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� Performance measurement is our core business
� Both Investment Managers� and Total Fund performance are analyzed and compared to appropriate benchmarks
� Review and/or draft of Investment Policy Statement is based on Risk Tolerances and Investment Objectives
� Develop and review Asset Allocation parameters
� Review risk/return parameters, attribution analysis, and historical returns
� Attend quarterly client meetings
� All performance data is reconciled to the Plan Sponsor�s custodian bank on a monthly basis. Each individual manager�s performance is calculated using true time weighted return formulas and reported net of fees
� A total fund composite is developed using the fund�s separate portfolios and performance is calculated using the asset-weighted return of each investment manager
� Each Trustee is provided a monthly performance update and a representative of PFE will meet with the Board quarterly
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