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City of Phoenix Employees'Retirement SystemInvestment Performance Analysis

Period Ended: December 31, 2014

Capital Markets Review As of December 31, 2014

Economic Indicators Dec-14 Sep-14 Dec-13 Dec-11 20 Yr0.06 ▼ 0.07 0.07 0.04 2.85

-0.21 ▼ -0.19 1.50 1.22 1.141.68 ▼ 1.97 2.23 1.95 2.050.80 ▼ 1.70 1.50 3.00 2.385.60 ▼ 5.90 6.70 8.50 6.012.50 ▼ 2.70 3.10 1.70 2.47

53.50 ▼ 56.10 56.10 52.80 52.0385.13 ▲ 81.09 76.20 73.35 86.26

53 ▼ 91 98 99 53.511,185 ▼ 1,208 1,206 1,564 704

Market Performance (%) YTD 1 Yr 5 Yr 10 Yr13.69 13.69 15.45 7.674.89 4.89 15.54 7.77

-4.90 -4.90 5.33 4.43-4.95 -4.95 8.63 6.04-2.19 -2.19 1.78 8.435.97 5.97 4.45 4.710.04 0.04 0.09 1.54

12.48 12.48 13.92 7.1031.78 31.78 17.26 8.262.98 2.98 3.11 2.74

-17.01 -17.01 -5.53 -1.86

QTD4.939.73

-3.57-2.27-4.501.790.003.25

15.130.62

-12.10

BofA ML 3 Mo US T-BillNCREIF ODCE (Gross)Wilshire US REITHFN FOF Multi-StratBloomberg Cmdty (TR)

Real GDP YoY (%)

USD Total Wtd Idx (%)WTI Crude Oil per Barrel ($)Gold Spot per Oz ($)

S&P 500 (Cap Wtd)

PMI - Manufacturing

Unemployment Rate (%)

Federal Funds Rate (%)Breakeven Infl. - 1 Yr (%)Breakeven Infl. - 10 Yr (%)CPI YoY (Headline) (%)

Key Economic Indicators

Treasury Yield Curve (%)

Key Economic IndicatorsMultiple periods of heightened volatility hit global markets in Q4. However, a strengthening of the U.S. dollar combined with rapidly falling oil prices caused domestic markets to decouple from international markets. The U.S. economy continues to show strength compared to foreign regions. Non-farm payroll jobs increased at an average monthly rate of 289,000 rounding out the strongest year of job gains since 1999. Furthermore, the unemployment rate continued to decline, ending the year at 5.6%. While market participants continue to forecast interest rate hikes by mid-2015, further signs of disinflation could push the date out further. Economic developments in Europe and emerging economies were less impressive. European monetary policy has proven successful in recapitalizing the banking system; however, lending remains constrained due to weak loan demand from the private sector. Within emerging economies, falling oil prices and a rising U.S. dollar have led to renewed concerns over possible balance of payments issues and capital flight.

Fourth Quarter Economic Environment

UnemploymentRate (%)

Since 1948

CPI Year-over-Year (% change)

Since 1914

US Govt Debt (% of GDP)Since 1940

VIX Index(Volatility)Since 1990

Consumer ConfidenceSince 1967

Russell 2000MSCI EAFE (Net)MSCI EAFE SC (Net)MSCI Emg Mkts (Net)Barclays US Agg Bond

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

3M 6M 1Y 3Y 5Y 7Y 10Y 20Y 30Y

Dec-14 Sep-14 Dec-13 Dec-12 Dec-11

0

2

4

6

8

10

12

20

40

60

80

100

120

0

10

20

30

40

50

60

70

20

40

60

80

100

120

140

160

-20-15-10-505

1015202530

1

Treasury data courtesy of the U.S. Department of the Treasury. Economic data courtesy of Bloomberg Professional Service.

Page 1

Domestic Equity Review As of December 31, 2014

Broad MarketThe U.S. equity market rallied significantly in October and November, supported by a revised Q3 GDP growth estimate of 5%. Market CapAs the risk appetite of investors increased during the quarter, small-cap stocks outpaced the mid- and large-cap segments with a spread of nearly 500 basis points between the Russell 2000 and Russell 1000. This represented a trend reversal, as small-cap underperformed large-cap earlier in 2014. StyleValue stocks finished the year on a positive note with the spread between the Russell 3000 Value and Russell 3000 Growth increasing by 26 basis points for the year.SectorDue to a spike in volatility and anticipation of interest rate declines, high dividend stocks outperformed lower yielding stocks, with the strongest results in the Utilities sector. Energy stocks lagged the general market significantly for the quarter.

Style and Capitalization Market Performance (%)

S&P 500 Index Sector Performance (%)

Fourth Quarter Review

Valuations

US Large-Cap Equity

R1000 12M P/ESince 1995

US Small-Cap Equity

R2000 12M P/ESince 1995

US Large-Cap Value Equity

R1000V 12M P/ESince 1995

US Large-Cap Growth Equity

R1000G 12M P/ESince 1995

US Large-Cap Equity

Shiller S&P 10Y P/ESince 1900

5.60

13.05

4.22

13.45

4.89

13.24

13.69

12.55

10.06

4.78

9.40

4.98

9.73

4.88

4.93

5.24

0 5 10 15 20 25

R 2000 Growth

R 1000 Growth

R 2000 Value

R 1000 Value

R 2000

R 1000

S&P 500

R 3000 QTD

1 Yr

28.98

2.99

6.91

20.12

9.83

25.34

15.20

-7.78

15.98

9.68

13.19

-4.16

-1.80

5.24

6.76

7.48

7.25

-10.68

8.15

8.74

-25 -15 -5 5 15 25 35 45

Utilities

TeleCom

Materials

Information Tech

Industrials

Health Care

Financials

Energy

Cons Staples

Cons Discretion

QTD

1 Yr0

5

10

15

20

25

30

10

15

20

25

30

20

40

60

80

10

15

20

25

10

20

30

40

50

Valuation data courtesy of Bloomberg Professional Service and Robert J. Shiller, Irrational Exuberance, Second Edition.P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers.

Page 2

International Equity Review As of December 31, 2014

Broad MarketPoor performance plagued developed international markets across the board, while emerging economies were hurt by deflationary headwinds from an oversupply of oil and weaker than expected demand in developed countries. Market Cap & StyleSmall-cap outperformed for the quarter but was in line with large-cap for the full year. Growth stocks significantly outperformed value for the quarter and finished ahead of value stocks over the calendar year. Developed MarketsOne of the only bright spots in the developed world was Hong Kong. In September, China announced reforms to the Hong Kong electoral system which spurred protests. Upon the dissolution of the protests in December, the market moved into positive territory.Emerging MarketsEmerging and frontier markets returned less than their developed counterparts. Russia, which was impacted by collapsing oil prices and increased Ukraine-related economic sanctions, was the worst performer.

Developed IntlEquity

MSCI EAFE12M P/E

Since 1995

International Equity

MSCI ACW x US12M P/E

Since 1995

MSCI Style and Capitalization Market Performance (%)

MSCI Region Performance (%)

EmergingMarkets Equity

MSCI EM12M P/E

Since 1995

Developed Intl Growth EquityMSCI EAFE Gro

12M P/ESince 1995

Developed Intl Value Equity

MSCI EAFE Val12M P/E

Since 1995


Valuations

-2.19

-2.70

-6.18

-4.95

-4.43

-5.39

-4.90

-3.87

-4.50

-2.08

-4.35

-2.27

-2.29

-4.85

-3.57

-3.87

-10 -5 0 5

Emg Mkts

Pacific

Europe

EAFE SC

EAFE Growth

EAFE Value

EAFE

ACW Ex US QTD

1 Yr

-2.19

1.51

-4.02

-0.47

22.77

-5.39

-6.55

-4.50

-4.79

-2.42

-1.52

1.22

-4.24

-4.40

-15 -5 5 15 25 35

Emerging Markets

Canada

Japan

Pacific ex Japan

Middle East

United Kingdom

Europe Ex UK

QTD1 Yr

0

20

40

60

80

100

0

5

10

15

20

25

30

0

10

20

30

40

50

60

0

10

20

30

40

50

0

10

20

30

40

50

Valuation data courtesy of Bloomberg Professional Service.P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers.All returns are shown net of foreign taxes on dividends.

Page 3

Fixed Income Review As of December 31, 2014

Fixed Income Performance (%)Broad MarketU.S. fixed income performed modestly well as the treasury yield curve flattened over the quarter. The Barclays U.S. Aggregate Index returned 1.8% for the quarter, ending 2014 with a return above its 5- and 10-year averages. 2014 was the second least volatile year since the inception of the Barclays U.S. Aggregate Index. US Treasury MarketLong duration treasuries outperformed intermediate duration by 765 basis points as the market favored duration and quality.Foreign CurrencyAs the U.S. dollar strengthened, exposure to foreign currency impacted returns. The hedged Barclays Global Aggregate Bond Index outperformed the unhedged version by 324 basis points in Q4 and 700 basis points for the year. Excluding currency effects, the government bonds of other developed countries performed similarly to U.S. Treasuries. However, emerging markets debt (EMD) underperformed due to the recent market bias toward quality. Local currency EMD has suffered doubly due to foreign currency exposure.


Valuations

US Aggregate Bonds

Barclays US Agg Spreads

Since 2000

US Corporate Bonds

Barclays US Corp Spreads

Since 1989

US CreditBonds

Barclays US Credit Spreads

Since 2000

US Treasury Bonds

10-Yr US Treasury Yields

Since 1962

US High-Yield Bonds

Barclays US Corp:HY Spreads

Since 2000

8.18

5.53

-0.48

0.59

2.06

2.45

1.88

6.08

3.58

7.46

4.21

3.64

5.05

5.97

2.15

-1.65

-1.49

-1.04

-0.37

-1.00

0.55

1.79

1.16

1.77

1.49

-0.03

1.93

1.79

-5 0 5 10 15

JPM GBI-EM Glbl Dvf'd

JPM Emg Mkts Bond Global

Citi Wrld Gov't Bond

Barclays Global Agg Bond

CS Leveraged Loan

Barclays US Corp: Hi Yld

Barclays US ABS

Barclays US MBS

Barclays US Agcy

Barclays US Corp: Credit

Barclays US CMBS Inv Grade

Barclays US Trsy: US TIPS

Barclays US Trsy

Barclays US Agg QTD

1 Yr

0

2

4

6

8

10

12

14

0.0

0.2

0.4

0.6

0.8

1.0

1.2

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

2

4

6

8

10

12

Valuation data courtesy of Bloomberg Professional Service.Valuations shown represent the 5th through 95th percentiles to minimize the effect of outliers.

Page 4

Alternatives Review As of December 31, 2014

General Market - Diversified Inflation Strategies (DIS)Few bright spots existed for diversified inflation strategies (DIS) in Q4 as inflation expectations continued to fall. The historic decrease in oil prices and commodities detracted significantly from the returns of many managers. The Goldman Sachs Commodities Index finished the year down 33.1%, losing 27.7% in the fourth quarter. Natural Resources equities depreciated over 10% after a second straight negative quarter.

General Market - Real EstatePerformance in the U.S. Core Real Estate market capped off a strong year, as evidenced by a 3.3% preliminary total return in Q4 for the NCREIF-ODCE index, resulting in a 12.5% return for the year. Additionally, publicly-traded real estate securities bounced back in Q4. The U.S. commercial real estate market showed continued improvement with drops in vacancy rates occurring in the office, industrial, and retail sectors. Private real estate investment reached an all-time high in 2014 with $742 billion in assets under management.

General Market - Hedge FundsFunds with concentration in event-oriented themes suffered due to two developments in Q4. As such, hedge funds experienced larger than expected losses during the volatile, early half of October, and failed to rebound by quarter end. Generally, long/short equity funds maintained or added to long exposures during the October bottom, which helped these funds earn positive returns in November and December.

General Market - Global Tactical Asset Allocation (GTAA)In the fourth quarter, GTAA managers with fewer benchmark constraints underperformed more-traditional asset allocations such as a static 60/40 portfolio. In all, 2014 was a difficult year for GTAA managers, as exposure to foreign developed and emerging market equities weighed on performance. Managers with valuation driven asset allocation processes continued to find attractive valuations in emerging and developed foreign equity markets relative to U.S. equities. However, strategies that maintain heavier U.S. equity and fixed income exposure have continued to outperform globally-oriented peers.

Fourth Quarter Review - Absolute Return

HFN Hedge Fund Performance (%)

Fourth Quarter Review - Real Assets

Real Asset Performance (%)

2.52

1.80

1.68

2.75

2.56

-0.81

1.99

3.48

2.90

-1.63

2.98

-1.36

-0.45

-0.43

-0.23

0.18

-2.76

-0.19

1.32

1.18

-3.60

0.62

-10 -5 0 5 10

FI ArbitrageMerger/Risk Arb

Event DrivenRelative Value

MacroDistressedShort Bias

Mkt Neutral EqLong/Short EqConv ArbitrageFOF Multi-Strat QTD

1 Yr

3.64

4.80

-9.66

-17.01

31.78

11.81

12.48

-0.03

-12.29

-8.37

-12.10

15.13

3.04

3.25

-35 -15 5 25 45

Barclays US Trsy: US TIPS

Alerian MLP

S&P Glbl Nat. Res. (TR)

Bloomberg Cmdty (TR)

Wilshire US REIT

NCREIF Property

NCREIF ODCE (Gross) QTD

1 Yr

NCREIF ODCE (Gross) is preliminary and subject to change.

Page 5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Best31.84 9.70 25.91 62.14 31.27 34.54 32.59 39.78 8.44 79.02 26.86 22.49 20.42 38.82 19.31

16.16 8.44 16.56 56.28 25.95 26.65 27.16 17.12 5.24 58.21 22.40 15.99 18.64 32.39 13.69

14.28 7.89 14.81 47.25 21.36 21.39 26.86 16.23 -2.35 47.32 19.20 13.56 17.90 29.69 12.50

13.15 7.28 13.65 41.41 20.70 21.36 19.67 15.97 -10.01 42.14 16.83 7.84 17.44 23.29 7.43

12.68 6.61 10.25 39.17 18.33 17.11 18.37 11.63 -12.03 32.46 16.36 7.35 17.39 15.78 5.97

12.40 5.64 5.54 28.97 13.06 14.02 16.32 11.63 -20.47 29.82 15.12 4.98 16.34 13.94 4.89

11.63 5.28 3.12 28.68 11.62 10.25 15.79 9.91 -26.16 27.18 15.06 2.11 16.00 9.10 3.64

-3.02 2.49 -1.41 23.93 11.13 6.75 11.85 6.97 -33.79 26.46 12.24 -4.18 15.81 7.44 2.98

-5.86 -2.37 -6.00 22.21 10.88 5.33 9.86 6.60 -35.65 18.91 11.60 -5.55 10.94 -2.02 2.45

-7.22 -11.89 -7.44 11.93 9.15 4.91 9.85 6.16 -37.00 11.41 10.16 -11.73 8.82 -2.27 -1.82

-9.10 -12.11 -14.67 9.28 8.56 4.55 4.33 5.49 -43.06 9.72 8.21 -13.32 6.98 -5.25 -3.44

-13.96 -19.48 -15.66 8.39 8.46 2.84 2.71 1.87 -45.24 5.93 6.54 -13.33 4.80 -8.61 -4.48

-15.09 -19.51 -20.48 5.87 6.79 2.74 2.07 1.79 -46.78 1.92 6.31 -15.66 4.21 -8.83 -4.63

Worst-30.61 -21.21 -22.10 4.10 4.34 2.43 0.41 -1.57 -53.18 -29.76 4.77 -18.17 -1.06 -9.52 -17.01

S&P 500 -US Large

Cap

R 2000 -US Small

Cap

MSCI EAFE(Gross) -Int'l Dev.

MSCI ACWEx USIndex

(Gross) -Int'l

MSCI EAFESC (Gross)

- Int'l SC

MSCI EM(Gross) -Int'l Emg

Mkts

BarclaysUS Agg

Bond - FI

BarclaysUS Corp:

Hi Yield - FI

BarclaysUS Trsy:US TIPS -

FI

BarclaysUS

Gov/Credit:Lng - FI

JPM EMBIGlobal

Dvf'd Index- EMD

NCREIFODCE

(Gross) -Real Estate

HFN FOFMulti-Strat(Net) - ARS

BloombrgCmdty (TR)- Commod.

Annual Asset Class Performance As of December 31, 2014

Page 6

COPERS Target Asset Allocation

Allocations shown may not sum up to 100% exactly due to rounding. The 2015 RVK Assumptions were used for this analysis.

Min MaxCurrent

Allocation

Interim

Target60/40

Capital Appreciation 53 55 60

Broad US Equity 20 55 24 22 18 60

Broad International Equity 15 40 19 20 16 0

Emerging Market Debt 0 5 5 5 5 0

Non-Core Real Estate 0 9 5 8 8 0

Private Equity 0 5 0 0 3 0

Capital Preservation 20 20 40

Int. Duration Fixed Income 15 30 20 20 20 40

Inflation 15 15 0

Diversified Inflation Strats 0 8 8 8 8 0

Core Real Estate 7 10 8 7 7 0

Alpha 12 10 0

ARS/GTAA 0 15 11 10 15 0

Long/Short Equity 0 0 0 0 0 0

Total 100 100 100

Expected Return 6.48 6.59 5.63

Risk (Standard Deviation) 10.56 10.55 11.29

5.96 6.07 5.03

0.61 0.62 0.50

0.54 0.53 0.62

73 71 91

- Increased Allocation - New Asset Class

- Decreased Allocation - Replace Asset Class

Approved

TargetEfficient Frontier

66

100

15

15

20

6.60

10.15

6.12

0.65

0.50

Return (Compound)

Return/Risk Ratio

RVK Expected Eq Beta (LC US Eq = 1)

RVK Liquidity Metric (T-Bills = 100)

50

Current Allocation

Interim Target

60/40

Approved Target

5.50

5.75

6.00

6.25

6.50

6.75

7.00

7.25

7.50

7.75

8.00

8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 13.5 14.0 14.5

Re

turn

(A

nn

ua

lize

d, %

)

Risk (Annualized Standard Deviation, %)

Page 7

Asset Allocation By Manager

Schedule of Investable Assets

Market Value($)

Allocation(%)

Aberdeen Total Return Bond 175,847,331 8.01

PIMCO:All Asset;Inst (PAAIX) 166,283,761 7.57

GMO Global Equity Allocation 156,921,686 7.15

PIMCO Total Return 152,711,735 6.96

Baillie Gifford IE Growth 150,624,271 6.86

Robeco LCV 132,121,010 6.02

PAAMCO Newport Phoenix 131,979,410 6.01

SSgA FTSE RAFI US Low Vol 125,883,746 5.73

Artisan Global Opportunities 112,455,048 5.12

MFS Emerging Markets Debt 105,778,412 4.82

Western Asset Mgmt Co 88,180,483 4.02

JP Morgan Real Estate 86,968,392 3.96

Morgan Stanley Real Estate 83,893,653 3.82

SSgA MSCI ACW Ex US Index 68,359,941 3.11

Fir Tree International Value 60,815,627 2.77

Carlson Double Black Diamond 59,557,859 2.71

Eagle Asset Mgmt SCG 54,314,169 2.47

Cramer Rosenthal McGlynn SCV 53,832,099 2.45

Mondrian IE SC 51,254,205 2.33

The Boston Company MC Opportunistic Value 45,716,385 2.08

JDM Partners Opportunity Fund I 32,567,477 1.48

Dreyfus Gvt Csh Mgt;Inst (DGCXX) 27,701,084 1.26

Wheelock Street Partners 21,536,546 0.98

Real Estate Capital Asia Partners III TE LP 18,730,829 0.85

Northwood RE Fund 11,145,835 0.51

TA Associates Realty Fund IX 7,666,402 0.35

K2 Advisors Long/Short Equity 4,051,012 0.18

Real Estate Capital Asia Partners II TE LP 3,325,712 0.15

Wheelock Street Partners II 2,924,813 0.13

Wrightwood Capital High Yield Partners II LP 2,403,817 0.11

Cadence Capital Mgmt LCG 361 0.00

SSgA S&P 500 Index Strategy 5 0.00

December 31, 2014 : $2,195,553,118

Periods EndingBeginning

Market Value ($)Net

Cash Flow ($)Gain/Loss ($)

EndingMarket Value ($)

%Return Unit Value

CYTD 2,151,762,455 -58,219,200 102,009,863 2,195,553,118 4.78 104.78

City of Phoenix Employees' Retirement SystemTotal Fund CompositeAsset Allocation by Manager and Schedule of Investable Assets

As of December 31, 2014

Performance shown is gross of fees. Allocations may not sum up to 100% exactly due to rounding. K2 Advisors Long/Short Equity, Cadence Capital Mgmt LCG, and SSgA S&P 500 Index Strategy were terminated and are in the process of complete liquidation. Artisan Global Opportunities and Fir Tree International Value were funded in November 2014. SSgA FTSE RAFI US Low Vol was funded in December 2014.

Page 8

Asset Allocation vs. Target Allocation Asset Allocation vs. Target Allocation Differences

Asset Allocation vs. All Pension Plans ($1B to $5B) (Custom PG)

Market Value($)

Allocation(%)

Target(%)

Domestic Equity 524,322,821 23.88 22.00

International Equity 427,160,103 19.46 20.00

Domestic Fixed Income 416,739,550 18.98 20.00

Emerging Markets Debt 105,778,412 4.82 5.00

Real Return 166,283,761 7.57 8.00

Real Estate 271,163,477 12.35 15.00

Long/Short Equity 4,051,012 0.18 0.00

Absolute Return 252,352,896 11.49 10.00

Cash Equivalent 27,701,084 1.26 0.00

Total Fund 2,195,553,118 100.00 100.00

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Total Fund Composite 18.76 (80) 24.58 (17) 18.98 (76) 4.82 (27) 19.25 (32) 12.35 (14) 1.26 (53)

Median 28.71 15.30 29.45 3.48 10.97 7.02 1.43

Population 116 113 106 42 65 45 60

City of Phoenix Employees' Retirement SystemTotal Fund Composite vs. All Pension Plans ($1B to $5B) (Custom PG)Asset Allocation vs. Target and Plan Sponsor Peer Group


Parentheses contain percentile ranks. Allocation shown may not sum up to 100% exactly due to rounding. Artisan Global Opportunities is located in the "Intl. Equity" segment.

Page 9

Asset Allocation by Theme Thematic Analysis - April 1, 2007 to December 31, 2014

Asset Allocation by Liquidity Correlation Matrix - 10 Years

A B C D

A 1.00

B 0.64 1.00

C -0.36 -0.26 1.00

D 0.58 0.86 -0.05 1.00

A = HFN Mkt Neut Eq Index (Alpha)B = MSCI ACW Index (Capital Appreciation)C = Barclays US Gov't Bond Index (Capital Preservation)D = Real Return Custom Index (Inflation)

RVK Liquidity Rating 73

City of Phoenix Employees' Retirement SystemTotal Fund Composite - Thematic and Liquidity Analysis


Asset Allocation by Theme is based on dedicated manager allocations; as such, thematic allocations are approximations. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating. Please see the Glossary for additional information regarding liquidity, thematic and custom index descriptions.

Page 10

Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Total Fund Composite 2,195,553,118 100.00 1.09 -0.49 4.78 4.78 10.50 8.87 5.23 8.00 12/01/1987

Target Allocation Benchmark 1.23 0.72 6.19 6.19 10.52 9.13 5.13 8.77

Difference -0.14 -1.21 -1.41 -1.41 -0.02 -0.26 0.10 -0.77

All Pension Plans $1B-$5B (Custom) 2.20 1.15 7.04 7.04 11.43 9.98 6.88 9.24

Rank 82 83 88 88 67 82 99 98


Actual Allocation Benchmark 1.14 0.37 5.83 5.83 10.29 8.67 N/A N/A

Difference -0.05 -0.86 -1.05 -1.05 0.21 0.20 N/A N/A

All Pension Plans $1B-$5B (Custom) 2.20 1.15 7.04 7.04 11.43 9.98 6.88 9.24

Rank 82 83 88 88 67 82 99 98

Domestic Equity Composite 524,322,821 23.88 4.25 3.24 8.74 8.74 19.92 15.40 N/A 8.14 03/01/2005

R 3000 Index 5.24 5.25 12.55 12.55 20.51 15.63 7.94 8.14

Difference -0.99 -2.01 -3.81 -3.81 -0.59 -0.23 N/A 0.00

IM U.S. Equity (SA+CF) Median 5.47 3.90 9.84 9.84 20.34 15.89 8.87 9.02

Rank 73 58 57 57 57 63 N/A 73

Robeco LCV 132,121,010 6.02 5.53 5.92 11.72 11.72 N/A N/A N/A 19.72 05/01/2013

R 1000 Value Index 4.98 4.78 13.45 13.45 20.89 15.42 7.30 18.06

Difference 0.55 1.14 -1.73 -1.73 N/A N/A N/A 1.66

IM U.S. Large Cap Value Equity (SA+CF) Median 4.50 4.40 12.10 12.10 20.35 15.26 8.41 18.49

Rank 25 24 58 58 N/A N/A N/A 32

SSgA FTSE RAFI US Low Vol 125,883,746 5.73 N/A N/A N/A N/A N/A N/A N/A N/A 01/01/2015

FTSE RAFI USD Low Volatility Index 5.03 5.51 15.07 15.07 N/A N/A N/A N/A

Difference N/A N/A N/A N/A N/A N/A N/A N/A

IM U.S. Large Cap Core Equity (SA+CF) Median 5.09 5.98 13.24 13.24 20.56 15.47 8.42 N/A

Rank N/A N/A N/A N/A N/A N/A N/A N/A

Artisan Global Opportunities 112,455,048 5.12 N/A N/A N/A N/A N/A N/A N/A -1.60 12/01/2014

MSCI ACW Index (Gross) 0.52 -1.69 4.71 4.71 14.72 9.74 6.65 -1.89

Difference N/A N/A N/A N/A N/A N/A N/A 0.29

IM Global Large Cap Growth Equity (SA+CF) Median 1.65 -0.50 4.37 4.37 15.79 11.23 7.71 -1.57

Rank N/A N/A N/A N/A N/A N/A N/A 53

The Boston Company MC Opportunistic Value 45,716,385 2.08 6.93 3.37 10.46 10.46 23.48 17.92 11.66 12.60 05/01/2002

R Mid Cap Index 5.94 4.18 13.22 13.22 21.40 17.19 9.56 10.25

Difference 0.99 -0.81 -2.76 -2.76 2.08 0.73 2.10 2.35

IM U.S. Mid Cap Equity (SA+CF) Median 5.86 3.33 9.73 9.73 20.09 16.55 9.96 10.05

Rank 24 50 42 42 14 22 13 7

City of Phoenix Employees' Retirement SystemAsset Allocation & Performance


Performance shown is gross of fees with the exception of the Absolute Return Composite and its underlying managers, which are shown net of fees. Indices show N/A for since inception returns when the fund contains more history than the corresponding benchmark. RVK endorses GIPS and calculates performance for composites and investment managers using different methodologies. For additional information, please see the Glossary.

Page 11



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Cramer Rosenthal McGlynn SCV 53,832,099 2.45 8.37 2.15 4.03 4.03 19.45 14.10 N/A 9.16 02/01/2008

R 2000 Value Index 9.40 0.01 4.22 4.22 18.29 14.26 6.89 8.34

Difference -1.03 2.14 -0.19 -0.19 1.16 -0.16 N/A 0.82

IM U.S. Small Cap Value Equity (SA+CF) Median 7.59 -0.07 5.31 5.31 19.84 16.26 9.25 10.77

Rank 38 28 63 63 56 82 N/A 80

Eagle Asset Mgmt SCG 54,314,169 2.47 7.54 3.16 5.96 5.96 19.55 17.64 N/A 11.75 07/01/2005

R 2000 Growth Index 10.06 3.31 5.60 5.60 20.14 16.79 8.54 9.43

Difference -2.52 -0.15 0.36 0.36 -0.59 0.85 N/A 2.32

IM U.S. Small Cap Growth Equity (SA+CF) Median 8.54 2.77 3.85 3.85 20.12 17.51 9.55 10.09

Rank 63 46 32 32 61 47 N/A 13

International Equity Composite 427,160,103 19.46 -1.45 -7.15 -2.28 -2.28 11.03 6.62 N/A 4.94 03/01/2005

Int'l Equity Custom Benchmark -3.82 -9.01 -3.47 -3.47 9.70 4.46 4.24 4.06

Difference 2.37 1.86 1.19 1.19 1.33 2.16 N/A 0.88

IM International Equity (SA+CF) Median -3.00 -7.62 -2.67 -2.67 11.40 6.69 6.92 6.62

Rank 27 44 47 47 54 52 N/A 80

GMO Global Equity Allocation 156,921,686 7.15 -2.13 -7.05 -0.32 -0.32 N/A N/A N/A 5.61 10/01/2013

MSCI ACW Index (Gross) 0.52 -1.69 4.71 4.71 14.72 9.74 6.65 9.86

Difference -2.65 -5.36 -5.03 -5.03 N/A N/A N/A -4.25

IM Global Equity (SA+CF) Median 1.04 -1.65 3.91 3.91 15.89 10.93 7.25 9.80

Rank 85 86 82 82 N/A N/A N/A 80

SSgA MSCI ACW Ex US Index 68,359,941 3.11 -3.83 -8.86 -3.58 -3.58 9.26 N/A N/A 2.84 08/01/2011

MSCI ACW Ex US Index (Gross) -3.81 -8.81 -3.44 -3.44 9.49 4.89 5.59 3.03

Difference -0.02 -0.05 -0.14 -0.14 -0.23 N/A N/A -0.19

IM International Equity (SA+CF) Median -3.00 -7.62 -2.67 -2.67 11.40 6.69 6.92 4.88

Rank 66 67 61 61 69 N/A N/A 70

Baillie Gifford IE Growth 150,624,271 6.86 0.33 -5.78 -2.33 -2.33 11.81 N/A N/A 5.17 07/01/2011


Difference 4.14 3.03 1.11 1.11 2.32 N/A N/A 2.61

IM International Growth Equity (SA+CF) Median -1.92 -7.22 -3.38 -3.38 12.44 7.71 6.84 5.09

Rank 15 31 36 36 64 N/A N/A 49

Mondrian IE SC 51,254,205 2.33 -0.56 -8.27 -4.22 -4.22 12.40 N/A N/A 5.40 07/01/2011

MSCI Wrld Ex US Sm Cap Index (Gross) -3.33 -11.26 -4.99 -4.99 12.18 8.30 6.26 4.17

Difference 2.77 2.99 0.77 0.77 0.22 N/A N/A 1.23

IM International Small Cap Equity (SA+CF) Median -1.54 -8.81 -3.37 -3.37 16.15 10.85 8.51 7.36

Rank 21 34 61 61 91 N/A N/A 77


Page 12



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Domestic Fixed Income Composite 416,739,550 18.98 1.50 1.42 5.91 5.91 3.62 5.64 N/A 5.43 03/01/2005

Barclays US Agg Bond Index 1.79 1.96 5.97 5.97 2.66 4.45 4.71 4.79

Difference -0.29 -0.54 -0.06 -0.06 0.96 1.19 N/A 0.64

IM U.S. Brd Mkt Core Fixed Inc (SA+CF) Median 1.71 1.96 6.16 6.16 3.35 5.05 5.10 5.17

Rank 77 88 71 71 39 18 N/A 28

Western Asset Mgmt Co 88,180,483 4.02 1.27 1.58 7.47 7.47 4.96 6.77 N/A 5.42 02/01/2005


Difference -0.52 -0.38 1.50 1.50 2.30 2.32 N/A 0.74


Rank 90 82 4 4 5 1 N/A 24

Aberdeen Total Return Bond 175,847,331 8.01 1.52 1.48 6.06 6.06 3.37 N/A N/A 4.49 07/01/2010


Difference -0.27 -0.48 0.09 0.09 0.71 N/A N/A 0.74


Rank 75 85 58 58 50 N/A N/A 37

PIMCO Total Return 152,711,735 6.96 1.54 1.23 4.94 4.94 3.17 N/A N/A 4.22 07/01/2010


Difference -0.25 -0.73 -1.03 -1.03 0.51 N/A N/A 0.47


Rank 72 94 95 95 60 N/A N/A 60

MFS Emerging Markets Debt 105,778,412 4.82 -0.76 -1.02 6.67 6.67 N/A N/A N/A 1.36 02/01/2013

JPM EMBI Global Dvf'd TR Index -0.55 -1.14 7.43 7.43 6.13 7.57 7.78 1.64

Difference -0.21 0.12 -0.76 -0.76 N/A N/A N/A -0.28

IM Emerging Markets Debt (SA+CF) Median -3.71 -6.08 1.25 1.25 4.60 6.92 8.53 -1.84

Rank 7 4 8 8 N/A N/A N/A 14

Real Return Composite 166,283,761 7.57 -2.69 -5.28 1.67 1.67 1.76 2.12 N/A 1.16 07/01/2007

Consumer Price Index + 4% (Lng-Trm) -0.38 0.47 4.79 4.79 5.39 5.76 6.21 5.67

Difference -2.31 -5.75 -3.12 -3.12 -3.63 -3.64 N/A -4.51

PIMCO:All Asset;Inst (PAAIX) 166,283,761 7.57 -2.69 -5.29 1.68 1.68 N/A N/A N/A 1.68 12/01/2013

All Asset Custom Index 0.77 -0.38 4.03 4.03 6.33 6.23 5.45 4.07



Page 13



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Real Estate Composite 271,163,477 12.35 2.29 5.65 11.67 11.67 12.93 14.95 N/A 6.19 12/01/2006

NCREIF ODCE Index (Gross) (AWA) 3.26 6.61 12.50 12.50 12.45 13.93 7.10 4.73

Difference -0.97 -0.96 -0.83 -0.83 0.48 1.02 N/A 1.46

Core Real Estate Composite 170,862,046 7.78 3.61 6.88 13.25 13.25 14.23 14.99 N/A 5.92 01/01/2009


Difference 0.35 0.27 0.75 0.75 1.78 1.06 N/A 0.82

Morgan Stanley Real Estate 83,893,653 3.82 4.51 8.70 15.47 15.47 15.38 16.03 N/A 6.45 12/01/2006


Difference 1.25 2.09 2.97 2.97 2.93 2.10 N/A 1.72

JP Morgan Real Estate 86,968,392 3.96 2.74 5.16 11.14 11.14 13.03 13.83 N/A 4.85 05/01/2007


Difference -0.52 -1.45 -1.36 -1.36 0.58 -0.10 N/A 0.87

Non-Core Real Estate Composite 100,301,432 4.57 0.18 3.67 9.06 9.06 10.53 15.52 N/A 8.16 02/01/2009

Wrightwood Capital High Yield Partners II LP 2,403,817 0.11 4.08 8.01 16.68 16.68 9.45 13.18 N/A 4.94 02/01/2009

TA Associates Realty Fund IX 7,666,402 0.35 3.20 8.83 15.52 15.52 9.23 N/A N/A 9.10 05/01/2010

Real Estate Capital Asia Partners II TE LP 3,325,712 0.15 3.88 7.86 9.81 9.81 17.62 21.60 N/A 18.90 10/01/2009

Real Estate Capital Asia Partners III TE LP 18,730,829 0.85 -3.47 -2.55 7.90 7.90 N/A N/A N/A 20.99 03/01/2012

JDM Partners Opportunity Fund I 32,567,477 1.48 -1.55 -0.59 -1.59 -1.59 2.94 N/A N/A 13.31 02/01/2010

Wheelock Street Partners 21,536,546 0.98 4.41 15.25 29.80 29.80 N/A N/A N/A 13.40 06/01/2012

Wheelock Street Partners II 2,924,813 0.13 -9.23 N/A N/A N/A N/A N/A N/A -9.23 09/01/2014

Northwood RE Fund 11,145,835 0.51 1.11 1.91 N/A N/A N/A N/A N/A 2.21 02/01/2014


Page 14



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Absolute Return Composite 252,352,896 11.49 -0.07 -1.86 3.76 3.76 N/A N/A N/A 3.76 01/01/2014

ARS Custom Benchmark 0.71 0.95 3.09 3.09 5.58 3.24 3.01 3.09

Difference -0.78 -2.81 0.67 0.67 N/A N/A N/A 0.67

PAAMCO Newport Phoenix 131,979,410 6.01 0.22 -2.04 3.56 3.56 N/A N/A N/A 3.56 01/01/2014

HFRI FOF Comp Index 0.93 1.21 3.35 3.35 5.67 3.29 3.03 3.35


Carlson Double Black Diamond 59,557,859 2.71 -1.32 N/A N/A N/A N/A N/A N/A -0.74 08/01/2014

HFN Multi-Strat Index (Net) 0.41 0.46 3.21 3.21 5.91 4.11 4.69 0.78

Difference -1.73 N/A N/A N/A N/A N/A N/A -1.52

Fir Tree International Value 60,815,627 2.77 N/A N/A N/A N/A N/A N/A N/A 1.36 11/01/2014



Cash Equivalent Composite 27,701,084 1.26 0.58 1.15 1.86 1.86 1.81 2.43 N/A 2.19 03/01/2005

BofA ML 3 Mo US T-Bill Index 0.00 0.01 0.04 0.04 0.07 0.09 1.54 1.54

Difference 0.58 1.14 1.82 1.82 1.74 2.34 N/A 0.65

The Target Benchmark is calculated monthly and currently consists of 22% R 3000 Index, 20% MSCI ACW Ex US IM Index (Gross), 20% Barclays US Agg Bond Index, 5%JPMorgan EMBI Global Dvf'd TR Index, 8% Consumer Price Index + 4%, 15% NCREIF ODCE Index (Gross) (AWA), 10% ARS Custom Benchmark.The Actual Allocation Benchmark is calculated monthly using beginning of month asset class weights applied to each corresponding primary benchmark return.The Int'l Equity Custom Benchmark consists of the MSCI EAFE Index (Gross) through May 2011 and the MSCI ACW Ex US IM Index (Gross) thereafter.Performance for real estate funds (with the exception of JP Morgan Real Estate) and the NCREIF ODCE Index (Gross) (AWA) is calculated on a quarterly basis. The interimmonths assume a 0.00% return for the Target Benchmark and Actual Allocation Benchmark.RVK cautions that the interpretation of time-weighted data on non-marketable investments such as real estate is imperfect at best and can potentially be misleading.The ARS Custom Benchmark is calculated monthly using beginning of month investment weights applied to each corresponding primary benchmark return from August 2014forward. Performance prior to that consists of the HFRI FOF Comp Index.Performance for the Cash Equivalent Composite reflects securities litigation income as well as securities lending income.K2 Advisors Long/Short Equity, Cadence Capital Mgmt LCG, and SSgA S&P 500 Index Strategy were terminated and are in the process of complete liquidation.Artisan Global Opportunities and Fir Tree International Value were funded in November 2014.SSgA FTSE RAFI US Low Vol was funded in December 2014.


Page 15

Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Total Fund Composite 2,195,553,118 100.00 4.78 13.92 13.04 0.62 12.65 13.76 -25.88 7.85 12.10

Target Allocation Benchmark 6.19 13.97 11.54 1.68 12.75 12.47 -26.52 7.92 12.74

Difference -1.41 -0.05 1.50 -1.06 -0.10 1.29 0.64 -0.07 -0.64

All Pension Plans $1B-$5B (Custom) 7.04 14.62 13.36 1.86 13.88 19.99 -25.76 8.38 13.69

Rank 88 54 57 71 74 89 54 66 81


Actual Allocation Benchmark 5.83 14.20 11.00 1.15 11.66 13.63 -24.73 7.01 13.11

Difference -1.05 -0.28 2.04 -0.53 0.99 0.13 -1.15 0.84 -1.01

All Pension Plans $1B-$5B (Custom) 7.04 14.62 13.36 1.86 13.88 19.99 -25.76 8.38 13.69

Rank 88 54 57 71 74 89 54 66 81

Domestic Equity Composite 524,322,821 23.88 8.74 35.59 16.96 -3.46 22.93 32.16 -38.78 6.79 14.02

R 3000 Index 12.55 33.55 16.42 1.03 16.93 28.34 -37.31 5.14 15.72

Difference -3.81 2.04 0.54 -4.49 6.00 3.82 -1.47 1.65 -1.70

IM U.S. Equity (SA+CF) Median 9.84 35.89 16.02 -0.13 19.71 31.44 -36.88 6.62 15.22

Rank 57 52 39 73 40 48 64 49 59

Robeco LCV 132,121,010 6.02 11.72 N/A N/A N/A N/A N/A N/A N/A N/A

R 1000 Value Index 13.45 32.53 17.50 0.39 15.51 19.69 -36.85 -0.17 22.25

Difference -1.73 N/A N/A N/A N/A N/A N/A N/A N/A

IM U.S. Large Cap Value Equity (SA+CF) Median 12.10 34.32 15.75 0.47 14.59 25.34 -35.46 3.82 18.86

Rank 58 N/A N/A N/A N/A N/A N/A N/A N/A

SSgA FTSE RAFI US Low Vol 125,883,746 5.73 N/A N/A N/A N/A N/A N/A N/A N/A N/A

FTSE RAFI USD Low Volatility Index 15.07 N/A N/A N/A N/A N/A N/A N/A N/A

Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A

IM U.S. Large Cap Core Equity (SA+CF) Median 13.24 33.42 15.68 1.93 14.85 26.59 -36.11 7.19 15.55

Rank N/A N/A N/A N/A N/A N/A N/A N/A N/A

Artisan Global Opportunities 112,455,048 5.12 N/A N/A N/A N/A N/A N/A N/A N/A N/A

MSCI ACW Index (Gross) 4.71 23.44 16.80 -6.86 13.21 35.41 -41.85 12.19 21.53


IM Global Large Cap Growth Equity (SA+CF) Median 4.37 27.12 17.55 -7.13 14.73 37.58 -41.72 17.79 19.72

Rank N/A N/A N/A N/A N/A N/A N/A N/A N/A

The Boston Company MC Opportunistic Value 45,716,385 2.08 10.46 41.90 20.13 -3.84 25.91 61.78 -37.67 6.52 11.05

R Mid Cap Index 13.22 34.76 17.28 -1.55 25.47 40.48 -41.46 5.60 15.26

Difference -2.76 7.14 2.85 -2.29 0.44 21.30 3.79 0.92 -4.21

IM U.S. Mid Cap Equity (SA+CF) Median 9.73 36.06 16.26 -1.27 24.97 37.45 -40.24 9.99 13.40

Rank 42 16 14 69 41 4 38 66 63




Page 16



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Cramer Rosenthal McGlynn SCV 53,832,099 2.45 4.03 39.32 17.60 -12.63 29.86 30.14 N/A N/A N/A

R 2000 Value Index 4.22 34.52 18.05 -5.50 24.50 20.58 -28.92 -9.78 23.48

Difference -0.19 4.80 -0.45 -7.13 5.36 9.56 N/A N/A N/A

IM U.S. Small Cap Value Equity (SA+CF) Median 5.31 38.29 17.55 -3.27 27.73 34.61 -32.96 -2.15 18.49

Rank 63 47 50 93 34 64 N/A N/A N/A

Eagle Asset Mgmt SCG 54,314,169 2.47 5.96 36.25 18.35 -1.58 33.99 38.10 -35.70 12.81 21.43

R 2000 Growth Index 5.60 43.30 14.59 -2.91 29.09 34.47 -38.54 7.05 13.35

Difference 0.36 -7.05 3.76 1.33 4.90 3.63 2.84 5.76 8.08

IM U.S. Small Cap Growth Equity (SA+CF) Median 3.85 46.70 14.72 -1.68 28.95 37.62 -41.58 10.91 12.55

Rank 32 94 24 49 23 49 15 41 7

International Equity Composite 427,160,103 19.46 -2.28 16.91 19.82 -11.23 13.36 25.30 -41.70 11.87 24.88

Int'l Equity Custom Benchmark -3.47 16.30 17.58 -12.92 8.21 32.46 -43.06 11.63 26.86

Difference 1.19 0.61 2.24 1.69 5.15 -7.16 1.36 0.24 -1.98

IM International Equity (SA+CF) Median -2.67 19.92 19.77 -13.11 15.16 39.67 -44.86 14.75 28.99

Rank 47 59 50 36 59 86 33 62 74

GMO Global Equity Allocation 156,921,686 7.15 -0.32 N/A N/A N/A N/A N/A N/A N/A N/A



IM Global Equity (SA+CF) Median 3.91 27.01 16.90 -6.40 14.03 33.73 -40.88 12.03 22.22


SSgA MSCI ACW Ex US Index 68,359,941 3.11 -3.58 15.53 17.10 N/A N/A N/A N/A N/A N/A

MSCI ACW Ex US Index (Gross) -3.44 15.78 17.39 -13.33 11.60 42.14 -45.24 17.12 27.16

Difference -0.14 -0.25 -0.29 N/A N/A N/A N/A N/A N/A

IM International Equity (SA+CF) Median -2.67 19.92 19.77 -13.11 15.16 39.67 -44.86 14.75 28.99

Rank 61 62 72 N/A N/A N/A N/A N/A N/A

Baillie Gifford IE Growth 150,624,271 6.86 -2.33 16.07 23.28 N/A N/A N/A N/A N/A N/A


Difference 1.11 0.29 5.89 N/A N/A N/A N/A N/A N/A

IM International Growth Equity (SA+CF) Median -3.38 23.48 20.00 -12.05 14.64 38.73 -45.28 17.31 25.84


Mondrian IE SC 51,254,205 2.33 -4.22 18.07 25.56 N/A N/A N/A N/A N/A N/A

MSCI Wrld Ex US Sm Cap Index (Gross) -4.99 25.99 17.93 -15.50 24.90 51.42 -47.79 3.64 19.82

Difference 0.77 -7.92 7.63 N/A N/A N/A N/A N/A N/A

IM International Small Cap Equity (SA+CF) Median -3.37 31.15 23.48 -13.67 23.62 45.16 -47.25 9.23 29.39



Page 17



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Domestic Fixed Income Composite 416,739,550 18.98 5.91 -1.99 7.19 7.86 9.63 14.82 -1.65 5.85 4.49

Barclays US Agg Bond Index 5.97 -2.02 4.21 7.84 6.54 5.93 5.24 6.97 4.33

Difference -0.06 0.03 2.98 0.02 3.09 8.89 -6.89 -1.12 0.16

IM U.S. Brd Mkt Core Fixed Inc (SA+CF) 6.16 -1.57 5.72 7.84 7.21 9.77 3.21 6.86 4.48

Rank 71 72 21 49 7 14 71 80 49

Western Asset Mgmt Co 88,180,483 4.02 7.47 -0.64 8.29 7.98 11.10 16.90 -6.88 4.22 5.04


Difference 1.50 1.38 4.08 0.14 4.56 10.97 -12.12 -2.75 0.71


Rank 4 12 6 37 2 8 91 95 9

Aberdeen Total Return Bond 175,847,331 8.01 6.06 -2.32 6.62 8.19 N/A N/A N/A N/A N/A


Difference 0.09 -0.30 2.41 0.35 N/A N/A N/A N/A N/A


Rank 58 91 30 25 N/A N/A N/A N/A N/A

PIMCO Total Return 152,711,735 6.96 4.94 -2.38 7.21 7.46 N/A N/A N/A N/A N/A


Difference -1.03 -0.36 3.00 -0.38 N/A N/A N/A N/A N/A


Rank 95 94 20 66 N/A N/A N/A N/A N/A

MFS Emerging Markets Debt 105,778,412 4.82 6.67 N/A N/A N/A N/A N/A N/A N/A N/A

JPM EMBI Global Dvf'd TR Index 7.43 -5.25 17.44 7.35 12.24 29.82 -12.03 6.16 9.86


IM Emerging Markets Debt (SA+CF) Median 1.25 -5.95 18.97 2.95 15.22 32.54 -14.99 7.64 12.65


Real Return Composite 166,283,761 7.57 1.67 -6.67 11.05 1.56 3.78 2.52 -4.53 N/A N/A

Consumer Price Index + 4% (Lng-Trm) 4.79 5.56 5.81 7.08 5.56 6.83 4.10 8.24 6.64

Difference -3.12 -12.23 5.24 -5.52 -1.78 -4.31 -8.63 N/A N/A

PIMCO:All Asset;Inst (PAAIX) 166,283,761 7.57 1.68 N/A N/A N/A N/A N/A N/A N/A N/A

All Asset Custom Index 4.03 6.10 8.92 3.48 8.73 18.68 -13.26 7.76 8.96



Page 18



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Real Estate Composite 271,163,477 12.35 11.67 15.44 11.74 22.60 13.66 -29.81 -5.75 17.52 N/A

NCREIF ODCE Index (Gross) (AWA) 12.50 13.94 10.94 15.99 16.36 -29.76 -10.01 15.97 16.32

Difference -0.83 1.50 0.80 6.61 -2.70 -0.05 4.26 1.55 N/A

Core Real Estate Composite 170,862,046 7.78 13.25 16.80 12.68 16.94 15.32 -29.75 N/A N/A N/A


Difference 0.75 2.86 1.74 0.95 -1.04 0.01 N/A N/A N/A

Morgan Stanley Real Estate 83,893,653 3.82 15.47 17.58 13.14 17.74 16.28 -32.52 -3.62 16.33 N/A


Difference 2.97 3.64 2.20 1.75 -0.08 -2.76 6.39 0.36 N/A

JP Morgan Real Estate 86,968,392 3.96 11.14 15.90 12.12 15.96 14.13 -26.55 -8.09 N/A N/A


Difference -1.36 1.96 1.18 -0.03 -2.23 3.21 1.92 N/A N/A

Non-Core Real Estate Composite 100,301,432 4.57 9.06 12.92 9.64 42.57 6.86 N/A N/A N/A N/A

Wrightwood Capital High Yield Partners II LP 2,403,817 0.11 16.68 18.22 -4.94 37.25 3.21 N/A N/A N/A N/A

TA Associates Realty Fund IX 7,666,402 0.35 15.52 6.63 5.78 20.07 N/A N/A N/A N/A N/A

Real Estate Capital Asia Partners II TE LP 3,325,712 0.15 9.81 44.47 2.57 5.90 54.30 N/A N/A N/A N/A

Real Estate Capital Asia Partners III TE LP 18,730,829 0.85 7.90 32.46 N/A N/A N/A N/A N/A N/A N/A

JDM Partners Opportunity Fund I 32,567,477 1.48 -1.59 -0.95 11.90 71.07 N/A N/A N/A N/A N/A

Wheelock Street Partners 21,536,546 0.98 29.80 20.25 N/A N/A N/A N/A N/A N/A N/A

Wheelock Street Partners II 2,924,813 0.13 N/A N/A N/A N/A N/A N/A N/A N/A N/A

Northwood RE Fund 11,145,835 0.51 N/A N/A N/A N/A N/A N/A N/A N/A N/A


Page 19



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Absolute Return Composite 252,352,896 11.49 3.76 N/A N/A N/A N/A N/A N/A N/A N/A

ARS Custom Benchmark 3.09 8.96 4.79 -5.72 5.70 11.47 -21.37 10.25 10.39

Difference 0.67 N/A N/A N/A N/A N/A N/A N/A N/A

PAAMCO Newport Phoenix 131,979,410 6.01 3.56 N/A N/A N/A N/A N/A N/A N/A N/A

HFRI FOF Comp Index 3.35 8.96 4.79 -5.72 5.70 11.47 -21.37 10.25 10.39


Carlson Double Black Diamond 59,557,859 2.71 N/A N/A N/A N/A N/A N/A N/A N/A N/A

HFN Multi-Strat Index (Net) 3.21 9.61 5.01 -4.55 7.86 15.45 -16.12 9.34 12.99


Fir Tree International Value 60,815,627 2.77 N/A N/A N/A N/A N/A N/A N/A N/A N/A



Cash Equivalent Composite 27,701,084 1.26 1.86 2.81 0.78 5.73 1.05 0.44 -5.85 2.58 4.50

BofA ML 3 Mo US T-Bill Index 0.04 0.07 0.11 0.10 0.13 0.21 2.06 5.00 4.85

Difference 1.82 2.74 0.67 5.63 0.92 0.23 -7.91 -2.42 -0.35



Page 20

Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate


Target Allocation Benchmark 1.23 0.72 6.19 6.19 10.52 9.13 5.13 8.77

Difference -0.25 -1.43 -1.88 -1.88 -0.47 -0.69 -0.31 -1.01


Actual Allocation Benchmark 1.14 0.37 5.83 5.83 10.29 8.67 N/A N/A

Difference -0.16 -1.08 -1.52 -1.52 -0.24 -0.23 N/A N/A

Domestic Equity Composite 524,322,821 23.88 4.13 3.00 8.28 8.28 19.43 14.91 N/A 7.71 03/01/2005

R 3000 Index 5.24 5.25 12.55 12.55 20.51 15.63 7.94 8.14

Difference -1.11 -2.25 -4.27 -4.27 -1.08 -0.72 N/A -0.43

Robeco LCV 132,121,010 6.02 5.53 5.70 11.38 11.38 N/A N/A N/A 19.37 05/01/2013

R 1000 Value Index 4.98 4.78 13.45 13.45 20.89 15.42 7.30 18.06

Difference 0.55 0.92 -2.07 -2.07 N/A N/A N/A 1.31

SSgA FTSE RAFI US Low Vol 125,883,746 5.73 N/A N/A N/A N/A N/A N/A N/A N/A 01/01/2015

FTSE RAFI USD Low Volatility Index 5.03 5.51 15.07 15.07 N/A N/A N/A N/A

Difference N/A N/A N/A N/A N/A N/A N/A N/A

Artisan Global Opportunities 112,455,048 5.12 N/A N/A N/A N/A N/A N/A N/A -1.67 12/01/2014

MSCI ACW Index (Gross) 0.52 -1.69 4.71 4.71 14.72 9.74 6.65 -1.89


The Boston Company MC Opportunistic Value 45,716,385 2.08 6.70 2.98 9.66 9.66 22.63 17.08 10.81 11.77 05/01/2002

R Mid Cap Index 5.94 4.18 13.22 13.22 21.40 17.19 9.56 10.25

Difference 0.76 -1.20 -3.56 -3.56 1.23 -0.11 1.25 1.52

Cramer Rosenthal McGlynn SCV 53,832,099 2.45 8.09 1.66 3.06 3.06 18.37 13.04 N/A 8.14 02/01/2008

R 2000 Value Index 9.40 0.01 4.22 4.22 18.29 14.26 6.89 8.34

Difference -1.31 1.65 -1.16 -1.16 0.08 -1.22 N/A -0.20

Eagle Asset Mgmt SCG 54,314,169 2.47 7.36 2.85 5.36 5.36 18.88 16.99 N/A 11.12 07/01/2005

R 2000 Growth Index 10.06 3.31 5.60 5.60 20.14 16.79 8.54 9.43

Difference -2.70 -0.46 -0.24 -0.24 -1.26 0.20 N/A 1.69

City of Phoenix Employees' Retirement SystemAsset Allocation & Performance (Net of Fees)


Performance shown is net of fees. Indices show N/A for since inception returns when the fund contains more history than the corresponding benchmark. RVK endorses GIPS and calculates performance for composites and investment managers using different methodologies. For additional information, please see the Glossary.

Page 21



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

International Equity Composite 427,160,103 19.46 -1.56 -7.37 -2.76 -2.76 10.43 6.05 N/A 4.36 03/01/2005

Int'l Equity Custom Benchmark -3.82 -9.01 -3.47 -3.47 9.70 4.46 4.24 4.06

Difference 2.26 1.64 0.71 0.71 0.73 1.59 N/A 0.30

GMO Global Equity Allocation 156,921,686 7.15 -2.27 -7.32 -0.88 -0.88 N/A N/A N/A 5.02 10/01/2013

MSCI ACW Index (Gross) 0.52 -1.69 4.71 4.71 14.72 9.74 6.65 9.86


SSgA MSCI ACW Ex US Index 68,359,941 3.11 -3.85 -8.90 -3.68 -3.68 9.15 N/A N/A 2.74 08/01/2011


Difference -0.04 -0.09 -0.24 -0.24 -0.34 N/A N/A -0.29

Baillie Gifford IE Growth 150,624,271 6.86 0.19 -6.05 -2.89 -2.89 11.14 N/A N/A 4.54 07/01/2011


Difference 4.00 2.76 0.55 0.55 1.65 N/A N/A 1.98

Mondrian IE SC 51,254,205 2.33 -0.56 -8.45 -4.75 -4.75 11.71 N/A N/A 4.78 07/01/2011

MSCI Wrld Ex US Sm Cap Index (Gross) -3.33 -11.26 -4.99 -4.99 12.18 8.30 6.26 4.17

Difference 2.77 2.81 0.24 0.24 -0.47 N/A N/A 0.61

Domestic Fixed Income Composite 416,739,550 18.98 1.40 1.27 5.57 5.57 3.32 5.35 N/A 5.19 03/01/2005


Difference -0.39 -0.69 -0.40 -0.40 0.66 0.90 N/A 0.40

Western Asset Mgmt Co 88,180,483 4.02 1.20 1.44 7.17 7.17 4.67 6.47 N/A 5.14 02/01/2005


Difference -0.59 -0.52 1.20 1.20 2.01 2.02 N/A 0.46

Aberdeen Total Return Bond 175,847,331 8.01 1.38 1.35 5.70 5.70 3.08 N/A N/A 4.22 07/01/2010


Difference -0.41 -0.61 -0.27 -0.27 0.42 N/A N/A 0.47

PIMCO Total Return 152,711,735 6.96 1.46 1.07 4.62 4.62 2.86 N/A N/A 3.91 07/01/2010


Difference -0.33 -0.89 -1.35 -1.35 0.20 N/A N/A 0.16

MFS Emerging Markets Debt 105,778,412 4.82 -0.88 -1.26 6.02 6.02 N/A N/A N/A 0.91 02/01/2013

JPM EMBI Global Dvf'd TR Index -0.55 -1.14 7.43 7.43 6.13 7.57 7.78 1.64



Page 22



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Real Return Composite 166,283,761 7.57 -2.90 -5.69 0.78 0.78 1.33 1.85 N/A 0.75 07/01/2007

Consumer Price Index + 4% (Lng-Trm) -0.38 0.47 4.79 4.79 5.39 5.76 6.21 5.67

Difference -2.52 -6.16 -4.01 -4.01 -4.06 -3.91 N/A -4.92

PIMCO:All Asset;Inst (PAAIX) 166,283,761 7.57 -2.90 -5.70 0.80 0.80 N/A N/A N/A 0.81 12/01/2013

All Asset Custom Index 0.77 -0.38 4.03 4.03 6.33 6.23 5.45 4.07


Real Estate Composite 271,163,477 12.35 2.12 5.27 10.88 10.88 12.10 14.06 N/A 5.26 12/01/2006

NCREIF ODCE Index (Net) (AWA) 3.02 6.11 11.46 11.46 11.38 12.85 6.11 3.77

Difference -0.90 -0.84 -0.58 -0.58 0.72 1.21 N/A 1.49

Core Real Estate Composite 170,862,046 7.78 3.34 6.33 12.04 12.04 12.98 13.75 N/A 4.78 01/01/2009


Difference 0.32 0.22 0.58 0.58 1.60 0.90 N/A 0.66

Morgan Stanley Real Estate 83,893,653 3.82 4.23 8.11 14.15 14.15 14.00 14.70 N/A 5.23 12/01/2006


Difference 1.21 2.00 2.69 2.69 2.62 1.85 N/A 1.46

JP Morgan Real Estate 86,968,392 3.96 2.48 4.64 10.05 10.05 11.93 12.71 N/A 3.86 05/01/2007


Difference -0.54 -1.47 -1.41 -1.41 0.55 -0.14 N/A 0.83

Non-Core Real Estate Composite 100,301,432 4.57 0.16 3.56 8.95 8.95 10.49 15.49 N/A 8.14 02/01/2009

Wrightwood Capital High Yield Partners II LP 2,403,817 0.11 3.71 7.35 15.97 15.97 9.23 13.05 N/A 4.83 02/01/2009

TA Associates Realty Fund IX 7,666,402 0.35 3.20 8.83 15.52 15.52 9.23 N/A N/A 9.10 05/01/2010

Real Estate Capital Asia Partners II TE LP 3,325,712 0.15 3.88 7.86 9.81 9.81 17.62 21.60 N/A 18.90 10/01/2009

Real Estate Capital Asia Partners III TE LP 18,730,829 0.85 -3.47 -2.55 7.90 7.90 N/A N/A N/A 20.99 03/01/2012

JDM Partners Opportunity Fund I 32,567,477 1.48 -1.55 -0.59 -1.59 -1.59 2.94 N/A N/A 13.31 02/01/2010

Wheelock Street Partners 21,536,546 0.98 4.41 15.25 29.80 29.80 N/A N/A N/A 13.40 06/01/2012

Wheelock Street Partners II 2,924,813 0.13 -9.23 N/A N/A N/A N/A N/A N/A -9.23 09/01/2014

Northwood RE Fund 11,145,835 0.51 0.98 0.63 N/A N/A N/A N/A N/A 0.93 02/01/2014


Page 23



Allocation

MarketValue ($)

%

Performance (%)

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

YearsSinceIncep.

InceptionDate

Absolute Return Composite 252,352,896 11.49 -0.07 -1.86 3.76 3.76 N/A N/A N/A 3.76 01/01/2014

ARS Custom Benchmark 0.71 0.95 3.09 3.09 5.58 3.24 3.01 3.09


PAAMCO Newport Phoenix 131,979,410 6.01 0.22 -2.04 3.56 3.56 N/A N/A N/A 3.56 01/01/2014

HFRI FOF Comp Index 0.93 1.21 3.35 3.35 5.67 3.29 3.03 3.35


Carlson Double Black Diamond 59,557,859 2.71 -1.32 N/A N/A N/A N/A N/A N/A -0.74 08/01/2014


Difference -1.73 N/A N/A N/A N/A N/A N/A -1.52

Fir Tree International Value 60,815,627 2.77 N/A N/A N/A N/A N/A N/A N/A 1.36 11/01/2014



Cash Equivalent Composite 27,701,084 1.26 0.58 1.15 1.86 1.86 1.81 2.43 N/A 1.70 03/01/2005

BofA ML 3 Mo US T-Bill Index 0.00 0.01 0.04 0.04 0.07 0.09 1.54 1.54

Difference 0.58 1.14 1.82 1.82 1.74 2.34 N/A 0.16



Page 24

Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006


Target Allocation Benchmark 6.19 13.97 11.54 1.68 12.75 12.47 -26.52 7.92 12.74

Difference -1.88 -0.49 1.05 -1.44 -0.50 0.71 0.26 -0.44 -0.93


Actual Allocation Benchmark 5.83 14.20 11.00 1.15 11.66 13.63 -24.73 7.01 13.11

Difference -1.52 -0.72 1.59 -0.91 0.59 -0.45 -1.53 0.47 -1.30

Domestic Equity Composite 524,322,821 23.88 8.28 35.07 16.47 -3.89 22.36 31.53 -39.05 6.46 13.72

R 3000 Index 12.55 33.55 16.42 1.03 16.93 28.34 -37.31 5.14 15.72

Difference -4.27 1.52 0.05 -4.92 5.43 3.19 -1.74 1.32 -2.00

Robeco LCV 132,121,010 6.02 11.38 N/A N/A N/A N/A N/A N/A N/A N/A

R 1000 Value Index 13.45 32.53 17.50 0.39 15.51 19.69 -36.85 -0.17 22.25


SSgA FTSE RAFI US Low Vol 125,883,746 5.73 N/A N/A N/A N/A N/A N/A N/A N/A N/A

FTSE RAFI USD Low Volatility Index 15.07 N/A N/A N/A N/A N/A N/A N/A N/A


Artisan Global Opportunities 112,455,048 5.12 N/A N/A N/A N/A N/A N/A N/A N/A N/A



The Boston Company MC Opportunistic Value 45,716,385 2.08 9.66 40.96 19.29 -4.55 25.01 60.56 -38.38 5.77 10.26

R Mid Cap Index 13.22 34.76 17.28 -1.55 25.47 40.48 -41.46 5.60 15.26

Difference -3.56 6.20 2.01 -3.00 -0.46 20.08 3.08 0.17 -5.00

Cramer Rosenthal McGlynn SCV 53,832,099 2.45 3.06 38.15 16.48 -13.50 28.65 28.82 N/A N/A N/A

R 2000 Value Index 4.22 34.52 18.05 -5.50 24.50 20.58 -28.92 -9.78 23.48

Difference -1.16 3.63 -1.57 -8.00 4.15 8.24 N/A N/A N/A

Eagle Asset Mgmt SCG 54,314,169 2.47 5.36 35.54 17.64 -2.12 33.26 37.32 -36.23 12.10 20.81

R 2000 Growth Index 5.60 43.30 14.59 -2.91 29.09 34.47 -38.54 7.05 13.35

Difference -0.24 -7.76 3.05 0.79 4.17 2.85 2.31 5.05 7.46




Page 25



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

International Equity Composite 427,160,103 19.46 -2.76 16.26 19.11 -11.69 12.78 24.61 -42.06 11.32 24.15

Int'l Equity Custom Benchmark -3.47 16.30 17.58 -12.92 8.21 32.46 -43.06 11.63 26.86

Difference 0.71 -0.04 1.53 1.23 4.57 -7.85 1.00 -0.31 -2.71

GMO Global Equity Allocation 156,921,686 7.15 -0.88 N/A N/A N/A N/A N/A N/A N/A N/A



SSgA MSCI ACW Ex US Index 68,359,941 3.11 -3.68 15.42 16.95 N/A N/A N/A N/A N/A N/A


Difference -0.24 -0.36 -0.44 N/A N/A N/A N/A N/A N/A

Baillie Gifford IE Growth 150,624,271 6.86 -2.89 15.37 22.54 N/A N/A N/A N/A N/A N/A



Mondrian IE SC 51,254,205 2.33 -4.75 17.44 24.64 N/A N/A N/A N/A N/A N/A

MSCI Wrld Ex US Sm Cap Index (Gross) -4.99 25.99 17.93 -15.50 24.90 51.42 -47.79 3.64 19.82


Domestic Fixed Income Composite 416,739,550 18.98 5.57 -2.26 6.90 7.52 9.42 14.57 -1.87 5.66 4.34


Difference -0.40 -0.24 2.69 -0.32 2.88 8.64 -7.11 -1.31 0.01

Western Asset Mgmt Co 88,180,483 4.02 7.17 -0.96 8.05 7.66 10.78 16.62 -7.10 3.98 4.78


Difference 1.20 1.06 3.84 -0.18 4.24 10.69 -12.34 -2.99 0.45

Aberdeen Total Return Bond 175,847,331 8.01 5.70 -2.54 6.33 7.82 N/A N/A N/A N/A N/A



PIMCO Total Return 152,711,735 6.96 4.62 -2.70 6.90 7.15 N/A N/A N/A N/A N/A



MFS Emerging Markets Debt 105,778,412 4.82 6.02 N/A N/A N/A N/A N/A N/A N/A N/A

JPM EMBI Global Dvf'd TR Index 7.43 -5.25 17.44 7.35 12.24 29.82 -12.03 6.16 9.86



Page 26



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Real Return Composite 166,283,761 7.57 0.78 -6.88 10.86 1.49 3.78 1.75 -5.15 N/A N/A

Consumer Price Index + 4% (Lng-Trm) 4.79 5.56 5.81 7.08 5.56 6.83 4.10 8.24 6.64

Difference -4.01 -12.44 5.05 -5.59 -1.78 -5.08 -9.25 N/A N/A

PIMCO:All Asset;Inst (PAAIX) 166,283,761 7.57 0.80 N/A N/A N/A N/A N/A N/A N/A N/A

All Asset Custom Index 4.03 6.10 8.92 3.48 8.73 18.68 -13.26 7.76 8.96


Real Estate Composite 271,163,477 12.35 10.88 14.61 10.86 21.60 12.71 -30.54 -6.72 16.61 N/A

NCREIF ODCE Index (Net) (AWA) 11.46 12.90 9.79 14.96 15.26 -30.40 -10.70 14.84 15.27

Difference -0.58 1.71 1.07 6.64 -2.55 -0.14 3.98 1.77 N/A

Core Real Estate Composite 170,862,046 7.78 12.04 15.54 11.38 15.66 14.16 -30.48 N/A N/A N/A


Difference 0.58 2.64 1.59 0.70 -1.10 -0.08 N/A N/A N/A

Morgan Stanley Real Estate 83,893,653 3.82 14.15 16.22 11.68 16.34 15.15 -33.18 -4.71 15.13 N/A


Difference 2.69 3.32 1.89 1.38 -0.11 -2.78 5.99 0.29 N/A

JP Morgan Real Estate 86,968,392 3.96 10.05 14.77 11.03 14.83 12.95 -27.38 -8.93 N/A N/A


Difference -1.41 1.87 1.24 -0.13 -2.31 3.02 1.77 N/A N/A

Non-Core Real Estate Composite 100,301,432 4.57 8.95 12.92 9.64 42.57 6.86 N/A N/A N/A N/A

Wrightwood Capital High Yield Partners II LP 2,403,817 0.11 15.97 18.22 -4.94 37.25 3.21 N/A N/A N/A N/A

TA Associates Realty Fund IX 7,666,402 0.35 15.52 6.63 5.78 20.07 N/A N/A N/A N/A N/A

Real Estate Capital Asia Partners II TE LP 3,325,712 0.15 9.81 44.47 2.57 5.90 54.30 N/A N/A N/A N/A

Real Estate Capital Asia Partners III TE LP 18,730,829 0.85 7.90 32.46 N/A N/A N/A N/A N/A N/A N/A

JDM Partners Opportunity Fund I 32,567,477 1.48 -1.59 -0.95 11.90 71.07 N/A N/A N/A N/A N/A

Wheelock Street Partners 21,536,546 0.98 29.80 20.25 N/A N/A N/A N/A N/A N/A N/A

Wheelock Street Partners II 2,924,813 0.13 N/A N/A N/A N/A N/A N/A N/A N/A N/A

Northwood RE Fund 11,145,835 0.51 N/A N/A N/A N/A N/A N/A N/A N/A N/A


Page 27



Allocation

MarketValue ($)

%

Performance (%)

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Absolute Return Composite 252,352,896 11.49 3.76 N/A N/A N/A N/A N/A N/A N/A N/A

ARS Custom Benchmark 3.09 8.96 4.79 -5.72 5.70 11.47 -21.37 10.25 10.39


PAAMCO Newport Phoenix 131,979,410 6.01 3.56 N/A N/A N/A N/A N/A N/A N/A N/A

HFRI FOF Comp Index 3.35 8.96 4.79 -5.72 5.70 11.47 -21.37 10.25 10.39


Carlson Double Black Diamond 59,557,859 2.71 N/A N/A N/A N/A N/A N/A N/A N/A N/A



Fir Tree International Value 60,815,627 2.77 N/A N/A N/A N/A N/A N/A N/A N/A N/A



Cash Equivalent Composite 27,701,084 1.26 1.86 2.81 0.78 5.73 1.05 0.44 -5.85 2.58 4.37

BofA ML 3 Mo US T-Bill Index 0.04 0.07 0.11 0.10 0.13 0.21 2.06 5.00 4.85

Difference 1.82 2.74 0.67 5.63 0.92 0.23 -7.91 -2.42 -0.48



Page 28

QTDJul-2014

ToDec-2014

YTD1

Year3

Years5

Years10

Years2013 2012 2011

Total Fund Composite 1.09 (82) -0.49 (83) 4.78 (88) 4.78 (88) 10.50 (67) 8.87 (82) 5.23 (99) 13.92 (54) 13.04 (57) 0.62 (71)

Target Allocation Benchmark 1.23 (77) 0.72 (61) 6.19 (66) 6.19 (66) 10.52 (67) 9.13 (76) 5.13 (99) 13.97 (53) 11.54 (86) 1.68 (52)

Median 2.20 1.15 7.04 7.04 11.43 9.98 6.88 14.62 13.36 1.86

Population 145 144 137 137 118 110 103 163 159 152

City of Phoenix Employees' Retirement SystemAll Pension Plans ($1B to $5B) (Custom PG)Plan Sponsor Peer Group Analysis


Performance shown is gross of fees. Parentheses contain percentile ranks.

Page 29

-44.00

-36.00

-28.00

-20.00

-12.00

-4.00

4.00

12.00

20.00

28.00

36.00

44.00

YTD 2013 2012 2011 2010 2009 2008 2007 2006

Total Fund Composite 4.78 (88) 13.92 (54) 13.04 (57) 0.62 (71) 12.65 (74) 13.76 (89) -25.88 (54) 7.85 (66) 12.10 (81)

Target Allocation Benchmark 6.19 (66) 13.97 (53) 11.54 (86) 1.68 (52) 12.75 (73) 12.47 (92) -26.52 (64) 7.92 (65) 12.74 (70)

Median 7.04 14.62 13.36 1.86 13.88 19.99 -25.76 8.38 13.69

Population 137 163 159 152 155 143 122 142 128

City of Phoenix Employees' Retirement SystemAll Pension Plans ($1B to $5B) (Custom PG)Plan Sponsor Peer Group Analysis


Performance shown is gross of fees. Parentheses contain percentile ranks.

Page 30

Plan Sponsor Scattergram - 3 Years Plan Sponsor Scattergram - 5 Years

Plan Sponsor Scattergram - 7 Years Plan Sponsor Scattergram - 10 Years

ReturnStandardDeviation

Total Fund Composite 8.87 7.94

Target Allocation Benchmark 9.13 7.22

Median 9.98 7.84




Median 11.43 5.88




Median 6.88 9.60




Median 5.47 10.86

City of Phoenix Employees' Retirement SystemAll Pension Plans $1B-$5B (Custom Peer Group)


Performance shown is gross of fees. Calculation is based on monthly periodicity.

Page 31

Plan Sponsor Scattergram - 5 Years Up/Down Markets - 5 Years

Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500)



Actual Allocation Benchmark 8.67 7.23

Median 9.98 7.84

5Years

5Years

5Years

5Years

5Years

Total Fund Composite 7.94 (48) 1.10 (78) 8.75 (81) 4.65 (45) 0.59 (45)

Actual Allocation Benchmark 7.23 (62) 1.18 (68) 8.51 (87) 4.09 (60) 0.54 (56)

Median 7.84 1.27 9.82 4.44 0.56

Population 110 110 110 110 110

City of Phoenix Employees' Retirement SystemTotal Fund Composite vs. All Pension Plans ($1B to $5B) (Custom PG)


Performance shown is gross of fees. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 32

Portfolio Characteristics

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 120,738 113,441

Median Mkt. Cap ($M) 24,989 7,321

Price/Earnings Ratio 16.07 16.91

Price/Book Ratio 2.29 2.08

5 Yr. EPS Growth Rate (%) 13.69 10.57

Current Yield (%) 1.76 2.31

Beta N/A 1.00

Number of Securities 99 704

Top Ten Equity Holdings

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Citigroup Inc 4.13 1.58 2.55 4.44

Berkshire Hathaway Inc 4.08 2.65 1.43 8.69

Wells Fargo & Co 4.02 2.52 1.50 6.38

JPMorgan Chase & Co 3.74 2.28 1.46 4.59

Capital One Financial Corp. 3.13 0.45 2.68 1.51

Pfizer Inc 2.92 1.91 1.01 6.26

Johnson & Johnson 2.59 2.40 0.19 -1.26

Apple Inc 2.58 0.00 2.58 10.03

Cisco Systems Inc 2.30 1.37 0.93 10.51

CVS Caremark Corp 2.21 0.93 1.28 21.41

% of Portfolio 31.70 16.09

Distribution of Market Capitalization (%)

City of Phoenix Employees' Retirement SystemRobeco LCV vs. R 1000 Value IndexPortfolio Characteristics


Beta calculation requires three years of monthly performance history.

Page 33

PerformanceAllocation

Total Attribution

City of Phoenix Employees' Retirement SystemRobeco LCV vs. R 1000 Value IndexBuy and Hold Sector Attribution Graph

1 Quarter Ending December 31, 2014

Page 34


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 131,307 144,018

Median Mkt. Cap ($M) 13,645 13,645





Beta N/A 1.00



PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

AT&T Inc 4.96 2.52 2.44 -3.43

Exxon Mobil Corp 4.55 5.62 -1.07 -1.00

Chevron Corp 4.00 3.04 0.96 -5.12

Procter & Gamble Co (The) 3.12 3.56 -0.44 9.61

Microsoft Corp 3.08 4.96 -1.88 0.83

Verizon Communications Inc 3.07 2.78 0.29 -5.39

Johnson & Johnson 3.06 4.12 -1.06 -1.26

Wal-Mart Stores Inc 2.97 2.00 0.97 12.94

Berkshire Hathaway Inc 2.10 2.40 -0.30 8.69

International Business Machines Corp 2.04 2.30 -0.26 -14.91



City of Phoenix Employees' Retirement SystemSSgA FTSE RAFI US Low Vol vs. FTSE RAFI USD Low Volatility IndexPortfolio Characteristics



Page 35


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 80,228 90,910

Median Mkt. Cap ($M) 21,342 8,935





Beta N/A 1.00

Number of Securities 46 2,470


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Applied Materials Inc. 6.03 0.08 5.95 15.82

IHS Inc 5.22 0.02 5.20 -9.03

Regeneron Pharmaceuticals Inc 4.75 0.09 4.66 13.79

Hexagon AB 4.55 0.02 4.53 -2.75

Biogen Idec Inc 3.84 0.22 3.62 2.61

Visa Inc 3.32 0.35 2.97 23.12

Google Inc 3.26 0.41 2.85 -9.82

Discover Financial Services Inc 3.24 0.08 3.16 2.09

Google Inc 3.23 0.41 2.82 -8.83

Apple Inc 3.13 1.79 1.34 10.03



City of Phoenix Employees' Retirement SystemArtisan Global Opportunities vs. MSCI ACW Index (Gross)Portfolio Characteristics



Page 36


Total Attribution

City of Phoenix Employees' Retirement SystemArtisan Global Opportunities vs. MSCI ACW Index (Gross)Buy and Hold Sector Attribution Graph


Page 37


Total Attribution

City of Phoenix Employees' Retirement SystemArtisan Global Opportunities vs. MSCI ACW Index (Gross)Buy and Hold Region Attribution Graph


Page 38

Peer Group Scattergram - 10 Years Up/Down Markets - 10 Years

Peer Group Analysis - Multi Statistics


The Boston Company MC Opportunistic Value 11.66 20.39

R Mid Cap Index 9.56 19.02

Median 9.96 18.68

10Years

10Years

10Years

10Years

10Years

10Years

The Boston Company MC Opportunistic Value 0.57 (31) 5.24 (61) 0.42 (9) 12.64 (37) 110.25 (8) 99.87 (26)

R Mid Cap Index 0.50 (67) 0.00 (100) N/A 12.60 (38) 100.00 (45) 100.00 (26)

Median 0.52 5.94 0.06 12.18 98.84 95.51

Population 148 148 148 148 148 148

City of Phoenix Employees' Retirement SystemThe Boston Company MC Opportunistic Value vs. IM U.S. Mid Cap Equity (SA+CF)


Performance shown is gross of fees. Calculation is based on quarterly periodicity. Parentheses contain percentile ranks.

Page 39


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 12,008 12,914

Median Mkt. Cap ($M) 9,501 6,273





Beta (5 Years, Monthly) 1.18 1.00



PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Mednax Inc 4.10 0.10 4.00 20.59

Avnet Inc 3.39 0.09 3.30 4.04

Parker-Hannifin Corp 3.10 0.30 2.80 13.52

Discover Financial Services Inc 2.99 0.00 2.99 2.09

Realogy Holdings Corp 2.97 0.10 2.87 19.60

TD AMERITRADE Holding Corp 2.86 0.15 2.71 7.70

Regal-Beloit Corp. 2.82 0.05 2.77 17.38

E*TRADE Financial Corporation 2.79 0.11 2.68 7.37

Seagate Technology Plc 2.77 0.00 2.77 17.12

Comerica Inc 2.71 0.13 2.58 -5.65



City of Phoenix Employees' Retirement SystemThe Boston Company MC Opportunistic Value vs. R Mid Cap IndexPortfolio Characteristics


Page 40


Total Attribution

City of Phoenix Employees' Retirement SystemThe Boston Company MC Opportunistic Value vs. R Mid Cap IndexBuy and Hold Sector Attribution Graph


Page 41




Cramer Rosenthal McGlynn SCV 14.10 20.10

R 2000 Value Index 14.26 18.22

Median 16.26 18.28

5Years

5Years

5Years

5Years

5Years

5Years

Cramer Rosenthal McGlynn SCV 0.77 (92) 4.93 (45) 0.05 (75) 12.72 (15) 101.96 (59) 102.63 (26)

R 2000 Value Index 0.83 (73) 0.00 (100) N/A 11.52 (35) 100.00 (69) 100.00 (32)

Median 0.94 4.80 0.37 10.87 103.53 92.06

Population 219 219 219 219 219 219

City of Phoenix Employees' Retirement SystemCramer Rosenthal McGlynn SCV vs. IM U.S. Small Cap Value Equity (SA+CF)



Page 42


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 1,951 1,752

Median Mkt. Cap ($M) 1,585 641








PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Regis Corp 4.11 0.08 4.03 5.01

Headwaters Inc 3.69 0.00 3.69 19.54

Childrens Place Retail Stores Inc 2.78 0.14 2.64 19.87

STERIS Corp 2.67 0.00 2.67 20.62

Premier Inc 2.47 0.00 2.47 2.04

FTI Consulting Inc. 2.39 0.18 2.21 10.50

CONMED Corp 2.36 0.14 2.22 22.60

Bank of Hawaii Corp 2.27 0.00 2.27 5.20

Interface Inc 2.23 0.00 2.23 2.30

MB Financial Inc 2.20 0.25 1.95 19.24



City of Phoenix Employees' Retirement SystemCramer Rosenthal McGlynn SCV vs. R 2000 Value IndexPortfolio Characteristics


Page 43


Total Attribution

City of Phoenix Employees' Retirement SystemCramer Rosenthal McGlynn SCV vs. R 2000 Value IndexBuy and Hold Sector Attribution Graph


Page 44




Eagle Asset Mgmt SCG 17.64 18.78

R 2000 Growth Index 16.79 18.93

Median 17.51 19.49

5Years

5Years

5Years

5Years

5Years

5Years

Eagle Asset Mgmt SCG 0.98 (40) 4.88 (56) 0.15 (50) 11.44 (49) 98.72 (61) 87.29 (68)

R 2000 Growth Index 0.93 (56) 0.00 (100) N/A 11.26 (54) 100.00 (50) 100.00 (44)

Median 0.95 5.07 0.14 11.34 100.00 97.08

Population 195 195 195 195 195 195

City of Phoenix Employees' Retirement SystemEagle Asset Mgmt SCG vs. IM U.S. Small Cap Growth Equity (SA+CF)



Page 45


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 2,583 2,083









PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Natus Medical Inc 2.89 0.13 2.76 22.13

Quaker Chemical Corp 2.36 0.10 2.26 28.94

Imperva Inc 2.20 0.12 2.08 72.05

Centene Corp 2.13 0.00 2.13 25.56

Universal Electronics Inc 2.02 0.12 1.90 31.72

Martin Marietta Materials Inc. 1.92 0.00 1.92 -14.17

Genesco Inc. 1.89 0.02 1.87 2.50

Cavium Inc 1.66 0.37 1.29 24.31

Stifel Financial Corp. 1.58 0.00 1.58 8.81

Vitamin Shoppe Inc 1.58 0.08 1.50 9.44



City of Phoenix Employees' Retirement SystemEagle Asset Mgmt SCG vs. R 2000 Growth IndexPortfolio Characteristics


Page 46


Total Attribution

City of Phoenix Employees' Retirement SystemEagle Asset Mgmt SCG vs. R 2000 Growth IndexBuy and Hold Sector Attribution Graph


Page 47


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 96,998 90,910






Beta N/A 1.00



PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Express Scripts Holding Co 2.16 0.17 1.99 19.88

Total SA 1.97 0.30 1.67 -19.60

Philip Morris International Inc 1.77 0.34 1.43 -1.16

Amazon.com Inc 1.77 0.33 1.44 -3.75

Oracle Corp 1.73 0.43 1.30 17.84

Microsoft Corp 1.73 0.99 0.74 0.83

Apple Inc 1.58 1.79 -0.21 10.03

Google Inc 1.43 0.41 1.02 -9.82

Exxon Mobil Corp 1.41 1.07 0.34 -1.00

Johnson & Johnson 1.40 0.80 0.60 -1.26



City of Phoenix Employees' Retirement SystemGMO Global Equity Allocation vs. MSCI ACW Index (Gross)Portfolio Characteristics



Page 48


Total Attribution

City of Phoenix Employees' Retirement SystemGMO Global Equity Allocation vs. MSCI ACW Index (Gross)Buy and Hold Sector Attribution Graph


Page 49


Total Attribution

City of Phoenix Employees' Retirement SystemGMO Global Equity Allocation vs. MSCI ACW Index (Gross)Buy and Hold Region Attribution Graph


Page 50




SSgA MSCI ACW Ex US Index 9.26 11.78

MSCI ACW Ex US Index (Gross) 9.49 11.78

Median 11.40 12.60

3Years

3Years

3Years

3Years

3Years

3Years

SSgA MSCI ACW Ex US Index 0.81 (67) 0.09 (100) -2.46 (100) 5.97 (47) 99.13 (62) 101.15 (30)

MSCI ACW Ex US Index (Gross) 0.83 (65) 0.00 (100) N/A 5.90 (50) 100.00 (59) 100.00 (31)

Median 0.95 5.04 0.46 5.87 103.92 84.29

Population 808 808 808 808 808 808

City of Phoenix Employees' Retirement SystemSSgA MSCI ACW Ex US Index vs. IM International Equity (SA+CF)



Page 51


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 54,818 54,792







Number of Securities 1,885 1,839


PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Nestle SA, Cham Und Vevey 1.34 1.35 -0.01 -0.13

Novartis AG 1.21 1.22 -0.01 -1.48

Roche Holding AG 1.08 1.09 -0.01 -8.31

HSBC Holdings PLC 1.02 1.03 -0.01 -5.58

Toyota Motor Corp 0.98 0.98 0.00 6.99

Samsung Electronics Co Ltd 0.78 0.76 0.02 9.64

Royal Dutch Shell PLC 0.74 0.75 -0.01 -10.97

BP PLC 0.66 0.67 -0.01 -11.56

Bayer AG 0.65 0.64 0.01 -2.38

Commonwealth Bank of Australia 0.65 0.65 0.00 6.47



City of Phoenix Employees' Retirement SystemSSgA MSCI ACW Ex US Index vs. MSCI ACW Ex US Index (Gross)Portfolio Characteristics


Page 52


Total Attribution

City of Phoenix Employees' Retirement SystemSSgA MSCI ACW Ex US Index vs. MSCI ACW Ex US Index (Gross)Buy and Hold Sector Attribution Graph


Page 53


Total Attribution

City of Phoenix Employees' Retirement SystemSSgA MSCI ACW Ex US Index vs. MSCI ACW Ex US Index (Gross)Buy and Hold Region Attribution Graph


Page 54




Baillie Gifford IE Growth 11.81 12.24

MSCI ACW Ex US Index (Gross) 9.49 11.78

Median 12.44 12.35

3Years

3Years

3Years

3Years

3Years

3Years

Baillie Gifford IE Growth 0.98 (65) 3.13 (76) 0.70 (53) 5.40 (46) 105.70 (55) 80.31 (36)

MSCI ACW Ex US Index (Gross) 0.83 (89) 0.00 (100) N/A 5.90 (33) 100.00 (78) 100.00 (12)

Median 1.04 3.95 0.74 5.22 107.31 75.45

Population 148 148 148 148 148 148

City of Phoenix Employees' Retirement SystemBaillie Gifford IE Growth vs. IM International Growth Equity (SA+CF)



Page 55


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 40,244 54,792

Median Mkt. Cap ($M) 16,453 6,977








PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Naspers Ltd 3.28 0.30 2.98 18.96

Taiwan Semiconductor Mfg 3.22 0.62 2.60 13.05

Nestle SA, Cham Und Vevey 2.76 1.35 1.41 -0.13

Samsung Electronics Co Ltd 2.61 0.76 1.85 9.64

Svenska Handelsbanken 2.40 0.13 2.27 -0.63

Ryanair Holdings PLC 2.09 0.01 2.08 26.30

Fairfax Financial Holdings Ltd 2.02 0.06 1.96 17.11

Atlas Copco AB 1.99 0.06 1.93 -1.35

Arm Holdings PLC 1.98 0.12 1.86 5.64

Baidu Inc 1.94 0.00 1.94 4.46



City of Phoenix Employees' Retirement SystemBaillie Gifford IE Growth vs. MSCI ACW Ex US Index (Gross)Portfolio Characteristics


Page 56


Total Attribution

City of Phoenix Employees' Retirement SystemBaillie Gifford IE Growth vs. MSCI ACW Ex US Index (Gross)Buy and Hold Sector Attribution Graph


Page 57


Total Attribution

City of Phoenix Employees' Retirement SystemBaillie Gifford IE Growth vs. MSCI ACW Ex US Index (Gross)Buy and Hold Region Attribution Graph


Page 58




Mondrian IE SC 12.40 12.59

MSCI Wrld Ex US Sm Cap Index (Gross) 12.18 14.95

Median 16.15 14.58

3Years

3Years

3Years

3Years

3Years

3Years

Mondrian IE SC 1.00 (76) 4.13 (53) -0.03 (92) 5.68 (71) 87.89 (96) 70.02 (48)

MSCI Wrld Ex US Sm Cap Index (Gross) 0.85 (91) 0.00 (100) N/A 7.54 (15) 100.00 (72) 100.00 (4)

Median 1.13 4.15 0.84 6.24 104.58 69.65

Population 75 75 75 75 75 75

City of Phoenix Employees' Retirement SystemMondrian IE SC vs. IM International Small Cap Equity (SA+CF)



Page 59


Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 3,121 2,118









PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Symrise AG 3.69 0.00 3.69 13.89

Croda International PLC 3.66 0.00 3.66 24.72

Chr.Hansen Holdings AS 3.20 0.22 2.98 17.03

Capitamall Trust 2.95 0.00 2.95 4.24

Rotork PLC 2.74 0.16 2.58 -19.08

MTU Aero Engines AG 2.65 0.22 2.43 2.27

Victrex PLC 2.56 0.13 2.43 24.70

Spirax-Sarco Engineering PLC 2.15 0.17 1.98 -1.40

Koninklijke Boskalis Westminster NV 2.14 0.00 2.14 -2.32

Bodycote PLC 2.11 0.10 2.01 -6.17



City of Phoenix Employees' Retirement SystemMondrian IE SC vs. MSCI Wrld Ex US Sm Cap Index (Gross)Portfolio Characteristics


Page 60


Total Attribution

City of Phoenix Employees' Retirement SystemMondrian IE SC vs. MSCI Wrld Ex US Sm Cap Index (Gross)Buy and Hold Sector Attribution Graph


Page 61


Total Attribution

City of Phoenix Employees' Retirement SystemMondrian IE SC vs. MSCI Wrld Ex US Sm Cap Index (Gross)Buy and Hold Region Attribution Graph


Allocation to “Other” consists of holdings domiciled in countries/regions that do not meet economic development, size, liquidity or market accessibility criteria as defined by the MSCI region standards.

Page 62




Western Asset Mgmt Co 6.77 3.50

Barclays US Agg Bond Index 4.45 2.95

Median 5.05 2.91

5Years

5Years

5Years

5Years

5Years

5Years

Western Asset Mgmt Co 1.88 (24) 1.42 (13) 1.58 (12) 1.34 (16) 136.60 (2) 56.19 (89)

Barclays US Agg Bond Index 1.47 (81) 0.00 (100) N/A 1.19 (51) 100.00 (83) 100.00 (28)

Median 1.70 0.74 0.76 1.20 108.28 83.30

Population 147 147 147 147 147 147

City of Phoenix Employees' Retirement SystemWestern Asset Mgmt Co vs. IM U.S. Broad Market Core Fixed Income (SA+CF)



Page 63


Portfolio Benchmark

Effective Duration 5.99 5.55

Spread Duration 5.09 5.70

Convexity 0.03 0.05

Avg. Maturity 9.16 7.69

Avg. Quality A2 Aa1/Aa2

Yield To Maturity (%) 3.63 2.25

Coupon Rate (%) 3.85 3.28

Yield To Worst (%) 3.59 2.25

Current Yield (%) 4.22 -

Holdings Count 581 9,079

Sector Distribution (%)

City of Phoenix Employees' Retirement SystemWestern Asset Mgmt Co vs. Barclays US Agg Bond IndexPortfolio Characteristics


Negative sector allocation represents manager's use of derivatives. Portfolio allocation to "Other" consists of credit non-corp.

Page 64




Aberdeen Total Return Bond 3.37 2.92


Median 3.35 2.59

3Years

3Years

3Years

3Years

3Years

3Years

Aberdeen Total Return Bond 1.13 (71) 1.04 (14) 0.68 (72) 1.77 (4) 121.53 (38) 106.37 (15)


Median 1.26 0.62 1.24 1.41 117.04 86.17

Population 148 148 148 148 148 148

City of Phoenix Employees' Retirement SystemAberdeen Total Return Bond vs. IM U.S. Broad Market Core Fixed Income (SA+CF)



Page 65


Portfolio Benchmark


Modified Duration 4.76 5.47

Convexity 0.38 0.05


Avg. Quality Aa3 Aa1/Aa2






City of Phoenix Employees' Retirement SystemAberdeen Total Return Bond vs. Barclays US Agg Bond IndexPortfolio Characteristics


Allocation to "Other" consists of sovereign supranational and covered securities.

Page 66




PIMCO Total Return 3.17 2.93


Median 3.35 2.59

3Years

3Years

3Years

3Years

3Years

3Years

PIMCO Total Return 1.06 (83) 1.29 (9) 0.40 (80) 1.75 (4) 117.23 (50) 110.78 (10)


Median 1.26 0.62 1.24 1.41 117.04 86.17

Population 148 148 148 148 148 148

City of Phoenix Employees' Retirement SystemPIMCO Total Return vs. IM U.S. Broad Market Core Fixed Income (SA+CF)



Page 67


Portfolio Benchmark



Convexity -0.50 0.05


Avg. Quality Aa2 Aa1/Aa2






City of Phoenix Employees' Retirement SystemPIMCO Total Return vs. Barclays US Agg Bond IndexPortfolio Characteristics


Negative sector allocation reflects manager's use of derivatives. Cash equivalents are defined as any security with duration under one year. Allocation to "Other" consists of Euro/Yankees.

Page 68


Portfolio Benchmark






Yield To Worst (%) 5.45 5.57

Holdings Count 305 462


City of Phoenix Employees' Retirement SystemMFS Emerging Markets Debt vs. JPM EMBI Global Dvf'd TR IndexPortfolio Characteristics


Negative sector allocation reflects manager's use of derivatives.

Page 69

Historical Asset Allocation - 10 Years Through the Previous Quarter PIMCO All Asset vs. AA Custom Index - As of the Previous Quarter

Historical Statistics - 10 Years Actual Correlation - 10 Years

1. E

quity

- N

at. R

esou

rces

2. C

omm

oditi

es3.

Infla

tion

Link

ed B

onds

4. F

loat

ing

Rat

e B

onds

5. R

EIT

s6.

Nom

inal

Bon

ds7.

Equ

ity - N

on R

eal

8. O

ther

(In

clud

es C

ash)

Allo

catio

n (

%)

ActualCorrelation

All Asset Custom Index 0.93

S&P 500 Index (Cap Wtd) 0.73

R 2000 Index 0.66

MSCI EAFE Index (Net) 0.81

MSCI Emg Mkts Index (Net) 0.80

Barclays US Agg Bond Index 0.51

Barclays US Trsy: US TIPS Index 0.65

Wilshire US REIT Index 0.69

HFN FOF Multi-Strat Index (Net) 0.60

Bloomberg Cmdty Index (TR) 0.61

BofA ML 3 Mo US T-Bill Index -0.07

Consumer Price Index + 5% 0.10

PIMCO:AllAsset;Inst (PAAIX)

All Asset CustomIndex

S&P 500 Index(Cap Wtd)

Barclays US AggBond Index

Standard Deviation 9.03 5.95 14.61 3.21

Sharpe Ratio 0.48 0.66 0.47 0.96

Downside Risk 6.32 4.06 10.27 1.60

Excess Return 4.37 3.96 6.97 3.13

City of Phoenix Employees' Retirement SystemPIMCO:All Asset;Inst (PAAIX)Asset Allocation & Statistics


The Asset Allocation for PIMCO All Asset is available at a one-quarter lag due to the disclosure guidelines set by the investment manager for the underlying fund strategies. For a detailed listing of current underlying fund strategies in the PIMCO All Asset fund and index definitions, please see the Addendum. Statistics are based on monthly net of fees returns and are product specific.

Page 70

City of Phoenix Employees' Retirement SystemPAAMCO Newport PhoenixAbsolute Return Statistics

Year Firm Established 2000 Number of Underlying Managers 25Firm AUM ($M) $8,878 Maximum Weighting of an Underlying Manager 9.46%Percentage Employee Owned 72% Current Leverage (Assets/Equity) 1.21Account Inception 2009 Net Long Percentage 56.30%

Equity Beta 0.23Annual Manager Turnover 20.75%

Fund statistics and commentary shown are provided by the investment manager. Strategic allocation to "Other" consists of equity market neutral; geographic allocation to "Other" consists of Canada and unclassified countries.


Geographic Allocation ChartStrategy Allocation Chart

Most Recent Quarter Performance Manager CommentaryCorporate actions assisted security selection. Positive contributors included equity positions in an auto parts manufacturer that announced a spin-off, and an office products and service supplier company which rallied on rumors that merger talks with a competitor could be on the horizon. Consumer discretionary stocks, particularly airline stocks, and a casual dining company benefitted from lower gas prices. M&A positions, particularly in health care and telecom, were additive. The announced acquisition of a US pharmaceutical company by a European drug maker and a UK mobile company that was reported to be exploring a combination with a European cable company were both strong performers. Certain event-driven positions saw complications related to concerns over litigation, regulatory inquiries and accounting questions. Brazilian macro and equity exposures also detracted. Positions in corporate credit with energy exposure or company-specific headlines were particularly susceptible to the weaker credit markets.

Fund StatisticsFirm Statistics

0%5%

10%15%20%25%30%35%40%45%50%

0%

10%

20%

30%

40%

50%

60%

70%

Page 71

City of Phoenix Employees' Retirement System As of December 31, 2014Carlson Double Black DiamondAbsolute Return Statistics

Year Firm Established 1993 Current Leverage (Assets/Equity) 2.20Firm AUM ($M) $9,078 Annual Management Fee 1.50%Percentage Employee Owned 5% Performance Fee 20.00%Account Inception 2014


Fund statistics and commentary shown are provided by the investment manager. Performance shown is product specific and may include updated valuations. Geographic regions have been defined by Carlson Capital, L.P. in its discretion. Classifications are generally derived by the relevant issuer’s country of domicile, and may or may not fully reflect that issuer’s geographic exposure. The “Other” classification may include, but is not limited to, instruments that otherwise do not fit into another category in Carlson Capital, L.P.’s discretion.LSE: Long Short Equity


Most Recent Quarter Performance Manager CommentaryDouble Black Diamond Ltd. was down -1.09% net of fees in Q4, bringing the YTD net return to 4.44%. While we believe we performed very well during the market correction in October, we did not benefit from the rebound in the second half of the month. We think this had to do with forced portfolio reduction at other long/short and event-driven managers. Amidst this market volatility, equity long/short, continued to generate solid returns, particularly in the thematic portion of the strategy. Non-agency RMBS, which is part of the credit directional strategy, was the largest contributor to the quarter due to continued improvement in housing fundamentals. The fund’s event-driven strategy ended the quarter positive, despite having sustained losses on the termination of the Shire/Abbvie transaction. We were able to opportunistically add to the strategy when spreads widened dramatically, helping to generate positive returns. Relative Value strategies, Credit and Equity, underperformed in the quarter. Within Equity Relative Value, the strategy is structurally short price momentum, which was a headwind in the quarter. Credit Relative Value suffered from weak performance within the industrials book. Strategic investments and the trading strategy were down modestly for the quarter. Overall, the fund generated its return with very little net exposure to either the equity or credit markets and we have maintained that positioning as we move into 2015.

0%

5%

10%

15%

20%

25%

30%

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

Page 72

City of Phoenix Employees' Retirement System As of December 31, 2014Fir Tree International ValueAbsolute Return Statistics

Year Firm Established 1994 Current Leverage (Assets/Equity) 118.50Firm AUM ($M) $12,798 Net Long Percentage 44.88%Percentage Employee Owned 100% Beta (since inception) 0.33Account Inception 2014 Annual Management Fee 1.50%

Performance Fee 20.00%


Fund statistics and commentary shown are provided by the investment manager. Allocation to "Event Equities" consists of special situations and long term arbitrage; allocation to "Credit" includes corporate credit, capital structure arbitrage, and credit shorts. Strategic Allocation to "Other" consists of portfolio hedges and yielding securities; geographic allocation to "Other" consists of Latin America.


Most Recent Quarter Performance Manager CommentaryContributors: The leading investment was in an auto dealership software provider that was spun off from a global business outsourcing solutinos company. We plan on continuing to work closely with the company's management team to substantially increase margins to peer levels. This investment presents a unique opportunity to invest in a stable recurring revenue business with significant opportunities for margin expansion. This investment is a current example of our positive activism. Other leading performers included a car rental company and activist RMBS holdings.

Detractors: The biggest loser was a basket of early stage and undervalued Appalachian exploration and production companies. Another major detractor was an investment in a triple net REIT with a management that turned out to be poor stewards of capital and ultimately manipulated financials in an attempt to keep pace with its own aggressive forecasts. Portfolio hedges also detracted.

-40%

-20%

0%

20%

40%

60%

80%

-60%-40%-20%

0%20%40%60%80%

100%

Page 73

RVK began monitoring the assets of City of Phoenix Employees' Retirement System as of April 1, 2005. Historical data was provided by the previous investment consultant.

Performance and market value data shown for the real estate investments and absolute return is provided by State Street.

Performance Comments

Performance shown is gross of fees, unless otherwise noted.

Performance for real estate funds (with the exception of JP Morgan Real Estate) and the NCREIF ODCE Index (Gross) (AWA) is calculated on a quarterly basis. The interimmonths assume a 0.00% return for the Target Benchmark and Actual Allocation Benchmark.

RVK cautions that the interpretation of time-weighted data on non-marketable investments such as real estate is imperfect at best and can potentially be misleading.

Performance for the Cash Equivalent Composite reflects securities litigation income as well as securities lending income.

Manager Comments

J.P Morgan Real Estate was incepted in April 2007.

Research Affiliates was incepted in June 2007.

Northern Trust Fixed Income was liquidated in October 2007.

Cramer Rosenthal McGlynn Small Cap Value was incepted in January 2008.

PAAMCO Newport Phoenix was incepted in December 2008.

Wrightwood Capital was incepted in January 2009.

K2 Advisors Long/Short Equity was incepted in May 2009.

Real Estate Capital Asia Partners II was incepted in September 2009.

JDM Partners was incepted in January 2010.

Northern Trust Equity LCC was liquidated in April 2010.

S&P 500 SSGA SPDR was incepted in April 2010.

TA Associates Realty Fund IX was incepted in April 2010.

iShares:MSCI EAFE SmCp was incepted in May 2010.

Aberdeen (FKA Artio) Total Return Bond and PIMCO Total Return were incepted in June 2010.

City of Phoenix Employees' Retirement SystemAddendum


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Fidelity (Pyramis) was liquidated in June 2011.

iShares:MSCI EAFE SmCp was liquidated in July 2011.

Baillie Gifford and Mondrian were incepted in June 2011.

SSgA MSCI ACW Ex US Index was incepted in July 2011.

Real Estate Capital Asia Partners III was incepted in February 2012.

Wheelock Street Partners was incepted in May 2012.

S&P 500 SSGA SPDR was liquidated in September 2012.

SSgA S&P 500 Index Strategy was incepted in September 2012.

MFS Emerging Markets Debt was incepted in January 2013.

Dimensional Fund Advisors LCV was liquidated in April 2013.

Robeco LCV was incepted in April 2013.

GMO Global Equity Allocation Fund was incepted in September 2013.

PIMCO:All Asset;Inst (PAAIX) was incepted in November 2013.

Research Affiliates was liquidated in December 2013.

Northwood RE Fund was incepted in January 2014.

Grantham, Mayo, Van Otterloo Int'l was liquidated in March 2014.

Carlson Double Black Diamond and Wheelock Street Partners II were incepted in August 2014.

Artisan Global Opportunities and Fir Tree International Value were incepted in November 2014.

SSgA FTSE RAFI US Low Vol was incepted in December 2014.

K2 Advisors Long/Short Equity, Cadence Capital Mgmt LCG, and SSgA S&P 500 Index Strategy were terminated and are in the process of complete liquidation.

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Custom Index Comments

The Target Benchmark is calculated monthly and currently consists of 22% R 3000 Index, 20% MSCI ACW Ex US IM Index (Gross), 20% Barclays US Agg Bond Index, 5%JPMorgan EMBI Global Dvf'd TR Index, 8% Consumer Price Index + 4%, 15% NCREIF ODCE Index (Gross) (AWA), 10% ARS Custom Benchmark.

The Actual Allocation Benchmark is calculated monthly using beginning of month asset class weights applied to each corresponding primary benchmark return.

The Int'l Equity Custom Benchmark consists of the MSCI EAFE Index (Gross) through May 2011 and the MSCI ACW Ex US IM Index (Gross) thereafter.

The All Asset Custom Index is an equal-weighted hybrid that consists of the following benchmarks:· Short Term Strategies: BofA ML 1 Year T-Bill Index· US Core and Long Maturity Bond Strategies: Barclays US Aggregate Bond Index· EM and Global Bond Strategies: PIMCO GLADI Index*· Credit Strategies: BofA ML US High Yield Master II Index· Inflation Related Strategies: Barclays US Treasury: US TIPS Index· US Equity Strategies: Russell 3000 Index· Global Equity Strategies: MSCI All Country World Index (USD) (Net)· Alternative Strategies: BofA ML 3 Mo US T-Bill Index + 3%

* Performance for the PIMCO Global Advantage Bond Index-London Close prior to January 2004 consists of the JPMorgan EMBI Global Diversified Total Return Index (USD).

The ARS Custom Benchmark is calculated monthly using beginning of month investment weights applied to each corresponding primary benchmark return from August 2014forward. Performance prior to that consists of the HFRI FOF Comp Index.

Miscellaneous Comments

Manager peer group names now include the abbreviation "IM" at the beginning of each name. "IM" is the acronym for Investment Metrics, the provider of peer group data used inranking investment management performance.

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Glossary Alpha - A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market or a portfolio's non-systematic return. Alpha Ratio - A measure of a portfolio's non-systematic return per unit of downside risk. It is measured by dividing the alpha of a portfolio by the downside risk. The non-systematic return is a measure of a portfolio's historical performance not explained by movements of the market. Average Quality - Bond quality ratings are reported using the investment managers' and the index providers' preferred rating agency. Average Quality for managers unable to provide this statistic has been estimated using a credit quality distribution provided by the manager. There are two primary rating agencies in the US. Moody's assigns ratings on a system that employs up to four symbols (consisting of letters and numbers) such as, Aaa, Aa2, etc., with Aaa being the highest or safest rating. Standard & Poor's (S&P) employs a system that uses + and - along with letters such as AAA, AA+, etc. The two rating agencies' systems are summarized below:

S&P

Moody’s Explanation S&P Moody’s Explanation

Higher Credit Quality – Investment Grade Lower Credit Quality – Below Investment GradeAAA Aaa Prime/Highest credit quality BB+ Ba1 Speculative/Low credit quality AA+ Aa1 High credit quality BB Ba2 AA Aa2 BB- Ba3 AA- Aa3 B+ B1 Highly speculative A+ A1 Upper-medium credit quality B B2 A A2 B- B3 A- A3 CCC+ Caa1 Substantial credit/default risk BBB+ Baa1 Lower-medium credit quality CCC Caa2 Extremely speculative BBB Baa2 CCC- Caa3 BBB- Baa3 CC Ca Vulnerable to default C Ca D C In default

Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or systematic risk. Buy and Hold Attribution - At the beginning of the time period under analysis, the manager and benchmark portfolios are broken down into segments (i.e., styles, sectors, countries, and regions) based on the desired type of attribution. The formula assumes zero turn-over to the manager and benchmark portfolios throughout the period and calculates the segment returns ("buy and hold returns") to arrive at performance attribution. Due to portfolio turnover, buy and hold attribution may not accurately represent quarterly performance relative to the benchmark. Country, region, sector, and style allocations are as of the date one quarter prior to the reporting date, and the returns shown are for those segments throughout the quarter reported. Due to disclosure guidelines set by each investment manager, equity characteristics shown are as of the most recent date available. The following is the methodology for segment classification:

Sector - Attribution is calculated using the Global Industry Classification Standard (GICS) which is a detailed and comprehensive structure for sector and industry analysis. Stocks are classified by their primary sector, as defined by S&P Capital IQ data. Country/Region - Attribution is calculated using the Morgan Stanley Capital International (MSCI) region standards. Stocks are classified by their domicile country/region, as defined by S&P Capital IQ data. Style - Stocks are classified into the following style boxes: large/mid/small vs. growth/neutral/value. Stocks are classified along large/mid/small categories at the time of the Russell index rebalancing, using the index market cap boundaries as cutoff points. Stocks are classified along growth/neutral/value categories at the time of the Russell index rebalancing, using the price/book ratio as supplied by S&P Capital IQ. Stocks in the Russell 3000 Index portfolio are sorted by price/book ratio; names with the highest price/book ratio that make up 1/3 of the total market capitalization are assigned to the growth category, names that make up the subsequent 1/3 of the total market capitalization are assigned to the neutral category, while the balance of the names are assigned to the value category.

Portfolio Characteristics and Buy and Hold Attribution reports utilize product-specific data for all mutual funds and commingled funds.

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Glossary Capital Markets Review -

Breakeven Inflation - Measures the expected inflation rate at each stated maturity by taking the difference between the real yield of the inflation-linked maturity curve and the yield of the closest nominal Treasury maturity. Consumer Confidence - Measures domestic consumer confidence as defined by the degree of optimism on the state of the economy that consumers express through saving and spending. Consumer Price Index (CPI) - Measures the change in the price level of consumer goods and services. Option-Adjusted Spread - Measures the flat spread of an index or bond to the Treasury yield curve after removing the effect of any embedded options. Purchasing Managers Index (PMI) - Measures economic activity by surveying purchasing managers on a monthly basis as to whether business conditions have improved, worsened, or stayed the same. US Dollar Total Weighted Index - Measures the value of the US Dollar relative to a basket of other world currencies. It is calculated as the weighted geometric mean of the dollar's value versus the EUR, GBP, CAD, SEK, CHF, and JPY. VIX - Measures the implied volatility of S&P 500 Index options by looking at the market's expectation of the S&P 500 Index volatility over the next 30 day period. Commonly referred to as the "fear index" or the "fear gauge."

Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance. Convexity - A measure of the shape of the curve that describes the relationship between bond prices and bond yields. Correlation - A statistical measure of the relationship between asset class returns. A value of 1.00 is a perfect correlation; that is, the asset classes always move in the same direction. A value of -1.00 indicates a perfect negative correlation, in which the asset classes always move in opposite directions of each other. A value of 0 indicates there is no relationship between the direction of returns of the two asset classes. Correlation calculations only consider the direction of changes relative to two variables and not the magnitude of those changes. Coupon Rate - The percentage rate of interest paid on a bond or fixed income security; it is typically paid twice per year. Current Yield - The annual income of a security divided by the security's current price. Down Market Capture - Down market by definition is negative benchmark return and down market capture represents the ratio in % terms of the average portfolios return over the benchmark during the down market period. The lower the value of the down market capture the better the product's performance. Downside Risk - A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product. Earnings Per Share - It is backward looking, calculated using the one year current EPS divided by the one year EPS five years ago. Effective Duration - The weighted average duration of all the bonds in a given portfolio, weighted by their dollar values. Excess Return vs. Market - Average of the monthly arithmetic difference between the manager's return and the benchmark return over a specified time period, shown on an annualized basis. Excess Return vs. Risk Free - Average of the monthly arithmetic difference between the manager's return and the risk-free return (i.e., BofA ML 3 Mo US T-Bill Index unless specified otherwise) over a specified time period, shown on an annualized basis. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Expense Ratios - Morningstar is the source for mutual fund expense ratios. Gain/Loss - The net increase or decrease in the market value of a portfolio excluding its Net Cash Flow for a given period. Indices - All indices and related information are considered intellectual property and are licensed by each index provider. The indices may not be copied, used or distributed without the index provider's prior written approval. Index providers make no warranties and bear no liability with respect to the indices, any related data, their quality, accuracy, suitability and/or completeness. Information Ratio - Measured by dividing the active rate of return by the tracking error. The higher the information ratio, the more value-added contribution by the manager.

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Glossary Liability Driven Investing (LDI) - A method to optimally structure asset investments relative to liabilities. The change in liabilities is estimated by the Ryan Labs Generic PPA Index of appropriate duration for that Plan. This benchmark is based on generic data and is therefore an approximation. RVK is not an actuarial firm, and does not have actuarial expertise.

Estimated Funded Status - The estimated ratio of a Plan's assets relative to its future liabilities. This is calculated by dividing the Plan's asset market value by the estimated present value of its liabilities. The higher the estimated funded status, the better the Plan's ability to cover its projected benefit obligations. An estimated funded status of 100% indicates a Plan that is fully funded. Estimated PV of Liabilities - An estimate of a Plan's future liabilities in present value terms. The beginning of the period liability is provided by the Plan's actuary. The period-end present value liability estimate provided in this report is derived by applying the estimated percentage change generated using the Ryan Labs Generic PPA Index with duration similar to that reported on the most recent actuarial valuation report. Duration of Liabilities - The sensitivity of the value of a Plan's liabilities to changes in interest rates, as calculated by the Plan's actuary. Duration of Assets - The dollar-weighted average duration of all the individual Plan assets. Estimated Plan Hedge Ratio - The estimate of how well a Plan's investment portfolio is hedged against changes in interest rates - a primary driver of funded status movements. This is calculated by dividing the dollar-weighted values of both the Plan asset duration by the liability duration and multiplying by the estimated funded status. An estimated plan hedge ratio of zero indicates that the Plan's liabilities have not been hedged, whereas a value of one indicates fully hedged.

Modified Duration - The approximate percentage change in a bond's price for a 100 basis point change in yield. Net Cash Flow - The sum, in dollars, of a portfolio's contributions and withdrawals. This includes all management fees and expenses only when performance shown is gross of fees. Peer Groups -

Plan Sponsor Peer Groups - RVK utilizes the Mellon Analytical Solutions Trust Universe along with the Investment Metrics Plan Sponsor Universe. The combined Mellon Analytical Solutions Trust Universe and Investment Metrics Plan Sponsor Universe is used for comparison of total fund composite results and utilizes actual client returns compiled from consultant and custodial data. The Plan Sponsor Peer Group database includes performance and other quantitative data for over 2,100 plans which include corporate, endowment, foundation, public, and Taft Hartley plans. Plan Sponsor Peer Groups are gross of fees. Institutional Peer Groups (Separate Account and Commingled Fund) - RVK utilizes the Investment Metrics Separate Account and Commingled Fund Manager Peer Groups for peer comparison and rankings. The Separate Account and Commingled Fund Peer Group database includes performance and other quantitative data for over 1,000 investment management firms, 6,400 investment products, across 100 standard peer groups. Separate Account and Commingled Fund Peer Groups are gross of fees. Mutual Fund (MF) Peer Groups - RVK utilizes the Lipper Mutual Fund Manager Peer Groups for peer comparison and rankings. The Lipper Manager Peer Group database includes performance and other quantitative data for over 700 investment management firms and 24,500 investment products, across more than 140 standard peer groups. Mutual Fund Peer Groups are net of fees.

Percentile Rankings - Percentile rank compares an individual fund's performance with those of other funds within a defined peer group of managers possessing a similar investment style. Percentile rank identifies the percentage of a fund's peer group that has a higher return (or other comparative measurement) than the fund being ranked. Conversely, 100 minus the individual fund's ranking will identify the percentage of funds within the peer group that have a lower return than the fund being ranked. 1 - Highest Statistical Value 100 - Lowest Statistical Value Example: American Funds AMCP;R-4 (RAFEX) is ranked in the 4th percentile within the IM US Equity Large-Cap Growth Funds (MF) Peer Group for the Sharpe Ratio. Within the IM US Equity Large-Cap Growth Funds peer group, 4% of the other funds performed better than American Funds AMCP;R-4 (RAFEX), while 96% of the funds performed worse. Performance Methodology - RVK endorses the Global Investment Performance Standards (GIPS) and calculates performance for investment managers and composites using different methodologies. Investment manager performance is calculated by revaluing the portfolio on the date of all large external cash flows while composite performance is calculated using the Modified Dietz calculation methodology. According to the CFA Institute, "Only investment management firms that actually manage assets can claim compliance with the Standards. Plan Sponsors and consultants cannot make a claim of compliance unless they actually manage assets for which they are making a claim of compliance. They can claim to endorse the Standards and/or require that their investment managers comply with the Standards."

Investment Managers - Performance is calculated for interim periods between all large external cash flows for a given month and geometrically linked to calculate period returns. An external cash flow is defined as cash, securities, or assets that enter or exit a portfolio. RVK defines a "large cash flow" as a net aggregate cash flow of ≥10% of the beginning-period portfolio market value or any cash flow that causes RVK calculated performance to deviate from manager/custodian reported performance in excess of 5 basis points for a given month.

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Glossary

Composites - The Modified Dietz methodology is utilized to calculate asset class, sub-asset class, and total fund composite performance. The Modified Dietz method calculates a time-weighted total rate of return that considers the timing of external cash flows; however, it does not utilize interim period performance to mitigate the impact of significant cash in- and outflows to the composite.

RVK calculates performance beginning with the first full month following inception. Since inception performance may vary from manager reported performance due to RVK using the first full month of returns as the inception date. Performance for both managers and composites is annualized for periods greater than one year. Portfolio Characteristics - Due to disclosure guidelines set by each investment manager, portfolio characteristics shown are as of the most recent date available. Private Equity Quartile Ranks – Private Equity quartile ranks are generated using vintage year peer group data provided by Thomson Reuters, and are based on each fund’s annualized, since inception internal rate of return (IRR). Three Private Equity peer groups are available via Thomson Reuters: Buyout, Venture, and All Private Equity. Ranks are available quarterly, at a one-quarter lag.

Return - Compounded rate of return for the period. %Return - The time-weighted rate of return of a portfolio for a given period. R-Squared - The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. Risk Free Benchmark - BofA ML 3 Mo US T-Bill Index unless specified otherwise. RVK Liquidity Rating - A qualitative method for determining the relative amount of liquidity in a portfolio. The characteristics considered when determining relative liquidity include trading volume, gates for redemption, leverage, nature of transactions, and pricing mechanisms. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating.

Asset Class RVK Liquidity Rating Asset Class RVK Liquidity Rating Liquid Investments Less Liquid Investments T-Bills and Treasurys 100 Fixed Income Plus Sector 50 Cash Equivalents 98 Bank Loans 50 TIPS 95 Stable Value (Plan Sponsor Directed) 50 US Large Cap Equity 95 Absolute Return Strategies 35 Diversified Real Return Stable Value (Participant Directed)

93 91

Not Liquid Investments Core Real Estate

25

Non-US Large Cap Equity Global Tactical Asset Allocation

90 88

Core Plus Real Estate Plus Only Real Estate

15 5

US Small Cap Equity 85 Private Equity Funds of Funds 5 REITS 85 Non-US Small Cap Equity 85 Emerging Markets Equity 85 Core Fixed Income 85 Core Plus Fixed Income 80

Sharpe Ratio - Represents the excess rate of return over the risk-free return (i.e., BofA ML 3 Mo US T-Bill Index unless specified otherwise), divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance. Simple Alpha - The difference between the manager's return and the benchmark's return. Spread Duration - A measure of the price sensitivity of a bond to a 100 basis-point movement of the bond's spread relative to Treasurys.

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Glossary Standard Deviation - A statistical measure of the range of a portfolio's performance. The variability of a return around its average return over a specified time period. Time Period Abbreviations - QTD - Quarter-to-Date. CYTD - Calendar Year-to-Date. FYTD - Fiscal Year-to-Date. YOY - Year Over Year. Thematic Classification - Represents dedicated manager allocations; as such, thematic allocations are approximations. RVK categorizes the following asset classes as Alpha, Capital Appreciation, Capital Preservation, and Inflation: Alpha Capital Appreciation Capital Preservation Inflation Absolute Return Strategies Public Equity Core Fixed Income TIPS Currency Overlay Private Equity CMBS Fixed Income Bank Loans Preferred Securities Asset Backed Fixed Income Core Real Estate High Yield Domestic Core Plus Fixed Income Real Return Convertible Fixed Income Mortgage Backed Fixed Income Inflation Hedges TALF Funds International Developed Fixed Income REITS Distressed Debt Cash Equivalents Commodities Emerging Market Fixed Income Stable Value Value Added Real Estate Opportunistic Real Estate Total Fund Attribution - A method for identifying the sources of a total fund's over- or underperformance relative to its benchmark. The calculation identifies the contributions of positive or negative total fund excess return caused by allocation differences relative to the total fund's custom benchmark, and performance differences of the investment managers relative to the benchmark components that represent them.

Total Fund Performance - Total Fund - The percentage return of the total fund for the specified time period. Total Fund Benchmark - The percentage return of the total fund benchmark for the specified time period; calculated using the target asset allocation and the corresponding benchmark returns. Total Value Added - The percentage of over- or underperformance of the total fund as compared to the total fund benchmark.

Total Value Added - Asset Allocation - Shows how the variance of the total fund's actual allocation from its target allocation added to or subtracted from fund performance. Manager Value Added - The portion of the total value added attributable to the outperformance or underperformance of the fund's investment managers, relative to the individual benchmarks that represent them in the total fund benchmark. Market Timing/Other - The contribution of other residual factors, including estimation error and transaction timing.

Total Fund Beta - Total Fund Beta is calculated using the S&P 500 as the benchmark. It represents a measure of the sensitivity of the total fund to movements in the S&P 500 and is a measure of the Total Fund's non-diversifiable or systematic risk. Tracking Error - A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark. Treynor Ratio - Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Treynor ratio represents the excess rate of return over the risk-free rate (i.e., BofA ML 3 Mo US T-Bill Index unless specified otherwise) divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better historical risk-adjusted performance. Unit Value - The dollar value of a portfolio, assuming an initial nominal investment of $100, growing at the compounded rate of %Return for a given period. Up Market Capture - Up market by definition is positive benchmark return and up market capture represents the ratio in % terms of the average portfolios return over the benchmark during the up market period. The higher the value of the up market capture the better the product's performance. Yield to Maturity - The rate of return achieved on a bond or other fixed income security assuming the security is bought and held to maturity and that the coupon interest paid over the life of the bond will be reinvested at the same rate of return. Yield to Worst - The bond yield calculated by using the worst possible yield taking into consideration all call, put, and optional sink dates.

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Asset Allocation vs. Target Allocation Asset Allocation vs. Target Allocation Differences

Custom Benchmark Comments:

The COPERS Total Fund is evaluated versus two custom benchmarks -- the Target Benchmark and the Actual Allocation Benchmark.

The Target Benchmark illustrates how the Total Fund would have performed if its allocation were exactly in-line with the established targets, and if the managers performedexactly as their benchmarks did. As such, the Target Benchmark represents the combined effect of two contributors to plan performance: 1) short-term variations of the plan'sactual asset allocation vs. the constant allocation of the plan's target allocation, and 2) individual manager performance over their specific benchmarks. It is calculated monthlyusing the plan's target allocation, and currently consists of: 22% R 3000 Index, 20% MSCI ACW Ex US IM Index (Gross), 20% Barclays US Agg Bond Index, 5% JPMorgan EMBIGlobal Dvf'd TR Index, 8% Consumer Price Index + 4%, 15% NCREIF ODCE Index (Gross) (AWA), and 10% ARS Custom Benchmark. The right-hand column labeled "Target"on the table below shows the percentages that comprise the target portfolio.

The Actual Allocation Benchmark isolates the impact of relative manager performance and its contribution to overall plan performance. The Actual Allocation methodology isolatesmanager performance relative to benchmarks and negates the performance effect of allocation disparities relative to the target asset allocation. The Actual Allocation Benchmarkis calculated monthly based on the beginning-period weight of each asset class and its corresponding primary benchmark. The portfolio's actual allocation, shown in the columnlabeled "Allocation" in the table below, changes as markets fluctuate and the plan moves assets incrementally toward its long-term target. In periods of divergent marketperformance, asset class weights can vary significantly from their targets. Evaluating the total fund against the actual allocation benchmark removes the effect of these fluctuatingasset class weights by applying the same weight to the benchmark calculation that is present in the actual portfolio. The Actual Allocation Benchmark is especially useful inperiods when the plan's allocation varies significantly from its target.

Market Value($)

Allocation(%)

Target(%)

Domestic Equity 524,322,821 23.88 22.00

International Equity 427,160,103 19.46 20.00

Domestic Fixed Income 416,739,550 18.98 20.00

Emerging Markets Debt 105,778,412 4.82 5.00

Real Return 166,283,761 7.57 8.00

Real Estate 271,163,477 12.35 15.00

Long/Short Equity 4,051,012 0.18 0.00

Absolute Return 252,352,896 11.49 10.00

Cash Equivalent 27,701,084 1.26 0.00

Total Fund 2,195,553,118 100.00 100.00

City of Phoenix Employees' Retirement SystemActual Allocation vs. Target Allocation


Allocation shown may not sum up to 100% exactly due to rounding.

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Robeco LCV is a large cap value separate account investing in U.S. value stocks. The manager’s process leads to a balanced portfolio of different types of value stocks.

SSgA FTSE RAFI US Low Vol is a large cap core commingled fund that seeks to track the FTSE RAFI US Low Volatility Index.

Artisan Global Opportunities is a global large cap commingled fund that identifies mid- to large-cap global franchises that are experiencing an acceleration in their profit cycleand poised to outperform growth expectations. The companies in this portfolio will normally be “best of breed” dominant firms, low cost producers, proprietary asset holders or have products with strong brand recognition.

The Boston Company Mid-Cap Opportunistic Value separate account is the System's mid cap manager and invests in mid-cap U.S. equity. The manager's style is diverse,with wide latitude to invest the portfolio along the growth and value spectrum as it sees fit.

Cramer Rosenthal McGlynn is a small cap value separate account with exposure to U.S. Value stocks. The manager's style is relative value, meaning that its portfolio will notbe as "value"-oriented as the benchmark.

Eagle Asset Management is a small cap growth separate account investing in U.S. growth stocks. The manager's style is growth at a reasonable price (GARP), meaning that it'sportfolio will not be as "growth"-oriented as the benchmark.

GMO Global Equity Allocation is a global large cap equity mutual fund with exposure to U.S., developed international, and emerging market stocks. The manager employs avalue style, utilizing both quantitative and fundamental research techniques in order to identify attractive market segments and individual companies.

SSgA MSCI ACW Ex US Index is an international equity commingled fund that seeks to track the MSCI ACW Ex US Index.

Baillie Gifford IE Growth is an international large/all-cap equity commingled fund with exposure to developed- and emerging-market stocks. The manager employs a growthstyle.

Mondrian IE SC is an international small cap equity commingled fund with exposure to mostly developed-market small-cap stocks. However, the manager does invest incompanies which derive significant revenue from emerging market countries.

Western Asset Management Co. is a core fixed income separate account with exposure to benchmark sectors in addition to sectors within the spread sectors. The manager employs an aggressive spread-management style that will lead it to outperform the benchmark in environments when fixed income yield spreads are declining, and tounderperform it in environments when yield spreads are rising.

Aberdeen Total Return Bond is a core fixed income commingled fund centered on fundamental analysis of macroeconomic factors across the globe, including current andnominal interest rates, country-specific monetary and fiscal policies, inflation expectations, trade and current account balances, and budgets and political environments.

PIMCO Total Return is a core fixed income separate account that adds value through the use of both top-down and bottom-up strategies. The portfolio is constructed by firstlooking at the long run macroeconomic factors and then selecting the underlying securities that will incur acceptable levels of portfolio risk. The manager's philosophy revolvesaround the principle of diversification and believes that no single risk should dominate returns.

MFS Emerging Markets Debt is a hard currency emerging markets debt commingled fund seeking to achieve consistently favorable risk adjusted returns by exploiting marketinefficiencies through superior fundamental analysis, a global search for value, and an emphasis on avoiding downside risk.

City of Phoenix Employees' Retirement SystemManager Summaries


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City of Phoenix Employees' Retirement SystemManager Summaries


PIMCO:All Asset;Inst (PAAIX) is a tactical asset allocation strategy fund with a focus on providing real returns and inflation protection. The manager actively allocates theportfolio by looking at various quantitative and qualitative data relating to the U.S. and non-U.S. economies and securities markets. This data includes projected growth trends,forecasts for interest rates and the relationship between valuation levels in the equity and fixed income markets and various segments within those markets, the outlook andprojected growth of various industrial sectors, information relating to the business cycles, borrowing needs and the cost of capital and political trends data relating to tradebalances and labor information.

Morgan Stanley Real Estate is an open-ended commingled core real estate fund investing in a diversified pool of real estate properties in the U.S.

JP Morgan Real Estate is an open-ended commingled core real estate fund investing in a diversified pool of real estate properties in the U.S.

Wrightwood High Yield Partners is a closed-ended, value-added commingled fund investing in structured real estate debt with a focus on mezzanine debt, preferred equity, andfirst mortgage participating interests.

TA Associates Realty Fund IX is a closed-ended, value added commingled fund focused on acquisition of underperforming real estate assets in the major U.S. markets. Thefund will focus on all major property types with specific focus on office and industrial assets.

Real Estate Capital Asia Partners II and III are closed-ended, non-core real estate funds focused on acquisition, redevelopment, and operation of real estate and real estate-related assets in the Asia-Pacific region.

JDM Partners Opportunity Fund I is a closed-ended, opportunistic commingled fund investing in equity and non-performing real estate debt secured by underperforming classA, income-producing assets in the Southwest U.S., with focus on the Arizona and California markets.

Wheelock Street Partners I is a closed-ended, opportunistic, real estate equity and debt fund focused on investing in high quality property types and out-of-favor opportunitieswhere the firm can establish a competitive edge with an emphasis on downside protection.

Wheelock Street Partners II is a closed-ended, opportunistic, real estate equity and debt fund focused on investing in high quality property types and out-of-favor opportunitieswhere the firm can establish a competitive edge with an emphasis on downside protection. The strategy is the same as Wheelock I, but has a variety of unique investments.

Northwood RE Fund is an opportunistic, real estate equity fund focused on select markets in the U.S. and Western Europe, and a broadly-diversified property type strategyacross retail, office, multifamily, hospitality, and industrial assets.

PAAMCO Newport Phoenix is a custom opportunistic separate account with exposure to a portfolio that invests in hedge funds that cover many different investment styles. Thestrategy will primarily provide exposure to equity and fixed income-oriented managers that focus on security selection.

Carlson Double Black Diamond is a multi-strategy hedge fund with a low beta, relative value approach to investing. The fund is diversified across eight strategies and typicallyholds in excess of 800 positions, with the majority of exposure typically in three core areas: Equity Relative Value, Credit Relative Value, and Event Driven.

Fir Tree International Value is a multi-strategy hedge fund with an opportunistic, value-oriented investment style focused on identifying positions with asymmetric risk-returnprofiles characterized by a significant margin of safety. The fund invests across equity, credit, and real estate strategies and will be relatively concentrated, with the top 20-30 corepositions generally representing 70-80% of the fund.

Dreyfus Gvt Csh Mgt;Inst (DGCXX) mutual fund is the System's cash account.

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Russell 3000 Index: The R 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Russell 1000 Value Index: The R 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000companies with lower price-to-book ratios and lower expected growth values.

S&P 500 Index: The S&P 500 Index measures the performance of the largest 500 U.S. equities.

FTSE RAFI USD Low Volatility Index: The FTSE RAFI Low Volatility series of indexes attempts to estimate the fundamental value of a company and target stocks that haveproduced below average levels of volatility. In contrast to a market-cap weighted index, the FTSE RAFI Low Volatility Index uses 4 fundamental factors: sales, cash flow, bookvalue and dividends to select and weight the lowest volatility stocks in each sector.

MSCI ACW Index: The MSCI ACW (All Country World) is designed to measure equity market performance in global developed and emerging markets. The 24 developedcountries are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway,Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The 21 emerging market countries are: Brazil, Chile, China, Colombia, CzechRepublic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

Russell 1000 Growth Index: The R 1000 Growth Index measures the performance of the large-cap growth segment of largest 1,000 U.S. equities. Growth stocks are securitiesof companies that have been growing rapidly or show signs that they will do so soon. These stocks will often have little or no dividend because assets are needed to invest inexpansion.

Russell Mid Cap Index: The R Mid Cap Index measures the middle capitalization segment of U.S. equities, which are the 800 smallest companies in the R 1000 Index.

Russell 2000 Value Index: The R 2000 Value Index measures the performance of the small-cap value segment within the 2,000 smallest U.S. companies in the R 3000 Index.Value stocks are securities of companies that have lower price-to-book and price earnings, higher dividend yields, and lower forecasted growth rates than growth companies.

Russell 2000 Growth Index: The R 2000 Growth Index measures the performance of the small-cap growth segment within the 2,000 smallest U.S. companies in the R 3000Index. Growth stocks are securities of companies that have been growing rapidly or show signs that they will do so soon. These stocks will often have little or no dividend becauseassets are needed to invest in expansion.

MSCI ACW Ex US Index: The MSCI ACW Ex US (All Country World excluding US) is designed to measure equity market performance in global developed and emergingmarkets, excluding the US. The 23 developed countries are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy,Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The 21 emerging market countries are: Brazil, Chile,China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, andTurkey.

MSCI ACW Ex US IM Index: The MSCI ACW Ex US IM (Investable Market) Index is similar to the MSCI ACW Ex US Index, but also includes small cap stocks in both thedeveloped and emerging countries listed below.

MSCI EAFE Index: The MSCI EAFE Index (Europe, Australasia, Far East) is designed to measure equity market performance of 22 developed counties, excluding the US &Canada: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal,Singapore, Spain, Sweden, Switzerland and the United Kingdom.

Int'l Equity Custom Benchmark: Consists of the MSCI EAFE Index (Gross) until May 2011 and the MSCI ACW Ex US IM Index (Gross) thereafter.

City of Phoenix Employees' Retirement SystemAsset Class Index Glossary


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City of Phoenix Employees' Retirement SystemAsset Class Index Glossary


MSCI World Ex US Small Cap Index: The MSCI World Ex US Small Cap Index is designed to measure equity market performance of small cap companies in global developedmarkets, excluding the US. The 23 developed countries are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy,Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

Barclays US Aggregate Bond Index: The Barclays U.S. Aggregate Bond Index is a comprehensive measure of the U.S. investment-grade, fixed-rate, taxable bond marketrepresenting U.S. Treasury and agency bonds, corporate debt, mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities.

JPMorgan EMBI Global Dvf'd TR Index: The JPMorgan EMBI Global Diversified Total Return Index consists of USD-denominated sovereign and quasi-sovereign bonds issuedby emerging markets, which are defined according to world-bank-defined per capita income brackets and each country's debt restructuring history. The index uses a methodologyto distribute weights more evenly than a traditional market-cap weighted index.

Consumer Price Index + 4%: The Consumer Price Index is a national inflationary indicator that measures the change in the cost of a fixed basked of products and services,including housing, electricity, food, and transportation. The 4% represents the premium above the rate of inflation that the Plan's real return composite targets to achieve.

All Asset Custom Index: The All Asset Custom Index is an equal-weighted hybrid of 8 core indices created independently by RVK specifically for PIMCO’s All Asset strategies.

NCREIF ODCE Index: The National Council of Real Estate Investment Fiduciaries Open-End Diversified Core Equity Fund Index is a compilation of the quarterly performance of26 open-end commingled real estate funds, all employing a core investment strategy.

ARS Custom Benchmark: The ARS Custom Benchmark is calculated monthly using beginning of month investment weights applied to each corresponding primary benchmarkreturn from August 2014 forward. Performance prior to that consists of the HFRI FOF Comp Index.

HFRI FOF Comp Index: The Hedge Fund Research, Inc. Fund of Funds Composite Index measures the performance of fund of funds who invest with multiple managers throughfunds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individualmanager.

HFN Multi-Strat Index (Net): The HFN Multi-Strat Index index includes funds that run several different strategies in-house that contribute to the total performance of the fund. Amulti-strategy product may consist of one or a number of managers simultaneously operating, for example, a distressed debt portfolio, merger-arbitrage, convertible arbitrage andlong/short equity strategies for the same fund.

BofA ML 3 Mo US T-Bill Index: The BofA Merrill Lynch 3-Month T-Bill Index measures the performance of newly issued 90-day Treasury bills.

Open-ended real estate funds may generate income through rental agreements of high quality, well leased properties. Debt interest maybe be gained via the purchase of wholemortgages or portions of mortgages and other real estate debt (e.g. commercial mortgage backed securities, or mortgage backed securities). Open-ended commingled fundstypically provide quarterly liquidity, subject to certain conditions and possible redemption queues.

Closed-ended real estate investment properties can vary by quality, occupancy, leverage, and income. Closed-ended funds are considered higher risk due to generally higher levels of leverage and the potential of developments, improvements or re-positioning efforts not being successful. Closed-ended funds are typically less liquid investments due toa required commitment period.

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Objectives

Maintain or reduce the combined (employer plus employee) contribution rate of the System over time.

Progress toward a 100%, or higher, funding of the System's Pension Benefit Obligation over time.

Within the framework of prudent risk limitations, the minimum investment objective is to achieve an average long-term total rate of return which satisfies the actuarial

assumed rate of return. The actuarial rate of return is set at 8.0%.

The System shall also strive to achieve investment performance that exceeds the rate of inflation over time thereby providing a real rate of return.

The System's assets shall earn a sufficient total rate of return over time to meet all benefit and expense obligations.

Asset Allocation Strategy

The Board of Trustees recognizes that the most important determinant of long-term return and volatility is the asset allocation decision. The System's asset allocation policy isintended to reflect, and be consistent with, the return objective and risk tolerance expressed in this Investment Policy Statement. It is designed to provide the highest probability of meeting or exceeding the System's objectives at a controlled level of risk and liquidity that is acceptable to the Board. In establishing its risk tolerance, the Board considers itsability to withstand short and intermediate-term volatility in investment performance and fluctuations in the financial condition of the fund. It will be the Board's policy to review theappropriateness of the asset allocation strategy at least annually.

Distinction of Board Responsibilities

The Board of Trustees has the responsibility of establishing and maintaining broad policies and objectives for all aspects of the System's operation. The Board is responsible for prudent investment and expenditure of the System's assets. Specifically with regard to investments, the Board takes action on recommendations that come from its InvestmentCommittee, Investment Consultant and Staff. The Board may also originate its own agenda items

Rebalancing

COPERS' staff will have the responsibility of assessing, on a quarterly basis, whether an asset class or investment manager requires rebalancing and undertaking that

rebalancing if necessary. Any necessary rebalancing will take place no later than 45 days after each quarter's end.

City of Phoenix Employees' Retirement SystemSummary of Investment Policy


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Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and may include information and data from some or all of the following sources: client staff; custodian banks; investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers; index providers; as well as other third-party sources as directed by the client or as we believe necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the information or data, but makes no warranties and disclaims responsibility for the accuracy or completeness of information or data provided or methodologies employed by any external source. This document is provided for the client’s internal use only and does not constitute a recommendation by RVK or an offer of, or a solicitation for, any particular security and it is not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets.

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