Attachment

POLICE PENSION BOARD AGENDA MAY 1, 2014 - 9:30 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. Approval of Minutes - Police Pension Board Meeting of February 26, 2014 2. Quarterly Performance Review (Quarter Ending March 31, 2014) (Milliman, Inc.) (Staff recommends acceptance of the report) 3. Adjournment by 9:55 a.m. TO ASSURE THAT THERE WILL BE A QUORUM, PLEASE RSVP BY CONTACTING THE CITY CLERK’S OFFICE BY EMAIL AT CITYCLERK@DOVER.DE.US OR BY CALLING 736-7008 AS SOON AS POSSIBLE. /js S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Agendas\PENSION BOARDS\2014\05-01-2014 POLICE PENSION BOARD AGENDA.wpd THE AGENDA ITEMS AS LISTED MAY NOT BE CONSIDERED IN SEQUENCE. THIS AGENDA IS SUBJECT TO CHANGE TO INCLUDE THE ADDITION OR THE DELETION OF ITEMS, INCLUDING EXECUTIVE SESSIONS.

POLICE PENSION BOARD The Police Pension Board meeting was held on February 26, 2014 at 9:30 a.m. with Mr. Scott Koenig, City Manager, presiding in the absence of Chairman Mullaney. Members present were Mr. Stallings, Mr. Unterkofler, and Chief Hosfelt. Mr. Bonar and Mr. Lynn were absent. AGENDA ADDITIONS/DELETIONS By unanimous consent, the agenda was adopted as presented. Approval of Minutes - Police Pension Board Meeting of November 14, 2013 Mr. Stallings moved for approval of the minutes of the Police Pension Board meeting of November 14, 2013, seconded by Mr. Unterkofler and unanimously carried. Quarterly Performance Review (Quarter Ending December 31, 2013) (Milliman, Inc.) Mr. Jeff Marzinsky, Principal and Employee Benefits Consultant, Milliman, Inc., reviewed the Quarterly Investment Monitor Summary Report for the Quarter Ending December 31, 2013. Referring to the Board Meeting Notes dated February 12, 2014, he noted that the plan had a return of approximately 4% for the quarter, which exceeded the portfolio index of 3.7%. Performance for the year was 9.46%, which was in line with the index. He advised members that plan assets were in line with target allocations at quarter end. Referring to Page 3 of the report, Market Indices - 4th Quarter 2013, Mr. Marzinsky noted that equities were positive for 2013 for most U.S. stocks. Returns on international stocks were relatively good except for emerging markets, which had negative returns. Interest rates rose through the end of the 2013, which caused negative returns in bond asset categories. Year to date, markets were mixed in the U.S. The Dow Jones industrial average was down approximately 2% year to date, although there had been a comeback since the end of January 2014. The Standard and Poor (S&P) index was approximately even and equity markets were leveling out following a decline at the end of January 2014. Interest rates were decreasing slightly, which led to an increase in bond performance. Mr. Marzinsky stressed the importance of maintaining a balanced portfolio. In reference to Page 4, Broad Market Commentary - 4th Quarter 2013, Mr. Marzinsky stated that the Federal Open Market Committee performed a $10B tapering from a $85B bond purchase in December and in January announced another tapering. It was thought that this would result in a spike in interest rates, but this had not occurred. The Federal Reserve System had expressed an intent to keep interest rates down through 2015, and it was believed that this would help to spur economic growth. Improvements were being seen in unemployment, but bad weather over the last few months in the U.S. had kept production, consumer purchases, and job growth down. Mr. Marzinsky indicated that the outlook for the market was cautiously optimistic. Referring to Page 9, Asset Allocation, Mr. Marzinsky indicated that fund balances were in line with targets. He reminded members that the portfolio is rebalanced quarterly and when contributions occur. Referring to Page 10, Investment Policy Review - Active Management, Mr. Marzinsky reviewed the performance of the funds. He noted that the PIMCO fund was experiencing a management issue in

POLICE PENSION BOARD MEETING OF FEBRUARY 26, 2014 PAGE 2 that its Chief Executive Officer would be leaving the firm within the next couple of months and PIMCO was restructuring its research and upper management sections. Mr. Marzinsky indicated that Milliman would monitor this situation. He noted that the Target Small Capitalization Value T Fund also had positive returns year to date, although there was slight underperformance, and this fund would also be monitored. Reviewing Page 12, Investment Option Return Summary, Mr. Marzinsky stated that most funds had positive returns for one (1) year; however, bond areas suffered as interest rates rose. The three (3) month return for the Police Pension portfolio was approximately 4%, compared to the index of 3.71%, and the one (1) year return was 9.45%, compared to the index of 9.41%. Mr. Marzinsky advised members that the Harding Loevner Global Equity Institutional Fund had slight underperformance over the last few years and a potential change was recommended. He indicated that this fund had been included in the Police Pension Fund portfolio by the previous financial advisor as a non-U.S. equity developed markets fund; however, after reviewing its holdings, it was determined that the fund consisted of approximately 50% - 60% U.S. stocks, creating overlap between this fund and other pension investments. Mr. Marzinsky recommended that this fund be replaced. Referring to the Competitor Analysis Report, Mr. Marzinsky stated that Milliman had considered two (2) potential replacement funds, including the MFS Institutional International Equity Fund and the Oppenheimer International Growth Y Fund. He indicated that MFS focuses on large, growing international companies and that Oppenheimer International Growth Y targets companies with good three (3) to five (5) year track records which are focused on new technologies, infrastructure, and sustained growth. Noting that the Oppenheimer fund had better returns, rank compared to its peer group, and risk analytics, Mr. Marzinsky recommended that this fund be chosen as a replacement for the Harding Loevner Fund. He indicated that should members accept the recommendation, the fund would be replaced at the time of the quarterly rebalancing of the portfolio. Mrs. Donna Mitchell, Controller/Treasurer, stated her concurrence with the recommendation made by Milliman, Inc. Mr. Stallings moved to replace the Police Pension Fund’s investment in the Harding Loevner Global Equity Institutional Fund with the Oppenheimer International Growth Y Fund, as recommended by the investment manager, Milliman, Inc. The motion was seconded by Mr. Unterkofler and unanimously carried. Update - 2013 Form 1099's for Retirees Members were provided correspondence from Ms. Virginia Karablacas, Relationship Manager/Vice President, Wells Fargo, dated February 12, 2014 regarding Recent Service Concerns (Attachment #1). Mrs. Donna Mitchell, Controller/Treasurer, advised members that representatives from Wells Fargo were present to speak to members regarding problems experienced in providing Form 1099's for retirees. Mr. Tony Marsella, Wells Fargo Senior Vice President/Managing Director, stated that he was responsible for the Wells Fargo Relationship Management Team in the northeast. He apologized personally for the tax reporting errors and inconvenience caused to retirees. He assured members that he had been involved in several management discussions to ensure that a

POLICE PENSION BOARD MEETING OF FEBRUARY 26, 2014 PAGE 3 process was in place to prevent further recurrence and stressed the importance of his own relationship, as well as Wells Fargo’s relationship, with the City of Dover. Ms. Virginia Karablacas, Wells Fargo Relationship Manager/Vice President, stated that she was ultimately responsible and accountable for the City’s overall satisfaction. She indicated that there were two (2) key issues that brought Wells Fargo to the meeting today, Form 1099 corrections and concerns regarding the issuance of monthly payment confirmations/advices to retirees in a timely manner in January and February 2014. Ms. Karablacas stated that the City had not experienced the same level of service over the last couple of months as it had prior to these issues. She informed members that Wells Fargo had evaluated the circumstances, identified the root cause of the issues related to both concerns, and put appropriate corrections in place. She indicated that all of the Form 1099R’s had been generated and mailed in early February and pay advices for January, February, and March had been generated and mailed. This matter had received the attention of executive management within Wells Fargo and a number of discussions had been held, which allowed Wells Fargo staff to identify opportunities to enhance their standard operating procedures going forward. Ms. Karablacas stated that her goal was to restore the confidence that the City experienced previously and that Wells Fargo was committed to partnering with Mrs. Mitchell to ensure that the City’s needs are met. Responding to Mr. Unterkofler regarding the target date for mailing monthly pay advices, Ms. Karablacas indicated that confirmations are typically mailed out in advance so that they are received at approximately the time that payments are deposited into the accounts. She reiterated that there was a system problem with the January and February 2014 pay advices and that the root cause had been identified and corrected. Mr. Stallings moved for adjournment, seconded by Mr. Unterkofler and unanimously carried. Meeting adjourned at 9:46 a.m. Mr. Scott Koenig Acting Chair SK/JS/dd S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Minutes\PENSION\2014\02-26-2014 Police Pension.wpd Attachment Attachment #1 - Correspondence from Ms. Virginia Karablacas, Vice President and Relationship Manager, Wells Fargo, dated February 12, 2014 Regarding Recent Service Concerns

ATTACHMENT #1 Police Pension Board Meeting of 02/26/2014

250 Washington Ave Ext Albany, NY 12203 USA Tel +1 518 514 7157 Fax +1 518 514 7200 MEMO milliman.com To: City of Dover, Delaware Police Pension Plan – Board From: Jeff Marzinsky & Matt Albano/Milliman Re: Board Meeting Notes – 5/1/2014 Enclosures: Milliman Quarterly Investment Monitor Report (QIM) 1. Police Pension Plan Investment Review through 3/31/2014: a. As of 3/31/2014 the plan had assets of approximately $11.6 million, up from $11.5 million at 12/31/2013. At 3/31/2013, the plan had $10.05 million. During the quarter, the plan had contributions of approximately $206 thousand, withdrawals of approximately $389 thousand, and fees of $1.14 thousand. b. Total performance of the plan portfolio was 2.64% net (2.71% gross) for the quarter, slightly above the Plan’s benchmark index performance of 2.43%. City of Dover Police Pension Plan Quarterly Return Summary POLICE-NET POLICE GROSS- Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 4/30/2013 $ 11,046,398.00 $ - $ 127,422.77 $ 458.10 $ 238,464.96 $ 11,156,982.09 2.18% 2.21% 5/31/2013 $ 11,156,982.09 $ - $ 127,422.77 $ 460.87 $ (161,918.70) $ 10,867,179.75 -1.47% -1.44% 6/30/2013 $ 10,867,179.75 $ 767,223.14 $ 287,935.39 $ 453.61 $ (310,804.70) $ 11,035,209.19 -2.85% -2.83% 7/31/2013 $ 11,035,209.19 $ 932.00 $ 127,422.77 $ 474.22 $ 251,721.56 $ 11,159,965.76 2.31% 2.33% 8/31/2013 $ 11,159,965.76 $ 89,276.85 $ 127,486.81 $ 452.59 $ (266,321.80) $ 10,854,981.41 -2.41% -2.39% 9/30/2013 $ 10,854,981.41 $ 307,400.00 $ 127,486.81 $ 445.06 $ 380,551.50 $ 11,415,001.04 3.46% 3.49% 10/31/2013 $ 11,415,001.04 $ - $ 127,486.81 $ 459.44 $ 330,591.56 $ 11,617,646.35 2.93% 2.95% 11/30/2013 $ 11,617,646.35 $ - $ 127,486.81 $ 463.52 $ 48,882.24 $ 11,538,578.26 0.43% 0.45% 12/31/2013 $ 11,538,578.26 $ - $ 127,486.81 $ 536.27 $ 67,294.10 $ 11,477,849.28 0.59% 0.61% 1/31/2014 $ 11,477,849.28 $ 206,626.39 $ 129,993.49 $ 458.75 $ (126,461.59) $ 11,427,561.84 -1.11% -1.08% 2/28/2014 $ 11,427,561.84 $ - $ 129,993.49 $ 458.20 $ 357,379.64 $ 11,654,489.79 3.16% 3.18% 3/31/2014 $ 11,654,489.79 $ - $ 129,993.49 $ 227.47 $ 70,399.16 $ 11,594,667.99 0.61% 0.64% $ 206,626.39 $ 389,980.47 $ 1,144.42 $ 301,317.21 Quarterly Return 2.64% 2.71% $ 1,371,458.38 $ 1,697,618.22 $ 5,348.10 $ 879,777.93 One Year Return 7.83% 8.13% c. As of 12/31/13, the Plan’s asset allocation was in line with the allocation targets, as the plan was rebalanced on its quarterly schedule prior to quarter end. Fund Target Allocation with Category Description Category Investment Name Additional Asset Classes Asset Allocation Range 8/2013 Money Market CA Wells Fargo Advtg Treas Plus MMkt 4.50% 0-10%; target 10% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 5.50% 0-10%; target 10% Cash + STB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 6.00% 0-11%; target of 6% TIPS Intermediate Term Bonds INTB Vanguard Intermediate Bond 8.00% 3-13%; target 8% INTB Long Term Bonds LTB PIMCO Long Duration 4.50% 4-14%; target 9% LTB Long Term Bonds LTB Vanguard Long Duration 4.50% 4-14%; target 9% LTB High Yield Bond HYB Ivy High Income I 6.00% 0-11%; target 6% HYB Large Cap Value LCV Vanguard Equity Income 10.00% 5-15%; target 10% LCV Large Cap Growth LCG Vanguard Morgan Growth 5.50% 6-11%; target 11% LCG Large Cap Growth LCG Vanguard Primecap 5.50% 6-11%; target 11% LCG Mid Cap MCV Vanguard Mid Cap Value Index 5.00% 0-10%; target 5% MC Small Cap SCV Target Small Cap Value 7.00% 0-10%; target 7% SC Real Estatement Investment REIT Vanguard REIT Index 8.00% 0-13%; target 8% REIT Foreign Equity GLB American Funds New Perspective 5.00% 5-15%; target 10% GLB Foreign Equity FLG Oppenheimber International Growth Y 5.00% 5-15%; target 10% FLG Foreign Equity GLB Harding Loevner Global Equity 0.00% REMOVED Emerging Markets EMG Vanguard Emerging Mkts 10.00% 5-15%; target 10% Emg Mkts Offices in Principal Cities Worldwide

Meeting Notes Page 2 The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to internal computer software and databases, including among others mpiStylus Pro©,, software designed by Markov Processes International. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. These reports do not constitute investment advice with respect to the sale or disposition of individual securities. Milliman disclaims responsibility, financial or otherwise, for the accuracy or completeness of this report. This Milliman work product was prepared solely for the internal business use of our clients. Milliman's work may not be provided to third parties without Milliman's prior written consent. Milliman does not intend to benefit any third party recipient of its work product, even if Milliman consents to the release of its work product to such third party. Past performance is no guarantee of future results. Unless explicitly stated in your Service Agreement, there should be no reliance on Milliman services to provide analysis or reporting on a daily basis, the changes to manager rankings, ratings or opinions thereon. Unless explicitly stated in your Service Agreement, Milliman services are not intended to monitor investment manager compliance with individual security selection criteria, limits on security selection, and/or prohibitions to the holding of certain securities or security types. Milliman provides a copy of its SEC Form ADV Part II to clients without charge upon request. Offices in Principal Cities Worldwide

Quarterly Investment Monitor Summary Report for the Quarter Ending March 31, 2014 Prepared for City of Dover, Delaware Police Pension Plan

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

Quarterly Investment Monitor Market Indices - 1st Quarter 2014 Index 3 1 3 5 Months Year Years Years BofAML US Treasury Bill 3 Mon 0.01 0.07 0.08 0.12 Barclays US Govt 1-3 Yr TR USD 0.14 0.39 0.84 1.21 Barclays US Govt/Credit Interm TR USD 1.00 -0.13 3.13 4.18 Barclays US Government Long TR USD 7.01 -4.17 8.19 4.96 Barclays US Long Credit TR USD 6.30 1.07 9.20 12.73 Barclays US Corporate High Yield TR USD 2.98 7.54 9.00 18.25 DJ Industrial Average TR USD -0.15 15.66 13.05 19.85 S&P 500 TR 1.81 21.86 14.66 21.16 NASDAQ 100 TR USD 0.42 29.40 16.89 25.09 NASDAQ Composite TR USD 0.83 30.18 16.14 23.76 Russell 1000 Value TR USD 3.02 21.57 14.80 21.75 Russell 1000 TR USD 2.05 22.41 14.75 21.73 Russell 1000 Growth TR USD 1.12 23.22 14.62 21.68 Russell 2000 Value TR USD 1.78 22.65 12.74 23.33 Russell 2000 TR USD 1.12 24.90 13.18 24.31 Russell 2000 Growth TR USD 0.48 27.19 13.61 25.24 FTSE NAREIT All REITs TR 8.57 2.70 10.59 27.31 MSCI EAFE NR USD 0.66 17.56 7.21 16.02 MSCI EAFE Small Cap NR USD 3.36 23.26 9.40 21.70 MSCI EM NR USD -0.43 -1.43 -2.86 14.48 City of Dover, Delaware Police Pension Plan 3

Quarterly Investment Monitor Broad Market Commentary - 1st Quarter 2014 Broad Markets - Quarter Broad Markets - Five Years Jan-14 - Mar-14 Mar-09 - Mar-14 2 300 280 260 240 Total Return, % Growth of $100 220 1 200 180 160 140 120 0 100 Jan-14 - Mar-14 Mar-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Mar-14 Total Total Barclays US Govt/Credit Interm TR USD S&P 500 TR Barclays US Govt/Credit Interm TR USD S&P 500 TR NASDAQ Composite TR USD MSCI EAFE NR USD NASDAQ Composite TR USD MSCI EAFE NR USD Market Commentary The U.S. stock market fluctuated on concerns about mixed economic data, slower growth in corporate earnings, and the timing of potential rate hikes by the Federal Reserve, ending the quarter with a modest gain. Developed international equity markets posted modest returns as investors grappled with mixed economic data and uncertainty about central bank stimulus. Emerging markets struggled on concerns about slowing economic growth in China, the reduction of Federal Reserve stimulus, and the ongoing political crisis in Ukraine. Market volatility was very dynamic during the quarter. The Fed continued to modestly reduce (“taper”) its securities purchases by $10 billion at each meeting, slowing the rate of purchases to $55 billion per month from the $85 billion peak in December. In addition, the Fed announced it could begin rate hikes as soon as six months after the taper is complete. Mutual fund investors increased their holdings in bonds and stocks. For the quarter, bond funds had net inflows of $18.1 billion, while stock funds had net inflows of $53.5 billion. Total money market mutual fund assets decreased by $75.8 billion to $2.643 trillion. The unemployment rate was unchanged at 6.7%, as total employment increased by 533,000 jobs. The price of oil increased from $98 per barrel to $102 during the quarter, an increase of 4.1%. For the three months ending March 31, 2014, annualized seasonally adjusted CPI – U was 1.8%. Rising prices for rental housing drove the increase. City of Dover, Delaware Police Pension Plan 4

Quarterly Investment Monitor US Fixed Income Market Commentary - 1st Quarter 2014 US Fixed Income - Quarter US Fixed Income - Five Years Jan-14 - Mar-14 Mar-09 - Mar-14 8 240 7 220 6 200 Growth of $100 Total Return, % 5 180 160 4 140 3 120 2 100 1 80 0 Mar-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Mar-14 Jan-14 - Mar-14 Total Total BofAML US Treasury Bill 3 Mon Barclays US Govt 1-3 Yr TR USD BofAML US Treasury Bill 3 Mon Barclays US Govt 1-3 Yr TR USD Barclays US Govt/Credit Interm TR USD Barclays US Government Long TR USD Barclays US Govt/Credit Interm TR USD Barclays US Government Long TR USD Barclays US Long Credit TR USD Barclays US Corporate High Yield TR USD Barclays US Long Credit TR USD Barclays US Corporate High Yield TR USD US Bond Market The broad fixed income market rose 1.84% in the 1st quarter, as the positive impact from a 0.09% decline in interest rates enhanced the coupon return of 0.80%. The short end of the yield curve remained unchanged as the Fed maintained its near-zero interest rate policy. The yield curve flattened significantly as the 30-year Treasury yield fell by 0.41%, while the 2-year rose by 0.04%. Long-term government bonds were the best performing sector this quarter, up 7.73%, as investors moved into safe-haven assets. Long-term corporate bonds were up 5.80% due to tightening spreads and declining yields on the long end of the curve. 3-month T-Bills were the worst performing sector this quarter, up 0.01%, as short-term rates remained near 0%. City of Dover, Delaware Police Pension Plan 5

Quarterly Investment Monitor US Equity Market Commentary - 1st Quarter 2014 US Equity - Quarter US Equity - Five Years Jan-14 - Mar-14 Mar-09 - Mar-14 4 325 300 275 3 250 Total Return, % Growth of $100 225 2 200 175 1 150 125 0 100 Jan-14 - Mar-14 Mar-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Mar-14 Total Total Russell 1000 Value TR USD Russell 1000 TR USD Russell 1000 Value TR USD Russell 1000 TR USD Russell 1000 Growth TR USD Russell 2000 Value TR USD Russell 1000 Growth TR USD Russell 2000 Value TR USD Russell 2000 TR USD Russell 2000 Growth TR USD Russell 2000 TR USD Russell 2000 Growth TR USD US Stock Market Most major domestic equity indices posted a gain for the quarter. The large-cap Russell 1000 Value Index had the best return, up 3.02%. In terms of capitalization, large-cap stocks outperformed small-cap stocks. In comparing styles, value stocks did better than growth stocks. In a reversal from last quarter, REITs rose 10.35%, as lower interest rates increased demand for dividend-paying stocks. The best performing sectors were apartments and self-storage. Utilities were the best performing sector, up 9.82%, as investors generally moved into lower-risk assets. Consumer Discretionary was the worst performing sector, down 2.03%, on weaker-than-expected sales, mainly due to bad winter weather. City of Dover, Delaware Police Pension Plan 6

Quarterly Investment Monitor International Market Commentary - 1st Quarter 2014 International - Quarter Jan-14 - Mar-14 4 International - Five Years 3 Mar-09 - Mar-14 Total Return, % 2 280 1 260 0 240 -1 220 Growth of $100 200 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD MSCI EM NR USD 180 Regional Performance - Quarter Jan-14 - Mar-14 160 6 140 4 Total Return, % 2 120 0 100 Mar-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Mar-14 -2 -4 MSCI EAFE NR USD MSCI EAFE Small Cap NR USD MSCI EM NR USD -6 MSCI Australia NR USD MSCI Europe Ex UK NR USD MSCI UK NR USD MSCI Pacific Ex Japan NR USD MSCI Japan NR USD MSCI EM Latin America NR USD International Markets The dollar was down against the yen and pound, but up against the euro. For the quarter, the EAFE Index was up 0.66%, and Emerging Markets were down 0.43%. Local currency returns for the EAFE Index and Emerging Markets were -0.28% and -0.53%, respectively. Among the major international regions, Indian stocks had the highest return, up 8.97%, as inflation eased, the rupee stabilized, the current account deficit narrowed, and foreign investment increased in anticipation of a pro-business government being elected. Stocks in Russia had the lowest return, down 15.47%, as the conflict with Ukraine escalated and triggered economic sanctions by the U.S. and Europe. Small-cap stocks, up 3.4%, outperformed large-cap stocks. City of Dover, Delaware Police Pension Plan 7

Quarterly Investment Monitor Data as of 03/31/2014 Performance Summary City of Dover, Delaware Police Pension Plan 8

Quarterly Investment Monitor Data as of 03/31/2014 Asset Allocation Balances As of Percent As of Balances As of Percent As of Notes 03/31/2014 03/31/2014 12/31/2013 12/31/2013 Wells Fargo Advantage Treas Plus MMkt I $514,903 4.44% $510,940 4.45% PISXX Vanguard Short-Term Bond Index Signal $632,505 5.46% $624,007 5.44% VBSSX Vanguard Inflation-Protected Secs I $574,667 4.96% $564,514 4.92% VIPIX Vanguard Interm-Term Bond Index Signal $922,444 7.96% $904,237 7.88% VIBSX Vanguard Long-Term Bond Index I $523,139 4.51% $510,239 4.45% VBLLX PIMCO Long Duration Total Return Instl $520,448 4.49% $508,512 4.43% PLRIX Ivy High Income I $924,964 7.98% $915,982 7.98% IVHIX Vanguard Equity-Income Adm $1,168,552 10.08% $1,161,301 10.12% VEIRX Vanguard Morgan™ Growth Admiral™ $566,910 4.89% $583,282 5.08% VMRAX Vanguard PRIMECAP Inv $574,435 4.95% $580,489 5.06% VPMCX Vanguard Mid-Cap Value Index Admiral $577,793 4.98% $582,260 5.07% VMVAX Target Small Capitalization Value T $912,291 7.87% $931,103 8.11% TASVX Oppenheimer International Growth Y $576,632 4.97% $0 0.00% OIGYX American Funds New Perspective R6 $579,785 5.00% $584,309 5.09% RNPGX Harding Loevner Global Equity Inst $0 0.00% $581,891 5.07% HLMVX Vanguard Emerging Mkts Stock Idx I $1,211,590 10.45% $1,142,102 9.95% VEMIX Vanguard REIT Index I $812,092 7.00% $790,797 6.89% VGSNX Plan Total $11,593,150 $11,475,965 City of Dover, Delaware Police Pension Plan 9

Quarterly Investment Monitor Data as of 03/31/2014 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 9 31 -0.07 -0.12 1.03 1.02 29 28 57 50 PIMCO Long Duration Total Return Instl 45 22 -0.66 0.67 0.94 0.96 82 73 56 56 Ivy High Income I 1 28 1.93 -0.92 0.77 0.71 1 1 1 2 Vanguard Equity-Income Adm 5 20 2.30 0.48 0.80 0.82 3 2 4 1 Vanguard Morgan™ Growth Admiral™ 52 32 -2.34 -0.08 1.24 1.17 62 57 53 42 Vanguard PRIMECAP Inv 7 26 1.03 0.55 1.11 1.08 5 5 14 11 Target Small Capitalization Value T 57 71 -3.21 -2.40 0.91 0.86 33 32 29 23 Oppenheimer International Growth Y 2 6 4.34 4.48 0.97 1.01 3 2 4 3 American Funds New Perspective R6 33 36 2.67 1.38 0.97 0.96 30 25 37 29 Definitions Return Rank - Fund's category percentile return rank, a value less than 50 (1 is the best and 100 is the worst) implies the fund is beating more than 50% of its peer group. Excess Return - Fund's excess return over its benchmark, a value greater than 0 implies the fund's return is higher than its benchmark. Relative StdDev - Fund's standard deviation relative to its benchmark, a value less than 1 implies the fund's standard deviation is lower than its benchmark. Alpha Rank - Fund's category percentile Alpha rank, a value less than 50 (1 is the best and 100 is the worst) implies the fund is beating more than 50% of its peer group. Sharpe Rank - Fund's category percentile Sharpe Ratio rank, a value less than 50 (1 is the best and 100 is the worst) implies the fund is beating more than 50% of its peer group. City of Dover, Delaware Police Pension Plan 10

Quarterly Investment Monitor Data as of 03/31/2014 Investment Policy Review - Passive Management Excess Excess Tracking Tracking Fund Beta Beta Expense Return Return Error Error Name 3Y 5Y Ratio 3Y 5Y 3Y 5Y Vanguard Short-Term Bond Index Signal 0.67 0.75 2.08 0.71 1.70 0.76 0.10 Vanguard Interm-Term Bond Index Signal 0.95 2.95 0.85 1.98 0.77 2.44 0.10 Vanguard Long-Term Bond Index I 0.05 0.01 1.02 0.91 1.03 0.89 0.07 Vanguard Mid-Cap Value Index Admiral -0.86 -0.81 1.03 0.97 1.00 1.58 0.10 Vanguard Emerging Mkts Stock Idx I -0.12 -0.52 1.02 3.32 1.02 3.26 0.12 Vanguard REIT Index I 1.21 1.51 1.00 0.21 1.00 0.22 0.08 Definitions Excess Return - Fund's excess return over its benchmark, a value greater than 0 implies the fund's return is higher than its benchmark. Beta - Fund's Beta or sensitivity to movements compared to its benchmark, a value of 1 implies its moving in sync with its benchmark. Tracking Error - Fund's Tracking Error versus its benchmark, a value of 0 implies the Fund's ups and downs are the same size as its benchmark. City of Dover, Delaware Police Pension Plan 11

Quarterly Investment Monitor Data as of 03/31/2014 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 Advantage Treas Plus MMkt I 0.00 0.00 0.01 0.01 0.01 1.50 PISXX NA 0.20 BofA ML 3-month T-bill total return Index 0.01 0.01 0.07 0.08 0.12 1.65 N/A NA NA Short-term Bond Vanguard Short-Term Bond Index Signal 0.40 0.40 0.36 1.85 2.70 3.21 VBSSX 2.00 0.10 Barclays US Govt/Credit 1-3 Yr TR USD 0.23 0.23 0.68 1.18 1.95 2.81 N/A NA NA Inflation-Protected Bond Vanguard Inflation-Protected Secs I 2.08 2.08 (6.70) 3.44 4.79 4.42 VIPIX 4.00 0.07 Barclays US Treasury US TIPS TR USD 1.95 1.95 (6.49) 3.50 4.90 4.52 N/A NA NA Intermediate-term Bond Vanguard Interm-Term Bond Index Signal 2.51 2.51 (1.36) 5.37 6.70 5.22 VIBSX 3.00 0.10 Barclays US Govt 5-10 Yr TR USD 1.80 1.80 (3.00) 4.41 3.75 4.86 N/A NA NA Long-term Bond Vanguard Long-Term Bond Index I 6.96 6.96 (1.12) 9.04 9.15 6.54 VBLLX 3.00 0.07 Long-term Bond PIMCO Long Duration Total Return Instl 6.58 6.58 (1.46) 8.33 9.81 NA PLRIX 4.00 0.50 BC Long Government/Credit 6.55 6.55 (0.88) 8.99 9.14 6.50 N/A NA NA High Yield Bond Ivy High Income I 2.90 2.90 9.36 10.93 17.33 8.87 IVHIX 4.00 0.70 BC High Yield Corporate Bond 2.98 2.98 7.54 9.00 18.25 8.68 N/A NA NA Large Value Vanguard Equity-Income Adm 2.34 2.34 19.74 16.26 21.79 8.78 VEIRX 5.00 0.21 S&P 500 Value 2.26 2.26 20.54 13.96 21.32 7.25 N/A NA NA Large Growth Vanguard Morgan™ Growth Admiral™ 0.93 0.93 24.90 13.05 21.02 7.82 VMRAX 3.00 0.25 Large Growth Vanguard PRIMECAP Inv 5.03 5.03 28.55 16.42 21.66 10.04 VPMCX 5.00 0.45 S&P 500 Growth 1.39 1.39 23.12 15.39 21.10 7.52 N/A NA NA Mid-Cap Value Vanguard Mid-Cap Value Index Admiral 3.87 3.87 25.06 15.40 26.16 NA VMVAX 4.00 0.10 CRSP US Mid Cap Value TR USD 3.91 3.91 24.85 16.26 26.97 10.01 N/A NA NA Small Value Target Small Capitalization Value T 1.30 1.30 22.49 12.95 23.35 10.45 TASVX 4.00 0.67 S&P 600 Value 2.13 2.13 28.00 16.16 25.75 9.60 N/A NA NA Foreign Large Growth Oppenheimer International Growth Y 1.02 1.02 19.50 11.54 19.97 9.75 OIGYX 5.00 0.90 MSCI EAFE Large Growth NR USD (0.51) (0.51) 13.96 7.19 15.49 6.57 N/A NA NA World Stock American Funds New Perspective R6 0.32 0.32 20.07 11.22 19.19 9.05 RNPGX 4.00 0.45 MSCI AC World Index ND USD 1.09 1.09 16.55 8.55 17.80 6.97 N/A NA NA Diversified Emerging Mkts Vanguard Emerging Mkts Stock Idx I (0.31) (0.31) (2.78) (3.46) 13.96 9.77 VEMIX 3.00 0.12 FTSE Emerging NR USD (0.13) (0.13) (2.36) (3.34) 14.47 10.38 N/A NA NA Real Estate Vanguard REIT Index I 9.96 9.96 4.24 10.59 28.74 8.43 VGSNX 4.00 0.08 MSCI US REIT NR USD 9.66 9.66 3.01 9.38 27.23 NA N/A NA NA Total Plan POLICE GROSS-RETURN 2.71 2.71 8.13 5.75 12.67 NA N/A NA NA Total Plan POLICE-NET RETURN 2.64 2.64 7.83 5.45 12.36 NA N/A NA NA Police Plan Policy Index 2.43 2.43 8.07 7.13 13.34 5.88 N/A NA NA City of Dover, Delaware Police Pension Plan 12

Quarterly Investment Monitor Data as of 03/31/2014 U.S. Fixed Income Style Map 36 Month moving average, Apr-09 - Mar-14 BC Government BC Credit Bond BC Municipal Bond BC High Yield Corporate Bond BC Mortgage Backed Securities Barcap US Fixed Income Vanguard Short-Term Bond Index Signal Vanguard Inflation-Protected Secs I Vanguard Interm-Term Bond Index Signal Vanguard Long-Term Bond Index I PIMCO Long Duration Total Return Instl Ivy High Income I City of Dover, Delaware Police Pension Plan 13

Quarterly Investment Monitor Data as of 03/31/2014 U.S. Equity Style Map 36 Month moving average, Apr-09 - Mar-14 LgValue LgGrowth Small - Large MidValue MidGrowth SmValue SmGrowth Value - Growth S&P/BARRA Style Indices Vanguard Equity-Income Adm Vanguard Morgan™ Growth Admiral™ Vanguard PRIMECAP Inv Vanguard Mid-Cap Value Index Admiral Target Small Capitalization Value T Vanguard REIT Index I City of Dover, Delaware Police Pension Plan 14

Quarterly Investment Monitor Data as of 03/31/2014 International Equity Style Map 36 Month moving average, Apr-09 - Mar-14 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 I City of Dover, Delaware Police Pension Plan 15

Quarterly Investment Monitor Data as of 03/31/2014 Core Fund Review City of Dover, Delaware Police Pension Plan 16

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Short-Term Bond Index Signal 2.59 Portfolio Information Investment Strategy Summary 11.50 % Cash Ticker VBSSX % US Stocks Morningstar Category Short-term Bond % Bonds The investment seeks to track the performance of a market-weighted bond index with a Avg Mkt Cap $MM NA % Non-US Stocks short-term dollar-weighted average maturity. The fund employs an indexing investment Cat Med Mkt Cap $MM NA approach designed to track the performance of the Barclays U.S. 1-5 Year % Pref Net Assets $MM 35614.82 Government/Credit Float Adjusted Index. This Index includes all medium and larger issues % Conv Turnover Ratio 50.00 of U.S. government, investment-grade corporate, and investment-grade international % Other % Assets in Top 10 Holdings 14.85 dollar-denominated bonds that have maturities between 1 and 5 years and are publicly % Non-US Bonds Total Number of Holdings 1871.00 issued. All of the fund's investments will be selected through the sampling process, and at Manager Name Joshua C. Barrickman least 80% of the fund's assets will be invested in bonds held in the index. 85.86 Manager Tenure 1.10 _______________________________________________________________________ Fund Incept Date 03/01/1994 __ Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 2.59 8 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 85.86 7 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.05 Portfolio Ratings 6 % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 11.50 % Rank Cat 3 Yr 49 5 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 72 4 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 33 3 % Asia - Emerging NA 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 225 % Basic Materials NA Avg Eff Duration 2.65 1 % Communication Services NA Effective Maturity 2.70 % Consumer Cyclical NA Avg Credit Quality AA 200 0 % Consumer Defensive NA AAA 74.37 % Healthcare NA AA 4.61 175 -1 % Industrials NA A 11.93 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 9.09 % Technology NA BB 0.00 150 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 125 Vanguard Short-Term Bond Index Signal Barclays US Govt/Credit 1-3 Yr TR USD % Utilities NA NR/NA 0.00 1 Turnover 100 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years US Treasury Note 0.25% 2.33% 75 Vanguard Short-Term Bond Index Signal 0.40 0.40 0.36 1.85 2.70 US Treasury Note 1.5% 2.01% Barclays US Govt/Credit 1-3 Yr TR USD 0.23 0.23 0.68 1.18 1.95 US Treasury Note 0.625% 1.52% 50 Universe(5%) 1.63 1.63 2.23 3.70 7.03 US Treasury Note 2.125% 1.47% Universe(25%) 0.74 0.74 1.17 2.54 4.77 US Treasury Note 1.25% 1.44% 25 Universe(Median) 0.48 0.48 0.57 1.91 3.70 US Treasury Note 0.625% 1.25% Universe(75%) 0.33 0.33 0.22 1.40 2.78 US Treasury Note 1.5% 1.24% Universe(95%) 0.17 0.17 -0.70 0.65 1.17 US Treasury Note 2.375% 1.23% 0 0 US Treasury Note 0.625% 1.21% Prospectus Exp Ratio Turnover Ratio US Treasury Note 0.625% 1.16% City of Dover, Delaware Police Pension Plan 17

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Short-Term Bond Index Signal Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 20 0 15 25 Total Return Rank, % 10 50 5 Total Return, % 75 0 -5 100 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -10 Up/Down Market Capture Ratio -15 Apr-11 - Mar-14 450 -20 400 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 350 Up Mkt Capture Ratio, % Vanguard Short-Term Bond Index Signal Barclays US Govt/Credit 1-3 Yr TR USD 300 250 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 200 Vanguard Short-Term Bond Index Signal 1.70 1.31 4.09 7.28 5.51 4.38 4.03 3.08 2.05 0.17 150 Barclays US Govt/Credit 1-3 Yr TR USD 1.30 1.77 4.25 6.83 4.97 3.82 2.80 1.59 1.26 0.64 100 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 0 2 3 3 3 -50 -100 0 100 200 300 400 500 600 700 Down Mkt Capture Ratio, % 1 Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Signal Total Annualized StdDev, % Excess Annualized StdDev, % 2 2 2 Barclays US Govt/Credit 1-3 Yr TR USD Alpha, % Sharpe Ratio 0 Return vs. Risk 1 1 1 Apr-11 - Mar-14 -1 6 5 Total Annualized Return, % 4 -2 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 3 Vanguard Short-Term Bond Index Signal Barclays US Govt/Credit 1-3 Yr TR USD 2 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 1 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 0 Vanguard Short-Term Bond Index Signal -0.52 2.08 90.35 1.46 1.21 0.71 -1 Barclays US Govt/Credit 1-3 Yr TR USD 0.00 1.00 100.00 1.98 0.55 0.00 Universe(5%) 1.55 3.34 84.69 2.34 2.58 2.41 -2 0 1 2 3 4 5 Universe(25%) 0.36 2.14 70.67 1.75 1.82 1.47 Total Annualized StdDev, % Universe(Median) -0.07 1.60 61.27 1.39 1.23 0.89 Universe(75%) -0.43 1.29 42.07 1.19 0.95 0.64 Morningstar Short Term Bond Universe Vanguard Short-Term Bond Index Signal Universe(95%) -1.30 0.77 17.98 0.64 0.66 0.33 Cash Barclays US Govt/Credit 1-3 Yr TR USD City of Dover, Delaware Police Pension Plan 18

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Inflation-Protected Secs I Portfolio Information Investment Strategy Summary % Cash Ticker VIPIX % US Stocks Morningstar Category Inflation-Protected Bond % Bonds The investment seeks to provide inflation protection and income consistent with Avg Mkt Cap $MM NA % Non-US Stocks investment in inflation-indexed securities. The fund invests at least 80% of its assets in Cat Med Mkt Cap $MM 7952.97 inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, % Pref Net Assets $MM 26145.20 and corporations. It may invest in bonds of any maturity; however, its dollar-weighted % Conv Turnover Ratio 44.00 average maturity is expected to be in the range of 7 to 20 years. At a minimum, all bonds % Other % Assets in Top 10 Holdings 48.44 purchased by the fund will be rated investment-grade or, if unrated, will be considered by % Non-US Bonds Total Number of Holdings 40.00 the advisor to be investment-grade. Manager Name Gemma Wright-Casparius _______________________________________________________________________ Manager Tenure 2.62 99.10 __ Fund Incept Date 06/29/2000 Prospectus Exp Ratio 0.07 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 0.90 6 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 99.10 4 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.00 Portfolio Ratings % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % 2 % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating % Africa NA % Non-US Bonds 0.00 % Rank Cat 3 Yr 10 % Middle East NA 5 Year Mstar Rating 0 % Japan NA % Rank Cat 5 Yr 22 % Australasia NA 10 Year Mstar Rating -2 % Asia - Developed NA % Rank Cat 10 Yr 17 % Asia - Emerging NA -4 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 1.0 400 -6 % Basic Materials NA Avg Eff Duration 7.58 % Communication Services NA Effective Maturity 8.20 % Consumer Cyclical NA Avg Credit Quality Government 0.9 -8 350 % Consumer Defensive NA AAA 100.00 % Healthcare NA AA 0.00 0.8 -10 % Industrials NA A 0.00 300 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 0.00 0.7 % Technology NA BB 0.00 250 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio 0.6 Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 Vanguard Inflation-Protected Secs I Barclays US Treasury US TIPS TR USD % Utilities NA NR/NA 0.00 0.5 200 Turnover 0.4 Performance 3 Year to 1 3 5 Top Ten Holdings 150 Months Date Year Years Years US Treasury Note 7.59% 0.3 Vanguard Inflation-Protected Secs I 2.08 2.08 -6.70 3.44 4.79 US Treasury Note 5.42% 100 Barclays US Treasury US TIPS TR USD 1.95 1.95 -6.49 3.50 4.90 US Treasury Note 4.90% 0.2 Universe(5%) 2.53 2.53 -2.18 3.56 5.84 US Treasury Note 4.62% Universe(25%) 1.96 1.96 -5.59 3.26 5.11 US Treasury Note 4.62% 50 Universe(Median) 1.80 1.80 -6.60 2.97 4.48 US Treasury Note 4.57% 0.1 Universe(75%) 1.32 1.32 -7.15 2.37 4.17 US Treasury Note 0.125% 4.49% Universe(95%) 0.16 0.16 -8.10 0.98 3.18 US Treasury Note 4.29% 0.0 0 US Treasury Note 1.125% 4.20% Prospectus Exp Ratio Turnover Ratio US Treasury Note 1.25% 3.75% City of Dover, Delaware Police Pension Plan 19

Quarterly Investment Monitor Data as of 03/31/2014 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-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -5 Up/Down Market Capture Ratio -10 Apr-11 - Mar-14 200 -15 180 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 160 Up Mkt Capture Ratio, % Vanguard Inflation-Protected Secs I Barclays US Treasury US TIPS TR USD 140 120 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 100 Vanguard Inflation-Protected Secs I 8.25 2.78 0.46 11.82 -2.81 11.03 6.33 13.39 6.87 -8.83 80 Barclays US Treasury US TIPS TR USD 8.46 2.84 0.41 11.64 -2.35 11.41 6.31 13.56 6.98 -8.61 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 1 0.7 7 5 0 0 20 40 60 80 100 120 140 160 180 200 0.6 6 Down Mkt Capture Ratio, % 4 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Excess Annualized StdDev, % 0.5 5 Total Annualized StdDev, % Barclays US Treasury US TIPS TR USD 3 Sharpe Ratio 0.4 4 Alpha, % 0 0.3 3 2 Return vs. Risk 0.2 2 Apr-11 - Mar-14 7 1 0.1 1 6 Total Annualized Return, % -1 0.0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 4 Vanguard Inflation-Protected Secs I Barclays US Treasury US TIPS TR USD 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 Vanguard Inflation-Protected Secs I -0.15 1.03 99.20 0.61 5.69 0.53 1 Barclays US Treasury US TIPS TR USD 0.00 1.00 100.00 0.64 5.52 0.00 Universe(5%) 0.44 1.07 99.69 0.67 6.04 4.57 0 0 1 2 3 4 5 6 7 8 9 10 11 Universe(25%) -0.09 1.01 99.30 0.62 5.60 1.78 Total Annualized StdDev, % Universe(Median) -0.36 0.96 98.35 0.55 5.31 0.75 Universe(75%) -0.51 0.91 92.92 0.51 5.07 0.52 Morningstar Inflation Proteced Bond Universe Vanguard Inflation-Protected Secs I Universe(95%) -0.88 0.33 57.13 0.29 2.54 0.33 Cash Barclays US Treasury US TIPS TR USD City of Dover, Delaware Police Pension Plan 20

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Interm-Term Bond Index Signal Portfolio Information Investment Strategy Summary % Cash 14.41 Ticker VIBSX % US Stocks Morningstar Category Intermediate-term Bond % Bonds The investment seeks the performance of a market-weighted bond index with an Avg Mkt Cap $MM NA % Non-US Stocks intermediate-term dollar-weighted average maturity. The fund employs an indexing Cat Med Mkt Cap $MM 33790.01 investment approach designed to track the performance of the Barclays U.S. 5-10 Year % Pref Net Assets $MM 14294.67 Government/Credit Float Adjusted Index. This Index includes all medium and larger issues % Conv Turnover Ratio 70.00 of U.S. government, investment-grade corporate, and investment-grade international % Other % Assets in Top 10 Holdings 25.48 dollar-denominated bonds that have maturities between 5 and 10 years and are publicly % Non-US Bonds Total Number of Holdings 1513.00 issued. All of the fund's investments will be selected through the sampling process, and at Manager Name Joshua C. Barrickman least 80% of the fund's assets will be invested in bonds held in the index. 85.41 Manager Tenure 5.93 _______________________________________________________________________ Fund Incept Date 03/01/1994 __ Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 0.14 7 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 85.41 6 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.00 Portfolio Ratings 5 % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % 3 Year Mstar Rating 4 % Europe - Emerging NA % Other 0.04 % Africa NA % Non-US Bonds 14.41 % Rank Cat 3 Yr 11 3 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 47 2 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 16 1 % Asia - Emerging NA 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group -1 0.7 350 % Basic Materials NA Avg Eff Duration 6.48 % Communication Services NA Effective Maturity 7.20 -2 % Consumer Cyclical NA Avg Credit Quality A % Consumer Defensive NA AAA 52.24 0.6 300 -3 % Healthcare NA AA 4.82 -4 % Industrials NA A 18.58 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 24.36 0.5 250 % Technology NA BB 0.00 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 0.4 200 Vanguard Interm-Term Bond Index Signal Barclays US Govt 5-10 Yr TR USD % Utilities NA NR/NA 0.00 0.3 Turnover 150 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years US Treasury Note 2.5% 4.25% Vanguard Interm-Term Bond Index Signal 2.51 2.51 -1.36 5.37 6.70 US Treasury Note 2% 3.11% 0.2 100 Barclays US Govt 5-10 Yr TR USD 1.80 1.80 -3.00 4.41 3.75 US Treasury Note 3.5% 2.79% Universe(5%) 2.12 2.12 -0.29 4.02 5.29 US Treasury Note 1.5% 2.77% Universe(25%) 1.85 1.85 -0.33 3.57 4.56 US Treasury Note 3.625% 2.63% 0.1 50 Universe(Median) 1.83 1.83 -0.40 3.50 4.38 US Treasury Note 2.75% 2.28% Universe(75%) 1.82 1.82 -0.52 3.33 4.33 US Treasury Note 1.75% 2.09% Universe(95%) 1.76 1.76 -0.94 3.22 4.21 US Treasury Note 3.625% 1.89% 0.0 0 US Treasury Note 3.375% 1.86% Prospectus Exp Ratio Turnover Ratio US Treasury Note 3.625% 1.83% City of Dover, Delaware Police Pension Plan 21

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Interm-Term Bond Index Signal Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 16 0 14 25 Total Return Rank, % 12 10 50 8 Total Return, % 6 75 4 2 100 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 0 -2 Up/Down Market Capture Ratio -4 Apr-11 - Mar-14 100 -6 90 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 80 Up Mkt Capture Ratio, % Vanguard Interm-Term Bond Index Signal Barclays US Govt 5-10 Yr TR USD 70 60 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 50 Vanguard Interm-Term Bond Index Signal 5.22 1.75 3.91 7.66 5.01 6.89 9.48 10.73 7.02 -3.45 40 Barclays US Govt 5-10 Yr TR USD 4.50 2.25 3.33 9.84 15.38 -3.55 8.62 12.98 3.72 -4.61 30 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 10 2 2 5 3 0 0 10 20 30 40 50 60 70 80 90 100 Down Mkt Capture Ratio, % 4 Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Signal Total Annualized StdDev, % Excess Annualized StdDev, % 2 Barclays US Govt 5-10 Yr TR USD 3 Alpha, % Sharpe Ratio 1 1 2 Return vs. Risk 1 Apr-11 - Mar-14 6 1 5 Total Annualized Return, % 0 0 0 0 4 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Interm-Term Bond Index Signal Barclays US Govt 5-10 Yr TR USD 3 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 2 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Vanguard Interm-Term Bond Index Signal 1.56 0.85 83.38 1.17 4.50 1.98 1 Barclays US Govt 5-10 Yr TR USD 0.00 1.00 100.00 0.90 4.86 0.00 Universe(5%) 1.17 0.63 88.73 1.21 3.34 2.48 0 0 1 2 3 4 5 Universe(25%) 1.06 0.56 86.60 1.19 2.91 2.46 Total Annualized StdDev, % Universe(Median) 1.02 0.55 85.86 1.18 2.86 2.44 Universe(75%) 0.87 0.55 85.33 1.14 2.84 2.42 Morningstar IntermTerm Bond Index Universe Vanguard Interm-Term Bond Index Signal Universe(95%) 0.72 0.54 83.28 1.10 2.82 2.25 Cash Barclays US Govt 5-10 Yr TR USD City of Dover, Delaware Police Pension Plan 22

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Long-Term Bond Index I Portfolio Information Investment Strategy Summary % Cash 14.39 Ticker VBLLX % US Stocks Morningstar Category Long-term Bond % Bonds The investment seeks to track the performance of a market-weighted bond index with a Avg Mkt Cap $MM NA % Non-US Stocks long-term dollar-weighted average maturity. The fund employs an indexing investment Cat Med Mkt Cap $MM NA approach designed to track the performance of the Barclays U.S. Long Government/Credit % Pref Net Assets $MM 6266.26 Float Adjusted Index. This Index includes all medium and larger issues of U.S. % Conv Turnover Ratio 50.00 government, investment-grade corporate, and investment-grade international % Other % Assets in Top 10 Holdings 16.76 dollar-denominated bonds that have maturities of greater than 10 years and are publicly % Non-US Bonds Total Number of Holdings 1676.00 issued. All of the fund's investments will be selected through the sampling process, and at Manager Name Joshua C. Barrickman least 80% of the fund's assets will be invested in bonds held in the index. 85.32 Manager Tenure 1.10 _______________________________________________________________________ Fund Incept Date 03/01/1994 __ Prospectus Exp Ratio 0.07 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 0.26 14 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 85.32 12 % United Kingdom NA % Non-US Stocks 0.00 % Eurozone NA % Pref 0.03 Portfolio Ratings 10 % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating 8 % Africa NA % Non-US Bonds 14.39 % Rank Cat 3 Yr 20 % Middle East NA 5 Year Mstar Rating 6 % Japan NA % Rank Cat 5 Yr 58 % Australasia NA 10 Year Mstar Rating NA 4 % Asia - Developed NA % Rank Cat 10 Yr 1 % Asia - Emerging NA 2 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 160 % Basic Materials NA Avg Eff Duration 13.87 -2 % Communication Services NA Effective Maturity 23.90 % Consumer Cyclical NA Avg Credit Quality A 140 -4 % Consumer Defensive NA AAA 36.73 % Healthcare NA AA 7.12 -6 % Industrials NA A 25.52 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 30.63 % Technology NA BB 0.00 100 5th to 25th Percentile 25th to Median % Energy NA B 0.00 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 0.00 Vanguard Long-Term Bond Index I BC Long Government/Credit % Utilities NA NR/NA 0.00 1 80 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 60 Months Date Year Years Years US Treasury Bond 3.625% 2.49% Vanguard Long-Term Bond Index I 6.96 6.96 -1.12 9.04 9.15 US Treasury Bond 2.75% 2.03% 40 BC Long Government/Credit 6.55 6.55 -0.88 8.99 9.14 US Treasury Bond 3.125% 1.98% Universe(5%) 6.74 6.74 1.58 9.19 12.46 US Treasury Bond 2.75% 1.86% Universe(25%) 5.80 5.80 -0.53 8.79 9.80 US Treasury Bond 4.25% 1.72% 20 Universe(Median) 4.28 4.28 -1.06 8.16 9.59 US Treasury Bond 3.75% 1.63% Universe(75%) 3.34 3.34 -1.48 5.77 6.65 US Treasury Bond 4.75% 1.54% Universe(95%) 1.38 1.38 -4.37 3.52 3.43 US Treasury Bond 4.375% 1.26% 0 0 US Treasury Bond 3% 1.14% Prospectus Exp Ratio Turnover Ratio US Treasury Bond 3.125% 1.10% City of Dover, Delaware Police Pension Plan 23

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Long-Term Bond Index I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 25 0 20 25 Total Return Rank, % 15 10 50 5 Total Return, % 0 75 -5 -10 100 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -15 -20 Up/Down Market Capture Ratio -25 Apr-11 - Mar-14 120 -30 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % Vanguard Long-Term Bond Index I BC Long Government/Credit 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 Vanguard Long-Term Bond Index I 8.40 5.32 2.75 6.71 8.77 1.91 10.43 22.23 8.63 -9.01 BC Long Government/Credit 8.56 5.33 2.71 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 2 10 9 0 -20 0 20 40 60 80 100 120 9 8 Down Mkt Capture Ratio, % 4 8 7 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index I Total Annualized StdDev, % Excess Annualized StdDev, % 7 3 6 BC Long Government/Credit 6 Sharpe Ratio 5 Alpha, % 2 1 5 4 4 Return vs. Risk 1 3 3 Apr-11 - Mar-14 2 10 2 0 9 1 1 Total Annualized Return, % 8 -1 0 0 0 7 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 Vanguard Long-Term Bond Index I BC Long Government/Credit 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 Long-Term Bond Index I -0.13 1.02 99.12 0.95 9.49 0.91 2 BC Long Government/Credit 0.00 1.00 100.00 0.97 9.25 0.00 1 Universe(5%) 4.10 0.98 98.37 1.55 9.18 8.04 0 0 1 2 3 4 5 6 7 8 9 10 Universe(25%) 3.01 0.91 94.66 1.34 8.69 5.55 Total Annualized StdDev, % Universe(Median) 0.69 0.60 81.95 1.03 6.40 4.74 Universe(75%) 0.17 0.44 75.46 0.95 4.64 2.16 Morningstar Long Term Bond Universe Vanguard Long-Term Bond Index I Universe(95%) -0.38 0.19 37.17 0.79 3.42 1.18 Cash BC Long Government/Credit City of Dover, Delaware Police Pension Plan 24

Quarterly Investment Monitor Data as of 03/31/2014 PIMCO Long Duration Total Return Instl 4.86 Portfolio Information Investment Strategy Summary % Cash Ticker PLRIX % US Stocks Morningstar Category Long-term Bond % Bonds The investment seeks maximum total return, consistent with prudent investment 33.84 Avg Mkt Cap $MM 75163.28 % Non-US Stocks management. The fund invests at least 65% of its total assets in a diversified portfolio of Cat Med Mkt Cap $MM 75163.28 Fixed Income Instruments of varying maturities, which may be represented by forwards or % Pref Net Assets $MM 4705.93 derivatives such as options, futures contracts or swap agreements. It invests primarily in % Conv Turnover Ratio 81.00 investment grade debt securities, but may invest up to 10% of its total assets in high yield % Other % Assets in Top 10 Holdings 50.10 securities ("junk bonds") that are rated B or higher by Moody's, or equivalently rated by % Non-US Bonds 60.52 Total Number of Holdings 749.00 S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. Manager Name Stephen A. Rodosky _______________________________________________________________________ Manager Tenure 6.67 __ Fund Incept Date 08/31/2006 Prospectus Exp Ratio 0.50 Portfolio Region Portfolio Structure Phone Number 888-877-4626 Performance vs. Peer Group % United States 100.00 % Cash 4.86 14 % Canada 0.00 % US Stocks 0.00 % Latin America 0.00 % Bonds 60.52 12 % United Kingdom 0.00 % Non-US Stocks 0.00 % Eurozone 0.00 % Pref 0.34 Portfolio Ratings 10 % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.44 3 Year Mstar Rating 8 % Africa 0.00 % Non-US Bonds 33.84 % Rank Cat 3 Yr 44 % Middle East 0.00 5 Year Mstar Rating 6 % Japan 0.00 % Rank Cat 5 Yr 21 % Australasia 0.00 10 Year Mstar Rating NA 4 % Asia - Developed 0.00 % Rank Cat 10 Yr NA % Asia - Emerging 0.00 2 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 160 % Basic Materials 0.00 Avg Eff Duration 13.03 -2 % Communication Services 0.00 Effective Maturity 20.19 % Consumer Cyclical 0.00 Avg Credit Quality NA 140 -4 % Consumer Defensive 0.00 AAA NA % Healthcare 0.00 AA NA -6 % Industrials 0.00 A NA 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 0.00 BB NA 100 5th to 25th Percentile 25th to Median % Energy 0.00 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 100.00 Below B NA PIMCO Long Duration Total Return Instl BC Long Government/Credit % Utilities 0.00 NR/NA NA 1 80 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 60 Months Date Year Years Years Fin Fut Euro$ Cme 06/15/15 30.99% PIMCO Long Duration Total Return Instl 6.58 6.58 -1.46 8.33 9.81 US Treasury Bond 2.75% 3.57% 40 BC Long Government/Credit 6.55 6.55 -0.88 8.99 9.14 US Treasury Bond 3.125% 2.61% Universe(5%) 6.74 6.74 1.58 9.19 12.46 US Treasury Bond 4.25% 2.24% Universe(25%) 5.80 5.80 -0.53 8.79 9.80 U S Treas Bd Stripped Prin Pmt 1.94% 20 Universe(Median) 4.28 4.28 -1.06 8.16 9.59 Resolution Fdg Fed Bk Prin Stp 1.87% Universe(75%) 3.34 3.34 -1.48 5.77 6.65 FNMA 1.84% Universe(95%) 1.38 1.38 -4.37 3.52 3.43 AID 5.5% 1.80% 0 0 Resolution Fdg Fed Bk Prin Stp 1.67% Prospectus Exp Ratio Turnover Ratio US Treasury Bond 4.375% 1.57% City of Dover, Delaware Police Pension Plan 25

Quarterly Investment Monitor Data as of 03/31/2014 PIMCO Long Duration Total Return Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 25 0 20 25 Total Return Rank, % 15 10 50 5 Total Return, % 0 75 -5 -10 100 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -15 -20 Up/Down Market Capture Ratio -25 Apr-11 - Mar-14 120 -30 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % PIMCO Long Duration Total Return Instl BC Long Government/Credit 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 PIMCO Long Duration Total Return Instl NA NA NA 7.83 12.38 5.62 11.64 18.57 10.28 -8.56 BC Long Government/Credit 8.56 5.33 2.71 6.60 8.44 1.92 10.16 22.49 8.78 -8.83 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 2 10 9 0 -20 0 20 40 60 80 100 120 9 8 Down Mkt Capture Ratio, % 4 8 7 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Total Annualized StdDev, % Excess Annualized StdDev, % 7 3 6 BC Long Government/Credit 6 Sharpe Ratio 5 Alpha, % 2 1 5 4 4 Return vs. Risk 1 3 3 Apr-11 - Mar-14 2 10 2 0 9 1 1 Total Annualized Return, % 8 -1 0 0 0 7 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 6 PIMCO Long Duration Total Return Instl BC Long Government/Credit 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 PIMCO Long Duration Total Return Instl 0.13 0.91 94.26 0.96 8.68 2.23 2 BC Long Government/Credit 0.00 1.00 100.00 0.97 9.25 0.00 1 Universe(5%) 4.10 0.98 98.37 1.55 9.18 8.04 0 0 1 2 3 4 5 6 7 8 9 10 Universe(25%) 3.01 0.91 94.66 1.34 8.69 5.55 Total Annualized StdDev, % Universe(Median) 0.69 0.60 81.95 1.03 6.40 4.74 Universe(75%) 0.17 0.44 75.46 0.95 4.64 2.16 Morningstar Long Term Bond Universe PIMCO Long Duration Total Return Instl Universe(95%) -0.38 0.19 37.17 0.79 3.42 1.18 Cash BC Long Government/Credit City of Dover, Delaware Police Pension Plan 26

Quarterly Investment Monitor Data as of 03/31/2014 Ivy High Income I 4.79 Portfolio Information Investment Strategy Summary % Cash Ticker IVHIX % US Stocks Morningstar Category High Yield Bond % Bonds The investment seeks to provide total return through a combination of high current income Avg Mkt Cap $MM NA 48.29 % Non-US Stocks and capital appreciation. The fund invests primarily in a diversified portfolio of high-yield, 37.02 Cat Med Mkt Cap $MM 15471.69 % Pref high-risk, fixed income securities, including secured and unsecured loan assignments, loan Net Assets $MM 11196.49 participations and other loan instruments (loans), of U.S. and foreign issuers, the risks of % Conv Turnover Ratio 68.00 which are, in the judgment of the adviser consistent with the fund's objective. It invests % Other % Assets in Top 10 Holdings 15.74 primarily in lower quality debt securities, which include debt securities rated BBB+ or % Non-US Bonds Total Number of Holdings 396.00 lower. Manager Name William M. Nelson _______________________________________________________________________ Manager Tenure 0.36 __ 9.81 Fund Incept Date 07/31/1997 Prospectus Exp Ratio 0.70 Portfolio Region Portfolio Structure Phone Number 800-777-6472 Performance vs. Peer Group % United States 100.00 % Cash 4.79 20 % Canada 0.00 % US Stocks 0.02 % Latin America 0.00 % Bonds 48.29 18 % United Kingdom 0.00 % Non-US Stocks 0.00 % Eurozone 0.00 % Pref 0.02 Portfolio Ratings 16 % Europe - ex Euro 0.00 % Conv 0.05 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 9.81 3 Year Mstar Rating 14 % Africa 0.00 % Non-US Bonds 37.02 % Rank Cat 3 Yr 1 % Middle East 0.00 5 Year Mstar Rating 12 % Japan 0.00 % Rank Cat 5 Yr 23 % Australasia 0.00 10 Year Mstar Rating 10 % Asia - Developed 0.00 % Rank Cat 10 Yr 3 % Asia - Emerging 0.00 8 6 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 160 % Basic Materials NA Avg Eff Duration 3.90 4 % Communication Services NA Effective Maturity 4.65 % Consumer Cyclical NA Avg Credit Quality B 140 2 % Consumer Defensive NA AAA 0.00 % Healthcare NA AA 0.02 0 % Industrials NA A 1.19 120 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 1.05 % Technology NA BB 20.74 100 5th to 25th Percentile 25th to Median % Energy NA B 44.88 Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B 31.07 Ivy High Income I BC High Yield Corporate Bond % Utilities NA NR/NA 1.05 1 80 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings 60 Months Date Year Years Years Magic 2 Lien (Misys Plc) 2.30% Ivy High Income I 2.90 2.90 9.36 10.93 17.33 Us Foods 8.5% 2.24% 40 BC High Yield Corporate Bond 2.98 2.98 7.54 9.00 18.25 Laureate Educ 144A 9.25% 2.05% Universe(5%) 3.50 3.50 9.54 9.84 19.60 Fmg (Fortesque) Tl New 1l 1.75% Universe(25%) 3.00 3.00 7.72 8.50 17.56 Formula 1 (Proj Green Ii) 1.61% 20 Universe(Median) 2.78 2.78 6.94 7.95 16.23 Formula1-Delta 2 Sarl B 1.31% Universe(75%) 2.58 2.58 6.07 7.31 14.66 Hd Sply 11.5% 1.27% Universe(95%) 1.48 1.48 4.59 5.59 12.25 Hilton Tl B2 1l 1.18% 0 0 Onex Usi Acquisition 144A 7.75% 1.07% Prospectus Exp Ratio Turnover Ratio Us Foods Senior Secured 0.97% City of Dover, Delaware Police Pension Plan 27

Quarterly Investment Monitor Data as of 03/31/2014 Ivy High Income I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 80 0 25 Total Return Rank, % 60 50 40 Total Return, % 75 20 100 0 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -20 Up/Down Market Capture Ratio Apr-11 - Mar-14 140 -40 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 120 Up Mkt Capture Ratio, % Ivy High Income I BC High Yield Corporate Bond 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 Ivy High Income I 7.58 0.59 9.69 4.05 -19.73 46.56 15.62 6.44 17.16 10.46 60 BC High Yield Corporate Bond 11.13 2.74 11.85 1.87 -26.16 58.21 15.12 4.98 15.81 7.44 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 3 9 5 0 -20 0 20 40 60 80 100 120 140 160 8 3 Down Mkt Capture Ratio, % 4 7 2 Morningstar High Yield Universe Ivy High Income I Total Annualized StdDev, % Excess Annualized StdDev, % 2 6 BC High Yield Corporate Bond 1 3 Sharpe Ratio 5 Alpha, % 0 4 2 Return vs. Risk -1 1 3 Apr-11 - Mar-14 -2 12 2 1 -3 1 10 Total Annualized Return, % -4 0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Ivy High Income I BC High Yield Corporate Bond 6 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 4 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Ivy High Income I 3.84 0.75 95.75 2.09 4.99 1.90 2 BC High Yield Corporate Bond 0.00 1.00 100.00 1.35 6.48 0.00 Universe(5%) 2.07 1.25 99.23 1.80 8.76 4.16 0 0 2 4 6 8 10 12 14 16 Universe(25%) 0.19 1.07 98.75 1.36 7.10 2.22 Total Annualized StdDev, % Universe(Median) -0.76 0.99 97.26 1.21 6.50 1.29 Universe(75%) -1.56 0.88 92.94 1.10 5.87 0.86 Morningstar High Yield Universe Ivy High Income I Universe(95%) -3.66 0.61 78.76 0.78 4.17 0.66 Cash BC High Yield Corporate Bond City of Dover, Delaware Police Pension Plan 28

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Equity-Income Adm 1.19 Portfolio Information Investment Strategy Summary % Cash 12.38 Ticker VEIRX % US Stocks Morningstar Category Large Value % Bonds The investment seeks to provide an above-average level of current income and reasonable Avg Mkt Cap $MM 78103.96 % Non-US Stocks long-term capital appreciation. The fund invests mainly in common stocks of mid-size and Cat Med Mkt Cap $MM 81783.39 large companies whose stocks typically pay above-average levels of dividend income and % Pref Net Assets $MM 16178.51 are, in the opinion of the purchasing advisor, undervalued relative to other stocks. In % Conv Turnover Ratio 34.00 addition, the advisors generally look for companies that they believe are committed to % Other % Assets in Top 10 Holdings 30.16 paying dividends consistently. Under normal circumstances, the fund will invest at least % Non-US Bonds Total Number of Holdings 173.00 80% of its assets in equity securities. The fund uses multiple investment advisors. Manager Name James P. Stetler 85.51 _______________________________________________________________________ Manager Tenure 10.25 __ Fund Incept Date 03/21/1988 Prospectus Exp Ratio 0.21 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 87.35 % Cash 1.19 30 % Canada 1.67 % US Stocks 85.51 % Latin America 0.00 % Bonds 0.00 % United Kingdom 4.79 % Non-US Stocks 12.38 25 % Eurozone 3.95 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 2.25 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.92 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 3 20 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 15 % Australasia 0.00 10 Year Mstar Rating 15 % Asia - Developed 0.00 % Rank Cat 10 Yr 7 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 180 % Basic Materials 3.19 Avg Eff Duration NA % Communication Services 4.43 Effective Maturity NA 5 % Consumer Cyclical 6.86 Avg Credit Quality NA 160 % Consumer Defensive 12.91 AAA NA % Healthcare 12.69 AA NA 140 0 % Industrials 14.95 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 11.08 BB NA 120 5th to 25th Percentile 25th to Median % Energy 12.19 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 15.57 Below B NA 100 Vanguard Equity-Income Adm S&P 500 Value % Utilities 6.13 NR/NA NA 1 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Johnson & Johnson 3.87% 60 Vanguard Equity-Income Adm 2.34 2.34 19.74 16.26 21.79 Exxon Mobil Corporation 3.72% S&P 500 Value 2.26 2.26 20.54 13.96 21.32 Chevron Corp 3.41% 40 Universe(5%) 3.75 3.75 27.54 16.18 24.90 Wells Fargo & Co 3.37% Universe(25%) 2.72 2.72 23.78 14.74 21.60 Microsoft Corporation 3.26% 20 Universe(Median) 2.20 2.20 21.55 13.62 20.30 General Electric Co 2.76% Universe(75%) 1.54 1.54 18.82 12.46 18.82 JPMorgan Chase & Co 2.68% Universe(95%) 0.50 0.50 14.37 9.85 16.67 Merck & Co Inc 2.60% 0 0 Verizon Communications Inc 2.37% Prospectus Exp Ratio Turnover Ratio Pfizer Inc 2.12% City of Dover, Delaware Police Pension Plan 29

Quarterly Investment Monitor Data as of 03/31/2014 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-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -30 Up/Down Market Capture Ratio -40 Apr-11 - Mar-14 200 -50 180 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 160 Up Mkt Capture Ratio, % Vanguard Equity-Income Adm S&P 500 Value 140 120 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 100 Vanguard Equity-Income Adm 13.69 4.52 20.77 4.99 -30.86 17.26 14.99 10.69 13.58 30.19 80 S&P 500 Value 15.03 8.71 20.80 1.99 -39.22 21.18 15.10 -0.48 17.68 31.99 60 40 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 20 5 2 18 7 0 0 20 40 60 80 100 120 140 160 180 4 16 6 Down Mkt Capture Ratio, % 3 14 Morningstar Large Value Universe Vanguard Equity-Income Adm Excess Annualized StdDev, % 5 Total Annualized StdDev, % 2 12 S&P 500 Value 1 Sharpe Ratio 10 4 Alpha, % 0 1 8 -1 3 Return vs. Risk 6 -2 2 Apr-11 - Mar-14 4 25 -3 1 -4 2 Total Annualized Return, % 20 -5 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Vanguard Equity-Income Adm S&P 500 Value MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Vanguard Equity-Income Adm 4.90 0.77 92.15 1.45 10.81 4.32 5 S&P 500 Value 0.00 1.00 100.00 1.03 13.46 0.00 Universe(5%) 4.25 1.17 98.74 1.40 16.12 6.45 0 0 5 10 15 20 25 Universe(25%) 1.47 1.05 97.58 1.12 14.46 4.09 Total Annualized StdDev, % Universe(Median) 0.10 0.98 96.20 1.03 13.40 3.01 Universe(75%) -1.40 0.89 93.26 0.92 12.23 2.19 Morningstar Large Value Universe Vanguard Equity-Income Adm Universe(95%) -4.23 0.70 85.58 0.72 9.89 1.65 Cash S&P 500 Value City of Dover, Delaware Police Pension Plan 30

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Morgan™ Growth Admiral™ 1.59 6.02 Portfolio Information Investment Strategy Summary % Cash Ticker VMRAX % US Stocks Morningstar Category Large Growth % Bonds The investment seeks long-term growth of capital. The fund invests mainly in the stocks of Avg Mkt Cap $MM 37786.62 % Non-US Stocks mid- and large-capitalization U.S. companies whose revenues and/or earnings are Cat Med Mkt Cap $MM 67751.43 expected to grow faster than those of the average company in the market. It uses multiple % Pref Net Assets $MM 10726.16 investment advisors. % Conv Turnover Ratio 53.00 % Other % Assets in Top 10 Holdings 17.67 _______________________________________________________________________ % Non-US Bonds Total Number of Holdings 330.00 __ Manager Name James P. Stetler 92.31 Manager Tenure 10.25 Fund Incept Date 12/31/1968 Prospectus Exp Ratio 0.25 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 93.88 % Cash 1.59 35 % Canada 0.83 % US Stocks 92.31 % Latin America 0.00 % Bonds 0.00 30 % United Kingdom 1.06 % Non-US Stocks 6.02 % Eurozone 2.42 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.99 % Conv 0.00 Mstar Rating Total Annualized Return, % 25 % Europe - Emerging 0.00 % Other 0.08 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 50 % Middle East 0.65 5 Year Mstar Rating 20 % Japan 0.00 % Rank Cat 5 Yr 32 % Australasia 0.05 10 Year Mstar Rating 15 % Asia - Developed 0.13 % Rank Cat 10 Yr 37 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 300 5 % Basic Materials 2.40 Avg Eff Duration NA % Communication Services 1.78 Effective Maturity NA % Consumer Cyclical 20.38 Avg Credit Quality NA 0 % Consumer Defensive 4.74 AAA NA 250 % Healthcare 17.00 AA NA -5 % Industrials 15.79 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.36 BBB NA % Technology 25.92 BB NA 2 200 5th to 25th Percentile 25th to Median % Energy 4.17 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 7.45 Below B NA Vanguard Morgan™ Growth Admiral™ S&P 500 Growth % Utilities 0.00 NR/NA NA 150 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Google, Inc. Class A 3.10% 1 100 Vanguard Morgan™ Growth Admiral™ 0.93 0.93 24.90 13.05 21.02 Apple Inc 2.99% S&P 500 Growth 1.39 1.39 23.12 15.39 21.10 Microsoft Corporation 2.18% Universe(5%) 3.40 3.40 31.26 16.72 25.02 Gilead Sciences Inc 1.41% 50 Universe(25%) 1.58 1.58 26.54 14.64 21.80 Biogen Idec Inc 1.40% Universe(Median) 0.48 0.48 23.54 13.17 20.23 Oracle Corporation 1.40% Universe(75%) -0.41 -0.41 21.32 11.76 18.63 Celgene Corporation 1.33% Universe(95%) -1.88 -1.88 17.40 8.85 16.18 Facebook Inc Class A 1.32% 0 0 MasterCard Incorporated Class A 1.28% Prospectus Exp Ratio Turnover Ratio Amazon.com Inc 1.27% City of Dover, Delaware Police Pension Plan 31

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Morgan™ Growth Admiral™ Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio Apr-11 - Mar-14 250 -60 225 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 200 Up Mkt Capture Ratio, % Vanguard Morgan™ Growth Admiral™ S&P 500 Growth 175 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard Morgan™ Growth Admiral™ 10.61 9.31 11.32 11.36 -41.33 36.31 18.90 -2.42 15.25 34.92 100 S&P 500 Growth 6.97 1.14 11.01 9.13 -34.92 31.57 15.05 4.65 14.61 32.75 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 1 2 18 9 0 0 25 50 75 100 125 150 175 200 225 250 0 16 8 Down Mkt Capture Ratio, % -1 14 7 Morningstar Large Growth Universe Vanguard Morgan™ Growth Admiral™ Excess Annualized StdDev, % -2 Total Annualized StdDev, % 12 6 S&P 500 Growth -3 Sharpe Ratio 10 5 Alpha, % -4 1 -5 8 4 Return vs. Risk -6 6 3 Apr-11 - Mar-14 -7 4 2 35 -8 2 1 30 Total Annualized Return, % -9 -10 0 0 0 25 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 20 Vanguard Morgan™ Growth Admiral™ S&P 500 Growth 15 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 10 Vanguard Morgan™ Growth Admiral™ -4.67 1.20 93.74 0.90 14.73 4.37 5 S&P 500 Growth 0.00 1.00 100.00 1.26 11.91 0.00 Universe(5%) 0.30 1.36 96.77 1.22 17.22 8.38 0 0 5 10 15 20 25 30 Universe(25%) -2.26 1.22 94.13 1.04 15.28 5.54 Total Annualized StdDev, % Universe(Median) -3.85 1.16 91.82 0.94 14.44 4.67 Universe(75%) -5.67 1.09 88.35 0.82 13.53 3.68 Morningstar Large Growth Universe Vanguard Morgan™ Growth Admiral™ Universe(95%) -9.01 0.96 81.59 0.61 11.94 2.56 Cash S&P 500 Growth City of Dover, Delaware Police Pension Plan 32

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard PRIMECAP Inv 4.01 Portfolio Information Investment Strategy Summary 11.80 % Cash Ticker VPMCX % US Stocks Morningstar Category Large Growth % Bonds The investment seeks long-term capital appreciation. The fund invests in stocks Avg Mkt Cap $MM 60580.94 % Non-US Stocks considered to have above-average earnings growth potential that is not reflected in their Cat Med Mkt Cap $MM 67751.43 current market prices. Its portfolio consists predominantly of large- and mid-capitalization % Pref Net Assets $MM 41435.66 stocks. % Conv Turnover Ratio 5.00 % Other % Assets in Top 10 Holdings 42.81 _______________________________________________________________________ % Non-US Bonds Total Number of Holdings 130.00 __ Manager Name Joel P. Fried 84.19 Manager Tenure 25.27 Fund Incept Date 11/01/1984 Prospectus Exp Ratio 0.45 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 87.71 % Cash 4.01 35 % Canada 1.05 % US Stocks 84.19 % Latin America 0.04 % Bonds 0.00 30 % United Kingdom 0.74 % Non-US Stocks 11.80 % Eurozone 1.15 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 8.86 % Conv 0.00 Mstar Rating Total Annualized Return, % 25 % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 6 % Middle East 0.00 5 Year Mstar Rating 20 % Japan 0.46 % Rank Cat 5 Yr 23 % Australasia 0.00 10 Year Mstar Rating 15 % Asia - Developed 0.00 % Rank Cat 10 Yr 5 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 300 5 % Basic Materials 2.77 Avg Eff Duration NA % Communication Services 1.56 Effective Maturity NA % Consumer Cyclical 5.82 Avg Credit Quality NA 0 % Consumer Defensive 0.67 AAA NA 250 % Healthcare 32.20 AA NA -5 % Industrials 15.04 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 30.49 BB NA 2 200 5th to 25th Percentile 25th to Median % Energy 4.59 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 6.84 Below B NA Vanguard PRIMECAP Inv S&P 500 Growth % Utilities 0.00 NR/NA NA 150 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Biogen Idec Inc 7.27% 1 100 Vanguard PRIMECAP Inv 5.03 5.03 28.55 16.42 21.66 Amgen Inc 5.12% S&P 500 Growth 1.39 1.39 23.12 15.39 21.10 Google, Inc. Class A 4.70% Universe(5%) 3.40 3.40 31.26 16.72 25.02 FedEx Corporation 4.33% 50 Universe(25%) 1.58 1.58 26.54 14.64 21.80 Roche Holding AG 4.13% Universe(Median) 0.48 0.48 23.54 13.17 20.23 Texas Instruments, Inc. 3.75% Universe(75%) -0.41 -0.41 21.32 11.76 18.63 Microsoft Corporation 3.63% Universe(95%) -1.88 -1.88 17.40 8.85 16.18 Adobe Systems Inc 3.51% 0 0 Eli Lilly and Company 3.42% Prospectus Exp Ratio Turnover Ratio Novartis AG ADR 2.94% City of Dover, Delaware Police Pension Plan 33

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard PRIMECAP Inv Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio Apr-11 - Mar-14 250 -60 225 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 200 Up Mkt Capture Ratio, % Vanguard PRIMECAP Inv S&P 500 Growth 175 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard PRIMECAP Inv 18.31 8.49 12.30 11.49 -32.41 34.45 12.89 -1.84 15.27 39.73 100 S&P 500 Growth 6.97 1.14 11.01 9.13 -34.92 31.57 15.05 4.65 14.61 32.75 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 1 2 18 9 0 0 25 50 75 100 125 150 175 200 225 250 0 16 8 Down Mkt Capture Ratio, % -1 14 7 Morningstar Large Growth Universe Vanguard PRIMECAP Inv Excess Annualized StdDev, % -2 Total Annualized StdDev, % 12 6 S&P 500 Growth -3 Sharpe Ratio 10 5 Alpha, % -4 1 -5 8 4 Return vs. Risk -6 6 3 Apr-11 - Mar-14 -7 4 2 35 -8 2 1 30 Total Annualized Return, % -9 -10 0 0 0 25 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 20 Vanguard PRIMECAP Inv S&P 500 Growth 15 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 10 Vanguard PRIMECAP Inv 0.21 1.06 90.84 1.22 13.20 4.05 5 S&P 500 Growth 0.00 1.00 100.00 1.26 11.91 0.00 Universe(5%) 0.30 1.36 96.77 1.22 17.22 8.38 0 0 5 10 15 20 25 30 Universe(25%) -2.26 1.22 94.13 1.04 15.28 5.54 Total Annualized StdDev, % Universe(Median) -3.85 1.16 91.82 0.94 14.44 4.67 Universe(75%) -5.67 1.09 88.35 0.82 13.53 3.68 Morningstar Large Growth Universe Vanguard PRIMECAP Inv Universe(95%) -9.01 0.96 81.59 0.61 11.94 2.56 Cash S&P 500 Growth City of Dover, Delaware Police Pension Plan 34

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Mid-Cap Value Index Admiral 1.92 Portfolio Information Investment Strategy Summary % Cash Ticker VMVAX % US Stocks Morningstar Category Mid-Cap Value % Bonds The investment seeks to track the performance of a benchmark index that measures the Avg Mkt Cap $MM 9721.83 % Non-US Stocks investment return of mid-capitalization value stocks. The fund employs an indexing Cat Med Mkt Cap $MM 8863.28 investment approach designed to track the performance of the CRSP US Mid Cap Value % Pref Net Assets $MM 5079.39 Index, a broadly diversified index of value stocks of mid-size U.S. companies. It attempts % Conv Turnover Ratio 46.00 to replicate the target index by investing all, or substantially all, of its assets in the stocks % Other % Assets in Top 10 Holdings 11.35 that make up the index, holding each stock in approximately the same proportion as its % Non-US Bonds Total Number of Holdings 207.00 weighting in the index. Manager Name Donald M. Butler _______________________________________________________________________ Manager Tenure 7.62 97.33 __ Fund Incept Date 09/27/2011 Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 98.07 % Cash 0.17 35 % Canada 0.00 % US Stocks 97.33 % Latin America 0.00 % Bonds 0.00 30 % United Kingdom 1.56 % Non-US Stocks 1.92 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.37 % Conv 0.00 Mstar Rating Total Annualized Return, % 25 % Europe - Emerging 0.00 % Other 0.58 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 20 % Japan 0.00 % Rank Cat 5 Yr 15 % Australasia 0.00 10 Year Mstar Rating NA 15 % Asia - Developed 0.00 % Rank Cat 10 Yr NA % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 180 5 % Basic Materials 6.89 Avg Eff Duration NA % Communication Services 0.62 Effective Maturity NA % Consumer Cyclical 15.85 Avg Credit Quality NA 160 0 % Consumer Defensive 9.16 AAA NA % Healthcare 7.92 AA NA 140 -5 % Industrials 12.53 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.09 BBB NA % Technology 10.21 BB NA 2 120 5th to 25th Percentile 25th to Median % Energy 6.10 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 17.23 Below B NA 100 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD % Utilities 9.39 NR/NA NA Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Macy's Inc 1.35% 1 60 Vanguard Mid-Cap Value Index Admiral 3.87 3.87 25.06 15.40 26.16 Mylan Inc 1.35% CRSP US Mid Cap Value TR USD 3.91 3.91 24.85 16.26 26.97 Delphi Automotive PLC 1.30% 40 Universe(5%) 5.24 5.24 28.90 16.81 30.24 Western Digital Corporation 1.24% Universe(25%) 3.78 3.78 24.79 14.80 25.51 Boston Scientific Corporation 1.11% 20 Universe(Median) 3.08 3.08 22.34 13.53 23.60 Seagate Technology PLC 1.03% Universe(75%) 2.11 2.11 20.55 11.29 21.58 United Continental Holdings Inc 1.03% Universe(95%) -0.10 -0.10 12.66 8.36 17.77 Hartford Financial Services Group Inc 1.00% 0 0 AmerisourceBergen Corp 0.99% Prospectus Exp Ratio Turnover Ratio Fiserv, Inc. 0.95% City of Dover, Delaware Police Pension Plan 35

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Mid-Cap Value Index Admiral Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio Apr-11 - Mar-14 160 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 140 Up Mkt Capture Ratio, % Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 120 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 Vanguard Mid-Cap Value Index Admiral NA NA NA -4.28 -36.54 37.72 21.81 -0.30 16.02 37.66 CRSP US Mid Cap Value TR USD 24.07 11.67 19.91 -6.07 -37.95 35.21 24.58 -0.39 17.90 37.38 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 2 18 8 0 0 20 40 60 80 100 120 140 160 180 200 1 16 7 Down Mkt Capture Ratio, % 0 14 6 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Total Annualized StdDev, % Excess Annualized StdDev, % -1 12 CRSP US Mid Cap Value TR USD 5 -2 Sharpe Ratio 10 Alpha, % -3 1 4 8 -4 Return vs. Risk 3 6 -5 Apr-11 - Mar-14 2 20 4 -6 18 2 1 -7 Total Annualized Return, % 16 -8 0 0 0 14 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 12 Vanguard Mid-Cap Value Index Admiral CRSP US Mid Cap Value TR USD 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 8 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 6 Vanguard Mid-Cap Value Index Admiral -1.15 1.03 99.61 1.08 14.15 0.97 4 CRSP US Mid Cap Value TR USD 0.00 1.00 100.00 1.16 13.74 0.00 2 Universe(5%) 1.93 1.21 97.41 1.26 17.17 7.76 0 0 5 10 15 20 25 Universe(25%) -1.22 1.13 96.41 1.04 16.14 5.11 Total Annualized StdDev, % Universe(Median) -3.12 1.05 94.76 0.92 14.91 3.90 Universe(75%) -5.08 0.95 91.01 0.79 13.27 3.00 Morningstar Midcap Value Universe Vanguard Mid-Cap Value Index Admiral Universe(95%) -8.00 0.69 73.27 0.59 10.32 2.51 Cash CRSP US Mid Cap Value TR USD City of Dover, Delaware Police Pension Plan 36

Quarterly Investment Monitor Data as of 03/31/2014 Target Small Capitalization Value T 3.89 1.77 Portfolio Information Investment Strategy Summary % Cash Ticker TASVX % US Stocks Morningstar Category Small Value % Bonds The investment seeks above-average capital appreciation. The Portfolio seeks investments Avg Mkt Cap $MM 2166.86 % Non-US Stocks that will increase in value. It normally invests at least 80% of its investable assets in Cat Med Mkt Cap $MM 2480.47 common stocks of small companies. Small companies are those companies with market % Pref Net Assets $MM 1970.62 capitalizations comparable to those in the Russell 2000 Value Index. As of December 31, % Conv Turnover Ratio 40.00 2012, the Russell 2000 Value Index median market capitalization was approximately $472 % Other % Assets in Top 10 Holdings 7.18 million and the largest company by market capitalization was $4.664 billion. Market % Non-US Bonds Total Number of Holdings 830.00 capitalization is measured at the time of purchase. Manager Name Paul E. Viera, Jr. _______________________________________________________________________ Manager Tenure 12.25 __ 94.03 Fund Incept Date 01/05/1993 Prospectus Exp Ratio 0.67 Portfolio Region Portfolio Structure Phone Number 800-225-1852 Performance vs. Peer Group % United States 98.15 % Cash 3.89 35 % Canada 0.71 % US Stocks 94.03 % Latin America 0.27 % Bonds 0.00 30 % United Kingdom 0.02 % Non-US Stocks 1.77 % Eurozone 0.65 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating Total Annualized Return, % 25 % Europe - Emerging 0.00 % Other 0.31 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 44 % Middle East 0.20 5 Year Mstar Rating 20 % Japan 0.00 % Rank Cat 5 Yr 69 % Australasia 0.00 10 Year Mstar Rating 15 % Asia - Developed 0.00 % Rank Cat 10 Yr 8 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 200 5 % Basic Materials 5.41 Avg Eff Duration NA % Communication Services 0.73 Effective Maturity NA % Consumer Cyclical 10.25 Avg Credit Quality NA 180 0 % Consumer Defensive 4.08 AAA NA % Healthcare 6.12 AA NA 160 -5 % Industrials 20.79 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 5.43 BBB NA 140 % Technology 14.06 BB NA 5th to 25th Percentile 25th to Median % Energy 6.05 B NA Prospectus Exp Ratio 120 Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 22.99 Below B NA Target Small Capitalization Value T S&P 600 Value % Utilities 4.08 NR/NA NA 1 100 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Bristow Group, Inc. 0.78% 60 Target Small Capitalization Value T 1.30 1.30 22.49 12.95 23.35 Firstmerit Corp 0.74% S&P 600 Value 2.13 2.13 28.00 16.16 25.75 Littelfuse Inc. 0.74% 40 Universe(5%) 3.86 3.86 30.31 16.86 31.29 Webster Financial Corp 0.73% Universe(25%) 2.35 2.35 25.89 14.21 26.69 Teleflex Inc. 0.72% Universe(Median) 1.50 1.50 23.32 13.27 24.75 EnerSys, Inc. 0.71% 20 Universe(75%) 0.98 0.98 20.86 11.75 22.97 GATX Corp 0.71% Universe(95%) -0.86 -0.86 14.17 9.54 18.53 Protective Life Corp 0.69% 0 0 American Equity Investment Life Holding Company 0.68% Prospectus Exp Ratio Turnover Ratio Silgan Holdings, Inc. 0.68% City of Dover, Delaware Police Pension Plan 37

Quarterly Investment Monitor Data as of 03/31/2014 Target Small Capitalization Value T Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio Apr-11 - Mar-14 140 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 120 Up Mkt Capture Ratio, % Target Small Capitalization Value T S&P 600 Value 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 Target Small Capitalization Value T 24.02 10.10 17.72 0.52 -27.45 26.69 23.63 -0.48 14.14 35.87 60 S&P 600 Value 23.25 6.45 19.57 -5.54 -29.51 22.85 24.72 -1.38 18.21 39.98 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 2 1.1 20 10 0 0 20 40 60 80 100 120 140 1.0 18 9 1 Down Mkt Capture Ratio, % 0.9 16 8 0 Morningstar SmallCap Value Universe Target Small Capitalization Value T Excess Annualized StdDev, % 0.8 Total Annualized StdDev, % 14 7 S&P 600 Value -1 0.7 12 6 Alpha, % Sharpe Ratio 0.6 -2 10 5 0.5 8 4 Return vs. Risk -3 0.4 6 3 Apr-11 - Mar-14 0.3 -4 20 4 2 0.2 18 -5 2 1 Total Annualized Return, % 0.1 16 -6 0.0 0 0 14 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 12 Target Small Capitalization Value T S&P 600 Value 10 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 8 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 6 Target Small Capitalization Value T -1.40 0.90 97.03 0.88 15.00 3.07 4 S&P 600 Value 0.00 1.00 100.00 0.99 16.44 0.00 2 Universe(5%) 1.47 1.13 98.15 1.04 19.22 9.44 0 0 5 10 15 20 25 Universe(25%) -0.81 1.05 96.85 0.90 17.64 5.00 Total Annualized StdDev, % Universe(Median) -2.15 0.97 95.42 0.84 16.20 3.91 Universe(75%) -3.28 0.90 92.56 0.77 15.28 3.04 Morningstar SmallCap Value Universe Target Small Capitalization Value T Universe(95%) -5.31 0.66 85.88 0.64 12.67 2.34 Cash S&P 600 Value City of Dover, Delaware Police Pension Plan 38

Quarterly Investment Monitor Data as of 03/31/2014 Oppenheimer International Growth Y 1.01 3.92 Portfolio Information Investment Strategy Summary % Cash Ticker OIGYX % US Stocks Morningstar Category Foreign Large Growth % Bonds The investment seeks capital appreciation. The fund mainly invests in the common stock Avg Mkt Cap $MM 14544.00 % Non-US Stocks of growth companies that are domiciled or have their primary operations outside of the Cat Med Mkt Cap $MM 31455.68 United States. It may invest 100% of its assets in securities of foreign companies. The % Pref Net Assets $MM 16518.51 fund may invest in emerging markets as well as in developed markets throughout the % Conv Turnover Ratio 12.00 world. It normally will invest at least 65% of its total assets in common and preferred % Other % Assets in Top 10 Holdings 15.05 stocks of issuers in at least three different countries outside of the United States, and % Non-US Bonds Total Number of Holdings 116.00 emphasize investments in common stocks of issuers that the portfolio managers consider Manager Name George R. Evans to be "growth" companies. Manager Tenure 18.03 _______________________________________________________________________ 95.07 Fund Incept Date 03/25/1996 __ Prospectus Exp Ratio 0.90 Portfolio Region Portfolio Structure Phone Number 800-225-5677 Performance vs. Peer Group % United States 1.06 % Cash 3.92 25 % Canada 1.21 % US Stocks 1.01 % Latin America 1.01 % Bonds 0.00 % United Kingdom 29.33 % Non-US Stocks 95.07 20 % Eurozone 34.80 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 19.98 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.00 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 1 15 % Middle East 0.00 5 Year Mstar Rating % Japan 5.72 % Rank Cat 5 Yr 5 % Australasia 4.02 10 Year Mstar Rating 10 % Asia - Developed 0.00 % Rank Cat 10 Yr 1 % Asia - Emerging 2.86 5 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 180 % Basic Materials 5.04 Avg Eff Duration NA % Communication Services 6.83 Effective Maturity NA 0 % Consumer Cyclical 17.81 Avg Credit Quality NA 160 % Consumer Defensive 15.10 AAA NA % Healthcare 11.10 AA NA 140 -5 % Industrials 21.85 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 14.36 BB NA 120 5th to 25th Percentile 25th to Median % Energy 2.67 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 4.76 Below B NA 100 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD % Utilities 0.49 NR/NA NA 1 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years BT Group PLC 2.36% 60 Oppenheimer International Growth Y 1.02 1.02 19.50 11.54 19.97 Sap AG 1.67% MSCI EAFE Large Growth NR USD -0.51 -0.51 13.96 7.19 15.49 Aalberts Industries NV 1.50% 40 Universe(5%) 2.95 2.95 24.62 10.29 20.27 Roche Holding AG 1.50% Universe(25%) 1.11 1.11 19.30 7.52 17.14 William Hill PLC 1.41% 20 Universe(Median) 0.45 0.45 16.26 6.12 15.71 Weir Group PLC 1.36% Universe(75%) -0.83 -0.83 13.04 4.70 14.50 Aryzta AG 1.33% Universe(95%) -2.59 -2.59 8.01 1.84 11.98 Grifols SA 1.33% 0 0 Amadeus IT Holding SA 1.30% Prospectus Exp Ratio Turnover Ratio Syngenta AG 1.30% City of Dover, Delaware Police Pension Plan 39

Quarterly Investment Monitor Data as of 03/31/2014 Oppenheimer International Growth Y Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio Apr-11 - Mar-14 225 -60 200 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Up Mkt Capture Ratio, % 175 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Oppenheimer International Growth Y 16.46 14.24 30.18 12.93 -41.22 38.44 15.35 -7.31 22.10 25.46 100 MSCI EAFE Large Growth NR USD 14.27 13.89 20.44 19.51 -41.74 28.81 11.48 -12.04 17.06 22.28 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 5 0.8 20 7 0 0 25 50 75 100 125 150 175 200 225 4 18 0.7 6 Down Mkt Capture Ratio, % 3 16 0.6 Morningstar Foreign Stock Universe Oppenheimer International Growth Y Excess Annualized StdDev, % 5 Total Annualized StdDev, % 2 14 MSCI EAFE Large Growth NR USD 0.5 1 12 Sharpe Ratio 4 Alpha, % 0 0.4 10 -1 8 3 Return vs. Risk 0.3 -2 6 2 Apr-11 - Mar-14 0.2 14 -3 4 1 12 0.1 -4 2 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 Oppenheimer International Growth Y MSCI EAFE Large Growth NR USD 4 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 Oppenheimer International Growth Y 4.38 0.94 95.02 0.76 15.92 3.67 -4 MSCI EAFE Large Growth NR USD 0.00 1.00 100.00 0.50 16.43 0.00 -6 Universe(5%) 3.18 1.11 97.13 0.68 18.96 6.66 -8 0 5 10 15 20 25 30 35 Universe(25%) 0.41 1.05 96.36 0.51 17.83 4.79 Total Annualized StdDev, % Universe(Median) -0.90 1.01 94.96 0.43 16.95 3.95 Universe(75%) -2.44 0.96 92.94 0.34 16.24 3.29 Morningstar Foreign Stock Universe Oppenheimer International Growth Y Universe(95%) -4.93 0.83 86.10 0.19 14.62 2.85 Cash MSCI EAFE Large Growth NR USD City of Dover, Delaware Police Pension Plan 40

Quarterly Investment Monitor Data as of 03/31/2014 American Funds New Perspective R6 4.17 4.91 Portfolio Information Investment Strategy Summary % Cash Ticker RNPGX % US Stocks 45.24 Morningstar Category World Stock % Bonds The investment seeks long-term growth of capital; future income is a secondary objective. Avg Mkt Cap $MM 54531.99 % Non-US Stocks The fund seeks to take advantage of investment opportunities generated by changes in Cat Med Mkt Cap $MM 41739.23 international trade patterns and economic and political relationships by investing in % Pref Net Assets $MM 56877.22 common stocks of companies located around the world. In pursuing its primary % Conv Turnover Ratio 30.00 investment objective, it invests primarily in common stocks that the investment adviser % Other % Assets in Top 10 Holdings 18.63 believes have the potential for growth. In pursuing its secondary objective, the fund % Non-US Bonds Total Number of Holdings 294.00 invests in common stocks of companies with the potential to pay dividends in the future. Manager Name Gregg E. Ireland 45.32 _______________________________________________________________________ Manager Tenure 21.34 __ Fund Incept Date 03/13/1973 Prospectus Exp Ratio 0.45 Portfolio Region Portfolio Structure Phone Number 800-421-4225 Performance vs. Peer Group % United States 49.96 % Cash 4.17 30 % Canada 2.12 % US Stocks 45.24 % Latin America 0.50 % Bonds 0.20 % United Kingdom 9.63 % Non-US Stocks 45.32 25 % Eurozone 13.85 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 9.51 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 4.91 3 Year Mstar Rating 20 % Africa 2.45 % Non-US Bonds 0.17 % Rank Cat 3 Yr 24 % Middle East 0.00 5 Year Mstar Rating % Japan 6.78 % Rank Cat 5 Yr 36 15 % Australasia 0.81 10 Year Mstar Rating % Asia - Developed 3.64 % Rank Cat 10 Yr 18 % Asia - Emerging 0.77 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 3 200 % Basic Materials 5.91 Avg Eff Duration NA % Communication Services 3.20 Effective Maturity NA % Consumer Cyclical 19.92 Avg Credit Quality NA 180 0 % Consumer Defensive 11.65 AAA NA % Healthcare 14.23 AA NA 160 -5 % Industrials 11.33 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA 140 % Technology 12.61 BB NA 2 5th to 25th Percentile 25th to Median % Energy 4.83 B NA Prospectus Exp Ratio 120 Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 16.00 Below B NA American Funds New Perspective R6 MSCI AC World Index ND USD % Utilities 0.33 NR/NA NA 100 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Novo Nordisk A/S 3.88% 1 60 American Funds New Perspective R6 0.32 0.32 20.07 11.22 19.19 Amazon.com Inc 3.06% MSCI AC World Index ND USD 1.09 1.09 16.55 8.55 17.80 Google, Inc. Class A 2.10% 40 Universe(5%) 4.96 4.96 29.27 13.49 23.32 Bayer AG 1.72% Universe(25%) 2.67 2.67 22.61 11.80 19.98 Naspers Ltd 1.68% Universe(Median) 1.55 1.55 18.71 10.07 18.16 Home Depot, Inc. 1.46% 20 Universe(75%) 0.55 0.55 15.01 7.60 16.26 Gilead Sciences Inc 1.24% Universe(95%) -1.15 -1.15 3.22 -0.73 12.74 CME Group, Inc. Class A 1.18% 0 0 ACE Ltd 1.15% Prospectus Exp Ratio Turnover Ratio American Express Co 1.15% City of Dover, Delaware Police Pension Plan 41

Quarterly Investment Monitor Data as of 03/31/2014 American Funds New Perspective R6 Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 60 0 25 Total Return Rank, % 40 50 20 Total Return, % 75 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio Apr-11 - Mar-14 140 -60 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 120 Up Mkt Capture Ratio, % American Funds New Perspective R6 MSCI AC World Index ND USD 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 American Funds New Perspective R6 14.27 11.28 19.87 16.03 -37.83 37.72 13.11 -7.33 21.19 27.23 60 MSCI AC World Index ND USD 15.23 10.84 20.95 11.66 -42.20 34.63 12.67 -7.35 16.13 22.80 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 8 2 20 12 0 0 20 40 60 80 100 120 140 160 180 200 6 18 Down Mkt Capture Ratio, % 10 16 4 Morningstar World Stock Universe American Funds New Perspective R6 Total Annualized StdDev, % Excess Annualized StdDev, % 14 2 8 MSCI AC World Index ND USD 12 Sharpe Ratio 0 Alpha, % 1 10 6 -2 8 Return vs. Risk -4 4 6 Apr-11 - Mar-14 -6 20 4 2 15 -8 2 Total Annualized Return, % 10 -10 0 0 0 5 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 0 American Funds New Perspective R6 MSCI AC World Index ND USD -5 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr -10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error -15 American Funds New Perspective R6 2.86 0.95 96.42 0.82 14.04 2.76 -20 MSCI AC World Index ND USD 0.00 1.00 100.00 0.63 14.54 0.00 -25 Universe(5%) 6.37 1.18 96.90 1.11 18.17 11.01 -30 0 5 10 15 20 25 30 Universe(25%) 3.39 1.09 95.15 0.82 16.50 6.46 Total Annualized StdDev, % Universe(Median) 1.75 1.01 91.99 0.70 15.43 4.80 Universe(75%) -0.94 0.89 84.99 0.55 13.79 3.67 Morningstar World Stock Universe American Funds New Perspective R6 Universe(95%) -9.00 0.56 61.82 0.05 9.97 2.76 Cash MSCI AC World Index ND USD City of Dover, Delaware Police Pension Plan 42

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Emerging Mkts Stock Idx I 2.35 Portfolio Information Investment Strategy Summary % Cash Ticker VEMIX % US Stocks Morningstar Category Diversified Emerging Mkts % Bonds The investment seeks to track the performance of a benchmark index that measures the Avg Mkt Cap $MM 18003.62 % Non-US Stocks investment return of stocks issued by companies located in emerging market countries. Cat Med Mkt Cap $MM 19084.32 The fund employs an indexing investment approach by investing substantially all % Pref Net Assets $MM 58346.22 (approximately 95%) of its assets in the common stocks included in the FTSE Emerging % Conv Turnover Ratio 26.00 Index, while employing a form of sampling intended to reduce risk. The FTSE Emerging % Other % Assets in Top 10 Holdings 14.39 Index includes approximately 851 common stocks of companies located in emerging % Non-US Bonds Total Number of Holdings 913.00 markets around the world. Manager Name Michael Perre _______________________________________________________________________ Manager Tenure 5.59 97.00 __ Fund Incept Date 05/04/1994 Prospectus Exp Ratio 0.12 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 0.24 % Cash 0.32 20 % Canada 0.00 % US Stocks 0.23 % Latin America 19.43 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 97.00 15 % Eurozone 0.06 % Pref 2.35 Portfolio Ratings % Europe - ex Euro 0.05 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 9.34 % Other 0.10 3 Year Mstar Rating % Africa 10.22 % Non-US Bonds 0.00 % Rank Cat 3 Yr 62 10 % Middle East 0.90 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 54 % Australasia 0.00 10 Year Mstar Rating 5 % Asia - Developed 14.57 % Rank Cat 10 Yr 36 % Asia - Emerging 45.19 0 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 200 % Basic Materials 10.13 Avg Eff Duration NA % Communication Services 10.47 Effective Maturity NA -5 % Consumer Cyclical 7.85 Avg Credit Quality NA 180 % Consumer Defensive 8.48 AAA NA % Healthcare 1.68 AA NA 160 -10 % Industrials 5.07 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 2.57 BBB NA 140 % Technology 13.59 BB NA 2 5th to 25th Percentile 25th to Median % Energy 10.57 B NA Prospectus Exp Ratio 120 Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 25.66 Below B NA Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD % Utilities 3.93 NR/NA NA 100 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Tencent Holdings Ltd. 2.38% 1 60 Vanguard Emerging Mkts Stock Idx I -0.31 -0.31 -2.78 -3.46 13.96 China Construction Bank Corp H Shares 1.61% FTSE Emerging NR USD -0.13 -0.13 -2.36 -3.34 14.47 China Mobile Ltd. 1.60% 40 Universe(5%) 2.11 2.11 5.70 2.70 19.09 Taiwan Semiconductor Manufacturing Co Ltd 1.53% Universe(25%) 0.11 0.11 -0.08 -0.60 16.25 Naspers Ltd 1.52% Universe(Median) -0.99 -0.99 -1.85 -2.53 14.71 Industrial And Commercial Bank Of China Ltd. H Shares 1.40% 20 Universe(75%) -2.07 -2.07 -4.55 -4.61 13.24 Taiwan Semiconductor Manufacturing Co Ltd ADR 1.24% Universe(95%) -4.31 -4.31 -8.01 -8.97 10.76 Mtn Group Limited 1.07% 0 0 Bank Of China Ltd. H Shares 1.03% Prospectus Exp Ratio Turnover Ratio Hon Hai Precision Ind. Co., Ltd. 1.02% City of Dover, Delaware Police Pension Plan 43

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Emerging Mkts Stock Idx I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 120 0 100 25 Total Return Rank, % 80 60 50 Total Return, % 40 75 20 0 100 -20 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -40 Up/Down Market Capture Ratio -60 Apr-11 - Mar-14 225 -80 200 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Up Mkt Capture Ratio, % 175 Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard Emerging Mkts Stock Idx I 26.24 32.35 29.57 39.15 -52.74 76.35 19.06 -18.63 18.90 -4.99 100 FTSE Emerging NR USD 27.58 34.70 32.84 39.41 -53.03 82.15 19.60 -19.15 17.58 -3.79 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 6 25 8 0 0 20 40 60 80 100 120 140 160 180 200 5 7 Down Mkt Capture Ratio, % 4 0.2 20 6 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx I Excess Annualized StdDev, % 3 Total Annualized StdDev, % 0.1 FTSE Emerging NR USD 2 5 15 Alpha, % Sharpe Ratio 1 0.0 4 0 10 Return vs. Risk -1 3 -0.1 Apr-11 - Mar-14 -2 2 5 5 -3 -0.2 1 Total Annualized Return, % -4 0 -5 -0.3 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile -5 Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr -10 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error Vanguard Emerging Mkts Stock Idx I 0.04 1.02 97.28 -0.08 19.99 3.32 -15 FTSE Emerging NR USD 0.00 1.00 100.00 -0.08 19.34 0.00 Universe(5%) 5.74 1.13 97.15 0.23 22.46 7.88 -20 0 5 10 15 20 25 30 35 40 45 Universe(25%) 2.70 1.03 95.91 0.06 20.39 5.92 Total Annualized StdDev, % Universe(Median) 0.81 0.99 94.40 -0.04 19.70 4.84 Universe(75%) -0.95 0.93 92.20 -0.13 18.84 4.16 Morningstar Emerging Markets Universe Vanguard Emerging Mkts Stock Idx I Universe(95%) -4.50 0.85 87.13 -0.28 17.02 3.38 Cash FTSE Emerging NR USD City of Dover, Delaware Police Pension Plan 44

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard REIT Index I Portfolio Information Investment Strategy Summary % Cash Ticker VGSNX % US Stocks Morningstar Category Real Estate % Bonds The investment seeks to provide a high level of income and moderate long-term capital Avg Mkt Cap $MM 8385.50 % Non-US Stocks appreciation by tracking the performance of a benchmark index that measures the Cat Med Mkt Cap $MM 11230.09 performance of publicly traded equity REITs. The fund employs an indexing investment % Pref Net Assets $MM 39176.06 approach designed to track the performance of the MSCI US REIT Index. The index is % Conv Turnover Ratio 11.00 composed of stocks of publicly traded equity real estate investment trusts (known as % Other % Assets in Top 10 Holdings 39.20 REITs). The fund attempts to replicate the index by investing all, or substantially all, of its % Non-US Bonds Total Number of Holdings 133.00 assets in the stocks that make up the index, holding each stock in approximately the same Manager Name Gerard C. O'Reilly proportion as its weighting in the index. Manager Tenure 17.89 99.74 _______________________________________________________________________ Fund Incept Date 05/13/1996 __ Prospectus Exp Ratio 0.08 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 100.00 % Cash 0.07 30 % Canada 0.00 % US Stocks 99.74 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.00 % Non-US Stocks 0.00 25 % Eurozone 0.00 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.00 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.19 3 Year Mstar Rating 20 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 13 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 17 15 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.00 % Rank Cat 10 Yr 29 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 3 1200 % Basic Materials 0.00 Avg Eff Duration NA % Communication Services 0.00 Effective Maturity NA % Consumer Cyclical 0.00 Avg Credit Quality NA 0 % Consumer Defensive 0.00 AAA NA 1000 % Healthcare 0.00 AA NA -5 % Industrials 0.00 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 100.00 BBB NA % Technology 0.00 BB NA 2 800 5th to 25th Percentile 25th to Median % Energy 0.00 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 0.00 Below B NA Vanguard REIT Index I MSCI US REIT NR USD % Utilities 0.00 NR/NA NA 600 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Simon Property Group Inc 9.02% 1 400 Vanguard REIT Index I 9.96 9.96 4.24 10.59 28.74 Public Storage 4.45% MSCI US REIT NR USD 9.66 9.66 3.01 9.38 27.23 Prologis Inc 3.70% Universe(5%) 2.06 2.06 4.63 5.25 13.31 Equity Residential 3.61% 200 Universe(25%) 1.55 1.55 2.46 3.91 10.13 Ventas Inc 3.31% Universe(Median) 0.86 0.86 1.64 2.93 8.00 HCP Inc 3.19% Universe(75%) 0.60 0.60 -0.98 1.60 4.05 Boston Properties Inc 3.10% Universe(95%) 0.04 0.04 -3.43 0.84 2.09 Health Care REIT, Inc. 3.05% 0 0 Vornado Realty Trust 2.92% Prospectus Exp Ratio Turnover Ratio AvalonBay Communities Inc 2.86% City of Dover, Delaware Police Pension Plan 45

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard REIT Index I Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 50 0 40 25 Total Return Rank, % 30 50 20 Total Return, % 10 75 0 100 -10 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -20 Up/Down Market Capture Ratio -30 Apr-11 - Mar-14 120 -40 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 100 Up Mkt Capture Ratio, % Vanguard REIT Index I MSCI US REIT NR USD 80 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 Vanguard REIT Index I 30.93 12.05 35.15 -16.38 -36.95 29.76 28.56 8.70 17.65 2.48 MSCI US REIT NR USD NA NA 34.18 -17.84 -39.05 26.27 26.97 7.48 16.47 1.26 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 4 2 18 18 0 -20 0 20 40 60 80 100 16 16 Down Mkt Capture Ratio, % 3 14 14 Morningstar Real Estate Universe Vanguard REIT Index I Total Annualized StdDev, % Excess Annualized StdDev, % 12 12 MSCI US REIT NR USD 2 Sharpe Ratio 10 10 Alpha, % 1 8 8 1 Return vs. Risk 6 6 Apr-11 - Mar-14 4 4 11 0 10 2 2 Total Annualized Return, % 9 -1 0 0 0 8 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 7 Vanguard REIT Index I MSCI US REIT NR USD 6 5 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 4 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 3 Vanguard REIT Index I 1.12 1.00 99.98 0.68 16.72 0.21 2 MSCI US REIT NR USD 0.00 1.00 100.00 0.61 16.75 0.00 1 Universe(5%) 3.70 0.25 60.16 1.71 6.20 17.17 0 0 2 4 6 8 10 12 14 16 18 Universe(25%) 2.55 0.18 44.19 1.14 5.00 16.21 Total Annualized StdDev, % Universe(Median) 1.46 0.11 35.27 0.79 3.67 15.48 Universe(75%) 0.60 0.06 11.65 0.43 2.74 14.18 Morningstar Real Estate Universe Vanguard REIT Index I Universe(95%) -0.58 0.01 3.58 0.24 1.55 13.04 Cash MSCI US REIT NR USD City of Dover, Delaware Police Pension Plan 46

Quarterly Investment Monitor Data as of 03/31/2014 Glossary Alpha (3 Yr) % Assets in Top 10 Holdings Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured The aggregate assets, expressed as a percentage, of the fund's top 10 portfolio holdings. This figure is meant to be a measure of portfolio risk. by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to indicates the portfolio has underperformed, given the expectations established by beta. the market fluctuations in these few holdings. The figure is calculated from the most recent available fund holdings. Average Effective Duration Price/Book Ratio TTM A measure of a fund's interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. The weighted average of the price/book ratios of all the stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while market price of its stock by the company’s per-share book value. Stocks with negative book values are excluded from this calculation. In theory, shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund a high P/B ratio indicates that the price of the stock exceeds the actual worth of the company's assets, while a low P/B ratio indicates that the with a duration of 10 years is twice as volatile as a fund with a five-year duration. Morningstar prints an average effective duration statistic stock is a bargain. that incorporates call, put, and prepayment possibilities. Price/Earnings Ratio TTM Average Effective Maturity The weighted average of the price/earnings ratios of the stocks in a fund’s portfolio. The P/E ratio of a stock is calculated by dividing the current Average effective maturity is a weighted average of all the effective maturities of the bonds in a portfolio. Effective maturity takes into price of the stock by its trailing 12 months’ earnings per share. In computing the average, Morningstar weights each portfolio holding by the consideration mortgage prepayments, puts, calls, adjustable coupons, and other features of individual bonds and is thus a more accurate percentage of equity assets it represents, so that larger positions have proportionately greater influence on the fund’s final P/E. measure of interest-rate sensitivity. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. R-Squared Beta Reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. An R-squared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks will have an A measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by R-squared very close to 100. Conversely, a low R-squared indicates that very few of the fund’s movements can be explained by movements in its comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by movements in fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors the benchmark index. remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets. Sharpe Ratio The Morningstar Rating The Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance. It Commonly called the Star Rating, is a measure of a fund's risk-adjusted return, relative to funds in its category. Funds are rated from one can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk. to five stars, with the best performers receiving five stars and the worst performers receiving a single star. Standard Deviation Risk-adjusted return is calculated by subtracting a risk penalty from each fund total return, after accounting for all loads, sales charges, and redemption fees. The risk penalty is determined by the amount of variation in the fund's monthly return, with emphasis on downward Standard deviation is the statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio’s returns varied variation. The greater the variation, the larger the penalty. Funds are ranked within their categories and stars are assigned as follows: Top over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is most 10% five stars; Next 22.5% four stars; Middle 35% three stars; Next 22.5% two stars; Bottom 10% one star. likely for a given investment. When a stock or portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Audited Expense Ratio Total Number of Holdings The percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s NAV . Sales charges are not The total number of different holdings of a fund. This figure is meant to be a measure of portfolio risk. Specifically, the lower the figure, the more included in the expense ratio. concentrated the fund is in a few companies or issues, and the more the fund is susceptible to the market fluctuations in these few holdings. This figure also provides a context for the importance of % assets in top 10 holdings. The figure is calculated from the most recent available fund Geometric Average Market Capitalization holdings. It does not include a fund’s short positions. Morningstar defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it Total Return owns. It's calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as Expressed in percentage terms, Morningstar’s calculation of total return is determined each month by taking the change in monthly net asset average market capitalization. value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean the actual reinvestment NAV, and daily payoffs are reinvested monthly. better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio. Turnover Ratio Net Assets This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that The month-end net assets of the mutual fund, recorded in millions of dollars. Net-asset figures are useful in gauging a fund’s size, agility, all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio’s and popularity. They help determine whether a small company fund, for example, can remain in its investment-objective category if its holdings that have changed over the past year. asset base reaches an ungainly size. 12-Month Yield Also known as a distribution yield, Morningstar computes this figure by summing the trailing 12-month’s income distributions and dividing the sum by the last month’s ending NAV, plus any capital gains distributed over the same period. Income refers only to interest payments from fixed-income securities and dividend payoffs from common stocks. City of Dover, Delaware Police Pension Plan 47

Quarterly Investment Monitor Data as of 03/31/2014 Disclaimer This Milliman work product was prepared solely for the internal business use of City of Dover, Delaware Police Pension Plan. Milliman's work may not be provided to third parties without Milliman's prior written consent. The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to internal computer software and databases. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. These reports do not constitute investment advice with respect to the sale or disposition of individual securities. Unless explicitly stated in your Service Agreement, there should be no reliance on Milliman services to provide analysis or reporting on a daily basis, the changes to manager rankings, ratings or opinions thereon and are not intended to monitor investment manager compliance with individual security selection criteria, limits on security selection, and/or prohibitions to the holding of certain securities or security types. The One Year, Three Year, Five Year, and Ten Year rates of return are time-weighted annual rates. The One Month, Three Month, and Year to Date rates of return are rates for the period indicated. All returns include fund internal expenses, except sales charges, if any. The rates of return shown are for the mutual funds in which the retirement program participates, not for the plan specifically. Returns credited to individual accounts will vary due to the timing of contributions, transfers, and withdrawals. Past performance is no guarantee of future results. Milliman provides a copy of its SEC Form ADV Part II to clients without charge upon request. Milliman disclaims responsibility, financial or otherwise, for the accuracy or completeness of this report. City of Dover, Delaware Police Pension Plan 48