United Way of Central & Northeastern Connecticut
United Way of Central & Northeastern Connecticut
United Way of Central & Northeastern Connecticut
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<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
12/15/2005 through 11/30/2011<br />
Performance Report<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Executive Summary<br />
11/30/2011<br />
Market Value<br />
Month<br />
to Date<br />
Return<br />
Quarter<br />
to Date<br />
Return<br />
Year to<br />
Date<br />
Return<br />
Last 12<br />
Months<br />
Return<br />
Since<br />
Inception<br />
Return<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & Northeaster... 13,801,287 -2.1 % 5.6 % -4.7 % -0.3 % 1.9 % 1<br />
Policy Benchmark -2.7 % 4.8 % -4.1 % 0.5 % 1.2 %<br />
1<br />
Annualized Return<br />
Performance - Since Inception<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 2 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Executive Summary<br />
Month to Date<br />
Quarter to Date<br />
Last 12 Months<br />
Last 3 Years<br />
Last 5 Years<br />
Last 7 Years<br />
Since Inception<br />
Beginning Market Value 14,095,769<br />
13,072,242<br />
13,944,156<br />
9,653,774<br />
14,938,384<br />
0<br />
0<br />
Fees 0<br />
0<br />
0<br />
0<br />
0<br />
0<br />
0<br />
Net Additions 0<br />
0<br />
-100,000<br />
-312,484<br />
-1,155,129<br />
12,238,859<br />
12,238,859<br />
Gain/Loss -294,482<br />
729,045<br />
-42,870<br />
4,459,997<br />
18,032<br />
1,562,427<br />
1,562,427<br />
Ending Market Value 13,801,287<br />
13,801,287<br />
13,801,287<br />
13,801,287<br />
13,801,287<br />
13,801,287<br />
13,801,287<br />
Return -2.1 %<br />
5.6 %<br />
-0.3 %<br />
13.7 %<br />
0.1 %<br />
1.9 %<br />
1.9 %<br />
Market Value and Net Additions<br />
Historical Allocation Drift<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 3 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Portfolio Performance<br />
11/30/2011<br />
Month<br />
to Date<br />
Quarter<br />
to Date<br />
Year to<br />
Date<br />
Last 12<br />
Months<br />
Since<br />
Inception<br />
Market Value Allocation Return Return Return Return Return<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> Conn... 13,801,287 100.0 % -2.1 % 5.6 % -4.7 % -0.3 % 1.9 % 1<br />
US Equities 2,768,112 20.1 % -0.5 % 11.3 % -0.3 % 6.2 % 2.2 % 1<br />
Non US Equities 3,657,555 26.5 % -3.1 % 5.2 % -12.2 % -6.4 % -0.3 % 1<br />
Global Fixed Income 3,809,112 27.6 % -2.8 % 1.0 % 0.6 % 1.8 % 5.5 % 1<br />
Commodities 1,053,151 7.6 % -1.4 % 11.3 % -10.3 % -0.1 % 14.6 % 1 2<br />
Public Real Estate 1,023,072 7.4 % -3.8 % 8.6 % -1.1 % 4.0 % 35.9 % 1 2<br />
Alternative Investments 1,447,530 10.5 % 0.1 % 3.0 % -- -- -2.7 % 2<br />
Cash and Cash Alternatives 42,754 0.3 % 0.0 % 0.0 % 0.0 % 0.0 % 75.7 % 1 2<br />
1<br />
Annualized Return<br />
2<br />
Not Held Entire Period<br />
One Year - Asset Class Return<br />
Since Inception - Asset Class Return<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 4 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Calendar Year Returns<br />
11/30/2011<br />
Market Value<br />
Month<br />
to Date<br />
Return<br />
Quarter<br />
to Date<br />
Return<br />
Year to<br />
Date<br />
Return<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & North... 13,801,287 -2.1 % 5.6 % -4.7 % 14.2 % 28.5 % -33.6 % 7.5 %<br />
Policy Benchmark -2.7 % 4.8 % -4.1 % 12.0 % 21.3 % -31.7 % 6.4 %<br />
2010<br />
Return<br />
2009<br />
Return<br />
2008<br />
Return<br />
2007<br />
Return<br />
2006<br />
Return<br />
2005<br />
Return<br />
12.3 % --<br />
13.7 %<br />
Performance - Month to Date, Quarter to Date & Year to Date<br />
Performance - Calendar Year<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 5 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Actual vs. Target Allocation<br />
Actual Allocation<br />
Target Allocation<br />
11/30/2011<br />
Market Value Allocation Target Difference<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & Nor... 13,801,287 100.0 % 100.0 % 0.0 %<br />
US Equities 2,768,112 20.1 % 19.0 % 1.1 %<br />
US Large Cap 771,392 5.6 % 5.0 % 0.6 %<br />
US Large Cap Growth 742,463 5.4 % 5.0 % 0.4 %<br />
US Smid Cap 725,961 5.3 % 5.0 % 0.3 %<br />
US Micro Cap 528,296 3.8 % 4.0 % -0.2 %<br />
Non US Equities 3,657,555 26.5 % 28.5 % -2.0 %<br />
Non US Lg Cap Value 1,033,057 7.5 % 8.3 % -0.8 %<br />
Non US Lg Cap Growth 1,000,382 7.2 % 8.3 % -1.0 %<br />
Non US Smid Cap 842,153 6.1 % 6.0 % 0.1 %<br />
Non US Emerg Mkts 781,963 5.7 % 6.0 % -0.3 %<br />
Global Fixed Income 3,809,112 27.6 % 27.5 % 0.1 %<br />
US Taxable 739,319 5.4 % 5.0 % 0.4 %<br />
Global Taxable 1,061,961 7.7 % 7.5 % 0.2 %<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 6 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
11/30/2011<br />
Market Value Allocation Target Difference<br />
Non US Taxable 996,536 7.2 % 7.5 % -0.3 %<br />
Non US Tips 1,011,296 7.3 % 7.5 % -0.2 %<br />
Commodities 1,053,151 7.6 % 7.5 % 0.1 %<br />
Commodity Future 563,547 4.1 % 3.8 % 0.3 %<br />
Natural Resource 489,604 3.5 % 3.8 % -0.2 %<br />
Public Real Estate 1,023,072 7.4 % 7.5 % -0.1 %<br />
US Real Estate 413,155 3.0 % 3.0 % 0.0 %<br />
Global Real Estate 609,917 4.4 % 4.5 % -0.1 %<br />
Alternative Investments 1,447,530 10.5 % 10.0 % 0.5 %<br />
Long/Short US Sm Cap 700,688 5.1 % 5.0 % 0.1 %<br />
Diversified Hedge 746,842 5.4 % 5.0 % 0.4 %<br />
Cash and Cash Alternatives 42,754 0.3 % 0.0 % 0.3 %<br />
Money Markets 42,754 0.3 % 0.0 % 0.3 %<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 7 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Equity Market Benchmark Report<br />
Month<br />
to Date<br />
Quarter<br />
to Date<br />
Year to<br />
Date 2010 2009 2008<br />
Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark<br />
DOW JONES INDUS AVERAGE TR IDX IND AVG TR 1.2 % 11.0 % 6.7 % 14.1 % 22.7 % -32.8 %<br />
NASDAQ COMPOSITE INDEX COMPOSITE -2.4 % 8.5 % -1.2 % 16.9 % 43.9 % -40.5 %<br />
S&P 500 TOTAL RETURN INDEX -0.2 % 10.7 % 1.1 % 15.1 % 26.5 % -37.0 %<br />
RUSSELL INDEX 1000 WITH/DIV -0.3 % 10.9 % 0.7 % 16.1 % 28.4 % -37.6 %<br />
RUSSELL INDEX 1000 GR WITH/DIV 0.0 % 11.0 % 3.0 % 16.7 % 37.2 % -38.4 %<br />
RUSSELL INDEX 1000 VL WITH/DIV -0.5 % 10.9 % -1.6 % 15.5 % 19.7 % -36.8 %<br />
RUSSELL INDEX MID CAP WITH/DIV -0.5 % 12.4 % -1.4 % 25.5 % 40.5 % -41.5 %<br />
RUSSELL MDCAP GR W/DIV -0.5 % 12.9 % -0.2 % 26.4 % 46.3 % -44.3 %<br />
RUSSELL MDCAP VL W/DIV -0.5 % 12.0 % -2.6 % 24.8 % 34.2 % -38.4 %<br />
RUSSELL INDEX 2500 DIV REINV -0.3 % 14.3 % -2.7 % 26.7 % 34.4 % -36.8 %<br />
RUSSELL INDEX 2000 WITH/DIV -0.4 % 14.7 % -4.8 % 26.9 % 27.2 % -33.8 %<br />
RUSSELL INDEX 2000 GR WITH/DIV -0.5 % 15.2 % -2.7 % 29.1 % 34.5 % -38.5 %<br />
RUSSELL INDEX 2000 VL DIV REIN -0.2 % 14.2 % -7.0 % 24.5 % 20.6 % -28.9 %<br />
RUSSELL INDEX MICROCAP W/DIV -0.9 % 12.3 % -10.5 % 28.9 % 27.5 % -39.8 %<br />
Last 12<br />
Months<br />
Last 3<br />
Years<br />
Last 5<br />
Years<br />
Benchmark Benchmark Benchmark<br />
12.4 % 14.6 % 1 2.1 % 1<br />
4.9 % 19.5 % 1 1.5 % 1<br />
7.8 % 14.1 % 1 -0.2 % 1<br />
7.4 % 15.1 % 1 0.1 % 1<br />
8.6 % 18.9 % 1 2.6 % 1<br />
6.2 % 11.3 % 1 -2.6 % 1<br />
5.4 % 21.9 % 1 1.4 % 1<br />
6.1 % 24.2 % 1 2.6 % 1<br />
4.8 % 19.6 % 1 0.0 % 1<br />
4.7 % 20.4 % 1 1.3 % 1<br />
2.8 % 17.6 % 1 0.1 % 1<br />
4.7 % 21.2 % 1 2.1 % 1<br />
0.8 % 14.0 % 1 -2.0 % 1<br />
-2.3 % 15.4 % 1 -4.0 % 1<br />
1<br />
Annualized Return<br />
Month<br />
to Date<br />
Quarter<br />
to Date<br />
Year to<br />
Date 2010 2009 2008<br />
Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark<br />
MSCI DEVELOPED EAFE(USD) -5.2 % 3.9 % -13.9 % 4.9 % 27.7 % -45.1 %<br />
MSCI DEVELOPED EAFE GROWTH (USD) -4.5 % 5.1 % -12.9 % 9.5 % 21.7 % -46.8 %<br />
MSCI DEVELOPED EAFE VALUE (USD) -5.8 % 2.7 % -15.0 % -0.6 % 22.9 % -49.0 %<br />
MSCI SMALL CAP EAFE (USD) -5.5 % 1.2 % -16.3 % 19.4 % 37.6 % -50.3 %<br />
MSCI EMERGING EM (EMERGING MKTS) (USD) -6.8 % 5.4 % -19.4 % 16.3 % 80.7 % -54.5 %<br />
MSCI ALL COUNTRIES WORLD(X-US)(USD) -5.3 % 4.5 % -15.1 % 8.4 % 35.5 % -45.9 %<br />
MSCI ACWIF WORLD(USD)(TRN) -3.0 % 7.4 % -7.2 % 12.7 % 34.6 % -42.5 %<br />
Last 12<br />
Months<br />
Last 3<br />
Years<br />
Last 5<br />
Years<br />
Benchmark Benchmark Benchmark<br />
-7.0 % 6.9 % 1 -6.6 % 1<br />
-6.1 % 7.3 % 1 -6.0 % 1<br />
-8.0 % 3.2 % 1 -10.7 % 1<br />
-6.7 % 13.8 % 1 -6.7 % 1<br />
-13.7 % 22.2 % 1 1.9 % 1<br />
-8.5 % 9.7 % 1 -4.5 % 1<br />
-0.4 % 13.2 % 1 -1.6 % 1<br />
1<br />
Annualized Return<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 8 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Bond Market Benchmark Report<br />
Month<br />
to Date<br />
Quarter<br />
to Date<br />
Year to<br />
Date 2010 2009 2008<br />
Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark<br />
BARCLAYS CAPITAL GLOBAL BOND INDEX COMPOSITE -1.5 % -0.8 % 5.5 % 5.9 % 2.4 % 9.5 %<br />
BARCLAYS CAPITAL AGGREGATE BOND COMPOSITE INDEX -0.1 % 0.0 % 6.7 % 6.5 % 5.9 % 5.2 %<br />
BARCLAYS CAPITAL HIGH YIELD BOND INDEX US CP HI YIELD -2.2 % 3.7 % 2.3 % 15.1 % 58.2 % -26.2 %<br />
BARCLAYS CAPITAL AGGREGATE BOND INDEX TREASURY 0.7 % -0.1 % 8.8 % 5.9 % -3.6 % 13.7 %<br />
BARCLAYS CAPITAL AGGREGATE BOND INDEX US TREAS INF N 0.8 % 2.6 % 13.5 % 6.3 % 11.4 % -1.2 %<br />
BARCLAYS CAPITAL MUNI BOND INDEX COMPOSITE INDEX 0.6 % 0.2 % 8.6 % 2.4 % 12.9 % -2.5 %<br />
ML MUNICIPALS TR BBB RT 0.8 % 0.8 % 10.1 % 4.1 % 30.5 % -22.4 %<br />
CITI WORLD GOVT BOND INDEX 3-7YR SECT USD -1.5 % -0.6 % 4.7 % 5.1 % 4.4 % 11.5 %<br />
CITI WORLD GOVT BOND INDEX NON-US DOLLAR -2.3 % -1.3 % 4.3 % 5.1 % 4.1 % 9.9 %<br />
CITI NON-USD WLD INFL-LK SEC IN US TERMS -2.0 % 0.5 % 6.5 % 0.4 % 13.7 % -15.4 %<br />
BARCLAYS CAPITAL EMERGING MARKETS INDEX PRINCIPAL INDX -1.3 % 3.4 % 5.5 % 12.8 % 34.2 % -14.8 %<br />
CITI WORLD GOVT BOND INDEX 1-3YR SECT USD -1.2 % -0.2 % 2.2 % 3.1 % 3.7 % 8.4 %<br />
BARCLAYS CAPITAL BOND FUND INDEX 1-5 U.S. TREAS 0.1 % 0.2 % 3.2 % 3.7 % 0.2 % 8.8 %<br />
BARCLAYS CAPITAL AGGREGATE BOND INDEX 1-3 YEAR GOVT 0.1 % 0.1 % 1.5 % 2.4 % 1.4 % 6.7 %<br />
BARCLAYS CAP BOND FUND INDEX 1-3 INVT GRADE -0.5 % 0.1 % 1.5 % 4.2 % 12.6 % 0.3 %<br />
90 DAY TREASURY BILL 0.0 % 0.0 % 0.0 % 0.4 % 0.1 % 1.3 %<br />
Last 12<br />
Months<br />
Last 3<br />
Years<br />
Last 5<br />
Years<br />
Benchmark Benchmark Benchmark<br />
7.3 % 7.0 % 1 6.4 % 1<br />
5.5 % 7.7 % 1 6.1 % 1<br />
4.1 % 26.1 % 1 7.3 % 1<br />
6.8 % 4.7 % 1 6.4 % 1<br />
11.8 % 12.2 % 1 7.7 % 1<br />
6.5 % 8.4 % 1 4.8 % 1<br />
7.0 % 12.1 % 1 2.7 % 1<br />
6.3 % 7.0 % 1 7.1 % 1<br />
7.6 % 7.3 % 1 6.5 % 1<br />
9.8 % 9.9 % 1 0.6 % 1<br />
4.9 % 20.2 % 1 7.6 % 1<br />
4.3 % 4.9 % 1 5.4 % 1<br />
2.5 % 2.7 % 1 4.7 % 1<br />
1.3 % 2.1 % 1 3.8 % 1<br />
1.5 % 6.7 % 1 5.0 % 1<br />
0.1 % 0.2 % 1 1.3 % 1<br />
1<br />
Annualized Return<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 9 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Additional Benchmarks Report<br />
Month<br />
to Date<br />
Quarter<br />
to Date<br />
Year to<br />
Date 2010 2009 2008<br />
Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark<br />
CONTINUOUS COMMODITY IX TTL RT CCITR -3.5 % 1.8 % -6.9 % 23.7 % 16.8 % -28.6 %<br />
FTSE EPRA/NAREIT GLOBAL (USD) -5.9 % 5.8 % -9.8 % 15.4 % 30.6 % -51.0 %<br />
MSCI US REIT INDEX PRICE-ONLY -4.1 % 9.6 % 0.6 % 23.5 % 21.0 % -41.5 %<br />
FTSE EPRA/NAREIT GLOBAL(X-US)(USD) -7.3 % 2.9 % -16.5 % 10.8 % 36.8 % -54.1 %<br />
HFRI FUND OF FUND COMPOSITE -0.7 % 0.4 % -4.9 % 5.7 % 11.5 % -21.4 %<br />
HFRI EQUITY HEDGE -1.6 % 3.2 % -7.0 % 13.3 % 24.9 % -26.6 %<br />
HFRI EVENT DRIVEN -0.6 % 2.5 % -1.8 % 12.0 % 92.7 % -18.5 %<br />
HFRI EQUITY MARKET NEUTRAL -0.2 % 1.6 % -1.2 % 5.7 % -8.5 % -5.9 %<br />
HFRI CONV ARBITRAGE 0.2 % 1.5 % 0.7 % 12.5 % 60.5 % -33.7 %<br />
HFRI DISTRESSED/RESTRUCTURING INDEX -1.4 % 0.9 % -5.2 % 9.0 % 56.6 % -25.2 %<br />
PRIVATE EQUITY TOTAL RET USD PRIVEXD -7.0 % 4.8 % -22.6 % 25.3 % 38.5 % -64.4 %<br />
Last 12<br />
Months<br />
Last 3<br />
Years<br />
Last 5<br />
Years<br />
Benchmark Benchmark Benchmark<br />
3.0 % 10.1 % 1 1.7 % 1<br />
-4.5 % 14.0 % 1 -8.9 % 1<br />
4.7 % 20.5 % 1 -7.3 % 1<br />
-10.7 % 9.9 % 1 -9.7 % 1<br />
-14.5 % 8.0 % 1 -14.2 % 1<br />
-1.8 % 3.7 % 1 0.0 % 1<br />
-0.7 % 9.8 % 1 1.6 % 1<br />
1.4 % 10.8 % 1 3.2 % 1<br />
2.0 % 1.0 % 1 1.1 % 1<br />
-1.6 % 20.9 % 1 4.3 % 1<br />
1.1 % 10.8 % 1 2.4 % 1<br />
1<br />
Annualized Return<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 10 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Disclaimers<br />
Past performance may not be indicative <strong>of</strong> future results. The above individual account performance information reflects the reinvestment<br />
<strong>of</strong> dividends, and is net <strong>of</strong> applicable transaction fees, Syntrinsic Investment Counsel, LLC’s investment management fee (if debited<br />
directly from the account), and any other related account expenses. Account information has been compiled solely by Syntrinsic<br />
Investment Counsel, LLC, has not been independently verified, and does not reflect the impact <strong>of</strong> taxes on non-qualified accounts. In<br />
preparing this report, Syntrinsic Investment Counsel, LLC has relied upon information provided by the account custodian. Please<br />
remember to contact Syntrinsic Investment Counsel, LLC if there are any changes in your personal/financial situation or investment<br />
objectives for the purpose <strong>of</strong> reviewing/evaluating/revising our previous recommendations and/or services. Please also advise us if you<br />
would like to impose, add, or to modify any reasonable restrictions to our investment adviser services. A copy <strong>of</strong> our current written<br />
disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.<br />
Through September 30, 2009, historic net performance returns include the impact <strong>of</strong> all investment fees. In the report, advisory fees<br />
charged prior to September 30, 2009 impact the line entitled, “Gain/Loss.” Effective October 1, 2009, net performance return data<br />
continues to include the impact <strong>of</strong> investment fees. Going forward from that date, the dollar value <strong>of</strong> advisory fees appears in the line<br />
entitled, “Fees.”<br />
Please compare this statement with account statements received from the account custodian. Please also note that the account custodian<br />
does not verify the accuracy <strong>of</strong> the advisory fee calculation.<br />
Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and<br />
generally do not reflect the deduction <strong>of</strong> transaction and/or custodial charges, the deduction <strong>of</strong> an investment management fee, nor the<br />
impact <strong>of</strong> taxes, the incurrence <strong>of</strong> which would have the effect <strong>of</strong> decreasing historical performance results. It should not be assumed<br />
that your account holdings correspond directly to any comparative indices.<br />
This performance report may include investments for which Syntrinsic Investment Counsel, LLC does not provide ongoing advice or<br />
recommendations, including investments that the firm did not originally recommend to the client as well as those that the client has<br />
retained despite the firm’s recommendation to the contrary. Inclusion <strong>of</strong> an investment in this performance report does not represent a<br />
recommendation <strong>of</strong> Syntrinsic Investment Counsel LLC to retain the investment or otherwise imply or confirm the investment’s suitability<br />
in the past, present, or future.<br />
Syntrinsic Investment Counsel, LLC does not provide legal or tax advice. Please consult your legal or tax advisor regarding your specific<br />
situation.<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 11 <strong>of</strong> 12
Date Range: 12/15/2005 - 11/30/2011<br />
<strong>United</strong> <strong>Way</strong> <strong>of</strong> <strong>Central</strong> & <strong>Northeastern</strong> <strong>Connecticut</strong><br />
Syntrinsic Contact Information<br />
© 2011 Black Diamond Performance Reporting, LLC - 96510 Page 12 <strong>of</strong> 12