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ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Passive Overlay

This report provides a comprehensive analysis of the investment performance of Enhanced Investment Partners, LLC (EIR) over a 10-year period. It includes financial investment organization details, investment manager descriptions, investment management strategy, and performance results.

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ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Passive Overlay

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  1. ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Passive Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Complete Report Ivory Day ClearInvestmentConsulting Have insight!Will share!!

  2. TABLE OF CONTENTS

  3. INTRODUCTION

  4. INTRODUCTION FINANCIAL INVESTMENT ORGANIZATION DESCRIPTION (Who are we?) Name, Background, History, Experience, Scope, Mission INVESTMENT MANAGER CLIENTS (Who believes and trusts us?) Number, Type, Assets, Examples, Locations, Size INVESTMENT MANAGER CLIENT PROFILES (What do they care about?) Concerns, Interest, Priorities INVESTMENT MANAGER DESCRIPTION (What do we do?) Mission Statement, Goals, Objectives INVESTMENT MANAGEMENT PHILOSOPHY (What do we believe?) Simple Statement

  5. INTRODUCTION EVIDENCE (Why do we believe it?) Prove it ! Studies, Exhibits, Statistics, Tables, Results INVESTMENT MANAGEMENT STRATEGY (What do we do about it?) Approach, Process, Exhibit, Diagram, Flowchart, Example INVESTMENT PERFORMANCE RESULTS (How have we done?) Investment Horizon, Rolling Periods, Market Cycles, Benchmark Indexes, Peer Universes Risk of Investment, Fidelity to Style, Return on Investment INVESTMENT MANAGEMENT PROFESSIONALS (Who does what?) Names, Experience, Education, Position, Responsibilities INVESTMENT CLIENT BENEFITS (Why should you care?) Professional Quality Investment Management, Professional Quality Client Service

  6. HUMILITY The Encyclopedia of Ignorance is much larger than the Encyclopedia of Knowledge. SKEPTICISM We are all familiar with optical illusions and understand that often a different perspective will lead to better understanding. Beware of statistical illusions. INTEREST We need to understand what the manager is trying to accomplish and how they intend to do it. THOROUGHNESS Be sure to look at all of the relevant measures of performance in the context of the manager’s stated strategy and the plan sponsor’s investment needs. FAIRNESS Make sure that the Plan Sponsor has appropriate investment horizons and reasonable performance expectations for the Investment Managers . INTRODUCTION: Measures of Consultant / Sponsor Attitude

  7. RETURN ON INVESTMENT (Higher is Better) Positive average excess returns over relevant market / core / style benchmark indexes over multiple rolling periods and investment horizons. RISK OF INVESTMENT (Smaller Ranges and Larger Values are Better when Excess Returns are Positive) Reasonable range and average excess return tracking error to relevant benchmark indexes over multiple rolling periods and investment horizons. EFFICIENCY OF INVESTMENT (Higher is Better) High information ratio of excess returns relative to appropriate benchmark indexes over multiple rolling periods and investment horizons. FIDELITY TO STYLE (FIT) (Smaller Spreads and Larger Values are Better) Appropriate excess return correlations and spreads to relevant benchmark indexes over multiple rolling periods and investment horizons. PERFORMANCE SUMMARY (Higher is Better) A combination of the previous four measures that summarizes the total effect that the manager achieves. INTRODUCTION: Measures of Investment Performance

  8. INTRODUCTION: Description of Analysis ENHANCED INVESTMENT PARTNERS, LLC – EIR ACM Passive QUARTERLY RETURNS from 1/1/2004 to 12/31/2013 S&P 500 LCM CW INDEX PROXY QUARTERLY RETURNS from 4/1/2010 to 3/31/2011 RUSSELL 3000 ACM CW INDEX PROXY QUARTERLY RETURNS from 1/1/1999 to 3/31/2002

  9. INTRODUCTION: Asset Allocation Passive Return Tables

  10. INTRODUCTION: Asset Allocation Active Return Tables

  11. ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Passive Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Investment Performance Summary of Results

  12. SUMMARY OF RESULTS: PositiveIn-BetweenNegative

  13. PORTFOLIO Range of Nominal Returns & Risk Statistics (10 Years)

  14. PORTFOLIO Range of Excess Returns & Risk Statistics (10 Years)

  15. PORTFOLIO Range of Excess Returns & Risk Statistics (10 Years)

  16. PORTFOLIO RANGE OF NOMINAL RETURNS Quarterly and Annualized Returns Rolling Quarterly 11 Investment Horizons in 10 Years from 1/1/2003 to 12/31/2012

  17. PORTFOLIO RANGE OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Quarterly and Annualized Returns Rolling Quarterly 11 Investment Horizons in 10 Years from 1/1/2004 to 12/31/2013

  18. PORTFOLIO RANGE OF EXCESS RETURNS vs. WILSHIRE 5000 ACM CW INDEX Quarterly and Annualized Returns Rolling Quarterly 11 Investment Horizons in 10 Years from 1/1/2004 to 12/31/2013

  19. RANGE OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  20. RANGE OF TRACKING ERRORS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  21. RANGE OF INFORMATION RATIOS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  22. RANGE OF CORRELATIONS OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  23. RANGE OF PERFORMANCE vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  24. RANGE OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  25. RANGE OF TRACKING ERRORS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  26. RANGE OF INFORMATION RATIOS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  27. RANGE OF CORRELATIONS OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  28. RANGE OF PERFORMANCE vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  29. ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Passive Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Fidelity to Investment Style (Fit)

  30. RANGE OF SELECTED CORRELATIONS OF NOMINAL RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  31. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  32. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  33. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  34. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  35. RANGE OF SELECTED CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  36. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  37. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  38. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  39. SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

  40. RANGE OF FIRST QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  41. RANGE OF SECOND QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  42. RANGE OF THIRD QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  43. RANGE OF FOURTH QUARTILE CORRELATIONS OF EXCESS RETURNS vs.BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  44. CORRELATION OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Based on Annualized Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  45. CORRELATION OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Based on Annualized Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

  46. ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Passive Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Investment Performance Comparisons

  47. SUMMARY OF RESULTS: PositiveIn-BetweenNegative

  48. NOMINAL and EXCESSRETURNS vs.MARKET BENCHMARK Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

  49. NOMINAL and EXCESSDOLLARS vs.MARKET BENCHMARK Cumulative Quarterly Dollars 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

  50. NOMINAL and EXCESSRETURNS vs.MARKET BENCHMARK Cumulative Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

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