuations in returns that will occur. While it is understood that a certain level of risk is expected in the Plan’s portfolio, the ability to withstand short and intermediate term variability was specifically considered in the development of the IPS risk tolerances. Factors considered were: 1. It is the intention to fund at least the minimum required contribution (MRC) each year providing ample liquidity. 2. Due to the amount of payouts to occur for many years into the future, the Plan’s liabilities exhibit a longer duration (sensitivity to changes in interest rates). As a result, extending durations in the fixed income portion of Plan assets should be considered. 3. The cash balance portion of the plan's liabilities grows at the rate of T‐bill + 1%. Future liability growth will be factored into all investment decisions. As a result of the above‐named considerations, the Board believes that the Plan can tolerate some interim variability in market value and rates of return in order to achieve its long‐term objectives. Allowable Investments: Cash and Equivalents, Mutual Funds, Separate Accounts, Options and Futures Contracts, Stocks, Bonds, Commingled Funds, and Collective Trusts, Exchange Traded Funds (ETFs) Liquidity Policy: The trust will be required to provide periodic distributions in the form of retirement benefit payments to participants. The actuary provides annual assessments of the funding requirements and payments necessary to meet the plans benefit obligations. Page 7 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan Overall Asset Allocation Policy Based on the Plan’s time horizon, risk tolerances, liquidity needs, and asset class preferences and constraints, an efficient or optimal portfolio was identified. This allocation shall be reviewed at least annually and modified as necessary to meet the needs of the Board. [See Appendix A for the Strategic Asset Allocation Policy of the Plan.] The current allocation strategy is dynamic in nature under a Liability Drive Investment (LDI) approach. The allocation shall be reviewed periodically, at least annually, and modified as necessary to de‐risk the plan, based on the funded status. The overall performance of the portfolio relative to the liabilities will be reviewed in addition to actual performance of the managers. Rebalancing: Rebalancing is the periodic adjustment of the portfolio to restore a pre‐defined Target asset allocation, and will be reviewed at least once per calendar quarter, or as such when the allocation of any asset class exceeds the range around its respective target. Change in Funding Target Level Based on the asset allocation glidepath and funding target levels outlined in the Asset Allocation Policy, an increase in the Plan funding ratio that elevates the plan to a new increment level will trigger a rebalancing of Plan assets to the new targets. If the Plan funding ratio decreases and meets a lower target level, the plan will not rebalance to the new target asset allocation. Timing Rebalancing reviews generally take place quarterly, or at a frequency determined by appropriate by the Board. Generally, the rebalancing transactions will occur over a period of time to reduce undue market timing risk. The Plan will diversify its investment portfolio to avoid incurring unreasonable risks. Investment maturities should be scheduled to coincide with projected cash flow requirements. As funded status improves, the asset allocation policy targets will reduce equity investments and increase fixed income investments and “de‐ risk” the plan portfolio. Page 8 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan V. INVESTMENT MANAGER GUIDELINES Every Investment Manager selected to manage Plan assets shall be selected by their policy or ability to adhere to these general guidelines; however will have discretion to meet the investment objectives of their portfolio or investment fund. Unless receiving prior Board approval, the only allowable investments of the Plan will be in cash and equivalents, mutual funds, separate accounts, options and futures, stocks, bonds, commingled funds, and collective trusts, exchange traded funds (ETFs): Cash Policy Cash equivalents will be invested in an appropriate cash‐like fund. Returns should be equal to or better than the 90‐day Treasury Bill Index (3‐month). Money market mutual funds may be used, so long as these funds meet the high standards suitable for funds of this nature. Fixed Income Policy Investment Objectives These assets are to be invested in a mutual fund, commingled funds, separate accounts, or collective trusts of high‐grade index or active fixed income portfolio subject to the limitations set forth below. The investment objectives of the fixed income portion in order of importance are: 1. Preservation of capital 2. Provide for regular dividend and or interest payments 3. Stability of returns – obtain fairly consistent annual returns. Investment Guidelines The Plan’s fixed income assets will be managed in accordance with the following: 1. All funds selected for the fixed income portion must have a readily ascertainable market value and must be readily marketable. 2. Investment Managers selected will be diversified and generally conform to industry guidelines. 3. The Investment Managers shall have discretion to invest a portion of the assets in cash reserves when they deem appropriate. However, the Investment Managers will be evaluated against their peers on the performance of the total funds under their direct management. Page 9 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan Equity Policy Investment Objectives Equity assets are to be invested in cash and equivalents, mutual funds, separate accounts, options and futures, stocks, bonds, commingled funds, and collective trusts, exchange traded funds (ETFs). Within this framework, the investment objectives of the equity portion are: 1. Long Term Growth of Capital – Assets, exclusive of contribution and withdrawals, should grow in the long run and earn returns equal to the market while risk should be less than the market. 2. Follow a predefined market style (e.g. large cap vs. small cap, value vs. growth) strategy. Investment Guidelines The Plan’s equity assets will be managed in accordance with the following: 1. All funds selected for the equity portion must have a readily ascertainable market value and must be readily marketable. 2. Investment Managers selected will be diversified and generally conform to industry guidelines. 3. The Investment Managers shall have discretion to invest a portion of the assets in cash reserves when they deem appropriate. However, the Fund Managers will be evaluated against their peers on the performance of the total funds under their direct management. Page 10 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan VI. SELECTION OF INVESTMENT MANAGERS The Board, with the assistance of the Investment Consultant, will select appropriate Investment Managers to manage the Plan assets. Investment Managers must meet the following minimum criteria: 1. Is a bank, insurance company, investment management company, or investment advisor as defined by the Registered Investment Advisers Act of 1940. 2. Provide at a minimum, historical quarterly performance numbers calculated on a time‐weighted basis, based on a composite of all the fully discretionary accounts of similar investment style, and reported net and gross of fees. 3. Provide performance evaluation reports prepared by an objective third party that illustrate the risk/return profile of the Investment Manager relative to other managers of like investment style. 4. Provide detailed information on the history of the firm, key personnel, key clients, fee schedule, and support personnel. This information can be supplied by a third party vendor comparable to Lipper or Morningstar. 5. Clearly articulate the investment strategy that will be followed and document that the strategy has been successfully adhered to over time. 6. Investment Managers will be ranked within the top 50 percent of their respective styles on the Investment Consultant’s internal ranking program when available. 7. Some of the measures that may be included in the statistical analysis of a fund would be: a. Alpha – a measure of fund performance compared to its expected return b. Beta – the general level of influence a fund’s market has over its performance c. Standard Deviation – a measure of a fund’s variation of returns over time d. Sharpe Ratio – a measure of a fund’s risk‐adjusted return compared to its risk e. Duration – a measure of sensitivity to interest rate fluctuations over time 8. The Board will consider replacing an actively managed fund if the rank versus its peer group remains in the bottom 50 percent for four consecutive quarters versus its peer group and if statistical analysis concludes that the fund’s level of return does not provide an acceptable ratio as compared to its general level of risk. 9. The Board may consider a fund for replacement when the Investment Manager or policy of the fund is changed. In addition, if there are any substantial transactions with regard to the fund management company or holding, or other types of instabilities in the fund company, replacement will be considered. 10. The Board may also consider replacing a fund if its relative performance over a complete market cycle trails its benchmark. Page 11 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan VII. INVESTMENT EVALUATION Not more than 90 days after the end of each calendar quarter, the Investment Consultant shall report investment positions and performance results to the Board, based on performance reported by each Fund Manager, to monitor and evaluate progress toward the attainment of longer‐term targets. The target rate of return for the Plan has been based on the assumption that future real returns will approximate the long‐term rates of return experienced for each asset class in the IPS. The real rate of return is the return in excess of the anticipated rate of inflation as measured by the Consumer Price Index (CPI). Total Plan Portfolio Performance: Over a complete business cycle, the Plan’s overall annualized total return (net of expenses) should perform at or above the Plan Benchmark. The Plan Benchmark is a customized index composed of the following benchmarks for each target asset class and based on the current and prior target asset allocation policy for the Plan: Asset Category Index* Cash & Money Market BofA ML 3‐month T‐bill Total Return Index Short‐term Bond Barclays US Govt/Credit 1‐3 Yr TR USD Inflation Protected Bond Barclays US Treasury US TIPS TR USD Intermediate‐term Bond Barclays US Govt 5‐10 Yr TR USD Long‐term Bond BC Long Government/Credit High Yield Bond BC High Yield Corporate Bond Large Cap Value S&P 500 Value Large Cap Blend S&P 500 Index Large Cap Growth S&P 500 Growth Mid Cap Value S&P 400 Value Mid Cap Blend S&P 400 Index Mid Cap Growth S&P 400 Growth Small Cap Value S&P 600 Value Small Cap Blend S&P 600 Index Small Cap Growth S&P 600 Growth World Stock MSCI AC World Index ND USD Diversified Emerging Markets FTSE Emerging NR USD REIT/Real Estate MSCI US REIT NR USD *Or other index as designated by the fund and/or fund manager as an appropriate target benchmark for the investment portfolio or fund. Page 12 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan Individual Investment Managers: During its periodic meetings but not less than annually, the Board will review the following specifics with regard to each Investment Manager: 1. The manager’s adherence to their prospectus. 2. Material changes in the manager’s organization, investment philosophy, and/or personnel. 3. Performance compared against an appropriate peer group and benchmark, as listed in the Executive Summary of this IPS, over various time periods. The Board expects the following criteria to be met by each Investment Manager. If a manager fails to meet these, a further review of the manager will be warranted. The Board reserves the right to replace an Investment Manager at their discretion at any time. 1. The Investment Manager’s rank (3‐year and 5‐year return) versus its peer group is over 50 (where a percentile ranking of 1 would be the highest a fund could achieve and 100 would be the lowest). If a fund or Investment Manager’s rank (3‐year and 5‐year return) versus its peer group is over 50, the fund will warrant a closer analytic review. The Board’s review will be comprised of a further analysis of the fund’s statistical performance and risk measures. 2. The Investment Manager’s risk over 3 to 5 years, as measured by standard deviation, should be equal to or lower than the comparative index. If the standard deviation is higher than the index, an increase in performance is expected. 3. The Investment Manager’s Sharpe ratio should be positive over 3 to 5 years and ranked above the peer group median. 4. The Investment Manager’s Alpha should be positive over a 3 to 5 year period and ranked above the peer group median. Page 13 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan SIGNATURE This Statement of Investment Policy approved by action of the Board. Approved by: _______________________________________________ Chairman or representative of the Board _______________________________________________ Controller/Treasurer Date approved: ___________ Page 14 of 14

Investment Policy Statement City of Dover Employees’ Pension Plan APPENDIX A This Appendix to the Investment Policy Statement has been reviewed and approved by the Board: STRATEGIC ASSET ALLOCATION POLICY Asset Class Target Cash & Short‐Term Bond 7% Non‐traditional Bond 5% Inflation‐Protected Bond 5% Intermediate Term Bond 5% Long‐Term Bond 5% High Yield Bond 6% Large Value 11% Large Growth 14% Mid Cap Equity 6% Small Cap Equity 7% Foreign Equity 12% Diversified Emerging Mkts 9% Real Estate 8% 100.00% The above ranges will be considered the long‐term or policy allocation. The current “Policy” is the Target for such respective Asset Class of investment. There will be a Range of +/‐ 5% to the Target to allow for modest market fluctuations before rebalancing of the portfolio. The portfolio will be reviewed at least quarterly and adjusted as necessary to maintain alignment with the target allocations. Any deviations beyond the “Range” must have prior approval by the Board, unless caused by market actions. To indicate approval of this amendment to the Investment Policy Statement, the appropriate designated Board member shall sign below. This Appendix to the Statement of Investment Policy approved by action of the Board. Approved by: _______________________________________________ Chairman or representative of the Board Date approved: ___________ _______________________________________________ Controller/Treasurer

City of Dover Finance Department PO Box 475 Dover DE 19903-0475 Phone: (302) 736-4452 FAX: (302) 760-4930 E-Mail: lpeddicord@dover.de.us MEMORANDUM To: Members of General Employee Pension Board Member of City of Dover Police Pension Board Members of Other Postemployment Benefits Board From: Lori Peddicord, Assistant Controller Treasurer Copy: Acting City Manager, City Clerk & Human Resources Director Date: August 3, 2017 Subject: Request for Proposals 17-0036FN ____________________________________________________________________________________ The City received proposals from the seven (7) named vendors as appears below in response to our RFP for Consulting and Advisory Services General Employee’s Trust, Police Pension Trust and the Other Post-Employment Benefits Trust issued in April 2017: 1. Bolton Partners 2. Brown Advisory, Delaware 3. Dahab Associates 4. Milliman 5. PFM Asset Management LLC 6. PNC Institutional Advisory Solutions 7. Wilmington Trust Attached is a one-page summary of each firm’s fee proposal with any respective references. Please do not hesitate to contact me if you have any questions. Also attached are write ups for each of the proposals the City received for Investment Consulting Services. The proposals were all well written and had similar comparisons in several aspects.

City of Dover Consulting & Adisory Services - Pension and OPEB Trust Funds RFP # 17-0036FN Fee Schedules - Proposal for 3 Years w/2 year extension at option of the Boards Bolton Brown Advisory Dahab PFM Asset Wilmington Partners Delaware Associates** Milliman Mgmt LLC*** PNC Trust**** Standard Fee Basis Points Quoted Flat Fee 0.35% Flat Fee Flat Fee Flat & Basis Pts 0.25% 0.10% 3 Plans Combined (Approx.) Portfolio Asset Value = $75million Fees proposed Year 1 $ 56,000 $ 262,500 $ 50,000 $ 40,000 $ 125,000 $ 187,500 $ 75,000 Year 2 $ 57,500 $ 262,500 $ 50,000 $ 40,000 $ 150,000 $ 187,500 $ 75,000 Year 3 $ 59,000 $ 262,500 $ 50,000 $ 40,000 $ 175,000 $ 187,500 $ 75,000 $ 172,500 $ 787,500 $ 150,000 $ 120,000 $ 450,000 $ 562,500 $ 225,000 *Local Vendor Preference (23,625) $ 763,875 Optional Year 4 $ 200,000 Optional Year 5 $ 200,000 Year 4 & 5 Fees calculated on Assets under Basis Points Management 0.30 First $50million 0.20 Next $50million 0.15 Next $100million * Brown Qualified for Local Vendor Preference (3% per annual cost = $7,875 per yr or $23,625 ** Dahab Associates proposed fee is an all-inclusive annual retainer fee *** PFM outlined a fixed fee for the first (3) three years and Year 4 & 5 Based on Basis Points and Tiered Dollar Assets Under Management ****Wilmington Trust referenced a Minimum Fee of $15,000

City of Dover RFP Number 17-0036FN Consulting & Advisory Services – Pension and OPEB Trust Funds Proposal Reviewer Comments Proposal: Bolton Partners Investment Consulting Group, Inc. (BPICG) History: Providing consulting services since 1994. BPICG is a division of the holding Company known as BOD Group, Inc. Founded in 1981, Robert G Bolton is President and majority stockholder of BOD Group, Inc. Headquarters & Office to Service Dover: Baltimore, MD Key Contact: Donald Lybrook, Chief Investment Officer Errors & Omissions Coverage: Annual policy aggregate of $5million. Fiduciary: Serve as co-fiduciary; philosophy is based upon the ERISA principle of acting solely in the best interests of the plan. No soft dollars accepted as payment for our services. Overall  BPICG has six (6) employees.  Currently services 36 ongoing retainer clients, consisting of 75 plans as many clients sponsor multiple plans.  Average plan size is $51.9 million and median plan size is $19.9 million.  Provided 6 references.  They can provide value-added services to the Funds, such as Center for Fiduciary Excellence (“CEFEX”) certification as well as “gold standard” for recognition of conformance to highest standards of best practices in the industry. CEFEX provides comprehensive assessment programs to improve risk management for institutional and retail investors. Investment Policy  Standard industry practice of designing policy to meet investment objectives, best practices, development, implementation, monitoring, and documenting the investment process.  Demonstrated understanding of elements of IPS and recommends an annual review.  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers performance to make timely recommendations. Asset Allocation  Uses both qualitative & quantitative analysis.  Recommend that a plan re-examine its asset allocation policy every 3 to 5 years to ensure that appropriate adjustments are considered.  Asset allocation drives as much as 90% of a plan’s total return. This means that asset allocation decisions contribute more to return than manager or security selection.  Plan’s advised are a combination of active and passive strategies. 1

Bolton Partners Investment Consulting Group continued Asset Allocation (continued)  They do not believe in frequent tactical changes to a plan’s asset allocation in an attempt to capture short-term investment gains. Investment Manager Identification  Work with the client to ensure that the style of the new manager is compatible with the plan’s asset allocation policy. IPS are incorporated into the search/selection process.  Narrow Mutual fund searches to three or four options. Reporting on comparisons vs contrasts of finalists to discuss with Board.  Where the client is seeking a separate account instead of a mutual fund, process includes issuance of an RFP and interviews with finalists.  No proprietary investment manager database. Subscribe to Morningstar Direct for manager/fund information and performance analytics.  A manager’s risk-adjusted performance is also a vital part of the overall evaluation process  The staff visits investments managers as deemed necessary. Small amount of time spent on manager visits.  Independent and do not have any relationships with investment managers, brokers, plan administrators or custodians. Performance Measurement  Calculates investment performance in Microsoft Excel, using monthly statements provided by the custodian.  Compare performance to appropriate policy benchmarks.  Do not compare performance to any type of peer universe as they believe there is so much variability among plans, asset classes, and allocations.  Three (3) analysts are responsible for evaluating performance and identifying the cases/factors that contributed to or detracted from performance.  Quarterly performance reports are typically available within 45 days of quarter-end. Proposal: Brown Advisory, Delaware History: Established in 1993 as a private, independent investment advisory firm as an affiliate of Alex, Brown & Sons an investment bank founded in 1800. Headquarters & Office to Service Dover: Centreville, Delaware. Principal offices: Baltimore, Maryland and Washington, D.C. Key Contact: William Dugdale, Portfolio Manager Other Offices: Austin, Baltimore, Boston, Carolinas, Delaware. London, NY and Washington, DC Claiming Local Vendor Rule: Yes Errors & Omissions Coverage: Aggregate coverage is greater than $50 million. Fiduciary: Acknowledges fiduciary responsibilities; Soft dollar arrangements to access research. 2

Brown Advisory, Delaware continued Overall  As of March of 2017 the firm has over $55.7 billion in assets under management.  Approximately 500 colleagues with an equity interest owning collectively approximately 70% (no single equity holder owns more than 4%) of the firm. The remaining stake is owned by members of the independent Board of Directors and a small group of private investors.  Colleagues of the firm occupy over 320 positions on non-profit boards or committees.  Brown Advisory managed over $3.7 billion for 52 pension plan client relationships for an aver plan size of $71.2 million. Approximately 8% have an asset base between $60-$70 million and 46% have an asset base greater than $30 million.  Provided 5 references. Investment Policy  Standard industry practice of designing policy to meet investment objectives, best practices, development, implementation, monitoring, and documenting the investment process.  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers performance to make timely recommendations.  Demonstrated understanding of elements of IPS recommends an annual review in light of changing demand for return, market conditions and need for funds from the portfolio.  Utilize the Advent Rules Manager Pre and Post Trade Compliance Module to manage and monitor client guidelines.  Brown Advisory’s analysts meet with selected managers quarterly to perform ongoing due diligence ensuring compliance. Asset Allocation  Collaborate with the City’s Board members to set the allocation guidelines Brown develops the investment strategy.  Recommend changes to the asset allocation based on tactical shifts approximately one to three times a year. Investment Manager Identification  Use both quantitative and qualitative analysis  Utilize various third-party subscriptions to screen manager data performance and various other attributes.  Candidate manager firms are then invited for meeting to allow for further review.  A site visit is arranged to the managers office to allow for review of the investment team and its operational processes.  An internal submission is made to the Investment Committee for comment and review and final selection. 3

Brown Advisory, Delaware continued Investment Manager Identification (continued)  A combination of proprietary and externally purchased databases are used to gather pertinent data.  Have nineteen (19) investment professionals dedicated to manager research.  Maintain an internal “watch list”  Continue to visit managers annually and schedule quarterly calls/meetings. Conduct collectively 200+ meetings every year.  Brown Advisory LLC is affiliated with a broker/dealer and five other SEC-registered investment advisors. No institutional trading, no cross selling and they charge not additional fees for services that may be leveraged from these affiliated entities. Performance Measurement  Compare performance to appropriate policy benchmarks.  Use a combination of proprietary and third-party software.  Collectively there would be 22 investment professionals evaluating performance and results.  Standard consolidated performance reports can be provided monthly or quarterly and are usually available within fifteen (15) days after month end.  Online account access using their proprietary client portal. Proposal: Dahab Associates, Inc., Privately owned, Independent History: Established 1986 by Richard Dahab, CFA President & 85% owner with other employees owning the remaining equity. Have been providing a full complement of investment consulting services to public pension plans, jointly trusted and private corporation pension plans, endowment, foundation and not for profit plans for more than 31 years. Headquarters & Office to Service Dover: Bay Shore, NY 11706 Key Contact: David Lee, CFA Other Offices: Franklin, MA; Hollywood, FL; Washington Crossing, PA and Austin, Texas; Errors & Omissions Coverage: Single limit liability of $2 million Fiduciary: Will acknowledge fiduciary, not a “named fiduciary” to extent advice is followed; No soft dollars Overall  Staff credentials are good, expertise of consultants, principals and managers meets qualifications o Currently service 81 clients approximately $14 billion in assets. o Average plan size $173 million o Approximately 3% of clients have asset base of $60 and $70 million; however, 15% of the clients have an asset base of $50-$100 million.  Provided 5 references, comprehensive list of clients in appendix 4

Dahab Associates, Inc. continued Investment Policy  Standard industry practice of designing policy to meet investment objectives, best practices, development, implementation, monitoring, and documenting the investment process.  The way in which we approach the formulation of a policy and guideline statements depends on the financial sophistication of the Board. In cases where there are non-financial members of the Board, we frequently use non-financial analogies to explain risk and asses a Fund’s risk tolerance.  Demonstrated understanding of elements of IPS and potential need to change based on market conditions.  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers performance to make timely recommendations.  Includes asset allocations at the end of the policy, in order to make it more accessible and easier to modify without changing the body of the document. Asset Allocation  Follows standard industry practices.  Driven by Investment Policy – selection of managers and monitoring performance.  Uses both qualitative & quantitative analysis.  Performs an asset allocation study at the onset of every client relationship and then every 2 to 3 years.  Dahab uses the extensive database provided by our consultant’s cooperative group to show plan sponsors what their peers are doing in terms of asset allocation.  Provides steady guidance; an estimated 90% of investment performance is due to the asset mix chosen. Boards need information to make the right decisions and maintain a “steady course”.  Asset/liability program (in-house program used to perform A/L study) can run many scenarios to help the board understand the allocations. Very good explanation of modeling technique and understandability. Investment Manager Identification  Will conduct unlimited manager and custodian searches as direct by the Board. Does not work from a preferred list of investment managers  Selected through RFP process using both proprietary and purchased manager databases. Most manager search assignments are completed in a period of six to eight weeks.  A universe of potential candidates is created from the manager submissions.  Dahab will discuss possible managers with members of the Board and bring in finalists (typically three) to make presentations.  Have both proprietary and purchased manager databases. The in-house database contains qualitative information on more than 1,000 managers. This information is updated through on- site meetings. 5

Dahab Associates continued Investment Manager Identification (continued)  Dahab strives to avoid manager turnover. Typically, a manager is given a probationary period to address any concerns the Board may have before they are fired. Managers are held to strict standards, but excessive turnover is expensive and not in the best interest of the client.  They have four (4) analysts responsible for investment manager research. Conduct approximately 300-400 manager meetings each year.  No affiliations that could present a conflict of interest. Performance Measurement  Use their own proprietary software and in-house computer facilities to produce the quarterly performance report.  All investment analytics done in-house and subscribes to outside databases and analytic services for investment research.  Dahab references a turnaround time for approximately six weeks after the end of each calendar quarter to prepare and deliver the performance report. The monthly performance reports can be provided within 10 business days after the end of each month. Proposal: Milliman, independent consultant firm History: Founded in 1947; Employee owned and managed by more than 440 principals Headquarters: Seattle, WA; International firm Office to Service Dover: Albany, NY Key Contact: Jeff Marzinsky, Principal & Investment Consultant Errors & Omissions Coverage: Carries at least $2 million Fiduciary: Co-fiduciary with regard to investment consulting services. Milliman will certify in writing the role of the fiduciary with regard to the investment advisory services provided to the Trust; No soft dollars Overall  Staff credentials are good, expertise of consultants, principals and managers meets qualifications o Wholly owned and managed by approximately 440 Principals who have been elected in recognition of their technical, professional and business achievements. Milliman has been an employee owned company for almost 70 years. They currently have with more than 3,500 employees. o Not affiliated with any public accounting or brokerage firm; Consultants not permitted to own stock in any insurance or reinsurance company, nor own stock in client organizations o Among the world’s largest independent actuarial and consulting firms with approximately $940 million in revenues; Oversees nearly 150 clients with approximately $360 billion in assets. Defined benefit services for 37 clients with approximately $5 billion in assets. Local office to serve Dover has average plan size of $41 million. 6

Milliman continued Overall (continued)  Provided 6 references  Milliman offers a broad array of services in the areas of a) Employee benefits & Investment consulting, b) Healthcare, Property & Casualty Insurance and c)Life Insurance & Financial Services.  Focus on supporting the Boards efforts, educating them to make the best decisions, and to be a true partner. Don’t speak “actuary”, we explain situations and complexities so that our clients understand and can make informed decisions.  All work goes through a peer review by a second qualified consultant. Investment Policy  Standard industry practice of designing policy to meet investment objectives, best practices, development, implementation, monitoring, and documenting the investment process.  Manage plan assets according to prudent standards as established in common trust law and ERISA fiduciary requirements.  Demonstrated understanding of elements of IPS and potential need to change based on market conditions.  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers performance to make timely recommendations. Asset Allocation  Follows standard industry practices; Typically perform full annual reviews unless market volatility dictates a more frequent review.  Driven by Investment Policy – selection of managers and monitoring performance.  Uses both qualitative & quantitative analysis.  Uses internally developed software that determines the highest possible return for any given level of risk as well third party software.  Mean optimization modeling analyzes asset allocations in light of actuarial earnings assumptions, proper identification of risk, cash flow requirements and tolerance.  Strives to match liability to plan’s assets.  Can be performed in-house in conjunction with liability analysis or independent of liability analysis. Not the same as an asset/liability study, however uses many of the same factors/parameters. 7

Milliman continued Investment Manager Identification  Milliman starts the investment manager selection process with our proprietary screening program and ranks managers in each category by over 60 risk/return statistics and cumulates a “score” for each fund/investment manager. This resulting in a short list that provides for qualitative assment.  Milliman’s investment research databases cover nearly 1,300 investment management firms and products.  All investment analytics done in-house and subscribes to outside databases and analytic services for investment research.  Twenty (20) professionals that provide investment consulting support and manager due diligence. They conduct more than 1,000 manager meetings on an annual basis.  Milliman is not an investment manager therefore able to provide access to the very best investment managers in the industry without fear of bias or self-dealing.  Development of portfolio and limitations defined through discussions with the City; The IPS is the road map that defines the process and establishes the goals and objectives.  Managers that have failing relative or absolute performance may be terminated or placed on a watch list.  Works with a “stable” of managers that exhibit the ability to consistently add value and have the capabilities and resources to do so. Focus on consistent value added. Performance Measurement  Follows standard industry practices;  Uses both qualitative & quantitative analysis  Milliman utilizes a variety of third- party and proprietary systems.  Reports are proprietary and customizable  Will provide a quarterly investment monitor report within one month after each calendar quarter end. Monthly performance summary reports are also provided. Proposal: PFM Asset Management LLC, independent consultant firm History: PFM’s original practice founded in 1975 to provide independent advisory services to the public sector. In 1980 they began providing investment advisory services to public entities and created PFM Asset Management LLC in 2001. Shortly thereafter in 2003 PFM acquired Spagnola-Cosack, Inc. a multi asset class investment consultant co-founded in 1992 to provide independent investment consulting services to endowments, foundations, public and multiemployer pensions and other multi-asset class portfolios. Headquarters and office to service Dover: Harrisburg, PA Key Contact: Bikram Chadha, Senior Managing Consultant Errors & Omissions Coverage: $30 million per claim Fiduciary: Co-fiduciary in administering the Trusts’ investment programs; No soft dollars 8

PFM Asset Management LLC continued Overall  Staff credentials are good, expertise of consultants, principals and managers meets qualifications o Wholly owned by 89 Managing Directors o 189 client portfolios with an average plan size of $46 million o Manage 43 portfolios with an asset base of $40 million or greater, with 4% having an asset base of $60 - $70 million.  Provided 6 references. Investment Policy  Begin development through the use of a detailed portfolio planning survey with each client, which is designed to facilitate discussion on various asset classes to determine which should be permitted in the portfolio. Also, helps to determine goals, objectives, cash flow projections, risk tolerance, etc.  Afterwards a detailed asset allocation modeling process is completed to determine the ideal asset allocation for the portfolio. Both of these steps will assist the City in drafting an IPS that is specific to each portfolio and the City.  Demonstrated understanding of elements of IPS and potential need to change based on market conditions; Managers that stray away from the IPS and risk level may be terminated.  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers’ performance to make timely recommendations to client. Asset Allocation  Determined in conjunction with the development of the Investment Policy  Use both qualitative & quantitative analysis  Recommend completing an asset allocation analysis or an asset/liability modeling study at least every three years or when an updated actuarial valuation is completed.  Use state-of-the-art software to perform asset/liability study to determine the appropriate investment strategy. Investment Manager Identification  Uses both internal and external third party databases; total universe of 20,500 investment products; Their internal database houses between 200 and 300 managers.  PFM uses both qualitative and quantitative analysis for selection  Utilize an open architecture approach and do not limit themselves to a predetermined stable of managers.  A thirteen (13) member group evaluates performance results. 9

PFM Asset Management LLC continued Investment Manager Identification (continued)  PFM Fund Distributors, Inc., a subsidiary of PFM Asset Management LLC, is registered with the SEC as a broker/dealer, is a member of the Financial Industry Regulatory Authority (FINRA) and is subject to the rules of the Municipal Security Rulemaking Board (MSRB). The sole function of this subsidiary is to act as the distributor and marketing agent for various local government investment pools and a registered investment company we advise. PFM does not trade for client accounts through this broker/dealer or receive any commissions through this arrangement.  Do not maintain any relationships with investment managers that would compromise independence. Performance Measurement  Follows standard industry practices;  Driven by Investment Policy – selection of managers and monitoring performance  Uses both qualitative & quantitative analysis  Will provide a quarterly investment performance report approximately 15-40 calendar days after quarter-end. A monthly market update, and intermittent portfolio updates as needed and requested.  They offer the City an Easy Online Network (EON) providing daily access to portfolio holdings, as well as the ability to review and print complete portfolio detail. Proposal: PNC Institutional Advisory Solutions (PNC IAS) History: PNC has roots in commercial banking since 1800’s and has grown to be one of the leading financial services organizations in the country with assets of $371 billion. PNC IAS is not a legal entity but a marketing name under which PNC Bank conducts business. PNC Institutional Advisory Solutions (PNC IAS) and PNC IAS’ outsourced chief investment officer (OCIO) segment will be providing the services described in the proposal. Headquarters & Office to Service Dover: Pittsburgh, PA. The proposed primary contact office is Philadelphia, PA. Key Contact: Errors & Omissions Coverage: $200 million single aggregate limit subject to a deductible of $50 million per loss Fiduciary: PNC IAS will have shared responsibility for the oversight and execution of the investment portfolio. Will act as a fiduciary as defined in OCC Regulation 9.2€; Yes, PNC accrues soft dollars in order to purchase third-party research products and services. The Brokerage Committee is responsible for approving all soft dollar arrangements. 10

PNC Institutional Advisory Solutions (PNC IAS) continued Overall  Ranked as one of the top U.S. based bank held wealth managers by Barron’s (2016).  PNC owns approximately one-quarter of BlackRock, one of the largest publicly traded investment management firms in the country.  Provided 5 references.  PNC IAS provided investment services to 42 client relationships representing $50 million and greater in discretionary assets under management. Average plan size approx. $119 million Investment Policy  Standard industry practice of designing policy to meet investment objectives, best practices, development, implementation, monitoring, and documenting the investment process.  Demonstrated understanding of elements of IPS and recommends an annual review though understands that a more frequent review may be necessary based on capital market changes.  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers performance to make timely recommendations. Asset Allocation  Uses in-house tools such as an asset-liability management (ALM) analysis to evaluate forward- looking, scenario based analysis.  Changes to strategic baseline allocations will not be made frequently but they will make moves when opportunities present themselves in relation to changes in the economy. Investment Manager Identification  PNC creates a focus list from the criteria used within the IPS and available through a broad universe of investment choices.  Uses both qualitative, quantitative and operational due diligence analysis screenings.  An extensive peer review is conducted in which the Investment Advisor Research (IAR) group engages in a vigorous debate intended to combat behavioral biases.  A formal vote to confirm or deny the manager’s addition to the platform is made by the Investment Advisor Research Committee (IARC).  PNC IAS maintains an In-house proprietary investment database as well as uses several comprehensive third-party databases.  Also used is the PSN Investment manager database which is an independent supplier of comprehensive separate account data.  IAR group consists of 24 professionals dedicated to the manager due diligence process and is responsible for reviewing and monitoring investment options.  IAR conducts manger meetings throughout the year 2016 approximated 600.  PNC owns approximately ¼ of BlackRock. PNC IAS does not use affiliated broker/dealer with clients for which they have an investment management relationship. 11

PNC Institutional Advisory Solutions (PNC IAS) continued Performance Measurement  PNC uses a comprehensive performance measurement and attribution analysis tool.  Compare performance to appropriate policy benchmarks.  Performance reports can be produced on either a monthly or quarterly basis.  PNC IAS provides online access through I-Hub web based application. Proposal: Wilmington Trust History: Wilmington Trust Investment Advisors (WTIA) was founded in 1995 and is regulated by the SEC providing investment management services to Wilmington Trust and M&T Bank affiliates and clients. In May 2011 Wilmington Trust became a wholly owned subsidiary of M&T Bank Corporation. Headquarters & Office to Service Dover: Baltimore, MD Office to Service Dover: Wilmington, DE Key Contact: Anthony W Lunger, CTFA, Managing Direct and Senior Client Advisor Errors & Omissions Coverage: $80million per loss/aggregate Fiduciary: Works in fiduciary capacity putting the clients interest ahead of their own; WTIA uses soft dollars to further research received through broker/dealer firms. WTIA does not use fixed-income trades to generate soft dollars, or spread rebates. Overall  WTIA directly manages over $19.3 billion in assets for separately managed accounts and mutual funds and oversees the investment process for $80.4 billion in assets through affiliates  Provided 5 references  Investment Strategy Matters Group (IC) responsible for assessing economic and financial market conditions, projecting return and volatility, performing risk mgmt. and setting the overall firm- wide investment policy.  General Matter Group (IC/GM) is responsible for the fiduciary oversight of asset management practices, along with operational, performance reporting and other administrative matters. Investment Policy  Standard industry practice of designing policy to meet investment objectives, best practices, development, implementation, monitoring and documenting the investment process.  Demonstrated understanding of elements of IPS and potential need to change based on market conditions  Understands the collaborative process of working with Trustees for development and setting objectives and monitoring managers performance to make timely recommendations 12

Wilmington Trust continued Asset Allocation  Modeling is built in-house and uses industrial strength software tools  Recommend clients formally reevaluate their strategic asset allocations at least annually, and review and update those allocations quarterly against market conditions. Do not always recommend strategic change but it is important to reevaluate the capital markets and current economic cycle on regular basis.  Open architecture of investment choices  May recommend the addition of a glide path strategy. The approach would be to gradually shift assets from the total return generating portion of the portfolio to a fixed income liability driven investing (LDI) portfolio over time as the funded status of the portfolio improves.  The goal of the LDI portfolio is to match the duration of that component of the portfolio to the key risk characteristics of the pension liability, thereby creating a hedge to lock in gains in funded status and reduce overall risk.  Recommend incorporating specific triggers (% change in funded status, interest rate moves, equity market levels) into the investment policies that will gradually shift the portfolios from risky assets to the hedged portfolios over time. Investment Manager Identification  The Firm’s Manager Research Group analyzes investment managers through externally sourced databases and through internally maintained data. WTIA does not maintain a proprietary database of investment managers.  WTIA tracks approximately 1,700 separate account managers, 6,500 active mutual funds and the universe of EFT’s. They currently have over 190 managers on their Select List across 30 asset classes, sub-classes and styles.  Uses both qualitative and quantitative analysis.  A 12 person team of investment professionals is dedicated to researching, selecting and monitoring investment managers. Performance Measurement  A third-party performance platform software is used for monitoring, analysis and reporting.  Users of this software represent over 8,000 plans and over 65 investment consultants  A “watch list” is maintained  Approximately ten (10) financial analysts are responsible for performance reporting.  Onsite visits and annual on-site visits are conducted.  Quarterly performance reports are available three to four weeks after the quarter-end. Monthly reports are available two to three weeks after month end. 13