Pension Fund Evaluation, Inc. (PFE) is a federally registered investment advisor and is registered with the Financial Industry Regulatory Authority FINRA and was founded in 1978. PFE provides performance measurement services and commission recapture services to primarily but not limited to institutional clients. Fees charged by PFE are on an account by account basis, fees are based on but not limited to size, location, number of investment managers. Form ADV Part II is available upon request to any current of potential client. Information is provided based upon data obtained from recognized statistical services, custodial reports, investment manager communications and other sources believed to be reliable. Benchmark returns were obtained from Bloomberg Financial Markets, Commodities, and News Services. Any statements made by PFE representatives non-factual in nature constitute only current opinions, which are subject to change. This report is for informational purposes only and should not be construed as investment advice. As an Investment Consulting Firm, PFE cannot claim compliance to the Performance Presentation Standards of the Global Investment Performance Standards (GIPS); however, PFE does endorse the Performance Presentation Standards and encourages all of their client’s investment managers to adopt these standards. GIPS has not been involved with the preparation or review of this report.