Attachment

OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD AGENDA MAY 1, 2014 - 9:00 A.M. CITY HALL CONFERENCE ROOM 15 LOOCKERMAN PLAZA DOVER, DELAWARE Public comments are welcomed on any item and will be permitted at appropriate times. When possible, please notify the City Clerk (736-7008 or e-mail at CityClerk@dover.de.us) should you wish to be recognized. AGENDA ADDITIONS/DELETIONS 1. Approval of Minutes - OPEB 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 9:25 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\OPEB\2014\05-01-2014 - OPEB BOARD.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.

OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD The Other Post-Employment Benefits (OPEB) Board meeting was held on February 26, 2014 at 9:00 a.m with Chairwoman Mitchell presiding. Members present were Mr. Hare, Mr. Koenig, and Mrs. Hawkins. Mrs. Williams was absent. AGENDA ADDITIONS/DELETIONS Mr. Hare moved for approval of the agenda as presented, seconded by Mr. Koenig and unanimously carried. Approval of Minutes - OPEB Board Meeting of November 14, 2013 Mr. Hare moved for approval of the minutes of the OPEB Board meeting of November 14, 2013, seconded by Mr. Koenig 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 4.4% for the quarter and approximately 9.65% for the year, which exceeded the portfolio’s index. He indicated that the asset allocation was in line with target allocations. Referring to Page 3 of the report, Market Indices - 4th Quarter 2013, Mr. Marzinsky explained that equities were positive for the year for most U.S. stocks. He stated that a number of bond asset categories had negative returns, especially long-term bonds, and emerging markets did not perform well. 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 for the year 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. In reference to Page 9, Asset Allocation, Mr. Marzkinsky indicated that fund balances were in line with targets. He reminded members that the portfolio is rebalanced quarterly and when contributions occur. He indicated that the plan had approximately $16.4M in assets, which was an increase from a balance of approximately $12M as of December 31, 2012 and the result of a combination of gains in investments and contributions made to the plan. Referring to Page 10, Investment Policy Review - Active Management, Mr. Marzinsky stated that plan investments had positive returns across the equity asset categories. He noted that the PIMCO fund was experiencing a management issue in 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 had slight underperformance due to overweighting in industrial and consumer goods and that this would also be monitored by Milliman. In reference to Page 12, Investment Option Return Summary, Mr. Marzinksy stated that the three (3) month return for the portfolio was approximately 4.4%, which exceeded the index of 3.71%. The one (1) year return was 9.65%, compared to the index of 8.94%. He noted that equity returns were

OPEB MEETING OF FEBRUARY 26, 2014 PAGE 2 considerably higher for the year, but reminded members that the OPEB portfolio was a balanced portfolio consisting of approximately 60% - 65% equity and 40% fixed income investments. 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 was placed in the OPEB fund portfolio by the previous financial advisor as a non-U.S. equity developed markets investment; 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 fund investments. As a result, 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 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. Responding to Mr. Hare, Mr. Marzinsky confirmed that the Oppenheimer fund had historically been a good performer. Returns over the year to date, one (1) year, three (3) years, five (5) years, and ten years were strong compared to the fund’s index. In addition, the fund ranked in the top 1% of funds in its asset category with a comparable expense ratio to the Harding Loevner Fund. Mr. Koenig moved to replace the OPEB 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. Hare and unanimously carried. Mr. Koenig moved for adjournment, seconded by Mr. Hare and unanimously carried. Meeting adjourned at 9:12 a.m. Donna S. Mitchell Chairwoman DM/JS/dd S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Misc-Minutes\OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD\2014\02-26-2014 OPEB.wpd

250 Washington Ave Ext Albany, NY 12203 USA Tel +1 518 514 7157 Fax +1 518 514 7200 MEMO milliman.com To: City of Dover, Delaware OPEB Plan – Board From: Jeff Marzinsky & Matt Albano/Milliman Re: Board Meeting Notes – 5/1/2014 Enclosures: Milliman Quarterly Investment Monitor Report (QIM) 1. OPEB Plan Investment Review through 3/31/2014: a. As of 3/31/2014 the plan had assets of $16.8 million, up from $16.4 million at 12/31/2013. The plan had $13.7 million in assets at 3/31/2013. During the quarter, the plan had no contributions, no withdrawals, and fees of approximately $1.3 thousand. b. Total performance of the plan portfolio was 2.27% net (2.34% gross) for the quarter, generally in line with the Plan’s benchmark index performance of 2.73%. City of Dover OPEB Trust Quarterly Return Summary OPEB-NET OPEB-GROSS Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 4/30/2013 $ 13,715,218.71 $ - $ - $ 1,250.00 $ 307,655.52 $ 14,021,624.23 2.24% 2.27% 5/31/2013 $ 14,021,624.23 $ - $ - $ - $ (217,179.06) $ 13,804,445.17 -1.55% -1.52% 6/30/2013 $ 13,804,445.17 $ - $ - $ - $ (401,977.49) $ 13,402,467.68 -2.91% -2.88% 7/31/2013 $ 13,402,467.68 $ - $ - $ 1,250.00 $ 316,012.14 $ 13,717,229.82 2.36% 2.38% 8/31/2013 $ 13,717,229.82 $ - $ - $ - $ (320,314.30) $ 13,396,915.52 -2.34% -2.31% 9/30/2013 $ 13,396,915.52 $ 243,925.00 $ - $ - $ 492,846.98 $ 14,133,687.50 3.61% 3.64% 10/31/2013 $ 14,133,687.50 $ 831,375.00 $ - $ 1,250.00 $ 418,671.21 $ 15,382,483.71 2.89% 2.91% 11/30/2013 $ 15,382,483.71 $ - $ - $ - $ 83,574.03 $ 15,466,057.74 0.54% 0.57% 12/31/2013 $ 15,466,057.74 $ 831,375.00 $ - $ - $ 143,868.07 $ 16,441,300.81 0.92% 0.94% 1/31/2014 $ 16,441,300.81 $ - $ - $ 1,250.00 $ (213,186.73) $ 16,226,864.08 -1.30% -1.27% 2/28/2014 $ 16,226,864.08 $ - $ - $ - $ 510,659.53 $ 16,737,523.61 3.15% 3.17% 3/31/2014 $ 16,737,523.61 $ - $ - $ - $ 74,959.75 $ 16,812,483.36 0.45% 0.47% $ - $ - $ 1,250.00 $ 372,432.55 Quarterly Return 2.27% 2.34% $ 1,906,675.00 $ - $ 5,000.00 $ 1,195,589.65 One Year Return 8.07% 8.40% c. As of 3/31/14, the Plan’s asset allocation was in line with the allocation targets, as the plan was rebalanced on its quarterly schedule prior to quarter end. Fund Target Asset Category Description Category Investment Name Allocation Asset Allocation Range Money Market CA WELLS FARGO ADVANTAGE CASH INVESTMENT FUND 2.00% 0-10%; target 10% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 8.00% 0-10%; target 10% Cash + STB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 2.00% 0-7%; target of 2% TIPS Intermediate Term Bonds INTB PIMCO Total Return 5.00% 5-15%; target 10% INTB Intermediate Term Bonds INTB Vanguard Total Bond Mkt Index Signal 5.00% 5-15%; target 10% INTB Long Term Bonds LTB PIMCO Long Duration 5.00% 5-15%; target 10% LTB Long Term Bonds LTB Vanguard Long Duration 5.00% 5-15%; target 10% LTB High Yield Bond HYB Ivy High Income I 8.00% 3-13%; target 8% HYB Large Cap Value LCV American Funds W ashington Mutual 11.00% 6-16%; target 11% LCV Large Cap Blend LCB Vanguard 500 Index 0.00% REMOVED Large Cap Growth LCG Vanguard Growth Index 10.00% 5-15%; target 10% LCG Mid Cap MCV Vanguard Mid Cap Value Index 5.00% 0-10%; target 5% MC Small Cap SCV Target Small Cap Value 8.00% 0-13%; target 8% SC Real Estatement Investment REIT Vanguard REIT Index 6.00% 0-10%; target 6% REIT Foreign Equity GLB American Funds New Perspective 5.00% 5-15%; target 10% GLB Foreign Equity FLG Oppenheimer Intl Growth Y 5.00% 5-15%; target 10% GLB 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 Other Postemployment Benefit (OPEB) GASB 45

Quarterly Investment Monitor Contents Section A: Market Commentary Section B: Performance Summary Section C: Core Fund Review Section D: Glossary City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 7

Quarterly Investment Monitor Data as of 03/31/2014 Performance Summary City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 12/30/2013 12/30/2013 Wells Fargo Advantage Cash Inv MMkt I $331,101 1.97% $325,952 1.98% WFIXX Vanguard Short-Term Bond Index Signal $1,335,814 7.94% $1,301,646 7.91% VBSSX Vanguard Inflation-Protected Secs I $333,747 1.98% $324,135 1.97% VIPIX PIMCO Total Return Instl $833,900 4.96% $809,819 4.92% PTTRX Vanguard Total Bond Market Index Signal $836,622 4.97% $813,573 4.95% VBTSX PIMCO Long Duration Total Return Instl $839,517 4.99% $810,615 4.93% PLRIX Vanguard Long-Term Bond Index I $843,802 5.02% $813,061 4.94% VBLLX Ivy High Income I $1,342,921 7.98% $1,311,259 7.97% IVHIX American Funds Washington Mutual R6 $1,856,460 11.04% $1,826,880 11.11% RWMGX Vanguard Growth Index I $1,652,537 9.83% $1,665,536 10.13% VIGIX Vanguard Mid Cap Index Adm $839,118 4.99% $831,643 5.06% VIMAX Target Small Capitalization Value T $1,325,181 7.88% $1,330,019 8.09% TASVX Oppenheimer International Growth Y $837,266 4.98% $0 0.00% OIGYX American Funds New Perspective R6 $841,853 5.01% $835,013 5.08% RNPGX Harding Loevner Global Equity Inst $0 0.00% $831,896 5.06% HLMVX Vanguard Emerging Mkts Stock Idx I $1,758,646 10.46% $1,641,279 9.98% VEMIX Vanguard REIT Index I $1,010,742 6.01% $974,849 5.93% VGSNX Plan Total $16,819,226 $16,447,176 City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 Total Return Instl 48 45 1.01 2.69 1.82 1.59 81 86 56 67 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 American Funds Washington Mutual R6 16 44 1.44 -0.69 0.78 0.81 5 4 7 4 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 Other Postemployment Benefit (OPEB) GASB 45 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 Total Bond Market Index Signal -0.12 NA 1.02 0.23 NA NA 0.10 Vanguard Long-Term Bond Index I 0.05 0.01 1.02 0.91 1.03 0.89 0.07 Vanguard Growth Index I 1.17 1.30 0.98 0.74 1.00 0.94 0.08 Vanguard Mid Cap Index Adm -0.56 0.03 1.03 0.80 1.03 1.01 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 Other Postemployment Benefit (OPEB) GASB 45 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 Cash Inv MMkt I 0.00 0.00 0.02 0.05 0.12 1.78 WFIXX 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 PIMCO Total Return Instl 1.30 1.30 (1.24) 4.15 6.87 5.89 PTTRX 4.00 0.46 BC Intermediate Government/Credit 1.00 1.00 (0.13) 3.13 4.18 3.94 N/A NA NA Intermediate-term Bond Vanguard Total Bond Market Index Signal 1.91 1.91 (0.21) 3.71 4.71 4.42 VBTSX 2.00 0.10 Barclays US Agg Float Adj TR USD 1.85 1.85 (0.05) 3.83 NA NA N/A NA NA 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 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 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 American Funds Washington Mutual R6 1.95 1.95 22.97 15.40 20.62 7.38 RWMGX 5.00 0.30 S&P 500 Value 2.26 2.26 20.54 13.96 21.32 7.25 N/A NA NA Large Growth Vanguard Growth Index I 0.78 0.78 22.08 14.86 21.58 7.98 VIGIX 4.00 0.08 CRSP US Large Cap Growth TR USD 0.80 0.80 22.22 13.70 20.28 7.87 N/A NA NA Mid-Cap Blend Vanguard Mid Cap Index Adm 3.28 3.28 23.66 13.62 25.05 9.95 VIMAX 4.00 0.10 CRSP US Mid Cap TR USD 3.30 3.30 23.76 14.17 25.02 9.92 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 OPEB-GROSS RETURN 2.34 2.34 8.40 6.90 NA NA N/A NA NA Total Plan OPEB-NET RETURN 2.27 2.27 8.07 6.51 NA NA N/A NA NA OPEB Plan Policy Index 2.73 2.73 8.03 7.05 13.60 5.86 N/A NA NA City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 PIMCO Total Return Instl Vanguard Total Bond Market Index Signal PIMCO Long Duration Total Return Instl Vanguard Long-Term Bond Index I Ivy High Income I City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 American Funds Washington Mutual R6 Vanguard Growth Index I Vanguard Mid Cap Index Adm Target Small Capitalization Value T Vanguard REIT Index I City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 15

Quarterly Investment Monitor Data as of 03/31/2014 Core Fund Review City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 20

Quarterly Investment Monitor Data as of 03/31/2014 PIMCO Total Return Instl 11.56 Portfolio Information Investment Strategy Summary % Cash Ticker PTTRX % US Stocks Morningstar Category Intermediate-term Bond 29.28 % Bonds The investment seeks maximum total return, consistent with preservation of capital and Avg Mkt Cap $MM NA % Non-US Stocks prudent investment management. The fund normally invests at least 65% of its total Cat Med Mkt Cap $MM 33790.01 assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which % Pref Net Assets $MM 231916.81 may be represented by forwards or derivatives such as options, futures contracts, or swap % Conv Turnover Ratio 380.00 agreements. It invests primarily in investment-grade debt securities, but may invest up to % Other % Assets in Top 10 Holdings 136.86 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, % Non-US Bonds Total Number of Holdings 20446.00 or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of 3.16 Manager Name William H. Gross comparable quality. 55.85 Manager Tenure 26.91 _______________________________________________________________________ Fund Incept Date 05/11/1987 __ Prospectus Exp Ratio 0.46 Portfolio Region Portfolio Structure Phone Number 888-877-4626 Performance vs. Peer Group % United States NA % Cash 11.56 12 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 29.28 % United Kingdom NA % Non-US Stocks 0.11 10 % Eurozone NA % Pref 0.04 Portfolio Ratings % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging NA % Other 3.16 3 Year Mstar Rating 8 % Africa NA % Non-US Bonds 55.85 % Rank Cat 3 Yr 43 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 44 6 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 5 % Asia - Emerging NA 4 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 2 700 % Basic Materials NA Avg Eff Duration 5.37 % Communication Services NA Effective Maturity 6.04 % Consumer Cyclical NA Avg Credit Quality NA 0 % Consumer Defensive NA AAA NA 600 % Healthcare NA AA NA -2 % Industrials NA A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB NA 500 % Technology NA BB NA 5th to 25th Percentile 25th to Median % Energy NA B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services NA Below B NA 400 PIMCO Total Return Instl BC Intermediate Government/Credit % Utilities NA NR/NA NA 1 Turnover 300 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Fin Fut Euro$ Cme 12/14/15 40.23% PIMCO Total Return Instl 1.30 1.30 -1.24 4.15 6.87 Fin Fut Euro$ Cme 09/14/15 25.99% 200 BC Intermediate Government/Credit 1.00 1.00 -0.13 3.13 4.18 Fin Fut Euro$ Cme 03/14/16 15.31% Universe(5%) 2.82 2.82 2.63 6.21 10.23 Irs Usd 1.500 03/18/15-1y (Red) Cme 15.17% Universe(25%) 2.30 2.30 0.95 4.75 7.78 Irs Usd 3.000 09/21/16-1y (Blu) Cme 9.38% 100 Universe(Median) 2.00 2.00 0.26 4.12 6.44 Fin Fut Euro$ Cme 06/15/15 8.94% Universe(75%) 1.61 1.61 -0.43 3.48 5.19 Fin Fut Us 5yr Cbt 03/31/14 8.15% Universe(95%) 0.81 0.81 -1.48 2.34 3.25 Irs Usd 1.500 12/16/15-1y (Grn) Cme 6.76% 0 0 Fin Fut Us 10yr Cbt 03/20/14 3.64% Prospectus Exp Ratio Turnover Ratio US Treasury Note 0.625% 3.29% City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 21

Quarterly Investment Monitor Data as of 03/31/2014 PIMCO Total Return Instl Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 30 0 25 25 Total Return Rank, % 20 50 15 Total Return, % 10 75 5 100 0 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -5 Up/Down Market Capture Ratio -10 Apr-11 - Mar-14 225 -15 200 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 PIMCO Total Return Instl BC Intermediate Government/Credit 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 PIMCO Total Return Instl 5.14 2.89 3.99 9.07 4.82 13.83 8.83 4.16 10.36 -1.92 100 BC Intermediate Government/Credit 3.04 1.58 4.08 7.39 5.08 5.24 5.89 5.80 3.89 -0.86 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 2 4 3 0 -50 0 50 100 150 200 250 Down Mkt Capture Ratio, % 2 3 Morningstar IntermTerm Bond Universe PIMCO Total Return Instl Total Annualized StdDev, % Excess Annualized StdDev, % 2 BC Intermediate Government/Credit 1 Alpha, % Sharpe Ratio 1 2 0 Return vs. Risk 1 Apr-11 - Mar-14 1 8 -1 7 Total Annualized Return, % 6 -2 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 5 PIMCO Total Return Instl BC Intermediate Government/Credit 4 MPT 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Yr 3 Statistics Alpha Beta R-Squared Sharpe Ratio St Dev Tracking Error 2 PIMCO Total Return Instl -0.50 1.51 68.65 1.02 3.97 2.49 1 BC Intermediate Government/Credit 0.00 1.00 100.00 1.39 2.18 0.00 Universe(5%) 2.51 1.50 92.82 1.89 3.98 2.67 0 0 1 2 3 4 5 6 7 Universe(25%) 1.01 1.30 89.61 1.53 3.23 1.74 Total Annualized StdDev, % Universe(Median) 0.29 1.24 83.55 1.33 2.94 1.34 Universe(75%) -0.40 1.09 73.06 1.14 2.73 1.06 Morningstar IntermTerm Bond Universe PIMCO Total Return Instl Universe(95%) -1.04 0.82 42.72 0.86 2.16 0.70 Cash BC Intermediate Government/Credit City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 22

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Total Bond Market Index Signal 3.52 Portfolio Information Investment Strategy Summary 11.43 % Cash Ticker VBTSX % US Stocks Morningstar Category Intermediate-term Bond % Bonds The investment seeks the performance of a broad, market-weighted bond index. The fund Avg Mkt Cap $MM NA % Non-US Stocks employs an indexing investment approach designed to track the performance of the Cat Med Mkt Cap $MM 33790.01 Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of % Pref Net Assets $MM 112081.65 public, investment-grade, taxable, fixed income securities in the United States-including % Conv Turnover Ratio 73.00 government, corporate, and international dollar-denominated bonds, as well as % Other % Assets in Top 10 Holdings 5.60 mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All % Non-US Bonds Total Number of Holdings 15927.00 of the fund's investments will be selected through the sampling process, and at least 80% Manager Name Kenneth Volpert of the fund's assets will be invested in bonds held in the index. 85.01 Manager Tenure 21.34 _______________________________________________________________________ Fund Incept Date 12/11/1986 __ Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States NA % Cash 3.52 6 % Canada NA % US Stocks 0.00 % Latin America NA % Bonds 85.01 % United Kingdom NA % Non-US Stocks 0.00 5 % Eurozone NA % Pref 0.04 Portfolio Ratings % Europe - ex Euro NA % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging NA % Other 0.00 3 Year Mstar Rating 4 % Africa NA % Non-US Bonds 11.43 % Rank Cat 3 Yr 60 % Middle East NA 5 Year Mstar Rating % Japan NA % Rank Cat 5 Yr 81 3 % Australasia NA 10 Year Mstar Rating % Asia - Developed NA % Rank Cat 10 Yr 45 % Asia - Emerging NA 2 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 1 0.7 350 % Basic Materials NA Avg Eff Duration 5.47 % Communication Services NA Effective Maturity 7.50 % Consumer Cyclical NA Avg Credit Quality AA 0 % Consumer Defensive NA AAA 70.42 0.6 300 % Healthcare NA AA 4.16 -1 % Industrials NA A 12.53 3 Months YTD 1 Year 3 Years 5 Years % Real Estate NA BBB 12.89 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 Total Bond Market Index Signal Barclays US Agg Float Adj 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 0.375% 0.67% Vanguard Total Bond Market Index Signal 1.91 1.91 -0.21 3.71 4.71 US Treasury Note 0.25% 0.64% 0.2 100 Barclays US Agg Float Adj TR USD 1.85 1.85 -0.05 3.83 NA US Treasury Note 0.375% 0.57% Universe(5%) 2.12 2.12 -0.29 4.02 5.29 US Treasury Note 0.375% 0.57% Universe(25%) 1.85 1.85 -0.33 3.57 4.56 US Treasury Note 0.25% 0.55% 0.1 50 Universe(Median) 1.83 1.83 -0.40 3.50 4.38 US Treasury Note 1.5% 0.54% Universe(75%) 1.82 1.82 -0.52 3.33 4.33 US Treasury Note 0.375% 0.53% Universe(95%) 1.76 1.76 -0.94 3.22 4.21 US Treasury Note 0.625% 0.52% 0.0 0 US Treasury Note 1.75% 0.51% Prospectus Exp Ratio Turnover Ratio US Treasury Note 0.625% 0.49% City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 23

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Total Bond Market Index Signal Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 8 0 6 25 Total Return Rank, % 4 50 Total Return, % 2 75 0 100 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -2 Up/Down Market Capture Ratio -4 Apr-11 - Mar-14 160 -6 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 Total Bond Market Index Signal Barclays US Agg Float Adj TR USD 120 100 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 Vanguard Total Bond Market Index Signal 4.24 2.40 4.29 7.02 5.15 6.04 6.54 7.68 4.15 -2.15 Barclays US Agg Float Adj TR USD NA NA NA NA NA NA 6.58 7.92 4.32 -1.97 60 40 20 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 0.0 2 4 0.8 0 0 20 40 60 80 100 120 140 160 180 0.7 Down Mkt Capture Ratio, % -0.1 3 0.6 Morningstar IntermTerm Bond Index Universe Vanguard Total Bond Market Index Signal Total Annualized StdDev, % Excess Annualized StdDev, % -0.2 Barclays US Agg Float Adj TR USD 0.5 Alpha, % Sharpe Ratio -0.3 1 2 0.4 Return vs. Risk 0.3 -0.4 Apr-11 - Mar-14 1 0.2 6 -0.5 0.1 5 Total Annualized Return, % -0.6 0 0 0.0 4 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile Vanguard Total Bond Market Index Signal Barclays US Agg Float Adj 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 Total Bond Market Index Signal -0.18 1.02 99.40 1.24 2.92 0.23 1 Barclays US Agg Float Adj TR USD 0.00 1.00 100.00 1.30 2.86 0.00 Universe(5%) -0.24 1.16 99.66 1.21 3.34 0.70 0 0 1 2 3 4 5 Universe(25%) -0.30 1.01 99.54 1.19 2.91 0.31 Total Annualized StdDev, % Universe(Median) -0.34 1.00 99.39 1.18 2.86 0.23 Universe(75%) -0.50 0.99 98.90 1.14 2.84 0.19 Morningstar IntermTerm Bond Index Universe Vanguard Total Bond Market Index Signal Universe(95%) -0.60 0.98 97.97 1.10 2.82 0.17 Cash Barclays US Agg Float Adj TR USD City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 26

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 Other Postemployment Benefit (OPEB) GASB 45 27

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 Other Postemployment Benefit (OPEB) GASB 45 28

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 Other Postemployment Benefit (OPEB) GASB 45 29

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 Other Postemployment Benefit (OPEB) GASB 45 30

Quarterly Investment Monitor Data as of 03/31/2014 American Funds Washington Mutual R6 1.78 Portfolio Information Investment Strategy Summary 8.44 % Cash Ticker RWMGX % US Stocks Morningstar Category Large Value % Bonds The investment seeks to produce income and to provide an opportunity for growth of Avg Mkt Cap $MM 85483.02 % Non-US Stocks principal consistent with sound common stock investing. The fund invests primarily in Cat Med Mkt Cap $MM 81783.39 common stocks of established companies that are listed on, or meet the financial listing % Pref Net Assets $MM 70912.04 requirements of, the New York Stock Exchange and have a strong record of earnings and % Conv Turnover Ratio 22.00 dividends. Its advisor strives to maintain a fully invested, diversified portfolio, consisting % Other % Assets in Top 10 Holdings 35.19 primarily of high-quality common stocks. % Non-US Bonds Total Number of Holdings 166.00 Manager Name Alan N. Berro _______________________________________________________________________ __ 88.75 Manager Tenure 16.26 Fund Incept Date 07/31/1952 Prospectus Exp Ratio 0.30 Portfolio Region Portfolio Structure Phone Number 800-421-4225 Performance vs. Peer Group % United States 91.32 % Cash 1.78 30 % Canada 1.96 % US Stocks 88.75 % Latin America 0.00 % Bonds 0.06 % United Kingdom 3.77 % Non-US Stocks 8.44 25 % Eurozone 1.35 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 1.27 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.97 3 Year Mstar Rating % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 8 20 % Middle East 0.13 5 Year Mstar Rating % Japan 0.21 % Rank Cat 5 Yr 31 % Australasia 0.00 10 Year Mstar Rating 15 % Asia - Developed 0.00 % Rank Cat 10 Yr 37 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 2 180 % Basic Materials 3.36 Avg Eff Duration NA % Communication Services 4.71 Effective Maturity NA 5 % Consumer Cyclical 12.35 Avg Credit Quality NA 160 % Consumer Defensive 9.10 AAA NA % Healthcare 11.26 AA NA 140 0 % Industrials 22.48 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 0.00 BBB NA % Technology 7.25 BB NA 120 5th to 25th Percentile 25th to Median % Energy 12.21 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 14.03 Below B NA 100 American Funds Washington Mutual R6 S&P 500 Value % Utilities 3.25 NR/NA NA 1 Turnover 80 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Boeing Co 5.01% 60 American Funds Washington Mutual R6 1.95 1.95 22.97 15.40 20.62 Home Depot, Inc. 4.71% S&P 500 Value 2.26 2.26 20.54 13.96 21.32 Microsoft Corporation 4.00% 40 Universe(5%) 3.75 3.75 27.54 16.18 24.90 Merck & Co Inc 3.56% Universe(25%) 2.72 2.72 23.78 14.74 21.60 Chevron Corp 3.50% 20 Universe(Median) 2.20 2.20 21.55 13.62 20.30 Royal Dutch Shell PLC ADR Class B 3.17% Universe(75%) 1.54 1.54 18.82 12.46 18.82 Wells Fargo & Co 3.06% Universe(95%) 0.50 0.50 14.37 9.85 16.67 American Express Co 2.82% 0 0 Union Pacific Corp 2.69% Prospectus Exp Ratio Turnover Ratio Lockheed Martin Corporation 2.67% City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 31

Quarterly Investment Monitor Data as of 03/31/2014 American Funds Washington Mutual R6 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, % American Funds Washington Mutual R6 S&P 500 Value 140 120 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 100 American Funds Washington Mutual R6 9.92 3.55 18.04 3.97 -33.10 19.24 13.69 7.35 12.85 32.34 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 American Funds Washington Mutual R6 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 American Funds Washington Mutual R6 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 American Funds Washington Mutual R6 4.33 0.76 93.47 1.41 10.52 4.25 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 American Funds Washington Mutual R6 Universe(95%) -4.23 0.70 85.58 0.72 9.89 1.65 Cash S&P 500 Value City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 32

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Growth Index I 1.68 Portfolio Information Investment Strategy Summary % Cash Ticker VIGIX % US Stocks Morningstar Category Large Growth % Bonds The investment seeks to track the performance of a benchmark index that measures the Avg Mkt Cap $MM 51876.19 % Non-US Stocks investment return of large-capitalization growth stocks. The fund employs an indexing Cat Med Mkt Cap $MM 67751.43 investment approach designed to track the performance of the CRSP US Large Cap Growth % Pref Net Assets $MM 38025.00 Index, a broadly diversified index predominantly made up of growth stocks of large U.S. % Conv Turnover Ratio 32.00 companies. It attempts to replicate the target index by investing all, or substantially all, of % Other % Assets in Top 10 Holdings 23.63 its assets in the stocks that make up the index, holding each stock in approximately the % Non-US Bonds Total Number of Holdings 363.00 same proportion as its weighting in the index. Manager Name Gerard C. O'Reilly _______________________________________________________________________ Manager Tenure 19.26 98.17 __ Fund Incept Date 11/02/1992 Prospectus Exp Ratio 0.08 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 98.32 % Cash 0.15 35 % Canada 0.18 % US Stocks 98.17 % Latin America 0.00 % Bonds 0.00 30 % United Kingdom 0.20 % Non-US Stocks 1.68 % Eurozone 0.81 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.34 % 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 19 % Middle East 0.00 5 Year Mstar Rating 20 % Japan 0.00 % Rank Cat 5 Yr 24 % Australasia 0.00 10 Year Mstar Rating 15 % Asia - Developed 0.16 % Rank Cat 10 Yr 34 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 3 300 5 % Basic Materials 3.13 Avg Eff Duration NA % Communication Services 3.61 Effective Maturity NA % Consumer Cyclical 18.25 Avg Credit Quality NA 0 % Consumer Defensive 7.40 AAA NA 250 % Healthcare 11.19 AA NA -5 % Industrials 10.42 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.53 BBB NA % Technology 27.77 BB NA 2 200 5th to 25th Percentile 25th to Median % Energy 7.34 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 6.15 Below B NA Vanguard Growth Index I CRSP US Large Cap Growth TR USD % Utilities 0.22 NR/NA NA 150 Turnover Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Apple Inc 5.77% 1 100 Vanguard Growth Index I 0.78 0.78 22.08 14.86 21.58 Google Inc Class A 4.10% CRSP US Large Cap Growth TR USD 0.80 0.80 22.22 13.70 20.28 International Business Machines Corp 2.45% Universe(5%) 3.40 3.40 31.26 16.72 25.02 Coca-Cola Co 1.85% 50 Universe(25%) 1.58 1.58 26.54 14.64 21.80 Oracle Corporation 1.63% Universe(Median) 0.48 0.48 23.54 13.17 20.23 Amazon.com Inc 1.62% Universe(75%) -0.41 -0.41 21.32 11.76 18.63 Facebook Inc Class A 1.56% Universe(95%) -1.88 -1.88 17.40 8.85 16.18 Walt Disney Co 1.56% 0 0 Gilead Sciences Inc 1.55% Prospectus Exp Ratio Turnover Ratio Qualcomm, Inc. 1.55% City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 33

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Growth Index I 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 Growth Index I CRSP US Large Cap Growth TR USD 175 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard Growth Index I 7.34 5.24 9.16 12.73 -38.19 36.50 17.17 1.89 17.04 32.41 100 CRSP US Large Cap Growth TR USD 6.99 6.40 10.32 15.66 -38.67 35.92 15.77 0.58 15.20 31.75 75 50 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 25 4 2 18 8 0 0 20 40 60 80 100 120 140 160 180 200 220 3 16 7 Down Mkt Capture Ratio, % 2 14 6 Morningstar Large Growth Universe Vanguard Growth Index I Total Annualized StdDev, % Excess Annualized StdDev, % 1 12 CRSP US Large Cap Growth TR USD 5 0 Sharpe Ratio 10 Alpha, % -1 1 4 8 -2 Return vs. Risk 3 6 -3 Apr-11 - Mar-14 2 35 4 -4 -5 2 1 30 Total Annualized Return, % -6 0 0 0 25 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 20 Vanguard Growth Index I CRSP US Large Cap Growth TR USD 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 Growth Index I 1.30 0.98 99.74 1.11 13.28 0.74 5 CRSP US Large Cap Growth TR USD 0.00 1.00 100.00 1.01 13.57 0.00 Universe(5%) 3.38 1.22 97.73 1.22 17.22 7.04 0 0 5 10 15 20 25 30 Universe(25%) 0.85 1.09 96.30 1.04 15.28 4.51 Total Annualized StdDev, % Universe(Median) -0.69 1.03 94.39 0.94 14.44 3.63 Universe(75%) -2.34 0.97 91.44 0.82 13.53 2.86 Morningstar Large Growth Universe Vanguard Growth Index I Universe(95%) -5.54 0.84 83.35 0.61 11.94 2.19 Cash CRSP US Large Cap Growth TR USD City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 34

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Mid Cap Index Adm 3.43 Portfolio Information Investment Strategy Summary % Cash Ticker VIMAX % US Stocks Morningstar Category Mid-Cap Blend % Bonds The investment seeks to track the performance of a benchmark index that measures the Avg Mkt Cap $MM 10427.00 % Non-US Stocks investment return of mid-capitalization stocks. The fund employs an indexing investment Cat Med Mkt Cap $MM 7402.77 approach designed to track the performance of the CRSP US Mid Cap Index, a broadly % Pref Net Assets $MM 49717.08 diversified index of stocks of mid-size U.S. companies. It attempts to replicate the target % Conv Turnover Ratio 32.00 index by investing all, or substantially all, of its assets in the stocks that make up the % Other % Assets in Top 10 Holdings 6.51 index, holding each stock in approximately the same proportion as its weighting in the % Non-US Bonds Total Number of Holdings 377.00 index. Manager Name Donald M. Butler _______________________________________________________________________ 95.97 Manager Tenure 15.87 __ Fund Incept Date 05/21/1998 Prospectus Exp Ratio 0.10 Portfolio Region Portfolio Structure Phone Number 800-662-7447 Performance vs. Peer Group % United States 96.54 % Cash 0.30 30 % Canada 0.47 % US Stocks 95.97 % Latin America 0.00 % Bonds 0.00 % United Kingdom 0.93 % Non-US Stocks 3.43 25 % Eurozone 0.92 % Pref 0.00 Portfolio Ratings % Europe - ex Euro 0.71 % Conv 0.00 Mstar Rating Total Annualized Return, % % Europe - Emerging 0.00 % Other 0.30 3 Year Mstar Rating 20 % Africa 0.00 % Non-US Bonds 0.00 % Rank Cat 3 Yr 34 % Middle East 0.00 5 Year Mstar Rating % Japan 0.00 % Rank Cat 5 Yr 25 15 % Australasia 0.00 10 Year Mstar Rating % Asia - Developed 0.42 % Rank Cat 10 Yr 14 % Asia - Emerging 0.00 10 Sector Allocation Credit Quality Expense Ratio vs. Peer Group Turnover Ratio vs. Peer Group 5 3 350 % Basic Materials 6.04 Avg Eff Duration NA % Communication Services 1.40 Effective Maturity NA % Consumer Cyclical 17.88 Avg Credit Quality NA 0 % Consumer Defensive 7.74 AAA NA 300 % Healthcare 9.50 AA NA -5 % Industrials 15.14 A NA 3 Months YTD 1 Year 3 Years 5 Years % Real Estate 4.60 BBB NA 250 % Technology 15.56 BB NA 2 5th to 25th Percentile 25th to Median % Energy 7.04 B NA Prospectus Exp Ratio Median to 75th Percentile 75th to 95th Percentile Ratio % Financial Services 10.07 Below B NA 200 Vanguard Mid Cap Index Adm CRSP US Mid Cap TR USD % Utilities 5.04 NR/NA NA Turnover 150 Performance 3 Year to 1 3 5 Top Ten Holdings Months Date Year Years Years Forest Laboratories, Inc. 0.77% 1 Vanguard Mid Cap Index Adm 3.28 3.28 23.66 13.62 25.05 Illumina, Inc. 0.70% 100 CRSP US Mid Cap TR USD 3.30 3.30 23.76 14.17 25.02 Macy's Inc 0.69% Universe(5%) 4.71 4.71 29.93 16.79 29.23 Mylan Inc 0.69% Universe(25%) 3.02 3.02 24.90 14.36 25.10 Delphi Automotive PLC 0.66% 50 Universe(Median) 2.50 2.50 22.04 13.09 23.57 Western Digital Corporation 0.63% Universe(75%) 1.35 1.35 20.45 11.42 21.21 Cerner Corporation 0.62% Universe(95%) -0.97 -0.97 15.70 7.08 16.41 Vertex Pharmaceuticals Inc 0.61% 0 0 Boston Scientific Corporation 0.57% Prospectus Exp Ratio Turnover Ratio Chipotle Mexican Grill, Inc. Class A 0.57% City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 35

Quarterly Investment Monitor Data as of 03/31/2014 Vanguard Mid Cap Index Adm Annual Performance vs. Peer Group 3 Year Rolling Return Rank within Category 80 0 60 25 Total Return Rank, % 40 50 Total Return, % 20 75 0 100 Apr-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Mar-14 -20 Up/Down Market Capture Ratio -40 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 Vanguard Mid Cap Index Adm CRSP US Mid Cap TR USD 150 Annual Return % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 125 Vanguard Mid Cap Index Adm 20.42 14.04 13.69 6.17 -41.78 40.48 25.59 -1.97 15.99 35.15 100 CRSP US Mid Cap TR USD 20.28 13.31 15.32 7.04 -41.83 36.90 26.16 -1.79 16.69 35.27 75 50 25 3 Yr Alpha 3 Yr Sharpe Ratio 3 Yr St Dev 3 Yr Tracking Error 3 2 20 9 0 0 25 50 75 100 125 150 175 200 225 2 18 8 Down Mkt Capture Ratio, % 1 16 7 Morningstar Midcap Blend Universe Vanguard Mid Cap Index Adm Excess Annualized StdDev, % 0 Total Annualized StdDev, % 14 6 CRSP US Mid Cap TR USD -1 12 Sharpe Ratio 5 Alpha, % -2 1 10 -3 4 8 Return vs. Risk -4 3 6 Apr-11 - Mar-14 -5 2 25 4 -6 2 1 Total Annualized Return, % -7 20 -8 0 0 0 5th to 25th Percentile 25th to Median Median to 75th Percentile 75th to 95th Percentile 15 Vanguard Mid Cap Index Adm CRSP US Mid Cap TR 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 Mid Cap Index Adm -0.86 1.03 99.79 0.93 14.86 0.80 5 CRSP US Mid Cap TR USD 0.00 1.00 100.00 0.99 14.41 0.00 Universe(5%) 2.86 1.27 98.41 1.17 19.33 8.88 0 0 5 10 15 20 25 30 35 Universe(25%) 0.11 1.11 97.72 0.97 16.36 5.55 Total Annualized StdDev, % Universe(Median) -1.56 1.05 94.81 0.87 15.38 3.82 Universe(75%) -3.16 0.96 91.90 0.78 14.41 2.77 Morningstar Midcap Blend Universe Vanguard Mid Cap Index Adm Universe(95%) -7.04 0.76 81.42 0.53 11.80 2.22 Cash CRSP US Mid Cap TR USD City of Dover, Delaware Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45 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 Other Postemployment Benefit (OPEB) GASB 45. 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 Other Postemployment Benefit (OPEB) GASB 45 48