Second Quarter 2016 Investment Analysis · 47 Non-US Equity 58 US Fixed Income 69 Hedge Fund 74...

This presentation is accompanied by additional disclosures which can be found on the last pages.All information herein is confidential and proprietary.

Second Quarter 2016

Weld County Retirement PlanAugust 2, 2016

Q2

Investment Analysis

Dale Connors, CFASenior Consultant

Andrew C. Fiegel, CFA, CAIAConsultant

CONTENTS

1 Capital Markets Exhibits

15 Total Fund Overview

28 Total Equity

29 US Equity

47 Non-US Equity

58 US Fixed Income

69 Hedge Fund

74 Real Estate

83 Private Equity

85 Benchmark History

87 Fee Schedule

88 End Notes


2nd Quarter 2016Capital Markets Exhibits

1

This presentation is accompanied by additional disclosures which can be found on the last page.All information herein is confidential and proprietary.

Capital Market Returns

CAPITAL MARKET RETURNS

US EQUITIES Market Value Growth FIXED INCOME Total Excess HEDGE FUNDS

S&P 500 2.5% Barclays Aggregate 2.2% 0.3% HFRI Fund-of-Funds Composite 0.8%

Russell Top 200® (Lrg Cap) 2.3% 4.5% 0.3% HFRI Fund-of-Funds Conservative 0.7%

Russell MidCap® 3.2% 4.8% 1.6% T-Bills 0.0% …

Russell 2000® (Sml Cap) 3.8% 4.3% 3.2% Barclays Intermediate Treasury 1.3% …

Barclays Long Treasury 6.4% …

NON-US EQUITIES US$ Local Currency Barclays US TIPS 1.7% … REAL ASSETS

MSCI AC World 1.2% 1.4% -0.2% Barclays US Treasury 2.1% … NCREIF Property 2.0%

MSCI AC World ex U.S. -0.4% 0.1% -0.5% Barclays US Agency 1.2% 0.0% NAREIT Equity REIT 7.4%

MSCI EAFE (net) -1.5% -0.7% -0.7% Barclays US Mortgage-Backed 1.1% 0.0% Alerian MLP 19.7%

MSCI Europe -2.3% 1.6% -3.9% Barclays US Commercial MBS 2.2% 0.4% Bloomberg Commodity 12.8%

MSCI Japan 1.0% -7.8% 8.8% Barclays US Asset-Backed 1.2% 0.5%

MSCI Pacific ex-Japan 0.7% 2.7% -2.0% Barclays US Corporate 3.6% 1.0%

MSCI Emerging Markets 0.8% 0.8% -0.0% Barclays US High Yield 5.5% 4.1%

MSCI EAFE Small Cap -2.4% -2.7% 0.3% Barclays Majors ex-US 5.4% 2.4%

MSCI EAFE Value -2.4% -1.5% -0.9% Barclays Majors ex-US (Hedged) 3.2% 0.2%

MSCI EAFE Growth 0.0% 0.6% -0.5% Barclays Emerging Markets 4.7% 2.7%

Sources: Morningstar Direct, MSCI, Barclays Capital, HFRFixed Income Excess Returns are calculated on a duration neutral basis.

Second Quarter 2016

2


What is Brexit?

• The European Union (EU) is a political and economic union among 28European countries allowing for a single market and the free movement ofpeople, labor, goods, services, and capital.

• On June 23, 2016, the United Kingdom (UK) held a referendum oncontinued membership in the EU.

• Unexpectedly, the UK electorate voted 52% to 48% to leave the EU.• Those voting to leave the EU largely did so to allow the UK to assert more

control over its regulatory and immigration policies.• Once the UK officially notifies the EU of its intention to exit, there will be a

two year negotiation process between the EU and UK.• During this two year period, the EU and the UK will need to establish new

trade and immigration agreements. Additionally, the UK will need tonegotiate separate trade agreements with the EU’s trading partners.

0

25

50

75

100

27-M

ar-1

6

03-A

pr-1

6

10-A

pr-1

6

17-A

pr-1

6

24-A

pr-1

6

01-M

ay-1

6

08-M

ay-1

6

15-M

ay-1

6

22-M

ay-1

6

29-M

ay-1

6

05-Ju

n-16

12-Ju

n-16

19-Ju

n-16

Prob

abili

ty (%

)

Leave Probability Remain Probability

Brexit Prediction Markets Prior to Vote

Source: PredictIt

Brexit Explained

Market Reaction

• Capital markets reacted sharply to the vote with a flight to safety thatbenefitted U.S. Treasuries, gold, the U.S. dollar, and the Japanese Yen.

• Risky assets sold off globally with the biggest declines occurring in Europeanequities, the Pound Sterling, and the Euro.

• Markets reacted negatively because the result was so unexpected;prediction markets showed the probability of the UK leaving the EU to beless than 30% in the days leading up to the vote.

• The impact of the vote will be felt globally, but it is most acute in the UK andEurope where the consensus outlook for growth has been lowered over thenext several years.

• Implied volatility jumped sharply after the vote suggesting larger than usualmarket swings in the months to come as the decision to exit created moreuncertainty than it solved.

©CopyrightShoweet.com

3


First Half 2016 Market Overview

January February March April May June

Worst start of the year in history of S&P 500

U.S. 10-year yield hits low of1.6%

Fed becomes less aggressive on rising rates

Dollar weakens and oilstrengthens

Global economic data shows improvement

Fed keeps rates unchanged and the UK ‘Brexits’

3.8%

-1.0%

5.3%

-15%

-10%

-5%

0%

5%

10%

12/31/15 1/31/16 2/29/16 3/31/16 4/30/16 5/31/16 6/30/16

Cum

ulat

ive

Retu

rn

S&P 500 Index MSCI ACWI ex USA Index Barclays US Aggregate

4


Geographic Footprint: Revenues vs. Domicile

ObservationsStock Market Fundamentals

Source: MSCI; FactSet

• Brexit is expected to depress GDP growth in the UK andEurope and could place downward pressure onearnings growth.

• However, revenue exposure in UK and Eurozone stocksis diversified across the globe, softening the potentialimpact to company earnings.

• Stock fundamentals provide a mixed picture, with lowerexpected EPS growth rates outside the U.S., offset bymore attractive valuations outside the U.S.

Source: MSCI

Global Stock Market Regional Domicile Exposure

U.S. Stocks54%

UK Stocks6%

Europe ex. UK Stocks15%

Other Developed

Stocks15%

Emerging Markets Stocks

10%

Note: U.S. Stocks represented by MSCI USA Index; UK Stocks represented by MSCI UK Index; Europe ex. UK Stocks represented by MSCI Europe ex. UK Index; Other Developed Stocks represented by theMSCI Australia, MSCI Hong Kong, MSCI Japan, MSCI New Zealand, MSCI Singapore, MSCI Canada, and MSCI Israel Indices; Emerging Markets Stocks represented by MSCI Emerging Markets Index;Developed Non-U.S. Stocks represented by MSCI EAFE Index.

Stock Market

YTD Return(Local)

Trailing P/E

Avg. P/E since 1998

Dividend Yield

Forward EPS 1-Yr Growth

Rate

U.S. Stocks +3.2% 18.2x 17.9x 2.1% 8.5%

Developed Non-U.S. Stocks -7.2% 14.8x 16.0x 3.5% 8.0%

UK Stocks +6.9% 18.3x 14.4x 4.1% 5.7%

Europe ex. UK Stocks -8.1% 14.9x 16.0x 3.5% 7.2%

Emerging Markets Stocks +3.5% 11.4x 11.8x 2.8% 11.2%

Source: MSCI; FactSet

Global Stock Market Regional Revenue Exposure

0%10%20%30%40%50%60%70%80%90%

100%

U.S. Stocks UK Stocks Europe ex. UKStocks

OtherDeveloped

Stocks

EmergingMarkets Stocks

U.S. Revenues UK RevenuesEurope ex. UK Revenues Other Developed RevenuesEmerging Markets Revenues

5


Second Quarter Market Overview

Source: Morningstar Direct, S&P, Russell, MSCI, Barclays, HFRI, Bloomberg

2.53.8

-1.5

0.72.2 2.3

12.8

3.82.2

-4.4

6.45.3

1.6

13.3

-10

-5

0

5

10

15

Rat

e of

Ret

urn

(%)

2nd Quarter 2016 Year-to-Date 2016

U.S. Large Cap

U.S. Equity Small Cap

International Developed

International EmergingMarkets

Fixed Income Hedge Funds Commodities

S&P 500 Russell 2000® MSCI EAFE MSCI Emerging Markets

Barclays Aggregate

HFRI Fund Weighted

CompositeBloomberg

6


U.S. Equity Market Performance

Total Market Large Cap Mid Cap Small Cap

Russell 3000® S&P 500 Russell Mid Cap® Russell 2000®

2.6 2.5

3.23.83.6 3.8

5.5

2.2

0

5

10

Rat

e of

Ret

urn

(%)

2nd Quarter 2016 Year-to-Date 2016Source: Morningstar Direct, Russell, S&P Note: Russell Style Indices shown; Russell 3000®, Russell Mid Cap®, Russell 2000®.

7


P/E Ratio(1) 15-Yr Avg.(2)

Telecom 14.5x 20.4x

Utilities 22.3x 15.6x

Energy 31.2x 14.1x

Consumer Staples 24.5x 19.2x

Materials 19.9x 18.6x

Industrials 19.0x 18.3x

S&P 500 19.6x 17.5x

Consumer Discretionary 20.7x 19.6x

Health Care 22.9x 21.3x

Technology 19.7x 22.6x

Financials 14.1x 14.8x

S&P 500 Scorecard

Consumer Discretionary

12%

Health Care15%

Industrials10%

Financials16%

Technology19%

Consumer Staples

11%

Materials3%

Energy7%

Utilities4%

Telecom3%

-3.0%

-0.3%

0.4%

0.7%

3.8%

6.5%

7.5%

10.5%

16.1%

23.4%

24.8%

2.1%

-2.8%

6.3%

-0.9%

2.5%

1.4%

3.7%

4.6%

11.6%

6.8%

7.1%

2nd Quarter 2016

Source: Morningstar Direct, S&P

Year-To-Date 2016

Top Five S&P 500 Index Holdings

Sector WeightsSector Returns

Name Sector % of S&PYTD 2016

Return

YTD 2016 Contribution

to Return

1. Apple, Inc. Technology 2.9% -8.1% -0.27%

2. Microsoft Corp. Technology 2.2% -6.5% -0.16%

3. Exxon Mobil Corp. Energy 2.1% 22.2% +0.41%

4. Johnson & Johnson Health Care 1.8% 19.6% +0.31%

5. General Electric Co. Industrials 1.6% 2.5% +0.04%

Source: Morningstar Direct, S&P

Source: Morningstar, S&P(1)Trailing 12 month P/E as of 6/30/2016. (2)15-year average trailing 12 month P/E as of 6/30/2016.

8


60

70

80

90

100

12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

2016 -4.0%

Non-U.S. Equity Market Performance

Source: Morningstar Direct, MSCI

Source: Federal Reserve Board; US trade-weighted index.

International Market Returns ($, USD)Developed Markets Emerging MarketsMSCI EAFE

(US Currency)MSCI EAFE

(Local Currency)MSCI EMF

(US Currency)MSCI EMF

(Local Currency)

U.S. Dollar vs. Major CurrenciesSource: Morningstar Direct, MSCI

-1.5-0.7

0.7 0.7

-4.4

-7.2

6.4

3.5

-10

-5

0

5

10

Rat

e of

Ret

urn

(%)


1

-6-1

1

14

40

43

-8-3 -6

46

1

-5

20

-20

0

20

40

60

Australia Germany UK Japan Brazil India China Russia

Rate

of R

etur

n (%

)


Developed Emerging

9


Currency Performance and Relative Valuations• Since the end of 2011, the U.S. Dollar

appreciated approximately 20%relative to other currencies.

• This trend abated somewhat in the firsthalf of 2016, particularly among theYen and Brazilian Real.

• The UK Pound Sterling depreciated 9%in the days following the Brexit vote.

• On a purchasing power parity basis,the Euro, Yen, and most emergingmarket currencies look cheap while theYuan, Pound Sterling, and U.S. dollarappear expensive.

-9%

2%

17%

6%2%

20%

-2% -2%

1%

-7%

14%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

UK PoundSterling

Euro JapaneseYen

CanadianDollar

SwissFranc

BrazilianReal

ChineseYuan

IndianRupee

KoreanWon

MexicanPeso

RussianRuble

Developed Markets Emerging Markets

YTD Currency Performance vs. the U.S. Dollar as of June 30, 2016

Source: Bank for International Settlements (BIS) Note: Real Effective Exchange Rate (REER) measures the value of a currency against a weighted average of several foreign currencies divided by each country’s consumer price index. It is a measure of exchange rates on a Purchasing Power Parity (PPP) basis. The Emerging Markets ex-China average was calculated using U.S. trade weights supplied by the BIS.

Real Effective Exchange Rates as of June 30, 2016

90

100

110

120

130

140

150

30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15

Other Important Trading Partners Major Currencies

Trade Weighted U.S. Dollar Indices – December 2011 – June 2016

Source: International Monetary Fund (IMF)

Source: U.S. Federal ReserveNote: Major currencies include Euro, Canada, Japan, U.K., SwitzerlandOther Important Trading Partners include Mexico, China, Taiwan, South Korea, Singapore, Hong Kong, Malaysia, Brazil, Thailand, Philippines

Cumulative Returns %

USD vs. Major Currencies +23.6%

USD vs. Other Important Trading Partners +18.7%

60 70 80 90

100 110 120 130 140

China EmergingMarkets ex-

China

Euro Area Japan UnitedKingdom

UnitedStates

Real

Effe

ctiv

e Ex

chan

ge R

ate

20-Year REER Range Current REER

10


0.00.51.01.52.02.53.03.54.04.55.0

Fixed Income Markets

Short/Interm. Term Intermediate Term Long Term Long Credit Global

Barclays 1-3 Yr Gov Barclays Aggregate Barclays Long Treasury Barclays U.S. IGCorporate Long

Barclays GlobalAggregate Index

0.52.2

6.4 6.6

2.91.4

5.3

15.113.9

9.0

0

5

10

15

20

Rate

of R

etur

n (%

)


Sector ReturnsU.S. Treasury Yield Curve

Source: BarclaysYears to Maturity

3 m

os6

mos

2 yr

s3

yrs

10 y

rs

30 y

rs

5 yr

s

Source: Barclays

2.11.2 1.1

3.6

5.54.7

2.6

5.4

3.3 3.1

7.79.1 9.4

4.3

0

5

10

15

Treasury Agency Mortgages Corporate High Yield EmergingMarkets

Municipal

Rat

e of

Ret

urn

(%)


Source: Barclays

11


0.9%1.5%

-0.1% -0.2%

2.0%

10.8%

8.1%

5.9%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

UK U.S. Germany Japan Australia Brazil Russia Mexico

Government Bond Yields and Central Bank PolicyAs of June 30, 2016

Market Expectations of Target Policy Rate Observations

10-Year Treasury Yields (%)U.S. 10-Year Treasury Yield

Source: Factset

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.38%0.43%

0.60%

0.37% 0.32% 0.38%

-0.04% -0.16% -0.17%

-0.32% -0.38% -0.37%-0.5%

0.0%

0.5%

1.0%

Sep '16 Sep '17 Sep '18

U.S. UK Japan Eurozone

• Bond yields across the globe fell sharply during the end ofthe second quarter due to assumptions about what globalcentral banks would do in reaction to Brexit, with theexpectation that Japan, Europe and the UK will all adoptnegative interest rate policies.

• As of the end of the second quarter, 74% of all developedmarket government bonds were yielding less than 1%,while 36% were yielding less than 0%. Two years ago,47% of these bonds were yielding less than 1% and nonewere yielding less than 0%.

Source: FactsetSource: Barclays

Source: Factset; Rates represent the Fed Funds, Short Sterling, 3M Euro Yen, and 3M Euribor future rates.

12


8.9

-7.0

24.3

34.2

6.3

29.9

8.0

2.2

9.7

34.1

-9.3

-1.1

0.6

1.1

31.7

23.9

2.5

-9.0

5.1

1.4

-4.7

6.8

19.9

10.8

15.6

8.1

0.0

11.0

27.8

-9.2

2.3

-8.9

10.4

29.9

23.2

31.0

3.1

18.7

-20 -10 0 10 20 30 40

Lean Hogs

Live Cattle

Gold

Silver

Nickel

Zinc

Aluminum

Copper

Coffee

Soybeans

Wheat

Corn

Soybean Oil

Cotton

Sugar

Heating Oil

Natural Gas

Unleaded Gas

WTI Crude Oil

2nd Quarter 2016 Year-To-Date 2016

Real Assets Performance

12.8 13.9

7.0

16.9

1.3

5.0

0

5

10

15


Rate

of R

etur

n (%

)

Bloomberg Commodity IndexS&P Global Natural Resources Stock IndexBarclays US TIPS (1-10 Year) Index

Source: Morningstar Direct, BloombergSource: St. Louis Federal Reserve

Commodity Sector PerformanceAsset Class Performance

Historical WTI Crude Oil Prices

34% Energy (9.1%)

30% Agriculture (13.5%)

15% Precious Metals (27.1%)

15% Industrial Metals (8.5%)

5% Livestock (-0.7%)

Source: Morningstar Direct, Bloomberg, S&P, Barclays

0

20

40

60

80

100

120

140

160

6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16

13

This presentation is accompanied by additional disclosures which can be found on the last page.All information herein is confidential and proprietary.

2.31.6

2.7

5.6

2.02.8

0.82.5

3.8

-0.6

2.21.6

-0.2

1.9

3.9 3.52.3

-2.4

3.82.2

-1.0

5.3

-5

0

5

10

Rate

of R

etur

n (%

)

Q2 2016 YTD 2016

Hedge Fund Performance

• The broad hedge fund universe, represented by the HFRI Fund Weighted Composite, rose in the second quarter and turnedpositive for the year. In the second quarter, the HFRI Fund Weighted Composite’s returns were nearly equal with the broadequity and fixed income market but still lagged for the year-to-date.

• Given the increased volatility during the first quarter, many equity long/short hedge fund managers were conservativelypositioned going into the second quarter and lagged the broad equity markets.

• Contrary to the first quarter, all of the HFR Indices were positive in the second quarter, with many turning positive for the year.

• Fund of Funds was the worst performing strategy during the quarter. Fund of Funds tend to be biased towards equitylong/short managers and have higher fees than direct hedge fund managers.

Hedge Fund Indices Traditional Indices

HFRI Fund

WeightedComp.

HFRIEquity Hedge

HFRI Event Driven

HFRI Distressed

HFRI Macro

HFRI Relative

Value

HFRI Fund of Funds Comp.

S&P 500 Index

Russell 2000 Index

MSCI ACWI Ex.

U.S. Index

Barclay’s Agg.Bond Index

Source: Hedge Fund Research, Inc. and Morningstar Direct.

Observations

14

Weld County Retirement PlanTotal Fund

Total Fund Performance As of June 30, 2016

15


Total Fund Information As of June 30, 2016

RISK RETURN STATISTICSJuly 01, 2013 Through June 30, 2016

Total Fund Policy IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 4.92 4.78Minimum Return -6.00 -5.15Annualized Return 6.07 6.26Total Return 19.33 19.96Annualized Excess Return OverRisk Free 6.00 6.18

Annualized Excess Return -0.19 0.00 RISK SUMMARY STATISTICSBeta 1.01 1.00Upside Deviation 3.26 3.22Downside Deviation 6.59 6.14 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 5.99 5.47Alpha -0.06 0.00Sharpe Ratio 1.00 1.13Excess Return Over Market / Risk -0.03 0.00Tracking Error 2.30 0.00Information Ratio -0.08 -- CORRELATION STATISTICSR-Squared 0.85 1.00Correlation 0.92 1.00 Market Proxy: Policy IndexRisk-Free Proxy: 91 Day T-Bills

16

Summary of Cash Flows Last Three

Months Year-To-Date_

Beginning Market Value $232,088,475.92 $231,003,773.53

Net Cash Flow $3,302.57 -$253,743.26

Net Investment Change $8,887,051.86 $10,228,800.08

Ending Market Value $240,978,830.35 $240,978,830.35_


Total Fund Portfolio Reconciliation As of June 30, 2016

17

Weld County Retirement PlanWeld County Retirement Plan

Total Fund Allocation As of June 30, 2016

Asset Allocation vs. TargetAs Of June 30, 2016

Policy Range Policy % Current % Difference* %_

US Equity 35.0% - 45.0% $96,391,532 40.0% $105,023,246 43.6% $8,631,714 3.6%Vanguard Total Stock MarketIndex $24,097,883 10.0% $19,889,779 8.3% -$4,208,104 -1.7%

Vanguard Dividend Growth $24,097,883 10.0% $23,092,600 9.6% -$1,005,283 -0.4%Parametric Defensive Equity $24,097,883 10.0% $22,264,478 9.2% -$1,833,405 -0.8%Tortoise MLP Account $24,097,883 10.0% $39,776,389 16.5% $15,678,506 6.5%

Non-US Equity 10.0% - 20.0% $36,146,825 15.0% $37,591,755 15.6% $1,444,931 0.6%Dodge & Cox InternationalStock Fund $18,073,412 7.5% $17,333,498 7.2% -$739,914 -0.3%

Harding Loevner InternationalEquity $18,073,412 7.5% $20,258,257 8.4% $2,184,844 0.9%

Fixed Income 10.0% - 25.0% $36,146,825 15.0% $36,113,848 15.0% -$32,977 0.0%JP Morgan Core Bond Fund $12,048,942 5.0% $11,983,982 5.0% -$64,960 0.0%PIMCO Total Return $12,048,942 5.0% $12,157,359 5.0% $108,418 0.0%Bain Capital Senior Loan Fund $12,048,942 5.0% $11,972,507 5.0% -$76,435 0.0%

Real Estate 10.0% - 25.0% $48,195,766 20.0% $49,423,047 20.5% $1,227,281 0.5%Vanguard REIT Index Fund $0 0.0% $12,234,615 5.1% $12,234,615 5.1%Principal US Property Account $24,097,883 10.0% $21,317,885 8.8% -$2,779,998 -1.2%Harbert US Real Estate Fund V $6,024,471 2.5% $7,287,731 3.0% $1,263,260 0.5%Harbert US Real Estate FundVI $6,024,471 2.5% $3,091,708 1.3% -$2,932,763 -1.2%

Principal Real Estate DebtFund $12,048,942 5.0% $5,491,108 2.3% -$6,557,834 -2.7%

Hedge Funds 0.0% - 10.0% $12,048,942 5.0% $10,378,594 4.3% -$1,670,347 -0.7%Blackrock Appreciation Fund IV $12,048,942 5.0% $10,378,594 4.3% -$1,670,347 -0.7%

Private Equity 0.0% - 10.0% $12,048,942 5.0% $794,222 0.3% -$11,254,720 -4.7%Aberdeen U.S. Private EquityVI, L.P. $794,222 0.3%

Cash 0.0% - 5.0% $0 0.0% $1,654,119 0.7% $1,654,119 0.7%Operating Account $0 0.0% $1,654,119 0.7% $1,654,119 0.7%

Total $240,978,830 100.0% $240,978,830 100.0%XXXXX

*Difference between Policy and Current Allocation

18


Total Fund Allocation History As of June 30, 2016

19

Cash Flow Summary Quarter Ending June 30, 2016

BeginningMarket Value Net Cash Flow Net Investment

ChangeEnding

Market Value_

Vanguard Total Stock Market Index $19,372,750 $0 $517,030 $19,889,779Vanguard Dividend Growth $22,493,524 $0 $599,076 $23,092,600Parametric Defensive Equity $21,710,553 $18,437 $535,488 $22,264,478Tortoise MLP Account $18,658,243 $16,534,799 $4,583,347 $39,776,389Dodge & Cox International Stock Fund $17,543,359 $0 -$209,861 $17,333,498Harding Loevner International Equity $19,686,636 $0 $571,621 $20,258,257JP Morgan Core Bond Fund $11,710,689 $0 $273,293 $11,983,982PIMCO Total Return $11,910,526 $0 $246,833 $12,157,359Bain Capital Senior Loan Fund $11,660,682 $0 $311,825 $11,972,507Blackrock Appreciation Fund IV $10,318,595 $0 $60,000 $10,378,594Vanguard REIT Index Fund $14,669,353 -$3,258,940 $824,202 $12,234,615Principal US Property Account $20,841,031 $0 $476,854 $21,317,885Harbert US Real Estate Fund V $7,229,499 $58,232 $0 $7,287,731Harbert US Real Estate Fund VI $0 $3,091,708 $0 $3,091,708Principal Real Estate Debt Fund $4,882,113 $514,826 $94,169 $5,491,108Aberdeen U.S. Private Equity VI, L.P. $474,222 $320,000 $0 $794,222Operating Account $18,926,702 -$17,275,758 $3,176 $1,654,119Total $232,088,476 $3,303 $8,887,052 $240,978,830

XXXXX


Total Fund Cash Flow Summary As of June 30, 2016

20


Total Fund Cash Flow Summary As of June 30, 2016

Cash Flow Summary YTD Ending June 30, 2016

BeginningMarket Value Net Cash Flow Net Investment

ChangeEnding

Market Value_

Vanguard Total Stock Market Index $19,191,348 $0 $698,432 $19,889,779Vanguard Dividend Growth $21,877,655 $0 $1,214,944 $23,092,600Parametric Defensive Equity $21,537,245 $37,183 $690,050 $22,264,478Tortoise MLP Account $16,823,355 $19,566,343 $3,386,692 $39,776,389Dodge & Cox International Stock Fund $18,227,905 $0 -$894,407 $17,333,498Harding Loevner International Equity $19,549,446 $0 $708,810 $20,258,257JP Morgan Core Bond Fund $8,892,149 $2,500,000 $591,833 $11,983,982PIMCO Total Return $10,704,097 $1,000,000 $453,262 $12,157,359Bain Capital Senior Loan Fund $10,009,653 $1,500,000 $462,853 $11,972,507Blackrock Appreciation Fund IV $10,500,159 $0 -$121,564 $10,378,594Vanguard REIT Index Fund $14,052,691 -$3,500,017 $1,681,941 $12,234,615Principal US Property Account $20,464,942 $0 $852,943 $21,317,885Harbert US Real Estate Fund V $6,844,298 $99,999 $343,435 $7,287,731Harbert US Real Estate Fund VI -- $3,091,708 $0 $3,091,708Principal Real Estate Debt Fund $4,763,056 $552,229 $175,823 $5,491,108Aberdeen U.S. Private Equity VI, L.P. $391,573 $424,691 -$22,042 $794,222Operating Account $27,174,201 -$25,525,878 $5,796 $1,654,119Total $231,003,774 -$253,743 $10,228,800 $240,978,830

XXXXX

21


Total Fund Universe Performance As of June 30, 2016

22

Ending June 30, 2016Market Value

($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

2015(%)

2014(%)

2013(%)

2012(%)

2011(%)

_

Total Fund 240,978,830 100.0 3.8 4.4 1.4 6.1 6.4 4.7 -1.6 7.9 13.9 11.6 1.1Policy Index 1.5 2.6 1.1 6.3 6.2 5.0 1.0 5.6 13.4 10.8 2.4Strategy Index 3.5 4.1 0.5 6.0 6.2 -- -1.8 6.9 15.2 10.0 1.8

InvestorForce Public DB $50mm-$250mm Net Median 1.8 3.2 0.8 6.0 6.0 5.6 -0.3 5.6 14.9 11.1 0.6Total Equity 142,615,001 59.2 5.2 4.5 -2.7 6.2 6.8 4.6 -6.2 8.8 24.5 14.8 -4.4

MSCI ACWI 1.0 1.2 -3.7 6.0 5.4 4.3 -2.4 4.2 22.8 16.1 -7.3InvestorForce Public DB Total Eq Net Median 1.4 1.5 -3.1 7.6 6.6 5.0 -1.4 5.9 29.0 16.5 -4.7

Total US Equity 105,023,246 43.6 6.8 6.4 1.2 8.4 10.3 6.0 -5.0 12.4 32.1 11.1 3.5Russell 3000 2.6 3.6 2.1 11.1 11.6 7.4 0.5 12.6 33.6 16.4 1.0US Equity Composite Index 6.3 6.1 -1.0 7.3 9.8 -- -7.6 10.8 33.0 12.6 4.2

InvestorForce Public DB US Eq Net Median 2.6 3.6 0.6 10.5 10.5 7.0 -0.1 11.0 34.2 15.9 0.5Total International Equity 37,591,755 15.6 1.0 -0.5 -11.8 0.4 -0.3 1.5 -8.2 -1.8 11.4 20.3 -14.9

MSCI ACWI ex USA -0.6 -1.0 -10.2 1.2 0.1 1.9 -5.7 -3.9 15.3 16.8 -13.7InvestorForce Public DB ex-US Eq Net Median -0.3 -0.7 -9.1 2.0 1.5 2.1 -3.8 -3.7 16.8 18.2 -13.5

Total Fixed Income 36,113,848 15.0 2.4 4.4 3.4 2.9 3.5 5.1 0.1 3.6 -1.7 8.8 5.4Barclays Aggregate 2.2 5.3 6.0 4.1 3.8 5.1 0.6 6.0 -2.0 4.2 7.8Fixed Income Composite Index 2.4 5.0 4.3 3.7 3.6 -- 0.3 5.0 -1.5 4.2 7.8

InvestorForce Public DB Total Fix Inc Net Median 2.0 4.7 4.1 3.0 3.5 5.4 0.0 3.6 -1.4 6.4 6.1Total Hedge Funds 10,378,594 4.3 0.6 -1.2 -2.6 -0.1 -- -- 1.2 0.3 0.1 -- --

HFRI Fund of Funds Composite Index 0.6 -2.6 -5.4 1.9 1.6 1.6 -0.3 3.4 9.0 4.8 -5.7InvestorForce Public DB Hedge Funds Net Median 0.9 -2.3 -6.3 2.5 3.0 2.2 -0.5 4.2 11.9 7.1 -2.8

Total Real Estate 49,423,047 20.5 2.9 6.6 14.1 12.4 12.5 5.1 10.6 13.7 13.5 11.6 15.5NCREIF-ODCE Net 1.9 3.9 10.8 12.0 11.7 5.2 13.9 11.5 12.9 9.8 15.0Real Estate Composite Index 2.0 4.0 10.1 11.0 11.1 -- 12.3 10.4 12.6 9.8 15.0

Total Private Equity 794,222 0.3 0.0 -4.4 2.9 -- -- -- 40.4 -- -- -- --InvestorForce Public DB Private Eq Net Median -- -- -- -- -- -- 9.2 11.6 11.4 9.8 8.8

XXXXX


Total Fund Performance As of June 30, 2016

23


Total Fund Quarterly Risk/Return As of June 30, 2016

24


Total Fund Information As of June 30, 2016

Summary of Cash Flows Second Quarter 2015 2014

_

Beginning Market Value $232,088,475.92 $184,459,147.12 $160,360,778.74

Net Cash Flow $3,302.57 $50,567,707.39 $10,969,795.96

Net Investment Change $8,887,051.86 -$4,023,080.98 $13,128,572.42

Ending Market Value $240,978,830.35 $231,003,773.53 $184,459,147.12_

Time Weighted Return 3.84% -1.64% 7.85%

Dollar Weighted Return 3.81% -2.10% 7.72%_

25


Total Fund Attribution Analysis As of June 30, 2016

Attribution Effects6 Months Ending June 30, 2016

Wtd. ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Total Equity 4.50% 1.23% 3.27% 1.79% -0.13% 0.08% 1.74%Total Fixed Income 4.39% 5.31% -0.92% -0.14% -0.02% 0.02% -0.14%Total Hedge Funds -1.16% -2.56% 1.40% 0.07% 0.01% -0.01% 0.08%Total Real Estate 6.58% 3.92% 2.66% 0.54% 0.01% 0.01% 0.57%Total Private Equity -- -- -- -- -- -- --Operating Account -- -- -- -- -- -- --Total 4.46% 2.22% 2.24% 2.26% -0.13% 0.11% 2.24%

26

3 Year Risk Statistics

AnnualizedReturn (%)

AnnualizedStandardDeviation

AnnualizedAlpha (%) Beta Tracking

Error

Up MarketCapture

Ratio (%)

DownMarketCapture

Ratio (%)

SharpeRatio

InformationRatio

_

Total Fund 6.1 6.8 0.4 0.9 1.8 100.2 102.7 0.9 -0.1 Policy Index 6.3 7.3 0.0 1.0 0.0 100.0 100.0 0.9 --Total Equity 6.2 11.1 0.7 0.9 3.1 95.6 94.7 0.6 0.1 MSCI ACWI 6.0 11.8 0.0 1.0 0.0 100.0 100.0 0.5 --Total US Equity 8.4 10.5 -1.0 0.8 4.3 84.3 99.0 0.8 -0.6 Russell 3000 11.1 11.5 0.0 1.0 0.0 100.0 100.0 1.0 --Vanguard Total Stock Market Index 11.1 11.4 0.0 1.0 0.0 100.0 100.0 1.0 -0.5 CRSP Index 11.1 11.4 0.0 1.0 0.0 100.0 100.0 1.0 --Vanguard Dividend Growth 11.4 10.1 1.3 0.9 2.9 88.0 85.5 1.1 -0.1 S&P 500 11.7 11.3 0.0 1.0 0.0 100.0 100.0 1.0 --Parametric Defensive Equity 8.2 5.5 2.6 1.0 1.2 113.4 82.7 1.5 2.0 Parametric Custom Index 5.9 5.6 0.0 1.0 0.0 100.0 100.0 1.0 --Tortoise MLP Account 0.0 20.0 5.2 1.0 5.2 106.9 90.4 0.0 1.0 Alerian MLP TR USD -5.4 20.0 0.0 1.0 0.0 100.0 100.0 -0.3 --Total International Equity 0.4 14.2 -0.8 1.0 3.3 103.2 105.2 0.0 -0.2 MSCI ACWI ex USA 1.2 13.3 0.0 1.0 0.0 100.0 100.0 0.1 --Dodge & Cox International StockFund 0.4 15.6 -1.0 1.1 4.4 127.5 118.7 0.0 -0.2

MSCI ACWI ex USA 1.2 13.3 0.0 1.0 0.0 100.0 100.0 0.1 --Total Fixed Income 2.9 2.2 0.0 0.7 1.4 72.9 82.4 1.3 -0.8 Barclays Aggregate 4.1 2.7 0.0 1.0 0.0 100.0 100.0 1.5 --JP Morgan Core Bond Fund 4.0 2.5 0.3 0.9 0.5 90.5 77.2 1.6 -0.1 Barclays Aggregate 4.1 2.7 0.0 1.0 0.0 100.0 100.0 1.5 --PIMCO Total Return 3.5 3.2 -0.7 1.0 1.6 100.8 129.7 1.1 -0.4 Barclays Aggregate 4.1 2.7 0.0 1.0 0.0 100.0 100.0 1.5 --


Total Fund Risk Statistics As of June 30, 2016

27

Weld County Retirement PlanTotal Equity

As of June 30, 2016

28

Domestic Equity Managers

29

Ending June 30, 2016 InceptionMarket Value

($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total US Equity 105,023,246 100.0 6.8 6.4 1.2 8.4 10.3 6.0 5.0 Jan-00

Russell 3000 2.6 3.6 2.1 11.1 11.6 7.4 4.6 Jan-00

US Equity Composite Index 6.3 6.1 -1.0 7.3 9.8 -- -- Jan-00

InvestorForce Public DB US Eq Net Rank 1 2 45 90 61 93 54 Jan-00

InvestorForce Public DB US Eq Net Median 2.6 3.6 0.6 10.5 10.5 7.0 5.2 Jan-00

Vanguard Total Stock Market Index 19,889,779 18.9 2.7 3.6 2.1 11.1 -- -- 12.4 Mar-12

CRSP Index 2.7 3.7 2.1 11.1 11.3 7.1 12.3 Mar-12

All Cap Blend MStar MF Rank 35 38 23 21 -- -- 21 Mar-12

All Cap Blend MStar MF Median 2.2 2.8 -1.6 9.0 9.9 6.8 11.2 Mar-12

Vanguard Dividend Growth 23,092,600 22.0 2.7 5.6 9.1 11.4 -- -- 12.6 Mar-12

S&P 500 2.5 3.8 4.0 11.7 12.1 7.4 12.8 Mar-12

Russell 1000 Dividend Growth Index 4.5 12.0 12.7 14.2 14.1 8.8 15.4 Mar-12

Large Blend MStar MF Rank 23 10 3 23 -- -- 21 Mar-12

Large Blend MStar MF Median 2.0 2.5 0.7 10.2 11.1 6.9 11.8 Mar-12

Parametric Defensive Equity 22,264,478 21.2 2.5 3.2 4.3 8.2 -- -- 7.9 Apr-13

Parametric Custom Index 1.3 2.1 2.3 5.9 6.1 4.4 5.9 Apr-13

Large Blend MStar MF Rank 28 42 13 83 -- -- 88 Apr-13

Large Blend MStar MF Median 2.0 2.5 0.7 10.2 11.1 6.9 10.3 Apr-13

Tortoise MLP Account 39,776,389 37.9 15.7 8.7 -15.8 0.0 -- -- 9.3 Sep-11

Alerian MLP TR USD 19.7 14.7 -13.1 -5.4 3.2 9.5 4.0 Sep-11

All Cap MStar MF Rank 1 5 97 99 -- -- 90 Sep-11

All Cap MStar MF Median 2.2 2.0 -2.6 8.8 9.6 6.9 12.3 Sep-11XXXXX

Weld County Retirement PlanTotal US Equity

As of June 30, 2016

30


As of June 30, 2016

31


As of June 30, 2016

3 YEAR RISK RETURN STATISTICSTotal US Equity Russell 3000

RETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 8.36 10.10Minimum Return -9.42 -7.25Annualized Return 8.42 11.13Total Return 27.46 37.23Annualized Excess Return Over RiskFree 8.35 11.06

Annualized Excess Return -2.70 0.00 RISK SUMMARY STATISTICSBeta 0.95 1.00Upside Deviation 6.08 6.32Downside Deviation 10.26 -- RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 9.61 8.72Alpha -0.48 0.00Sharpe Ratio 0.87 1.27Excess Return Over Market / Risk -0.28 0.00Tracking Error 4.85 0.00Information Ratio -0.56 -- CORRELATION STATISTICSR-Squared 0.75 1.00Correlation 0.86 1.00 Market Proxy: Russell 3000Risk-Free Proxy: 91 Day T-Bills

32

Weld County Retirement PlanVanguard Total Stock Market Index

As of June 30, 2016

Account InformationAccount Name Vanguard Total Stock Market IndexAccount Structure Mutual FundInvestment Style ActiveInception Date 3/01/12Account Type US EquityBenchmark CRSP IndexUniverse All Cap Blend MStar MF

Top Ten Holdings_

APPLE 2.27%EXXON MOBIL 1.77%MICROSOFT 1.75%JOHNSON & JOHNSON 1.52%GENERAL ELECTRIC 1.32%AMAZON.COM 1.31%BERKSHIRE HATHAWAY 'B' 1.22%AT&T 1.21%FACEBOOK CLASS A 1.15%JP MORGAN CHASE & CO. 1.04%Total 14.56%

_

Characteristics

Portfolio MSCI US BroadMarket

Number of Holdings 3,619 3,236Weighted Avg. Market Cap. ($B) 106.15 105.75Median Market Cap. ($B) 0.82 1.16Price To Earnings 23.88 23.74Price To Book 4.28 3.60Price To Sales 3.55 3.12Return on Equity (%) 18.01 15.94Yield (%) 2.06 2.03Beta 1.00 1.00R-Squared 1.00 1.00

3 Year Risk/Return StatisticsVanguard Total Stock

Market Index CRSP Index


Annualized Excess Return -0.01 0.00 RISK SUMMARY STATISTICSBeta 1.00 1.00Upside Deviation 7.66 7.76Downside Deviation 6.24 5.92 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 11.45 11.44Alpha 0.00 0.00Sharpe Ratio 0.96 0.96Excess Return Over Market / Risk 0.00 0.00Tracking Error 0.03 0.00Information Ratio -0.52 -- CORRELATION STATISTICSR-Squared 1.00 1.00Correlation 1.00 1.00

33


As of June 30, 2016

34


As of June 30, 2016

35


As of June 30, 2016

Vanguard Total Stock Market Index Performance Attribution vs. MSCI US Broad MarketAttribution Effects

Total Selection AllocationEffects Effect Effect

_

Energy 0.01% 0.01% 0.01% Materials 0.00% 0.00% 0.00% Industrials -0.01% -0.01% 0.00% Cons. Disc. 0.01% 0.00% 0.01% Cons. Staples 0.00% 0.00% 0.00% Health Care 0.01% 0.00% 0.01% Financials 0.00% -0.01% 0.01% Info. Tech 0.00% 0.00% 0.00% Telecomm. 0.00% 0.00% 0.00% Utilities 0.01% 0.00% 0.01% Cash 0.00% 0.00% -- Portfolio 0.03% = -0.01% + 0.04%

_

36

Weld County Retirement PlanVanguard Dividend Growth

As of June 30, 2016

Account InformationAccount Name Vanguard Dividend GrowthAccount Structure Mutual FundInvestment Style ActiveInception Date 3/01/12Account Type US EquityBenchmark S&P 500Universe Large Blend MStar MF

Top Ten Holdings_

MICROSOFT 3.42%UNITED PARCEL SER.'B' 3.26%COSTCO WHOLESALE 3.12%NIKE 'B' 3.03%TJX 2.84%COLGATE-PALM. 2.83%ACCENTURE CLASS A 2.82%ACE 2.78%MARSH & MCLENNAN 2.77%HONEYWELL INTL. 2.76%Total 29.64%

_

CharacteristicsPortfolio S&P 500

Number of Holdings 45 505Weighted Avg. Market Cap. ($B) 111.69 127.61Median Market Cap. ($B) 74.38 18.11Price To Earnings 24.68 23.28Price To Book 6.12 4.40Price To Sales 3.10 3.03Return on Equity (%) 23.79 17.73Yield (%) 2.29 2.15Beta 0.87 1.00R-Squared 0.94 1.00

3 Year Risk/Return StatisticsVanguard Dividend Growth S&P 500


Annualized Excess Return -0.23 0.00

RISK SUMMARY STATISTICSBeta 0.87 1.00Upside Deviation 6.78 7.54Downside Deviation 6.02 5.90

RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 10.13 11.25Alpha 0.10 0.00Sharpe Ratio 1.12 1.03Excess Return Over Market / Risk -0.02 0.00Tracking Error 2.94 0.00Information Ratio -0.08 --

CORRELATION STATISTICSR-Squared 0.94 1.00Correlation 0.97 1.00

37*Characteristics information is based off of 03/31/16 holdings information.


As of June 30, 2016

38


As of June 30, 2016

39


As of June 30, 2016

Vanguard Dividend Growth Performance Attribution vs. S&P 500Attribution Effects


_

Energy -0.47% -0.03% -0.44% Materials -0.05% -0.09% 0.04% Industrials 0.82% 0.70% 0.12% Cons. Disc. -0.26% -0.25% -0.01% Cons. Staples -0.33% -0.69% 0.36% Health Care 0.45% 0.29% 0.16% Financials 0.14% 0.16% -0.02% Info. Tech 0.43% 0.15% 0.28% Telecomm. -0.20% 0.00% -0.20% Utilities -0.24% 0.00% -0.24% Cash 0.00% 0.00% -- Portfolio 0.30% = 0.23% + 0.07%

_

40

Account InformationAccount Name Parametric Defensive EquityAccount Structure Separate AccountInvestment Style ActiveInception Date 4/01/13Account Type US EquityBenchmark Parametric Custom IndexUniverse Large Blend MStar MF

Top Ten Holdings_

VANGUARD S&P 500 ETF 42.09%UNITED STATES TREASURY 27.50%UNITED STATES TREASURY 22.06%ISHARES CORE S&P 500 ETF 7.44%CASH - USD 1.14%Cash -0.03%Unknown Security -0.20%

Total 100.00%_

Weld County Retirement PlanParametric Defensive Equity

As of June 30, 2016

CharacteristicsPortfolio

Number of Holdings 22 Weighted Avg. Market Cap. ($B) 50.45 Median Market Cap. ($B) 59.76 Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) 2.18 Beta R-Squared

3 Year Risk/Return StatisticsParametric Defensive

Equity Parametric Custom Index


Annualized Excess Return 2.34 0.00 RISK SUMMARY STATISTICSBeta 0.96 1.00Upside Deviation 3.26 3.77Downside Deviation 3.63 2.95 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 5.51 5.63Alpha 0.20 0.00Sharpe Ratio 1.48 1.03Excess Return Over Market / Risk 0.42 0.00Tracking Error 1.19 0.00Information Ratio 1.96 -- CORRELATION STATISTICSR-Squared 0.96 1.00Correlation 0.98 1.00

41


As of June 30, 2016

42


As of June 30, 2016

43

Weld County Retirement PlanTortoise MLP Account

As of June 30, 2016

Account InformationAccount Name Tortoise MLP AccountAccount Structure Separate AccountInvestment Style ActiveInception Date 9/01/11Account Type MLPBenchmark Alerian MLP TR USDUniverse All Cap MStar MF

Top Ten Holdings_

ENTERPRISE PRDS.PTNS.LP. 9.96%MAGELLAN MIDSTREAM PTNS. UTS. 9.21%PLAINS ALL AMER.PIPE.LP. UNIT 7.42%SUNOCO LOGIST.PARTNERS 6.31%EQT MIDSTREAM PARTNERS 6.20%MPLX 6.03%BUCKEYE PARTNERS 5.87%ONEOK PARTNERS 5.32%ENERGY TRANSFER PTNS. 4.51%TESORO LOGISTICS 4.34%Total 65.16%

_

CharacteristicsPortfolio

Number of Holdings 27 Weighted Avg. Market Cap. ($B) 14.95 Median Market Cap. ($B) 7.51 Price To Earnings 27.58 Price To Book 3.14 Price To Sales 4.50 Return on Equity (%) 13.09 Yield (%) 6.33 Beta R-Squared

3 Year Risk/Return StatisticsTortoise MLP Account Alerian MLP TR USD

RETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 10.08 11.04Minimum Return -17.36 -15.28Annualized Return 0.03 -5.38Total Return 0.10 -15.30Annualized Excess Return Over RiskFree -0.04 -5.45

Annualized Excess Return 5.42 0.00 RISK SUMMARY STATISTICSBeta 0.97 1.00Upside Deviation 9.54 11.23Downside Deviation 15.06 13.22 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 20.04 20.01Alpha 0.46 0.00Sharpe Ratio 0.00 -0.27Excess Return Over Market / Risk 0.27 0.00Tracking Error 5.23 0.00Information Ratio 1.04 -- CORRELATION STATISTICSR-Squared 0.93 1.00Correlation 0.97 1.00

44

Weld County Retirement PlanTortoise Infastructure MLPs

As of June 30, 2016

45

Weld County Retirement PlanTortoise MLP Account

As of June 30, 2016

46

Non US Equity Managers

47


($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total International Equity 37,591,755 100.0 1.0 -0.5 -11.8 0.4 -0.3 1.5 2.9 Jan-00

MSCI ACWI ex USA -0.6 -1.0 -10.2 1.2 0.1 1.9 2.6 Jan-00

InvestorForce Public DB ex-US Eq Net Rank 11 46 86 87 89 72 18 Jan-00

InvestorForce Public DB ex-US Eq Net Median -0.3 -0.7 -9.1 2.0 1.5 2.1 2.5 Jan-00

Dodge & Cox International Stock Fund 17,333,498 46.1 -1.2 -4.9 -18.9 0.4 1.0 2.2 2.2 Jun-06

MSCI ACWI ex USA -0.6 -1.0 -10.2 1.2 0.1 1.9 1.8 Jun-06

MSCI ACWI ex USA Value -1.8 -2.2 -14.3 -0.8 -1.4 0.9 0.8 Jun-06

Foreign Large Blend MStar MF Rank 58 79 98 87 66 32 33 Jun-06

Foreign Large Blend MStar MF Median -1.0 -3.2 -9.6 2.2 1.5 1.8 1.7 Jun-06

Harding Loevner International Equity 20,258,257 53.9 2.9 3.6 -3.1 -- -- -- -1.2 Aug-14

MSCI ACWI ex USA -0.6 -1.0 -10.2 1.2 0.1 1.9 -7.6 Aug-14

MSCI ACWI ex USA Growth 0.5 0.1 -6.2 3.1 1.5 2.8 -3.6 Aug-14

Foreign Large Growth MStar MF Rank 7 5 21 -- -- -- 29 Aug-14

Foreign Large Growth MStar MF Median 0.0 -1.7 -6.5 3.5 3.2 3.1 -3.0 Aug-14XXXXX

Weld County Retirement PlanTotal International Equity

As of June 30, 2016

48

Weld County Retirement PlanTotal International Equity

As of June 30, 2016

49

Account InformationAccount Name Dodge & Cox International Stock FundAccount Structure Mutual FundInvestment Style ActiveInception Date 6/01/06Account Type InternationalBenchmark MSCI ACWI ex USAUniverse Foreign Large Blend MStar MF

Weld County Retirement PlanDodge & Cox International Stock Fund

As of June 30, 2016

Top Ten Holdings_

NASPERS 4.56%SCHLUMBERGER 3.99%SANOFI 3.78%SAMSUNG ELECTRONICS 3.40%SCHNEIDER ELECTRIC SE 2.91%ROCHE HOLDING 2.87%ITAU UNIBANCO HOLDING PN 2.71%ICICI BANK 2.64%STANDARD CHARTERED 2.45%BARCLAYS 2.42%Total 31.72%

_

Characteristics

Portfolio MSCI ACWI exUSA

Number of Holdings 75 1,859Weighted Avg. Market Cap. ($B) 52.82 48.12Median Market Cap. ($B) 21.55 6.51Price To Earnings 19.83 18.75Price To Book 2.45 2.43Price To Sales 1.69 2.25Return on Equity (%) 10.71 13.86Yield (%) 3.41 3.22Beta 1.14 1.00R-Squared 0.91 1.00

3 Year Risk/Return StatisticsDodge & Cox International

Stock Fund MSCI ACWI ex USA


Annualized Excess Return -0.80 0.00 RISK SUMMARY STATISTICSBeta 1.14 1.00Upside Deviation 9.37 9.22Downside Deviation 8.82 7.40 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 15.60 13.25Alpha -0.06 0.00Sharpe Ratio 0.02 0.08Excess Return Over Market / Risk -0.05 0.00Tracking Error 4.37 0.00Information Ratio -0.18 -- CORRELATION STATISTICSR-Squared 0.94 1.00Correlation 0.97 1.00

50


As of June 30, 2016

51


As of June 30, 2016

52


As of June 30, 2016

Dodge & Cox International Stock Fund Performance Attribution vs. MSCI ACWI ex USAAttribution Effects


_

Energy 0.26% 0.09% 0.17% Materials 0.13% 0.24% -0.11% Industrials 0.44% 0.39% 0.05% Cons. Disc. -0.18% 0.33% -0.51% Cons. Staples -0.40% 0.15% -0.55% Health Care 0.26% 0.10% 0.16% Financials -1.12% -1.08% -0.04% Info. Tech -0.30% -0.30% -0.01% Telecomm. 0.09% 0.09% 0.00% Utilities -0.07% 0.05% -0.12% Cash 0.00% 0.00% 0.00% Portfolio -0.89% = 0.06% + -0.96%

_

53

Weld County Retirement PlanHarding Loevner International Equity

As of June 30, 2016

Account InformationAccount Name Harding Loevner International EquityAccount Structure Mutual FundInvestment Style ActiveInception Date 8/01/14Account Type InternationalBenchmark MSCI ACWI ex USAUniverse Foreign Large Growth MStar MF

Top Ten Holdings_

NESTLE SPN.ADR.REGD.SHS. ADR 1:1 5.41%AIA GROUP 5.07%ROCHE HOLDING 5.06%ROYAL DUTCH SHELL B(OTC) 4.57%WPP 4.14%L'OREAL 3.63%KEYENCE 3.62%ALLIANZ 3.29%BAIDU 'A' ADR 10:1 3.24%NASPERS 3.21%Total 41.25%

_

Characteristics

Portfolio MSCI ACWI exUSA

Number of Holdings 43 1,859Weighted Avg. Market Cap. ($B) 70.59 48.12Median Market Cap. ($B) 28.67 6.51Price To Earnings 28.38 18.75Price To Book 5.27 2.43Price To Sales 3.81 2.25Return on Equity (%) 19.66 13.86Yield (%) 2.43 3.22Beta 1.00R-Squared 1.00

Risk/Return Statistics Since InceptionHarding Loevner

International Equity MSCI ACWI ex USA

RETURN SUMMARY STATISTICSNumber of Periods 23 23Maximum Return 9.20 8.13Minimum Return -9.02 -7.64Annualized Return -1.20 -7.63Total Return -2.29 -14.11Annualized Excess Return Over RiskFree -1.30 -7.72

Annualized Excess Return 6.43 0.00 RISK SUMMARY STATISTICSBeta 0.95 1.00Upside Deviation 10.26 10.57Downside Deviation 8.40 7.70 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 14.24 14.14Alpha 0.53 0.00Sharpe Ratio -0.09 -0.55Excess Return Over Market / Risk 0.45 0.00Tracking Error 4.63 0.00Information Ratio 1.39 -- CORRELATION STATISTICSR-Squared 0.90 1.00Correlation 0.95 1.00

54


As of June 30, 2016

55


As of June 30, 2016

56


As of June 30, 2016

Harding Loevner International Equity Performance Attribution vs. MSCI ACWI ex USAAttribution Effects


_

Energy 0.80% 0.21% 0.60% Materials -0.46% -0.58% 0.12% Industrials 0.08% 0.12% -0.04% Cons. Disc. 0.06% -0.26% 0.31% Cons. Staples 1.02% 0.54% 0.48% Health Care 0.91% 0.98% -0.08% Financials 1.61% 1.20% 0.41% Info. Tech -0.99% -0.99% -0.01% Telecomm. 0.01% 0.02% 0.00% Utilities -0.07% 0.05% -0.12% Cash 0.00% 0.00% -- Portfolio 2.96% = 1.29% + 1.67%

_

57


($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total Fixed Income 36,113,848 100.0 2.4 4.4 3.4 2.9 3.5 5.1 5.6 Jan-00

Barclays Aggregate 2.2 5.3 6.0 4.1 3.8 5.1 5.5 Jan-00

Fixed Income Composite Index 2.4 5.0 4.3 3.7 3.6 -- -- Jan-00

InvestorForce Public DB Total Fix Inc Net Rank 36 57 84 70 51 65 82 Jan-00

InvestorForce Public DB Total Fix Inc Net Median 2.0 4.7 4.1 3.0 3.5 5.4 5.7 Jan-00

JP Morgan Core Bond Fund 11,983,982 33.2 2.3 5.2 5.9 4.0 4.1 -- 5.7 Jul-08

Barclays Aggregate 2.2 5.3 6.0 4.1 3.8 5.1 4.8 Jul-08

Intermediate-Term Bond MStar MF Rank 57 54 24 43 43 -- 25 Jul-08

Intermediate-Term Bond MStar MF Median 2.4 5.3 5.2 3.9 4.0 5.3 5.2 Jul-08

PIMCO Total Return 12,157,359 33.7 2.1 3.9 4.3 3.5 3.7 -- 5.7 Jun-08

Barclays Aggregate 2.2 5.3 6.0 4.1 3.8 5.1 4.7 Jun-08

Intermediate-Term Bond MStar MF Rank 80 89 77 77 67 -- 24 Jun-08

Intermediate-Term Bond MStar MF Median 2.4 5.3 5.2 3.9 4.0 5.3 5.2 Jun-08

Bain Capital Senior Loan Fund 11,972,507 33.2 2.7 3.9 0.1 -- -- -- 2.1 Sep-13

Credit Suisse Leveraged Loans 2.9 4.2 0.9 3.0 4.0 4.2 2.8 Sep-13

Bank Loan MStar MF Rank 50 53 74 -- -- -- 67 Sep-13

Bank Loan MStar MF Median 2.6 4.0 1.1 2.6 3.7 3.7 2.4 Sep-13XXXXX

Weld County Retirement PlanTotal Fixed Income

As of June 30, 2016

58

Weld County Retirement PlanTotal Fixed Income

As of June 30, 2016

59

Weld County Retirement PlanJP Morgan Core Bond Fund

As of June 30, 2016

Account InformationAccount Name JP Morgan Core Bond FundAccount Structure Commingled FundInvestment Style ActiveInception Date 7/01/08Account Type FixedBenchmark Barclays AggregateUniverse Intermediate-Term Bond MStar MF

3 Year Risk/Return StatisticsJP Morgan Core Bond Fund Barclays Aggregate

RETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 2.06 2.10Minimum Return -0.86 -1.09Annualized Return 4.00 4.06Total Return 12.49 12.69Annualized Excess Return Over Risk Free 3.93 3.99Annualized Excess Return -0.06 0.00 RISK SUMMARY STATISTICSBeta 0.91 1.00Upside Deviation 1.85 1.93Downside Deviation 0.91 1.02 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 2.47 2.66Alpha 0.02 0.00Sharpe Ratio 1.59 1.50Excess Return Over Market / Risk -0.03 0.00Tracking Error 0.51 0.00Information Ratio -0.12 -- CORRELATION STATISTICSR-Squared 0.97 1.00Correlation 0.98 1.00

60


As of June 30, 2016

61


As of June 30, 2016

62

JP Morgan Barclays US Core Bond Aggregate

5.4 5.5AA- AA+

2.2% 1.9%

Effective Duration (years)Average QualityYield to MaturityEffective Maturity (years) 7.0 7.7

Bond Portfolio CharacteristicsAs of June 30, 2016

68.4%

3.8% 10

.2% 13.7%

4.0%

70.8%

4.4% 11

.3% 13.5%

0.0%

0%

20%

40%

60%

80%

100%

AAA A < BAA

Quality Rating Allocation

AA

JP Morgan Core Bond

BAA

Barclays US Aggregate

26.7%

3.5%

30.7%

6.0%

8.5%

22.1%

2.5%

36.6%

2.5%

27.8%

1.7%

0.5%

31.0%

0.0%

-35%

-15%

5%

25%

45%

65%

US Treasury US Gov't Agency Mortgage CMBS ABS Corporate Cash/ Other

Sector Allocation

Account InformationAccount Name PIMCO Total ReturnAccount Structure Mutual FundInvestment Style ActiveInception Date 6/01/08Account Type FixedBenchmark Barclays AggregateUniverse Intermediate-Term Bond MStar MF

Weld County Retirement PlanPIMCO Total Return

As of June 30, 2016

3 Year Risk/Return StatisticsPIMCO Total Return Barclays Aggregate

RETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 2.64 2.10Minimum Return -1.07 -1.09Annualized Return 3.47 4.06Total Return 10.79 12.69Annualized Excess Return Over Risk Free 3.40 3.99Annualized Excess Return -0.59 0.00 RISK SUMMARY STATISTICSBeta 1.03 1.00Upside Deviation 2.07 1.93Downside Deviation 0.98 1.02 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 3.19 2.66Alpha -0.06 0.00Sharpe Ratio 1.07 1.50Excess Return Over Market / Risk -0.18 0.00Tracking Error 1.65 0.00Information Ratio -0.36 -- CORRELATION STATISTICSR-Squared 0.73 1.00Correlation 0.86 1.00

63


As of June 30, 2016

64


As of June 30, 2016

Fund Information as of 03/31/2016

Fund Name PIMCO Total ReturnFund;Institut

Ticker PTTRX

Category Intermediate-Term Bond

Benchmark Barclays Aggregate

Expense Ratio 0.46%

Fund Assets ($mm) 58,519.80

Share Class Inception Date 5/11/1987

Manager Tenure 2

Top Holdings as of 03/31/2016FIN FUT US 5YR CBT 06/30/16 16.29%FIN FUT US 10YR CBT 06/21/16 14.30%IRS USD 2.75000 12/16/15-30Y CME 12.25%FNMA 6.51%US TREASURY BOND 3.125% 5.91%IRS USD 1.75000 05/06/16-2Y CME 5.79%IRS USD 2.50000 12/16/15-10Y LCH 5.18%FNMA 4.68%FNMA 4.61%IRS USD 2.25000 12/16/15-7Y LCH 4.61%

Maturities as of 03/31/20161 to 3 Years 10.94%

3 to 5 Years 10.04%

5 to 7 Years 12.71%

7 to 10 Years 11.56%

10 to 15 Years 9.39%

15 to 20 Years 7.36%

20 to 30 Years 33.38%

Greater than 30 Years 34.81%

Fixed Income Sectors as of 03/31/2016GOVERNMENT 94.82%MUNICIPAL 3.22%CORPORATE 16.03%SECURITIZED 49.71%CASH & EQUIVALENTS 90.49%DERIVATIVE 26.41%

Credit Quality as of 06/30/2015AAA 59.00%

AA 10.00%

A 11.00%

BBB 14.00%

BB 2.00%

B 1.00%

Below B 3.00%

Not Rated 0.00%

Fund Characteristics as of 03/31/2016Sharpe Ratio (3 Year) 0.39Average Duration 5.42Average Coupon 4.11%Average Effective Maturity 8.40R-Squared (3 Year) 0.81Alpha (3 Year) -0.11%Beta (3 Year) 1.15

65

Account InformationAccount Name Bain Capital Senior Loan FundAccount Structure Commingled FundInvestment Style ActiveInception Date 9/01/13Account Type FixedBenchmark Credit Suisse Leveraged LoansUniverse Bank Loan MStar MF

Weld County Retirement PlanBain Capital Senior Loan Fund

As of June 30, 2016

Risk/Return Statistics Since InceptionBain Capital Senior Loan Fund Credit Suisse Leveraged Loans

RETURN SUMMARY STATISTICSNumber of Periods 34 34Maximum Return 2.36 2.64Minimum Return -1.44 -1.10Annualized Return 2.08 2.82Total Return 6.02 8.21Annualized Excess Return Over Risk Free 2.01 2.75Annualized Excess Return -0.74 0.00 RISK SUMMARY STATISTICSBeta 0.99 1.00Upside Deviation 2.01 2.13Downside Deviation 1.51 1.15 RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 2.76 2.74Alpha -0.06 0.00Sharpe Ratio 0.73 1.00Excess Return Over Market / Risk -0.27 0.00Tracking Error 0.49 0.00Information Ratio -1.50 -- CORRELATION STATISTICSR-Squared 0.97 1.00Correlation 0.98 1.00

66


As of June 30, 2016

67


As of June 30, 2016

68

Bain Capital Credit Suisse Senior Loan Leveraged Loan Index

0.4 0.0B Split BB

6.2% 5.8%

Effective Duration (years)Average QualityYield to WorstEffective Maturity (years) 4.9 4.4

Loan Portfolio CharacteristicsAs of June 30, 2016

4.9%

30.7%

57.0%

3.3% 4.0

%8.8%

42.3%

39.4%

7.5%

2.0%

0%

20%

40%

60%

80%

BBB & Above Not Rated

Quality Rating Allocation

BB

Bain Capital Senior Loan

B CCC & Below

Credit Suisse Leveraged Loan Index

9.0%

85.8%

3.2%

2.0%

0.0%

95.2%

4.8%

0.0%

0%

20%

40%

60%

80%

100%

High Yield Bond First Lien Loan Second Lien Loan Equity

Sector Allocation


($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total Hedge Funds 10,378,594 100.0 0.6 -1.2 -2.6 -0.1 -- -- 0.7 Feb-12

HFRI Fund of Funds Composite Index 0.6 -2.6 -5.4 1.9 1.6 1.6 2.7 Feb-12

InvestorForce Public DB Hedge Funds Net Rank 59 25 8 99 -- -- 99 Feb-12

InvestorForce Public DB Hedge Funds Net Median 0.9 -2.3 -6.3 2.5 3.0 2.2 4.3 Feb-12

Blackrock Appreciation Fund IV 10,378,594 100.0 0.6 -1.2 -2.6 -- -- -- 0.7 Oct-14

HFRI Fund of Funds Composite Index 0.6 -2.6 -5.4 1.9 1.6 1.6 -1.1 Oct-14

InvestorForce Public DB Hedge Funds Net Rank 59 25 8 -- -- -- 18 Oct-14

InvestorForce Public DB Hedge Funds Net Median 0.9 -2.3 -6.3 2.5 3.0 2.2 -1.0 Oct-14XXXXX

Weld County Retirement PlanTotal Hedge Funds

As of June 30, 2016

69

Total Hedge Fund Strategy AllocationAs of June 30, 2016

Strategy Market Value Percent_

Equity Hedge $3,954,244.41 38.10%Event Driven $2,802,220.45 27.00%Macro $41,514.38 0.40%Relative Value $3,580,615.02 34.50%TOTALS $10,378,594.26 100.00%

XXXXX


As of June 30, 2016

70

Total Hedge Fund Sub Strategy AllocationAs of June 30, 2016

Strategy Sub Strategy Market Value Percent_

Equity Hedge Long/Short Equity $2,781,463.26 26.80%Quantitative Directional $1,079,373.80 10.40%Other $93,407.35 0.90%

Event Driven Activist $394,386.58 3.80%Credit Arbitrage $176,436.10 1.70%Distressed/Restructuring $830,287.54 8.00%Merger Arbitrage $1,193,538.34 11.50%Special Situations $207,571.89 2.00%

Macro Systematic Diversified $41,514.38 0.40%Relative Value Fixed Income-Convertible Arbitrage $529,308.31 5.10%

Fixed Income-Corporate $2,376,698.09 22.90%Fixed Income-Sovereign $518,929.71 5.00%Volatility $62,271.57 0.60%Yield Alternatives-Real Estate $41,514.38 0.40%Other $51,892.97 0.50%TOTALS $10,378,594.26 100.00%

XXXXX


As of June 30, 2016

71

Weld County Retirement PlanBlackrock Appreciation Fund IV

As of June 30, 2016

Account InformationAccount Name Blackrock Appreciation Fund IVAccount Structure Hedge FundInvestment Style ActiveInception Date 10/01/14Account Type Hedge FundBenchmark HFRI Fund of Funds Composite IndexUniverse InvestorForce Public DB Hedge Funds Net

Risk/Return Statistics Since Inception

Blackrock Appreciation Fund IV HFRI Fund of Funds CompositeIndex

RETURN SUMMARY STATISTICSNumber of Periods 21 21Maximum Return 1.03 1.69Minimum Return -1.29 -2.66Annualized Return 0.69 -1.09Total Return 1.21 -1.90Annualized Excess Return Over Risk Free 0.59 -1.19Annualized Excess Return 1.78 0.00


RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 2.34 3.90Alpha 0.10 0.00Sharpe Ratio 0.25 -0.30Excess Return Over Market / Risk 0.76 0.00Tracking Error 2.12 0.00Information Ratio 0.84 --


72

Weld County Retirement PlanBlackrock Appreciation Fund IV

As of June 30, 2016

73

Weld County Retirement PlanTotal Real Estate

As of June 30, 2016


($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total Real Estate 49,423,047 100.0 2.9 6.6 14.1 12.4 12.5 5.1 6.9 Nov-04

NCREIF-ODCE Net 1.9 3.9 10.8 12.0 11.7 5.2 7.1 Nov-04

Real Estate Composite Index 2.0 4.0 10.1 11.0 11.1 -- -- Nov-04

Vanguard REIT Index Fund 12,234,615 24.8 6.7 13.4 23.8 -- -- -- 16.7 May-15

Wilshire REIT 5.6 11.1 22.8 13.6 12.5 7.0 16.1 May-15

Principal US Property Account 21,317,885 43.1 2.3 4.2 11.3 12.2 12.3 5.1 6.9 Nov-04

NCREIF-ODCE Net 1.9 3.9 10.8 12.0 11.7 5.2 7.1 Nov-04

Harbert US Real Estate Fund V 7,287,731 14.7 0.0 5.0 14.1 -- -- -- 16.9 Jul-14

NCREIF Property Index 2.0 4.3 10.6 11.6 11.5 7.4 11.8 Jul-14

Harbert US Real Estate Fund VI 3,091,708 6.3 0.0 -- -- -- -- -- 0.0 Apr-16

NCREIF Property Index 2.0 4.3 10.6 11.6 11.5 7.4 2.0 Apr-16

Principal Real Estate Debt Fund 5,491,108 11.1 1.8 3.4 7.3 -- -- -- 9.0 May-14

8% Return Target 1.9 3.9 8.0 8.0 8.0 8.0 8.0 May-14XXXXX

74

Account InformationAccount Name Vanguard REIT Index FundAccount Structure Mutual FundInvestment Style ActiveInception Date 5/31/15Account Type Real EstateBenchmark Wilshire REITUniverse

Weld County Retirement PlanVanguard REIT Index Fund

As of June 30, 2016

Risk/Return Statistics Since InceptionVanguard REIT Index Fund Wilshire REIT

RETURN SUMMARY STATISTICSNumber of Periods 13 13Maximum Return 10.43 10.40Minimum Return -6.24 -5.95Annualized Return 16.67 16.11Total Return 18.18 17.57Annualized Excess Return Over Risk Free 16.52 15.96Annualized Excess Return 0.56 0.00


RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 17.05 17.05Alpha 0.04 0.00Sharpe Ratio 0.97 0.94Excess Return Over Market / Risk 0.03 0.00Tracking Error 1.11 0.00Information Ratio 0.50 --


75

Weld County Retirement PlanVanguard REIT Index Fund

As of June 30, 2016

Sector Allocation as of 06/30/2016BASIC MATERIALS 0.00%

COMMUNICATION SERVICES 0.00%

CONSUMER CYCLICAL 0.14%

CONSUMER DEFENSIVE 0.00%

ENERGY 0.00%

FINANCIAL SERVICES 0.00%

HEALTHCARE 0.00%

INDUSTRIALS 1.20%

REAL ESTATE 97.97%

TECHNOLOGY 0.00%

UTILITIES 0.00%

Portfolio Fund Information as of 06/30/2016Ticker VGSNX

Morningstar Category Real Estate

Average Market Cap ($mm) 10,899.27

Net Assets ($mm) 7,964.37

% Assets in Top 10 Holdings 35.28

Total Number of Holdings 153

Manager Name Gerard C. O’Reilly

Manager Tenure 20

Expense Ratio 0.10%

Closed to New Investors No

Top Holdings as of 06/30/2016SIMON PROPERTY GROUP INC 7.99%

PUBLIC STORAGE 4.48%

WELLTOWER INC 3.22%

EQUINIX INC 3.19%

PROLOGIS INC 3.06%

EQUITY RESIDENTIAL 2.99%

AVALONBAY COMMUNITIES INC 2.94%

VENTAS INC 2.91%

BOSTON PROPERTIES INC 2.41%

REALTY INCOME CORP 2.07%

Fund Information as of 06/30/2016Fund Name Vanguard REIT Index Fund;Institu

Ticker VGSNX

Category Real Estate

Benchmark Wilshire REIT

Expense Ratio 0.10%

Fund Assets ($mm) 7,964.37

Share Class Inception Date 12/2/2003

Manager Tenure 20

Equity Characteristics Within Mutual Funds as of 06/30/2016Portfolio <none>

Average Market Cap (Billions) 10.90

Price To Earnings 33.27

Price To Book 2.56

Return On Equity 11.57

Dividend Yield 4.23%

Beta (3 Year)

R-Squared (3 Year)

76

Weld County Retirement PlanPrivate Equity Real Estate

As of June 30, 2016

Non-Marketable Securities OverviewAs of June 30, 2016

Account Type Account VintageYear Commitment Cumulative

TakedownCumulative

Distributions Value (RV) Total Value(RV + Dist)

UnfundedCommitment

DPI (dist /takedowns)

RVPI (RV /takedowns)

TVPI (TV /takedown)

Takedown(takedowns /

commit)IRR

_

Real Estate Harbert US Real EstateFund V 2012 $8,500,000 $7,068,672 $1,012,069 $7,287,731 $8,299,800 $1,431,328 14.32% 103.10% 117.42% 83.16% 15.06

Harbert US Real EstateFund VI 2016 $10,000,000 $3,096,291 $4,583 $3,091,708 $3,096,291 $6,903,709 0.15% 99.85% 100.00% 30.96% 0.00

Principal Real EstateDebt Fund 2014 $8,000,000 $6,188,125 $1,237,735 $5,491,108 $6,728,843 $1,811,875 20.00% 88.74% 108.74% 77.35% 8.73

Total Account $26,500,000 $16,353,089 $2,254,388 $15,870,547 $18,124,935 $10,146,911 13.79% 97.05% 110.83% 61.71% 12.13XXXXX

77

Weld County Retirement PlanPrincipal US Property Account

As of June 30, 2016

Account InformationAccount Name Principal US Property AccountAccount Structure OtherInvestment Style ActiveInception Date 11/01/04Account Type Real EstateBenchmark NCREIF-ODCE NetUniverse

3 Year Risk/Return StatisticsPrincipal US Property Account NCREIF-ODCE Net

RETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 2.53 3.58Minimum Return 0.26 0.00Annualized Return 12.16 11.98Total Return 41.09 40.41Annualized Excess Return Over Risk Free 12.09 11.91Annualized Excess Return 0.18 0.00

RISK SUMMARY STATISTICSBeta 0.18 1.00Upside Deviation 1.65 1.91Downside Deviation -- --



78

Weld County Retirement PlanHarbert US Real Estate Fund V

As of June 30, 2016

Account InformationAccount Name Harbert US Real Estate Fund VAccount Structure OtherInvestment Style ActiveInception Date 7/01/14Account Type Real EstateBenchmark NCREIF Property IndexUniverse

Risk/Return Statistics Since InceptionHarbert US Real Estate Fund V NCREIF Property Index

RETURN SUMMARY STATISTICSNumber of Periods 24 24Maximum Return 13.72 3.57Minimum Return -0.77 0.00Annualized Return 16.89 11.79Total Return 36.62 24.98Annualized Excess Return Over Risk Free 16.80 11.71Annualized Excess Return 5.09 0.00

RISK SUMMARY STATISTICSBeta 1.41 1.00Upside Deviation 17.06 1.77Downside Deviation -- --



79

Weld County Retirement PlanPrivate Equity Real Estate

As of June 30, 2016

80

Principal U.S. Property Account

Harbert U.S. Real Estate Fund V, LP

$9.07 Billion N/A$6.82 Billion $348.06 Million

22.4% 66.0%149 2444 9

Gross Asset ValueNet Asset ValueLeverage RatioNumber of InvestmentsNumber of MarketsPortfolio Occupancy 94.0% 85.0%

*Harbert U.S. Real Estate Fund V, L.P. data as of 03/31/16.

Private Equity Real Estate Portfolio CharacteristicsAs of June 30, 2016

21.0%

17.0%

43.0%

16.0%

0.0%

3.0%

45.7%

0.0%

42.2%

12.1%

0.0%

0.0%

24.5%

14.2%

36.9%

23.2%

1.1%

0.0%

0.0%

20.0%

40.0%

60.0%

80.0%

Residential Other

Property Type

Industrial

Principal U.S. Property

Office Retail

Harbert U.S. Real Estate V

Hotel

NCREIF Property Index

44.0%

24.0% 26.0%

6.0%

35.8%

8.2%

51.4%

4.6%

37.4%

33.4%

20.2%

9.0%

0.0%

20.0%

40.0%

60.0%

80.0%

West East South Midwest

Geographic Region

Principal U.S. Property Harbert U.S. Real Estate V NCREIF Property Index

Weld County Retirement PlanPrincipal Real Estate Debt Fund

As of June 30, 2016

Account InformationAccount Name Principal Real Estate Debt FundAccount Structure OtherInvestment Style ActiveInception Date 5/01/14Account Type Real EstateBenchmark 8% Return TargetUniverse

Risk/Return Statistics Since InceptionPrincipal Real Estate Debt Fund 8% Return Target

RETURN SUMMARY STATISTICSNumber of Periods 26 26Maximum Return 4.25 0.64Minimum Return -1.78 0.64Annualized Return 9.04 8.00Total Return 20.62 18.15Annualized Excess Return Over Risk Free 8.96 7.92Annualized Excess Return 1.04 0.00

RISK SUMMARY STATISTICSBeta -80,122.68 1.00Upside Deviation 3.34 0.00Downside Deviation -- --

RISK/RETURN SUMMARY STATISTICSAnnualized Standard Deviation 4.26 0.00Alpha 51,551.87 0.00Sharpe Ratio 2.10 2,338,368.38Excess Return Over Market / Risk 0.24 0.00Tracking Error 4.26 0.00Information Ratio 0.24 --

CORRELATION STATISTICSR-Squared 0.00 1.00Correlation -0.06 1.00

81

Weld County Retirement PlanPrincipal Real Estate Debt Fund

As of June 30, 2016

82

Principal Real Estate Debt Fund

$599.46 Million23

6.32%70.2%9.29%

20.20.90

Loan Balance# of Active LoansCoupon RateLTVDebt YieldRemaining Months to MaturityRemaining Average LifeRemaining Duration 0.08

# of Loans Principal Balance Note Rate

Remaining Months to

Maturity/CallRemaining

Average Life Remaining Duration23 6.32% 20.2 0.90 0.0823 6.32% 20.2 0.90 0.081 3.94% 36.0 3.00 2.82

Active Performing LoansTotal Active LoansUnfunded LoansCOMBINED TOTAL LOANS 24

$599,459,162.81$599,459,162.81$46,505,400.00

$645,964,562.81 6.15% 21.3 1.05 0.27

Debt Portfolio CharacteristicsAs of June 30, 2016

Holdings Summary


($)% of

Portfolio3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total Private Equity 794,222 100.0 0.0 -4.4 2.9 -- -- -- -- Dec-14

InvestorForce Public DB Private Eq Net Rank -- -- -- -- -- -- -- Dec-14

InvestorForce Public DB Private Eq Net Median -- -- -- -- -- -- -- Dec-14

Aberdeen U.S. Private Equity VI, L.P. 794,222 100.0 0.0 -4.4 2.9 -- -- -- 20.4 Dec-14XXXXX

Weld County Retirement PlanTotal Private Equity

As of June 30, 2016

83

Weld County Retirement PlanTotal Private Equity

As of June 30, 2016

Non-Marketable Securities OverviewAs of June 30, 2016

Account Type Account VintageYear Commitment Cumulative

TakedownCumulative

Distributions Value (RV) Total Value(RV + Dist)

UnfundedCommitment

DPI (dist /takedowns)

RVPI (RV /takedowns)

TVPI (TV /takedown)

Takedown(takedowns /

commit)IRR

_

Private Equity Aberdeen U.S. PrivateEquity VI, L.P. 2015 $4,000,000 $880,000 $95,309 $794,222 $889,531 $3,120,000 10.83% 90.25% 101.08% 22.00% 2.47

Total Account $4,000,000 $880,000 $95,309 $794,222 $889,531 $3,120,000 10.83% 90.25% 101.08% 22.00% 2.47XXXXX

84

Benchmark HistoryAs of June 30, 2016

_

Total Fund6/1/2015 Present MSCI ACWI 60% / Barclays Aggregate 15% / HFRI Fund of Funds Composite Index 5% / NCREIF-ODCE Net 10% / Wilshire REIT 5% / 8% Return Target 5%

11/1/2014 5/31/2015 MSCI ACWI 60% / Barclays Aggregate 15% / HFRI Fund of Funds Composite Index 5% / NCREIF-ODCE Net 15% / 8% Return Target 5%11/1/2013 10/31/2014 MSCI ACWI 55% / Barclays Aggregate 25% / HFRI Fund of Funds Composite Index 5% / NCREIF-ODCE Net 10% / 8% Return Target 5%

4/1/2013 10/31/2013 MSCI ACWI 55% / HFRI Macro (Total) Index 5% / NCREIF-ODCE Net 10% / Barclays Aggregate 30%2/1/2012 3/31/2013 Russell 3000 30% / MSCI ACWI ex USA 20% / Barclays Aggregate 30% / HFRI Macro (Total) Index 10% / NCREIF-ODCE Net 10%9/1/2011 1/31/2012 Russell 3000 25% / MSCI ACWI ex USA 25% / Barclays Aggregate 30% / NCREIF-ODCE Net 10% / Alerian MLP TR USD 10%9/1/2010 8/31/2011 Russell 3000 25% / MSCI ACWI ex USA 25% / Barclays Aggregate 40% / NCREIF-ODCE Net 10%

12/1/2009 8/31/2010 Russell 3000 30% / MSCI ACWI ex USA 30% / Barclays Aggregate 30% / NCREIF-ODCE Net 10%7/1/2007 11/30/2009 Russell 3000 40% / MSCI ACWI ex USA 25% / Barclays Aggregate 25% / NCREIF-ODCE Net 10%

10/1/2005 6/30/2007 Russell 3000 45% / MSCI ACWI ex USA 25% / Barclays Aggregate 25% / NCREIF-ODCE Net 10%10/1/2004 9/30/2005 S&P 500 17.5% / Russell 1000 Value 17.5% / Russell 2500 Growth 15% / MSCI EAFE 15% / Barclays Aggregate 25% / NCREIF-ODCE Net 10%10/1/2003 9/30/2004 S&P 500 17.5% / Russell 1000 Value 17.5% / Russell 2500 Growth 15% / MSCI EAFE 15% / Barclays Aggregate 35%11/1/1999 9/30/2003 S&P 500 17.5% / Russell 1000 Value 17.5% / Russell 2000 15% / MSCI EAFE 15% / Barclays Aggregate 35%

7/1/1997 10/31/1999 S&P 500 35% / Russell 2000 15% / MSCI EAFE 15% / Barclays Aggregate 35%


As of June 30, 2016

85


As of June 30, 2016

Manager RosterAs of June 30, 2016

Account Type Benchmark Universe Market Value Allocation Inception_

Total Policy Index InvestorForce Public DB$50mm-$250mm Net $240,978,830 100.0% 1/1/1995

Aberdeen U.S. Private Equity VI, L.P. Private Equity $794,222 0.3% 12/1/2014

Bain Capital Senior Loan Fund Fixed Income Credit Suisse Leveraged Loans Bank Loan MStar MF $11,972,507 5.0% 9/1/2013

Blackrock Appreciation Fund IV Hedge Funds HFRI Fund of Funds CompositeIndex

InvestorForce Public DBHedge Funds Net $10,378,594 4.3% 10/1/2014

Dodge & Cox International Stock Fund Non-US Equity MSCI ACWI ex USA Foreign Large Blend MStarMF $17,333,498 7.2% 6/1/2006

Harbert US Real Estate Fund V Real Estate NCREIF Property Index $7,287,731 3.0% 7/1/2014

Harbert US Real Estate Fund VI Real Estate NCREIF Property Index $3,091,708 1.3% 4/1/2016

Harding Loevner International Equity Non-US Equity MSCI ACWI ex USA Foreign Large Growth MStarMF $20,258,257 8.4% 8/1/2014

JP Morgan Core Bond Fund Fixed Income Barclays Aggregate Intermediate-Term BondMStar MF $11,983,982 5.0% 7/1/2008

Operating Account Cash $1,654,119 0.7% 7/1/1998

Parametric Defensive Equity US Equity Parametric Custom Index Large Blend MStar MF $22,264,478 9.2% 4/1/2013

PIMCO Total Return Fixed Income Barclays Aggregate Intermediate-Term BondMStar MF $12,157,359 5.0% 6/1/2008

Principal Real Estate Debt Fund Real Estate 8% Return Target $5,491,108 2.3% 5/1/2014

Principal US Property Account Real Estate NCREIF-ODCE Net $21,317,885 8.8% 11/1/2004

Tortoise MLP Account US Equity Alerian MLP TR USD All Cap MStar MF $39,776,389 16.5% 9/1/2011

Vanguard Dividend Growth US Equity S&P 500 Large Blend MStar MF $23,092,600 9.6% 3/1/2012

Vanguard REIT Index Fund Real Estate Wilshire REIT $12,234,615 5.1% 5/31/2015

Vanguard Total Stock Market Index US Equity CRSP Index All Cap Blend MStar MF $19,889,779 8.3% 3/1/2012_

86

Account Fee Schedule Market ValueAs of 6/30/2016 % of Portfolio Estimated Annual

Fee ($)Estimated Annual

Fee (%)_

Vanguard Total Stock Market Index 0.04% of Assets $19,889,779 8.3% $7,956 0.04%

Vanguard Dividend Growth 0.31% of Assets $23,092,600 9.6% $71,587 0.31%

Parametric Defensive Equity 0.35% of Assets $22,264,478 9.2% $77,926 0.35%

Tortoise MLP Account 0.75% of Assets $39,776,389 16.5% $298,323 0.75%

Dodge & Cox International Stock Fund 0.64% of Assets $17,333,498 7.2% $110,934 0.64%

Harding Loevner International Equity 0.87% of Assets $20,258,257 8.4% $176,247 0.87%

JP Morgan Core Bond Fund 0.30% of Assets $11,983,982 5.0% $35,952 0.30%

PIMCO Total Return 0.46% of Assets $12,157,359 5.0% $55,924 0.46%

Bain Capital Senior Loan Fund 0.68% of Assets $11,972,507 5.0% $81,413 0.68%

Blackrock Appreciation Fund IV Performance-based 0.75 and 7.50 $10,378,594 4.3% $77,839 0.75%

Vanguard REIT Index Fund 0.10% of Assets $12,234,615 5.1% $12,235 0.10%

Principal US Property Account 1.00% of Assets $21,317,885 8.8% $213,179 1.00%

Harbert US Real Estate Fund V Performance-based 1.50 and 20.00 $7,287,731 3.0% $109,316 1.50%

Harbert US Real Estate Fund VI Performance-based 1.25 and 20.00 $3,091,708 1.3% $38,646 1.25%

Principal Real Estate Debt Fund Performance-based 0.65 and 15.00 $5,491,108 2.3% $35,692 0.65%

Aberdeen U.S. Private Equity VI, L.P. Performance-based 0.75 and 5.00 $794,222 0.3% $5,957 0.75%

Operating Account No Fee $1,654,119 0.7% -- --

Investment Management Fee $240,978,830 100.0% $1,409,126 0.58%XXXXX


As of June 30, 2016

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Updated 7/7/16

Endnotes • As a service to clients, Ellwood may provide reporting information on all assets held in your account, including assets for which it does not provide advisory services.

Such assets may include legacy assets, assets for which you have engaged other advisors and, with respect to retirement plans, (i) self-directed brokerage, mutual fundwindow and similar options, (ii) employer securities, and (iii) real property. While Ellwood seeks to identify such assets as “excluded assets” in your reports and/or inyour Consulting Services Agreement, Ellwood shall not be liable or responsible in any respect for the supervision or oversight of such assets.

• The historical information included herein regarding the performance by various funds and managers is historical only and is not a guarantee of future performance.

• Included in this report are various indices and market information as well as, in some cases, prior investment manager data regarding your plan ("Third Party Data").Such information may include, but is not limited to, information that Ellwood purchases from commercial sources and information that is provided to Ellwood at no cost.Ellwood Associates has no duty to investigate or inquire into the accuracy or reliability of Third Party Data, and Ellwood may rely fully and completely on any and all suchinformation.

• Regarding asset allocations, Ellwood obtains information from multiple sources believed to be reliable as of the date of publication; Ellwood, however, makes norepresentations as to the accuracy or completeness of such third party information. Ellwood has no obligation to update, modify or amend this information or tootherwise notify a reader thereof in the event that any such information becomes outdated, inaccurate, or incomplete. Specific needs of a client must be reviewed andassessed before determining the proper allocation for a client and must be adjusted to market circumstances. Any opinions herein reflect our judgment as of this dateand are subject to change.

• Hypothetical performance results have many inherent limitations. No representation is being made that any performance will or is likely to achieve profits or lossessimilar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by anyparticular trading program. One of the limitations of a hypothetical performance record is that decisions relating to the selection of managers and the allocation ofassets among those managers were made with the benefit of hindsight based upon the historical rates of return of the selected trading advisors. Therefore,performance records invariably show positive rates of return. Another inherent limitation of these results is that the allocation decisions reflected in the performancerecord were not made under actual market conditions and, therefore, cannot completely account for the impact of financial risk in actual trading.

• Ellwood’s calculations and liability output may differ from the client’s actuary’s calculations and liability output. This information is not to be used for client financialreporting and is intended for investment analysis purposes only.

• Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto.The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is an Ellwoodpresentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof.

• Manager and universe returns are shown net of investment management expenses. Index returns are shown gross of investment management expenses.

• Performance for the Ellwood direct hedge fund Platforms is illustrative prior to client investment. Illustrative performance is provided solely to demonstrate Ellwood’sinvestment process and performance of the underlying asset class, and does not represent client’s actual investment results. Illustrative performance is derived fromapplying the stated allocation during the period shown to actual historical performance data of the underlying hedge funds. Actual allocations and underlying fundsselected may differ based on the circumstances of individual clients. Illustrative performance information is not meant to be a historical description of results or aprediction of future performance. Actual results may vary from the results illustrated herein and such variations may be material.

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Updated 7/7/16

Endnotes • Private Equity: Information with respect to private equity capital calls, distributions and valuations are primarily obtained directly from the private equity manager

and not from the custodian. Private equity valuations typically lag at least one quarter but not more than two quarters due to time necessary to complete thevaluation process; however the valuations do reflect the capital calls and distributions of the fund through the reporting date shown. Valuations of underlyingprivate equity investments are subject to a number of assumptions and judgments, and are highly subjective in nature.

• Confidentiality: All information contained herein is the confidential and proprietary information of Ellwood and/or the underlying investment managers. Suchinformation may be used only for your investment purposes and may not be disseminated to third parties without the written consent of Ellwood Associates.

• The S&P 500® index and its GICS® Level 1 (Sector) subindices (“Index”) are a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensedfor use by Ellwood Associates. Copyright © 2016 S&P Dow Jones Indices LLC, a subsidiary of McGraw Hill Financial Inc., and/or its affiliates. All rights reserved.Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&PDow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is aregistered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor theirthird party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or marketsector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shallhave any liability for any errors, omissions, or interruptions of any index or the data included therein.

• Copyright ©2016 MSCI. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated inany form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of thisinformation assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any or its affiliates or any other personinvolved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to suchinformation or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties(including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particularpurpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in orrelated to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any otherdamages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.

• CRSP: [Calculated/Derived] based upon data from CRSP® Indexes Data Center for Research in Security Prices (CRSP®), The University of Chicago Booth School ofBusiness.

• Source: FTSE International Limited (“FTSE”) © FTSE 2016. FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE underlicense. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors oromissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express writtenconsent. FTSE does not promote, sponsor nor endorse the research report.

89

This presentation is accompanied by additional disclosures which can be found on the last page. All information herein is confidential and proprietary.

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