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300 Ledgewood Place, Ste 101Rockland, MA 02370

Toll Free 1-877-878-9810FAX (781) 878-9894www.fncadvisor.com

Massachusetts Association of REALTORS

Investment Portfolio ReviewAs of 8/31/2014

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Overview of General Investment Account Allocations

Target ActualInvestment Permitted

Range (IPS)MAR** PPPF

Money Market 0-50% 9.4% 1.6%

Fixed-Income(% of Fixed Income that is Foreign)

50-100%(20%)

73.8%(6%)

76.2%(8%)

Equity 0-25%* 16.8% 22.2%

* Investment committee authorized exceeding 20%** Includes $2.185M proceeds from building sale

As of 8/31/14 2

Target ActualInvestment Permitted Range

(IPS)Strategic Investment

Money Market 0-40% 7.8%

US Fixed-Income 20-80% 22.8%

Foreign Fixed-Income 0-20% 3.6%

US Equity 20-50% 43.1%

Foreign Equity 0-35% 22.7%

Overview of Strategic Investment Account Allocation

As of 8/31/14 3

Account Performance

YTD8/31/14

MAR/General Investment* +2.6%

PPPF* +4.3%

Benchmark:Barclays Capital 1-3 Year Gov’t Bond Index

+0.5%

* Net of Fees

Index YTD8/31/14

Barclays Capital 1-3 Year Gov’t Bond Index

+0.5%

Barclays Capital Aggregate Bond Index

+4.8%

S&P 500 Index +9.9%

MSCI EAFE Index +2.6%

YTD8/31/14

SIA* +6.7%

Blended Benchmark:(50% Barclays Capital Aggregate Bond; 35% S&P 500; 15% MSCI EAFE)

+6.3%

As of 8/31/14 4

Account SummaryYTD 8/31/14

General Investment PPPF SIA

Beginning Value $ 3,328,975 $ 1,163,661 $ 1,602,829

Dividends & Interest 58,718 14,121 26,122

Fees & Expenses (15,033) (4,411) (6,546)

Capital Appreciation 62,511 38,938 87,534

Change in Accrued Interest (2,930) 628 0

Investment Gain/Loss 103,266 49,276 107,110

Net Contributions *2,835,567 (26,792) 0

Ending Value *$6,267,808 $1,186,145 $1,709,939

Accrued Interest--The interest due on a bond or other fixed-income security that is paid by a borrower to a lender for the use of funds. When a bond is sold on the secondary market, the buyer pays the seller the market price plus accrued interest.

As of 8/31/14

* Inclusive of $2,185M Building Proceeds

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